---

       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, April 15, 2024, Vol. 25, No. 76

                           Headlines



F R A N C E

ATOS SE: S&P Downgrades ICR to 'CCC-' on Likely Debt Restructuring
FINANCIERE N: S&P Affirms 'B-' Sr. Sec. Debt Rating, Outlook Stable


G E R M A N Y

GERMANY: Corporate Distress Hit Highest Level, Study Shows
INDEX TOPCO: Moody's Assigns Caa2 CFR, Outlook Stable


I R E L A N D

NEUBERGER BERMAN 6: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
OAK HILL VI: Moody's Cuts Rating on EUR13.5MM Cl. F Notes to Caa1
RRE 18: S&P Assigns BB- (sf) Rating to EUR13MM Class D Notes
TIKEHAU CLO X: S&P Rates EUR14.80MM Class F Notes 'B- (sf)'


I T A L Y

RENO DE MEDICI: Fitch Puts Final BB- Rating to Sr. Secured Notes


L U X E M B O U R G

INDEX HOLDCO: S&P Assigns 'CCC+' ICR After Debt Restructuring


S P A I N

BBVA CONSUMO 11: Moody's Hikes Rating on EUR150MM B Notes from B1


T U R K E Y

FORD OTOMOTIV: S&P Assigns Preliminary 'BB-' ICR, Outlook Positive


U K R A I N E

UKRAINE: Bondholders Choose PJT as Financial Adviser


U N I T E D   K I N G D O M

ARCHITECTURAL GLASS: Set to Go Into Administration
BALGOWNIE LTD: Bought Out of Administration by MacGregor Indust'l
FARFETCH LIMITED: Moody's Cuts PDR to D-PD, Outlook Now Stable
KEMBLE WATER: Fitch Lowers Rating on Sr. Secured Debt to 'C'
MUJI EUROPE: Bought Out of Administration in Pre-pack Deal

THAMES WATER: Shareholders Backtracked Due to Ofwat's Debt Demands
WOODFORD EQUITY: Neil Woodford Probe May Take Another Two Years


X X X X X X X X

[*] BOND PRICING: For the Week April 8 to April 12, 2024

                           - - - - -


===========
F R A N C E
===========

ATOS SE: S&P Downgrades ICR to 'CCC-' on Likely Debt Restructuring
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue ratings on
French IT service provider Atos SE and its senior unsecured debt to
'CCC-' from 'CCC'.

The negative outlook reflects its view that there is a high
likelihood that Atos will complete a debt-for-equity swap or
distressed exchange transaction over the next six months.

Atos' proposed parameters for its ongoing refinancing include the
need to reduce materially its current debt balance and extend debt
maturities. The group has shelved its plans to dispose of business
divisions to support deleveraging as these disposals would take too
long, considering Atos' current refinancing needs. Instead, the
group has put forward a medium-term plan for its current business
perimeter--including Tech Foundations and Eviden--and targets a
reduction in gross debt to EUR3.0 billion by the closing of the
ongoing refinancing negotiations. This implies that Atos' current
senior unsecured notes and term loans--depending on the form of the
new money raised--will reduce by EUR1.8 billion-EUR2.4 billion. S&P
notes the group's public target to achieve a 'BB' rating by 2026
but believe the debt reduction over the coming months will likely
materialize in the form of a debt-for-equity swap or distressed
exchange transaction. As a result, a default appears highly likely
over the next six months. That said, the group will require lender
consent to implement the targeted debt reduction and will hear
lenders' proposals until April 26, 2024.

Atos seeks EUR1.2 billion in new liquidity to fund its cash burn
over 2024-2025 and a EUR1.8 billion working capital unwind, and to
secure new business prospects. Atos requests additional liquidity
in the form of a EUR600 million cash injection--either via equity
or debt--a new EUR300 million revolving credit facility (RCF), and
EUR300 million in additional bank guarantee lines. This, together
with existing cash balances of about EUR2.4 billion at the end of
2023, would help the group face negative free operating cash flows
of about EUR600 million over 2024-2025, including restructuring
outflows of EUR450 million, and the unwind of EUR1.8 billion of
working capital actions, including factoring, the extension of
payables, and the reduction of receivable days.

S&P said, "We understand that the additional financing would be
executed alongside the proposed refinancing framework and that it
would be effective after July 2024. The group has therefore reached
an agreement in principle for EUR450 million in short-term
financing, including factoring, credit facilities, and a EUR50
million loan from the French State, to bridge any liquidity needs
before July 2024. Atos expects these short-term facilities will
become effective over the next few weeks.

"The negative outlook reflects our view that there is a high
likelihood that Atos will complete a debt-for-equity swap or
distressed exchange over the next six months."

S&P could lower the rating on Atos if it sees default as a virtual
certainty, regardless of the time to default, for example if Atos
announces:

-- An agreement with lenders to undertake a debt-for-equity swap,
an exchange offer, or a similar restructuring that S&P classifies
as distressed and tantamount to a default; or

-- Its intention to enter into a conventional default, for example
because it does not remain current on its obligations.

Although unlikely, S&P could raise its rating on Atos if it manages
to improve its liquidity and secure additional financing without
undertaking an exchange offer or similar restructuring that S&P
views as a default under its methodology.


FINANCIERE N: S&P Affirms 'B-' Sr. Sec. Debt Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' ratings on France-based
medical devices manufacturer Financiere N (Nemera) and on the
group's senior secured debt facilities, including the proposed term
loan B add-on. The recovery ratings of '3', with 55% recovery
prospects, remain unchanged.

The stable outlook indicates S&P's view that Nemera will post
profitable growth in the next 12-18 months and continue to fund
ongoing investment projects without refinancing risk thanks to a
sufficient liquidity cushion.

Nemera's proposed EUR100 million add-on to its term loan B will
temporarily increase leverage in 2024, before the company can
deleverage in 2025. The proposed transaction aims to finance
further capital expenditure (capex) to increase capacity and set up
additional production lines in its manufacturing site in Szczecin
(Poland), where in January 2024, a year after this site opened, the
company won a sizable new multi-year contract. The add-on's
proceeds will support incremental capex from this year, and we
anticipate minor topline growth and EBITDA contribution starting
2025, before the Szczecin site fully ramps up in 2028. S&P said,
"We think these efforts will strengthen Nemera's market share in
the parenteral injection devices and increase its revenue
visibility, thanks to its longstanding relationships with its
customers and the multi-years span contracts. This lead us to
project S&P Global Ratings-adjusted debt to EBITDA will increase to
about 7.7x in 2024, from our previous assumption of 7.2x, before
easing to comfortably below 7.0x in 2025; we base our 2025
projection on the topline growth and EBITDA contribution that will
likely stem from the new contract. This echoes Nemera's contract
win in diabetes for its manufacturing site in Buffalo Grove
(Illinois, U.S.), for which Nemera successfully deployed a EUR50
million add-on to the TLB."

Nemera's profitability should continue to improve in the next 12-24
months, thanks to the ramp-up of previous capex investments fueled
by existing and new contracts. S&P said, "We expect Nemera's 2024
EBITDA margin to increase nearly 200 bps from the 2023 level,
thanks to the additional customer demand from rollover of existing
contracts and continuous ramp-up from capex investments initiated
in 2022 and 2023. We believe that the increasing share of
proprietary own-IP products (e.g. Novelia preservative-free
multidose eyedropper, nasal pumps) and continuous innovation will
underpin Nemera's growth prospects, considering that own-IP
currently represents about 33% of Nemera's revenue, compared with
18% in 2019. Furthermore, we project adjusted EBITDA margin should
improve 300-400 bps in 2025, considering it's the ongoing expansion
of its existing perimeter and the additional contribution from its
two new contracts signed in 2023, alongside the contract signed in
January 2024, to produce devices for innovative therapies GLP-1 in
diabetes and weight-loss treatments. Nemera will benefit from the
robust growth forecast for these treatments destined for patients
with type 2 diabetes and obesity, but also from signs that the
market could exceed the EUR100 billion sales according to market
consensus. We believe that the start of these contracts give way to
significant topline growth and further EBITDA contribution starting
2026, which remains beyond our current outlook horizon. However, we
think Nemera demonstrates substantial evolution in its business and
product offering for its customers thanks to internal innovation,
which enables the company to attract new contracts wins and
establish itself as a key supplier for big and midsize
pharmaceutical companies."

Nemera holds solid business fundamentals in the medical devices
contract manufacturing, demonstrated by significant contract gains
and increasing operations scale. Thanks to its multi-year contracts
(five years on average) that offer a substantial revenue visibility
and insight on topline growth, Nemera has built longstanding
relationships with its customers and prevails as one of its key
suppliers. The company benefits from a diversified portfolio of
around 265 customers, with only 1% churn rate historically,
demonstrating a robust renewal track record. In addition, it
operates as a contract manufacturing organization (CMO) that offers
convenience and flexibility in production capacity coupled with
quality and expertise, to a growing share of outsourced production,
from large to medium size pharma companies, including generics. We
believe that the CMO industry offers high barriers to entry due to
large capex investments needed to pursue growth, manufacturing
expertise and the CMO supplier being part of regulatory dossier of
each product. That said, innovation in modalities and delivery
routes remain of importance when gaining new contracts, considering
that Nemera's own IP represent 33% of its revenue and is expected
to reach 40% in the mid-term. Therefore, S&P sees Nemera positioned
as a key player in the medical devices contract manufacturing as it
enjoys a diversified geographical presence, notably with its
growing share in North America, which represents 31% of its
revenues currently, with two manufacturing sites to meet local
customers' needs.

Although the proposed add-on should give way to growth over the
medium term, it will strain free operating cash flow (FOCF) over
the next 12-24 months. In 2023, Nemera capex investments were
around EUR100 million, which were attributed to a capacity
expansion project in its manufacturing site in Buffalo Grove, a new
facility in Vernon Hills, own IP investments in Novelia and nasal
pumps, as well as early-stage projects for own IP with expected
sales contribution by 2025. S&P said, "We forecast that capex will
remain elevated in 2024 and 2025, to roughly EUR150 million and
EUR110 million, respectively, due to the Szczecin capacity
expansion to capture the new blockbuster treatment for obesity and
diabetes, expansion of already successful devices toward new
treatments (auto-injector and pen devices) for another blockbuster
molecule for obesity treatments, and the launch of new own IP
products as Penvario (disposable injection pens). We think growth
capex investments are core to Nemera's medical devices contract
manufacturer business model, as they are directly linked to
continual revenue visibility. This does, however, prompt the
allocation of substantial cash flows to capex, several years ahead
of any top-line effects. Therefore, we project FOCF to remain
substantially negative over 2024-2025, with improvements from 2026,
alongside topline contribution from various capex investments
starting 2026."

S&P said, "We estimate Nemera's operating performance for 2023 to
be slightly stronger than we expected. We expect that Nemera's
revenue grew 17.5% and reached about EUR581 million in fiscal 2023,
higher than our previous projection of EUR575 million. We assume
the improvement stems from solid underlying performance across
Nemera's main four divisions, on the back of higher customer
demand, notably parenteral from existing contracts contribution and
ophthalmic thanks to its own-IP product Novelia. We also attribute
the company's solid operating performance to a sound control over
its input costs (raw materials and energy) thanks to contractual
pass-through clauses to mitigate any inflationary effect on its
margins, as well as lower non-recurring costs."

Nemera addressed its refinancing needs ahead of maturity via the
successful completion of an amend & extend transaction at end of
2023. Over the past few quarters, the company has raised its term
loan B to EUR590 million, from EUR517 million, and extended the
maturity by three years to January 2029. Nemera also decreased its
EUR97 million second-lien facilities to EUR70 million and extended
the maturity to January 2030. In addition, Nemera increased its RCF
to EUR100 million, from EUR80 million, and extended the maturity to
October 2028. The RCF remains undrawn. S&P said, "We therefore
estimate that adjusted debt to EBITDA for fiscal 2023 will reach
8.1x (our gross debt computation comprises factoring, leases and
net pensions liabilities). As such, we see no short-term
refinancing risks that could cause the company not to self-fund its
operations."

S&P said, "The stable outlook indicates our view that Nemera should
be able to post profitable growth in the next 12-18 months and to
fund ongoing investment projects without refinancing risk thanks to
sufficient liquidity. We project adjusted leverage in 2024 will
stay close to the 2023 level at about 7.5x-8.0x , while FOCF
remains negative after growth capex in the next two years.

"We would lower the ratings on Nemera if its operating performance
deviated materially from our base case, such that it is unable to
expand profitably and there is no prospect of rapid improvement. As
a result, adjusted leverage would likely remain very high, which
could increase the company's refinancing risk. Alternatively, we
could lower the ratings if liquidity pressure arose from the
company's failure to fund its growth via sustainably positive FOCF,
following a period of very high investments.

"We could raise the ratings if Nemera maintains S&P Global Ratings'
financial leverage sustainably below 7.0x and sustain positive FOCF
(after growth capex). This will likely stem from seamless execution
of current and upcoming contracts wins strong profitable growth,
likely on the back of an accelerated shift to its own-IP business.
This would also supported by its successful realization of
cost-savings program, while leverage tolerance from the group's
shareholders supports a higher rating. This would provide Nemera
with a cushion in the event of unexpected operational issues.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Nemera, as is the case with most private
equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of controlling owners. This also reflects
the generally finite holding periods and a focus on maximizing
shareholder returns. Environmental and social factors have an
overall neutral influence on our credit rating analysis. Nemera
mitigates such risks by investing heavily in product safety and
facilities' quality standards, given the critical nature of its
medical devices. The company did not experience customer losses or
major recalls during its most recent business reorganization
program."




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

GERMANY: Corporate Distress Hit Highest Level, Study Shows
----------------------------------------------------------
Lucca de Paoli at Bloomberg News reports that levels of stress at
German companies hit the highest level in almost four years, as
Europe's biggest economy faces a sustained period of slower growth.


German corporate distress was the highest since 2020 at the start
of this year, Bloomberg relays, citing research published on April
11.  That puts it ahead of the UK, France, Spain and Italy, when it
comes to companies facing difficulties, as its large manufacturing
sector wrestles with cost inflation.  The study, by law firm Weil,
Gotshal & Manges, aggregates data from more than 3,750 listed
European firms, Bloomberg notes.

According to Bloomberg, Germany is encountering a number of
headwinds, including the cutoff of cheaper Russian energy supplies,
weak Asian demand for exports, as well as higher interest rates.
Its outsized manufacturing sector has been feeling the strain, with
output and new orders both declining, Bloomberg states.  The
country is in recession and its economy will hardly grow this year,
according to a Bloomberg survey conducted last month, with the
nation's Economy Ministry warning any upturn is not expected until
much later in 2024, Bloomberg notes.

Among sectors in Europe, real estate remained the most distressed
of all of the industries the Weil report examines, as higher
interest rates and falling investment pose problems for landlords,
Bloomberg relays.

The downturn has been particularly severe in Germany, where a
number of high-profile collapses and concerns over lending have
weighed on the sector, Bloomberg discloses. Investor appetite for
German property deals remained low in the first quarter of this
year, Bloomberg says, citing a report from broker Jones Lang
Lasalle.


INDEX TOPCO: Moody's Assigns Caa2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Ratings assigned a Caa2 long-term corporate family rating
and Caa2-PD probability of default rating to Index Topco S.C.A.
("Wittur", "Wittur HoldCo" or "the company"), the new holding
entity and ultimate parent of Wittur International Holding GmbH
("Wittur OpCo"). Moody's Ratings also assigned a Caa1 rating to
Wittur's amended EUR411 million backed senior secured first-lien
term loan B ("OpCo debt") at Wittur Holding GmbH and a Caa3 rating
to the EUR288 million hived-up senior secured first-lien term loan
B ("hived-up HoldCo debt") at Index Holdco S.a.r.l, a subsidiary of
Wittur HoldCo and indirect parent of Wittur OpCo. The outlook on
Wittur and Index Holdco S.a.r.l is stable.

Concurrently, Moody's Ratings withdrew the existing Caa3 CFR at
Wittur International Holding GmbH as well as the existing
instrument ratings on Wittur Holding GmbH's backed senior secured
first-lien term loan B and backed senior secured first-lien
revolving credit facility both rated Caa2 and the backed senior
secured second lien term loan rated C. The outlook of Wittur
Holding GmbH changed to stable from negative.

This follows Wittur's completion of a comprehensive debt
restructuring in March 2024. The restructuring resolves the current
missed interest payment default announced in March 2023. However,
it also constitutes a distressed exchange, a further default under
Moody's Ratings definitions. Hence, the Ca-PD PDR at Wittur
International Holding GmbH will remain appended with an /LD
indicator for three additional business days after which the PDR
and negative outlook on this entity will also be withdrawn.

RATINGS RATIONALE

The assignment of a CFR at Caa2, one notch above the Caa3 CFR at
the previous holding entity, reflects the improved liquidity of
Wittur and thus lower probability of default. The company prolonged
debt maturities on its instruments from 2026 to 2028 with no
significant short-term debt. The EUR85 million new money received
from KKR & Co. (KKR) as well as the high level of non-cash interest
especially for the HoldCo debt provides time for Wittur to
reposition its business after the debt restructuring in a recently
challenging market environment that led to significant business
underperformance.

Especially the elevator new installation business was burdened by a
struggling Chinese real estate market in recent years as well as a
decline in real estate construction in both Europe and the US after
the increase in interest rates. In addition Wittur's operating
performance was hit by high inflation that could not be fully
passed on customers and the company's high exposure to the elevator
industry's four leading multinational corporates (70%), which
reduced their share of wallet due to multi-sourcing and in-sourcing
strategy change. Wittur's operating underperformance since the
pandemic ultimately led to the subsequent default. Moody's expect
Wittur to only gradually recover EBITDA while it repositions itself
in the industry.

The restructuring reduced overall debt burden of Wittur only to a
limited extent, as Wittur Holding GmbH's waived EUR240 million
backed senior secured second lien term loan was counterbalanced by
EUR112 million in HoldCo loans provided by KKR. Moreover, the
interest accrual on the EUR400 million HoldCo debt additionally
will shrink the gross debt reduction over time if not sufficiently
compensated by free cash flow generation applied to debt reduction.
Meanwhile, Wittur OpCo's debt burden also benefited from the EUR288
million hived-up HoldCo debt issued by Index Holdco S.a.r.l outside
of the restricted group. Overall, together with the only gradual
operating recovery, Moody's expect Wittur's gross leverage to stay
around 18x-20x in 2025 (around 10x-12x excluding HoldCo debt)
versus estimated 16x in 2023 with more significant EBITDA and FCF
recovery towards 2026-2027.

The rating action also reflects Wittur's leading market position as
the leading doors supplier in the elevator industry with
long-standing customer relationships; the positive long-term market
fundamentals of the industry driven by urbanization; and Wittur's
global footprint and technological know-how.

ESG CONSIDERATIONS

Governance considerations have been a primary driver of this rating
action, reflecting Wittur's debt restructuring resulting in prior
first lien creditors' claims at Wittur OpCo being both amended at
this level and hived up outside of the restricted group to Wittur
HoldCo. Meanwhile, Wittur's prior second lien lender KKR took over
ownership from previous owners Bain and PSP. This reflects Wittur's
unsustainable capital structure prior to restructuring with a high
debt burden and aggressive leverage which remains elevated post
restructuring due to limited gross leverage reduction. However,
liquidity improved in the new structure.  

RATIONALE FOR STABLE OUTLOOK

The stable outlook balances Wittur's adequate liquidity position
supported by no significant near-term debt maturities with the
current weak credit metrics. Moody's expect Wittur to gradually
improve operating performance and adjust its business to the
changing operating environment.

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

The ratings could be upgraded if Wittur shows progress in
successfully repositioning its business in the structurally
changing elevator industry also resulting in improved operating
performance while maintaining adequate liquidity. An upgrade would
reflect a more sustainable capital structure with improving
lenders' recovery prospects.

The ratings could be downgraded if credit metrics fail to improve
over time, free cash flow generation remains negative  or liquidity
deteriorates such that Moody's Ratings believes lender recovery
prospects are lower than current expectations.

LIQUIDITY

Wittur's liquidity is adequate. It is supported by sources of
EUR111 million including EUR91.8 million available cash and fully
available EUR14.8 million ancillary facility as of March 2024 post
restructuring close. Moody's Ratings expects these sources to cover
expected negative FCF generation in the next 12 months as well as
working cash needs. Wittur has EUR45 million of near-term mainly
local debt which it usually successfully refinances as well as
EUR60 million outstanding under a non-recourse factoring program.
There are no further material debt maturities until 2028 in the new
structure.

STRUCTURAL CONSIDERATIONS

Moody's Ratings rates the EUR288 million hived-up HoldCo debt at
Index Holdco S.a.r.l one notch lower than the CFR at Caa3
reflecting its junior position in the structure. The instrument
ranks pari passu with EUR112 million loans from new owner KKR
(EUR85 million of which is new money, not rated) and is located
outside the Wittur OpCo restricted group with no recourse to the
operating company. Both loans accrue at 5.9% a year and mature in
December 2028.

Moody's Ratings rates Wittur Holding GmbH's amended EUR411 OpCo
debt maturing in September 2028 at Caa1 one notch above the CFR
reflecting its priority ranking. It ranks equally with the
company's ancillary facility, local debt as well as trade payables,
pension obligations and lease claims in the restricted group. The
OpCo security package includes shares and intercompany receivables
from operating subsidiaries and the holding entities. Guarantor
coverage is expected to be above 80% of Wittur OpCo EBITDA.

LIST OF AFFECTED RATINGS

Issuer: Index Topco S.C.A.

Outlook Actions:

Outlook, Assigned Stable

Assignments:

LT Corporate Family Rating, Assigned Caa2

Probability of Default, Assigned Caa2-PD

Issuer: Index Holdco S.a.r.l

Outlook Actions:

Outlook, Assigned Stable

Assignments:

Senior Secured Bank Credit Facility (Local Currency), Assigned
Caa3

Issuer: Wittur Holding GmbH

Outlook Actions:

Outlook, Changed To Stable From Negative

Assignments:

BACKED Senior Secured Bank Credit Facility (Local Currency),
Assigned Caa1

Withdrawals:

BACKED Senior Secured Bank Credit Facility (Local Currency),
previously rated C

BACKED Senior Secured Bank Credit Facility (Local Currency),
previously rated Caa2

Issuer: Wittur International Holding GmbH

Outlook Actions:

Outlook, Remains Negative

Affirmations:

Probability of Default, Affirmed Ca-PD /LD

Withdrawals:

LT Corporate Family Rating, previously rated Caa3

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Index Topco S.C.A. (Wittur) is a German manufacturer of elevator
components, mainly doors (72% of 2023 revenue). In 2023, Wittur
generated EUR864 million in sales and company-adjusted EBITDA of
EUR87 million (10% margin). The company is wholly owned by
affiliates of KKR & Co. following the completed debt restructuring
in March 2024.



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

NEUBERGER BERMAN 6: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Neuberger Berman Loan Advisers Euro CLO
6 DAC's expected ratings.

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

   Entity/Debt              Rating           
   -----------              ------           
Neuberger Berman
Loan Advisers
Euro CLO 6 DAC

   Class A              LT AAA(EXP)sf  Expected Rating
   Class B1             LT AA(EXP)sf   Expected Rating
   Class B2             LT AA(EXP)sf   Expected Rating
   Class C              LT A(EXP)sf    Expected Rating
   Class D              LT BBB-(EXP)sf Expected Rating
   Class E              LT BB-(EXP)sf  Expected Rating
   Class F              LT B-(EXP)sf   Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Neuberger Berman Loan Advisers Euro CLO 6 DAC is a securitisation
of mainly senior secured loans and secured senior bonds (at least
96%) 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 EUR300 million. The portfolio is actively
managed by Neuberger Berman Europe Limited. The CLO will have
approximately a 4.5-year reinvestment period and approximately a
seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.8.

High Recovery Expectations (Positive): At least 96% 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 63.3.

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including the top 10
obligor concentration limit at 20.0% and the maximum exposure to
the three- largest Fitch-defined industries in the portfolio at
40%. These covenants ensure the asset portfolio will not be exposed
to excessive concentration

The deal could extend the WAL test by one year from the date that
is one year from closing, if the collateral principal amount
(defaulted obligations at the lower of their market value and Fitch
recovery rate) is at least at the target par and if the transaction
is passing all its tests.

Portfolio Management (Neutral): The transaction will have also a
4.5-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 (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis was reduced by one year to
approximately six years. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include, among others, passing both the coverage tests and
the Fitch 'CCC' maximum limit 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.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Neuberger Berman
Loan Advisers Euro CLO 6 DAC. In cases where Fitch does not provide
ESG relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis. For more information
on Fitch's ESG Relevance Scores, visit the Fitch Ratings ESG
Relevance Scores page.

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,
would lead to downgrades of no more than two notches on the class
B-1, B-2, C, D and E notes and to below 'B-sf' for the class F
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 than
the Fitch-stressed portfolio, the class B-1, B-2, D, E and F notes
show a rating cushion of two notches and the class C notes of one
notch. The class A notes have no rating cushion as they are at the
highest achievable rating of 'AAAsf'.

Should the cushion between the identified portfolio and the
Fitch-stressed 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 Fitch-stressed portfolio would lead to downgrades 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 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
notes, except for the 'AAAsf' rated notes.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades except for the 'AAAsf; notes, 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 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 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.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Neuberger Berman
Loan Advisers Euro CLO 6 DAC. In cases where Fitch does not provide
ESG relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis.

OAK HILL VI: Moody's Cuts Rating on EUR13.5MM Cl. F Notes to Caa1
-----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Oak Hill European Credit Partners VI
Designated Activity Company:

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa2 (sf); previously on Jul 14, 2023
Affirmed Aa3 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A3 (sf); previously on Jul 14, 2023
Affirmed Baa1 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to Caa1 (sf); previously on Jul 14, 2023
Downgraded to B3 (sf)

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

EUR259,000,000 (Current outstanding amount EUR168,449,758) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jul 14, 2023 Affirmed Aaa (sf)

EUR20,000,000 (Current outstanding amount EUR13,007,703) Class A-2
Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jul 14, 2023 Affirmed Aaa (sf)

EUR35,550,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jul 14, 2023 Affirmed Aaa
(sf)

EUR10,550,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Jul 14, 2023 Affirmed Aaa (sf)

EUR30,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jul 14, 2023
Affirmed Ba2 (sf)

Oak Hill European Credit Partners VI Designated Activity Company,
issued in January 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Oak Hill Advisors (Europe), LLP.
The transaction's reinvestment period ended in January 2022.

RATINGS RATIONALE

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

The downgrade on the rating on the Class F notes is due to the
deterioration in the credit quality of the underlying collateral
pool since the last rating action is July 2023 as well as loss of
par.

The affirmations on the ratings on the Class A-1, Class A-2, Class
B-1, Class B-2 and Class E 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-1 and Class A-2 notes have paid down by approximately
EUR52.0 million (18.65%) since the last rating action in July 2023
and EUR97.5 million (34.95%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated March 2024 [1] the Class A/B, Class C,
Class D and Class E OC ratios are reported at 149.17%, 133.61%,
122.52% and 110.33% compared to June 2023 [2] levels of 141.39%,
129.15%, 120.12% and 109.90%, respectively.

Following recent credit actions on Altice France S.A. and OQ
Chemicals Corporation, the credit quality of the portfolio has
deteriorated. Moody's Ratings recalculated WARF stands at 3067 as
compared to the previous level of 2997 at the last rating action in
July 2023. In addition, the Moody's Ratings recalculated Caa bucket
has increased to 6.77% from 5.82%. Finally, while the transaction
doesn't have an explicit Class F OC ratio, its implicit level has
decreased following the loss of par.

The key model inputs Moody's Ratings 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 Ratings used the following assumptions:

Performing par and principal proceeds balance: EUR335.7m

Defaulted Securities: EUR6.02m

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3067

Weighted Average Life (WAL): 3.46 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.58%

Weighted Average Coupon (WAC): 3.89%

Weighted Average Recovery Rate (WARR): 44.13%

The default probability derives from the credit quality of the
collateral pool and Moody's Ratings 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 Ratings 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
Ratings 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 Ratings 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 Ratings
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 Ratings expectations
would have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's Ratings
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 Ratings analytical groups, market factors,
and judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.

RRE 18: S&P Assigns BB- (sf) Rating to EUR13MM Class D Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 18 Loan
Management DAC's class A-1 to D debt. At closing, the issuer also
issued unrated performance, preferred return, and subordinated
notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.

The ratings assigned to the debt reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated debt through collateral selection, ongoing
portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

-- Under the transaction documents, the rated debt will pay
quarterly interest unless there is a frequency switch event.
Following this, the debt will permanently switch to semiannual
payment.

-- The portfolio's reinvestment period will end approximately 4.50
years after closing, and the portfolio's maximum average maturity
date is approximately nine years after closing.

  Portfolio benchmarks
                                                       CURRENT

  S&P Global Ratings weighted-average rating factor   2,888.71

  Default rate dispersion                               416.39

  Weighted-average life (years)                           4.30

  Weighted-average life (years)
  including reinvestment period                           4.51

  Obligor diversity measure                              87.87

  Industry diversity measure                             22.85

  Regional diversity measure                              1.21


  Transaction key metrics
                                                       CURRENT

  Total par amount (mil. EUR)                              400

  Defaulted assets (mil. EUR)                                0

  Number of performing obligors                            111

  Portfolio weighted-average rating
  derived from our CDO evaluator                             B

  'CCC' category rated assets (%)                         1.25

  Actual 'AAA' weighted-average recovery (%)             37.07

  Actual portfolio weighted-average spread (%)            4.10


S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any class of debt in
this transaction.

"In our cash flow analysis, we used the EUR400 million target par
amount, the portfolio weighted-average spread (3.90%), and the
weighted-average coupon indicated by the collateral manager
(4.25%). We assumed weighted-average recovery rates in line with
those of the identified portfolio presented to us, except for the
'AAA' level, where we have modelled a 37.00% covenanted
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2A, A-2B, B, C-1, and D notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped the ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-1A, A-1B, A-2A, A-2B, B, C-1, C-2, and D debt.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1 to D debt to four
hypothetical scenarios."

Environmental, social, and governance factors

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with its benchmark for the sector. Primarily due to the diversity
of the assets within CLOs, the exposure to environmental credit
factors is viewed as below average, social credit factors are below
average, and governance credit factors are average. For this
transaction, the documents prohibit assets from being related to
certain industries, including, but not limited: thermal-coal-based
power generation, mining or extraction; Arctic oil or gas
production, and unconventional oil or gas production from shale,
tight reservoirs, or oil sands; production of civilian weapons;
development of nuclear weapon programs and production of
controversial weapons; management of private for-profit prisons;
tobacco or tobacco products; opioids; adult entertainment;
speculative transactions of soft commodities; predatory lending
practices; non-sustainable palm oil productions; animal testing for
non-pharmaceutical products; endangered species; and banned
pesticides or chemicals.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities.

  Ratings assigned

                       AMOUNT
  CLASS      RATING*  (MIL. EUR)  SUB (%)    INTEREST RATE§

  A-1        AAA (sf)   133.00    38.00   Three/six-month EURIBOR
                                          plus 1.47%

  A-1A loan  AAA (sf)    85.00    38.00   Three/six-month EURIBOR
                                          plus 1.47%

  A-1B loan  AAA (sf)    30.00    38.00   Three/six-month EURIBOR
                                          plus 1.47%

  A-2A       AA (sf)     26.50    29.50   Three/six-month EURIBOR
                                          plus 2.10%

  A-2B       AA (sf)      7.50    29.50   5.50%

  B          A (sf)      36.00    20.50   Three/six-month EURIBOR  
            
                                          plus 2.55%

  C-1        BBB (sf)    20.50    15.38   Three/six-month EURIBOR
                                          plus 3.55%

  C-2        BBB- (sf)    6.00    13.88   Three/six-month EURIBOR
                                          plus 5.30%

  D          BB- (sf)    13.00    10.63   Three/six-month EURIBOR
                                          plus 6.42%

  Performance
  Notes      NR           1.00      N/A   N/A

  Preferred
  return
  notes      NR           0.25      N/A   N/A

  Sub notes  NR          46.20      N/A   N/A

*The ratings assigned to the class A-1, A-2A, and A-2B notes and
the A-1A and A-1B loans address timely interest and ultimate
principal payments. The ratings assigned to the class B, C-1, C-2,
and D notes address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


TIKEHAU CLO X: S&P Rates EUR14.80MM Class F Notes 'B- (sf)'
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Tikehau CLO X DAC's
class A to F European cash flow CLO notes. The issuer also issued
unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately five
years after closing, while the non-call period will end two years
after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks
                                                      CURRENT

  S&P weighted-average rating factor                 2,801.61

  Default rate dispersion                              508.16

  Weighted-average life (years)                          4.86

  Weighted-average life (years) extended to
  cover the length of the reinvestment period            5.03

  Obligor diversity measure                             88.14

  Industry diversity measure                            19.52

  Regional diversity measure                             1.42


  Transaction key metrics

                                                      CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                          B

  'CCC' category rated assets (%)                        0.00

  'AAA' weighted-average recovery (%)                   37.05

  Floating-rate assets (%)                              87.50

  Weighted-average spread (net of floors; %)             4.26


S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs."

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.

S&P said, "In our cash flow analysis, we used the EUR425 million
target par amount, the actual weighted-average spread (4.26%), the
actual weighted-average coupon (4.75%), and the actual portfolio
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, and E notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A notes can withstand stresses commensurate
with the assigned ratings.

"Until the end of the reinvestment period on April 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios. The results are shown in the chart below.



"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category--and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met--we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average."

For this transaction, the documents prohibit assets from being
related to certain activities, including but not limited to, the
following: trade of illegal drugs or narcotics, including
recreational cannabis; electrical utilities under certain
conditions; oil and gas producers under certain conditions; one
whose revenues are more than 25% derived from production or trade
of highly hazardous chemicals, highly hazardous pesticides, highly
hazardous waste or ozone-depleting substances; one whose revenues
are more than 10% derived from sale or manufacturing of civilian
firearms; one whose revenues are more than 5% derived from tobacco
and tobacco-related products including e-cigarettes; one whose
revenues are more than 1% derived from sale or extraction of
thermal coal, coal based power generation, or oil sands; one whose
any revenue is from pornography, prostitution, or payday lending;
in violation of "The Ten Principles of the UN Global Compact".
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in S&P's rating analysis to account for any ESG-related risks
or opportunities.

  Ratings

                       AMOUNT
  CLASS    RATING*   (MIL. EUR)   SUB (%)    INTEREST RATE§

  A        AAA (sf)    263.50     38.00   Three/six-month EURIBOR
                                          plus 1.50%

  B-1      AA (sf)      36.10     27.51   Three/six-month EURIBOR
                                          plus 2.30%

  B-2      AA (sf)       8.50     27.51   5.75%

  C        A (sf)       25.90     21.41   Three/six-month EURIBOR
                                          plus 2.75%

  D        BBB- (sf)    30.40     14.26   Three/six-month EURIBOR
                                          plus 4.00%

  E        BB- (sf)     18.10     10.00   Three/six-month EURIBOR
                                          plus 6.95%

  F        B- (sf)      14.80      6.52   Three/six-month EURIBOR
                                          plus 8.34%

  Sub. Notes   NR       32.60       N/A   N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

RENO DE MEDICI: Fitch Puts Final BB- Rating to Sr. Secured Notes
----------------------------------------------------------------
Fitch Ratings has assigned Reno de Medici S.p.A.'s (RDM) EUR600
million senior secured floating-rate notes (FRNs) a final 'BB-'
rating with a Recovery Rating of 'RR3'. This follows the completion
of its full refinancing of its capital structure, with final terms
being in line with its prior expectations.

The 'RR3' on the new FRNs reflects its expectation of recoveries in
the low 50% range. RDM has increased its debt quantum to EUR600
million from its earlier planned EUR590 million and Fitch believes
that RDM has limited headroom for additional borrowings without
affecting the 'RR3' rating on the notes.

KEY RATING DRIVERS

DERIVATION SUMMARY

RDM is small in scale compared with other Fitch-rated packaging
peers such as Sappi Limited (Sappi: BB+/Stable), CANPACK Group, Inc
(Canpack: BB-/Stable), Ardagh Group S.A. (Ardagh: B-/Negative), and
Fiber Bidco S.p.A. (Fedrigoni: B+/Stable). Fitch views RDM's
business profile as slightly weaker than Fedrigoni's due to its
limited geographical diversification.

RDM's forecast EBITDA margins (11.3%-13.1%) in 2023-2025 remains in
line with Fedrigoni's (13.3%-13.4%) but is higher than Canpack's
(around 11.4%) due to its presence in niche sub-market packaging
segments and is supported by a lower reliance on external gas
requirement. Its free cash flow (FCF) margins of less than 1% for
2023-2024 are broadly comparable with Fedrigoni's and with
lower-rated but smaller-sized Bormioli Pharma S.p.A's (Bormioli:
B/Stable).

Fitch forecasts RDM's financial profile in 2024-2025 to be stronger
than Fedrigoni's due to its lower expected leverage and stronger
coverage ratios. Fitch views RDM's financial structure as
commensurate with a 'B' rating category with gross leverage at 6.1x
in 2023 due to its Fiskeby debt-funded acquisition before it falls
to 4.9x in 2024 and 4.6x in 2025. RDM has stronger deleveraging
capacity than Bormioli, given the latter's EBITDA gross leverage of
6.5x in 2023, 5.8x in 2024 and 5.2x in 2025.

KEY ASSUMPTIONS

- Revenue to have declined in 2023 on lower average selling prices,
after an exceptional surge in 2022, and on lower volumes. Growth in
2024-2025 will be driven by higher volumes (including Fiskeby's
first full-year contribution) and normalised prices

- Villa Santa Lucia mills become operational from March 2024
onwards whereas Blendecques mill would be closed during 2024-2027

- EBITDA margin at around 13% in 2024-2025, versus 11.3% in 2023

- Capex to normalise at around 4-5% of sales from 2024 onwards,
from around 9.5% in 2023 on mills reconstruction

- No dividends during 2024-2027

- No M&As except for Fiskeby to 2027

RECOVERY ANALYSIS

KEY RECOVERY RATING ASSUMPTIONS

- The recovery analysis assumes that RDM would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated

- A 10% administrative claim

- RDM's super senior revolving credit facility (RCF) is fully drawn
in post-restructuring according to Fitch's criteria and ranks ahead
of senior secured debt. Credit facilities, representing working
capital, trade credit, import finance and general corporate
purposes facilities backed by receivables are also ranked super
senior

- Fitch's GC EBITDA estimate is EUR90 million in line with its
previous review after factoring in incremental EBITDA from Fiskeby.
The GC EBITDA reflects its view of a sustainable,
post-reorganisation EBITDA upon which Fitch bases the valuation of
the company

- An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation. It reflects RDM's leading position
in European markets, long-term relationship with clients with
well-invested production assets and around a 60%-70% packaging
segment exposure to resilient end-markets. This is in line with
that of other packaging peers like Ardagh and Fedrigoni

- RDM's debt structure comprises its EUR600 million new FRNs, an
upsized EUR100 million RCF (assumed fully drawn), about EUR24
million factoring (outstanding value at end-December 2023) and
around EUR20 million other debt

- Based on the new refinancing, its waterfall analysis generates a
ranked recovery for the senior secured noteholders in the 'RR3'
category, leading to a 'BB-' rating for the EUR600 million new
senior notes. The waterfall-generated recovery computation output
percentage is 52%.

RATING SENSITIVITIES

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

- EBITDA gross leverage below 4.0x on a sustained basis

- FCF margin above 3% on a sustained basis

- Improvement in geographical and product diversification

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

- EBITDA gross leverage above 5.5x on a sustained basis

- Neutral-to-negative FCF margin on a sustained basis

- EBITDA interest coverage below 2.5x

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: The refinancing has improved RDM's liquidity
profile by extending its debt maturity profile, reducing the
average cost of financing. Fitch expects RDM's liquidity for 2024
to mainly consist of about EUR51 million of Fitch-adjusted readily
available cash and the upsized EUR100 million RCF with a maturity
till 2029. Fitch believes RDM's financial flexibility is
sufficient. FCF is expected to remain positive in 2025-2026 after
being affected by one-off costs at its Blendecques mill in 2024.

No Material Maturities Near Term: RDM has no significant short-term
debt maturities (apart from factoring) as the debt structure is
dominated by long-dated senior secured notes.

ISSUER PROFILE

RDM, founded in 1967 and headquartered in Milan, is a leading
European producer and distributor of recycled paper board mainly
for the packaging industry.

DATE OF RELEVANT COMMITTEE

18 March 2024

ESG CONSIDERATIONS

RDM has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to consumer preference shift from plastic to paper and
cardboard packaging, which has a negative 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
   -----------             ------         --------   -----
Reno de Medici S.p.A.

   senior secured      LT BB-  New Rating   RR3      BB-(EXP)



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

INDEX HOLDCO: S&P Assigns 'CCC+' ICR After Debt Restructuring
-------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' long-term issuer credit
rating to Index Holdco Sarl (Index). S&P also raised its issue
rating on the EUR411 million first-lien term loan B at Wittur
Holding GmbH, part of the operating group, to 'B-' from 'D'
(default), and revised the recovery rating upward to '2' from '3'.
S&P assigned its 'CCC-' issue rating and '6' recovery rating to the
EUR288 million loan issued by Index Holdo Sarl.

S&P said, "At the same time, we withdrew our 'D' (default) ratings
on Wittur International Holding, parent of Wittur Holding's
pre-restructuring group, and its debt facilities, following the
completion of the transaction.

"The stable outlook reflects our view that although we see Index's
overall capital structure as unsustainable in the long term due to
the sizable, deeply subordinated, payment-in-kind (PIK) facilities
at the holding company, we believe that liquidity will be
sufficient to support operations for at least the next 18 months."

Index completed a comprehensive recapitalization that substantially
improved its liquidity, debt maturity profile, and reduced its cash
interest burden. The new capital structure comprises about EUR411
million of first-lien debt at the operating company level. Of this,
the EUR400 million term loan B and the EUR10.6 million liquidity
facility are due in September 2028. Index will pay an interest rate
of Euribor plus 5.5% in cash, with a PIK toggle option for a margin
of 6.0% until March 31, 2025, if cash-pool liquidity is less than
EUR50 million over the next 18 months. Debt at the operating
company level also includes EUR14.8 million of ancillary facilities
due in February 2028, with Index paying an interest rate of Euribor
plus 3.75% in cash, and EUR44.5 million drawn under local lines.

About EUR400 million of structurally subordinated, secured debt due
in December 2028 sits at the new holding company, and includes
about EUR83 million of new money from the new owners KKR & Co. The
structurally subordinated, secured debt at the holding company
level will see Index pay interest at a rate of 0.1% in cash plus
5.9% as PIK.

S&P said, "Since the majority of the debt under the new capital
structure is PIK in nature, we see a reduced cash interest burden
in future. We also reflect this in our improved estimate of funds
from operations (FFO) cash interest coverage of 1.5x-1.8x in 2024
and 2025, versus below 1.5x in 2021 and 2022 before the
restructuring. We consider that the group's liquidity position is
adequate for the time being thanks to the new money that KKR & Co.
brought in and the extension of the debt facilities under the new
capital structure, with no significant maturities until September
2028."

The restructuring reduced Index's debt only slightly, leaving
adjusted leverage high. Overall, Index's reported debt will shrink
to EUR988 million at the end of 2024 under the new capital
structure, from about EUR1.02 billion before the restructuring at
the end of 2023. Adjusted debt should decline to about EUR1.07
billion at the end of 2024, from EUR1.10 billion at the end of
2023, including our estimate that factoring usage will intensify in
2024.

S&P said, "At the same time, we expect weak EBITDA generation for
the next two years, resulting in high leverage of about 18x-20x in
2024 and 2025 despite reduced debt. We also expect Index's free
operating cash flow (FOCF) generation to remain negative in 2024
and 2025, before becoming positive in the years thereafter.
Although we do not envision a default over the next 12 months, we
believe that the sustainability of Index's new capital structure
will depend on favorable market conditions and its business
recovery over the next 18-24 months.

"We expect China's construction market to remain weak, and the
aggressive multi-sourcing strategy that Index's key customers have
adopted to continue, resulting in a revenue decline in 2024.The
downturn in the Chinese real estate market from 2022 had a major
negative impact on new installation business, which is one of
Index's key growth drivers. We expect China's property market to
remain weak in 2024. China's shift away from construction means
that a major part of Index's business has lower demand, as China
contributes more than 30% of the group's revenue. Additionally,
higher interest rates weigh on the global construction market,
depressing the number of new constructions.

"Furthermore, we see overall industry trends for dual sourcing,
open book-bidding for new long-term contracts, and the creation of
in-house capabilities, which we have witnessed among Index's key
customers. These trends will likely result in a sustainable
reduction in demand and downward pricing pressure, which could
continue to weigh on the group's revenue and margins. We therefore
expect that after a revenue decline of a high-single-digit
percentage in 2023 for the aforementioned reasons, Index's revenue
will decline by a further high-single-digit percentage in 2024, and
remain almost flat in 2025.

"Declining revenues and cost inflation should reduce Index's profit
margins in 2024, but they should recover thereafter. We expect that
the weak revenue performance in 2024, coupled with continued high
inflation of input and labor costs that Index only partly passes
through to clients, should reduce its profit margins. We therefore
expect the adjusted EBITDA margins to decline by 90-100 basis
points (bps) to a mid-single-digit percentage in 2024. However, we
expect that the adjusted EBITDA margins will recover modestly by
about 50 bps in 2025, and gradually improve thereafter, thanks to a
shift to higher-margin project business, along with improving
pass-through of cost inflation in contracts, productivity gains,
and purchasing measures. Although restructuring costs will be high
in 2024 due to debt-restructuring advisory costs, we adjust the
costs relating to consultancy to calculate our adjusted EBITDA
margins, since we consider them as one-off. We expect restructuring
costs to decline materially from 2025.

"We expect that Index's weak profitability and high restructuring
costs and capital expenditure (capex) will hamper FOCF in 2024. We
estimate that restructuring costs will remain high at about EUR24.2
million in 2024, mainly relating to consultancy fees for the debt
restructuring. Furthermore, we estimate that capex will jump to
EUR40 million in 2024 from EUR19 million in 2023 due to increased
spending on productivity and automation. This, coupled with lower
profitability in 2024, should weigh on reported FOCF, keeping it at
negative EUR80 million-EUR90 million in 2024. However, we expect
that recovering profitability, reduced restructuring costs, and a
positive impact from net working capital should improve FOCF
generation in 2025, but keep it at negative EUR5 million-EUR10
million due to continued high capex on automation.

"The stable outlook reflects our view that although we see Index's
overall capital structure as unsustainable in the long term due to
the sizable, deeply subordinated PIK facilities at the holding
company, we believe that liquidity will be sufficient to support
operations for at least the next 18-24 months. We also expect Index
to start generating neutral to positive FOCF in the next 18-24
months, thanks to the reduced cash interest burden, which also
results in FFO cash interest coverage above 1.5x.

"We could lower our ratings on Index if we believed there was an
increased risk of a near-term default due to deteriorating
liquidity. This could occur, for example, if the business weakens
more than we anticipate, or if materially higher restructuring
costs lead to significantly negative FOCF.

"We view a positive rating action as unlikely. However, we could
consider taking a positive rating action if Index's capital
structure becomes more sustainable over the long term, with a
significant reduction in debt to EBITDA and a sustained ability to
generate positive FOCF. Such a scenario could materialize following
a material equity injection that reduces gross debt, along with
significantly stronger EBITDA.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Index. Our assessment of the group's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, as is the case for most rated entities owned by
private-equity sponsors. Our assessment also reflects sponsors'
generally finite holding periods and focus on maximizing
shareholder returns."

Environmental and social factors are a neutral consideration
overall. Index is an independent solutions provider of components,
modules, and systems for the elevator industry. The group is a
development partner and supplier to the major multinational
elevator companies, as well as to small and midsize manufacturers.
About 40% of revenue relates to modernization and replacement.

As a result of the more stringent carbon dioxide emissions
regulation, steel prices could increase, which, in turn, could
weigh on margins if the group cannot pass rising costs on to
customers in full. While the group can currently pass these cost
increases on to its customers, it can take up to six months
depending on the contract terms.




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

BBVA CONSUMO 11: Moody's Hikes Rating on EUR150MM B Notes from B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating of Series B Notes in BBVA
CONSUMO 11, FT. The rating action reflects:

-- better than expected collateral performance

-- the increased levels of credit enhancement for the affected
notes.

Moody's Ratings affirmed the rating of the notes that had
sufficient credit enhancement to maintain their current rating.

EUR2,350M Series A Notes, Affirmed Aa1 (sf); previously on Mar 16,
2021 Definitive Rating Assigned Aa1 (sf)

EUR150M Series B Notes, Upgraded to Baa3 (sf); previously on Mar
16, 2021 Definitive Rating Assigned B1 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by:

-- decreased key collateral assumptions, namely the portfolio
Default Probability (DP) assumptions due to better than expected
collateral performance.

-- an increase in credit enhancement for the affected tranches.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's Ratings reassessed its
default probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has continued to be stable since
closing. Total delinquencies have been stable in the past year,
with 90 days plus arrears currently standing at 0.49% of current
pool balance. Cumulative defaults currently stand at 2.71% of
original pool balance up with 1.82% a year earlier.

For the transaction, the current default probability is 4.00% of
the current portfolio balance and the assumption for the fixed
recovery rate is 15%. Moody's Ratings has lowered its lifetime
default expectation to 3.90% of the original balance from 4.00% and
maintained the assumption for the portfolio credit enhancement of
17%.

Increase in Available Credit Enhancement

Sequential amortization and trapping of excess spread led to the
increase in the credit enhancement available in this transaction.

For instance, the credit enhancement for Series B tranche affected
by the rating action increased to 10.0% from 5.0% since closing.
The reserve fund is at its target of EUR74 million. The reserve
fund is not available to cover interest on Series B as long as the
Series A is outstanding. In its analysis Moody's has reassessed the
likelihood of an interests shortfall on Series B in light of
current yield in the transaction and of the expected amortization
of the Senior Notes.

Moody's Ratings has also affirmed the rating of the Series A Notes
that had sufficient credit enhancement to maintain the current
rating.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's Ratings expected, (2) an increase in
available credit enhancement, (3) improvements in the credit
quality of the transaction counterparties and (4) a decrease in
sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's Ratings
expected, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.



===========
T U R K E Y
===========

FORD OTOMOTIV: S&P Assigns Preliminary 'BB-' ICR, Outlook Positive
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term issuer
credit and issue ratings to Ford Otomotiv (FO; doing business as
Ford Otosan) and its proposed issuance of up to $500 million in
unsecured notes.

The positive outlook on FO mirrors that on Turkiye and S&P's
expectation that the group will continue to pass its hypothetical
sovereign default and transfer and convertibility stress tests
sustainably.

S&P said, "The rating on FO is constrained at one notch above our
'B+' transfer and convertibility (T&C) assessment on Turkiye due to
the company's sizable operations in the country. We anticipate that
the group will generate about 75% of its revenue and 85% of its
EBITDA from assets in Turkiye over 2024-2025, meaning large
exposure to the country's economic conditions and jurisdiction
risks. In a hypothetical sovereign default, we anticipate that the
group would maintain adequate liquidity thanks mainly to its strong
share of revenue denominated in euros, largely mitigating its
exposure to devaluation of the Turkish lira (TRY). We also estimate
that the group can withstand sovereign-related stress, including
capital controls, thanks to hard currency inflows from its plant in
Romania and FO's ability to maintain at least a modest share of
export revenue in hard currency from its Turkish assets. We think
that, in this scenario, the company would retain sufficient hard
currency cash to service its foreign debt obligations and continue
to at least partially deliver on its production commitments to FMC
in Turkiye. Overall, we rate FO above our T&C assessment on the
sovereign because the company passes our stress test, but the
uplift is limited to one notch since we expect its exposure to the
country (measured in terms of EBITDA) will remain above 70% in the
next two years.

"We assess FO's stand-alone credit profile (SACP) at 'bb', based on
its strong commercial vehicle (CV) foothold and moderate leverage.
Our assessment hinges on FMC's solid market position in the
European CV market and FO's relatively solid operating margins
thanks to a cost-plus contractual framework with FMC. The Ford
brand has retained 13%-15% of the European CV market since 2016,
ranking first by brand and second behind Stellantis by auto group.
This position has been supported by healthy demand for its two-ton
Ford Transit and one-ton Ford Custom models. Also, thanks to these
vehicles, the group commands over 30% of the domestic Turkish
medium CV market. FO's heavy truck business is less developed in
Europe, translating in a market share of about 2.5% in 2023. Still,
it ranks second by sales behind Daimler Trucks in the domestic
market, with a share of close to 30%. In the passenger cars (PC)
segment, the production of the Puma model in Romania represented
about 1% of 2023 PC sales in Europe. In the domestic market, FO is
the exclusive importer and reseller of Ford PCs, but its market
share does not exceed 5%, well below that of leaders Fiat and
Renault. Overall, we deem FO's sales of CVs as more profitable than
PCs and view its overall business as somewhat smaller and less
diversified than that of peers such as Renault S.A. (BB+/Stable/B),
Tata Motors Ltd. (BB+/Positive/--), Volvo Car AB (BB+/Stable/--),
and Mitsubishi Motors Corp. (BB+/Stable/--).

"From 2018-2023, FO posted S&P Global Ratings-adjusted free
operating cash flow (FOCF) to sales averaging 6%, which we believe
reflects a sound profitability and cash conversion capacity. FO's
SACP is also supported by its modest debt leverage and our
expectation that financial policy will continue to balance dividend
distributions, growth investments, and leverage. While we
anticipate higher dividend distributions and sustained capital
expenditure (capex) needs in 2024-2025, we anticipate FO will see a
limited increase in adjusted debt to EBITDA to 2.0x-2.2x, from 1.6x
in 2023."

FO has a sound profitability track record, although its margins
remain exposed to cyclical auto markets and volatile domestic
market conditions. The company's international volumes are sold to
FMC Europe under a cost-plus contractual framework where FO
receives a profit markup in hard currency per vehicle produced. The
licensing contract covers the vast majority of variable and fixed
production costs and provides an almost-total recovery of
investments, limiting considerably the exposure to volume risk. S&P
said, "We think this scheme supports FO's profitability, in
addition to the high utilization rates of its Turkiye plants
(ranging from 73% to 88% over 2017-2023) and a competitive labor
cost base. This has allowed the group to maintain S&P Global
Ratings-adjusted EBITDA margin above 8% since 2017. Still, we
anticipate that FO's margins will remain exposed to cyclical auto
demand and pricing, as well as volatile foreign exchange
fluctuations. While about 75% of the group's revenue are in hard
currency, about 50% of its expense is incurred in Turkish lira.
Temporary margin volatility is a risk, notably because any
potential higher costs are typically absorbed with a time lag under
the cost-plus agreement. In addition, the exposure of domestic
sales (about 25% of total revenue) to cyclical domestic auto and
truck demand could add volatility to earnings.

"We view FO's vehicles electrification as a key operating
challenge. The group plans to launch the electric versions of the
Custom, Courier, and Puma in 2024 after the smooth start of the
E-Transit production in 2022 (with 14,888 vehicles produced last
year, or about 8% of total Transit volumes). FO has full access to
FMC's research and development (R&D) capabilities and assembles key
components such as battery arrays and trays and e-drives in house.
This allows the company to optimize its R&D, which represented a
mere 1% of its sales historically. The company's battery packs are
sourced externally from LG Energy Solution Ltd. for CVs and SK
Innovation Co. Ltd. for PCs, in line with FMC's European supply
chain setup. We anticipate EV sales to be dilutive to the group's
operating margins until the associated development and input costs
will be abated by volume ramp-up. The transition to electric
drivetrains will be gradual, with FMC targeting to offer an
all-electric fleet of vehicles in Europe by 2035. In the ramp-up
phase, FO will produce EV and internal combustion engine models on
the same lines, providing operating flexibility to adapt to the
pace of transition to the electrification of European CV and PC
markets. We assume this flexibility could help the group smooth and
partly offset the impact of the costly powertrain transition.

"FO's growth ambitions will translate in higher capex intensity and
lower cash conversion through 2025. We anticipate the adjusted
capex-to-sales ratio will stay elevated at about 5% in 2024-2025 as
the company launches the electric version of its different vehicles
and further increases production capacity at Yenikoy (new Custom)
and Craiova (new Courier). This ongoing investment program resulted
in the capex-to-sales ratio increasing to 7.3% in 2023, from an
average of 3.0% over 2017-2022. Considering this jump in spending,
alongside continued working capital investment needs, we project
FOCF to sales will decline to about 1% in the next two years, from
an average of about 6% over 2018-2023. Nevertheless, we maintain
our view of sound cash conversion at FO, because we expect the dip
to be temporary until the investment program's completion by 2025.

"We expect FO's financial policy will continue to ensure moderate
debt levels despite increasing dividend payments. We project that
most of the company's FOCF will remain allocated toward dividends
in the next few years, in line with its minimum dividend payout
ratio policy of 50%. This ratio averaged about 60% over 2017-2023,
and we anticipate that the company could increase its dividend
payment well in excess of our expected FOCF this year on the back
of strong 2023 results. That said, we anticipate FO would likely
reduce distributions if capex requirements were above target or if
market conditions deteriorated in order to keep its debt leverage
in line with its historical leverage. The total dividend payout
fell to about $166 million in 2020 from $230 million in 2019, which
helped the company maintaining strong credit ratios during the
pandemic. We understand FO intends to limit reported net debt to
EBITDA at 3.5x, although in practice it has not exceeded the 1.5x
threshold (slightly above 2.0x in S&P Global Ratings-adjusted
terms) over 2017-2023.

"Overall, we anticipate FO will continue to balance accordingly its
earnings growth, investment plans, and shareholder distributions,
translating in relatively sound S&P Global Ratings-adjusted debt to
EBITDA of 2.0x-2.2x and funds from operations (FFO) to debt of 38%
in 2024-2025. Our debt figure included a deferred purchase
consideration of TRY10.7 billion linked to the Craiova acquisition
from FMC and TRY1.1 billion of pension liabilities at Dec. 31,
2023, and excludes available cash.

"We view FO as strategically important to FMC. Our assessment of
FO's group status does not propel our preliminary rating because we
think group support might not fully offset sovereign-related stress
like the hypothetical introduction of capital controls in its home
country. FMC's 41% stake in FO is balanced by an equal share held
by Koc Holding A.S. (BB-/Positive/B), the investment holding of
FO's founding family. FO has a longstanding relationship with FMC,
having produced its first Ford licensed vehicle in 1967, but is not
consolidated into FMC's perimeter. FO's growth since then is a
testimony to its efficient manufacturing operations, supported by
historically high production capacity utilization rates and a
competitive cost base when compared with FMC's other production
facilities in Europe. FO represents an asset-light investment for
FMC Europe with steady returns (with about $250 million and $200
million of annual dividends paid to FMC in 2023 and 2022), allowing
the Ford brand to maintain a leading position on the European CV
market. We estimate that FO will produce about two-thirds and
one-third of Ford-branded CVs and PCs in Europe in 2024. The
company's share within FMC's European business has increased
following the acquisition from FMC of the Craiova plant in Romania
in 2022. We assume that capacity expansion at the Yenikoy and
Craiova plants coupled with the transition to the production of EVs
across its facilities will continue to support its contribution to
FMC Europe's total volumes sold.

"The final rating will depend on the company's successful notes
issuance. We expect FO to issue up to $500 million of unsecured
notes to fund general corporate purposes, including strategic capex
and refinancing of short-term debt maturities. The final rating
will depend on our receipt and satisfactory review of all final
transaction documentation and continued operating performance in
line with our base case. If S&P Global Ratings does not receive
final documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, or if there are
unexpected material deviations from the expectations for the
company's financial performance, it reserves the right to withdraw
or revise the ratings. Potential changes include, but are not
limited to, usage of the new notes; maturity, size, and conditions
of the instruments; financial and other covenants; security; and
ranking."

Outlook

S&P said, "The positive outlook on the preliminary rating on FO
mirrors that on Turkiye and our expectation that the group will
continue to pass our hypothetical sovereign default and T&C stress
tests sustainably. We also base the outlook on our expectation that
FO will maintain adequate liquidity and gradually increase its
earnings outside its home country."

Downside scenario

S&P could revise its  outlook on FO to stable following a similar
rating action on Turkiye. S&P could also lower the preliminary
rating if the company fails to pass our sovereign default and T&C
stress tests. Failed tests could arise from setbacks in ramping up
production and profitability at FO's Romania operations or reduced
other sources of hard currency cash to cover foreign debt service
and hard currency raw material imports.

Upside scenario

S&P said, "We could raise our preliminary rating if we take a
similar action on Turkiye (including a higher T&C assessment), or
we estimate that FO can sustainably generate more than 30% of its
total earnings outside the country while continuing to pass our
hypothetical sovereign default and T&C stress tests. An upgrade
would also hinge on the company maintaining an adequate liquidity
position and credit metrics in line with our current
expectations."

Environmental, Social, And Governance

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of FO because it faces tight fuel
efficiency and emissions targets in its main export European market
(73% of 2023 sales). We view the group's ability to meet regulatory
standards in Europe as in line with that of many of its peers based
on its portfolio plans."

The company's electrification plans are driven by those of its key
industrial shareholder and manufacturing partner, FMC, which
targets to offer an all-electric fleet of vehicles in Europe by
2035 and to introduce new PC and CV electric models in 2024. FMC is
also committed to achieving carbon neutrality no later than in
2050, and no later than 2035 in Europe.

Overall, S&P believes that consumer acceptance of FO's EV products
will be a key credit factor for assessing its competitive
advantage, alongside its ability to maintain sound profitability on
those products."




=============
U K R A I N E
=============

UKRAINE: Bondholders Choose PJT as Financial Adviser
----------------------------------------------------
Irene Garcia Perez, Luca Casiraghi and Kerim Karakaya at Bloomberg
News report that a group of Ukrainian debt holders has chosen PJT
Partners Inc as its financial adviser ahead of a potential
restructuring, according to people familiar with the matter.

The bondholders -- a large group that includes the likes of Amundi,
BlackRock and Amia Capital -- are beginning to organize as a freeze
on bond repayments granted to Ukraine in 2022 is scheduled to end
in September, said the people, who asked not to be identified
discussing private information, Bloomberg relates.

Ukraine's debt chief Yuri Butsa said in January that more data
points were needed in coming months to serve as the basis for
discussions with eurobond holders, Bloomberg recounts.  He said
Ukraine hoped to reach a deal by September, Bloomberg notes.

Weil, Gotschal & Manges LLP will act as legal adviser to the
bondholders, Bloomberg relays, citing people with knowledge of the
matter.

Payments on the country's US$20 billion of outstanding
international bonds were halted two years ago following Russia's
invasion, upon an agreement reached with bondholders, Bloomberg
relays.

But with the invasion in its third year, policymakers in Kyiv are
struggling to keep the country's finances in order, Bloomberg
states.




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

ARCHITECTURAL GLASS: Set to Go Into Administration
--------------------------------------------------
Business Sale reports that Architectural Glass and Aluminium
Limited (ARGLA), a County Durham-based architectural glass and
aluminium company, has ceased trading and is set to fall into
administration.

ARGLA is a specialist in designing, manufacturing and installing
architectural glass and aluminium and primarily works for
commercial clients.  However, the company suffered unanticipated
losses on a major contract and was also dealing with an ongoing
legal dispute with one of its main contractors, Business Sale
relates.

According to Business Sale, this resulted in the company incurring
a large working capital requirement and, despite the efforts of
directors to alleviate these issues, they were unable to secure
additional financial support.

As a result, the firm has ceased trading, with Gareth Harris and
Lee Lockwood of RSM Restructuring Advisory LLP set to be appointed
as joint administrators, Business Sale discloses.  The proposed
administrators will seek to maximise realisations for the company's
creditors and are liaising with its management team and suppliers
to alleviate the potential impact on ongoing contracts, Business
Sale states.

Once the appointment of the administrators is confirmed, all of the
company's 45 employees are expected to be made redundant, Business
Sale notes.

In the firm's last available accounts at Companies house, covering
the period from June 1 2021 to September 30, 2022, the company's
directors said that the business had seen "a period of investment
and growth", including moving to a newly constructed factory and
office site in Seaham, County Durham, according to Business Sale.

At the time, the firm's fixed assets were valued at GBP335,336 and
current assets at GBP936,290, with net assets amounting to
GBP7,410, compared to net liabilities of nearly GBP940,000 in its
previous accounting period, Business Sale relays.


BALGOWNIE LTD: Bought Out of Administration by MacGregor Indust'l
-----------------------------------------------------------------
BBC News reports that 15 jobs have been saved after an
Aberdeenshire agricultural machinery business was sold out of
administration.

It was announced in March that Balgownie Ltd and Balgownie Rentals
Ltd -- which had traded for 117 years -- had entered
administration, BBC recounts.

According to BBC, administrators Johnston Carmichael said "cashflow
difficulties" were to blame for the closure of the firm.

Twenty four employees lost their jobs with immediate effect, with
17 workers retained to help try to sell the assets, BBC discloses.

Johnston Carmichael said the business and assets had now been sold
to MacGregor Industrial Supplies Ltd, preserving 15 jobs, BBC
notes.

The sale includes the Inverurie and Turriff trading sites, BBC
states.


FARFETCH LIMITED: Moody's Cuts PDR to D-PD, Outlook Now Stable
--------------------------------------------------------------
Moody's Ratings has downgraded the Probability of Default Rating of
Farfetch Limited, the previous owner of the Farfetch business, to
D-PD from C-PD. This reflects the fact that Farfetch Limited is now
in liquidation. Bankruptcy proceeds constitute a default under
Moody's Ratings definitions. In due course the rating agency
expects to withdraw the ratings of Farfetch Limited.

Concurrently Moody's Ratings has affirmed the C Corporate Family
Rating of Farfetch Limited and the Caa2 rating of the $600 million
senior secured first lien term loan borrowed by Farfetch Limited's
former subsidiary Farfetch US Holdings, Inc (Farfetch US). The
outlook for both companies has been changed to stable from
negative.

RATINGS RATIONALE

The C CFR of Farfetch Limited continues to reflect the fact that
following the sale of the underlying Farfetch business to Surpique
LP, Farfetch Limited has no assets and told holders of its ordinary
shares and convertible loan notes that they are not likely to
recover any of their outstanding investments in the company's
expected liquidation.

The Caa2 rating of the senior secured first lien term loan borrowed
by Farfetch US factors in (a) the established position of the
Farfetch brand as a leading global marketplace for the luxury
fashion industry; and (b) Moody's Ratings' view that Surpique's
ultimate owners consider the Farfetch business to be an important
strategic asset with scope for it to grow revenues and
profitability in the years ahead.

However, less positively the Caa2 instrument rating also reflects
(a) a long track record of losses and cash burn for Farfetch under
its previous management and ownership; (b) limited details about
the extent of the trading challenges that led to Farfetch Limited
cancelling its Q3 2023 earnings call last November; and (c) current
absence of clarity around the strategy and prospects for the
business under new ownership and management. In the circumstances,
Moody's Ratings considers credit risks remain elevated and the
sustainability of the company's new capital structure to be
uncertain.

Governance is a key factor driving this rating action reflecting
the financial strategy of using debt in the capital structure of
the business before its operating cash flows are strong enough to
support the servicing of borrowings.

OUTLOOK

The stable outlooks reflects Moody's Ratings' expectations that:

(a) In the case of Farfetch Limited the company's credit quality
will not change in liquidation; and

(b) In the case of Farfetch US, Surpique LP will if necessary
provide support to ensure the company's liquidity will be adequate
during the next 12-18 months.

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

The ratings of the term loan could be upgraded if Moody's Ratings
considers there is potential for a substantial improvement in the
operating performance of the Farfetch business relative to the
historic level and that the liquidity of the business is good.

Conversely, a downgrade of the rating of the term loans could be
triggered by sustained weakness in operating performance or in the
liquidity of the business.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

The London headquartered Farfetch group is a global platform for
the luxury fashion industry, operating the Farfetch Marketplace
which connects consumers around the world with over 1,400 brands,
boutiques and department stores.

In late January 2024 it was announced that Surpique LP, a company
owned by Coupang, Inc. and funds managed and/or advised by
Greenoaks Capital Partners LLC had acquired the Farfetch business.
Its former parent Farfetch Limited was previously listed on the New
York Stock Exchange. In the 12 months to June 2023 it generated
revenues of $2.35 billion.

KEMBLE WATER: Fitch Lowers Rating on Sr. Secured Debt to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded Kemble Water Finance Limited's
(holding company of Thames Water Utilities Limited, TWUL) Long-Term
Issuer Default Rating (IDR) and senior secured debt rating to 'C'
from 'CC'. The Recovery Rating is 'RR4'.

The downgrade reflects Kemble's missed payments of interest due
last week and the consequent formal notice of default sent to its
debtholders. Kemble has also sent formal notice of the cancellation
of its undrawn GBP150 million working capital facility to the
relevant agent. The company has appointed an advisor to support
restructuring discussions with creditors.

The uncured expiry of a grace period or the completion of a
restructuring would trigger a downgrade of Kemble to 'Restricted
Default' (RD).

KEY RATING DRIVERS

Notice of Default: Kemble had already anticipated its intention not
to fulfil interest payments in an announcement made on 28 March
2024, leading to its recent downgrade to 'CC'. The actual missed
payment, with formal notice of default to debtholders, led to the
downgrade of the ratings to 'C'. Fitch understands the cure period
for missed payment is five business days.

TWUL Formally in Lock-up: Following the downgrades of TWUL by other
credit rating agencies last week, the company is now in regulatory
cash lock-up, and Fitch does not expect that any cash will be
distributed from TWUL to Kemble in the medium term.

DERIVATION SUMMARY

The actual missed payment of interests and the formal notice of
default are the key drivers of the 'C' rating.

KEY ASSUMPTIONS

See previous rating action commentary.

RECOVERY ANALYSIS

See previous rating action commentary.

RATING SENSITIVITIES

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

- Fitch does not expect to take positive rating action at least
until after the IDR is downgraded to 'RD' with the debt
restructuring executed and the amended structure re-rated.

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

- The rating could be downgraded to 'RD' on an uncured expiry of
grace period or when Kemble's debt restructuring is executed or to
'D' in the absence of an agreement with lenders and bondholders,
leading to bankruptcy filings or other procedures

LIQUIDITY AND DEBT STRUCTURE

Strained Liquidity: Fitch estimates only GBP20 million of cash
balance at end-November 2023, and no dividends from TWUL in the
medium term. Before the restructuring, Kemble had to face interest
payments of around GBP80 million-GBP85 million in FY24, with a
GBP190 million syndicated loan due 30 April 2024.

The company has sent formal notice of cancellation of its undrawn
GBP150 million working capital facility to the relevant agent.

ISSUER PROFILE

Kemble is the holding company of TWUL, the largest Ofwat-regulated,
regional monopoly provider of water and wastewater services in
England and Wales, based on its regulatory capital value of about
GBP18.9 billion as of the financial year ending March 2023. TWUL
provides water and wastewater services to over 15 million customers
across London and the Thames Valley.

SUMMARY OF FINANCIAL ADJUSTMENTS

See previous rating action commentary.

ESG CONSIDERATIONS

See previous rating action commentary.

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
Thames Water (Kemble)
Finance Plc

   senior secured       LT     C  Downgrade    RR4      CC

Kemble Water Finance
Limited                 LT IDR C  Downgrade             CC

   senior secured       LT     C  Downgrade    RR4      CC

MUJI EUROPE: Bought Out of Administration in Pre-pack Deal
----------------------------------------------------------
Business Sale reports that the European arm of Japanese retailer
Muji has been acquired by an existing shareholder in a pre-pack
deal.

Muji Europe Holdings Limited fell into administration earlier this
month, appointing administrators from EY as part of a "planned
restructuring of the business", Business Sale relates.

The business, which has six stores in London and one in Birmingham,
has seen surging popularity over recent years, driven by its simple
household products inspired by Japanese design.  However, the
company fell to an operating loss of close to GBP16.3 million in
the year to August 31 2021, on turnover of GBP75.8 million, with
net liabilities of more than GBP15.5 million, Business Sale
discloses.

The company, like many other high street businesses, had been
severely impacted by COVID-19's effect on retailers and it had
insufficient liquidity to repay overdue loans that it had taken on
during the pandemic, leading to the appointment of administrators,
Business Sale states.

EY has now secured a pre-pack deal to sell the European operations
to shareholder Ryohin Keikaku Co, through Muji Europe, Business
Sale relays.  The deal secures a total of 733 jobs across the
division's offices and 32 retail and e-commerce stores across
Europe, which remained open as usual during the administration,
Business Sale notes.


THAMES WATER: Shareholders Backtracked Due to Ofwat's Debt Demands
------------------------------------------------------------------
Gill Plimmer and Robert Smith at The Financial Times report that
Thames Water shareholders backed away from supporting the group
after the UK regulator demanded they slash the company's debt pile
and make other structural changes they calculated would cost as
much as GBP8 billion.

The backtracking last month on previous commitments to invest
GBP500 million in the troubled utility capped weeks of tension
between Ofwat and Thames Water's shareholders, which include the
sovereign wealth funds of China and Abu Dhabi, the FT recounts.

The investor resistance to Ofwat's demands precipitated a default
by Thames Water's parent company, the FT notes.

According to the FT, a private letter sent by the regulator on
March 11 demanded that in addition to reducing group debt and
improving infrastructure, shareholders consider a stock market
listing and breaking up the utility, according to two people with
knowledge of the demands.

Investors had previously put forward a plan, rejected by Ofwat,
whereby they would inject GBP3.25 billion of equity, reinvest
company profits, take no external dividends and deliver GBP18
billion in investment by 2030, the FT notes.

Instead, Ofwat stipulated that Thames Water reduce its gearing
ratio -- a measure of debt in relation to equity -- from around 80%
at present to 75% by the end of 2030, before a further reduction to
70% by the end of 2035, the FT discloses.  Shareholders calculated
that together with other conditions, this would take the amount of
new money they needed to pour into the business to more than GBP8
billion, the people said, the FT notes.

The investors -- which also include pension funds Omers of Canada
and Britain's USS universities scheme -- announced two weeks after
Ofwat's letter that the business was "uninvestable" and backtracked
on a commitment to invest a further GBP500 million, the FT relays.


They then signalled that they were willing to withdraw and take an
estimated GBP5 billipn loss,the FT states.  By April 5, Thames
Water's parent group said it had defaulted on payments on a GBP400
million bond, according to the FT.

The company, which provides water services to 15mn people in
England, is now facing a messy debt restructuring or even the
prospect of a temporary renationalisation under the government's
special administration regime, the FT discloses.  It has meanwhile
become a lightning rod for public anger over sewage pollution and
mistrust of England's privatised water system.

According to the FT, Thames Water's shareholders were blindsided by
Ofwat's new conditions, according to the people familiar with the
discussions, and felt that the regulator was trying to apply them
without a proper consultation process.

The investors' initial proposals to Ofwat would have meant a 56%
increase in bills, including inflation, by 2030, the FT states.
They had also asked for limits to regulatory fines because they
deplete cash available to deliver much-needed improvements to
infrastructure, the FT says.

In a presentation to investors in December, Thames Water forecast
that its gearing ratio was set to rise to 84% at the end of 2025,
even if shareholders injected a further GBP750 million of equity
into the business by then, the FT recounts.

"Ofwat has refused to acknowledge that its regulatory model gives
the company absolutely no breathing space, nor the necessary
funding attempts to turn itself round and deliver for customers and
the environment," the FT quotes one person close to the discussions
as saying.

"The bottom line is that the regulator has a responsibility to
ensure water companies should remain viable to cover costs," he
added.

The regulator is not due to make its draft decision on company
business plans, including increases to customer bills, until June,
the FT discloses.  A final decision will not be made until the end
of the year, after which it can be contested by companies, the FT
notes.

Thames Water, the FT says, has been struggling with the effect of
higher interest rates on its debt but says it has enough cash to
keep running for another 15 months.  However, it needs billions of
pounds more investment to address sewage discharges, water leakage,
and storage to prevent potential water shortages, according to the
FT.


WOODFORD EQUITY: Neil Woodford Probe May Take Another Two Years
---------------------------------------------------------------
Adam Mawardi at The Telegraph reports that Neil Woodford had a
"defective" understanding of his job, the City watchdog has found,
amid fears that an investigation into the disgraced fund manager
will take another two years.

According to The Telegraph, plans to take enforcement action
against Mr. Woodford were announced by the Financial Conduct
Authority (FCA) on April 11, which is seeking to punish the veteran
stock picker over the collapse of his flagship Woodford Equity
Income Fund (WEIF).

However, concerns have been raised over how long investors will
have to wait for justice, The Telegraph states.

Matthew Nunan, a City lawyer at Gibson Dunn, said the case could
drag on, given its complexity and the FCA's lack of resources, The
Telegraph notes.

He said: "It depends on how far Mr. Woodford wishes to take this.
It could easily be another two years, if not longer."

It comes as the FCA found that Mr. Woodford had a "defective and
unreasonably narrow" understanding of his job before his fund
collapsed, The Telegraph notes.

Lawyers acting on behalf of Mr. Woodford plan to appeal the FCA's
findings, which they described as "unprecedented and fundamentally
misconceived", The Telegraph states.

This is the latest development in a long-running inquiry into the
collapse of Mr. Woodford's fund in 2019, with campaigners
questioning why the watchdog has not acted sooner, The Telegraph
relays.

Mr. Nunan, previously the FCA's head of wholesale enforcement, said
the FCA's investigation is complicated by the fact it includes both
companies and individuals, according to The Telegraph.

He said: "Actions against companies are often settled.

"Individuals are much more inclined to fight tooth and nail because
it's their personal reputation, their personal livelihoods and
personal fines imposed."

Mr. Nunan added that the FCA's enforcement action could result in
Mr. Woodford receiving a fine worth millions of pounds, The
Telegraph notes.

According to The Telegraph, in its latest findings, the FCA said
Mr. Woodford failed to act with skill, care and diligence when
managing the GBP3.7 billion equity income fund between July 2018
and June 2019.

The fund was suspended in June 2019 after Mr. Woodford was unable
to sell assets quickly enough to meet mounting withdrawal demands
from investors, The Telegraph recounts.

WEIF, worth GBP10 billion at its peak in 2017, closed in October
2019 leaving more than 300,000 savers out of pocket, The Telegraph
relays.

The FCA accused Mr. Woodford and his firm Woodford Investment
Management (WIM) of not properly managing the equity income fund's
liquidity, which refers to how easily assets can be turned into
cash, The Telegraph discloses.

They were also accused of failing to address liquidity concerns
raised by Link Fund Solutions, the so-called authorised corporate
director of WEIF, The Telegraph notes.

The FCA argued that these alleged failures materially increased the
risk that WEIF would need to be suspended, resulting in a
disadvantage for investors who did not cash out of the fund before
trading ceased, The Telegraph says.

Mr. Woodford and WIM have claimed that although fund administrator
Link Fund Solutions delegated daily investment management
responsibilities to WIM, it was ultimately responsible for setting
the liquidity controls, according to The Telegraph.

They also claimed that WEIF's liquidity controls were supervised by
the FCA and the depository, the independent firm which held the
fund's assets, The Telegraph relays.

According to The Telegraph, a statement from Mr. Woodford and WIM's
lawyers said: "[T]he FCA's case is that Neil Woodford should have
known that Link's liquidity framework was deficient and that he
should have challenged it, even though the FCA appeared to have
sanctioned the framework and closely monitored it."

Link Fund Solutions has agreed to settle the FCA's enforcement case
without admitting liability by providing compensation to investors
under a GBP230 million redress scheme, approved by the High Court
in February, The Telegraph states.

The FCA said there are no other parties under investigation in
relation to the WEIF collapse, The Telegraph notes.

According to The Telegraph, Therese Chambers, joint executive
director of enforcement and market oversight at the FCA, said:
"Link Fund Solutions' job was to properly manage the Woodford
Equity Income Fund and to protect investors' interests. Their
failings led to losses for those trapped in the fund when it was
suspended.

"It is right that they compensate investors for the losses that
resulted from their failings, and we're pleased that the scheme has
started making payments."

A Link Fund Solutions (LFSL) spokesman, as cited by The Telegraph,
said: "As we have previously stated, LFSL entered into a
conditional settlement agreement with the FCA and Link Group
expressly on the basis that there is no admission of liability.

"If the scheme had not been approved, LFSL would have challenged
the FCA's findings and defended itself against any claims made
against it by scheme investors."




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week April 8 to April 12, 2024
--------------------------------------------------------
Issuer                Coupon Maturity Currency  Price
------                ------ -------- --------  -----
Altice France Holding 10.500 5/15/2027  USD   38.097
Altice France Holding 10.500 5/15/2027  USD   37.295
Codere Finance 2 Luxe 11.000 9/30/2026  EUR   33.763
Solocal Group         10.940 3/15/2025  EUR   18.504
Codere Finance 2 Luxe 12.75011/30/2027  EUR    2.000
Caybon Holding AB     10.566  3/3/2025  SEK   46.350
Kvalitena AB publ     10.067  4/2/2024  SEK   45.000
Tinkoff Bank JSC Via  11.002            USD   42.911
IOG Plc               13.428 9/20/2024  EUR   10.000
Codere Finance 2 Luxe 13.62511/30/2027  USD    1.000
Saderea DAC           12.50011/30/2026  USD   47.609
YA Holding AB         12.75812/17/2024  SEK   14.600
R-Logitech Finance SA 10.250 9/26/2027  EUR   15.644
Codere Finance 2 Luxe 13.62511/30/2027  USD    1.000
UkrLandFarming PLC    10.875 3/26/2018  USD    4.100
Bakkegruppen AS       11.700  2/3/2025  NOK   45.583
Solocal Group         10.940 3/15/2025  EUR    8.275
Codere Finance 2 Luxe 11.000 9/30/2026  EUR   33.763
Ilija Batljan Invest  10.768            SEK    4.000
Transcapitalbank JSC  10.000            USD    1.450
Oscar Properties Hold 11.270  7/5/2024  SEK    3.336
Privatbank CJSC Via U 10.875 2/28/2018  USD    4.689
Privatbank CJSC Via U 10.250 1/23/2018  USD    3.536
Bourbon Corp SA       11.652            EUR    1.377
Offentliga Hus I Nord 10.871            SEK   44.108
Immigon Portfolioabba 10.258            EUR    9.560
Avangardco Investment 10.00010/29/2018  USD    0.108
Plusplus Capital Fina 11.000 7/29/2026  EUR   10.563
Bilt Paper BV         10.360            USD    1.636
Virgolino de Oliveira 11.750  2/9/2022  USD    0.611
Marginalen Bank Banka 13.068            SEK   45.000
Virgolino de Oliveira 10.500 1/28/2018  USD    0.010
Virgolino de Oliveira 10.500 1/28/2018  USD    0.010
Sidetur Finance BV    10.000 4/20/2016  USD    0.219
Goldman Sachs Interna 16.288 3/17/2027  USD   29.770
Privatbank CJSC Via U 11.000  2/9/2021  USD    1.000
Bulgaria Steel Financ 12.000  5/4/2013  EUR    0.216
Phosphorus Holdco PLC 10.000  4/1/2019  GBP    0.789
Societe Generale SA   24.000 11/8/2024  USD   49.500
Societe Generale SA   16.000  8/1/2024  USD   30.600
Societe Generale SA   21.00012/26/2025  USD   28.800
Codere Finance 2 Luxe 12.75011/30/2027  EUR    2.000
Bilt Paper BV         10.360            USD    1.636
Societe Generale SA   10.010 8/29/2024  USD   47.400
Societe Generale SA   27.30010/20/2025  USD    9.400
Leonteq Securities AG 28.000  6/5/2024  CHF   34.680
Societe Generale SA   15.000 8/30/2024  USD   18.300
Societe Generale SA   16.000  8/1/2024  USD   13.800
Turkiye Ihracat Kredi 12.540 9/14/2028  TRY   51.713
Societe Generale SA   16.000 8/30/2024  USD   27.500
Societe Generale SA   15.00010/31/2024  USD   49.800
UkrLandFarming PLC    10.875 3/26/2018  USD    4.100
Societe Generale SA   20.000 1/29/2026  USD   12.300
Evocabank CJSC        11.000 9/27/2025  AMD    0.000
Societe Generale SA   15.000  8/1/2024  USD   18.700
Leonteq Securities AG 12.490 7/10/2024  USD   29.390
Zurcher Kantonalbank  24.673 6/28/2024  CHF   36.930
Societe Generale SA   15.360 11/8/2024  USD   24.400
Deutsche Bank AG/Lond 12.780 3/16/2028  TRY   45.606
Banco Espirito Santo  10.000 12/6/2021  EUR    0.063
Vontobel Financial Pr 10.500 4/26/2024  EUR   45.590
Credit Agricole Corpo 10.500 2/16/2027  TRY   49.771
Virgolino de Oliveira 10.875 1/13/2020  USD   36.000
Swissquote Bank SA    21.060 4/11/2024  CHF   13.460
Tailwind Energy Chino 12.500 9/27/2019  USD    1.500
PA Resources AB       13.500  3/3/2016  SEK    0.124
Armenian Economy Deve 11.000 10/3/2025  AMD    0.000
Tonon Luxembourg SA   12.500 5/14/2024  USD    0.010
Ukraine Government Bo 11.000 4/23/2037  UAH   25.654
Virgolino de Oliveira 11.750  2/9/2022  USD    0.611
Raiffeisen Schweiz Ge 15.500 4/11/2024  CHF   31.080
Tonon Luxembourg SA   12.500 5/14/2024  USD    0.010
Lehman Brothers Treas 14.900 9/15/2008  EUR    0.100
Russian Railways JSC  12.940 2/28/2040  RUB   50.000
Ukraine Government Bo 11.570  3/1/2028  UAH   43.530
KPNQwest NV           10.000 3/15/2012  EUR    0.733
Ukraine Government Bo 11.000  4/1/2037  UAH   25.778
Leonteq Securities AG 24.000  6/5/2024  CHF   32.770
Credit Suisse AG/Lond 20.00011/29/2024  USD   16.340
Evocabank CJSC        11.000 9/28/2024  AMD    0.000
Swissquote Bank SA    29.000  6/4/2024  CHF   38.800
Finca Uco Cjsc        12.000 2/10/2025  AMD    0.000
NTRP Via Interpipe Lt 10.250  8/2/2017  USD    0.898
Ukraine Government Bo 12.50010/12/2029  UAH   39.185
Societe Generale SA   16.000  7/3/2024  USD   21.800
Zurcher Kantonalbank  22.000  8/6/2024  USD   53.510
Finca Uco Cjsc        12.500 6/21/2024  AMD    8.000
Societe Generale SA   20.00011/28/2025  USD    7.150
Societe Generale SA   11.000 7/14/2026  USD   13.200
Raiffeisen Switzerlan 12.300 8/21/2024  CHF   14.250
Finca Uco Cjsc        13.000 5/30/2025  AMD    0.000
Swissquote Bank SA    20.120 6/20/2024  CHF   10.730
Finca Uco Cjsc        13.00011/16/2024  AMD    0.000
Credit Agricole Corpo 10.20012/13/2027  TRY   46.281
UBS AG/London         16.500 7/22/2024  CHF   20.920
EFG International Fin 11.12012/27/2024  EUR   30.910
Lehman Brothers Treas 16.00010/28/2008  USD    0.100
Inecobank CJSC        10.000 4/28/2025  AMD    0.000
Lehman Brothers Treas 11.750  3/1/2010  EUR    0.100
Virgolino de Oliveira 10.875 1/13/2020  USD   36.000
Leonteq Securities AG 24.000 8/14/2024  CHF   39.140
Leonteq Securities AG 28.000 5/30/2024  CHF   34.620
Leonteq Securities AG 24.000 5/22/2024  CHF   35.300
Leonteq Securities AG 30.000 4/24/2024  CHF   27.450
Leonteq Securities AG 24.000 4/11/2024  CHF   28.540
Leonteq Securities AG 24.000 6/19/2024  CHF   38.950
Ukraine Government Bo 10.570 5/10/2027  UAH   47.065
Ukraine Government Bo 11.000 2/16/2037  UAH   25.719
Societe Generale SA   15.000 9/29/2025  USD    7.000
Raiffeisen Switzerlan 20.000 7/10/2024  CHF   39.290
Bank Vontobel AG      25.000 7/22/2024  USD   30.300
Bank Vontobel AG      18.000 6/28/2024  CHF   34.400
Phosphorus Holdco PLC 10.000  4/1/2019  GBP    0.789
UniCredit Bank GmbH   16.550 8/18/2025  USD   31.150
UniCredit Bank GmbH   18.00012/31/2024  EUR   46.730
UniCredit Bank GmbH   18.90012/31/2024  EUR   45.540
UniCredit Bank GmbH   19.80012/31/2024  EUR   44.540
UBS AG/London         16.000 4/19/2024  CHF   30.900
Basler Kantonalbank   26.000  5/8/2024  CHF   34.770
Raiffeisen Schweiz Ge 18.400  5/2/2024  CHF   30.070
Bank Vontobel AG      23.500 4/29/2024  CHF   30.000
Leonteq Securities AG 24.000 9/25/2024  CHF   44.900
Raiffeisen Schweiz Ge 20.000 9/25/2024  CHF   28.800
UniCredit Bank GmbH   18.200 6/28/2024  EUR   25.250
UniCredit Bank GmbH   19.500 6/28/2024  EUR   24.830
Raiffeisen Schweiz Ge 20.000 9/25/2024  CHF   44.870
UniCredit Bank GmbH   17.000 6/28/2024  EUR   25.740
UniCredit Bank GmbH   17.20012/31/2024  EUR   32.690
UniCredit Bank GmbH   18.00012/31/2024  EUR   32.580
UBS AG/London         13.000 9/30/2024  CHF   21.900
Leonteq Securities AG 28.000 8/21/2024  CHF   39.920
Landesbank Baden-Wuer 10.000 8/23/2024  EUR   45.640
Landesbank Baden-Wuer 15.000 8/23/2024  EUR   36.970
Bank Vontobel AG      10.000 8/19/2024  CHF   10.200
Leonteq Securities AG 24.000  7/3/2024  CHF   34.980
Leonteq Securities AG 20.000  7/3/2024  CHF   10.820
Leonteq Securities AG 20.000  7/3/2024  CHF   35.100
Leonteq Securities AG 26.000  7/3/2024  CHF   39.460
Swissquote Bank SA    23.990  7/3/2024  CHF   35.810
HSBC Trinkaus & Burkh 11.250 6/27/2025  EUR   40.670
HSBC Trinkaus & Burkh 15.500 6/27/2025  EUR   38.220
Leonteq Securities AG 14.000  7/3/2024  CHF   10.090
ObedinenieAgroElita O 13.750 5/22/2024  RUB   21.600
Leonteq Securities AG 25.000  9/5/2024  EUR   44.250
Leonteq Securities AG 24.000  9/4/2024  CHF   43.340
Fast Credit Capital U 11.500 7/13/2024  AMD    0.000
UniCredit Bank GmbH   14.700 8/23/2024  EUR   34.910
UniCredit Bank GmbH   13.100 2/28/2025  EUR   42.780
UniCredit Bank GmbH   13.800 2/28/2025  EUR   42.160
UniCredit Bank GmbH   14.500 2/28/2025  EUR   41.420
Leonteq Securities AG 23.00012/27/2024  CHF   35.730
UniCredit Bank GmbH   15.800 6/28/2024  EUR   26.280
UniCredit Bank GmbH   18.80012/31/2024  EUR   32.510
UniCredit Bank GmbH   19.60012/31/2024  EUR   32.490
BNP Paribas Issuance  19.000 9/18/2026  EUR    0.820
HSBC Trinkaus & Burkh 20.250 6/28/2024  EUR   26.530
HSBC Trinkaus & Burkh 17.50012/30/2024  EUR   34.170
HSBC Trinkaus & Burkh 18.750 9/27/2024  EUR   30.570
Leonteq Securities AG 20.000 8/28/2024  CHF   17.080
UniCredit Bank GmbH   15.000 8/23/2024  EUR   36.480
UniCredit Bank GmbH   14.70011/22/2024  EUR   40.560
UniCredit Bank GmbH   13.700 9/27/2024  EUR   38.890
UniCredit Bank GmbH   14.800 9/27/2024  EUR   37.780
UniCredit Bank GmbH   19.30012/31/2024  EUR   38.210
Landesbank Baden-Wuer 11.000 6/28/2024  EUR   28.510
Bank Vontobel AG      19.000  4/9/2024  CHF   19.400
Leonteq Securities AG 22.000  8/7/2024  CHF   34.380
Vontobel Financial Pr 18.000 9/27/2024  EUR   27.890
Basler Kantonalbank   21.000  7/5/2024  CHF   34.720
Basler Kantonalbank   24.000  7/5/2024  CHF   40.680
UniCredit Bank GmbH   10.300 9/27/2024  EUR   30.680
UniCredit Bank GmbH   19.800 6/28/2024  EUR   31.340
Swissquote Bank SA    23.200 8/28/2024  CHF   43.050
Raiffeisen Schweiz Ge 20.000 8/28/2024  CHF   19.430
Leonteq Securities AG 28.000  9/5/2024  CHF   42.070
UniCredit Bank GmbH   14.50011/22/2024  EUR   38.980
Societe Generale SA   15.11010/31/2024  USD   28.000
Citigroup Global Mark 14.650 7/22/2024  HKD   36.230
Leonteq Securities AG 24.000 7/10/2024  CHF   35.020
Leonteq Securities AG 26.000 7/10/2024  CHF   42.170
UniCredit Bank GmbH   15.100 9/27/2024  EUR   45.690
UniCredit Bank GmbH   16.400 9/27/2024  EUR   44.030
Leonteq Securities AG 20.000  8/7/2024  CHF   16.860
Leonteq Securities AG 30.000  8/7/2024  CHF   36.120
UniCredit Bank GmbH   18.50012/31/2024  EUR   39.770
UniCredit Bank GmbH   19.30012/31/2024  EUR   39.200
Societe Generale SA   20.000 9/18/2026  USD   12.500
UniCredit Bank GmbH   18.200 6/28/2024  EUR   33.520
UniCredit Bank GmbH   19.500 6/28/2024  EUR   32.480
Raiffeisen Schweiz Ge 20.000  8/7/2024  CHF   33.770
DZ Bank AG Deutsche Z 16.000 6/28/2024  EUR   34.240
Leonteq Securities AG 24.000 1/13/2025  CHF   31.900
Societe Generale SA   16.000  7/3/2024  USD   28.500
Societe Generale SA   23.510 6/23/2026  USD    7.600
Bank Vontobel AG      13.500  1/8/2025  CHF   19.100
UniCredit Bank GmbH   13.800 9/27/2024  EUR   35.850
UniCredit Bank GmbH   14.800 9/27/2024  EUR   34.970
UniCredit Bank GmbH   15.800 9/27/2024  EUR   34.210
UniCredit Bank GmbH   16.900 9/27/2024  EUR   33.590
UniCredit Bank GmbH   18.000 9/27/2024  EUR   33.070
UniCredit Bank GmbH   19.100 9/27/2024  EUR   32.620
Leonteq Securities AG 22.000 8/14/2024  CHF   46.390
Leonteq Securities AG 21.000 8/14/2024  CHF   37.380
UBS AG/London         10.000 5/14/2024  USD   #N/A N/A
Leonteq Securities AG 22.000 10/2/2024  CHF   43.480
Raiffeisen Switzerlan 16.000 5/22/2024  CHF   25.700
Swissquote Bank SA    25.080 6/12/2024  CHF   33.530
Societe Generale SA   13.01011/14/2024  USD   #N/A N/A
ACBA Bank OJSC        11.000 12/1/2025  AMD    0.000
Vontobel Financial Pr 21.000 6/28/2024  EUR   47.350
Raiffeisen Bank Inter 14.558 9/25/2024  EUR   47.720
Societe Generale SA   15.840 8/30/2024  USD   14.300
Leonteq Securities AG 20.000  5/2/2024  CHF   30.540
Leonteq Securities AG 25.000  5/2/2024  CHF   31.090
Leonteq Securities AG 27.500  5/2/2024  CHF   31.620
HSBC Trinkaus & Burkh 14.80012/30/2024  EUR   39.530
HSBC Trinkaus & Burkh 13.40012/30/2024  EUR   40.790
HSBC Trinkaus & Burkh 11.20012/30/2024  EUR   43.790
Ameriabank CJSC       10.000 2/20/2025  AMD    8.800
Leonteq Securities AG 20.000 9/26/2024  USD   33.270
UniCredit Bank GmbH   10.500 9/23/2024  EUR   30.380
UBS AG/London         18.750 5/31/2024  CHF   35.450
ACBA Bank OJSC        11.500  3/1/2026  AMD    0.000
National Mortgage Co  12.000 3/30/2026  AMD    0.000
Raiffeisen Switzerlan 20.000 5/22/2024  CHF   42.350
UBS AG/London         14.50010/14/2024  CHF   39.000
Zurcher Kantonalbank  18.000 4/17/2024  CHF   28.850
Leonteq Securities AG 20.000 4/24/2024  CHF   35.790
JP Morgan Structured  15.500 11/4/2024  USD   30.480
UBS AG/London         10.000 3/23/2026  USD   27.350
Societe Generale SA   18.000 8/30/2024  USD   14.000
Sintekom TH OOO       13.000 1/23/2025  RUB   17.240
Leonteq Securities AG 19.000  6/3/2024  CHF   47.670
Bank Vontobel AG      23.000  6/4/2024  CHF   33.500
Leonteq Securities AG 21.000 5/22/2024  USD   26.660
UniCredit Bank GmbH   17.800 6/28/2024  EUR   44.970
EFG International Fin 24.000 6/14/2024  CHF   40.070
Leonteq Securities AG 20.000 6/19/2024  CHF   31.090
Leonteq Securities AG 15.000 9/12/2024  USD   25.720
Leonteq Securities AG 19.000 6/10/2024  CHF   29.850
Basler Kantonalbank   18.000 6/17/2024  CHF   30.100
Bank Vontobel AG      12.000 9/30/2024  EUR   14.200
Zurcher Kantonalbank  15.000 7/12/2024  CHF   47.900
HSBC Trinkaus & Burkh 15.000 6/28/2024  EUR   31.460
HSBC Trinkaus & Burkh 11.000 6/28/2024  EUR   36.870
UniCredit Bank GmbH   19.700 6/28/2024  EUR   35.200
UniCredit Bank GmbH   19.50012/31/2024  EUR   41.540
UBS AG/London         19.500 7/19/2024  CHF   38.600
HSBC Trinkaus & Burkh 19.000 6/28/2024  EUR   28.860
UBS AG/London         14.250 7/12/2024  EUR   17.080
Swissquote Bank SA    21.320 7/17/2024  CHF   44.370
Leonteq Securities AG 21.000 7/17/2024  CHF   44.220
Leonteq Securities AG 24.000 8/21/2024  CHF   41.310
Basler Kantonalbank   22.000  9/6/2024  CHF   40.120
UniCredit Bank GmbH   18.60012/31/2024  EUR   42.260
Societe Generale SA   25.26010/30/2025  USD    9.400
Bank Vontobel AG      15.50011/18/2024  CHF   39.000
HSBC Trinkaus & Burkh 17.600 9/27/2024  EUR   33.680
HSBC Trinkaus & Burkh 12.50012/30/2024  EUR   39.410
UniCredit Bank GmbH   19.400 6/28/2024  EUR   30.140
UniCredit Bank GmbH   19.10012/31/2024  EUR   37.130
Leonteq Securities AG 30.000  5/8/2024  CHF   31.350
UBS AG/London         14.250 8/19/2024  CHF   27.360
UniCredit Bank GmbH   20.00012/31/2024  EUR   36.860
Raiffeisen Switzerlan 10.500 7/11/2024  USD   23.960
UBS AG/London         18.750 4/15/2024  CHF   24.900
DZ Bank AG Deutsche Z 10.300 4/26/2024  EUR   45.970
Armenian Economy Deve 10.500  5/4/2025  AMD    0.000
Leonteq Securities AG 26.000 7/31/2024  CHF   43.090
UBS AG/London         18.750 4/26/2024  CHF   26.960
Swissquote Bank SA    27.050 7/31/2024  CHF   43.610
Swissquote Bank SA    16.380 7/31/2024  CHF   13.930
Swissquote Bank SA    22.120 4/11/2024  CHF   31.730
BNP Paribas Issuance  20.000 9/18/2026  EUR   29.000
UniCredit Bank GmbH   17.800 6/28/2024  EUR   28.510
UniCredit Bank GmbH   19.200 6/28/2024  EUR   27.870
UniCredit Bank GmbH   18.80012/31/2024  EUR   35.250
UniCredit Bank GmbH   19.70012/31/2024  EUR   35.120
Swissquote Bank SA    24.040 9/11/2024  CHF   41.290
UBS AG/London         25.000 7/12/2024  CHF   38.550
Leonteq Securities AG 18.000 9/11/2024  CHF   18.770
Raiffeisen Schweiz Ge 20.000 9/11/2024  CHF   39.090
Leonteq Securities AG 24.000 7/17/2024  CHF   36.010
Leonteq Securities AG 22.000 9/11/2024  CHF   39.670
Raiffeisen Switzerlan 20.000 5/10/2024  CHF   35.770
EFG International Fin 15.000 7/12/2024  CHF   46.430
Vontobel Financial Pr 16.000 6/28/2024  EUR   47.710
Vontobel Financial Pr 19.000 6/28/2024  EUR   45.630
Leonteq Securities AG 27.600 6/26/2024  CHF   36.160
Leonteq Securities AG 21.600 6/26/2024  CHF   12.120
Leonteq Securities AG 23.000 5/15/2024  CHF   39.540
Leonteq Securities AG 23.000 6/26/2024  CHF   31.460
Corner Banca SA       18.500 9/23/2024  CHF   15.700
Raiffeisen Switzerlan 20.000 6/26/2024  CHF   40.580
HSBC Trinkaus & Burkh 15.10012/30/2024  EUR   37.230
HSBC Trinkaus & Burkh 10.80012/30/2024  EUR   41.580
Basler Kantonalbank   18.000 6/21/2024  CHF   32.920
Bank Vontobel AG      20.000 6/26/2024  CHF   30.000
Raiffeisen Schweiz Ge 16.000 4/18/2024  CHF   34.180
Leonteq Securities AG 27.000 5/30/2024  CHF   11.140
HSBC Trinkaus & Burkh 17.000 6/28/2024  EUR   34.720
Leonteq Securities AG 15.000 7/24/2024  CHF   13.910
BNP Paribas SA        10.000 7/26/2027  USD   #N/A N/A
Zurcher Kantonalbank  15.000 4/18/2024  CHF   44.730
Leonteq Securities AG 22.000 4/17/2024  CHF   28.750
Leonteq Securities AG 26.000 4/17/2024  CHF   30.810
HSBC Trinkaus & Burkh 18.300 9/27/2024  EUR   40.680
HSBC Trinkaus & Burkh 13.600 9/27/2024  EUR   47.090
HSBC Trinkaus & Burkh 15.900 9/27/2024  EUR   43.380
Bank Vontobel AG      13.000 6/26/2024  CHF    9.100
Leonteq Securities AG 26.000 5/22/2024  CHF   33.820
Swissquote Bank SA    21.550 4/17/2024  CHF   35.440
HSBC Trinkaus & Burkh 17.300 9/27/2024  EUR   35.870
Raiffeisen Schweiz Ge 16.000 7/24/2024  CHF   42.980
Leonteq Securities AG 27.000 7/24/2024  CHF   15.180
Raiffeisen Schweiz Ge 19.500  6/6/2024  CHF   34.120
Leonteq Securities AG 28.000 4/11/2024  CHF   25.640
Zurcher Kantonalbank  17.400 4/19/2024  USD   44.480
UBS AG/London         15.75010/21/2024  CHF   41.150
Converse Bank         10.500 5/22/2024  AMD   10.180
Citigroup Global Mark 25.530 2/18/2025  EUR    1.970
Bank Vontobel AG      18.000 7/19/2024  CHF   35.500
Vontobel Financial Pr 11.000 6/28/2024  EUR   47.080
Vontobel Financial Pr 19.500 6/28/2024  EUR   44.500
Vontobel Financial Pr 11.000 6/28/2024  EUR   40.510
Vontobel Financial Pr 14.000 6/28/2024  EUR   47.710
Vontobel Financial Pr 12.500 6/28/2024  EUR   47.390
Vontobel Financial Pr 24.750 6/28/2024  EUR   29.270
UniCredit Bank GmbH   13.400 9/27/2024  EUR   40.570
Basler Kantonalbank   17.000 7/19/2024  CHF   39.050
EFG International Fin 10.300 8/23/2024  USD   32.500
Leonteq Securities AG 21.000  6/5/2024  CHF   33.860
Raiffeisen Switzerlan 17.500 5/30/2024  CHF   34.870
Swissquote Bank SA    26.980  6/5/2024  CHF   37.460
Vontobel Financial Pr 16.500 6/28/2024  EUR   46.410
UniCredit Bank GmbH   13.90011/22/2024  EUR   41.730
UniCredit Bank GmbH   13.500 2/28/2025  EUR   44.930
Bank Vontobel AG      10.000 5/28/2024  CHF   72.600
Swissquote Bank SA    25.390 5/30/2024  CHF   35.020
UniCredit Bank GmbH   14.300 8/23/2024  EUR   37.870
ASCE Group OJSC       12.000 6/11/2031  AMD    0.000
Leonteq Securities AG 28.000  5/2/2024  CHF   27.230
Societe Generale Effe 13.250 4/26/2024  EUR   46.080
UniCredit Bank GmbH   10.700  2/3/2025  EUR   25.840
UniCredit Bank GmbH   10.700 2/17/2025  EUR   26.100
Bank Vontobel AG      12.000 6/10/2024  CHF   43.100
Leonteq Securities AG 16.000 6/20/2024  CHF   27.230
UBS AG/London         13.750  7/1/2024  CHF   31.100
Leonteq Securities AG 19.000 5/24/2024  CHF   10.440
UniCredit Bank GmbH   18.900 6/28/2024  EUR   38.370
Raiffeisen Switzerlan 20.000 6/19/2024  CHF   31.940
Bank Vontobel AG      20.000 4/15/2024  CHF   28.000
Ist Saiberian Petrole 14.00012/28/2024  RUB   10.020
Bank Julius Baer & Co 12.720 2/17/2025  CHF   37.100
DZ Bank AG Deutsche Z 11.200 6/28/2024  EUR   44.240
UBS AG/London         13.500 8/15/2024  CHF   48.200
Leonteq Securities AG 11.000 5/13/2024  CHF   39.790
Leonteq Securities AG 14.000 4/30/2024  CHF   10.110
Leonteq Securities AG 15.000 4/30/2024  CHF   44.070
UniCredit Bank GmbH   17.100 6/28/2024  EUR   42.220
UniCredit Bank GmbH   18.000 6/28/2024  EUR   40.180
UniCredit Bank GmbH   19.800 6/28/2024  EUR   36.760
Zurcher Kantonalbank  16.000 6/14/2024  CHF   42.460
UBS AG/London         18.500 6/14/2024  CHF   35.050
Raiffeisen Switzerlan 18.000 6/12/2024  CHF   32.370
Raiffeisen Switzerlan 16.000 6/12/2024  CHF   26.600
Raiffeisen Schweiz Ge 20.000 6/12/2024  CHF   41.690
Zurcher Kantonalbank  13.000  6/7/2024  CHF   42.470
Zurcher Kantonalbank  17.500  6/7/2024  CHF   45.230
Bank Vontobel AG      21.000 6/10/2024  CHF   31.500
Basler Kantonalbank   16.000 6/14/2024  CHF   25.920
Bank Vontobel AG      22.000 5/31/2024  CHF   24.500
DZ Bank AG Deutsche Z 24.300 6/28/2024  EUR   44.830
Leonteq Securities AG 23.400 6/19/2024  CHF   32.480
Ukraine Government Bo 10.36011/10/2027  UAH   43.120
Deutsche Bank AG/Lond 14.900 5/30/2028  TRY   49.155
Credit Agricole Corpo 10.200  8/6/2026  TRY   52.320
Lehman Brothers Treas 10.00010/22/2008  USD    0.100
Lehman Brothers Treas 11.00012/20/2017  AUD    0.100
Lehman Brothers Treas 10.00010/23/2008  USD    0.100
Lehman Brothers Treas 11.000 2/16/2009  CHF    0.100
Lehman Brothers Treas 13.000 2/16/2009  CHF    0.100
Ukraine Government Bo 12.500 4/27/2029  UAH   40.541
Lehman Brothers Treas 16.200 5/14/2009  USD    0.100
Lehman Brothers Treas 16.000 11/9/2008  USD    0.100
Lehman Brothers Treas 10.000 5/22/2009  USD    0.100
Lehman Brothers Treas 10.44211/22/2008  CHF    0.100
Lehman Brothers Treas 10.000 2/16/2009  CHF    0.100
Lehman Brothers Treas 10.000 6/11/2038  JPY    0.100
Lehman Brothers Treas 11.25012/31/2008  USD    0.100
Lehman Brothers Treas 15.000  6/4/2009  CHF    0.100
Lehman Brothers Treas 23.300 9/16/2008  USD    0.100
Lehman Brothers Treas 12.400 6/12/2009  USD    0.100
Lehman Brothers Treas 10.000 6/17/2009  USD    0.100
Lehman Brothers Treas 12.000  7/4/2011  EUR    0.100
Lehman Brothers Treas 13.00012/14/2012  USD    0.100
Lehman Brothers Treas 11.000  7/4/2011  CHF    0.100
Lehman Brothers Treas 16.800 8/21/2009  USD    0.100
Credit Agricole Corpo 11.190 3/12/2027  TRY   50.683
Lehman Brothers Treas 12.000 7/13/2037  JPY    0.100
Ukraine Government Bo 10.710 4/26/2028  UAH   41.137
Ukraine Government Bo 11.110 3/29/2028  UAH   42.346
BLT Finance BV        12.000 2/10/2015  USD   10.500
Ukraine Government Bo 11.580  2/2/2028  UAH   43.917
Credit Agricole Corpo 10.320 7/22/2026  TRY   52.721
Teksid Aluminum Luxem 12.375 7/15/2011  EUR    0.619
Lehman Brothers Treas 13.000 7/25/2012  EUR    0.100
Petromena ASA         10.85011/19/2018  USD    0.622
Lehman Brothers Treas 16.000 10/8/2008  CHF    0.100
Lehman Brothers Treas 11.000  7/4/2011  USD    0.100
Lehman Brothers Treas 13.15010/30/2008  USD    0.100
Lehman Brothers Treas 14.10011/12/2008  USD    0.100
Lehman Brothers Treas 10.600 4/22/2014  MXN    0.100
Lehman Brothers Treas 17.000  6/2/2009  USD    0.100
Lehman Brothers Treas 13.500  6/2/2009  USD    0.100
Lehman Brothers Treas 16.00012/26/2008  USD    0.100
Lehman Brothers Treas 13.432  1/8/2009  ILS    0.100
Lehman Brothers Treas 13.50011/28/2008  USD    0.100
Lehman Brothers Treas 15.000 3/30/2011  EUR    0.100
Lehman Brothers Treas 10.500  8/9/2010  EUR    0.100
Lehman Brothers Treas 10.000 3/27/2009  USD    0.100
Lehman Brothers Treas 11.00012/19/2011  USD    0.100
Sidetur Finance BV    10.000 4/20/2016  USD    0.219
Lehman Brothers Treas 11.000 6/29/2009  EUR    0.100
Bulgaria Steel Financ 12.000  5/4/2013  EUR    0.216
Lehman Brothers Treas 18.250 10/2/2008  USD    0.100
Lehman Brothers Treas 14.90011/16/2010  EUR    0.100
Lehman Brothers Treas 11.00012/20/2017  AUD    0.100
Lehman Brothers Treas 11.00012/20/2017  AUD    0.100
Ukraine Government Bo 11.000 4/24/2037  UAH   28.232
Ukraine Government Bo 11.000 3/24/2037  UAH   25.827
Ukraine Government Bo 11.000  4/8/2037  UAH   25.736
Ukraine Government Bo 11.000 4/20/2037  UAH   25.388
Credit Agricole Corpo 11.640 3/24/2027  TRY   51.355
Privatbank CJSC Via U 10.875 2/28/2018  USD    4.689



                           *********


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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
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,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *