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

                          E U R O P E

          Friday, April 19, 2024, Vol. 25, No. 80

                           Headlines



F I N L A N D

POLE BICYCLES: Files for Insolvency in Finland


F R A N C E

NOVA ORSAY: S&P Assigns Prelim 'B' ICR on Significant Deleveraging
VALLOUREC SA: Moody's Assigns First Time 'Ba2' Corp. Family Rating


G E R M A N Y

REVOCAR 2024-1: S&P Assigns BB+ (sf) Rating to Cl. D-Dfrd Notes
VEONET LENSE: Moody's Affirms 'B3' CFR, Alters Outlook to Positive


I R E L A N D

ARES EUROPEAN XVIII: S&P Assigns B- (sf) Rating to Class F Notes
CVC CORDATUS XXX: S&P Assigns B- (sf) Rating to Class F-2 Notes
CVC CORDATUS XXXI: S&P Assigns Prelim B- (sf) Rating to F-2 Notes
MAN GLG VI: Moody's Cuts Rating on EUR8.54MM Class F Notes to B3
RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes



I T A L Y

SUNRISE SPV 95: DBRS Finalizes BB(high) Rating on E Notes


L U X E M B O U R G

ARVOS HOLDCO: S&P Assigns 'B-' LT ICR After Debt Restructuring
BL CONSUMER: DBRS Finalizes CCC Rating on 2 Note Classes


P O R T U G A L

LUSITANO MORTGAGES NO. 5: S&P Affirms 'B(sf)' Rating on Cl. D Notes


S P A I N

LORCA FINCO: Moody's Rates New Senior Secured Term Loans 'Ba3'


U N I T E D   K I N G D O M

BELRON GROUP: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
CITY COURIERS: Falls Into Administration
FEATHERFOOT GLOBE: Enters Administration, RSM Explores Options
FORTRESS CAPITAL: Administrators Concerned Over Ex-CEO's Mulled CVA
K TWO: Goes Into Administration Amid Industry Headwinds

PETROFAC LTD: S&P Downgrades ICR to 'CCC-' on Debt Restructuring
ROYAL OAK: Halts Operations Following Cash Flow Challenges
THAMES WATER: Postpones Update to Business Plan
THAMES WATER: Some Lenders May Lose Up to 40% of Money Owed


X X X X X X X X

[*] BOOK REVIEW: PANIC ON WALL STREET

                           - - - - -


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F I N L A N D
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POLE BICYCLES: Files for Insolvency in Finland
----------------------------------------------
Sarah Moore at Pinkbike.com reports that Pole Bicycles Company has
appeared on a Finnish insolvency registry on April 17.

According to Pinkbike.com, the filing appeared on Finnish legal
case database maksukyvyttomyysrekisteri.om.fi on April 17, 2024.

As of yet, there is no notice of it on Pole's website or social
media, but founder Leo Kokkonen confirmed the news in a message to
Rob Ride's eMTB's YouTube channel, Pinkbike.com discloses.

Based in Finland, Pole Bicycles was created in 2015 by Leo
Kokkonen, an out-of-the-box designer and passionate rider.  Pole
Bicycles are designed, engineered and manufactured in Finland.




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

NOVA ORSAY: S&P Assigns Prelim 'B' ICR on Significant Deleveraging
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
rating on Nova Orsay S.A.S. and its issue rating on its proposed
bond (issued by Nova Alexandre III S.A.S., its direct subsidiary),
with the preliminary recovery rating of '4' (45%). The outlook is
stable.

S&P will withdraw its 'B-' ratings (outlook negative) on Novafives
S.A.S. when the refinancing is completed.

The stable outlook reflects S&P's expectations that the group's
debt to EBITDA will remain below 6.0x, generate positive free
operating cash flow (FOCF), and margins will stay above 6%. This is
because the group's operating performance is robust, supported by
healthy end-market dynamics.

Novafives is going through a major refinancing and as part of the
transaction Nova Orsay S.A.S. becomes the rated entity in our
analysis as the ultimate parent company.

The group aims to refinance its EUR600 million outstanding notes
due in 2025 via the issuance of the EUR425 million proposed new
notes due in 2029 combined with the sources received from the
recently closed EUR150 million equity injection, reducing gross
financial debt.

S&P said, "The group is addressing its upcoming maturities and the
raised equity will reduce indebtedness. In early March 2024,
existing shareholders and the state-owned French investment bank
Bpifrance closed an equity cash injection of EUR150 million in
common equity, which we credit positive as it demonstrates the
continuous support from existing shareholders if needed. Management
will retain most voting rights through a golden share and we do not
expect any material change in the group governance structure. As
part of the transaction, Nova Orsay becomes the rated entity in our
analysis as the ultimate parent which fully owns and consolidates
the subsidiary entity Novafives (which will be merged with Fives
S.A.S.) and the issuing entity Nova Alexandre III. We expect the
group to use the EUR150 million proceeds from the cash equity
injection, some cash from balance sheet, and the proposed EUR425
million senior secured notes due in 2029 to refinance both the
EUR275 million senior secured floating rate note and the EUR325
million senior secured fixed rate note issued by Novafives, due in
2025. With the reduction in outstanding senior notes, we estimate
that S&P Global Ratings-adjusted debt will decline to less than
EUR750 million after the close of the transaction compared with
about EUR977 million at end-2023. Nova Alexandre III (and Fives
S.A.S.) will sign a new super senior revolving credit facility
(RCF) agreement at a forecast EUR140 million (which we understand
it could be upsized by about EUR25 million) maturing, six months
before the notes mature, at end of 2028. With the proposed
transaction, there will be no material maturities until 2028 and
the liquidity profile will improve.

"We expect a robust operating performance supported by industry
tailwinds and the gross debt reduction to significantly deleverage
to less than 5x.Nova Orsay's backlog should reach a record high
level of above EUR2.4 billion in 2023 (from 53% in 2021), and we
believe that order intake remains healthy. We think Nova Orsay'
portfolio of technologies provides solutions to in-demanded
industrial segments such as decarbonization, automation, and
digitalization. We anticipate the Process Technologies division to
drive most of the revenue and earnings growth in 2024 as demand for
decarbonized and more energy-efficient technologies remain robust
across the end-markets served (energy, steel and glass, cement, and
aluminum). We expect the business to also benefit from a globally
diversified geographic base with revenue generated in Europe, the
Americas, and also in Asia and Oceania. We therefore forecast
revenue to increase by 2%-2.5% in 2024 after strong growth in 2023
of 18.1%. We think that the S&P Global Ratings-adjusted EBITDA
margin should expand to about 6.4%-6.7% in 2024 (from about 6.1% in
2023). This is thanks to a growing volume base and a better
absorption of fixed costs. In addition, we expect less inflationary
pressures to improve the group's profitability, improvement that is
already reflected in the contracted projects in backlog which
grants some visibility. We also expect revenues to increase by
about 2.5%-3.5% and EBITDA margins to reach 6.5%-7.5% in 2025 as
the group executes committed projects in the backlog, while order
intake remains solid. A higher share of after-market activities and
other related services, such as maintenance services, supply of
spare parts for industrial equipment, and training will drive
margin expansion going forward. We forecast service shares on total
revenue to be more than 30% in 2023 and to increase in 2024 and
2025 as the group delivers and installs new pieces of machinery as
part of the backlog execution. In combination with the significant
gross debt reduction, we forecast our adjusted debt to EBITDA to
decrease to 4.4x-4.6x from 6.7x in 2023. In 2025, we anticipate
leverage to decrease thanks to EBITDA expansion and further gross
debt reduction to 4.0x-4.5x.

"We believe Nova Orsay will generate meaningful positive FOCF,
although execution risks and swings in working capital may cause
some cash flow volatility. We expect the group to generate FOCF of
about EUR25 million-EUR30 million in 2024, sustained by a robust
operating performance, increasing to about EUR65 million-EUR70
million in 2025. There are however some risks related to our base
case that are intrinsic to the group's business, these are related
to project execution and intra-year working capital swings that may
affect the group's ability to generate cash flows. The company
participates in different tendering processes to acquire new
businesses where the group delivers complex and technologically
heavy multiyear projects. During the tendering process, Nova Orsay
estimates costs and sets relative fixed prices and terms, thus any
material deviation from expected cost may result in unforeseen
losses on those contracts which could potentially affect the
operating cash flow generation for the group. The cash consumption
and the release from changes in working capital are similarly
linked to contracts' cash milestones and the evolution of multiple
projects at once, which causes high swings and seasonality in
working capital dynamics. Although we anticipate the combined
effect to be neutral over the next two years, high peaks could
negatively affect FOCF generation. However, we expect the group
will be able to generate sufficient FOCF from 2025 to fund the
annual repayments of its amortizing bank loans (including the
French state-guaranteed loan Prêt Garanti par l'État, European
Investment Bank [EIB] loans, and other state-guaranteed loans)
which amount to about EUR65 million.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as final ratings. If we
do not receive the final documentation within a reasonable time
frame, or if the final documentation departs from the materials
reviewed, we reserve the right to withdraw or revise our ratings.
Potential changes include share terms, utilization of the loan
proceeds, maturity, size and conditions of the loans, financial and
other covenants, security, and ranking.

"We expect to withdraw the existing ratings on Novafives, currently
'B-' (outlook negative), after the transaction is completed.The
proceeds will refinance the outstanding notes at Novafives that are
due in June 2025 before they become current and resolve refinancing
risks that would otherwise emerge if this transaction does not
proceed.

"The stable outlook reflects our expectations that the group's
operating performance remains robust, with the company benefitting
from industry trends and improving margins while the business
progressively deleverages. Debt to EBITDA will remain comfortably
below 6.0x, the group will be able to generate positive FOCF, and
margins will stay comfortably above 6%.

"We could lower the ratings if the company demonstrated weaker
revenue development and margins declining to 5% amid unfavorable
market conditions or unforeseen cost overruns during the completion
of the projects in backlog. Credit metrics, such as debt to EBITDA,
trend to 6.0x due to significant weaker operating performance and
the inability to generate positive FOCF. An FFO cash interest
coverage below 2x would also put downward pressure on the
ratings."

S&P could raise the ratings if:

-- The group managed to further expand its revenues and increase
meaningfully its EBITDA margins to 7.5% supported by better
efficiencies and executing of contracts with better pricing.

-- Resulting in an FOCF-to-debt ratio of more than 5.0%.

-- At the same time, S&P would expect the group's adjusted debt to
EBITDA decrease to below 4.5x on a sustainable basis.

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Nova Orsay. Nova
Orsay designs and supplies specialized machines, process equipment,
and production lines for large industrial groups. The company
generates most of its revenue in the aluminum, cement, steel,
energy, auto, and aerospace sectors. In our view, these industries
produce high greenhouse gas emissions or face long-term risks
surrounding the transition to renewable energy or higher
environmental compliance costs. This could, in turn, negatively
affect Nova Orsay' revenue prospects or result in higher price
pressure. At the same time, we recognize that Nova Orsay offers
various solutions and products to reduce carbon dioxide emissions
and waste in the process industry. Nova Orsay' management still
controls the group structure. It owns 26% of the shares and most of
the voting rights, through a golden share. Thus, we see the
shareholders as long-term strategic investors."


VALLOUREC SA: Moody's Assigns First Time 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Ratings assigned to Vallourec S.A. a long-term Corporate
Family Rating of Ba2, a probability of default rating of Ba2-PD and
a Ba2 rating to the $820 million backed senior unsecured notes
maturing in 2032.

The outlook assigned to this entity is positive.

RATINGS RATIONALE

Vallourec's Ba2 CFR reflects: (1) its leading market position in
the global market for seamless steel tubular solutions mainly
servicing the oil and gas industry with high barriers to entry; (2)
its strong progress on execution of the "New Vallourec Plan," which
is increasing profitability and cash generation ability by aligning
production capacity with end markets and focusing on premium
products; (3) good momentum in its main end market for oil & gas
production, likely to support demand for Vallourec's products until
at least the end of this decade; and (4) a conservative financial
policy with a net zero debt target at end 2025 at the latest, which
Moody's expect Vallourec to reach by 2025. This conservative
financial policy increases Vallourec's resilience to withstand the
inherent volatility of the oil and gas sector, key to its rating.

Nevertheless, the company's (1) short track record of operating
under the revised operating model / strategy since its default in
Q2 2021; (2) significant exposure to inherently volatile
exploration & production spending of the oil and gas industry; (3)
medium to long term pressure on its oil and gas end market due to
declining hydrocarbon demand, and as yet not meaningful revenue
contribution from its products for new energies such as hydrogen,
geothermal energy and Carbon Capture, Utilization and Storage
"CCUS" projects, notwithstanding potential demand growth; and (4)
exposure to volatile and potentially large working capital swings,
mainly driven by volume and commodity prices, all constrain the
rating.

Vallourec's credit metrics improved significantly due to a
successful implementation of the restructuring plan and very strong
demand for its products from the oil and gas industry. The
company's debt/EBITDA ratio (Moody's adjusted) declined to 1.2x by
the end of 2023 pro forma for the refinancing transaction from 6.8x
in the previous year, while Moody's adjusted EBITDA margin reached
18.8%, the highest level since the peak of the last oil & gas cycle
in 2014. At the same time the company generated a strong EUR500
million of Moody's Ratings defined free cash flow, progressing
quickly towards its target to achieve zero net debt (company
defined net debt stood at EUR570 million by end of 2023 down from
EUR1,130 million at the end of 2022).

LIQUIDTY

Vallourec's liquidity is good, with around EUR520 million cash on
balance and access to a fully undrawn EUR550 million revolving
credit facility (RCF) by the end of December 2023, pro forma after
the envisaged refinancing transaction. Furthermore, the company
also expects to increase its ABL facility from $210 million to $350
million (EUR324 million). In 2024 Moody's estimate operating cash
flow (excl. restructuring) of EUR550 million – EUR650 million
will cover sizeable cash outs to the restructuring plan of
EUR200-250 million, moderate working capital build up, and capex of
around EUR200 million.

ESG

Moody's Ratings considered governance as key driver for the rating.
Vallourec publicly committed that it will not distribute any cash
to shareholders until it makes substantial progress towards it's
zero net debt target. However, the new management team has only a
limited track record of turning the company around since the
default and restructuring process in 2020-2022, and the new
operating model and financial policy was not tested during an
industry downcycle. Additionally, Vallourec generates the majority
of its revenue from customers in the oil and gas industry, which
face carbon transition risk exposure and related demographic and
societal risk exposure because of pressure to reduce Co2
emissions.

STRUCTURAL CONSIDERATIONS

Moody's rate the backed senior unsecured $820 million bond maturing
in 2032 in line with the CFR at Ba2 and rank it with the EUR550
million RCF maturing in 2029, because the RCF only benefits from
relatively weak security package consisting of share pledges of
some subsidiaries, security over material bank accounts and
structural intercompany loan of the Borrower, a first lien on
non-priority US ABL collateral and a second lien on US ABL priority
collateral (notably receivables and inventory at certain US
subsidiaries). However, in case the credit quality of Vallourec
were to deteriorate materially, Moody's Ratings might considers to
notch the bond down. The US ABL Facility, notably secured by
receivables and inventory, and the Brazilian export financing
instruments issued by operating subsidiaries in Brazil and could
have better recovery rates in a restructuring scenario than the
backed senior unsecured notes and RCF. However, the amounts are not
sufficient to warrant a notching between the instruments, and the
US ABL facility is likely to be self-liquidating in a distress
scenario.

OUTLOOK

The positive outlook reflects Moody's expectation that Vallourec
will reach its zero net debt target by 2025 and be able to improve
its structural cost position. Moody's Ratings also expects the
company to build further track record of operating under its new
business model and to reduce outstanding gross debt.

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

Moody's Ratings could upgrade Vallourec's rating if the company
builds a successful track record of structurally improved
profitability under the new operating model. Additional
considerations that would support a higher rating include the
company's ability to (1) reach and sustain a zero net debt
position; (2) maintain leverage at below 3.0x debt/EBITDA and
improve EBITDA/interest expense ratio towards 7.0x and (3) maintain
ample liquidity and meaningful free cash flow generation at all
times.

Moody's Ratings could downgrade Vallourec's rating if: (1) its new
business model fails to structurally improve profitability at times
of lower end market demand and pricing; (2) its debt/EBITDA rises
above 3.5x times; (3) EBITDA/interest expense is sustained below 5x
or (4) a deterioration of its liquidity or meaningful negative free
cash flows.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Oilfield
Services published in January 2023.

COMPANY PROFILE

Vallourec is leading providers of premium tubular solutions,
serving the oil & gas, petrochemical, industrial, power generation,
new energies and other markets and generated about EUR5.1 billion
revenue in 2023. The company is publicly listed with a market cap
of about EUR4.7 billion on April 8, 2024.



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G E R M A N Y
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REVOCAR 2024-1: S&P Assigns BB+ (sf) Rating to Cl. D-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to RevoCar
2024-1 UG (haftungsbeschraenkt)'s asset-backed floating-rate class
A, B-Dfrd, C-Dfrd, and D-Dfrd notes. At closing, RevoCar 2024-1
also issued unrated class E-Dfrd notes.

The pool in RevoCar 2024-1 comprises German auto loan receivables
that Bank11 fur Privatkunden und Handel GmbH (Bank11) originated
and granted to private (94.4%) and commercial customers (5.6%) for
the purchase of used (65.6%) and new vehicles (34.4%), primarily
cars. The portfolio also includes 3.0% of loans for motorbikes and
leisure vehicles. This transaction is Bank11's fourteenth German
public ABS securitization.

According to the transaction's terms and conditions, interest can
be deferred on the class B-Dfrd to E-Dfrd notes if their respective
undercollateralization levels exceed a certain threshold.
Furthermore, there is no compensation mechanism in place that would
accrue interest on deferred interest, and all previously deferred
interest will not be due immediately when the class becomes the
most senior.

S&P said, "Considering the abovementioned factors, we have assigned
ratings that address the ultimate payment of interest and principal
on the class B-Dfrd, C-Dfrd, and D-Dfrd notes. Our rating on the
class A notes instead addresses the timely payment of interest and
ultimate payment of principal.

"Our ratings reflect our analysis of the transaction's payment
structure, its exposure to counterparty and operational risks, and
the results of our cash flow analysis to assess whether the rated
notes would be repaid under stress scenarios."

A liquidity reserve provides liquidity support to senior fees, swap
costs, and interest on the class A notes in the case of any
shortfalls.

The transaction features a combined waterfall. The notes amortize
pro rata unless a sequential amortization event occurs. From that
moment, the transaction will switch permanently to sequential
amortization.

The assets pay a monthly fixed interest rate, and the notes pay
one-month Euro Interbank Offered Rate plus a class-specific margin
subject to a floor of zero. Consequently, the rated notes benefit
from an interest rate swap until the legal final maturity date.

S&P's sovereign, counterparty, and operational risk criteria do not
constrain the assigned ratings.

RevoCar 2024-1 issued unrated class E-Dfrd subordinated notes. The
notes provide credit enhancement to the class A to D-Dfrd notes,
given that the tranche ranks below the other classes for the
payment of principal.

The pool comprises auto loans with equal fixed installments during
the contract's life ("EvoClassic"), and auto loans with equal fixed
installments during the contract's life with a balloon payment at
the end ("EvoSmart"). Of the pool, 70% of the principal balance are
EvoSmart contracts.

  Ratings

  CLASS        RATINGS     AMOUNT (MIL. EUR)

  A            AAA (sf)       586.3

  B-Dfrd       A (sf)          32.5

  C-Dfrd       BBB+ (sf)       14.3

  D-Dfrd       BB+ (sf)        10.4

  E-Dfrd       NR               6.5

  NR--Not rated.


VEONET LENSE: Moody's Affirms 'B3' CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings has affirmed Veonet Lense GmbH's (veonet or the
company) B3 corporate family rating and its B3-PD probability of
default rating. Concurrently, Moody's Ratings downgraded to B3 from
B2 the instrument rating of the senior secured bank credit
facilities borrowed by Veonet Lense GmbH. These include the new
incremental add-on of EUR190 million equivalent, split in two
tranches in EUR and GBP. The outlook has been changed to positive
from stable.

RATINGS RATIONALE

The proceeds from the EUR190 million add-on will be used to repay
EUR94 million of the outstanding EUR208 million of second lien
debt, repay EUR54 million of revolving credit facility drawing as
well as deposit EUR40 million of cash on balance sheet.

The downgrade of the senior secured bank credit facilities  is
driven by the repayment of a large portion of second lien debt (a
subordinated class of debt which acts as a loss-absorption buffer)
with the issuance of first lien senior secured debt. This results
in the alignment of the rating for the senior secured bank credit
facilities - a dominant class of debt - with the corporate family
rating at B3.

The rating action reflects veonet's strong sales and EBITDA growth
over the last 24 months  driven by tariff increases particularly in
the UK, volumes increases across all geographies, continued ramp up
of greenfield sites as well as the smooth integration of bolt-on
acquisitions. This has resulted in improvement in key credit
metrics with Moody's Ratings-adjusted debt to EBITDA reducing from
8.6x in 2022 to 6.9x as of end December 2023.
Furthermore, veonet's free cash flow has transitioned into the
positive territory, amounting to approximately 2% of the Moody's
Ratings-adjusted debt in FY2023.

veonet's CFR remains supported by its good market positions in the
countries where it operates. The rating is also supported by the
company's good diversification across different regulatory regimes
in Europe; defensive demand drivers combined with positive
underlying trends that support volumes; high barriers to entry; and
relatively high profit margins.

At the same time, the company's rating is constrained by its
still-high leverage of 6.9x as of December 2023, down from 8.6x in
2022; the risk of debt-funded acquisitions given the company's M&A
history; the fragmented market structure; and the execution risks
attached to its growth plans.

Going forward, Moody's Ratings expects veonet to grow its revenues
in the high single-digit range over the next two to three years,
sustained by volume growth from the new openings and ramp-up of
greenfield sites, notably in the UK. The agency expects EBITDA
margin to continue to improve mainly thanks to revenue growth and
ramp-up of margin-accretive greenfield sites. Based on those
considerations, the agency forecasts that Moody's Ratings-adjusted
(gross) debt/EBITDA will decrease to below 6.5x by end 2025 driven
by EBITDA growth.

LIQUIDITY ANALYSIS

veonet's liquidity is adequate, supported by EUR80 million of cash
on balance sheet as of the end of January 2024 and pro forma the
contemplated transaction, a EUR150 million senior secured revolving
credit facility, a fully available EUR50 million senior secured
capital spending facility, EUR25 million of second lien capital
spending facility availability, and long-dated maturities with most
of the debt coming due in 2029. The company expects Moody's
Ratings-adjusted free cash flow generation to be breakeven in 2024
due to high investment in growth capital expenditures to open new
clinic sites in the UK. In 2025, Moody's Ratings expects FCF to
debt to be between 3% and 5%.

STRUCTURAL CONSIDERATIONS

Pro-forma for the add-on transaction, the senior secured EUR835
million term loan B, GBP312 million senior secured term loan B, the
EUR150 million senior secured RCF and the EUR50 million senior
secured capital spending facility raised by Veonet Lense GmbH are
rated B3, in line with the CFR. This reflects their pari passu
ranking in the capital structure and the presence of the collateral
package which is limited to shares, structural intercompany
receivables and material bank accounts. Guarantors represent a
minimum of 80% of the group's EBITDA. The company's debt structure
also includes second lien debt outstanding (EUR25 million second
lien capex and CHF90 million second lien notes). The B3-PD PDR, in
line with the CFR, reflects Moody's Ratings' assumption of a 50%
recovery rate as is customary for capital structures with bank debt
and a covenant-lite structure.

OUTLOOK

The positive outlook reflects the improving trajectory of the
company's key credit metrics over the next 12 to 18 months, driven
by the strong growth of its core business, with leverage expected
to reduce below 6.5x, FCF to debt to increase towards 5% and
interest cover ratio to improve above 2.0x in the next 12 to 18
months.

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

veonet's ratings could be upgraded if Moody's Ratings-adjusted
gross-debt to EBITDA decreases below 6.5x, Moody's Ratings-adjusted
FCF to debt improves above 5%, and Moody's Ratings-adjusted
interest cover improves above 2.0x, all on a sustained basis. An
upgrade would also be conditional on the company maintaining a
financial policy targeted at deleveraging with no shareholder
distributions.

The outlook could be changed to stable if the expected credit
metrics improvement does not materialize within the next 12 to 18
months.

Downward pressure on the ratings could arise if Moody's
Ratings-adjusted debt/EBITDA remains above 8.0x, Moody's
Ratings-adjusted interest cover weakens towards 1.0x, Moody's
Ratings-adjusted free cash flow turns negative for a prolonged
period, or if there is a deterioration in liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

veonet, headquartered in Munich, is a Pan-European ophthalmology
platform, operating around 275 clinics as of end 2023 across
Germany, the UK (SpaMedica acquired in 2020), the Netherlands
(EyeScan acquired in 2019), Switzerland (Vista acquired in 2019),
and Spain (Miranza acquired in 2022). The company focuses on
outpatient cataract and intravitreal injection (IVI) procedures.
veonet generated EUR819 million of net sales for the 12 months that
ended December 2023.



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I R E L A N D
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ARES EUROPEAN XVIII: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Ares European CLO
XVIII DAC's class X, A, B-1, B-2, C, D, E, and 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 switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 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 Global Ratings' weighted-average rating factor   2,900.15

  Default rate dispersion                                426.75

  Weighted-average life (years)                            4.59

  Obligor diversity measure                              145.48

  Industry diversity measure                              21.73

  Regional diversity measure                               1.22


  Transaction key metrics
                                                        CURRENT

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

  'CCC' category rated assets (%)                          0.00

  Target 'AAA' weighted-average recovery (%)              37.44

  Target weighted-average spread (net of floors; %)        4.21

  Target weighted-average coupon (%)                       4.09


Rating rationale

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.

"In our cash flow analysis, we used the EUR440 million target par
amount, the covenanted weighted-average spread (3.98%), the
covenanted weighted-average coupon (5.00%), the covenanted
weighted-average recovery rate (36.44%) at the 'AAA' rating level
and actual weighted-average recovery rates calculated in line with
our CLO criteria for all other rating levels. 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.

"Under our structured finance sovereign risk criteria, we consider
that 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.

Until the end of the reinvestment period on Oct. 15, 2028, the
collateral manager may substitute assets in the portfolio for so
long as S&P's 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 it
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, as long as the initial ratings
are maintained.

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

For the class F notes, the two notches of ratings uplift to 'B-'
from the model generated results of 'CCC', reflect several key
factors, including:

-- Credit enhancement comparison: The available credit enhancement
for this class of notes is in the same range as other CLOs that we
rate and that have recently been issued in Europe.

-- Portfolio characteristics: The portfolio's average credit
quality is like other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 27.20% (for a portfolio with a weighted-average
life of 4.59 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.59 years, which would result
in a target default rate of 14.23%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following its analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes that its assigned
ratings are commensurate with the available credit enhancement for
the class X, A, B-1, B-2, C, D, E, and F notes.

S&P said, "In addition to our standard analysis, to provide an
indication of 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
X, A, B-1, B-2, C, D, and E notes based on four hypothetical
scenarios.

"As our ratings analysis includes 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by Ares Management Ltd.

Environmental, social, and governance credit factors

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:
the production or trade of illegal drugs or narcotics, including
recreational cannabis; the development, production, maintenance of
weapons of mass destruction, including biological and chemical
weapons, anti-personnel land mines, cluster munitions, depleted
uranium, nuclear weapons, radiological weapons and white
phosphorus; manufacture or trade in pornographic materials or
content, or prostitution-related activities; payday lending; and
tobacco distribution or sale; electrical utility where carbon
intensity is high; sale or extraction of thermal coal or coal based
power generation, oil sands, fossil fuels from unconventional
sources; sale or production of civilian firearms. 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
                        AMOUNT                      CREDIT
  CLASS     RATING*   (MIL. EUR)   INTEREST RATE§  ENHANCEMENT
(%)

  X         AAA (sf)      2.75       3mE + 0.50%      N/A

  A         AAA (sf)    272.80       3mE + 1.47%      38.00

  B-1       AA (sf)      31.70       3mE + 2.25%      27.59

  B-2       AA (sf)      14.10       5.50%            27.59

  C         A (sf)       27.10       3mE + 2.65%      21.43

  D         BBB- (sf)    29.20       3mE + 4.00%      14.80

  E         BB- (sf)     20.90       3mE + 6.84%      10.05

  F         B- (sf)      14.50       3mE + 8.31%       6.75

  Sub       NR           33.15       N/A               N/A

*The ratings assigned to the class X, 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.

3mE--Three-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


CVC CORDATUS XXX: S&P Assigns B- (sf) Rating to Class F-2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to CVC Cordatus Loan
Fund XXX DAC's class A, B-1, B-2, C, D, E, F-1, and F-2 notes. At
closing, the issuer also issued unrated subordinated notes.

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                    2,850.78

  Default rate dispersion                                 466.46

  Weighted-average life (years)                             4.86

  Obligor diversity measure                                22.80

  Industry diversity measure                               20.38

  Regional diversity measure                                1.26


  Transaction key metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                           1.25

  Actual 'AAA' weighted-average recovery (%)               36.45

  Actual weighted-average spread (%)                        4.23

  Actual weighted-average coupon (%)                        4.88


Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately four and half years
after closing.

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.

"In our cash flow analysis, we used the EUR400 million target par
amount, the portfolio's covenanted weighted-average spread (4.23%),
covenanted weighted-average coupon (4.75%), and covenanted
weighted-average recovery rates at each rating level. 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.

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

Until the end of the reinvestment period on Nov. 15, 2028, the
collateral manager may substitute assets in the portfolio for so
long as S&P's 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 it
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, as long as the initial ratings
are maintained.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to E 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 assigned ratings on these classes
of notes.

"For the class F-2 notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes.

The ratings uplift for the class F-2 notes reflects several key
factors, including:

-- The class F-2 notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.50% (for a portfolio with a weighted-average
life of 4.86 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.74 years, which would result
in a target default rate of 15.07%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-2 notes is commensurate with the
assigned 'B- (sf)' rating.

-- Taking the above factors into account and following S&P's
analysis of the credit, cash flow, counterparty, operational, and
legal risks, it believes that its ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

S&P said, "In addition to our standard analysis, we have also
included the sensitivity of the ratings on the class A to F-1 notes
based on four hypothetical scenarios.

"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-2 notes."

Environmental, social, and governance factors

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:
production, distribution, marketing, or sale of controversial
weapons; tobacco production; pornography or prostitution-related
activities; and illegal drugs. 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, we have not made any specific adjustments in our rating
analysis to account for any ESG-related risks or opportunities."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management.

  Ratings list
                        AMOUNT                       CREDIT
  CLASS     RATING*   (MIL. EUR)   INTEREST RATE§  ENHANCEMENT
(%)

  A         AAA (sf)     248.00     3mE + 1.48%      38.00

  B-1       AA (sf)       27.00     3mE + 2.10%      27.50

  B-2       AA (sf)       15.00     5.50%            27.50

  C         A (sf)        22.80     3mE + 2.60%      21.80

  D         BBB- (sf)     29.20     3mE + 4.00%      14.50

  E         BB- (sf)      18.00     3mE + 6.79%      10.00

  F-1       B+ (sf)        5.00     3mE + 8.00%       8.75

  F-2       B- (sf)        9.00     3mE + 8.23%       6.50

  Sub notes    NR         29.50     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, F-1, and F-2 notes address ultimate
interest and principal payments. §The payment frequency switches
to semiannual and the index switches to 6mE when a frequency switch
event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


CVC CORDATUS XXXI: S&P Assigns Prelim B- (sf) Rating to F-2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to CVC
Cordatus Loan Fund XXXI DAC's class A, B-1, B-2, C, D, E, F-1, and
F-2 notes. At closing, the issuer will also issue unrated
subordinated notes.

This transaction includes the presence of "make-whole" payments on
the class A notes. If the class A notes are redeemed prior to June
15, 2026, and the holders of such notes receive par plus any
accrued interest up to the redemption date, they will also receive
a class A make-whole payment amount. This effectively compensates
for interest which is foregone as a result of the class A notes'
early redemption. For the avoidance of doubt, our ratings do not
address the payment of such make-whole amounts.

The preliminary 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 S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks
                                                        CURRENT

  S&P weighted-average rating factor                   2,849.20

  Default rate dispersion                                489.11

  Weighted-average life (years)                            4.84

  Obligor diversity measure                              135.82

  Industry diversity measure                              21.90

  Regional diversity measure                               1.24


  Transaction key metrics
                                                        CURRENT

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

  'CCC' category rated assets (%)                          0.68

  Actual 'AAA' weighted-average recovery (%)              35.59

  Actual weighted-average spread (%)                       4.23

  Actual weighted-average coupon (%)                       4.82


Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately four and half years
after closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted our credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR440 million
target par amount, the portfolio's covenanted weighted-average
spread (4.10%), covenanted weighted-average coupon (4.50%), and
covenanted weighted-average recovery rates at each rating level. 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.

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

"Until the end of the reinvestment period on Dec. 15, 2028, 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 it 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, as long as the initial ratings
are maintained.

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

"At closing, we expect that the transaction's legal structure and
framework will be bankruptcy remote, in line with our legal
criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for all
classes of notes. Our credit and cash flow analysis indicates that
the available credit enhancement for the class B-1 to E 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 assigned preliminary
ratings.

"For the class F-2 notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes.

The ratings uplift for the class F-2 notes reflects several key
factors, including:

-- The class F-2 notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.67% (for a portfolio with a weighted-average
life of 4.84 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.84 years, which would result
in a target default rate of 15.00%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-2 notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that our preliminary ratings are
commensurate with the available credit enhancement for all the
rated classes of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the preliminary ratings on the class A
to F-1 notes based on four hypothetical scenarios.

"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-2 notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management Ltd.

Environmental, social, and governance factors

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:
manufacture or, marketing of controversial weapons; tobacco
production; any borrower which derives more than 10 per cent of its
revenue from the mining of thermal coal; any borrower which is an
oil and gas producer which derives less than 40 per cent of its
revenue from natural gas or renewables. 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, we have not made any specific adjustments in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings list

            PRELIM      AMOUNT                     CREDIT
  CLASS     RATING*   (MIL. EUR)  INTEREST RATE§   ENHANCEMENT
(%)

  A         AAA (sf)     268.40     3mE + 1.47%     39.00

  B-1       AA (sf)       45.00     3mE + 2.10%     26.50

  B-2       AA (sf)       10.00     5.70%           26.50

  C         A (sf)        24.20     3mE + 2.65%     21.00

  D         BBB- (sf)     30.80     3mE + 3.75%     14.00

  E         BB- (sf)      17.60     3mE + 6.79%     10.00

  F-1       B+ (sf)        5.50     3mE + 8.00%      8.75

  F-2       B- (sf)        8.80     3mE + 8.31%      6.75

  Sub notes   NR          34.00     N/A              N/A

*The preliminary ratings assigned to the class A, B-1, and B-2
notes address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, F-1, and F-2
notes address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


MAN GLG VI: Moody's Cuts Rating on EUR8.54MM Class F Notes to B3
----------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following notes
issued by MAN GLG Euro CLO VI Designated Activity Company:

EUR8,540,000 Class F Deferrable Junior Floating Rate Notes due
2032, Downgraded to B3 (sf); previously on Sep 14, 2022 Upgraded to
B2 (sf)

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

EUR217,000,000 (Current outstanding amount EUR200,457,546) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 14, 2022 Affirmed Aaa (sf)

EUR33,235,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa1 (sf); previously on Sep 14, 2022 Upgraded to Aa1
(sf)

EUR5,265,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa1 (sf); previously on Sep 14, 2022 Upgraded to Aa1 (sf)

EUR20,125,000 Class C Deferrable Mezzanine Floating Rate Notes due
2032, Affirmed A1 (sf); previously on Sep 14, 2022 Upgraded to A1
(sf)

EUR23,625,000 Class D Deferrable Mezzanine Floating Rate Notes due
2032, Affirmed Baa3 (sf); previously on Sep 14, 2022 Affirmed Baa3
(sf)

EUR17,710,000 Class E Deferrable Junior Floating Rate Notes due
2032, Affirmed Ba3 (sf); previously on Sep 14, 2022 Affirmed Ba3
(sf)

MAN GLG Euro CLO VI Designated Activity Company, issued in March
2020, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by GLG Partners LP. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The rating downgrade on the Class F Notes is primarily a result of
the deterioration in the credit quality of the underlying
collateral pool and the deterioration in over-collateralisation
ratios since the payment date in April 2023.

The affirmations on the ratings on the Class A, B-1, B-2, C, D and
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 credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated March 2024,
the WARF was 2912 [1], compared with 2833 [2] in the April 2023
report. Securities with ratings of Caa1 or lower currently make up
approximately 3.5% of the underlying portfolio, versus 2.4% in
April 2023.

The over-collateralisation ratios of Class E and Class F Notes have
deteriorated over the last year. According to the trustee report
dated March 2024, the Class E and Class F OC ratios are reported at
109.75% and 106.72% [1] compared to April 2023 levels of 110.54%
and 107.64% [2], respectively.

Key model inputs:

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: EUR329.74M

Defaulted Securities: none

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2987

Weighted Average Life (WAL): 3.73 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.70%

Weighted Average Coupon (WAC): 4.55%

Weighted Average Recovery Rate (WARR): 43.15%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's 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 the 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.

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.

RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes
--------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by Retiro Mortgage Securities DAC:

-- Class A2 notes upgraded to A (sf) from BBB (high) (sf) with
Stable trend

-- Class B notes upgraded to BBB (sf) from BB (high) (sf) with
Stable trend

-- Class C notes confirmed at BB (low) (sf) with Negative trend

The credit rating on the Class A2 notes addresses the timely
payment of interest and the ultimate repayment of principal by the
final maturity date. The credit ratings on the Class B and Class C
notes address the ultimate payment of interest and principal. DBRS
Morningstar does not rate the Class D or Class E notes (together
with the rated notes, the notes) also issued in this transaction.
The credit rating on the Class A1 notes was discontinued-repaid on
February 12, 2024, following the full redemption of the notes.

The notes are collateralized by a portfolio of nonperforming loans
(NPLs) and real estate owned (REO) assets. As of November 2020, the
balance of the loans was EUR 678.4 million. NPLs represented the
vast majority of the portfolio by balance (91.9%), while REOs
represented more than half of the portfolio by property valuation.
As of December 2023, the balance of the loans was EUR 244.6
million, and aggregate REO valuation amounted to EUR 159.2 million.
The portfolio resulted from the aggregation of four subportfolios
(Wind, Tag, Normandia, and Tambo) acquired over time by OCM
Luxembourg OPPS X S.a r.l., which operates as the sponsor and
retention holder in this transaction. Redwood MS Limited (Redwood)
and VicAsset Holdings, LLC (VicAsset) act as the master servicers
in this transaction.

CREDIT RATING RATIONALE

The credit rating actions follow a review of the transaction and
are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of 31 December 2023, focusing on (1) a comparison between actual
collections and the master servicers' initial business plan
forecast; (2) the collection performance observed over recent
months; (3) a comparison between the current performance and
Morningstar DBRS' expectations; and (4) the amortization of the
rated notes.

-- Portfolio characteristics: Portfolio composition as of December
2023 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class A2 notes began to amortize following the full repayment of
the Class A1 notes; the Class B notes will begin to amortize
following the full repayment of the Class A2 notes unless an
enforcement notice has been delivered; and the Class C notes will
begin to amortize following the full repayment of the Class B
notes). Moreover, interest on the Class B notes is fully
subordinated to the repayment of both interest (including Class A
additional note payments) and principal on the Class A notes, and
interest payments on the Class C notes are subordinated to the
repayment of both interest (including Class B additional note
payments) and principal on the Class B notes.

-- Liquidity support: The transaction benefits from an amortizing
liquidity reserve fund available to mitigate temporary collection
shortfalls on the payment of senior costs and interest on the Class
A notes, and from separate Non-amortizing Class B and Class C
reserve funds providing liquidity support to the respective classes
of notes. The liquidity reserve fund target amount is equal to 5.0%
of the Class A notes' principal outstanding balance and was fully
funded as of the January 2024 payment date.

-- The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

According to the latest investor report from January 2024, the
outstanding principal amounts of the Class A2, Class B, Class C,
Class D, and Class E notes were EUR 71.6 million, EUR 34.0 million,
EUR 15.0 million, EUR 30.0 million, and EUR 54.0 million,
respectively. As of the January 2024 payment date, the Class A1 had
fully amortized while the Class A2 notes had amortized by
approximately 7.1% since issuance. The current aggregated
transaction balance was EUR 204.6 million.

As of December 2023, the transaction was performing below the
master servicers' business plan expectations. The actual cumulative
collections (before servicing fees and corporate costs) equaled EUR
295.0 million whereas the master servicers' initial business plan
estimated cumulative collections (before servicing fees and
corporate costs) of EUR 436.3 million for the same period.
Therefore, as of December 2023, the transaction was underperforming
by EUR 141.3 million (-32.4%) compared with the initial business
plan expectations. The underperformance relates to the Normandia
and Tambo subportfolios.

At issuance, DBRS Morningstar estimated cumulative collections
(before servicing fees and corporate costs) for the same period of
EUR 173.4 million at the A (sf) stressed scenario, EUR 186.7
million at the BBB (high) (sf) stressed scenario, EUR 211.2 million
at the BB (high) (sf) stressed scenario, and EUR 224.8 million at
the BB (low) (sf) stressed scenario. Therefore, as of December
2023, the transaction was overperforming compared with Morningstar
DBRS' initial stressed expectations.

Without including actual collections, the master servicers'
expected collections (before servicing fees and corporate costs)
from January 2024 are EUR 208.1 million. The updated Morningstar
DBRS A (sf), BBB (sf), and BB (low) (sf) rating stresses assume
haircuts of 38.8%, 34.2%, and 27.3% to the master servicers'
executed business plans, respectively, considering future expected
collections (before servicing fees and corporate costs).

Considering the increased subordination, the Class A2 Notes may
pass higher credit rating stress scenarios; however, Morningstar
DBRS believes that higher credit ratings would not be commensurate
with the risk of the transaction considering the underperformance,
potential higher variability of NPLs' cash flows and the exposure
to the transaction account bank and downgrade provisions outlined
in the transaction documents.

The final maturity date of the transaction is in July 2075.

Morningstar DBRS' credit rating on the rated notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
Interest Payment Amounts (excluding any additional note payments
accrued from April 2024) and the related Class Balances.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, on this transaction, Morningstar DBRS'
ratings do not address the payment of any additional note payments
accrued from April 2024.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.



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

SUNRISE SPV 95: DBRS Finalizes BB(high) Rating on E Notes
---------------------------------------------------------
DBRS Ratings GmbH finalized provisional credit ratings on the
following classes of notes (collectively, the Rated Notes) issued
by Sunrise SPV 95 S.r.l. - Sunrise 2024-1 (the Issuer):

-- Class A1 Notes at AA (high) (sf)
-- Class A2 Notes at AA (high) (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)

Morningstar DBRS did not rate the Class M Notes (together with the
Rated Notes, the Notes) also issued in the transaction.

The credit ratings of the Class A1, Class A2 (collectively, the
Class A Notes) and Class B Notes address the timely payment of
scheduled interest and the ultimate repayment of principal on or
before the legal final maturity date. The credit ratings of the
Class C, Class D and Class E Notes address the ultimate payment of
interest but the timely payment of scheduled interest when they
become the senior-most tranche and the ultimate repayment of
principal on or before the legal final maturity date.

The transaction is a securitization of fixed-rate consumer, auto,
and other-purpose loans granted by Agos Ducato S.p.A. (the
originator and servicer) to private individuals residing in Italy.

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued.

-- The credit quality and the diversification of the collateral
portfolio, its historical performance, and the projected
performance under various stress scenarios.

-- The operational risk review of Agos Ducato S.p.A.'s
capabilities with regard to originations, underwriting, and
servicing;

-- The transaction parties' financial strength with regard to
their respective roles.

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal Criteria for European Structured Finance Transactions"
and "Derivative Criteria for European Structured Finance
Transactions" methodologies.

-- The Morningstar DBRS sovereign credit ratings on the Republic
of Italy, currently at BBB (high) with a Stable trend.

TRANSACTION STRUCTURE

The transaction includes a 15-month scheduled revolving period.
During the revolving period, the originator may offer additional
receivables that the Issuer will purchase, provided that the
eligibility criteria and concentration limits set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur such as the
originator's insolvency, the servicer's replacement, or the breach
of performance triggers.

The transaction allocates collections in separate interest and
principal priorities of payments and benefits from non-amortizing
EUR 16,177,976 payment interruption risk reserve (equal to 1.25% of
initial loan principal balances) and non-amortizing EUR 6,471,191
cash reserve (equal to 0.5% of initial loan principal balances) at
closing. Both reserves were initially funded with the notes
issuance proceeds and can be used to cover senior expenses and
interest payments on the Rated Notes. The cash reserve can also be
used to replenish the payment interruption risk reserve and offset
defaulted receivables. Principal funds can also be reallocated to
cover senior expenses and interest payments on the Rated Notes if
the interest collections and both reserves are not sufficient.

The transaction also benefits from a non-amortizing rata
posticipata reserve to supplement interest amounts that borrowers
do not make during payment holidays. This reserve will be funded
through the transaction interest waterfalls if specific thresholds
are breached and will be released when the threshold breach is
cured.

At the end of the revolving period, the Notes will be repaid on a
fully sequential basis.

The interest rate risk for the transaction is considered limited as
an interest rate swap is in place to reduce the interest rate
mismatch between the fixed-rate collateral and the Class A Notes.

TRANSACTION COUNTERPARTIES

Crédit Agricole Corporate and Investment Bank (CA-CIB), Milan
Branch is the account bank for the transaction. Morningstar DBRS
has a private credit rating on CA-CIB, which meets the criteria to
act in such capacity. The transaction documents contain downgrade
provisions consistent with Morningstar DBRS' criteria.

CA-CIB is also the initial swap counterparty for the transaction.
Morningstar DBRS' private rating on CA-CIB meets the criteria to
act in such capacity. The transaction documents contain downgrade
provisions consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

As the originator has a long operating history of consumer and auto
loan lending in Italy, Morningstar DBRS considers the performance
data to be meaningful for detailed, vintage analysis. Morningstar
DBRS elected to maintain its assumption of a lifetime expected
gross default at 5% and expected recovery at 10.8%.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the Initial Principal Amount Outstanding.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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

ARVOS HOLDCO: S&P Assigns 'B-' LT ICR After Debt Restructuring
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Arvos HoldCo S.a.r.l. S&P also assigned its 'B-' issue rating
and '3' recovery rating to the EUR175 million first-lien term loan
B (TLB) at Arvos Bidco S.a.r.l., part of the operating group. S&P
assigned its 'CCC' issue rating and '6' recovery rating to the
EUR30 million loan issued by Arvos Holding S.a.r.l., holding
company.

S&P withdrew its 'D' (default) ratings on Arvos LuxCo S.a.r.l.,
following the completion of the transaction.

The stable outlook reflects S&P's view that Arvos will maintain
leverage below 5.0x and funds from operations (FFO) cash interest
above 2.0x at all times, and generate stable profitability and
positive FOCF. It is likely that liquidity will be sufficient to
support operations for at least the next 12 months.

Arvos completed a comprehensive recapitalization that improved its
debt maturity profile, reduced its cash interest burden, and
improved liquidity with no significant near-term maturities.The new
capital structure comprises about EUR205 million of first-lien TLB
debt at the operating company level, of which EUR30 million has
been instantly prerepaid with funds provided by Triton Fund IV.
Triton has provided EUR40 million of liquidity, of which EUR30
million has been used to prerepay TLB at the operating level and
EUR10 million consumed to cover the transaction fees for the
restructuring procedures. Overall transaction fees are expected to
be about EUR12.5 million. The rest of the fees are going to be paid
out from the cash flow of the company. As part of the new capital
structure, the company will also reinstate its revolving credit
facility (RCF) of EUR28 million, and ancillary facility of EUR112
million due in May 2027. Arvos will pay an interest rate of 5.5%
plus EURIBOR for euro-denominated tranche and SOFR for the
dollar-denominated tranche in cash for the TLB at the operating
level. About EUR30 million of second-lien debt at holding company
level is due in December 2027. Second-lien debt at the holding
company level will see Arvos pay interest at a rate of 0.5% in
cash.

S&P said, "Since the company significantly reduced its debt quantum
under the new capital structure, we see a reduced cash interest
burden in the future. We also reflect this in our improved estimate
of FFO cash interest coverage of about 2.0x in 2025 and about 4.0x
in 2026, compared with below 1.5x in 2024 and 2023 before the
restructuring. We consider that the group's liquidity position is
adequate despite fully drawn RCF. This is thanks to the new money
that Triton brought in, and the extension of the debt facilities
under the new capital structure, with no significant maturities
until May 2027. We also recognize relatively low capital intensity,
with capex to sales of about 2% in the next three years on average
and some working capital inflows in the next 12 months."

The restructuring reduced Arvos' leverage substantially but
financial owner sponsorship weighs on the rating. Overall, Arvos'
reported debt will almost half to EUR224 million at the end of 2025
under the new capital structure, from about EUR468 million before
the restructuring at the end of 2024. Adjusted debt should decline
to about EUR258 million at the end of 2025, from EUR502 million at
the end of 2024. S&P said, "At the same time, we expect EBITDA
generation to remain stable for the next two years, resulting in
leverage of about 4.7x in 2024 and 4.1x in 2025. This compares to
debt to EBITDA of about 12.7x in 2023 and 9.0x in 2024. Despite
lower leverage, Arvos is still majority owned by a financial
sponsor. We also expect Arvos' FOCF generation to remain broadly
neutral in 2024 and turn positive in 2025."

S&P said, "The stable outlook reflects our view that Arvos will
maintain leverage below 5.0x and FFO cash interest of approximately
2.0x at all times, and generate stable profitability and positive
FOCF. We also incorporate that liquidity will be sufficient to
support operations for at least the next 12 months.

"We could lower our ratings on Arvos if we thought that performance
was deviating below our expectations, with contracting
profitability and negative FOCF, and increasing risk deteriorating
liquidity. This could occur, for example, if the business weakens
more than we anticipate on the back of lower order intake or more
difficult pricing conditions. The downside scenario could also
materialize if its FFO cash interest coverage ratio would fall
below 1.5x.

"We could consider taking a positive rating action if Arvos'
business becomes more predictable and the company generates
consistent positive free cash flow, with maintaining debt to EBITDA
of comfortably below 5.0x. Such a scenario could materialize
through a material equity injection reducing gross debt and
significantly stronger EBITDA. We view a positive rating action as
unlikely over the near term given the financial sponsor ownership.

"Environmental factors are a negative consideration in our credit
rating analysis of Arvos. The company operates through LJU and SCS.
A big share of the LIU division is exposed to the thermal power
sector (coal-fired power plants), which poses increasing
environmental risk exposure on the back of changing regulation and
a need to adjust Arvos' business model. The SCS division is exposed
to such end markets as petrochemical, chemical, and metallurgical,
which also face notable energy transition risks. Overall, we
estimate that about 40% of the company's revenue is from
coal-related activities and about 60% is from energy-intense end
markets. Arvos is increasing its efforts to reshape its business
model by investing in more sustainable areas, such as renewables
and carbon dioxide capture technology. This transition would
require a long-term commitment, while balancing investments and
liquidity. Governance is a moderately negative consideration. "Our
assessment of the company'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 their generally finite holding periods and a focus on
maximizing shareholder returns."


BL CONSUMER: DBRS Finalizes CCC Rating on 2 Note Classes
--------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following classes of notes issued by BL Consumer Issuance Platform
II S.a r.l., acting in respect of its Compartment BL Consumer
Credit 2024 (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (high) (sf)
-- Class X1 Notes at CCC (sf)
-- Class X2 Notes at CCC (sf)

Morningstar DBRS also assigned a credit rating of CCC (sf) to the
Class G Notes (together with the above Notes, the Notes).

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The credit ratings of
the Class C, Class D, Class E, Class F and Class G Notes address
the ultimate payment of scheduled interest while subordinated, then
timely payment of scheduled interest as the most-senior class of
notes outstanding, and the ultimate repayment of principal by the
legal final maturity date. The credit ratings of Class X1 and Class
X2 Notes address the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

The transaction is a securitization of revolving loans with some
fixed-rate instalment loans granted to individual residents in
Belgium and Luxembourg and serviced by Buy Way Personal Finance
(Buy Way).

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Notes are issued.

-- The credit quality and the diversification of the collateral
portfolio, its historical performance and the projected performance
under various stress scenarios.

-- The operational risk review of Buy Way´s capabilities with
regard to originations, underwriting, and servicing;

-- The transaction parties' financial strength with regard to
their respective roles.

-- The consistency of the transaction's structure with Morningstar
DBRS "Legal Criteria for European Structured Finance Transactions"
and "Derivative Criteria for European Structured Finance
Transactions" methodologies.

-- The Morningstar DBRS sovereign credit ratings of the Kingdom of
Belgium at AA with a Stable trend and of the Grand Duchy of
Luxembourg at AAA with a Stable trend.

TRANSACTION STRUCTURE

The transaction has a relatively long scheduled revolving period of
36 months with separate interest and principal waterfalls for the
available distribution amount. During this period, additional
receivables may be purchased by the Issuer, provided that the
eligibility criteria and portfolio conditions set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers or servicer or seller termination.

The interest priority of payments incorporates a principal
deficiency ledger (PDL) for each class of Notes (except for the
Class X1 and Class X2 Notes) where available funds may be used to
cure the class-specific PDLs sequentially. The remaining available
funds in the interest waterfalls can be used to redeem the Class X1
Notes immediately after closing in 18 scheduled equal instalments
or more until fully redemption or the end of the revolving period.
The redemption of the Class X2 Notes will only commence after the
full redemption of the Class X1 Notes. After the revolving period,
the Notes will amortize sequentially with payments of the Class X1
and Class X2 Notes ranking senior to the amortization of Class G
Notes.

The transaction includes a reserve with a target amount of 1.3% of
the outstanding balance of the Class A, Class B and Class C Notes
that is available to cover any shortfalls in senior expenses,
senior hedging payments (only applicable during the amortization
period if the Notes are not fully redeemed on the first optional
redemption date ) and interest payments on the Class A, Class B and
Class C Notes (subject to the most senior class status and/or the
PDL condition). There is also a spread account (with zero balance
at closing) to trap excess spread if it falls below 4%.

The transaction has an interest rate cap to mitigate the interest
rate mismatch risk between the collateral and the floating-rate
Notes. The cap arrangement has a fixed notional amount during the
three-year scheduled revolving period followed by a pre-determined
schedule during the amortization period after the first optional
redemption date and will terminate on the earlier of 25 February
2032 or if the Issuer fails to pay the monthly cap running premium
during the amortization period.

TRANSACTION COUNTERPARTIES

Citibank Europe plc, Luxembourg Branch, is the Issuer's account
bank. Morningstar DBRS has an issuer rating of AA (low) on Citibank
Europe plc, which meets the criteria to act in such capacity. The
transaction documents contain downgrade provisions consistent with
Morningstar DBRS' criteria.

Citibank Europe plc is also the interest rate hedge counterparty
for the transaction, which meets the criteria to act in such
capacity. The transaction documents contain downgrade provisions
largely consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

The monthly principal payment rates (MPPRs) for the revolving loan
portfolio have been largely stable since 2016 and averaged 9.5%
over the past 12 months. Morningstar DBRS also notes that the
zeroing legislation applicable to Belgian revolving loans
prescribes a minimum payment under which the due balance of a
revolving loan must reach zero after up to 96 months. Based on the
historical data, Morningstar DBRS revised the expected MPPR for the
revolving loans to 8% from 6.5%.

The yield of the revolving loan portfolio has been heavily
influenced by the Belgian usury rate, as Buy Way has historically
set the Belgian revolving loan interest rate at the legal maximum
for both new and existing accounts. Morningstar DBRS notes the
portfolio yield reached 11.4% as of June 2023 after the Belgian
usury rates increased by 2% and 1.5% in December 2022 and June
2023, respectively. There was a further usury rate increase of 1%
in December 2023, which is not yet fully reflected in the reported
portfolio yield. Based on the historical data and the recent
successive usury rate increases, Morningstar DBRS revised the
expected yield for the revolving loans to 12% from 11.6%.

The reported historical charge-off rates for the revolving credit
portfolio were relatively stable until Q2 2021 when charge-off
levels started to increase steadily due to higher costs of living
and inflationary pressures. However, the charge-off rates started
declining beginning January 2023 as a result of tighter
underwriting criteria, reduced inflation and a large one-time
automatic salary indexation applicable to most private firms in
Belgium. Based on the historical data and recent underwriting
trends, Morningstar DBRS maintained the expected charge-off rate
for the revolving loans at 4.4%.

The instalment loans include personal loans and point-of-sale
finance loans and could represent up to 30% of the securitized
receivables. Considering this significant concentration limit,
Morningstar DBRS derived static default assumptions separate from
dynamic asset assumptions used for the revolving loans.

The overall default levels of instalment loans have been worsening
year over year but an improvement is expected to occur as the
online origination of personals loans, which currently account for
most instalment loans, was ceased in June 2022 and Buy Way has
tightened its granting policy since Q4 2022. Based on the
historical performance and origination trends, Morningstar DBRS
maintained the expected lifetime default for the instalment loans
at 7%.

Beginning in 2018, most defaulted loans are sold through a forward
flow agreement, which is the main source of recoveries. Morningstar
DBRS revised the expected recovery rate to 40% from 25%, which is
comparable with French consumer loan portfolios with similar
prescriptive legislations for recovery processes.

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Notes are the related
Interest Amount and the Initial Principal Amount.

Morningstar DBRS' credit ratings on the Notes also addresses the
credit risk associated with the increased rate of interest
applicable to the Notes if the Notes are not redeemed on the first
optional redemption date as defined in and in accordance with the
transaction documents.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.



===============
P O R T U G A L
===============

LUSITANO MORTGAGES NO. 5: S&P Affirms 'B(sf)' Rating on Cl. D Notes
-------------------------------------------------------------------
S&P Global Ratings raised its credit rating on Lusitano Mortgages
No. 5 PLC's class C notes to 'A (sf)' from 'BBB (sf)'. At the same
time, S&P affirmed its 'AAA (sf)' ratings on the class A and B
notes, and its 'B (sf)' rating on the class D notes.

The rating actions follow the application of S&P's relevant
criteria. They reflect its full analysis of the most recent
information that S&P has received and the transaction's current
structural features.

S&P said, "Under our global RMBS criteria, our weighted-average
foreclosure frequency (WAFF) assumptions have decreased. This
reflects the transaction's lower effective loan to value (LTV)
ratio, which has fallen to 68.62% from 70.8% since our last full
review in April 2021. In addition, our weighted-average loss
severity (WALS) assumptions remain in line with our previous
review--the assets' high seasoning continues to support a lower
indexed current LTV ratio."

  Credit analysis results

  RATING     WAFF (%)    WALS (%)   CREDIT COVERAGE (%)

  AAA        11.95       2.00        0.24

  AA          8.35       2.00        0.17

  A           6.52       2.00        0.13

  BBB         5.06       2.00        0.10

  BB          3.51       2.00        0.07

  B           2.43       2.00        0.05

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

Arrears, currently at 2.60% of the outstanding collateral balance,
remain stable. The notes have been amortizing on a pro rata basis
since the March 2021 interest payment date (IPD). Therefore, the
available credit enhancement for all classes of notes has increased
since our previous review due to the previous sequential
amortization.

S&P said, "Our operational, counterparty, and legal risk analyses
remain unchanged since our last review. These criteria do not cap
the assigned ratings.

"We affirmed our 'AAA (sf)' ratings on the class A and B notes. We
also consider the assigned ratings as delinked from the swap.

"Under our cash flow analysis, the class C notes could withstand
stresses at higher ratings than those currently assigned. However,
we limited our upgrade based on their overall credit enhancement,
their position in the waterfall, and the current macroeconomic
environment. We therefore raised to 'A (sf)' from 'BBB (sf)' our
rating on the class C notes. We also consider the assigned rating
as delinked from the swap.

"Under our cash flow analysis, the class D notes could not
withstand stresses at the rating currently assigned. However, we
have considered the collateral's good performance, the increased
credit enhancement since our last review, the fact that the reserve
fund is at its required level, and the principal borrowing
mechanism to pay interest on the notes. Moreover, since the March
2021 IPD, the transaction amortizes pro rata. Therefore, we
affirmed our 'B (sf)' rating on the notes.

"In our view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate, consumer price inflation, and
interest rates. Our current consumer price inflation forecast for
Portugal in 2024 is 3.5%, and our unemployment forecasts for 2024
and 2025 are 6.7% and 6.5%.

"Furthermore, a decline in house prices typically affects the level
of realized recoveries. For Portugal we expect them to increase by
0.3% in 2024 and by 2% in 2025.

"We therefore ran two additional scenarios with increased defaults
of 1.1x and 1.3x. The results of the above sensitivity analysis
indicate a deterioration of up to two notches on the class B notes,
which is in line with the credit stability considerations in our
ratings definitions. A general housing market downturn may delay
recoveries.

"We have also run extended recovery timings to understand the
transaction's sensitivity to liquidity risk. The results of these
scenarios do not indicate a deterioration on the notes.

The transaction manager issued a note on Dec. 22, 2023, explaining
that there was a miscalculation back in 2020 that affected the
classification of the class E payments, which is now being
resolved. This issue did not affect S&P's ratings as it does not
rate the class E notes.




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

LORCA FINCO: Moody's Rates New Senior Secured Term Loans 'Ba3'
--------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to Lorca Finco PLC and
Lorca Co-Borrower LLC's new EUR1,500 million equivalent senior
secured term loans (TLB). Lorca Finco PLC will issue the EUR TLB3
tranche and Lorca Co-Borrower LLC the USD TLB4 tranche. The outlook
on Lorca Co-Borrower LLC is positive. Lorca Finco PLC and Lorca
Co-Borrower LLC are subsidiaries of Lorca Holdco Limited
(MasOrange, Ba3 positive), the largest telecom operator in Spain by
number of subscribers. Other existing ratings at Lorca Holdco
Limited, Lorca Finco PLC, Lorca Telecom Bondco, S.A.U. and Kaixo
Bondco Telecom, S.A.U. remain unaffected by this rating
assignment.

Proceeds from the offering, alongside other secured debt with an
expected five year tenor to be incurred concurrently, and a EUR4.35
billion drawn TLA as well as EUR121 million cash on balance sheet,
will be used to refinance the drawn facilities that funded a EUR6.1
billion payment to MasOrange's shareholders at closing.

RATINGS RATIONALE

The Ba3 rating on the new TLB is in line with the existing rated
debt at Lorca Finco PLC, Lorca Telecom Bondco, S.A.U. and with
MasOrange's CFR of Ba3, given that all backed senior secured debt
ranks pari passu and benefits from the same security package, which
mainly consists of share pledges. The backed senior unsecured notes
at Kaixo Bondo Telecom, S.A.U. are rated B2, two notches below the
Ba3 CFR because of their contractual subordination to the secured
debt instruments.

The rating reflects: (1) MasOrange's large scale and position as a
fully converged fixed and mobile communications operator in Spain;
(2) the good quality of the joint venture's fixed and mobile
combined networks; (3) the moderate but reasonable cost and capital
expenditure synergies; (4) the strong track record of both
management teams in the execution of past acquisitions,
integrations and synergy achievements of existing businesses; (5)
the implicit support from Orange, the anchor shareholder with a 50%
stake, given its commitment to the Spanish market; and (6) a clear
financial policy and deleveraging strategy, with a contractual
limitation on dividend distributions and a public commitment to
achieve a net leverage ratio below 3.5x (as reported) compatible
with a successful IPO as soon as possible.

However, MasOrange's credit profile is constrained by: (1) its high
opening leverage (on a Moody's Ratings adjusted leverage basis) of
5.3x in 2024; (2) fierce competition in the Spanish telecom market;
(3) limited initial free cash flow (FCF) and interest coverage due
to relatively high capex and high interest payments; and (4) the
execution risks on the integration of a transformational
transaction for MasOrange, partially offset with the successful
integration track record of MasMovil and Orange in Spain.

While initial leverage is high, there is significant de-leveraging
potential from (1) EBITDA growth from 2024 onwards and some FCF
generation; (2) the presence of a TLA with mandatory annual debt
payments that will progressively reduce the debt load; (3) a
well-defined and strict dividend distribution policy, with a
maximum annual dividend distribution of EUR100 million; and (4) the
expectation of an IPO by year three after closing. Moody's Ratings
expects MasOrange to de-lever (Moody's Ratings adjusted leverage)
to around 4.6x in 2025 and 4.1x in 2026, supported by growing FCF
generation.

COVENANTS

Moody's Ratings has reviewed the marketing draft terms for the new
credit facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated in England
and Spain, and include all companies in those countries
representing 5% or more of consolidated EBITDA. Security will be
granted over all assets in England, over key shares, bank accounts
and receivables in Spain.

Unlimited pari-passu debt is permitted up to a senior secured net
leverage ratio of 4.50x, and unlimited unsecured debt is permitted
subject to the greater of 7.00x total net leverage and 2.00x fixed
charge coverage. Any restricted payments are permitted if total net
leverage is 3.75x or lower. Asset sale proceeds can be used for any
purpose, including restricted payments when total leverage is 4.00x
or less.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 25% of consolidated EBITDA
(including all possible synergies on an uncapped basis) and
believed to be realizable within 24 months of the relevant event.
The new TLB does not have the benefit of a financial covenant, but
the existing TLA has a 6.0x senior secured leverage covenant tested
quarterly.

The proposed terms, and the final terms may be materially
different.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on the rating reflects Moody's Ratings
expectation that the company will be committed to a deleveraging
path and reduce its Moody's Ratings-adjusted leverage towards 4.6x
by 2025 and to 4.1x by 2026, driven by steady operating performance
and debt repayments.

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

Upward rating could develop if the company delivers on its business
plan, improving its operating performance and revenue trends while
demonstrating a conservative financial policy driving a sustained
reduction in leverage, such that its Moody's Ratings-adjusted gross
debt/EBITDA trends towards 4.25x, and its FCF remains positive on a
sustained basis.

Downward pressure on the rating could emerge if Lorca's operating
performance deteriorates leading to weaker credit metrics, such as
Moody's Ratings-adjusted gross debt/EBITDA sustainably above 5.25x;
it conducts large debt-funded M&A or shareholder distributions that
make the company deviate from its leverage reduction path; or its
liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

COMPANY PROFILE

Lorca Holdco Limited is the parent company of MasOrange, the joint
venture between MasMovil Ibercom S.A.U. and Orange Espagne S.A.U.
The JV is the largest telecom operator in Spain by number of
subscribers. It offers fixed-line, mobile and broadband services to
residential and business customers in Spain, both services mostly
delivered with its own network. In 2023, the group reported pro
forma service revenue of EUR7.4 billion and adjusted EBITDA of
EUR2.6 billion.



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

BELRON GROUP: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded the long-term corporate family rating
to Ba1 from Ba2 and the probability of default rating to Ba1-PD
from Ba2-PD of Belron Group SA (Belron), a leading provider of
vehicle glass repair, replacement and recalibration services in
Europe, North America, and Australasia.

Concurrently, the rating agency has also upgraded to Ba1 from Ba2
the instrument ratings on all the currently outstanding backed
senior secured term loans issued by Belron Finance 2019 LLC, Belron
Finance US LLC, Belron Luxembourg S.a.r.l. and on the EUR705
million backed senior secured revolving credit facility (RCF) in
the name of Belron Finance Limited. The outlook on all entities
remains stable.

RATINGS RATIONALE      

The upgrade of Belron's CFR to Ba1 from Ba2 follows the company's
strong revenue growth and improved Moody's Ratings-adjusted EBITDA
margin during 2023, and reflects Moody's Ratings' expectations that
(1) the company's operating performance will continue to
sustainably improve over the next 12-18 months as a result of
further price increases, higher recalibration penetration and cost
savings; and (2) the company will continue to adhere to its
financial policy which requires net leverage (as reported by the
company) to remain below 3.0x in 2025, with any further dividend
payments not leading to net leverage beyond that level already by
year-end 2024.

Belron's operating performance was strong during 2023 across all of
the company's major markets, with revenues increasing 8.5% relative
to 2022. The high revenue growth and the improvement in
profitability margins was driven by increased volumes, successful
price negotiations with insurers, price/mix effects and ongoing
higher recalibration penetration. Together with significant cost
saving initiatives, the company's Moody's Ratings-adjusted EBITDA
increased to EUR1,403 million from EUR1,179 million in the prior
year, resulting in a Moody's Ratings-adjusted EBITDA margin
improvement to 23.2% compared to 21.2% in 2022. Although Belron had
raised a new $870 million term loan in April 2023 to finance a
dividend distribution to its shareholders, the strong operating
performance during the year led Moody's Ratings-adjusted
debt/EBITDA to fall slightly relative to 2022 and reach 3.5x by
year-end 2023.

In 2024 Moody's Ratings expects that the company will continue its
track record of sustained strong revenue and EBITDA growth, as well
as improved profitability margins driven mostly by improved
pricing, higher recalibration penetration and further cost savings.
Additionally, given the company's reported net leverage of 2.9x by
the end of 2023 and the forecasted improvement in operating
performance, the rating agency expects that the company will
continue to distribute sizeable dividends to its shareholders while
maintaining reported net leverage at or below 3.0x by the end of
2024.

Belron's Ba1 CFR is also supported by its (1) stable business model
underpinned by the largely non-discretionary nature of its service;
(2) leading market positions across diversified geographies with
limited competitors in mainly fragmented markets; (3) well
established relationships with large insurers; and (4) stable
organic through-the-cycle growth rates, supported by premiumisation
and higher complexity of works, despite flat volumes of the auto
parc in a few developed markets.

The CFR is constrained by (1) the company's limited product
diversity and the execution risks involved in diversifying into new
markets; (2) risk of price pressure on contract renewals, mitigated
by a solid track record of average price per job growth across all
the key markets in the last several years; (3) the material
proportion of business not covered by insurers which is vulnerable
to competitors and postponement during economic downturns; and (4)
risks of economic recession which may lead to lower average miles
driven and temporary reduce demand for Belron's services.

LIQUIDITY

Belron's liquidity is good, reflecting the EUR233 million of cash
on the balance sheet and access to the fully undrawn EUR705 million
RCF at the end of December 2023. Although the RCF matures in May
2025, the rating agency expects this maturity to be swiftly
addressed. Moody's Ratings also expects that the company will
continue to distribute most of its generated free cash flow (prior
to dividends) to its shareholders, while adhering to its net
leverage cap.

STRUCTURAL CONSIDERATIONS

The Ba1-PD PDR is aligned with the Ba1 CFR as typical for capital
structures with first lien bank debt with only a springing
covenant. The backed senior secured term loans and RCF are rated
Ba1, also in line with the CFR, reflecting their first priority
pari passu ranking. These instruments are guaranteed by material
subsidiaries representing at least 80% of consolidated EBITDA and
are secured by share pledges as well as floating charges over all
assets of the US and UK businesses.

ESG CONSIDERATIONS

Belron's CIS-3 score indicates that ESG considerations have a
limited impact on the current credit rating with potential for
greater negative impact over time. The score mainly reflects the
governance considerations associated with its partially private
equity ownership with history of debt-funded dividends, as well as
exposure to environmental risk on the back of tightening
environmental regulation globally. The score also reflects social
risks related to human capital, demographic and societal trends and
customer relationships.

RATING OUTLOOK

The stable outlook incorporates Moody's Ratings' expectation of a
continuation of solid operating performance including growth in
revenues and stable-to-improving margins, leading to Moody's
Ratings-adjusted leverage being maintained around 3.5x over the
next 12-18 months. It also assumes that Belron will comply with its
financial policy target of reducing reported net leverage to below
3x by 2025.

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

An upgrade could be considered in the event of Belron continuing to
sustain solid revenue and earnings growth while also (i) the
company's Moody's Ratings-adjusted debt/EBITDA decreases
sustainably below 3.0x and, (ii) its Moody's Ratings-adjusted EBITA
margin is sustained above 20%, and (iii) the company maintains a
good liquidity profile.

Conversely, the ratings could be downgraded in the event that (i)
Moody's Ratings-adjusted debt/EBITDA increases sustainably above
3.5x, or (ii) there is a sustained decline in organic revenue or
profitability, or (iii) Moody's Ratings-adjusted EBITA/Interest
Expense falls sustainably below 4x, or (iv) the company generates
negative free cash flow, (v) or the company's liquidity profile
deteriorates.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Belron is the market leader in the vehicle glass repair,
replacement and recalibration industry, with an established
presence in 39 countries. The group operates under several
different brands, with Carglass (Continental Europe), Autoglass
(UK) and Safelite (US) being the most well-known. The VGRR service
range comprises three primary activities: replacement, repair and
recalibration. Belron has a presence across 39 countries, but over
90% of its total revenue comes from its top 10 markets of the US,
France, Germany, the UK, Canada, Australia, Spain, Italy, Belgium,
and the Netherlands. The company generated revenue of EUR6 billion
and EUR1.6 billion of management-adjusted EBITDA in 2023.

The company's main shareholders are the Belgium-based conglomerate
D'leteren Group SA (55%), private equity firms Clayton, Dubilier &
Rice (22%) and Hellman & Friedman (H&F) (12%) and BlackRock, Inc.
(3%, Aa3 stable) and GIC (4%). The remaining shares are owned by
management and the founding family.

CITY COURIERS: Falls Into Administration
----------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that an East Midlands
same-day delivery service has called in administrators from Leonard
Curtis.

According to TheBusinessDesk.com, City Couriers Direct, which has
been labelled a "disgrace" by some of its suppliers, has appointed
the firm just days after a winding up petition was brought by
eCapital Commercial Finance.

Earlier this week, TheBusinessDesk.com revealed that
Chesterfield-based City Couriers Direct was about to enter
administration after it posted notice of appointment to appoint
administrators through law firm Hill Dickinson, TheBusinessDesk.com
relates.  The notice has been prompted by Praetura Invoice Finance,
which holds a charge over the company, TheBusinessDesk.com
discloses.

Recent Google reviews of City Couriers Direct show the malaise at
the company, with several supplier complaining of non-payment for
their services, TheBusinessDesk.com notes.

According to its latest available accounts, made up to the end of
April 2022, City Couriers Direct had assets of almost GBP650,000
and employed around 15 people, TheBusinessDesk.com relays.

The company offers services including same-day, next-day and
medical courier delivery across the whole of the UK.


FEATHERFOOT GLOBE: Enters Administration, RSM Explores Options
--------------------------------------------------------------
Business Sale reports that a special purpose vehicle (SPV) behind a
GBP24 million redevelopment project in Bolton has fallen into
administration.

Featherfoot Globe Limited entered administration on April 10, with
RSM Restructuring Advisory's Lee Lockwood and Gareth Harris
appointed as joint administrators, Business Sale relates.

According to Business Sale, following the collapse of Featherfoot
Globe, joint administrator and RSM UK partner Lee Lockwood said:
"While we are still in the early stages, initial information
indicates the company may have become insolvent due to a range of
factors including (but not limited to) difficulties sourcing labour
in the current tight labour market, increased material costs caused
by macro-economic factors, increased interest rates, and issues in
completing unit sales, due to reduced appetite from buyers."

RSM is now exploring options available to Featherfoot Globe
Limited, but it is reportedly too early to state what will happen
to Globe Works following the company's collapse, Business Sale
discloses.  The company did not directly employ any staff, meaning
that there have been no redundancies as a result of its
administration, Business Sale notes.

In Featherfoot Globe's accounts for the period from September 23
2021 to December 30, 2022, its current assets were valued at just
under GBP19 million, but the company's debts left it with net
liabilities of GBP1,432, Business Sale states.


FORTRESS CAPITAL: Administrators Concerned Over Ex-CEO's Mulled CVA
-------------------------------------------------------------------
Alex Ralph and James Hurley at The Times report that the
administrators of an unregulated lender under a Metropolitan Police
fraud investigation have raised concerns about attempts by its
former bankrupt chief executive to take the company out of
administration.

Fortress Capital Partners has left investors, ranging from
celebrities to members of a London church, facing significant
losses after collapsing into administration in September, The Times
discloses.

According to The Times, more than 230 investors lent money to
Fortress, some of whom had put in their life savings.  Fortress in
turn lent to borrowers, including businesses owned by the former
agent of Gareth Southgate, the England football team manager, as
well as related parties of Ashley Reading, who ran the firm, The
Times states.

Mr. Reading, 54, is now working alongside a new entity called Lend
Corp Limited on a proposed company voluntary arrangement (CVA), The
Times says.



K TWO: Goes Into Administration Amid Industry Headwinds
-------------------------------------------------------
Business Sale reports that K Two Sales Limited, a designer and
manufacturer of muck spreaders, trailers and farming machinery
based in Buckinghamshire, fell into administration in late March.

The Gazette subsequently confirmed the appointment of Philip
Watkins and Philip Armstrong of FRP Advisory as joint
administrators on April 11, Business Sale discloses.

According to customers of the company, quoted in industry
publication Farmers Guide, the company had struggled as a result of
rising interest rates and falling farm subsidy incomes, with farm
machinery manufacturers said to be facing a "perfect storm" of
headwinds, Business Sale states.

In the company's most recent accounts at Companies House, for the
year to December 31 2022, directors said that the business faced
several significant risks, including fragile demand from the
agricultural industry, rising raw materials and components costs,
wage inflation, steel shortages and supply chain disruption,
Business Sale relates.

At the time, the firm's turnover stood at just under GBP11 million,
up from GBP9.8 million a year earlier, while it recovered from a
pre-tax loss of GBP524,805 in 2021 to a pre-tax profit of close to
GBP196,000, Business Sale notes.  The company's net assets were
valued at GBP3.1 million, Business Sale says.


PETROFAC LTD: S&P Downgrades ICR to 'CCC-' on Debt Restructuring
----------------------------------------------------------------
S&P Global Ratings lowered its rating on oil services company
Petrofac Ltd. to 'CCC-' from 'B-'.

The negative outlook points to a 'SD' (selective default) once the
negotiations between the company and its lenders are completed over
the coming weeks.

In December 2023, the company announced that it is struggling to
secure performance guarantees to support the recent contracts.
These guarantees, typically extended by banks, serve as a form of
assurance that engineering and construction companies will deliver
projects as per the agreed-upon specifications, performance, and
timeline. Absent such guarantees, the company will not be able to
receive advances from its customers, which may even lead to
contract cancellations. Since December 2023, the company worked on
temporary solutions to address the issues.

On April 12, 2024, the company updated the market on advanced
discussions with its lenders to swap some of the debt to equity.
The transaction is expected to close within a few weeks. S&P views
such a swap as a distressed exchange, and once completed would
result in lowering the rating on Petrofac to 'SD'.

The negative outlook indicates the possibility of a default in the
coming weeks if Petrofac decided to pursue a debt-to-equity swap.

S&P is likely to lower the rating to 'SD' once the debt-to-equity
swap transaction is completed.

S&P said, "We could upgrade the rating to 'CCC+' if the company
pursued an alternative solution to address its liquidity issues,
for example introducing a strategic partnership or selling a
portion of its portfolio. In our view, the possibility of such an
alternative is very low given the mounting pressure on its
liquidity."


ROYAL OAK: Halts Operations Following Cash Flow Challenges
----------------------------------------------------------
James Walker at The National reports that a Scottish tree surgery
firm has gone bust with a number of jobs lost.

Royal Oak Tree Services, located in Arbroath, was established in
2019 and employed a team of seven staff.

As arborists and tree surgery specialists, the core of the business
was forestry work but the firm also had a GBP1 million contract
with Amey for grass verge cutting, The National relays, citing
administrators from advisory firm Quantuma.

But in March 2024, pressure from creditors led to the business
having to close immediately, with all roles at the business now
redundant, The National discloses.

According to The National, Quantuma managing director and joint
liquidator Craig Morrison said: "It is deeply regrettable that
Royal Oak Tree Services has been forced to cease trading, due to a
series of challenging circumstances.

"A combination of cashflow related challenges has seen the business
unable to continue.  As joint liquidators, our immediate priorities
have been to provide appropriate support to those whose jobs have
been affected."


THAMES WATER: Postpones Update to Business Plan
-----------------------------------------------
Jess Shankleman at Bloomberg News report that Thames Water
Utilities Ltd has postponed an update to its business plan
originally scheduled today, April 19, according to people familiar
with the matter.

Directors of the heavily indebted water company were set to meet on
April 18, with an update to the plan expected the following day,
Bloomberg previously reported.  A new proposal is now expected next
week, the people said, Bloomberg notes.

Thames Water is the most highly leveraged of its peers, Bloomberg
states.



THAMES WATER: Some Lenders May Lose Up to 40% of Money Owed
-----------------------------------------------------------
Jim Pickard, Gill Plimmer and Robert Smith at The Financial Times
report that some lenders to Thames Water would lose up to 40% of
their money under government contingency plans to nationalise
Britain's biggest water company dubbed "Project Timber".

According to the FT, the utility, which supplies 16 million people
-- or about 25% of the population of England and Wales -- is
struggling to stay afloat after its shareholders refused to put
more money into the heavily leveraged business, which has been hit
hard by higher interest rates.

The government first drew up contingency plans last year for the
possibility of the company's failure -- although officials insisted
on April 18 that a collapse was not imminent, the FT notes.

Under those plans, drafted by the Treasury and the environment
department (Defra), Thames Water would be managed by an arms-length
body - modelled on the one that built London's Crossrail project -
while ministers try to deliver it back into the private sector in
the medium term, the FT discloses.

The company could be split into a "London Water" company serving
the capital and a "Thames Valley" business serving the rest of its
area, according to the plans that were leaked to The Guardian
newspaper on April 18 and confirmed by government officials, the FT
relates.

While the net debt of more than GBP15.6 billion within Thames
Water's so-called regulatory ringfence is supposed to be firewalled
from the troubles of its parent company Kemble, bonds at the
utility are now trading at deep discounts that reflect market
concerns over potential writedowns, the FT notes.

The Project Timber analysis suggests that the smaller share of
creditors, who hold "Class B" debt -- and own about GBP1.6 billion
of the Thames Water operating company's borrowings -- would
probably lose 35-40% of their money.

Meanwhile, the majority of bondholders, owed about GBP13 billion,
would take a lighter "haircut" of 5-10%, the FT states.

William Wade, a credit analyst at JPMorgan, warned earlier this
month that haircuts of 15-25% on the ringfenced debt were now a
"plausible" outcome that investors should be wary of, the FT
recounts.

Shareholders, which include the pension funds Omers and USS as well
as the Abu Dhabi and Chinese sovereign wealth funds, would take
losses estimated at GBP5 billion, a fact they acknowledged in March
when they refused to put money into the company, which they now
consider "uninvestable", the FT relays.

Their resistance to rescuing the company by refusing to invest a
further GBP3 billion into the business -- including GBP500 million
due at the end of April -- precipitated Kemble's default earlier
this month, the FT notes.

If the shareholders were to withdraw, it would potentially leave
Thames Water without owners and running down its cash reserves, the
FT states.  The company, the FT says, argues it has enough cash to
last for 15 months, or until July next year.

Project Timber acknowledges the likelihood that Thames Water's huge
debts would probably end up on the government's balance sheet, the
FT notes.  "That's what happens with a nationalisation," said one
government official.

Yet the final decision on how to recognise those liabilities would
still have to be formally made by the Office for National
Statistics, an independent body.

Thames Water has paid out GBP10.4 billion in dividends in the three
decades since privatisation while racking up GBP14.7 billion in net
debt at the regulated company, according to research by the FT.




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

[*] BOOK REVIEW: PANIC ON WALL STREET
-------------------------------------
A History of America's Financial Disasters

Author:      Robert Sobel
Publisher:   Beard Books
Softcover:   469 Pages
List Price:  $34.95
Review by:   Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/panic_on_wall_street.html   

"Mere anarchy is loosed upon the world, the blood-dimmed tide is
loosed, and everywhere the ceremony of innocence is drowned; the
best lack all conviction, while the worst are full of passionate
intensity."

What a terrific quote to find at the beginning of a book on a
financial catastrophe! First published in 1968. Panic on Wall
Street covers 12 of the most painful episodes in American financial
history between 1768 and 1962. Author Robert Sobel chose these
particular cases, among a dozen or so others, to demonstrate the
complexity and array of settings that have led to financial panics,
and to show that we can only make; the vaguest generalizations"
about financial panic as a phenomenon.  In his view, these 12 all
had a great impact on Americans of the time, "they were dramatic,
and drama is present in most important events in history." They had
been neglected by other financial historians. They are:

       William Duer Panic, 1792
       Crisis of Jacksonian Fiannces, 1837
       Western Blizzard, 1857
       Post-Civil War Panic, 1865-69
       Crisis of the Gilded Age, 1873
       Grant's Last Panic, 1884
       Grover Cleveland and the Ordeal of 183-95
       Northern Pacific Corner, 1901
       The Knickerbocker Trust Panic, 1907
       Europe Goes to War, 1914
       Great Crash, 1929
       Kennedy Slide, 1962

Sobel tells us there is no universally accepted definition if
financial panic. He quotes William Graham Sumner, who died long
before the Great Crash of 1929, describing a panic as "a wave of
emotion, apprehension, alarm. It is more or less irrational. It is
superinduced upon a crisis, which is real and inevitable, but it
exaggerates, conjures up possibilities, take away courage and
energy."

Sobel could find no "law of panics" which might allow us to predict
them, but notes their common characteristics. Most occur during
periods of optimism ("irrational exuberance?"). Most arise as
"moments of truth," after periods of self-deception, when players
not only suddenly recognize the magnitude of their problems, but
are also stunned at their inability to solve them. He also notes
that strong financial leaders may prove a mitigating factor, citing
Vanderbilt and J.P. Morgan.

Sobel concludes by saying that although financial panics have
proven as devastating in some ways as war, and while much research
has been carried out on war and its causes, little research has
been done on financial panics. Panics on Wall Street stands as a
solid foundation for later research on the topic.



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

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