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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, February 12, 2024, Vol. 25, No. 31

                           Headlines



A R M E N I A

ARMENIA: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR


B O S N I A   A N D   H E R Z E G O V I N A

HAMDO GROUP: Court Launches Bankruptcy Proceedings


C R O A T I A

HRVATSKA POSTANSKA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


F I N L A N D

AHLSTROM HOLDINGS 3: Fitch Affirms B+ LongTerm IDR, Outlook Stable


G E R M A N Y

TECHEM VERWALTUNGSGESELLSCHAFT: Moody's Rates Amended Loan 'B1'


I R E L A N D

ARES EUROPEAN VI: Moody's Affirms B1 Rating on EUR4.7MM F-R Notes
CAIRN CLO XVI: Fitch Assigns 'B-sf' Final Rating on Class F Notes
ICG EURO 2023-2: Fitch Assigns Final 'B-sf' Rating on Class F Notes
PALMER SQUARE 2022-2: Fitch Assigns 'B-sf' Rating on Cl. F-R Notes
RICHMOND PARK CLO: Moody's Hikes Rating on EUR14.3MM F Notes to B1

SOUND POINT 10: Fitch Assigns 'B-(EXP)' Rating on Class F Notes
TRINITAS EURO VI: Fitch Assigns 'B-(EXP)' Rating on Class F Notes


I T A L Y

FIBER BIDCO: Fitch Assigns BB- Rating on EUR665MM Secured Notes


K A Z A K H S T A N

AB KAZAKHSTAN - ZIRAAT: Fitch Affirms 'B-' LongTerm IDRs


L U X E M B O U R G

ASTON FINCO: Guggenheim SOF Marks $1.6MM Loan at 15% Off
ENDO LUXEMBOURG: Guggenheim SOF Marks $1.2MM Loan at 36% Off
EP BCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative
FS LUXEMBOURG: Fitch Gives BB- Rating on $500M Unsec Notes Due 2031
IREL BIDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable



N E T H E R L A N D S

PHM NETHERLANDS: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg.


R U S S I A

NBU: S&P Affirms 'BB-/B' Issuer Credit Ratings, Outlook Stable


S P A I N

EDREAMS ODIGEO: Fitch Alters Outlook on 'B' IDR to Positive


S W I T Z E R L A N D

CONSOLIDATED ENERGY: Fitch Assigns 'BB-' Rating on Sr. Unsec. Notes
CONSOLIDATED ENERGY: Fitch Assigns BB- LongTerm IDR, Outlook Stable
CONSOLIDATED ENERGY: Moody's Alters Outlook on 'B1' CFR to Negative
CONSOLIDATED ENERGY: S&P Affirms BB- ICR & Alters Outlook to Stable


U N I T E D   K I N G D O M

CAZOO: Seeks Urgent Cash Injection Amid Funding Crisis
J S CRAWFORD: Enters Liquidation, 23 Jobs Affected
LEASED & TENANTED: GBP400MM Bank Debt Trades at 26% Discount
SUPERDRY: In Talks Over Possible Takeover Deal
TED BAKER: Explores Options, Mulls Store Closures

THOMAS DICK: Enters Liquidation, Auction Scheduled Today


X X X X X X X X

[*] BOND PRICING: For the Week February 5 to February 9, 2024

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR
----------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

Credit Fundamentals: Armenia's 'BB-' rating reflects per-capita
income, governance and business environment indicators that are in
line with peers, as well as a robust macroeconomic and fiscal
policy framework, with established access to international
creditors, anchored by IMF support. Set against these strengths are
a high (albeit declining) share of foreign-currency denominated
public debt, relatively weak external finances, and high financial
sector dollarisation.

Solid Growth Prospects: Armenia recorded a second successive year
of strong economic growth, with real GDP growing by an estimated
7.4% (2022: 12.6%), aided by the lingering effects of migration
from Russia which has boosted consumption, and the net influx of an
estimated 110,000 refugees from Nagorno-Karabakh (NK). In Fitch's
view, the durable addition to the labour force and increase in
productivity through expansion of highly productive sectors such as
information and communication technology is likely to increase
potential growth.

Fitch expects growth of 6% in 2024, aided by strong personal
consumption and greater government spending and investment, before
moderating to 4.9% in 2025, above the projected 'BB median of
3.7%.

Fiscal Loosening Expected: Armenia will sharply expand fiscal
spending in 2024 in order to integrate the large refugee influx
from NK. Authorities have allocated about 1.5pp of GDP (including
1pp from the reserve fund) for this purpose in 2024 (2023: 0.7%).
Despite some permanent revenue-raising measures from 2024,
including higher excise taxes on tobacco and alcohol products,
revised royalty rates for mining, and new taxes on the gaming
sector, as well as continued strong nominal GDP growth, the fiscal
deficit will temporarily widen to 4.5% in 2024 (current 'BB'
median: 2.8%), before moderating to 2.9% in 2025.

Foreign-currency Debt Exposure: General government debt (GGD)
amounted to an estimated 48.2% of GDP at end-2023 ('BB' median:
52%). Authorities bought back USD186.8 million of a USD313.2
million Eurobond maturing in 2025, given the favourable budget
performance and cash reserves. The assumption of part of the debt
of the liquidated political entity of the Republic of NK increased
GGD by 2.2pp of GDP in 2023. Fitch expects debt to stabilise at
49.4% of GDP on average in 2024-25.

The FX proportion of GGD fell further to 55% as of end-2023
(current 'BB' median: 53%), from 62% in 2022 and a peak of 86% in
2015, reflecting the strength of the dram relative to historical
levels, as well as a greater shift towards local issuances, in line
with official strategy.

Geopolitical Risks: Following the capture of NK territory by
Azerbaijan in September 2023, Armenia is currently seeking to
negotiate a peace agreement. In its view, geopolitical risks
persist as several contentious issues remain between the two
countries, including the construction of a land link between
Azerbaijan and its exclave of Nakhichavan, which would run through
Armenian territory, and demarcation of the border in some areas.

Armenia's economy is highly dependent on Russia for trade and
energy, and Fitch does not expect meaningful diversification away
from Russia in the near term. However, relations with Russia are
strained following its perceived failure to implement peacekeeping
pledges in NK. Armenia continues to implement Western sanctions
targeted at Russian entities within its banking sector.
Nevertheless, goods exports to Russia increased by nearly 300%
since 2021, and Russia accounted for 51% of exports and 30% of
imports in 1Q-3Q23.

External Balance Sheet: The net international investment position
improved to -25% as of 2023 from -79% in 2021, aided by favourable
current account performance and dram appreciation. Net external
debt fell by 21pp of GDP over the period. Fitch expects the current
account deficit to widen to an average of 4.8% of GDP in 2024-25
(2023: 4%; current 'BB' median: 2.5%) as one-off migration-related
inbound transfers fade, and imports increase. Fitch expects net
external debt to average 28% of GDP in 2024-25 (projected 'BB'
median: 15%), while the external liquidity ratio will remain
comfortably over 100%.

Solid External Creditor Support: Armenia benefits from strong
support and technical assistance from a range of multilateral and
bilateral creditors. As of November 2023, 41% of general government
debt was owed to official lenders. Authorities intend to rely on a
pipeline of concessional borrowing to build up cash buffers in
2024-25 to keep borrowing costs low and reduce liquidity risks. In
December 2023, Armenia successfully concluded the second review of
its USD129 million Stand-By Arrangement with the IMF, enabling it
to access a total of USD73.3 million for balance of payments or
budgetary support, although Armenia continues to treat the
programme as precautionary.

Banking Sector Dollarisation: The banking sector is marked by
relatively high dollarisation, although deposit dollarisation had
fallen by 4.6pp from end-2022 to 50.5% in 2023. Loan dollarisation
remains largely stable at 34.7%, despite Central Bank of Armenia
phasing out new FX mortgages in 3Q23. Demand for FX loans from
private non-financial corporations remains high, reaching 19.3% yoy
as of November 2023, mainly due to their lower interest rates.
However, banks currently have adequate dram and FX liquidity,
strong asset quality (non-performing ratio of 2.8% as of November
2023), and high capitalisation (November 2023: common equity Tier-1
capital adequacy ratio of 17.8%).

There are signs of overheating in the residential property market,
with the IMF estimating prices to be overvalued by up to 25%, owing
in part to the heightened demand from the population surge.
However, Fitch sees risks of a disorderly correction as relatively
low, and any spillover on the broader economy will likely be
limited, given strong household and corporate balance sheets.

Low Inflation: Price growth fell into deflationary territory in
Armenia in 2023 (December: -0.6%), as the effects of a strong dram,
lower international food prices, and the lagged impact of a tight
monetary policy were felt. Fitch's expectation of a weaker dram
will result in higher inflation in 2024-25, averaging 3.9% (target:
4%). The central bank cut rates by a cumulative 150bp to 9.25% in
2023. High dollarisation levels impede monetary policy transmission
to some extent.

ESG - Governance: Armenia has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Armenia has a medium WBGI ranking at the 44th percentile,
reflecting a recent track record of peaceful political transitions,
a moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- External Finances: External shocks that result in a sizeable
decline in international reserves or increase in the current
account deficit.

- Structural: Materialisation of geopolitical risks that undermine
political and economic stability.

- Public Finances: A substantial increase of general government
debt/GDP, for example due to a slowdown in growth or marked fiscal
loosening.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Macro: Increased confidence in durability of high growth rates
relative to rating peers that results in a sustained increase in
GDP per capita.

- Public Finances: Fiscal consolidation that supports a decline in
general government debt/GDP, and deepening of local-currency
funding sources that durably reduces the FX proportion of
government debt.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

- Macro: The committee removed the -1 notch as, in its view, the
impact of the volatility of the exchange rate on key macroeconomic
variables is now adequately captured in the SRM.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

COUNTRY CEILING

The Country Ceiling for Armenia is 'BB', 1 notch above the
Long-Term Foreign-Currency IDR. This reflects moderate constraints
and incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG CONSIDERATIONS

Armenia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Worldwide Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Armenia
has a percentile rank below 50 for the respective Governance
Indicators, this has a negative impact on the credit profile.

Armenia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Worldwide Governance Indicators have the highest weight
in Fitch's SRM and are therefore highly relevant to the rating and
a key rating driver with a high weight. As Armenia has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Armenia has an ESG Relevance Score of '4+' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Worldwide Governance Indicators is relevant to the
rating and a rating driver. As Armenia has a percentile rank above
50 for the respective Governance Indicator, this has a positive
impact on the credit profile.

Armenia has an ESG Relevance Score of '4+' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Armenia, as for all sovereigns. As Armenia
has a record of 20+ years without a restructuring of public debt
and captured in its SRM variable, this has a positive impact on the
credit profile.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating            Prior
   -----------                   ------            -----
Armenia           LT IDR           BB-   Affirmed   BB-
                  ST IDR           B     Affirmed   B
                  LC LT IDR        BB-   Affirmed   BB-
                  LC ST IDR        B     Affirmed   B
                  Country Ceiling  BB    Affirmed   BB  
senior unsecured LT               BB-   Affirmed   BB-




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B O S N I A   A N D   H E R Z E G O V I N A
===========================================

HAMDO GROUP: Court Launches Bankruptcy Proceedings
--------------------------------------------------
Dragana Petrushevska at SeeNews reports that a court in Bosnia and
Herzegovina's Istocno Sarajevo has launched bankruptcy proceedings
against the local unit of Qatar's construction materials producer
Hamdo Group.

Local wood factory Nova Romanija has asked for bankruptcy
proceedings against Hamdo Group, referencing an unpaid debt
amounting to BAM331,936 (US$182,857/EUR169,716), news provider
Capital reported on Feb. 8, SeeNews relates.

Some Hamdo Group employees joined Nova Romanija's court request,
citing unpaid wages and contributions as the reason for their
involvement, the report reads, SeeNews notes.




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C R O A T I A
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HRVATSKA POSTANSKA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Croatia-based Hrvatska Postanska Banka,
dionicko drustvo's (HPB) Long-Term Issuer Default Rating (IDR) at
'BB' with a Stable Outlook and Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

VR Drives Ratings: HPB's IDRs are driven by the bank's standalone
strength, as captured by its VR. The VR balances the bank's
moderate franchise, stable funding and liquidity, and moderate
capitalisation against asset quality that is weaker than peers. It
also reflects improving profitability that is yet to stabilise,
given the impacts of the recent acquisition of a smaller bank and
changes in interest rates.

The Stable Outlook on the Long-Term IDR reflects Fitch's
expectations that the bank's asset quality and profitability will
stabilise gradually, and that solvency and liquidity metrics will
be maintained at adequate levels.

Improving Operating Environment: The positive outlook on the 'bbb-'
operating environment for Croatian banks reflects the improving
sovereign credit profile and reasonable growth opportunities for
banks. Banks' asset quality and profitability have improved
post-pandemic, and Fitch expects them to remain solid, while
solvency and liquidity metrics remain strong.

Franchise Drives Business Profile: HPB's market position is
improving, underpinned by the consolidation of Nova hrvatska banka
d.d., acquired through the recovery and resolution process in April
2022. At the same time, HPB's combined market share of about 8% by
total assets at end-3Q23 remains moderate in Croatia's small and
highly concentrated banking sector.

Credit Risks Dominate: HPB's risk profile mainly reflects credit
risk surrounding retail and SME lending, and is commensurate with
its business profile. Concentration risks are primarily driven by
public sector exposures and non-loan exposures are of low risk.

Asset Quality Constrains Rating: HPB's asset quality metrics remain
weaker than peers with the Stage 3 loans ratio at 9% at end-3Q23
(end-2021: 13.6%), more than double the sector average (3.9%).
Fitch expects the Stage 3 loans ratio to decrease only gradually in
the next two years due to slow write-offs and continuing work-outs
of legacy problem loans. Specific coverage of Stage 3 loans is
adequate at 73%.

Improving Profitability: HPB's profitability in 2023 was primarily
driven by higher interest rates, and a release of provisions, which
are unlikely to be sustained. 2022 results were affected by the
sizeable one-off effects linked to the consolidation of the
acquired bank. Fitch expects core profitability to moderate over
the next two years, but remain good, due to narrowing margins and a
rise in loan impairment charges.

Higher Capital Ratios: HPB's capital comprises entirely common
equity Tier 1 (CET1), with the end-3Q23 CET1 ratio of 21.3% up from
18.9% at end-2022, driven by stronger earnings and reduction in
risk-weighted assets (RWA) due to loan deleveraging. Cash pay-outs
are planned to be moderate and earnings retention should support
the bank management's CET1 ratio target of above 22% over
2024-2025.

The bank's higher targeted solvency ratios support its assessment,
particularly when considering HPB's leverage, which is weaker than
larger domestic peers (measured by tangible equity/tangible assets
ratio), and also in light of the bank's growth targets.

Primarily Deposit Funded: HPB is almost exclusively funded by
customer deposits, with a sizeable share of highly granular and
sticky retail deposits, complemented by funds from the government
and state-owned enterprises, other corporates and SMEs. Wholesale
funding is limited but growing to cover minimum requirement for own
funds and eligible liabilities (MREL) requirements. Fitch expects
liquidity buffers to remain strong.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

HPB's VR, and consequently Long-Term IDR, would be downgraded if
the bank experiences a sharp deterioration in asset quality (Stage
3 loans ratio exceeding 12%), pressuring its capitalisation and
operating profitability metrics without clear prospects for
recovery.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade would require a record of improved asset-quality metrics
(Stage 3 ratio at or below 6%) and stable business model and
profitability while maintaining adequate capital ratios and a
stable liquidity profile.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

HPB's 'BB' long-term deposits are rated in line with its Long-Term
IDR, as Fitch views the likelihood of default on deposits as the
same as that of the bank. This view considers the absence of full
depositor preference in Croatia, and HPB's small buffer of junior
and senior non-preferred debt available to protect depositors in a
resolution scenario. At the same time, Fitch expects HPB to meet
its MREL with senior preferred debt and equity, without using
deposits.

The short-term deposit rating of 'B' maps to a 'BB' long-term
deposit rating under Fitch's Bank Rating Criteria.

HPB's Government Support Rating (GSR) of 'no support' reflect
Fitch's view that due to the implementation of the EU's Bank
Recovery and Resolution Directive (BRRD), senior creditors of the
bank cannot rely on full extraordinary support from the sovereign
if the bank becomes non-viable.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

HPB's deposit ratings are primarily sensitive to the bank's IDRs,
which are driven by the VR. Therefore, any upgrade or downgrade of
the bank's VR and IDRs would result in an upgrade or downgrade of
the bank's deposit ratings.

Deposit ratings are also sensitive to the implementation of full
depositor preference in Croatia (Fitch does not expect this before
2025), that would make HPB's deposit ratings eligible for a
one-notch uplift over its Long-Term IDR, according to Fitch's
criteria. This is provided the bank is required to maintain
resolution buffers or holds sufficiently large total debt buffers
(sustainably above 10% of the resolution group RWAs) to accrue
protection to depositors in case of bank resolution.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. While not
impossible, this is highly unlikely, given existing resolution
legislation.

VR ADJUSTMENTS

The asset quality score of 'bb-' has been assigned above the
implied category score of 'b' due to the following adjustment:
historical and future metrics (positive).

The capitalisation and leverage score of 'bb' has been assigned
below the implied category score of 'bbb' due to the following
adjustment: risk profile and business model (negative).

The funding and liquidity score of 'bb+' has been assigned below
the implied category score of 'bbb' due to the following
adjustment: deposit structure (negative).

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                           Rating             Prior
   -----------                           ------             -----
Hrvatska postanska banka,
dionicko drustvo     
                      LT IDR               BB    Affirmed    BB
                      ST IDR               B     Affirmed    B
                      Viability            bb    Affirmed    bb
                      Government Support   ns    Affirmed    ns
long-term deposits   LT                   BB    Affirmed    BB
short-term deposits  ST                   B     Affirmed    B




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F I N L A N D
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AHLSTROM HOLDINGS 3: Fitch Affirms B+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Ahlstrom Holdings 3 Oy's Long-Term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch
has also affirmed its senior secured instrument ratings at 'B+'
with a Recovery Rating of 'RR4'.

The rating affirmation reflects a weak financial profile and high
leverage but also Ahlstrom's solid positions in several end-markets
and sound geographical diversification. The ratings are further
supported by the company's broad product range, its ability to
control costs despite high inflation and volatile demand, and solid
double-digit EBITDA margins.

Fitch expects EBITDA gross leverage and free cash flow (FCF) margin
to be within its rating sensitivity in 2024, supporting a Stable
Outlook. These ratios have been weak for the rating and should its
expectations not materialise, negative rating action is likely.

KEY RATING DRIVERS

High but Improving Leverage: Ahlstrom's EBITDA leverage metrics,
both on a gross and net basis, remain high and above their present
downgrade sensitivities. At end-2023, Fitch estimates that gross
leverage was at around 5.7x, down slightly from 6x at end-2022.
Fitch assumes an improvement of this ratio to under 5.5x in 2024
but this would depend primarily on growth in earnings, and in turn
on higher demand for its products. If this proves not to be
forthcoming in 2024 and leverage remains at present levels,
pressure on the ratings will increase.

FCF Expected to Turn Positive: Fitch expects FCF to turn slightly
positive in 2024 and gradually improve thereafter, driven by
improved underlying demand, reversal of working-capital flows and
lower capex. Fitch estimates that Ahlstrom's FCF was again negative
at end-2023, driven by higher financing costs, working-capital
outflow and still high capex. While FCF outflow was lower than in
the past two years, the FCF margin was below Fitch's prior
expectations and the downgrade sensitivity of under 1%.

Solid Earnings Margins: Despite slower demand in 2023, Fitch
estimates that the company's EBITDA margin held up at above 13%,
driven by cost-cutting measures and adequate price-setting
mechanisms. Fitch expects the EBITDA margin to remain above 13%
over the short-to-medium term, a level deemed strong for the
present rating, given the cost flexibility the company retains.

Solid Business Profile: Ahlstrom's business profile is in line with
an investment-grade rating factors for the industry based on the
its strong position in a high number of niche markets and its solid
geographical and end-market diversification. It has some exposure
to cyclical end-markets, such as automotive, trucks, building
materials and industrial applications. However, this is mitigated
by its limited exposure to new vehicle production, and sustainable
fibre-based material offering and by its high exposure (above 50%
of sales) to non-cyclical and resilient applications. Fitch views
the end-market mix as more resilient in the absence of Décor's
discretionary products, which it disposed of in 2022.

DERIVATION SUMMARY

Ahlstrom's business profile is close to that of investment-grade
peers such as GEA Group Aktiengesellschaft, KION GROUP AG (both
BBB/Stable) based on its solid market positions, strong
diversification and exposure to non-cyclical end-markets.

Ahlstrom's EBITDA margins of 12%-14% are weaker than those for the
lower-rated INNIO Group Holding GmbH (B/Positive) and the similarly
sized and higher-rated ams-OSRAM AG (BB-/Stable). This is mainly an
effect of its position in the value chain as a producer of the
fibre-based material used in end-products, but not of the product
itself.

Ahlstrom's EBITDA gross leverage is higher than at ams-OSRAM.
Ahlstrom's short-term deleveraging profile is slightly better than
Flender International GmbH's (B/Negative).

KEY ASSUMPTIONS

Fitch's Key Assumptions for the Rating Case of the Issuer:

- Revenue to have decreased by mid-single digit percentages in 2023
due to lower volumes, and increasing 3%-5% in 2024-2026

- EBITDA margin broadly stable at between 13% and 14% in 2023-2026,
based on long-term cost savings and pricing benefits

- Winding down of transformation costs in 2023

- Working-capital outflows broadly in line with revenue growth in
2024-2026

- Average capex at around 4%-5% of revenue in 2024-2026

RECOVERY ANALYSIS

RECOVERY ASSUMPTIONS:

- The recovery analysis assumes that Ahlstrom would be restructured
as a going concern rather than liquidated in a default

- Fitch applies a distressed enterprise value (EV)/EBITDA multiple
of 5.5x to calculate its going-concern EV, reflecting Ahlstrom's
strong market positions and solid diversification in end-markets,
products and geography

- Post-restructuring going-concern EBITDA is estimated at EUR280
million (up 10% from previous assessment to reflect its larger
scale and strong business stability). Fitch believes the
going-concern EBITDA reflects a post-restructuring financial
profile with low profitability, reduced capex and
neutral-to-negative cash flow generation

- These assumptions result in a recovery rate for the senior
secured instrument rating within the 'RR4' range, resulting in
equal instrument rating and IDR. The principal and interest
waterfall analysis output percentage on current metrics and
assumptions is 46%.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating:

- EBITDA leverage below 4.5x

- EBITDA interest coverage above 4x

- FCF margin above 2%

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA leverage above 5.5x

- EBITDA interest coverage below 3x

- FCF margin below 1%

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Readily available cash was EUR90 million at
end-3Q23. It included Fitch adjustments for restricted cash of
EUR36 million (at end-2022) due to offshore holdings and of around
EUR46 million due to intra-year working-capital changes.

Liquidity is supported by a revolving credit facility of EUR325
million with maturity in June 2027, which is currently utilised
only by bank guarantees amounting to EUR85 million, and by expected
FCF margins of above 2% from 2024. Ahlstrom benefits also from
available committed local overdraft facilities of EUR32.7 million.

Diversified Debt Structure: The debt structure is fairly
diversified and consists of term loans B of EUR942 million and
USD547million, and senior secured notes of EUR339 million and
USD276 million. The maturities are long, but concentrated to one
year (February 2028), which could increase refinancing risk as they
approach maturity.

ISSUER PROFILE

Ahlstrom is a global leader in manufacturing specialty fibre-based
materials with a wide range of uses in such sectors as industrial
applications, filtration and food packaging. It is headquartered in
Finland and has about 7,000 employees globally with 48 plants in 13
countries generating about EUR3 billion a year in revenue.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating            Recovery   
   -----------                   ------            --------   
Ahlstrom Holdings 3 Oy    LT IDR   B+    Affirmed

   senior secured         LT       B+    Affirmed    RR4

Spa US Holdco, Inc.

   senior secured         LT       B+    Affirmed    RR4




=============
G E R M A N Y
=============

TECHEM VERWALTUNGSGESELLSCHAFT: Moody's Rates Amended Loan 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 instrument rating to
Techem Verwaltungsgesellschaft 675 mbH's amended and extended
EUR1.5 billion senior secured term loan B5 (new TLB) and the new
EUR275 million senior secured revolving credit facility (new RCF).
The TLB amend and extend the existing EUR1.145 billion senior
secured first lien term loan B and potentially take out part of the
EUR1.145 billion guaranteed senior secured notes maturing in 2025
or other debt. The RCF will replace the existing EUR275 million
senior secured revolving credit facility due in 2025. All other
ratings and outlooks on Techem Verwaltungsgesellschaft 674 mbH
(Techem) and Techem Verwaltungsgesellschaft 675 mbH remain
unaffected.

RATINGS RATIONALE

The assignment of the B1 senior secured bank credit facility
ratings on Techem Verwaltungsgesellschaft 675 mbH's amended and
extended new TLB and new RCF reflects that the group is partially
addressing the upcoming maturities of the senior secured revolving
credit facility, senior secured first lien term loan B, and senior
secured bond due in 2025. The TLB will be extended to 2029, while
the RCF extension to 2029 can be pulled forward to 2025/2026 if the
respective backed senior secured or second lien notes are not
repaid a month ahead of maturity.

The rating incorporates the expectation that the company will both
complete the contemplated transaction and address the remaining
2025 maturities within Q2 2024. Furthermore, the rating reflects
Moody's expectation of continued operating performance improvements
going forward.

The B2 long term corporate family rating (CFR) of Techem reflects
the strong profitability of the group, driven by its leading
position in the German sub-metering market and growing
supplementary services business; good revenue visibility and
stability because of the non-discretionary nature of demand for
energy services, long-term contracts with customers and a
supportive regulatory environment; solid market position, with
strong customer loyalty and high barriers to entry because of the
significant investment requirements to replicate Techem's business
model; and positive free cash flow (FCF) generation, which could be
used for debt repayments.

Techem's rating is constrained by the group's high Moody's-adjusted
leverage ratio of 7.0x for the 12 months that ended June 2023;
modest geographical diversification, with just around 24% of
revenue generated outside Germany; the lower profitability of
Techem's energy efficiency solutions business and the expected
impact of higher interest expense on free cash flow and interest
cover.

RATING OUTLOOK

The stable outlook balances the remaining uncertainty around
refinancing and interest rate payable on upcoming maturities with
solid organic growth and profitability. The stable outlook implies
the execution of a refinancing of the remaining 2025 bonds within
the next few months. The rating is weakly positioned, depending on
financing structure and interest rate levels negative rating
pressure could build up.

LIQUIDITY ANALYSIS

Techem's liquidity is adequate. The group's internal cash sources
comprised EUR105 million of cash and cash equivalents as of Q1 2024
(ending December 2023), as well as reported cash flow from
operations of around EUR363 million for FY 2023. The company has
access to a EUR275 million senior secured revolving credit facility
that was drawn by EUR130 million as of Q1 2024. The amend and
extend transaction will remove part of the interest rate and
maturity risk of the RCF, bond and loan maturities in 2025. After
the transaction internal cash sources and the RCF will cover all
expected cash needs in the next 12-18 months outside of the
remaining outstanding bond maturities.

Cash uses outside of refinancing needs mainly include capital
spending (around EUR162m in FY 2023) and some moderate M&A
spending. The liquidity assessment also takes into account that
there is one springing covenant (a senior secured net leverage
ratio) attached to the RCF, which will be tested if the RCF is
drawn by more than 40% and currently has ample capacity.

STRUCTURAL CONSIDERATIONS

Techem Verwaltungsgesellschaft 675 mbH's amended and extended
senior secured EUR1,500 million term loan B5 and its extended
EUR275 million new RCF rank pari passu with the remaining senior
secured notes from its EUR1,145 million issuance that still matures
in July 2025. After the intended extension, the new TLB will mature
after Techem's backed senior secured second-lien notes due 2026,
which creates a time-subordination but does not affect their
ranking.

The TLB, the senior secured notes and the RCF share the same
security and are guaranteed by certain subsidiaries of the group
that account for at least 80% of consolidated EBITDA. The B1 rating
of the senior secured notes and senior secured bank credit facility
instruments reflects their priority position in the group's capital
structure and the benefit of loss absorption provided by the
junior-ranking debt. The B1 instrument ratings could be strained by
further substantial repayments of junior-ranking debt, which
provides a buffer to the senior secured debt and thus leads to the
uplift of the instrument rating versus the CFR.

Techem's EUR364 million outstanding backed senior secured
second-lien notes due 2026 are secured by a certain holding company
collateral on a first-ranking basis, and share the same guarantors
and part of the same collateral as the senior secured bank credit
facilities on a subordinated basis. This is reflected in the Caa1
rating. Moody's have considered trade payables ranked at the level
of the senior secured obligations and pension obligations, and
minimum lease rejection claims at operating subsidiaries at the
level of the senior secured second-lien notes.

The group's capital structure further includes shareholder loans,
which qualify for 100% equity treatment by us and are, therefore,
not included in the Loss Given Default assessment and debt
calculations for the group.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade of the ratings

-- Leverage (Moody's-adjusted gross debt/EBITDA) below 6x on a
sustained basis

-- Sustainable solid positive Moody's-adjusted free cash flow

-- EBITA/Interest sustainably maintained well above 2x post
refinancing

-- Track record of a prudent financial policy, illustrated by its
available cash flow being applied to debt reduction

Factors that could lead to a downgrade of the ratings

-- Failure to address refinancing well ahead of its maturities in
2025

-- Inability to reduce leverage materially below 7x debt/EBITDA
beyond 2024

-- EBITA/Interest sustainably falling below 1.5x

-- Negative Moody's-adjusted FCF on a sustained basis

-- The B1 instrument ratings could be strained in case of any
further repayments of junior-ranking debt, which provides a buffer
to the senior secured debt and thus leads to the uplift of the
instrument rating versus the CFR

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Headquartered in Eschborn, Germany, Techem is a leading provider of
energy services. Techem operates through two divisions — energy
services (accounting for 84 % of group sales in FY 2023) and energy
efficiency solutions (16%). Energy services provides the
sub-metering of heat and water consumption for multidwelling
housing units, energy cost allocation, and billing services, and
supplementary services. Energy efficiency solutions offers a
holistic management of clients' energy consumption through the
planning, financing, construction and operation of heat stations,
boilers, cooling equipment and combined heating and power units. In
FY 2023, Techem generated total revenue of EUR1.012 million, of
which 76% was generated in Germany. Since 2018, Techem is owned by
a consortium led by Partners Group, a private investment manager.




=============
I R E L A N D
=============

ARES EUROPEAN VI: Moody's Affirms B1 Rating on EUR4.7MM F-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares European CLO VI DAC:

EUR39,250,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Feb 11, 2022 Upgraded to
Aa1 (sf)

EUR 5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Feb 11, 2022 Upgraded to Aa1
(sf)

EUR21,700,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Feb 11, 2022
Upgraded to A1 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR208,150,000 (Current outstanding amount EUR163,179,085) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Feb 11, 2022 Affirmed Aaa (sf)

EUR17,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa1 (sf); previously on Feb 11, 2022
Upgraded to Baa1 (sf)

EUR20,400,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Feb 11, 2022
Affirmed Ba2 (sf)

EUR4,700,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B1 (sf); previously on Feb 11, 2022
Affirmed B1 (sf)

Ares European CLO VI DAC, issued in September 2013, refinanced in
March 2017 and in March 2021, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Ares European Loan
Management LLP. The transaction's reinvestment period ended in
April 2021.

RATINGS RATIONALE

The rating upgrades on Class B-1, Class B-2 and Class C notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in January 2023.

The affirmations on the ratings on the Class A, D, E-R and F-R
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR41.6 million
(20.0%) since February 2023 and EUR45.0 million (21.6%) since
closing.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR300.2m

Defaulted Securities: EUR3.41m

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2662

Weighted Average Life (WAL): 3.19 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Coupon (WAC): 3.88%

Weighted Average Recovery Rate (WARR): 43.75%

Par haircut in OC tests and interest diversion test: 0.0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank and swap
providers, using the methodology "Moody's Approach to Assessing
Counterparty Risks in Structured Finance methodology" published in
October 2023. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


CAIRN CLO XVI: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XVI DAC final ratings.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Cairn CLO XVI DAC

Class A Notes XS2725233121     LT  AAAsf  New Rating  AAA(EXP)sf
Class B-1 Notes XS2725233477   LT  AAsf   New Rating  AA(EXP)sf
Class B-2 Notes XS2725233634   LT  AAsf   New Rating  AA(EXP)sf
Class C Notes XS2725233808     LT  Asf    New Rating  A(EXP)sf
Class D Notes XS2725234012     LT  BBB-sf New Rating  BBB-(EXP)sf

Class E Notes XS2725234285     LT  BB-sf  New Rating  BB-(EXP)sf
Class F Notes XS2725234442     LT  B-sf   New Rating  B-(EXP)sf
Subordinated Notes XS2725234798 LT NRsf   New Rating  NR(EXP)sf

TRANSACTION SUMMARY

Cairn CLO XVI DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Note proceeds were used to fund a
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Cairn Loan Investments II LLP. The
collateralised loan obligation (CLO) has an approximately 4.5-year
reinvestment period and an approximately seven-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The
Fitch-weighted average rating factor (WARF) of the identified
portfolio is 24.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 63.8%.

Diversified Portfolio (Positive): The maximum exposure to the 10
largest obligors and fixed-rate assets for assigning the final
ratings is 20% and 12.5%, respectively, and the transaction has a
maximum seven-year WAL test.

The transaction also includes various concentration limits,
including a maximum exposure to the three- largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio is not exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and the Fitch-stressed portfolio analysis is 12 months less
than the WAL covenant at the issue date. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include, among others, passing both
the coverage tests and the Fitch 'CCC' bucket limitation test as
well a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. This will
ultimately reduce the possible risk horizon of the portfolio when
combined with loan pre-payment expectations.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A notes
but would lead to downgrades of no more than two notches for the
class B, C, D and E notes and to below 'B-sf' for the class F
notes.

Downgrades based on the identified portfolio may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D and E notes have a
cushion of two notches while the class C notes have one notch.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for the rated notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for the
rated notes, except for the 'AAAsf' rated notes.

During the reinvestment period, upgrades based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may occur on stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised rating organisations and/or European securities and
markets authority-registered rating agencies. Fitch has relied on
the practices of the relevant groups within Fitch and/or other
rating agencies to assess the asset portfolio information or
information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


ICG EURO 2023-2: Fitch Assigns Final 'B-sf' Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ICG Euro CLO 2023-2 DAC final ratings.

   Entity/Debt                   Rating           
   -----------                   ------           
ICG Euro CLO 2023-2 DAC

   Class A-1 XS2719983509   LT  AAAsf   New Rating
   Class A-2 XS2734849909   LT  AAAsf   New Rating
   Class B-1 XS2719983764   LT  AAsf    New Rating
   Class B-2 XS2719983921   LT  AAsf    New Rating
   Class C XS2719984143     LT  Asf     New Rating
   Class D XS2719984226     LT  BBB-sf  New Rating
   Class E XS2719984739     LT  BB-sf   New Rating
   Class F XS2719984903     LT  B-sf    New Rating
   Class X XS2734850154     LT  AAAsf   New Rating
   Class Z XS2719984812     LT  NRsf    New Rating
   Subordinated Notes
   XS2719985207             LT  NRsf    New Rating

TRANSACTION SUMMARY

ICG Euro CLO 2023-2 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Net
proceeds from the note issuance were used to fund a portfolio with
a target size of EUR400 million.

The portfolio manager is Intermediate Capital Managers Limited. The
CLO has a four-year reinvestment period and a seven-year weighted
average life (WAL).

There is a four-year difference between the stated final maturity
date (January 2038) and the step-up WAL date, which in its view
mitigates the risk of maturity concentrating by the end of the
transaction's life.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor of the identified
portfolio is 26.06.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.8%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 42.5%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

WAL step-up feature (Neutral): The transaction can extend the WAL
by one year back up to seven years on the step-up date, which can
be one year after closing at the earliest. The WAL extension is at
the option of the manager but subject to conditions including the
collateral quality tests and the reinvestment target par, with
defaulted assets at their collateral value.

Portfolio Management (Neutral): The transaction has a four-year
reinvestment period that is governed by reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months. This reduction
to the risk horizon accounts for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time after
the end of the reinvestment period. In the agency's opinion, these
conditions would reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of one notch for
the classes B-1 to E notes, to below 'B-sf' for the class F notes
and have no impact on the class X, A-1 and A-2 notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
classes B-1, B-2 and C notes have a one-notch rating cushion, the
class D, E and F notes two notches and there is no rating cushion
for the class X, A-1 and A-2 notes.

Should the cushion between the identified portfolio and the stress
portfolio be eroded due to manager trading or negative portfolio
credit migration, a 25% increase of the mean RDR across all ratings
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of up to four notches for the
notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


PALMER SQUARE 2022-2: Fitch Assigns 'B-sf' Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Palmer Square European CLO 2022-2 DAC's
reset final ratings.

   Entity/Debt                 Rating                 Prior
   -----------                 ------                 -----
Palmer Square European
CLO 2022-2 DAC

   Class A-R XS2739068604   LT  AAAsf  New Rating
   Class B-R XS2739068869   LT  AAsf   New Rating
   Class C-R XS2739069248   LT  Asf    New Rating
   Class D-R XS2739069677   LT  BBB-sf New Rating
   Class E-R XS2739069834   LT  BB-sf  New Rating
   Class F-R XS2739070097   LT  B-sf   New Rating
   A-1 XS2555768105         LT  PIFsf  Paid In Full   AAAsf
   A-2 XS2555768360         LT  PIFsf  Paid In Full   AAAsf
   B XS2553198925           LT  PIFsf  Paid In Full   AAsf
   C XS2555769335           LT  PIFsf  Paid In Full   Asf
   D XS2553199576           LT  PIFsf  Paid In Full   BBB-sf
   E XS2553199733           LT  PIFsf  Paid In Full   BB-sf

TRANSACTION SUMMARY

Palmer Square European CLO 2022-2 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds were used to redeem the existing notes, except
the subordinated notes, and to fund the existing portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Palmer Square Europe Capital Management LLC. The CLO has an
approximately four and a half-year reinvestment period and a
seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor of the identified portfolio is
24.63.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.69%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits, including the maximum exposure to the
three largest (Fitch-defined) industries in the portfolio at 40%
and the largest industry at 17.5%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two Fitch
matrices, both effective at closing, corresponding to a top-10
obligor concentration limit at 20%, fixed-rate asset limits of 7.5%
and 15% and a maximum seven-year WAL test. The WAL can step up to
the initial seven years 1.5 years from the closing date if the
adjusted collateral principal amount is at least at the
reinvestment target par balance, and each of the portfolio profile
tests, collateral quality tests and coverage tests are satisfied on
this date.

The transaction includes reinvestment criteria similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio and matrices analysis is 12 months less than the
WAL test. This reduction to the risk horizon accounts for the
strict reinvestment conditions envisaged after the reinvestment
period. These include passing both the coverage tests and the Fitch
'CCC' bucket limitation, together with a progressively decreasing
WAL covenant. In Fitch's opinion these conditions reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A-R,
B-R, E-R and F-R notes, and would lead to downgrades of one notch
for the class C-R and D-R notes.

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio the
class B-R, C-R and D-R notes show a cushion of two notches, the
class E-R notes three notches, the class F-R notes five notches and
the class A displays no rating cushion given that it is at the
highest achievable rating.

Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of three notches for
the class A-R, B-R, C-R and E-R notes, two notches for the class
D-R notes and to below 'B-sf' for the class F-R notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the (RRR across all ratings of the Fitch's stress
portfolio would lead to upgrades of up to three notches for the
notes, except for the 'AAAsf' rated notes, which are at the highest
level on Fitch's scale and cannot be upgraded further.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction.

After the end of the reinvestment period, upgrades may occur in
case of stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


RICHMOND PARK CLO: Moody's Hikes Rating on EUR14.3MM F Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Richmond Park CLO Designated Activity Company:

EUR13,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Jul 3, 2023
Upgraded to Aa1 (sf)

EUR21,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Jul 3, 2023
Upgraded to Aa1 (sf)

EUR22,800,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jul 3, 2023
Upgraded to A3 (sf)

EUR31,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa3 (sf); previously on Jul 3, 2023
Affirmed Ba2 (sf)

EUR14,300,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Jul 3, 2023
Upgraded to B3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR321,900,000 (Current outstanding amount EUR34,764,513) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jul 3, 2023 Affirmed Aaa (sf)

EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 3, 2023 Affirmed Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Jul 3, 2023 Affirmed Aaa (sf)

EUR23,100,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 3, 2023 Affirmed Aaa
(sf)

Richmond Park CLO Designated Activity Company, originally issued in
January 2014 and refinanced in October 2017 and July 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Blackstone Ireland Limited. The transaction's
reinvestment period ended in July 2021.

RATINGS RATIONALE

The rating upgrades on the Class C-1, C-2, D-R, E-R and F notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in July 2023.

The affirmations on the ratings on the Class A, B-1, B-2 and B-3
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR121.9 million
(77.8%) since the last rating action in July 2023 and EUR287.1
million (89.2%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated January 2024 [1],
the Class A/B, Class C, Class D and Class E OC ratios are reported
at 182.61%, 149.09%, 132.75% and 115.54% compared to May 2023 [2]
levels of 160.87%, 138.75%, 127.04% and 113.96%, respectively.
Moody's notes that the January 2024 principal payments are not
reflected in the reported OC ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

Key model inputs:

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR212.89m

Defaulted Securities: EUR9.47m

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2985

Weighted Average Life (WAL): 2.75 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.39%

Weighted Average Coupon (WAC): 3.31%

Weighted Average Recovery Rate (WARR): 44.79%

Par haircut in OC tests and interest diversion test:  none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


SOUND POINT 10: Fitch Assigns 'B-(EXP)' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO 10 Funding DAC
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt               Rating           
   -----------               ------           
Sound Point Euro
CLO 10 Funding DAC

   A                    LT   AAA(EXP)sf   Expected Rating
   B                    LT   AA(EXP)sf    Expected Rating
   C                    LT   A(EXP)sf     Expected Rating
   D                    LT   BBB-(EXP)sf  Expected Rating
   E                    LT   BB-(EXP)sf   Expected Rating
   F                    LT   B-(EXP)sf    Expected Rating
   Subordianted Notes   LT   NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Sound Point Euro CLO 10 Funding DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds are being used to fund a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
Sound Point CLO C-MOA, LLC. The collateralised loan obligation
(CLO) will have a 5.1-year reinvestment period and an 8.1-year
weighted average life test (WAL) at closing, which can be extended
by one year, at any time, one year after closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 62.1%.

Diversified Asset Portfolio (Positive): The transaction will have a
concentration limit for the 10 largest obligors of 20%. The
transaction will also include various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 42.5%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 9.1 years, on the step-up date, which can be one
year after closing at the earliest. The WAL extension is at the
option of the manager but subject to conditions including the
collateral quality tests and the reinvestment target par, with
defaulted assets at their collateral value.

Portfolio Management (Neutral): The transaction will have a
5.1-year reinvestment period and include reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant at the issue date, to account for the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period. These include, among others, passing the coverage tests,
the Fitch WARF and the Fitch 'CCC' bucket limitation test post
reinvestment, as well as a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A, B, E
and F notes and would lead to a downgrade of one notch for the
class C and D notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Owing to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B to F notes
show a rating cushion of up to four notches. The class A notes
display no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase in the mean RDR
across all ratings, and a 25% decrease in the RRR across all the
ratings of the Fitch-stressed portfolio, would lead to a downgrade
of up to four notches for the class A to D notes and to below
'B-sf' for the class E and F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction in the mean RDR across all ratings and a 25%
increase in the RRR across all the ratings of the Fitch-stressed
portfolio would lead to an upgrade of up to two notches for the
rated notes, except for the 'AAAsf' rated notes.

During the reinvestment period, upgrades, based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades may occur on stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


TRINITAS EURO VI: Fitch Assigns 'B-(EXP)' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Trinitas Euro CLO VI DAC's notes
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt        Rating           
   -----------        ------           
Trinitas Euro
CLO VI DAC

   A             LT   AAA(EXP)sf   Expected Rating
   B             LT   AA(EXP)sf    Expected Rating
   C             LT   A(EXP)sf     Expected Rating
   D             LT   BBB-(EXP)sf  Expected Rating
   E             LT   BB-(EXP)sf   Expected Rating
   F             LT   B-(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Trinitas Euro CLO VI DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds will be used to fund a portfolio with a target par of
EUR500 million. The portfolio will be actively managed by Trinitas
Capital Management, LLC. The CLO will have a 4.5-year reinvestment
period and a 7.5-year weighted average life (WAL) test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.5.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 12.5%, top 10 obligor concentration limit at
26.5% and maximum exposure to the three-largest Fitch-defined
industries at 43%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction will have a
4.5-year reinvestment period and includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

Cash Flow Modelling (Positive): The WAL modelled is 12 months less
than the WAL covenant. This reduction to the risk horizon accounts
for the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include, among others, passing
both the coverage tests and the Fitch 'CCC' maximum limit, as well
as a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during the stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase in the mean default rate (RDR) and a 25% decrease in
the recovery rate (RRR) across all the ratings of the current
portfolio would not lead to any downgrades for the rated notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed due to unexpectedly
high levels of defaults and portfolio deterioration. Owing to the
current portfolio's better metrics and shorter life than the
stressed-case portfolio, the class F notes display a rating cushion
of five notches, the class C and E notes three notches, and the
class B and D notes two notches.

Should the cushion between the current portfolio and the
stressed-case portfolio be eroded, either due to manager trading or
negative portfolio credit migration, a 25% increase in the mean RDR
and a 25% decrease in the RRR across all the ratings of the
stressed-case portfolio, would lead to downgrades of up to three
notches for the notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction in the RDR and a 25% increase in the RRR across all
the ratings of the stressed-case portfolio would lead to upgrades
of up to four notches for the notes, except for the 'AAAsf' rated
notes, which are at the highest level on Fitch's scale and cannot
be upgraded.

During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction.

After the end of the reinvestment period, upgrades may occur if
there is stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread being available to
cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.




=========
I T A L Y
=========

FIBER BIDCO: Fitch Assigns BB- Rating on EUR665MM Secured Notes
---------------------------------------------------------------
Fitch Ratings has assigned Fiber Bidco S.p.A.'s (Fedrigoni) EUR665
million senior secured notes a final instrument rating of 'BB-'
with a Recovery Rating of 'RR3'. This follows the completion of its
partial refinancing of its capital structure, with final terms
being in line with its prior expectations. Concurrently, Fitch has
affirmed Fedrigoni's Long-Term Issuer Default Rating (IDR) at 'B+'
with a Stable Outlook.

The Long-Term IDR of Fedrigoni balances the group's solid business
profile and sound profitability, with high leverage and expected
modest deleveraging in 2024-2026. The Stable Outlook mainly
reflects expected improvement in operating profitability, which
could support its leverage profile and interest coverage in the
medium term.

DERIVATION SUMMARY

Fedrigoni is a specialty paper and packaging producer, which is
smaller in scale than Fitch-rated peers such as Stora Enso Oyj
(BBB-/Stable) and Smurfit Kappa Group plc (BBB-/RWP). Fitch views
Fedrigoni's business profile as modestly stronger than that of
recycled paperboard producer, Reno de Medici S.p.A. (RDM;
B+/Stable), mainly due to stronger product and geographic
diversification.

Fitch views Fedrigoni's financial profile as weaker than RDM's due
to its higher expected leverage and weaker coverage. Both companies
have sound profitability with expected positive free cash flow
(FCF) generation and moderate operating profitability.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Revenue of around EUR1.9 billion in 2023. Organic revenue to grow
by mid-single digits in 2024-2026

- Average annual M&A spend of around EUR125 million in 2024-2026
(no guidance from the group)

- About EUR140 million net cash proceeds from a sale and leaseback
(S&L) transaction in 2024 (remainder already received in 2023)

- Fitch-defined EBITDA margin of 13.2% in 2023, 12.4% in 2024
(including about 1.1pp adverse impact of the S&L transaction), and
then gradually increasing to 13.5% by 2026

- Working-capital inflow of about 2% of revenue in 2023, broadly
neutral in 2024 and about 0.5% working-capital outflow in
2025-2026

- Capex at 2.3% of revenue in 2023, and 3.2%-3.5% in 2024-2026

- Proportionate consolidation (Fitch's adjustment) of Tageos,
reflecting Fedrigoni's long-term strategic interest in the company

- No dividends to 2026

RECOVERY ANALYSIS

The recovery analysis assumes that Fedrigoni would be considered a
going concern (GC) in bankruptcy, and that it would be reorganised
rather than liquidated, given its strong market position and
customer relationships. Fitch has assumed a 10% administrative
claim.

The group's GC EBITDA estimate of EUR220 million reflects Fitch's
view of a sustainable, post-reorganisation EBITDA level on which
Fitch bases the group's enterprise valuation. The GC EBITDA
reflects intense market competition resulting in subdued operating
profitability.

Fitch used a 5.5x EBITDA multiple, reflecting the group's strong
position in growing premium niche markets, established customer
relationships and its own, well- developed distribution network.
Fedrigoni's multiple is in line with those of RDM, Titan Holding II
B.V. and Ardagh Group S.A.

The group's debt structure comprises its EUR665 million new
floating-rate notes, existing EUR365 million fixed-rate notes, an
upsized revolving credit facility (RCF) of about EUR180 million
(assumed fully drawn), about EUR340 million non-recourse factoring
(the highest drawn amount in the latest 12 months (LTM) to 3Q23),
an EUR90 million unsecured government loan and around EUR87 million
in other debt (including modest debt at Tageos, reflecting Fitch's
proportionate consolidation adjustment).

Its waterfall analysis generates a ranked recovery for the senior
secured noteholders in the 'RR3' category, leading to a 'BB-'
rating for the EUR665 million new senior notes. The
waterfall-generated recovery computation output score is 61%.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDA gross leverage below 4.5x on a sustained basis

- Free cash flow (FCF) margins above 3% on a sustained basis

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- EBITDA gross leverage above 6.0x on a sustained basis

- EBITDA interest coverage below 2.0x on a sustained basis

- Inability to generate positive FCF on a sustained basis

- Problems with integration of acquisitions or increased debt
funding

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The partial refinancing has improved the
group's liquidity profile by extending its debt maturity profile,
reducing the average cost of financing and generating cash proceeds
from the S&L transaction. Fitch estimates Fedrigoni's liquidity at
the closing of the notes issue to mainly consist of about EUR0.4
billion of readily available cash and with access to an upsized
about EUR180 million undrawn RCF due 2027. Fitch expects positive
FCF generation over the next four years.

No Material Maturities Near Term: The group has no significant
short-term debt maturities (apart from an overdraft and
non-recourse factoring) as the debt structure is dominated by
long-dated senior secured notes and the new government loan.

ISSUER PROFILE

Fedrigoni is an Italian leading producer of specialty paper and
self-adhesive labels operating in over 130 countries.

ESG CONSIDERATIONS

Fedrigoni has an ESG Relevance Score of '4[+]' for Exposure to
Social Impacts due to consumer preference shift to more sustainable
packaging solutions such as paper packaging, which has a positive
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Fiber Bidco S.p.A.   LT IDR B+   Affirmed              B+
  
   senior secured    LT     BB-  New Rating   RR3      BB-(EXP)

   senior secured    LT     BB-  Affirmed     RR3      BB-




===================
K A Z A K H S T A N
===================

AB KAZAKHSTAN - ZIRAAT: Fitch Affirms 'B-' LongTerm IDRs
--------------------------------------------------------
Fitch Ratings has affirmed AB Kazakhstan - Ziraat International
Bank JSC's (KZI) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'B-'. The agency has also upgraded the
bank's National Long-Term Rating to 'BB-(kaz)' from 'B+(kaz)'. The
Outlooks are Stable.

The upgrade of the National Long-Term Rating reflects its
reassessment of the bank's creditworthiness relative to local
peers'.

KEY RATING DRIVERS

KZI's 'B-' Long-Term IDRs reflect potential support from the bank's
parent, Turkiye Cumhuriyeti Ziraat Bankasi Anonim Sirketi (Ziraat;
B-/Stable/b-). The Stable Outlook on KZI mirrors that on the parent
bank's Long-Term Foreign-Currency (LTFC) IDR.

High Support Propensity: Fitch sees a high propensity for Ziraat to
support KZI, given its virtually full ownership of the latter,
common branding, the high level of integration between the two
banks, and the low cost of potential support due to the
subsidiary's small size, and recent record of considerable equity
support. However, Ziraat's ability to provide support to KZI is
constrained by the parent's 'B-' LTFC IDR.

Ratings Equalised with Parent's: The equalisation of KZI's and
Ziraat's ratings reflects the high integration between the
subsidiary and the parent as KZI operates similarly to a branch. In
accordance with its Bank Rating Criteria, Fitch tends to equalise
ratings of a deeply integrated subsidiary if its parent is rated at
the lower end of the rating scale.

No Viability Rating Assigned: KZI is a small bank with total assets
of USD0.5 billion as of 1 December 2023. Its client base - on both
sides of its balance sheet - mostly comprises Ziraat's group
clients and other Turkish businesses operating in Kazakhstan. Fitch
has not assigned KZI a Viability Rating (VR), because KZI is
heavily reliant on its parent for new business origination and risk
management, and as Ziraat's representatives are involved in all
major decision-making at the subsidiary level.

Vulnerable Loan Quality: The bank's Stage 3 loans comprised 14% of
gross loans at end-2022 (latest available data), following equity
support from Ziraat in 2022, which allowed for write-offs and
additional provisioning. The regulatory overdue loans ratio
decreased to 5.8% at end-3Q23 (end-2022: 6.9%), driven largely by
16% loan growth in 9M23. Fitch estimates the bank's loan
performance, under IFRS 9, moderately improved in 2023, although it
is likely to remain vulnerable in the medium term due to high loan
concentrations.

Recovered Profitability: KZI reported a KZT11.4 billion net income
for 9M23, translating into an annualised return on average equity
of 24%. This followed a large KZT10.7 billion net loss in 2022, due
to substantial loan impairment charges against impaired exposures,
which were subsequently written off. The bank's bottom-line results
for 9M23 were supported by a wide net interest margin, strong
operating efficiency (cost/income ratio: 20%) and limited credit
losses. Fitch expects the bank's operating profitability to remain
adequate in 2024.

Strong Loss-Absorption Buffer: KZI's Fitch core capital (FCC) ratio
decreased to a still high 33% at end-3Q23 (end-2022: 36%), caused
by 30% growth in risk-weighted assets, while dividend payments were
absent. The bank's regulatory capitalisation was also strong, with
a common equity Tier 1 capital ratio of 37% as of 1 December 2023.
In Fitch's view, KZI's capital buffer allows for considerable loan
growth in 2024.

Concentrated Funding; Healthy Liquidity: KZI is deposit-funded
(end-3Q23: 96% of total liabilities), with the major contribution
coming from corporate clients. This underpins a moderate
loans/deposits ratio of about 65% at end-3Q23 (end-2022: 80%). The
bank's deposit base is highly concentrated by names due to scale
limitations. KZI's liquidity buffer (mostly cash and cash
equivalents) covered a significant 76% of customer deposits at
end-3Q23.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

KZI's ratings would likely be downgraded if Ziraat's LTFC IDR is
downgraded. KZI's IDRs could also be downgraded if the propensity
of the parent to support its subsidiary considerably weakens.

The National Rating could be downgraded as a result of a negative
reassessment of KZI's creditworthiness relative to local peers'.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Positive rating action on the parent's LTFC IDR could result in
positive rating action on the subsidiary.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

KZI's ratings are linked to Ziraat's IDRs.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity. Fitch's ESG Relevance Scores are not inputs
in the rating process; they are an observation of the materiality
and relevance of ESG factors in the rating decision.

   Entity/Debt                       Rating                Prior
   -----------                       ------                -----
AB Kazakhstan - Ziraat
International Bank JSC   LT IDR        B-        Affirmed   B-
                         ST IDR        B         Affirmed   B
                         LC LT IDR     B-        Affirmed   B-
                         Natl LT       BB-(kaz)  Upgrade    B+(kaz)

                         Shareholder
                          Support      b-        Affirmed   b-




===================
L U X E M B O U R G
===================

ASTON FINCO: Guggenheim SOF Marks $1.6MM Loan at 15% Off
--------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $1,636,250
loan extended to Aston FinCo SARL to market at $1,398,307 or 85% of
the outstanding amount, as of November 30, 2023, according to a
disclosure contained in Guggenheim SOF's Form N-CSR for the Fiscal
year ended November 30, 2023, filed with the Securities and
Exchange Commission on February 2, 2024.

Guggenheim SOF is a participant in a Bank Loan to Aston FinCo SARL.
The loan accrues interest at a rate of 9.71% (1 Month Term SOFR +
4.25%, Rate Floor: 4.25%). The loan matures on October 9, 2026.

Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. The Fund is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.

Guggenheim Strategic Opportunities Fund maybe reached at:

     Brian E. Binder
     President and Chief Executive Officer
     Guggenheim Strategic Opportunities Fund
     227 West Monroe Street
     Chicago, IL 60606

Aston FinCo S.a r.l. is an affiliate of Advanced Computer Software
Group Limited. Advanced Computer Software, a portfolio company of
BC Partners, is a provider of business software and services. Aston
FinCo's country of domicile is Luxembourg.  


ENDO LUXEMBOURG: Guggenheim SOF Marks $1.2MM Loan at 36% Off
------------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $1,284,750
loan extended to Endo Luxembourg Finance Company I SARL to market
at $824,809 or 64% of the outstanding amount, as of November 30,
2023, according to a disclosure contained in Guggenheim SOF's Form
N-CSR for the Fiscal year ended November 30, 2023, filed with the
Securities and Exchange Commission on February 2, 2024.

Guggenheim SOF is a participant in a Bank Loan to Endo Luxembourg
Finance Company I SARL. The loan accrues interest at a rate of
14.50% (Commercial Prime Lending Rate + 6.00%, Rate Floor: 7.75%).
The loan matures on March 27, 2028.

Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. The Fund is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.

Guggenheim Strategic Opportunities Fund maybe reached at:

     Brian E. Binder
     President and Chief Executive Officer
     Guggenheim Strategic Opportunities Fund
     227 West Monroe Street
     Chicago, IL 60606

Endo Luxembourg Finance Company I S.a r.l is in the pharmaceutical
industry. The Company’s country of domicile is Luxembourg.  


EP BCO: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed EP BCo S.A.'s Long-Term Issuer Default
Rating (IDR) at 'BB-' with Negative Outlook.

It has also assigned EP BCo's new first-lien EUR490 million term
loan B (TLB) and second-lien EUR73 million TLB final ratings of
'BB-'. The Recovery Ratings are 'RR2' and 'RR6', respectively.
Fitch has also assigned a final rating of 'BB-' and Recovery Rating
'RR2' to EP BCo's revolving credit facility (EUR35 million).

RATING RATIONALE

The final ratings are in line with their expected ratings assigned
in December 2023. Terms and conditions are broadly in line with
expectations and there have been no material credit events or
developments affecting EP BCo's credit profile.

As per the financial documentation, on execution of the debt
assumption certificates, EP BCo loans and commitments will be
transferred to Manuport Services NV (Finco), a non-operating entity
within the restricted group. This debt transfer has no credit
implications as the terms and conditions remain unchanged, it is
guaranteed by all entities within the restricted scope and has no
impact on the enforceability of security by lenders.

The proceeds of the notes were used to refinance first- and
second-lien (EUR365 million and EUR105 million respectively) TLBs,
repay a shareholder loan (EUR51 million) and the outstanding
amounts drawn on its RCF, with the remainder for general corporate
purposes.

For an overview of EP BCo's credit profile, including key rating
drivers, see ' Fitch Rates Euroports' New Term Loans 'BB-(EXP)';
Negative Outlook' published 1 December 2023.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Failure to reduce gross debt/EBITDA below 6x by 2025 across its
Fitch rating case (FRC)

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The Outlook might be revised to Stable if EP BCo shows a clear
deleveraging trend with gross debt/ EBITDA in its FRC below 6.0x

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
EP BCo S.A.            LT IDR BB-  Affirmed   BB-

   EP BCo S.A./Port
   Revenues - First
   Lien/1 LT           LT

   EP BCo S.A./Port
   Revenues - First
   Lien/1 LT           LT

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT           LT

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT           LT


FS LUXEMBOURG: Fitch Gives BB- Rating on $500M Unsec Notes Due 2031
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to FS Luxembourg's
S.a.r.l. (FS Lux) proposed up to USD500 million senior unsecured
notes due in 2031 that are unconditionally and irrevocably
guaranteed by FS Industria de Biocombustiveis Ltda (FS LTDA) and FS
I Industria de Etanol S.A. (FS SA). Proceeds will be used to
finance or refinance Eligible Green Projects, including the
concurrent intermediated exchange offer with respect to any and all
2025 senior secured Notes.

Fitch currently rates FS' Foreign Currency (FC) and Local Currency
(LC) Issuer Default Ratings (IDRs) 'BB-'/Outlook Stable and
National Scale Long-Term Rating 'AA-(bra)'/Outlook Stable.

The ratings incorporate FS' adequate business model and low cash
costs in the volatile Brazilian ethanol industry. The high
volatility of Brazil's corn and ethanol prices and the lack of
meaningful short-term price correlation between them are key
considerations. In addition, FS is exposed to Petrobras' commercial
strategy for fuels in Brazil, which may curb ethanol prices.

The analysis also incorporates FS's ability to sustain satisfactory
financial flexibility and the expectation of a reduction of the net
leverage to around 3.0x in fiscal year 2025 going forward after a
temporary increase of net leverage to a peak of around 6.7x in
fiscal 2024 due to investments in the third industrial plant and
weaker than expected EBITDA generation in the current season.

KEY RATING DRIVERS

High Price Volatility: FS is exposed to the price volatility of
corn, its main raw material, and ethanol, its main output. Corn
prices adjust rapidly to global supply and demand imbalances, and
trades in parity with Chicago Board of Trade (CBOT) corn prices
over the long run.

Brazilian ethanol prices depend largely on local gasoline prices
set by Petrobras under its new commercial strategy, fluctuating
along with Brent, Brazilian FX rate and other factors. It is also
indirectly influenced by the price of sugar, since approximately
85% of local ethanol production comes from that source, and sugar
cane processors typically shift a portion of their outcome between
the two commodities depending on the prevailing price parity.

Weaker Corn and Ethanol Prices Correlation: Corn prices in Brazil
declined in 2023 following international price levels and a record
high production in the Brazilian corn winter crop. However, this
will only benefit corn ethanol players in the next fiscal year when
this cheaper corn will be processed. Fitch projects international
corn prices of USD5.00 per bushel in 2024 and USD4.50 per bushel in
2025. Hydrous ethanol is currently trading around BRL1.85/liter
(CEPEA/ESALQ as of January 2024), which is 30% lower from one year
ago.

Fitch's base case estimates average hydrous ethanol prices of BRL
2.20 in FYE 2025. Fitch projects average Brent prices of USD82/bbl
in 2023 and USD80/bbl in 2024.

Adequate Business Model: FS' business model benefits from a sizable
production capacity of approximately 2.0 billion liters, and a
robust supply from neighbor areas that allow for price discounts
relative to CBOT and a partial hedge provided by animal nutrition
products that strongly correlate with corn and soybeans regional
prices. Fitch expects revenues from those products to cover 40% of
feedstock costs in the long term, compared with 45% and 44% in the
past two fiscal years. The company's industrial plants are located
in the State of Mato Grosso, Brazil's largest corn producing state,
mitigating corn origination risks.

Low Cash Cost Producer: The company's cash cost structure is
commensurate with that of the most efficient sugar cane producers,
and its operating performance is strong, yielding around 430 liters
of ethanol per ton of processed corn. FS produces and sells corn
coproducts used in animal nutrition and their prices tend to be
correlated, reducing the inherent volatility. Fitch projects corn
procured by FS at an average of BRL53/bag and BRL40/bag in the
current and next crop seasons, respectively.

Positive FCF Only in FYE 2025: Fitch expects EBITDA of BRL1.1
billion and negative cash flow from operations (CFFO) of BRL270
million in FYE 2024, which is quite below Fitch's previous
projections and compared with BRL2.4 billion and BRL342 million the
year before. Lower ethanol prices reduced EBITDA margin to 13% in
the current crop season, but cheaper corn should make it a quick
recovery to a 26% EBITDA margin and an EBITDA of BRL2.2 billion in
fiscal 2025, which is more aligned with previous years. With that,
FCF will become positive from FYE 2025 forward, as expansionary
investments are concluded. The base case incorporates dividends of
BRL670 million in FYE 2024 and no dividends in FYE 2025.

Net Leverage Around 3.0x in FYE 2025: Fitch projects that the lower
EBITDA will increase FS' net leverage to a peak of 6.7x in FYE
2024, but that net leverage will be materially reduced to about
2.9x in fiscal 2025, as higher volumes from the new plant in
Primavera do Leste kick in and EBITDA margin increase due to lower
corn costs. This improvement of net leverage projected in fiscal
2025 is crucial to avoid potential negative rating actions as there
is limited headroom for its leverage sensitivity.

As of Sept. 30, 2023, total reported debt, net of FX derivatives
and total return swap (TRS), was BRL8.5 billion, of which the 2025
notes and working capital lines in BRL accounted for 29% and 71%,
respectively.

DERIVATION SUMMARY

FS' IDRs are four notches below that of Raizen S.A. (Raizen;
BBB/Stable), due to lower scale, weaker liquidity, and higher
exposure to market risk compared with sugar cane processors, which
rely on a market pricing mechanism that links sugar cane costs to
commodity prices.

FS' National Scale Rating is the same as Jalles Machado's, as both
companies are well positioned in the Brazilian food and renewable
energy market landscape in terms of cash costs. Fitch expects
Jalles Machado to consume cash as its investment plan advances,
reducing liquidity. FS, on the other hand, has access to domestic
and international capital markets and large liquid corn
inventories, such that its liquidity compares favorably with that
of most sugar cane processors.

KEY ASSUMPTIONS

- Ethanol sales volumes of 1.9 billion liters and 2.0 billion
liters in FYE 2024 and in FYE 2025, following investments in
capacity expansion'

- Hydrous ethanol making up to 50% of total ethanol volumes going
forward;

- Sales of animal nutrition products over 1.6 million tons in FYE
2024 and near 1.7 million tons in FYE 2025;

- Ethanol prices to vary in tandem with a combination of oil prices
and BRL FX rate;

- Brent crude prices averaging USD82bbl in FYE 2024 and USD80/bbl
in FYE 2025;

- Average FX rate at BRL5.00/USD in FYE 2024 and 5.10 in 2025;

- Corn prices at BRL53/bag in the current crop season and BRL40/bag
the next one;

- Animal nutrition products covering around 40% of total corn
costs;

- Total investments of BRL889 million in FYE 2024 and BRL68 million
in FYE 2025;

- Dividends of BRL670 million in FYE 2024 and no distribution in
FYE 2025.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Longer track record in different cycles of ethanol and corn
prices;

- FCF consistently positive, with the maintenance of conservative
capital structure.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Deterioration in liquidity and/or difficulties refinancing
short-term debt;

- EBITDA margins below 20% on a sustained basis;

- Net debt/EBITDA above 3.0x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: FS has satisfactory liquidity and financial
flexibility. As of Sept. 30, 2023, the company reported cash and
marketable securities of BRL3.0 billion and total debt of BRL8.5
billion, including net FX derivatives and TRS. The company has
BRL5.2 billion of debt maturing until December 2025 (next 27
months). The new USD500 million bond transaction and other
transactions that the company is negotiating in the local market
will address and improve the company's debt profile.

FS has satisfactory financial flexibility to address upcoming
maturities and diversified access to funding, banks and capital
markets. Readily marketable inventories and offtake contracts with
large fuel distributors improve financial flexibility; inventories
can be easily monetized and accounts receivables can be used as
collateral under new credit facilities, if required.

ISSUER PROFILE

FS produces corn-based hydrous and anhydrous ethanol, dried
distillers' grains with solubles for animal nutrition, corn oil and
energy from cogeneration. It runs three plants in the State of Mato
Grosso with total capacity to crush 4.7 million tons of corn and
produces 2.1 billion liters of ethanol annually.

SUMMARY OF FINANCIAL ADJUSTMENTS

- Fitch included net derivative balances as debt.

- The total return swap and Cedula de Produto Rural Financeira debt
balances have been netted out.

   Entity/Debt                Rating           
   -----------                ------           
FS Luxembourg S.a r.l.

   senior unsecured      LT     BB-   New Rating


IREL BIDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Irel BidCo S.a.r.l.'s (IFCO) Long-Term
Issuer Default Rating (IDR) at 'B+' with Stable Outlook. Fitch has
also affirmed IFCO's senior secured rating at 'BB-' with a Recovery
Rating of 'RR3' and assigned its new senior secured debt an
expected 'BB-(EXP)' rating with 'RR3', following its proposed
amend-and-extend (A&E) of its term loan B (TLB).

As part of the A&E, IFCO's TLB is to increase to EUR1.6 billion
from EUR1.4 billion (including the US dollar tranche) with a
maturity extension by 3.5 years to 2029, which will be used to
fully repay the existing TLB (US dollar and euro tranches) and
drawn revolving credit facility (RCF) of EUR128 million before
moving to a solely euro denomination. Fitch does not expect the A&E
to have a material impact on IFCO's leverage, but Fitch assumes
higher interest expense (including hedging) and consequently weaker
free cash flow (FCF) and interest coverage for the rating in the
short term. The assignment of the final rating is contingent on
completing the transaction in line with the terms already
presented.

The IDR reflects volatile capex, forecast negative FCF and
concentration risk, which are balanced by IFCO's leading market
position in reusable packaging container (RPC) pooling solutions,
and stable, non-cyclical demand from its end-markets. Fitch
forecasts continued growth in revenue and a gradual rebound of
EBITDA margins from enlarged customer network and price
indexation.

Despite the near-term weakness in FCF and interest coverage, Fitch
expects these metrics to be within their rating sensitivities from
FY26 (year-end June), which together with adequate leverage,
support the Stable Outlook.

KEY RATING DRIVERS

Rising Debt, but Deleveraging Expected: The A&E will lift the debt
quantum by about EUR75 million versus current outstanding debt,
which includes the drawn RCF of EUR128 million (to be fully
repaid). This will increase EBITDA leverage by about 0.1x versus
its previous forecast. IFCO's EBITDA leverage improved to 5.5x at
FYE23 from 6.0x at FYE22, versus its negative sensitivity of 5.5x.
Fitch forecasts lower inflationary pressure accompanied with
pricing revision and stable capex in FY24 to support deleveraging.
Fitch now forecasts EBITDA leverage at around 5.2x at FYE24 and
below 5.0x from FY25.

EBITDA Margin to Rise: Fitch forecasts revenue growth to slow to
mid-single digits in FY24 as reduced demand from
consumers/retailers, particularly in Europe, is partially mitigated
by higher prices implemented in FY23. Fitch forecasts a gradual
improvement of profitability due to price indexation outstripping
cost inflation, including logistics and wash costs. Based on
management data EBITDA margin increased to about 21% in 1QFY24 from
18% a year ago. This supports its expectations on EBITDA margin
recovery. Fitch forecasts Fitch-defined EBITDA margin of 21% for
FY24 and a further improvement towards 23% by FY27, from 20% for
FY23.

Capex Volatility: IFCO's capex is subject to both the volatility of
resin (polypropylene) prices and the volume of RPCs to be replaced
or added to the existing pool in operation. In FY23 capex fell 21%
mainly due to lower growth-pooling capex. In FY24 Fitch expects
capex to remain elevated, at about 17.3% of revenue, or broadly
flat in absolute amount. Fitch forecasts capex at about EUR227
million in FY25 before it declines to about EUR230 million or about
14% of revenue in FY27.

To mitigate rising costs for capex due to resin prices fluctuation,
IFCO is increasing the usage of recycled material from broken RPCs
and legacy pools. Other cost inflation such as labour and
transportation are covered via price indexation, which varies with
the country of operations. Producer prices of rubber and plastic
products are also covered via price indexation.

Temporarily Negative FCF: Fitch expects marginal EBITDA growth to
FY27 and negative FCF in FY24 and in FY25. This is due to expected
higher interest expenses following the A&E and high capex for
FY22-FY25. Higher capex follows acquisitions and increased
penetration in Europe and North America leading to a ramp-up of
RPCs pool in operations as well as a rise of non-pooling capex
attributed to washing capacity and automated equipment. Stronger
liquidity and limited refinancing risk mitigate the higher interest
post A&E. A further increase in debt and interest would likely lead
to a negative rating action as FCF and interest coverage ratio are
already weak.

Narrow Service Offering: IFCO's service offering is limited to
providing RPCs, primarily to fruit and vegetable producers for
further transport to retailer warehouses or shops. This is
mitigated by its strong market position albeit with some geographic
concentration in central and southern Europe (70% of revenue in
FY23), the US and Canada (20%), Latin America (4%) and China/Japan
(5%). Top 10 customers represent nearly 50% of trip volumes, albeit
at a lower share of revenue.

Supportive End-Market: IFCO's business profile is robust and
characterised by sustainable demand and long-term relationships
with customers, exposure to an industry with low cyclicality as
well as by a solid market position. The market is growing due to
population growth, partial replacement of cardboard packaging,
healthier lifestyle choices as well as supportive legislation in
EU. Fitch sees scope for further growth, with pooled RPCs only
accounting for some 10% of global fresh produce shipping volumes
and the majority still shipped in one-way carton-board containers.

Ongoing retailer trends such as automation, supply-chain
efficiencies and environmental awareness should support the
increased prevalence of multi-use packaging.

Global Niche Market Leader: IFCO is the market leader with strong
shares of the European and north American pooled RPC markets. Its
strong international coverage across more than 50 countries offers
retailers a network that is stronger than its competitors'. IFCO's
size and coverage offer further scale benefits and price
leadership, and it is renowned for building strong relationships
with larger retail chains. Competition comes from single-use
packaging, from which IFCO is taking market share, retailers' own
pools as well as small regional RPC providers.

DERIVATION SUMMARY

As IFCO does not have a direct peer Fitch compares it with
manufacturers of plastic containers (suppliers of IFCO), packaging
manufacturing companies and business services companies. IFCO is
much smaller than packaging company Ardagh Group S.A.
(B-/Negative), which has a stronger business profile supported by
greater geographical and product mix diversification. IFCO compares
well with Fiber Bidco S.p.A. (B+/Stable) by scale and has similar
geographical diversification, being mostly exposed to Europe. IFCO
is larger than its main supplier, Schoeller Packaging B.V. (CCC+).

IFCO compares well against Fitch-rated medium-sized companies in
niche markets, including property damage restoration service
provider Polygon Group AB (B/Negative). IFCO's EBITDA margins are
stronger than that of Polygon and the aforementioned packaging
companies. Similar to Ardagh's, IFCO's FCF margin is under pressure
from growth capex to ramp up for new accounts while Fiber Bidco
reports broadly positive FCF margins.

IFCO's EBITDA leverage on average is comparable with Fiber Bidco's
and is stronger than that of Ardagh, Schoeller and Polygon.

KEY ASSUMPTIONS

Key Assumptions Within Its Rating Case for the Issuer

- Revenue to rise on average 3.6% in FY24-FY27

- EBITDA margin to rise to 21% in FY24 and towards 23% by FY27

- Capex at about EUR257 million in FY24, EUR227 million in FY25 and
EUR230 million in FY26-FY27

- Issue of new TLB of EUR1.6 billion, and repayment of existing TLB
and drawn RCF in February 2024

- No M&As to FY27

- Higher interest rates, no debt amortisations and two bullet
maturities in FY29

RECOVERY ANALYSIS

The recovery analysis assumes that IFCO would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated. This is driven by its leading position in a niche
market, a long-term operating performance record and long-term
relationships with customers. Fitch assumes a 10% administrative
claim.

Fitch has revised GC EBITDA to EUR230 million from EUR210 million
due to enlarged volumes of operations and expansion of the business
via signing of new contracts that results in higher EBITDA
generation from FY24. The GC EBITDA reflects the loss of a number
of its largest retailers, increased substitution to one-way
cardboard packaging among some clients, and increased competition.
The assumption also reflects corrective measures taken in
reorganisation to offset the adverse conditions that trigger the
assumed default.

An enterprise value multiple of 5.0x EBITDA is used to calculate a
post-reorganisation valuation, and is comparable with multiples
applied to some peers in the packaging industry. The choice of this
multiple considers the concentration around one product/service
only, albeit as market leader and supported by geographic
diversification and a flexible cost base.

Fitch assumed that its debt structure after the A&E amounts to
EUR1.9 billion comprising a senior secured TLB of EUR1.6 billion
and a senior secured RCF of EUR310 million. These assumptions
result in a recovery rate for the proposed new senior secured TLB
and RCF within the 'RR3' range. The waterfall-generated recovery
computation output percentage is 53%.

Under the current capital structure prior to the refinancing, the
debt structure comprises a senior secured TLB of EUR1.4 billion and
a senior secured RCF of EUR270 million. Based on the existing
capital structure, its waterfall analysis generates a ranked
recovery for the senior secured debt in the 'RR3' category, leading
to a 'BB-' instrument rating. The waterfall-generated recovery
computation output percentage is 61%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- EBITDA leverage sustained below 4.5x

- EBITDA interest coverage above 4.0x

- FCF margin in the high single digits on a sustained basis

- Larger scale while maintaining an EBITDA margin greater than 20%
and reduced customer concentration

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Operating under-performance resulting from a loss of large
customers, significant pricing pressure, technology risk or
margin-dilutive debt-funded acquisitions

- EBITDA leverage sustained above 5.5x

- EBITDA interest coverage below 3.0x

- Inability to generate positive FCF after FY25 on a sustained
basis

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: IFCO had readily available cash (net of
Fitch-restricted cash of EUR22 million) of EUR101 million at
end-September 2023. After the A&E the RCF of EUR310 million is to
be undrawn and Fitch expects a cash balance of about EUR160 million
by FYE24. Its debt maturity profile is to improve with bullet
payments extended to 2029. Its readily available cash and the
undrawn RCF will be enough to cover expected negative FCF of EUR56
million in the coming 12 months.

Debt Structure: At FYE23 IFCO had two first-lien TLBs on its
balance sheet of EUR1.3 billion and USD160 million, respectively,
both maturing in May 2026. Following the A&E and it will have only
one TLB of EUR1.6 billion.

ISSUER PROFILE

IFCO runs a global network of RPC operations, servicing some 550
retailers and more than 18,000 growers worldwide.

ESG CONSIDERATIONS

IFCO has an ESG Relevance Score of '4' [+] for Waste & Hazardous
Materials Management; Ecological Impacts due to product design that
benefits life cycle management, which has a positive impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt           Rating                  Recovery   Prior
   -----------           ------                  --------   -----
Irel Bidco S.a.r.l.   LT IDR  B+        Affirmed              B+

IFCO Management GmbH

   senior secured     LT      BB-(EXP)  Expected Rating  RR3

   senior secured     LT      BB-       Affirmed         RR3  BB-




=====================
N E T H E R L A N D S
=====================

PHM NETHERLANDS: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded PHM Netherlands Midco B.V.'s,
doing business as Loparex ("Loparex"), corporate family rating to
Caa3 from Caa1 and its probability of default rating to Caa3-PD
from Caa1-PD. Moody's also downgraded Loparex's senior secured
first lien credit facility, including the revolver and the term
loan, to Caa2 from B3 and the backed senior secured second lien
term loan to Ca from Caa3. The rating outlook is changed to
negative from stable.

"The downgrade and negative outlook reflect the negative free cash
flow Moody's projects over the next 12 months, and Moody's
expectation that Loparex will likely deplete its liquidity within
the same period," said Motoki Yanase, VP - Senior Credit Officer at
Moody's.

RATINGS RATIONALE

Loparex's revenue continued to slide through the third quarter of
2023, reflecting weak demand from its end markets led by general
industrial companies. Moody's expects the company will continue to
generate negative funds from operations -- cash flow from
operations before the impact of working capital – and negative
free cash flow at least for the next 12-18 months.

Reflecting lower sales and EBITDA, leverage was at 17.5x for the
twelve months that ended September 2023. A higher interest rate
also strained the company's interest coverage, measured by EBITDA
to interest expense, at 0.4x over the same period.  Assuming only a
gradual demand recovery, Moody's does not expect meaningful
improvement in key credit metrics for the next 12-18 months.

Moody's expects Loparex to have weak liquidity over the next 12-18
months. On October 31, 2023, the company renewed its revolver with
a reduced amount of $38 million and extended the expiration date to
February 1, 2026, together with a $35 million capital injection
from the sponsor. However, based on the negative free cash flow
Moody's projects, the rating agency expects the company to deplete
its liquidity within the next 12 months.

The negative outlook reflects Moody's expectation of a limited
recovery in cash flow generation over the next 12 months and a high
likelihood of debt restructuring.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the rating if the company realizes a more
sustainable debt capital structure with a reduced debt load and
less reliance on the revolver.

Moody's could downgrade the rating if there is a restructuring of
the debt capital structure, a distressed exchange or an outright
default.

Dual headquartered in Apeldoorn, the Netherlands, and Cary, North
Carolina, PHM Netherlands Midco B.V. is a manufacturer of
paper-based and film-based silicone release liners, which are used
in building and construction, and industrial applications, tape
manufacturing, graphic arts, medical, label, hygiene and composite
products. The company has been a portfolio company of Pamplona
Capital Management, a private equity sponsor, since August 2019.
Loparex recorded sales of $637 million for the twelve months that
ended in September 2023.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.



===========
R U S S I A
===========

NBU: S&P Affirms 'BB-/B' Issuer Credit Ratings, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on JSC National Bank For Foreign Economic Activity
Of The Republic Of Uzbekistan (NBU). The outlook is stable.

S&P said, "We expect NBU will continue demonstrating resilient
performance, supported by its strong position as a leading bank in
Uzbekistan with sizeable market shares in commercial business and
public projects. We think NBU's dominant market position, wide
geographic footprint in Uzbekistan, and strong relationships with
the largest state-owned enterprises from strategically important
sectors will continue to support its business position. With total
assets of Uzbek sum (UZS) 127.5 trillion (about $10.3 billion) as
of Jan. 1, 2024, NBU remains the largest bank in Uzbekistan with
market shares of about 19.6% in total assets, 21.1% in lending, and
13.6% in deposits.

"We expect NBU to gradually improve its profitability metrics in
line with its long-term growth strategy, which should lead to a
more balanced business profile. The bank aims to expand in more
profitable and sustainable business, while keeping costs under
control by gradually increasing its commercial business and
investing in improving internal efficiency and digital
transformation. Its growth plans are supported by the generally
favorable macroeconomic environment we expect in Uzbekistan over
the next two years. At the same time, we consider NBU's business
transformation very ambitious and subject to implementation risks.
In our view, NBU will also face increased competition from other
state-owned banks with similar growth plans and from actively
expanding privately owned banks."

Positive dynamics of asset quality will support stable capital
buffers. This year, NBU's asset quality will likely gradually
improve on the back of the supportive economic environment. S&P
said, "Last year, the bank reported asset quality slightly better
than the average in the sector, and we expect this to continue in
2024. We expect capital will continue to be a rating strength for
NBU, with our forecast risk-adjusted capital (RAC) ratio before
concentration/diversification adjustment remaining stable at
8.5%-9.0% over the next 12 months."

S&P said, "We see a high likelihood that NBU will receive
extraordinary government support if needed, reflecting its
relationship with the government and its unique position in
Uzbekistan's financial system and economy. There is still a high
number of government-related enterprises (GRE) in Uzbekistan, only
gradual privatization, and a limited number of checks and balances
between institutions. Consequently, we consider the efficiency of
managing the government's exposure in various sectors might be
challenging, due to capacity constraints and complexity of the
reporting and communication systems between the government and the
GREs. We therefore think the government's general propensity to
supervise and support the GRE sector in a credit-supportive and
timely manner might be weakened.

"NBU's GRE status and high systemic importance support our view of
NBU's very important role for the economy and leading market
position as the country's leading bank for foreign trade,
investment, and financing GREs. We consider that NBU's link to the
government is strong and the government will remain an important
shareholder of the bank. There is a track record of the government
providing strong credit support if needed, and we do not expect NBU
to be privatized in the coming two-to-three years. Nevertheless, we
do not incorporate any notches of support in our long-term rating
on NBU because the bank's stand-alone credit profile is one notch
higher than the sovereign rating.

"The stable outlook on NBU mirrors that on the sovereign and
reflects our view that adequate capital buffers and strong links
with the government will help the bank maintain its
creditworthiness over the next 12 months.

"We could lower the rating on NBU in the next 12 months if we were
to lower our sovereign credit ratings on Uzbekistan."

A positive rating action over the next 12 months would hinge on a
similar rating action on the sovereign.




=========
S P A I N
=========

EDREAMS ODIGEO: Fitch Alters Outlook on 'B' IDR to Positive
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on eDreams ODIGEO S.A.'s
(eDreams) Issuer Default Rating (IDR) to Positive from Stable, and
affirmed the IDR at 'B'. Fitch has also upgraded the company's
senior secured rating to 'B' from 'B-' and revised the Recovery
Rating to 'RR4' from 'RR5'.

The Positive Outlook reflects eDreams' deleveraging and strong
operating performance, confirming the company is on track to
deliver on its targets for the fiscal year ending March 2025
(FY25). Fitch believes the company's credit profile will be
consistent with a 'B+' rating if it continues the successful
implementation of its subscription-based model and further reduces
its leverage.

The 'B' rating continues to reflect eDreams' good brand recognition
in Europe and positive free cash flow (FCF) generation, balanced by
its small scale, concentration on flight ticket sales and higher
business profile risk than other subscription-based businesses.

KEY RATING DRIVERS

Software Development Costs Expensed: Fitch believes that eDreams'
credit profile needs to be assessed considering an EBITDA
adjustment for capex, which is related to capitalisation of
internally-developed software and mostly consists of personnel
costs. These expenses are aimed at improving eDreams' online
platform to further drive business growth. Fitch adjusted EBITDA by
treating 80% of capex as operating expenses.

Strong Performance: eDreams outperformed its rating case in FY23,
with Fitch-adjusted EBITDA reaching EUR54 million, and Fitch
projects EBITDA of around EUR80 million for FY24. This includes the
adjustment for costs of internally developed software and deferred
revenue from the prime business (FY23: EUR51 million), which Fitch
reclassifies from changes in working capital to better align EBITDA
with cash generation. Fitch projects EBITDA margins to improve
further in FY24 as the share of the more profitable prime business
increases, while the number of subscribers that stay with the
company for two or more years also grows.

Sector Recovery Continues: eDreams' performance benefited from the
change in the business model and the post-pandemic recovery in
travel and Fitch believes that sector fundamentals remain
supportive for the business in 2024. Fitch expects EMEA air travel
volumes to increase by around 9% in 2024, fully recovering to 2019
levels, and then grow at 3%-5% per year. eDreams' business is not
prone to inflationary pressures, with personnel costs the only cost
item that is subject to inflation.

Execution Risks from Transitioning Strategy: eDreams has made
significant progress in its business model transition into the
first subscription model for the travel industry, with 5.1 million
prime members as of end-2QFY24. However, the company's product
offer and travellers' response to this proposition are still
evolving and Fitch sees execution risks in its strategy to increase
market penetration and maintain the pace of net new subscriber
additions as churn rates are high.

'B' Category Business Profile: Fitch views eDreams' business
profile as in line with the 'B' category. This considers its
relatively small business scale (measured by EBITDA) and
concentration on flight ticket sales, balanced by its brand
recognition in Europe and limited exposure to price movements of
fares or hotel rates. Fitch also believes that eDreams'
subscription model is riskier than other rated subscription-based
businesses, for instance gym operators, given higher customer churn
rates and less mature business model. This limits eDreams' debt
capacity compared with similarly-rated peers.

Fast Deleveraging: Fitch expects eDreams' EBITDA leverage to fell
to 4.9x in FY24 (FY23: 7.1x), before dropping below 4x in FY25,
well below its positive rating sensitivity for an upgrade to 'B+'.
Fitch believes the company may continue deleveraging in FY26-FY27,
if it manages to maintain its new subscriber additions at a similar
pace and does not materially allocate its capital to shareholder
remuneration or bolt-on M&A. Clarity of the company's targets
beyond FY25 will be important to determine the leverage profile in
FY26-FY27.

Cash-Generative Business Model: eDreams operates an asset-light
business model with a majority of its costs being variable and
mostly consisting of customer acquisition, merchant, IT and call
centre costs. The business also has limited capex requirements,
resulting in positive FCF generation, which favourably
differentiates eDreams from other 'B'-rated peers. Fitch projects
eDreams will sustain positive FCF over the medium term, assuming a
continued growth in the prime business and neutral changes in
working capital (after adjusting for deferred prime revenue).

Strong Positioning in Competitive Market: The global online travel
agent market is characterised by low switching costs and intense
competition from bigger and more diversified operators, metasearch
sites and the direct channels of airlines and hotels, making
industry players more vulnerable to higher customer acquisition
costs and rates of churn.

However, the highly fragmented travel industry in Europe continues
to favour the use of intermediators and online-based players are
enjoying increasing penetration. The fully online model of eDreams,
with well-developed mobile channels and different web-based brands,
is a competitive advantage.

DERIVATION SUMMARY

eDreams lags global online travel agents Expedia Group, Inc.
(BBB-/Positive) and Booking.com in terms of scale, geographic
diversification, market penetration and diversification of offer
across hotels, flights, cars and insurance. Expedia also has higher
EBITDA margins than eDreams and lower leverage and benefits from
ample liquidity and stronger financial flexibility.

Compared with other-subscription-based businesses, such as gym
operators, eDreams bears higher business risk in view of its less
sticky customer based and more discretionary product. Fitch rates
eDreams at the same level as Deuce Midco Limited (B/ Stable), which
operates gyms under the David Lloyd brand in the UK, despite it
having lower leverage. eDreams is rated one notch higher than UK
gym operator Pinnacle Bidco plc (B-/ Stable) due to a more
conservative financial structure and better FCF profile.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Revenue from non-prime business reducing to around 20% of total
revenue by FY27

- Addition of 1.4 million new prime subscribers in FY24

- No deterioration in churn rates and increasing share of
subscribers that stay with the company for two and more years

- Stable working capital (after adjusting for changes in deferred
prime revenue)

- Fixed costs at EUR95million-115 million a year (excluding
personnel costs that Fitch reclassifies from capex)

- Capex of around EUR50 million a year, out of which 80% is
expensed, reducing Fitch-adjusted EBITDA

- No bolt-on M&A

- No dividend distributions

RECOVERY ANALYSIS

KEY RECOVERY RATING ASSUMPTIONS

eDreams would be considered a going concern in bankruptcy and would
be reorganised rather than liquidated; Fitch has assumed a 10%
administrative claim in the recovery analysis.

Fitch assumes a going concern EBITDA of EUR70 million, which Fitch
believes should be sustainable post-restructuring. This implies
EUR6 million uplift from its previous estimate, given higher and
more stable earnings base, with maturity business profile and prime
subscriber base.

Fitch assumes a 5.0x distressed enterprise value-to-EBITDA. The
distressed multiple reflects a weaker competitive position than
global leaders and represents around 50% discount to the current
trading multiple.

These assumptions result in a distressed enterprise value of about
EUR350 million.

Based on the payment waterfall, Fitch has assumed the group's
EUR180 million revolving credit facility (RCF) to be fully drawn
and ranking senior to its senior secured debt. Its waterfall
analysis generates a ranked recovery for its senior secured notes
in the 'RR4' band, indicating a 'B' instrument rating, in line with
eDreams' IDR. The waterfall analysis output percentage on current
metrics and assumptions is 36% for the EUR375 million senior
secured notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Successful transition to a subscription model, reflected in
stable or decreasing churn rates of prime members and sustained
profitability improvements

- EBITDA leverage below 4.5x on a sustained basis, supported by a
consistent financial policy

- FCF margin in the mid- to high- single digits

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Increasing churn rates or diminishing share of prime subscribers
that have been with the company for two and more years

- EBITDA leverage above 6x on a sustained basis

- Increased volatility in profitability

- Liquidity deterioration, leading to cash drawings under the RCF

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-September 2023, eDreams had
EUR66.5 million of reported cash and EUR163.5 million available for
cash drawings under its EUR180 million revolving credit facility
(RCF). Fitch projects positive FCF will contribute to cash build-up
over the next four years as there are no near-term debt maturities.
eDreams' RCF matures in January 2027 and the senior secured notes
are due in July 2027.

ISSUER PROFILE

eDreams is the world's leading travel subscription platform and one
of the largest e-commerce businesses in Europe.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
eDreams ODIGEO S.A.   LT IDR    B     Affirmed            B

   senior secured     LT        B     Upgrade    RR4      B-




=====================
S W I T Z E R L A N D
=====================

CONSOLIDATED ENERGY: Fitch Assigns 'BB-' Rating on Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Consolidated
Energy Limited's (CEL) proposed senior unsecured notes. The debt
issuance will be used in conjunction with its recently announced
$745 million term loan to fund the acquisition of an additional
stake in Oman Methanol Company LLC (OMC), refinance existing
secured debt, and fund deferred M&A consideration from Proman's
2020 acquisition of CEL.

KEY RATING DRIVERS

Evolving Capital Structure: On Dec. 29, 2023, CEL acquired an
additional stake in the OMC, increasing its total stake from 26.1%
to 60.0% ownership for $347 million, allowing for full
consolidation of OMC's financial results, resulting in annual
EBITDA contribution of over $100 million. CEL is issuing $745
million in new term loan debt and $580 million in unsecured notes
in order to fund the $347 million acquisition, refinance $658
million in existing secured debt, and fund $166 million deferred
M&A consideration from Proman's 2020 acquisition of CEL.

Fitch anticipates that CEL will not materially alter OMC's asset
profile or operating strategy. Fitch also expects that management
will pursue a mix of growth spending and modest debt reduction with
its consistently strong cash generation - with a stronger
medium-term outlook resulting in a heavier orientation towards
growth spending.

Commodity Price Exposure: CEL and other methanol producers have
benefited from historically high methanol contract prices in recent
years, with average U.S. contract prices above $600/MT in 2022 and
above $500/MT in 2023. Though Fitch believes that the near-term
pricing environment will soften as global fuel supply comes back
online, a generally favorable demand environment for olefins and
polyolefins coupled with ongoing strength in fuel demand should
continue to drive a strong methanol pricing environment. This
dynamic, coupled with historically high fertilizer pricing, led to
robust FCF generation in 2021 and 2022.

Fertilizer pricing declined steeply in 2023, alongside extended
downtime on a major turnaround at CEL's Natgasoline assets and an
outage at the company's ammonia, urea, and melamine (AUM) complex
in Trinidad. This resulted in materially weaker EBITDA and cash
flow generation. Fitch anticipates both facilities to run at
typical utilization rates in 2024 and beyond. However, these
outages and the generally volatile commodity price environment
highlight the structural risks the company faces as a commodity
producer with two business lines.

Credible Deleveraging Path: CEL has proactively reduced debt by
repaying $160 million in unsecured notes due 2022 and $150 million
in unsecured notes due 2026. Management has articulated a desire to
achieve investment-grade credit metrics, and Fitch believes the
company has sufficient cash generation to pursue further
deleveraging in the medium term.

However, CEL's acquisition of a majority stake in OMC alongside its
option to move forward with its Big Lake Fuels project, which would
add roughly 1.8 million tons in capacity and cost around $1.8
billion, offer viable alternative uses of cash to debt reduction.
Should CEL continue to elect to spend on growth rather than debt
reduction - in particular with respect to the development of its
Big Lake asset - then the ultimate funding mix and cash generation
will be important in determining the rate at which the company is
able to reduce debt.

Low Cost Producer: The pricing dynamics of natural gas continue to
drive CEL's position as a low-cost producer of methanol. Natural
gas is CEL's main feedstock, and a combination of North American
shale production and the Russia-Ukraine war has amplified the
degree to which North American production is cost-advantaged. Fitch
believes that modest capacity additions are unlikely to change this
dynamic and expects CEL to maintain this advantage over the ratings
horizon.

Energy Applications Drive Profitability: Methanol prices are
volatile and correlated to oil prices, while methanol's feedstock
costs are linked to natural gas and coal prices in Asia. As a
result, sharp declines in the oil/gas price ratio can periodically
pressure CEL's credit profile. Methanol demand is increasingly
driven by energy applications, which include MTO plants, gasoline
blendstocks to increase octane (MTBE), a substitute for bunker fuel
and an industrial boiler fuel.

DERIVATION SUMMARY

CEL is smaller than methanol industry peer Methanex Corp.
(BB+/Stable) and fertilizer industry peers ICL Group Ltd.
(BBB-/Stable) and CF Industries Holdings, Inc. (BBB/Stable). Though
all issuers enjoyed strong pricing environments and robust cash
flows in recent years, methanol producers CEL and Methanex have
elected to use this period as an opportunity to pursue a more
conservative capital deployment strategy relative to the years
before the COVID-19 pandemic. In contrast, CF Industries and ICL
Group enjoy more stable balance sheets.

Methanex is moving forward with a reduced dividend and lower levels
of share repurchases while it uses its excess cash to self-fund a
large capacity expansion in Geismar, LA, while CEL has pursued a
mix debt reduction and inorganic growth through the OMC
transaction. Both companies benefit from a North American
orientation, which has proven especially beneficial in the methanol
industry, but CEL's slightly lower scale and reach, coupled with
higher leverage, mean that it faces slightly more credit risk
overall.

KEY ASSUMPTIONS

- Methanol prices moderate in the second half of 2023 and
thereafter from historic highs, with cost-advantaged production
driving earnings rather than price increases;

- Ammonia - FOB Middle East $/tonne per Fitch's nitrogen fertilizer
price assumptions (published Jan. 9, 2024): $430 in 2023; $360 in
2024; $330 in 2024; and $300 in 2025 and thereafter;

- No significant capex in 2024 and beyond (a decision to move
forward with a significant capacity expansion at that time would
likely be coupled with a materially stronger pricing environment
than is consistent with Fitch's forecast);

- Excess cash used primarily for deleveraging;

- Maturing debt not repaid with cash is refinanced.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Mid-cycle EBITDA leverage durably below 3.5x, potentially driven
by increased global demand for methanol as power and methanol as a
marine fuel;

- Demonstrated commitment to a conservative capital deployment
strategy even during periods of strong earnings and cash flow
metrics;

- Increased product diversification.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Mid-cycle EBITDA leverage durably above 4.5x;

- Elevated capital or equity-friendly spending, representing a
departure from management's commitment to deleveraging;

- Sustained disruption in operations of major facilities.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity, Staggered Maturities: Fitch expects CEL to
maintain solid liquidity throughout the ratings horizon, with solid
medium-term cash generation and full availability on its new $175
million revolving credit facility due 2029. Natgasoline faces an
approximately $500 million maturity in 2025. However, solid cash
generation and a history of proactive debt repayment will likely
give the company sufficient financial flexibility to address the
maturity through a combination of refinancing and repayment.

ISSUER PROFILE

CEL is the world's second largest producer of methanol and one of
the largest nitrogen producers. The company operates methanol
production facilities in Trinidad and Tobago, the U.S., and Oman,
with distribution reaching all major markets in the Americas,
Europe, and Asia.

DATE OF RELEVANT COMMITTEE

January 25, 2024

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
Consolidated
Energy Limited

   senior
   unsecured         LT    BB-    New Rating   RR4


CONSOLIDATED ENERGY: Fitch Assigns BB- LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' first-time Long-Term Issuer
Default Rating (IDR) to Consolidated Energy Ltd (CEL). Fitch has
also assigned a 'BB+'/'RR2' to the company's secured debt, and a
'BB-'/'RR4' to its unsecured debt. The Rating Outlook is Stable.

The 'BB-' IDR reflects CEL's position as a leading global supplier
of methanol, with over 7 million metric tons (MT) in production
capacity. The rating also reflects the company's advantaged North
American positioning, realistic deleveraging strategy, and the
expectation for strong cash generation in a strong pricing
environment. Offsetting considerations include methanol's
sensitivity to crude and natural gas prices and China's demand, a
high debt burden, and the potential for high capital outlays.

KEY RATING DRIVERS

Evolving Capital Structure: On Dec. 29, 2023, CEL acquired an
additional stake in the Oman Methanol Company LLC (OMC), increasing
its total stake from 26.1% to 60.0% ownership for $347 million,
allowing for full consolidation of OMC's financial results,
resulting in annual EBITDA contribution of over $100 million. CEL
is issuing $745 million in new term loan debt as well as other
unsecured debt in order to fund the $347 million acquisition,
refinance $658 million in existing secured debt, and fund $166
million deferred M&A consideration from Proman's 2020 acquisition
of CEL.

Fitch anticipates that CEL will not materially alter OMC's asset
profile or operating strategy. Fitch also expects that management
will pursue a mix of growth spending and modest debt reduction with
its consistently strong cash generation - with a stronger
medium-term outlook resulting in a heavier orientation towards
growth spending.

Commodity Price Exposure: CEL and other methanol producers have
benefited from historically high methanol contract prices in recent
years, with average U.S. contract prices above $600/MT in 2022 and
above $500/MT in 2023. Though Fitch believes that the near-term
pricing environment will soften as global fuel supply comes back
online, a generally favorable demand environment for olefins and
polyolefins coupled with ongoing strength in fuel demand should
continue to drive a strong methanol pricing environment. This
dynamic, coupled with historically high fertilizer pricing, led to
robust FCF generation in 2021 and 2022.

Fertilizer pricing declined steeply in 2023, alongside extended
downtime on a major turnaround at the company's Natgasoline assets
and an outage in the company's ammonia, urea, and melamine (AUM)
complex in Trinidad. This resulted in materially weaker EBITDA and
cash flow generation. Fitch anticipates both facilities to run at
typical utilization rates in 2024 and beyond. However, these
outages and the generally volatile commodity price environment
highlight the structural risks the company faces as a commodity
producer with two business lines.

Credible Deleveraging Path: CEL has proactively reduced debt by
repaying repaid $160 million in unsecured notes due 2022 and $150
million in unsecured notes due 2026. Management has articulated a
desire to achieve investment-grade credit metrics, and Fitch
believes the company has sufficient cash generation to pursue
further deleveraging in the medium term.

However, CEL's acquisition of a majority stake in OMC alongside its
option to move forward with its Big Lake Fuels project, which would
add roughly 1.8 million tons in capacity and cost around $1.8
billion, offer viable alternative uses of cash to debt reduction.
Should the company continue to elect to spend on growth rather than
debt reduction - in particular with respect to the development of
its Big Lake asset - then the ultimate funding mix and cash
generation will be important in determining the rate at which the
company is able to reduce debt.

Low Cost Producer: The pricing dynamics of natural gas continue to
drive CEL's position as a low-cost producer of methanol. Natural
gas is the company's main feedstock, and a combination of North
American shale production and the Russia-Ukraine war has amplified
the degree to which North American production is cost-advantaged.
Fitch believes that modest capacity additions are unlikely to
change this dynamic and expects CEL to maintain this advantage over
the ratings horizon.

Energy Applications Drive Profitability: Methanol prices are
volatile and correlated to oil prices, while methanol's feedstock
costs are linked to natural gas and coal prices in Asia. As a
result, sharp declines in the oil/gas price ratio can periodically
pressure CEL's credit profile. Methanol demand is increasingly
driven by energy applications, which include MTO plants, gasoline
blendstocks to increase octane (MTBE), a substitute for bunker fuel
and an industrial boiler fuel.

DERIVATION SUMMARY

CEL is smaller than methanol industry peer Methanex Corp.
(BB+/Stable) and fertilizer industry peers ICL Group Ltd.
(BBB-/Stable) and CF Industries Holdings, Inc. (BBB/Stable). Though
all issuers enjoyed strong pricing environments and robust cash
flows in recent years, methanol producers CEL and Methanex have
elected to use this period as an opportunity to pursue a more
conservative capital deployment strategy relative to the years
before the COVID-19 pandemic. In contrast, CF Industries and ICL
Group enjoy more stable balance sheets.

Methanex is moving forward with a reduced dividend and lower levels
of share repurchases while it uses its excess cash to self-fund a
large capacity expansion in Geismar, Louisiana, while CEL has
pursued a mix debt reduction and inorganic growth through the OMC
transaction. Both companies benefit from a North American
orientation, which has proven especially beneficial in the methanol
industry, but CEL's slightly lower scale and reach, coupled with
higher leverage, mean that it faces slightly more credit risk
overall.

KEY ASSUMPTIONS

- Methanol prices moderate in the second half of 2023 and
thereafter from historic highs, with cost-advantaged production
driving earnings rather than price increases;

- Ammonia - FOB Middle East $/tonne per Fitch's nitrogen fertilizer
price assumptions (published Jan. 9, 2024): 430 in 2023; 360 in
2024; 330 in 2024; and 300 in 2025 and thereafter;

- No significant capital expenditures in 2024 and beyond (a
decision to move forward with a significant capacity expansion at
that time would likely be coupled with a materially stronger
pricing environment than is consistent with Fitch's forecast);

- Excess cash used primarily for deleveraging;

- Maturing debt not repaid with cash is refinanced.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Mid-cycle EBITDA Leverage durably below 3.5x, potentially driven
by increased global demand for methanol as power and methanol as a
marine fuel;

- Demonstrated commitment to a conservative capital deployment
strategy even during periods of strong earnings and cash flow
metrics;

- Increased product diversification.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Mid-cycle EBITDA Leverage durably above 4.5x;

- Elevated capital or equity-friendly spending, representing a
departure from management's commitment to deleveraging;

- Sustained disruption in operations of major facilities.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity, Staggered Maturities: Fitch expects the company to
maintain solid liquidity throughout the ratings horizon, with solid
medium-term cash generation and full availability on its new $175
million revolving credit facility due 2029. Natgasoline faces an
approximately $500 million maturity in 2025. However, solid cash
generation and a history of proactive debt repayment will likely
give the company sufficient financial flexibility to address the
maturity through a combination of refinancing and repayment.

ISSUER PROFILE

CEL is the world's second largest producer of methanol and one of
the largest nitrogen producers. The company operates methanol
production facilities in Trinidad and Tobago, the U.S., and Oman,
with distribution reaching all major markets in the Americas,
Europe, and Asia.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

DATE OF RELEVANT COMMITTEE

January 25, 2024

   Entity/Debt                  Rating           Recovery
   -----------                  ------           --------
Consolidated Energy
Limited                  LT IDR   BB-   New Rating

Consolidated Energy
Finance S.A.

   senior unsecured      LT       BB-   New Rating    RR4

   senior secured        LT       BB+   New Rating    RR2


CONSOLIDATED ENERGY: Moody's Alters Outlook on 'B1' CFR to Negative
-------------------------------------------------------------------
Moody's Investors Service affirmed Consolidated Energy Limited's
(CEL) B1 long term corporate family rating and B1-PD probability of
default rating. Moody's has also affirmed the Ba3 ratings of all
existing guaranteed and backed senior secured term loans B and
backed senior secured revolving credit facility (RCF) and the B2
ratings of all existing backed senior unsecured notes, both classes
of debt  are issued by Consolidated Energy Finance, S.A. (CEF).
Moody's also assigned a Ba3 rating to the proposed $745 million
backed senior secured term loan and the proposed $175 million
backed senior secured revolving credit facility (RCF). Concurrently
Moody's assigned a B2 rating to the proposed $580 million backed
senior unsecured notes. The proposed instruments will also be
issued by CEF. The outlook on both entities has been changed to
negative from stable.

TRANSACTION DESCRIPTION

The proceeds of the transaction will be used to refinance CEF's
guaranteed senior secured term loan B and backed senior secured
term loan B due 2025, repay amounts drawn under its existing backed
senior secured revolving credit facility (total refinancing amount
of $658 million). The remaining proceeds will be used to repay a
$600 million bridge facility, which was used to finance the $347
million purchase of a 56.53% stake in Methanol Holdings
International Limited (MHIL), making it a wholly owned subsidiary
of CEL and increasing the indirect shareholding in operating asset
Oman Methanol Company LLC (OMC) to 60% from 26%. The bridge
facility was also used to finance a $253 million loan to parent
company Proman  AG (Proman), parts of which will be used to finance
a deferred purchase price consideration of $166 million, which
originated in 2020 in connection with the buy out of CEL's previous
minority shareholder. Around $125 million of transaction proceeds
will increase CEL's cash balance.

RATINGS RATIONALE

The change of outlook on CEL reflects the fact that the proposed
transaction increases Moody's estimated mid-cycle leverage from
around 5x to 5.5x, which is above the expectations for CEL's B1
CFR. The mid-cycle leverage forecast is based on Moody's assumption
that operating rates at CEL's Trinidad and Tobago methanol plants,
AUM complex and Natgasoline LLC (Natgasoline, B1 stable) will be
above 80%. Hence, operational underperformance poses a risk to this
forecast.  Moody's estimates CEL's 2023 leverage to be at  around
10.5x pro forma for the proposed debt issuance. The high point in
time leverage is a reflection of lower methanol prices and
significantly lower UAN & Ammonia prices and lower production
volumes due to unexpected production outages during 2023.

Furthermore Moody's views the loan to CEL's shareholder Proman as a
credit negative  governance consideration, as it highlights the
risks of cash being allocated for financing needs outside of the
restricted group. Total borrowings to the parent company according
to the company now amount to around $300 million. Moody's
understands that the terms of the loans provided to Proman are at
arm's length.

The transaction also increases the proportion of unsecured debt in
the capital structure and commitments under the RCF are expected to
be reduced by $50 million. Although the transaction includes
additional cash raised, Moody's views the lower availability under
the revolving credit facility  as incrementally negative for CEL's
liquidity profile, given the pronounced volatility of cash
generation and complex group structure with cash and financing
needs at various layers of the group.

CEL's rating is supported by Moody's expectation that the company
under mid-cycle conditions can generate significant free cash flows
and apply those to debt reduction in line with its ambition to
maintain net leverage (company definition) at below 3x (6.1x per
09/2023 and pro forma for the OMC acquisition). Furthermore,
Moody's views the 34% stake increase in OMC as moderately accretive
to CEL's business profile. OMC benefits from the availability of
natural gas at a fixed price and has in the past operated
relatively reliably and  been a major dividend contributor to CEL.
CEL's rating reflects its leading market position in methanol,
which is underpinned by its competitive cost position.

CEL's B1 CFR negatively reflects the pronounced cyclicality in the
methanol and Ammonia derivatives markets as well as the risk of
plant outages resulting in significant earnings and cash flow
volatility. The rating is constrained by the company's complex
capital structure with debt at various levels of the group and the
fact that cash generated at its Natgasoline joint venture and OMC
can only be used to reduce leverage at respective subsidiaries or
can be upstreamed via dividends, which will result in an outflow of
minority dividends.  The CEL perimeter represents a significant
part of Proman's operations. CEL's operations and the operations of
its shareholder are highly interdependent. Entities controlled or
related to Proman provide distribution, logistics and manufacturing
services to CEL at arms-length terms, resulting in substantial
related-party transactions in addition to the loans provided to
Proman.

LIQUIDITY PROFILE

CEL's liquidity is adequate. Proforma for the OMC  and the
refinancing transaction the company had around $292 million cash on
balance sheet (excluding restricted cash). Furthermore, the group
has access to a $45 million cash availability under its undrawn RCF
at Natgasoline maturing in August 2025 and will have access to $175
million under the proposed RCF at the CEF level. In combination
with expected FFO generation of around of around $300 million under
Moody's mid cycle scenario, these sources are sufficient to
accommodate working capital swings and capital spending of around
$120-$150 million. Moody's assessment of CEL's liquidity profile
takes into account the expectation that debt maturities including
Natgasoline's upcoming 2025 maturities will be addressed well in
advance and that the transaction closes as proposed.

STRUCTURAL CONSIDERATIONS

Consolidated Energy Finance, S.A. 's (CEF) outstanding backed
senior unsecured bonds are rated B2, one notch below the B1
corporate family rating (CFR), reflecting the priority ranking of
the guaranteed senior secured term loan B and backed senior secured
term loan B and the $225 million RCF, which are rated Ba3. The
rating of the backed senior unsecured bonds also reflects the
structural subordination of CEF's creditors to those of its
US-based operating subsidiary, Natgasoline LLC, which is not a
guarantor to CEF's bonds and whose financial debt is largely
secured against respective assets. The rating of the guaranteed and
backed senior secured bank credit facilities is Ba3, one notch
above CEL's CFR, because of their priority ranking in the capital
structure.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade CEL's rating if its leverage under mid-cycle
conditions would decrease to below 4.5x and the consistently would
generate RCF / debt well above 10%.

An upgrade furthermore would require the company to maintain a
conservatively managed liquidity profile and capital structure
through the cycle also in times of capacity additions. Furthermore
a simplification of the group structure would be positive for the
rating.

Moody's could consider downgrading CEL's rating if the company
fails to reduce Moody's adjusted gross debt towards $3.1 billion as
a result of FCF falling behind expectations reflected by FCF/debt
consistently in the low single digits or negative. Furthermore
increasing financial support for financing needs of its shareholder
would be negative for the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

Consolidated Energy Limited (CEL), along with its subsidiaries, is
a global group whose principal activities are focused on the
production of petrochemical products. Its main products are
methanol, ammonia and UAN, with investments in Trinidad and Tobago,
the US and Oman. The group is one of the world's largest producers
of methanol. In 2023, the group is expected to generate sales of
around $1.3 billion, and company reported EBITDA of around $195
million.

CEL main operations are its methanol and AUM complex in Trinidad &
Tobago, its 50% controlling in Natgasoline LLC its 60% in Oman
Methanol Company LLC and its minority stake in ammonia producers
Caribbean Nitrogen Company Limited and N2000 Limited.


CONSOLIDATED ENERGY: S&P Affirms BB- ICR & Alters Outlook to Stable
-------------------------------------------------------------------
S&P Global Ratings, on Jan. 30, 2024, revised its outlook on
Consolidated Energy Ltd. (CEL) to stable from positive. S&P also
affirmed its 'BB-' global scale issuer credit and issue-level
ratings on CEL. At the same time, S&P assigned an issue-level
rating of 'BB-' to the company's proposed secured Term Loan B of up
to $745 million and senior unsecured notes of up to $580 million.

The stable outlook indicates that S&P expects the company's
operating and financial performance to improve through higher
revenues and EBITDA in the next 12-18 months which should support
its balance sheet deleverage and healthy credit metrics.

CEL plant outages, in 2023, along with lower average prices in the
AUM (ammonia, UAN - urea ammonium nitrate - , and melamine)
division for fertilizers, and new debt, raised CEL's leverage above
S&P's expectations, with a net debt to EBITDA above 3.0x.

While methanol prices remained relatively solid during 2023 vs the
previous year, with U.S. methanol contract prices of around $500
per metric ton (MT), lower volume sales during the year mainly due
to outages at some of CEL's plants, weighed on CEL's results and
leverage levels. In our previous upside scenario expectation, S&P
considered the likelihood that CEL's credit metrics could continue
to improve such that its weighted net debt to EBITDA could remain
in the 3.0x area (or well below) on a consistent basis.

This would have likely occurred due to a continued rise in revenue
and EBITDA, thanks to a steady demand for the company's products
and mainly solid methanol prices, coupled with broadly stable debt
levels. However, lower global ammonia prices because of lower
fertilizers industry demand, lower methanol and AUM volume
production given the operational outages, and mainly the new $600
million in debt raised to fund CEL's stake increase in OMC and
other corporate uses, deviated the company's key credit metrics,
specifically its expected net leverage target of below 3.0x.

Despite the company not reflecting a consistent net leverage metric
below 3.0x, S&P thinks that the still favorable methanol price
levels coupled with the expectation of uninterrupted and stable
production across all CEL's facilities should support the company's
financial results in the next 12-18 months. Methanol is used in
various industries and applications, like automotive, antifreeze
liquid production, industrial (fuel) and basic consumption products
(mainly pharmaceuticals), and UAN for fertilizers (mainly).

S&P said, "Although we anticipate a gradual recovery for the
chemical industry in 2024; we expect that a better supply-demand
dynamics and higher consumption in CEL's main end industries
(mainly basic consumption products, fertilizers, and industrial
fuel), should support healthier credit metrics.

"Although the volatility inherent to the chemical industry can
favorably or unfavorably affect the company's profitability
margins, we expect the prices of CEL's main raw materials
(especially natural gas) to remain stable, reflecting stability in
the company's margins. In 2023, inflation took a toll on different
raw materials affecting profitability margins.

"Although CEL already maintained a 26% stake in OMC, we expect that
the recent investment made to increase its shareholding to 60% will
be "accretive" from a business and financial strategy perspective.
We think this investment moderately increases CEL's geographic
diversification by having a footprint in the Middle East and
ability to meet the potential demand, while significantly reducing
its logistics and transportation costs to meet the potential
methanol needs in Asia.

"We expect that the incremental revenues and EBITDA of about $300
million and $100 million, respectively, and non-material debt
stemming from OMC, will strengthen CEL's consolidated revenues and
EBITDA base. This should help leverage to reduce in the next 12-18
months (assuming no incremental debt over the forecasted horizon),
and sit comfortably in the 3.0x area, in line with the company's
financial policy."

Although CEL recently disbursed a bridge loan of $600 million to
fund the increase of its shareholding in OMC and other corporate
uses; the company plans to refinance the bridge loan and other bank
debt on its balance sheet through issuing two new long-term debt
instruments. CEL will attempt to access the debt markets again to
issue a potential long term of about $580 million unsecured bond
coupled with an $745 million secured term loan. Although CEL has no
significant debt maturities in 2024 (except the current $600
million bridge loan); the company will be refinancing the bridge
loan and about $650 million of other debt well ahead of its final
maturity (due 2025) with some cash and the proceeds of the intended
issuance.

This refinancing should enhance the company's debt maturity profile
to an average tenor of around 5.1 years. S&P expects to maintain an
adequate liquidity with an estimated free operating cash flow of
about $200 million for the next 12-month period, coupled with its
committed revolving credit facility.




===========================
U N I T E D   K I N G D O M
===========================

CAZOO: Seeks Urgent Cash Injection Amid Funding Crisis
------------------------------------------------------
Luke Barr at The Telegraph reports that troubled used car
supermarket Cazoo is scrambling for a lifeline as it sinks further
into a funding crisis.

The online dealer hopes to persuade shareholders to agree to an
urgent cash injection but is preparing contingency measures, The
Telegraph states.

According to The Telegraph, a source involved in the discussions
said all options are on the table, including new investors, a sale
or break-up of the company, and asset sales.

However, if fresh funds can't be found then it will be forced to
consider administration.  A team of restructuring and insolvency
experts is being called in to navigate the crisis, The Telegraph
notes.

Cazoo revealed in December that it could run out of capital by the
middle of this year. The crunch is looming after years of heavy
losses and amid a sharp downturn in the second-hand car market, The
Telegraph recounts.

In December, despite sweeping cost cuts, Cazoo was forced into a
controversial debt for equity swap that secured its future but
inflicted heavy losses on existing shareholders, The Telegraph
relays.

The deal handed control to a group of bondholders led by American
hedge fund Viking Investors, who forgave US$630 million of debt in
return and agreed to provide US$200 million of new borrowings, The
Telegraph discloses.

Cazoo warned that it was in danger of running out of funding in the
first six months of 2024 unless it succeeded in raising additional
capital, The Telegraph relates.  It said it expected to end the
year with a cash pile of between GBP100 million and GBP115 million,
and an additional GBP20 million to GBP30 million worth of cars in
stock, The Telegraph notes.

However, the company cautioned it was burning through GBP30 million
to GBP40 million every quarter, and restrictions on its lending
agreements meant it had to maintain a cash cushion of GBP50
million, starting from the beginning of the year, according to The
Telegraph.

"If we are unable to obtain adequate financing . . . our ability to
continue as a going concern . . .  could be significantly limited,
and this could have a material adverse effect on our business,
financial condition, results of operations and prospects," The
Telegraph quotes the company as saying in a filing with US
regulators.

Cazoo has withdrawn from Europe, where it had expanded into a slew
of countries, closed two in three of its UK handover centres where
customers collect their cars, slashed its transporter fleet by a
fifth, and cut hundreds of jobs, The Telegraph relates.

However, it has not been enough to save its share price or put it
on a profitable footing. Total losses at the end of June last year
stood at GBP1.4 billion, The Telegraph states.

Meanwhile, its market cap had crashed to just US$38 million at the
time of a one-for-100 reverse stock split that accompanied its debt
restructuring agreement with lenders, according to The Telegraph.


J S CRAWFORD: Enters Liquidation, 23 Jobs Affected
--------------------------------------------------
Kristy Dorsey at The Herald reports that a Borders construction
company specialising in residential housing has ceased trading
after 50 years in business following project delays.

Blair Nimmo and Alistair McAlinden of Interpath Advisory have been
appointed joint provisional liquidators to J S Crawford Contracts
based in Melrose, The Herald relates.

Founded in 1946, the company is said to have recently experienced
significant financial pressures arising from challenges on a
construction contract.

"It was with great sadness and regret that after 50 years of
trading, J.S. Crawford (Contracts) Borders has ceased trading, with
the loss of 23 jobs," director Michael Crawford, as cited by The
Herald, said.  "It is something I had been desperately trying to
avoid, and had hoped that the company could trade out, but
unfortunately, the necessary backing from suppliers and funders was
not there.

"The failure of my business is due in the main to the delay in
completion of the West Grove project.  Over the past year
additional and unsustainable interest charges combined with rampant
cost inflation has resulted in a significant loss on the project.
The shareholder had been supporting the business, but these efforts
were ultimately in vain, and so the only option remaining was to
liquidate the company."

"It is sad to see this well-established, family-owned business
enter into liquidation," The Herald quotes Mr. McAlinden as saying.
"Persistent strong headwinds, including cost inflation, tight
margins and labour shortages, are continuing to impact companies
across the housebuilding and wider construction industry and
unfortunately, in the case of J S Crawford, they were too difficult
to overcome.

"The directors had worked hard to explore other options but
unfortunately, had no option but to place the company into
provisional liquidation.  We will endeavour to provide any and all
support to those workers impacted by redundancy during this
difficult time."


LEASED & TENANTED: GBP400MM Bank Debt Trades at 26% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Leased & Tenanted
Pubs 2 Ltd is a borrower were trading in the secondary market
around 73.8 cents-on-the-dollar during the week ended Friday, Feb.
9, 2024, according to Bloomberg's Evaluated Pricing service data.

The GBP400 million facility is a Term loan that is scheduled to
mature on March 6, 2028.  The amount is fully drawn and
outstanding.

Leased & Tenanted Pubs 2 Limited provides street, student, and
local community pubs, as well as traditional country inns and
late-night bars. Leased & Tenanted Pubs 2 Limited is an affiliate
of Stonegate Pub Company Limited, which serves customers in the
United Kingdom.


SUPERDRY: In Talks Over Possible Takeover Deal
----------------------------------------------
Henry Saker-Clark at PA Media reports that Superdry boss and
co-founder Julian Dunkerton is in talks over a possible takeover
deal for the troubled fashion brand.

According to PA Media, it told shareholders that Mr. Dunkerton "is
engaged in discussions with potential financing partners" over a
possible takeover offer for the business.

Mr. Dunkerton, who co-founded the brand in 2003, already owns
roughly 26% of the business.

The retail firm said "discussions are at a preliminary stage and no
decisions have been made", PA Media relates.

The business, which employs around 3,350 globally, runs 216 shops
alongside franchised stores.

Superdry earlier said it was working with advisers to look at
various "cost-saving options" for the business, PA Media notes.

It came after Sky News reported it could launch a restructuring
plan or Company Voluntary Arrangement (CVA), PA Media states.

Such a move could result in store closures and potentially force
through rent reductions with landlords, according to PA Media.

Superdry, as cited by PA Media, said that its revenue had fallen by
nearly a quarter (23.5%) to GBP219.8 million in the six months to
the end of October, with adjusted loss nearly doubling to GBP25.3
million.


TED BAKER: Explores Options, Mulls Store Closures
-------------------------------------------------
Ben Marlow at The Telegraph reports that the American backer of Ted
Baker has begun exploring a radical shake-up that could result in
substantial store closures and job losses.

According to The Telegraph, Authentic Brands, which rescued the
fashion chain two years ago amid mounting losses, is close to
appointing experts to oversee a restructuring as it seeks to
significantly reduce a punishing rent bill on scores of Ted Baker's
UK high street stores.

The retailer has hundreds of stores and concessions around the
world, of which somewhere between 80 and 90 are in Britain, The
Telegraph notes.

It is believed consultants at Teneo are favourites to lead the
negotiations following a beauty parade of advisers that included
Begbies Traynor and another unnamed firm, The Telegraph states.

"Ted Baker is one of the few big high street retailers that is yet
to reset rents to reflect current market rates. It is hugely
over-rented," The Telegraph quotes a City source as saying.

One of the cost-saving measures that Authentic is expected to look
at in detail is a Company Voluntary Arrangement (CVA), which
enables struggling high street businesses to jettison expensive
leases and abandon branches, or to secure large rent reductions
that put sites on a more sustainable footing, The Telegraph
discloses.

Such a move usually requires the majority approval of landlords and
other major creditors. Though unpopular, most are approved because
the alternative is often insolvency, according to The Telegraph.


THOMAS DICK: Enters Liquidation, Auction Scheduled Today
--------------------------------------------------------
Michael Crossland at Yorkshire Post reports that York-based office
products supplier Thomas Dick has ceased to trade after 90 years in
business, after supply chain issues left the business "no longer
viable".

An auction is set to be held today, Feb. 12, for Thomas Dick's
entire inventory, with the firm set to appoint liquidators in the
coming days, Yorkshire Post discloses.

According to Yorkshire Post, Steve Hodgson of Clough Corporate
Solutions, proposed joint liquidator, said: "Sadly, with supply
chain issues encountered, the business was no longer viable, and
the director was left with no alternative but to place the company
into liquidation.

"It was a difficult decision for the director to make, given that
the company traded for over 90 years; however, we will assist the
employees with their claims and ensure that all stakeholders are
dealt with accordingly."

Asset advisory firm Walker Singleton, which is hosting the online
auction for the firm's inventory, has invited bids on the company's
stock and operational equipment following the pending appointment
of liquidators, Yorkshire Post relates.

The stock on sale includes new office supplies and stationery,
office furniture and warehouse equipment from coffee machines to
coffee cups and stores shelving to multi-function printers,
Yorkshire Post states.

Interested parties are able to bid for products online until the
auction closes from 12:00 p.m., Yorkshire Post notes.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week February 5 to February 9, 2024
-------------------------------------------------------------
Issuer                     Coupon   Maturity Currency Price
------                     ------   -------- -------- -----
Codere Finance 2 Luxembour  12.750 11/30/2027   EUR    2.266
Codere Finance 2 Luxembour  11.000  9/30/2026   EUR   53.400
Oscar Properties Holding A  11.317   7/5/2024   SEK    5.426
Mallinckrodt International  10.000  6/15/2029   USD   10.017
Solocal Group               10.925  3/15/2025   EUR   19.864
Codere Finance 2 Luxembour  13.625 11/30/2027   USD    2.416
Bakkegruppen AS             11.700   2/3/2025   NOK   46.359
R-Logitech Finance SA       10.250  9/26/2027   EUR   15.250
Saderea DAC                 12.500 11/30/2026   USD   43.437
Codere Finance 2 Luxembour  13.625 11/30/2027   USD    2.416
Caybon Holding AB           10.550   3/3/2025   SEK   45.999
Plusplus Capital Financial  11.000  7/29/2026   EUR    9.705
Ilija Batljan Invest AB     10.797              SEK    3.209
Tinkoff Bank JSC Via TCS F  11.002              USD   37.000
IOG Plc                     13.438  9/20/2024   EUR   10.000
UkrLandFarming PLC          10.875  3/26/2018   USD    3.557
YA Holding AB               12.789 12/17/2024   SEK   15.000
Offentliga Hus I Norden AB  10.924              SEK   44.406
Mallinckrodt International  10.000  4/15/2025   USD   12.205
Bourbon Corp SA             11.652              EUR    1.288
Immigon Portfolioabbau AG   10.258              EUR    9.938
Avangardco Investments Pub  10.000 10/29/2018   USD    0.109
Bilt Paper BV               10.360              USD    2.692
Solocal Group               10.925  3/15/2025   EUR   19.212
Privatbank CJSC Via UK SPV  10.250  1/23/2018   USD    0.646
Virgolino de Oliveira Fina  11.750   2/9/2022   USD    0.653
Codere Finance 2 Luxembour  11.000  9/30/2026   EUR   53.400
Virgolino de Oliveira Fina  10.500  1/28/2018   USD    0.180
Phosphorus Holdco PLC       10.000   4/1/2019   GBP    0.373
Transcapitalbank JSC Via T  10.000              USD    0.784
Virgolino de Oliveira Fina  10.500  1/28/2018   USD    0.180
Privatbank CJSC Via UK SPV  10.875  2/28/2018   USD    8.605
Turkiye Ihracat Kredi Bank  12.540  9/14/2028   TRY   49.478
Mallinckrodt International  10.000  4/15/2025   USD   12.205
Sidetur Finance BV          10.000  4/20/2016   USD    0.300
Mallinckrodt International  10.000  6/15/2029   USD   10.017
Santander Consumer Finance  10.757              EUR   92.858
Privatbank CJSC Via UK SPV  11.000   2/9/2021   USD    1.000
UBS AG/London               16.500  7/22/2024   CHF   42.450
Virgolino de Oliveira Fina  10.875  1/13/2020   USD   36.000
Codere Finance 2 Luxembour  12.750 11/30/2027   EUR    2.266
Societe Generale SA         21.000 12/26/2025   USD   27.300
UBS AG/London               12.000  2/22/2024   CHF   50.000
Bulgaria Steel Finance BV   12.000   5/4/2013   EUR    0.216
Societe Generale SA         16.000   7/3/2024   USD   24.400
Virgolino de Oliveira Fina  10.875  1/13/2020   USD   36.000
Societe Generale SA         16.000   7/3/2024   USD   32.250
BNP Paribas SA              10.000  7/26/2027   USD   10.350
Tailwind Energy Chinook Lt  12.500  9/27/2019   USD    1.500
Societe Generale SA         13.010 11/14/2024   USD   27.000
Virgolino de Oliveira Fina  11.750   2/9/2022   USD    0.653
Bilt Paper BV               10.360              USD    2.692
ACBA Bank OJSC              11.500   3/1/2026   AMD    0.000
Deutsche Bank AG/London     13.750  6/20/2026   TRY   39.312
Phosphorus Holdco PLC       10.000   4/1/2019   GBP    0.373
National Mortgage Co RCO C  12.000  3/30/2026   AMD    0.000
Citigroup Global Markets F  25.530  2/18/2025   EUR    2.070
Converse Bank               10.500  5/22/2024   AMD    0.000
BNP Paribas Issuance BV     20.000  9/18/2026   EUR   48.850
UkrLandFarming PLC          10.875  3/26/2018   USD    3.557
KPNQwest NV                 10.000  3/15/2012   EUR    0.821
Societe Generale SA         18.000  5/31/2024   USD   21.000
Goldman Sachs Internationa  16.288  3/17/2027   USD   29.130
Lehman Brothers Treasury C  18.250  10/2/2008   USD    0.100
Fast Credit Capital UCO CJ  11.500  7/13/2024   AMD    0.000
Ukraine Government Bond     10.570  5/10/2027   UAH   46.880
Tonon Luxembourg SA         12.500  5/14/2024   USD    0.010
Sintekom TH OOO             13.000  1/23/2025   RUB   18.380
UniCredit Bank GmbH         10.500  9/23/2024   EUR   33.470
Societe Generale SA         20.000  1/29/2026   USD   34.000
ObedinenieAgroElita OOO     13.750  5/22/2024   RUB   18.890
Zurcher Kantonalbank Finan  17.400  4/19/2024   USD   48.550
Leonteq Securities AG/Guer  28.000   6/5/2024   CHF   26.440
Bank Vontobel AG            25.000  7/22/2024   USD   45.600
BLT Finance BV              12.000  2/10/2015   USD   10.500
Deutsche Bank AG/London     12.780  3/16/2028   TRY   49.331
Privatbank CJSC Via UK SPV  10.875  2/28/2018   USD    8.605
Petromena ASA               10.850 11/19/2018   USD    0.622
NTRP Via Interpipe Ltd      10.250   8/2/2017   USD    0.937
Banco Espirito Santo SA     10.000  12/6/2021   EUR    0.063
Ukraine Government Bond     12.500  4/27/2029   UAH   41.059
Ukraine Government Bond     12.500 10/12/2029   UAH   39.745
Ameriabank CJSC             10.000  2/20/2025   AMD    0.000
Sidetur Finance BV          10.000  4/20/2016   USD    0.300
Finca Uco Cjsc              12.500  6/21/2024   AMD    0.000
DZ Bank AG Deutsche Zentra  20.200  3/22/2024   EUR   46.270
Credit Agricole Corporate   10.200 12/13/2027   TRY   48.340
Evocabank CJSC              11.000  9/28/2024   AMD    0.000
Societe Generale SA         15.000  8/30/2024   USD   17.000
Societe Generale SA         16.260   8/1/2024   USD   40.200
UBS AG/London               14.750  3/11/2024   CHF   50.350
UBS AG/London               16.000  3/11/2024   CHF    8.420
UBS AG/London               12.250  3/11/2024   CHF    8.080
Bank Vontobel AG            11.000  2/23/2024   CHF    9.000
UBS AG/London               12.250  3/11/2024   EUR   36.250
Finca Uco Cjsc              12.000  2/10/2025   AMD    0.000
UniCredit Bank GmbH         10.700   2/3/2025   EUR   28.150
UniCredit Bank GmbH         10.700  2/17/2025   EUR   28.380
UBS AG/London               21.600   8/2/2027   SEK   58.560
UniCredit Bank GmbH         16.550  8/18/2025   USD   37.480
Societe Generale SA         22.750 10/17/2024   USD   19.400
Bank Vontobel AG            12.000  9/30/2024   EUR   40.000
Societe Generale SA         20.000 12/18/2025   USD   28.000
Landesbank Baden-Wuerttemb  11.000  3/22/2024   EUR   32.320
UBS AG/London               13.000  9/30/2024   CHF   16.920
Landesbank Baden-Wuerttemb  12.500  3/22/2024   EUR   29.610
Corner Banca SA             13.000   4/3/2024   CHF   32.610
Societe Generale SA         15.000 10/31/2024   USD   25.900
Societe Generale SA         20.000 11/28/2025   USD   13.500
Societe Generale SA         16.000   8/1/2024   USD   16.900
Societe Generale SA         18.000   8/1/2024   USD   20.950
Societe Generale SA         20.000  7/21/2026   USD   16.000
UniCredit Bank GmbH         10.300  9/27/2024   EUR   33.150
Bank Vontobel AG            13.000  3/18/2024   CHF   25.600
Bank Julius Baer & Co Ltd/  18.400  3/20/2024   CHF   46.850
EFG International Finance   10.300  8/23/2024   USD   33.680
Societe Generale SA         13.500  8/23/2024   USD   49.700
Societe Generale SA         11.000  7/14/2026   USD   20.900
Societe Generale SA         18.000   8/1/2024   USD   20.954
Societe Generale SA         25.260 10/30/2025   USD   10.000
Societe Generale SA         26.640 10/30/2025   USD    5.000
Bank Vontobel AG            13.500   1/8/2025   CHF   44.300
Raiffeisen Schweiz Genosse  20.000  8/28/2024   CHF   53.360
Leonteq Securities AG/Guer  22.000  8/28/2024   CHF   40.500
Societe Generale SA         15.000   4/3/2024   USD   14.250
Societe Generale SA         14.000   4/3/2024   USD   19.000
Leonteq Securities AG       20.000  8/28/2024   CHF   39.310
Bank Vontobel AG            28.000   9/9/2024   CHF   45.800
UBS AG/London               10.000  3/23/2026   USD   26.130
Societe Generale SA         16.750  3/22/2024   USD    8.000
Inecobank CJSC              10.000  4/28/2025   AMD    0.000
UBS AG/London               16.000  4/19/2024   CHF   31.000
Leonteq Securities AG/Guer  20.000   8/7/2024   CHF   31.120
Leonteq Securities AG/Guer  30.000   8/7/2024   CHF   34.190
Bank Vontobel AG            19.000   4/9/2024   CHF   13.500
Societe Generale SA         18.000  5/31/2024   USD   13.400
JP Morgan Structured Produ  15.500  11/4/2024   USD   30.480
Raiffeisen Schweiz Genosse  18.400   5/2/2024   CHF   19.560
Bank Vontobel AG            23.500  4/29/2024   CHF   19.700
Basler Kantonalbank         26.000   5/8/2024   CHF   22.880
Bank Vontobel AG            13.000  6/26/2024   CHF   26.500
Bank Vontobel AG            18.500 12/16/2024   CHF   34.200
UBS AG/London               18.750  4/26/2024   CHF   19.380
Leonteq Securities AG/Guer  25.000   5/2/2024   CHF   20.810
Leonteq Securities AG/Guer  27.500   5/2/2024   CHF   21.180
Bank Vontobel AG            10.000  8/19/2024   CHF   28.600
HSBC Trinkaus & Burkhardt   23.250  3/22/2024   EUR   43.580
Corner Banca SA             23.000  8/21/2024   CHF   39.510
Raiffeisen Switzerland BV   12.300  8/21/2024   CHF   35.330
UniCredit Bank GmbH         19.600  3/22/2024   EUR   44.700
UniCredit Bank GmbH         18.200  6/28/2024   EUR   49.210
Leonteq Securities AG/Guer  20.000   5/2/2024   CHF   22.850
Russian Railways JSC        12.940  2/28/2040   RUB   50.000
Leonteq Securities AG/Guer  26.000  5/22/2024   CHF   25.570
Evocabank CJSC              11.000  9/27/2025   AMD    0.000
Societe Generale SA         16.000   7/3/2024   USD   15.400
Societe Generale SA         18.000   7/3/2024   USD   23.839
Societe Generale SA         15.000   7/3/2024   USD   22.500
UBS AG/London               15.750   2/5/2024   CHF   48.550
Armenian Economy Developme  10.500   5/4/2025   AMD    0.000
Raiffeisen Switzerland BV   20.000  2/20/2024   CHF   16.800
Bank Vontobel AG            20.500  11/4/2024   CHF   35.300
Russian Railways JSC        12.940  2/28/2040   RUB   50.000
Leonteq Securities AG/Guer  24.000  5/17/2024   CHF   45.000
Leonteq Securities AG       25.000 12/11/2024   CHF   48.160
Leonteq Securities AG/Guer  27.000  2/16/2024   CHF   13.690
Leonteq Securities AG       18.000  9/11/2024   CHF   45.760
Leonteq Securities AG/Guer  20.000  2/20/2024   CHF   16.690
Vontobel Financial Product  10.000  3/22/2024   EUR   41.340
Leonteq Securities AG/Guer  21.600  2/20/2024   CHF   17.030
Landesbank Baden-Wuerttemb  15.000  2/23/2024   EUR   38.030
Zurcher Kantonalbank Finan  12.000  2/14/2024   CHF   37.650
Credit Suisse AG/London     29.000  3/28/2024   USD   16.748
Raiffeisen Switzerland BV   15.000   3/6/2024   CHF   43.260
Swissquote Bank SA          22.760   3/6/2024   CHF   28.180
Leonteq Securities AG/Guer  19.000   6/3/2024   CHF   47.240
Zurcher Kantonalbank Finan  24.000   3/1/2024   USD   43.570
Zurcher Kantonalbank Finan  12.500   3/8/2024   CHF   47.300
Raiffeisen Switzerland BV   14.000   3/6/2024   CHF   25.690
Leonteq Securities AG/Guer  21.000  5/22/2024   USD   31.860
Bank Vontobel AG            15.000  3/11/2024   CHF   43.900
Vontobel Financial Product  12.000  3/22/2024   EUR   45.460
Vontobel Financial Product  23.500  3/22/2024   EUR   34.510
Vontobel Financial Product  21.000  3/22/2024   EUR   37.120
Vontobel Financial Product  22.000  3/22/2024   EUR   35.670
Vontobel Financial Product  25.000  3/22/2024   EUR   33.470
Vontobel Financial Product  13.500  3/22/2024   EUR   42.500
Vontobel Financial Product  18.500  3/22/2024   EUR   39.950
Vontobel Financial Product  24.500  3/22/2024   EUR   47.890
Leonteq Securities AG/Guer  15.000  4/30/2024   CHF   40.560
Bank Vontobel AG            12.000   2/5/2024   CHF   35.300
Leonteq Securities AG/Guer  14.000  4/30/2024   CHF   25.050
Bank Vontobel AG            15.000   2/5/2024   CHF    8.400
Swissquote Bank SA          14.560  3/13/2024   CHF   42.230
Leonteq Securities AG/Guer  26.000  3/13/2024   CHF   14.120
Corner Banca SA             18.500  9/23/2024   CHF   32.880
Leonteq Securities AG/Guer  30.000   5/8/2024   CHF   24.040
Leonteq Securities AG       26.000   7/3/2024   CHF   31.780
DZ Bank AG Deutsche Zentra  23.600  3/22/2024   EUR   42.200
UniCredit Bank GmbH         15.900  3/22/2024   EUR   50.670
Swissquote Bank SA          21.060  4/11/2024   CHF   23.730
Leonteq Securities AG/Guer  24.000   4/3/2024   CHF   17.250
Vontobel Financial Product  18.500  3/22/2024   EUR   48.600
Swissquote Bank SA          16.380  7/31/2024   CHF   28.120
Societe Generale SA         15.000  9/29/2025   USD   10.750
Bank Julius Baer & Co Ltd/  14.900  2/28/2024   CHF   43.800
UBS AG/London               21.250   4/2/2024   CHF   16.620
Leonteq Securities AG/Guer  15.000   4/3/2024   CHF   25.470
Zurcher Kantonalbank Finan  16.500  3/27/2024   CHF   40.350
Corner Banca SA             24.000   4/3/2024   CHF   19.410
UniCredit Bank GmbH         14.900  3/22/2024   EUR   48.940
UniCredit Bank GmbH         17.900  3/22/2024   EUR   45.980
UniCredit Bank GmbH         19.500  6/28/2024   EUR   48.320
UBS AG/London               14.250  7/12/2024   EUR   37.500
UniCredit Bank GmbH         16.400  3/22/2024   EUR   47.400
UBS AG/London               19.000  7/12/2024   CHF   29.540
Leonteq Securities AG/Guer  28.000  3/20/2024   CHF   45.130
Leonteq Securities AG/Guer  20.000   2/6/2024   CHF   13.400
Leonteq Securities AG/Guer  30.000   2/6/2024   CHF   15.840
Raiffeisen Switzerland BV   20.000  5/22/2024   CHF   29.230
Swissquote Bank SA          17.170   2/6/2024   CHF   39.670
Raiffeisen Switzerland BV   15.000   2/6/2024   CHF   39.470
Zurcher Kantonalbank Finan  21.000  5/17/2024   CHF   37.150
Raiffeisen Switzerland BV   16.000  5/22/2024   CHF   30.070
Leonteq Securities AG/Guer  30.000  3/20/2024   CHF   16.510
Swissquote Bank SA          20.120  6/20/2024   CHF   28.310
Leonteq Securities AG/Guer  16.000  6/20/2024   CHF   31.720
Armenian Economy Developme  11.000  10/3/2025   AMD    0.000
Bank Vontobel AG            21.000  2/26/2024   CHF   16.800
Leonteq Securities AG/Guer  22.000   4/3/2024   CHF   28.650
Bank Vontobel AG            10.000  5/28/2024   CHF   24.500
Swissquote Bank SA          27.700   9/4/2024   CHF   46.140
Bank Vontobel AG            12.250  6/17/2024   CHF   49.000
Bank Vontobel AG            21.750  3/18/2024   CHF   13.700
Vontobel Financial Product  11.000  6/28/2024   EUR   42.910
Raiffeisen Switzerland BV   16.000  6/12/2024   CHF   30.960
Raiffeisen Schweiz Genosse  20.000  6/12/2024   CHF   29.040
Raiffeisen Switzerland BV   10.500  7/11/2024   USD   23.180
Basler Kantonalbank         16.000  6/14/2024   CHF   30.280
EFG International Finance   24.000  6/14/2024   CHF   27.890
Leonteq Securities AG/Guer  30.000  4/24/2024   CHF   21.180
Zurcher Kantonalbank Finan  18.000  4/17/2024   CHF   18.190
Leonteq Securities AG/Guer  25.000   3/6/2024   CHF   12.580
Bank Vontobel AG            12.000  6/10/2024   CHF   41.600
Leonteq Securities AG/Guer  28.000  4/11/2024   CHF   20.750
Bank Julius Baer & Co Ltd/  17.200  2/16/2024   CHF   38.150
Leonteq Securities AG       26.000  7/10/2024   CHF   33.760
Leonteq Securities AG/Guer  24.000  7/10/2024   CHF   33.260
Swissquote Bank SA          26.120  7/10/2024   CHF   33.810
Citigroup Global Markets F  14.650  7/22/2024   HKD   35.910
Leonteq Securities AG/Guer  20.000   2/9/2024   CHF   43.090
Leonteq Securities AG/Guer  27.000   2/9/2024   CHF   11.150
Leonteq Securities AG/Guer  11.000  5/13/2024   CHF   39.440
Swissquote Bank SA          17.200  2/13/2024   CHF   37.980
Zurcher Kantonalbank Finan  21.750   2/8/2024   CHF   47.110
Zurcher Kantonalbank Finan  24.250  3/28/2024   USD   48.340
Raiffeisen Schweiz Genosse  20.000   4/3/2024   CHF   18.920
UniCredit Bank GmbH         13.500  6/28/2024   EUR   49.890
Societe Generale Effekten   13.500  2/23/2024   EUR   49.110
DZ Bank AG Deutsche Zentra  21.300  3/22/2024   EUR   49.710
Leonteq Securities AG/Guer  27.600  6/26/2024   CHF   28.060
Leonteq Securities AG/Guer  21.600  6/26/2024   CHF   31.580
Leonteq Securities AG/Guer  20.000  9/26/2024   USD   38.100
Raiffeisen Switzerland BV   20.000  6/26/2024   CHF   28.630
Vontobel Financial Product  19.500  6/28/2024   EUR   48.320
Vontobel Financial Product  16.250  3/22/2024   EUR   24.760
Zurcher Kantonalbank Finan  17.000  3/13/2024   CHF   50.400
Corner Banca SA             22.000  3/20/2024   CHF   17.060
Raiffeisen Switzerland BV   20.000  3/20/2024   CHF   16.930
DZ Bank AG Deutsche Zentra  22.700  3/22/2024   EUR   46.470
Vontobel Financial Product  16.000  3/22/2024   EUR #N/A N/A
Vontobel Financial Product  21.750  3/22/2024   EUR   22.500
UniCredit Bank GmbH         12.600  6/28/2024   EUR   51.270
Leonteq Securities AG/Guer  24.000  3/27/2024   CHF   28.130
ACBA Bank OJSC              11.000  12/1/2025   AMD    0.000
Leonteq Securities AG/Guer  23.000  3/27/2024   CHF   17.780
Leonteq Securities AG/Guer  25.000  3/27/2024   CHF   18.160
Leonteq Securities AG/Guer  18.000  3/27/2024   CHF   29.500
Raiffeisen Switzerland BV   15.000  3/20/2024   CHF   25.400
UBS AG/London               17.500  3/15/2024   CHF   43.850
Leonteq Securities AG/Guer  27.000  5/30/2024   CHF   31.310
Swissquote Bank SA          26.980   6/5/2024   CHF   30.940
UBS AG/London               26.000  3/22/2024   CHF   14.680
UBS AG/London               18.750  5/31/2024   CHF   23.640
UBS AG/London               18.750  4/15/2024   CHF   18.080
Leonteq Securities AG/Guer  26.000  4/17/2024   CHF   19.970
UniCredit Bank GmbH         16.800  3/22/2024   EUR   47.210
UniCredit Bank GmbH         15.200  3/22/2024   EUR   48.740
DZ Bank AG Deutsche Zentra  22.900  3/22/2024   EUR   48.110
Leonteq Securities AG/Guer  22.000  4/17/2024   CHF   29.270
UBS AG/London               18.500  6/14/2024   CHF   22.840
Vontobel Financial Product  17.500  3/22/2024   EUR   48.490
Swissquote Bank SA          26.040  7/17/2024   CHF   34.710
Societe Generale SA         20.000  9/18/2026   USD   11.750
Swissquote Bank SA          17.200  2/27/2024   CHF   43.760
Bank Vontobel AG            20.750  6/24/2024   CHF   20.200
HSBC Trinkaus & Burkhardt   22.750  3/22/2024   EUR   46.420
BNP Paribas Issuance BV     19.000  9/18/2026   EUR    0.820
Erste Group Bank AG         14.500   8/2/2024   EUR   49.600
Basler Kantonalbank         24.000   7/5/2024   CHF   32.430
Zurcher Kantonalbank Finan  18.000  2/15/2024   CHF   29.150
UBS AG/London               16.750  2/15/2024   EUR   43.900
Leonteq Securities AG/Guer  22.000  9/18/2024   CHF   45.650
Vontobel Financial Product  21.000  3/22/2024   EUR   46.090
Leonteq Securities AG/Guer  27.000  7/24/2024   CHF   34.450
Leonteq Securities AG/Guer  23.000  7/24/2024   CHF   32.210
Leonteq Securities AG/Guer  15.000  7/24/2024   CHF   28.150
Raiffeisen Schweiz Genosse  20.000  7/24/2024   CHF   34.790
Bank Vontobel AG            25.500   4/3/2024   CHF   19.300
Bank Vontobel AG            10.000  2/19/2024   CHF   41.500
Vontobel Financial Product  10.000  3/22/2024   EUR   41.320
Vontobel Financial Product  23.500  3/22/2024   EUR   33.240
Vontobel Financial Product  16.000  3/22/2024   EUR   46.980
EFG International Finance   11.120 12/27/2024   EUR   30.650
Ist Saiberian Petroleum OO  14.000 12/28/2024   RUB   16.990
Societe Generale SA         27.300 10/20/2025   USD   11.000
Leonteq Securities AG/Guer  26.000  7/31/2024   CHF   32.860
Bank Vontobel AG            22.000  5/31/2024   CHF   21.800
Raiffeisen Switzerland BV   20.000  3/13/2024   CHF   15.910
Finca Uco Cjsc              13.000  5/30/2025   AMD    0.000
Leonteq Securities AG       24.000  7/17/2024   CHF   39.430
Leonteq Securities AG/Guer  19.000  5/24/2024   CHF   26.800
Bank Vontobel AG            24.000  3/25/2024   CHF   17.400
Vontobel Financial Product  22.000  3/22/2024   EUR   46.220
Swissquote Bank SA          13.230  2/27/2024   CHF   42.820
Leonteq Securities AG/Guer  18.000  2/27/2024   CHF   26.400
Leonteq Securities AG/Guer  22.000  2/27/2024   CHF   17.530
Raiffeisen Switzerland BV   14.000  2/27/2024   CHF   44.620
Vontobel Financial Product  20.500  3/22/2024   EUR   47.380
UBS AG/London               10.000  5/14/2024   USD    9.975
Leonteq Securities AG/Guer  14.000   7/3/2024   CHF   28.410
UniCredit Bank GmbH         14.300  6/28/2024   EUR   48.610
Bank Vontobel AG            13.000   3/4/2024   CHF   43.600
Basler Kantonalbank         24.000   3/8/2024   CHF   16.140
Leonteq Securities AG/Guer  23.000  3/13/2024   USD   39.550
Leonteq Securities AG/Guer  30.000  3/13/2024   CHF   17.480
Leonteq Securities AG       20.000   7/3/2024   CHF   30.110
Vontobel Financial Product  23.000  3/22/2024   EUR   38.270
Vontobel Financial Product  21.500  3/22/2024   EUR   46.230
Vontobel Financial Product  24.500  3/22/2024   EUR   42.910
Vontobel Financial Product  25.000  3/22/2024   EUR   42.160
Vontobel Financial Product  12.500  3/22/2024   EUR   41.640
Vontobel Financial Product  11.000  3/22/2024   EUR   41.460
Bank Vontobel AG            25.000  2/12/2024   CHF   14.400
DZ Bank AG Deutsche Zentra  21.100  6/28/2024   EUR   37.700
Vontobel Financial Product  22.000  3/22/2024   EUR   39.600
Vontobel Financial Product  20.000  3/22/2024   EUR   48.180
Vontobel Financial Product  17.500  3/22/2024   EUR   44.370
Vontobel Financial Product  14.500  3/22/2024   EUR   46.630
Vontobel Financial Product  20.000  3/22/2024   EUR   42.330
Lehman Brothers Treasury C  12.000  7/13/2037   JPY    0.100
Lehman Brothers Treasury C  10.000  6/11/2038   JPY    0.100
Ukraine Government Bond     10.710  4/26/2028   UAH   41.336
Ukraine Government Bond     11.580   2/2/2028   UAH   44.282
Ukraine Government Bond     11.570   3/1/2028   UAH   43.801
Ukraine Government Bond     11.110  3/29/2028   UAH   42.498
Lehman Brothers Treasury C  11.750   3/1/2010   EUR    0.100
Lehman Brothers Treasury C  11.000  2/16/2009   CHF    0.100
Lehman Brothers Treasury C  10.000  2/16/2009   CHF    0.100
Lehman Brothers Treasury C  13.000  2/16/2009   CHF    0.100
Lehman Brothers Treasury C  13.000 12/14/2012   USD    0.100
Ukraine Government Bond     11.000  2/16/2037   UAH   26.436
Lehman Brothers Treasury C  11.250 12/31/2008   USD    0.100
Ukraine Government Bond     10.360 11/10/2027   UAH   43.173
Getin Noble Bank SA         10.570  4/29/2024   PLN   50.055
Bank Vontobel AG            23.000  2/12/2024   CHF   13.900
DZ Bank AG Deutsche Zentra  12.800  3/22/2024   EUR   45.340
DZ Bank AG Deutsche Zentra  11.200  6/28/2024   EUR   46.780
UBS AG/London               19.000  2/15/2024   CHF   34.650
Vontobel Financial Product  25.000  3/22/2024   EUR   35.730
Vontobel Financial Product  24.000  3/22/2024   EUR   36.920
Vontobel Financial Product  18.500  3/22/2024   EUR   50.340
Vontobel Financial Product  23.000  3/22/2024   EUR   44.510
Raiffeisen Switzerland BV   17.000  2/13/2024   CHF   13.260
Raiffeisen Switzerland BV   14.000  2/13/2024   CHF   37.770
Finca Uco Cjsc              13.000 11/16/2024   AMD    9.447
DZ Bank AG Deutsche Zentra  12.500  3/22/2024   EUR   48.990
Tonon Luxembourg SA         12.500  5/14/2024   USD    0.010
Bank Julius Baer & Co Ltd/  18.000   2/9/2024   CHF   33.600
Lehman Brothers Treasury C  13.000  7/25/2012   EUR    0.100
Lehman Brothers Treasury C  16.000  10/8/2008   CHF    0.100
Lehman Brothers Treasury C  11.000 12/20/2017   AUD    0.100
Lehman Brothers Treasury C  14.900  9/15/2008   EUR    0.100
Bulgaria Steel Finance BV   12.000   5/4/2013   EUR    0.216
Lehman Brothers Treasury C  10.500   8/9/2010   EUR    0.100
Lehman Brothers Treasury C  11.000 12/19/2011   USD    0.100
Lehman Brothers Treasury C  13.500 11/28/2008   USD    0.100
Lehman Brothers Treasury C  10.000  3/27/2009   USD    0.100
Lehman Brothers Treasury C  11.000  6/29/2009   EUR    0.100
Lehman Brothers Treasury C  15.000  3/30/2011   EUR    0.100
PA Resources AB             13.500   3/3/2016   SEK    0.124
Lehman Brothers Treasury C  10.000 10/23/2008   USD    0.100
Lehman Brothers Treasury C  10.000  5/22/2009   USD    0.100
Lehman Brothers Treasury C  10.442 11/22/2008   CHF    0.100
Lehman Brothers Treasury C  13.500   6/2/2009   USD    0.100
Lehman Brothers Treasury C  23.300  9/16/2008   USD    0.100
Lehman Brothers Treasury C  16.000 12/26/2008   USD    0.100
Lehman Brothers Treasury C  13.432   1/8/2009   ILS    0.100
Lehman Brothers Treasury C  16.000  11/9/2008   USD    0.100
Lehman Brothers Treasury C  15.000   6/4/2009   CHF    0.100
Lehman Brothers Treasury C  11.000   7/4/2011   USD    0.100
Lehman Brothers Treasury C  11.000   7/4/2011   CHF    0.100
Lehman Brothers Treasury C  12.000   7/4/2011   EUR    0.100
Ukraine Government Bond     11.000  3/24/2037   UAH   26.269
Ukraine Government Bond     11.000   4/1/2037   UAH   26.237
Ukraine Government Bond     11.000  4/20/2037   UAH   26.072
Lehman Brothers Treasury C  14.100 11/12/2008   USD    0.100
Ukraine Government Bond     11.000  4/23/2037   UAH   26.162
Lehman Brothers Treasury C  13.150 10/30/2008   USD    0.100
Lehman Brothers Treasury C  16.800  8/21/2009   USD    0.100
Lehman Brothers Treasury C  10.000 10/22/2008   USD    0.100
Lehman Brothers Treasury C  16.000 10/28/2008   USD    0.100
Lehman Brothers Treasury C  16.200  5/14/2009   USD    0.100
Lehman Brothers Treasury C  10.600  4/22/2014   MXN    0.100
Lehman Brothers Treasury C  17.000   6/2/2009   USD    0.100
Lehman Brothers Treasury C  12.400  6/12/2009   USD    0.100
Lehman Brothers Treasury C  10.000  6/17/2009   USD    0.100
Ukraine Government Bond     11.000   4/8/2037   UAH   26.212
Teksid Aluminum Luxembourg  12.375  7/15/2011   EUR    0.619
Lehman Brothers Treasury C  14.900 11/16/2010   EUR    0.100
Lehman Brothers Treasury C  11.000 12/20/2017   AUD    0.100
Lehman Brothers Treasury C  11.000 12/20/2017   AUD    0.100



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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