---

       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

          Tuesday, May 21, 2024, Vol. 25, No. 102

                           Headlines



A U S T R I A

AMS-OSRAM AG: S&P Lowers LongTerm ICR to 'B', Outlook Stable


F R A N C E

ATHENA HOLDCO:S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
SOLINA GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable


I R E L A N D

BRIDGEPOINT CLO VI: Fitch Assigns B-sf Final Rating on Cl. F Notes
GOLDENTREE LOAN 7: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
GOLDENTREE LOAN 7: S&P Assigns Prelim. B-(sf) Rating on F Notes
NORTH WESTERLY VIII: Fitch Assigns B-(EXP)sf Rating on Cl. F Notes


I T A L Y

ILLIMITY BANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


L U X E M B O U R G

AURIS LUXEMBOURG II: Fitch Hikes LongTerm IDR to B, Outlook Stable
QSRP INVEST: Moody's Assigns First Time B3 Corporate Family Rating


N O R W A Y

HURTIGRUTEN GROUP: Invesco Senior Marks $1.2MM Loan at 57% Off


S P A I N

VIA CELERE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


S W E D E N

FASTPARTNER AB: Moody's Affirms 'B1' CFR & Alters Outlook to Stable


T U R K E Y

PETKIM PETROKIMYA: Moody's Affirms B3 CFR, Outlook Remains Stable


U N I T E D   K I N G D O M

FEATHERFOOT CUTHBERT: Cuthbert House Put Up for Sale After Collapse
KELLWOOD ENGINEERING: Enters Liquidation, Ceases Operations
LOGISTICS GROUP: Owed More Than GBP1.1 Bil. at Time of Collapse
ST HELENS: New Report Details Cause of Collapse
TALKTALK: Founder Prepares to Inject Fresh Funding

UK LOGISTICS 2024-1: Moody's Assigns Ba2 Rating to Class E Notes
VICTORIA PLUM: Bought by Rival Following Pre-Pak Deal
VUE INTERNATIONAL: Invesco Senior Marks EUR1.03MM Loan at 62% Off

                           - - - - -


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

AMS-OSRAM AG: S&P Lowers LongTerm ICR to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'BB-' its long-term issuer
credit rating on Austrian-based LED manufacturer ams-OSRAM AG (ams)
and its issue rating on the company's unsecured debt.

The stable outlook reflects S&P's expectation that leverage will
remain at 5x-7x, coupled with improving, yet negative, FOCF of
about EUR100 million in 2024.

S&P said, "We lowered our business risk profile assessment to weak
from fair, following a decline in revenues and EBITDA margins over
the past few years. We now expect EBITDA margins will decline
further to about 13.0% in 2024, from 13.8% in 2023, following ams's
announcement of new restructuring measures. This decline is more
pronounced than our previous estimate, which was based on our
expectation that--post-synergies from the Osram acquisition and the
divestments of the lower-margin non-core assets--ams's
profitability would gradually increase to about 25% by year-end
2025. Instead, the gross margin declined to 39% in 2023, from 45%
in 2020, primarily because of underutilized capacity as revenues
gradually declined. Apart from pressure on the gross margin, the
decline in the adjusted EBITDA margin in 2023 was intensified by a
peak in capitalized development costs to EUR109 million, from EUR87
million in 2022 and EUR55 million in 2021, and higher selling and
general administrative expenses at 14% of sales, compared with
12.6% in 2022. According to our estimate, the EUR1.5 billion
revenue decline over 2020-2023 resulted mainly from divestments of
EUR800 million and an organic revenue decline of EUR700 million.

"Restructuring costs related to the revised microLED strategy will
continue to weigh on the company's profitability over the coming 12
months, after impairing FOCF over 2022-2023. We expect
restructuring and transformation costs of about EUR250 million in
2024. Most of them relate to the revised microLED strategy, which
diverts the remaining resources toward automotive applications
only, while some restructuring costs relate to the continued sale
of non-core assets. Furthermore, the unexpected cancellation of the
key microLED project exemplified the challenges ams faces in
increasing revenues. The company invested significant capital
expenditure (capex), including capitalized research and development
(R&D) spending, of about EUR1.3 billion into its microLED strategy,
which involves the factory in Kulim, Malaysia, and a pilot line in
Regensburg. These investments, EUR700 million of which will be
written off, were key reasons for the company's high capex and
negative free cash flows over 2022-2023.

S&P said, "We think ams's topline could increase gradually. After a
5% like-for-like revenue growth in the first quarter of 2024, we
think ams could start to increase revenues gradually. Revenues are
still negative on a reported basis due to continued divestments.
This could result in a gradual improvement in the underlying
margin, driven by the sale of less profitable segments and the
realization of efficiency measures, which we expect will have a
positive annual run-rate effect of EUR75 million at year-end 2024
and potentially EUR150 million by year-end 2025. Although ams
guides toward a medium-term revenue growth of 6%-8%, the company
lacks a track record of sustained revenue and EBITDA growth, as of
now.

"We continue to expect negative FOCF in 2024 and possibly positive
FOCF in 2025. We expect FOCF will remain negative at about EUR115
million in 2024, compared with about EUR625 million in 2023. The
improvement primarily results from a decline in capex toward a more
normal level of 10% of sales. If ams manages to increase revenues
and gradually improve its profitability, it could reach positive
FOCF by 2025.

"Macroeconomic uncertainty and geopolitical risks could slow the
growth trajectory. We continue to see some macroeconomic headwinds
and a slowdown in discretionary spending, which could affect the
sales trajectory, particularly in the consumer segment, which
accounted for 19% of revenues in 2023. We also note that about 20%
of revenues come from China and that global supply chains could be
interrupted by geopolitical risks and tensions. That said, ams has
alternative supply sources but these would likely be more
expensive." Additionally, uncertainty about the automotive outlook
and inventory re-stacking remains.

S&P said, "The Malaysian microLED factory could improve ams's
leverage, which we expect will remain above 5.0x in 2024. In
December 2023, ams completed its re-financing plan, including the
refinancing of its major maturities and a EUR800 million rights
issue. The company has liquidity reserves to cover upcoming bond
and loan maturities as well as a potential exercise of the minority
shareholder put potion, which we already included in the adjusted
debt. As such, we do not expect any major changes to the capital
structure over the coming 12 months. We therefore expect leverage
will peak at about 6.5x in 2024 before gradually declining to or
below 5.0x in 2025 if EBITDA improves. That said, we understand
that ams aims to extract the most value out of its microLED-related
assets and capabilities. For example, it could sell the factory in
Malaysia, which would benefit leverage in 2024. However, given the
uncertainty about the timing and amount of the sale, we do not
include it in our base case.

"The stable outlook reflects our expectation of leverage of 5x-7x
and improving, yet negative, FOCF in 2024."

S&P could lower the rating if ams's adjusted debt to EBITDA exceeds
7.0x or if FOCF remains sustainably negative. This could result
from:

-- A continued revenue decline due to an unexpected loss of market
share or declining market demand, or disruptions in the supply
chain or distributors' inventory;

-- Weaker profitability than in S&P's base case, with the company
facing cost pressure from inflation and overcapacity; or

-- Capex remaining elevated for a prolonged period, for example
because of new projects.

S&P could raise the rating if leverage declines to below 5.0x and
if FOCF to debt exceeds 5% on a sustainable basis. This could stem
from:

-- An increase in revenues; and

-- Improving profitability as restructuring costs are realized and
the sales of non-core and low-profitability assets lead to a
stronger revenue base and a better product mix.




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

ATHENA HOLDCO:S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to French wholesale insurance broker Athena Holdco SAS and its
financing subsidiary Athena Bidco SAS, and our 'B' issue rating to
the EUR1.2 billion term loan.

The stable outlook reflects S&P's view that April will continue to
see strong revenue and EBITDA growth. These will be spurred by
favorable industry trends and strategic mergers and acquisitions
(M&A), which will underpin adjusted debt to EBITDA of 6.0x-6.5x;
positive free operating cash flows (FOCF); and funds from
operations (FFO) interest coverage of about 2.0x over the next 12
months.

Athena Holdco SAS--holding company of France-based insurance broker
April Group--issued a new EUR1.2 billion term loan B (TLB) and a
EUR205 million revolving credit facility (RCF)in April 2024 to
refinance its existing debt and finance the acquisition of DLPK
Group and some earnouts.

The rating is constrained by April's high leverage and financial
sponsor ownership. The EUR1.2 billion TLB was used to refinance its
existing debt of EUR920 million and fund the acquisition of DLPK
and earnouts related to the recent acquisition of Lexham. S&P
forecasts April's adjusted leverage at 6.6x at end-2024 declining
to about 6.0x in 2025 on the back of EBITDA growth, absent any
further debt-funded acquisitions or shareholder distributions.

The company's financial sponsor ownership that limits the case for
pronounced deleveraging influences our assessment. S&P notes that
the documentation allows the company to raise meaningful additional
debt, up to a reported 7.5x total net leverage (compared with an
opening reported total net leverage of 5.1x). Investment firm KKR
provided part of its equity in the form of convertible bonds at the
Topco level and transferred the same as shareholder loans to April
at the time of acquisition. S&P said, "We exclude this financing
from our financial analysis, including our leverage and coverage
calculations, since we think the common equity financing and the
non-common-equity financing are sufficiently aligned. Our
assessment could change if we feel the headroom per the finance
documents could be used to refinance the shareholder loans."

April's position as the largest wholesale insurance broker in
France is underpinned by its well-recognized brand, large broker
network, and long-standing relations with insurers. April is the
largest wholesale broker in France and ranks No. 1 or No. 2 in
several niche segments, particularly in health insurance, credit
protection, disability and death protection, and some property and
casualty niche products. The company operates as an intermediary
between insurers and brokers and provides more than 50 insurers
access to its extensive network of about 17,000 distributors,
including more than 12,000 active brokers. Its long-standing and
established relationships with its top 10 insurers provide brokers
access to a diversified portfolio with segmented products to
address specific client requirements.

S&P said, "Favorable industry trends will bolster April's organic
growth.In our view, insurance brokers benefit from sticky revenue
streams, continued favorable pricing, and net benefits from still
high inflation that mitigates subdued economic growth. France
supports volume growth because of its aging population and positive
tailwind from brokerage penetration headroom in the country in
personal lines. Regulatory developments have historically had a
mixed effect on the company's business. However, recent regulatory
changes--especially those allowing customers to switch
policies--have supported the business, particularly with growth in
individual insurance policies. We forecast organic revenue growth
for April of 5%-6% in 2024 and 2025 due to a strong back book, and
growth in both premium and volume thanks to the non-discretionary
nature of insurance products."

High level of recurring revenue supports our view of April's
business risk. April generates about 85% of its annual revenue
through its back book, which indicates high revenue visibility.
This is supported by medium- to long-term contracts, its
well-diversified broker and end-clients base made of small
businesses, senior citizens, and self-employed workers.

Good margins and low working capital and capex requirements support
April's strong cash flow generation. April's revenue includes fixed
commissions earned on premium volume and variable commissions on
insurers' profits. The company shares these commissions with retail
brokers operating as distributors for April's products. In our
view, this business model offers more flexibility and downside
protection than if it had to bear the labor costs of a large sales
force or the fixed costs of a dense agency network. Based on this,
S&P thinks the company will maintain stable margins at the low-end
of the rated European peer group average.

Structurally, April benefits from working capital inflows because
it receives upfront premium payments. S&P said, "We forecast
working capital use of EUR10 million in 2024 due to some payment
delays, but an inflow of EUR5 million-EUR10 million in 2025. The
company plans to invest about EUR140 million of cumulated capital
expenditure (capex) between 2024-2027 for better digitalization,
automation, and process efficiencies. We therefore expect increased
capex of EUR50 million in 2024 and EUR35 million in 2025."

S&P said, "We include one-time transaction-related costs (funded
with the proceeds from the transaction) of EUR25 million that will
drive negative FOCF of about EUR1.3 million in 2024. If we exclude
such costs, FOCF would be EUR26.3 million in 2024. We expect FOCF
of about EUR75 million in 2025."

April's small scale of operations and limited diversity in a
competitive and fragmented market restricts our view of its
business risk. Despite the recent diversification into wealth
management, April's scale and product offering still lag some of
the larger international insurance brokers such as Aon PLC
(A-/Negative/A-2) or Marsh & McLennan Cos. Inc. (A-/Stable/A-2).
The company also has significant exposure to France, which accounts
for about 80% of revenue, making it vulnerable to regulatory
developments affecting the country's health care system and credit
protection insurance framework. The insurance brokerage market is
very fragmented and competitive, with limited barriers to entry.
April's relatively small size and niche focus could make the group
vulnerable to increased competition if large international peers
decide to strengthen their presence in the French market.

In the recent years, the company has reduced the number of risk
carriers. Although this has improved profitability, there is a
significant insurer concentration, with the top 10 carriers
contributing most of the net premium stock.

S&P said, "We expect April will continue to pursue M&A for
growth.Since KKR acquired April in 2023, April closed the
acquisition of Lexham in January 2024 and the DLPK Group
acquisition is forecast to close in the second quarter of 2024. We
estimate the company's net revenue to be about EUR542 million in
2024 (compared with EUR450 million in 2023), including the prorate
contribution of the acquisitions. Although we have not factored any
additional acquisitions into our forecast, we anticipate that April
will pursue strategic M&A to supplement organic growth--in line
with the consolidation trend within the insurance brokerage
industry. This will reinforce its market positions in France and
abroad and expand its wealth management business.

"The stable outlook reflects our view that April will see strong
revenue and EBITDA growth. These will be driven by favorable
industry trends and M&A, which will underpin adjusted debt to
EBITDA of 6.0x-6.5x; positive FOCF; and FFO interest coverage of
about 2.0x over the next 12 months.

"We could lower the ratings if April posted negative FOCF on a
prolonged basis or FFO cash interest coverage reduced materially
below 2x. This could happen if April experienced a material decline
in profitability, or higher volatility in margins due to unexpected
operational issues--including integration of recent acquisitions or
adverse regulatory developments. We could also lower the ratings if
April's leverage increased meaningfully on the back of material
debt-funded acquisitions or shareholder remuneration.

"We could consider an upgrade if April improved its adjusted
leverage to less than 5x, in line with a financial risk profile
that qualifies for a higher assessment. A positive rating action
would also depend on the financial sponsor's commitment to
demonstrating a prudent financial policy and maintaining credit
metrics at this level.

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


SOLINA GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B2 long-term corporate family
rating and the B2-PD probability of default rating of Solina Group
Holding (Solina), a leading France-based food industry ingredients
and seasoning solutions provider. Concurrently, Moody's has
affirmed the B2 ratings of the EUR1,175 million equivalent senior
secured term loan B, borrowed by Solina's subsidiaries Solina Group
Services (the top entity of the restricted group), Solina Corporate
S.A.S and Saratoga Food Specialties LLC, and of the EUR171.5
million senior secured revolving credit facility borrowed by Solina
Group Services. The outlook on all entities remains stable.

RATINGS RATIONALE      

The affirmation of the ratings is a reflection of Solina's
continued solid operating performance, cash flow generation and its
improvement in credit metrics that comfortably position the rating
at the current level.

Pro-forma for the acquisitions, the group's revenue and EBITDA in
2023 reached EUR1.3 billion and EUR200 million, up from EUR1.1
billion and EUR173 million respectively in 2022. Organic sales
growth excluding acquisitions was solid at 13.3%, driven mainly by
price increases to offset raw material cost rise and by a moderate
volume growth. Solina's EBITDA improved by 11% on a like-for-like
basis in 2023, despite some moderate pressure on margins, because
of continued investment in overhead to support growth. The Moody's
adjusted gross debt to EBITDA is estimated to marginally improve to
6.4x in 2023 from 6.6x in 2022, including the acquisitions
completed in 2023.

In February 2024, Solina refinanced its $320 million tranche of its
TLB with a new $420 million tranche. The additional $100 million
was used to finance the bolt-on acquisition of Oscar and Puljonki
business, buyout of minority stake in Zafron, and to support
expansion capex. The transaction is expected to slow Solina's
deleveraging trajectory, however, Moody's expects Solina's credit
metrics to remain commensurate to the current rating. The agency
forecasts that gross leverage will be around 6.5x at year-end 2024,
further declining towards 6.0x in 2025, absent any additional
debt-funded acquisition. Solina is also expected to continue
generating positive free cash flow (FCF) of EUR30 million- EUR40
million per year.

The rating and stable outlook factor in Solina's acquisition
strategy, that implies execution risks and makes monitoring of
underlying performance more difficult. However, Solina's track
record of successfully integrating acquisitions and generating
cross selling opportunities and synergies mitigate this risk.
Moody's expects that, in line with the past, the financing of any
future acquisition will have only limited and temporary impact on
the company's leverage.

Solina's rating is supported by the company's solid position in the
savoury food seasoning sectors in a number of European countries,
with a large and loyal customer base and good end-market
diversification. The company's geographical diversification is
improving, supported by acquisitions in North America since 2021.
Solina's rating is constrained by its modest size compared with
some of its global competitors and by the mature nature of the food
industry, particularly across Europe, which requires constant
innovation. The company is also exposed to commodity price
volatility.            

LIQUIDITY

Solina's liquidity remains good, supported by around EUR82 million
of cash on balance sheet pro-forma for the February refinancing of
the USD denominated TLB tranche and the full availability under the
EUR171.5 million senior secured revolving credit facility due in
January 2028. Moody's expects Solina to generate positive free cash
flow on an ongoing basis.

The revolving credit facility includes a single net leverage
covenant of 9.6x, only tested when drawings exceed 40% and Moody's
expects the company to maintain sufficient capacity under this
covenant.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the EUR1,175 million equivalent senior secured
Term Loan B and the EUR171.5 million senior secured revolving
credit facility reflect the fact that the two instruments are part
of the same facility; are pari passu, sharing the same ranking in
the capital structure; and have the same guarantee and security
package. Moody's has assumed a 50% family recovery rate that is
standard for capital structures that include first-lien bank debt
with a springing covenant only. The security package is weak
because the bank facilities are secured by share pledges, but they
are guaranteed by subsidiaries representing at least 80% of the
group's EBITDA.

The company's adjusted financial leverage calculation excludes the
preference shares and the convertible notes that meet Moody's
criteria for equity treatment. The convertible notes expire in
2031, and in any case six months after the senior bank facility, in
case the maturity of the bank facility had to be extended beyond
2028.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that the
company will maintain solid operating performance and positive free
cash flow generation over the next 12-18 months, maintaining its
leverage comfortably below 7.0x. The stable outlook also reflects
Moody's assumption that any debt-funded acquisition activity will
be bolt-on in nature and will not result in a permanent
deterioration in leverage.

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

Positive pressure on the rating could materialise if Solina
maintains its Moody's-adjusted EBIT margin in the mid-teens and
achieve a Moody's-adjusted debt/EBITDA below 5.5x both on a
sustained basis, whilst generating positive free cash flow and
maintaining a good liquidity profile.

Conversely, Moody's would consider downgrading Solina's rating if
the company's liquidity profile and credit metrics deteriorate as a
result of a weakening of its operational performance, acquisitions,
or a change in its financial policy. Quantitatively, negative
pressure could materialise if Moody's-adjusted EBIT margin falls
below 10%, if Moody's-adjusted debt/EBITDA ratio rises above 7.0x,
or free cash flow turns negative, all on a sustained basis.

LIST OF AFECTED RATINGS

Issuer: Solina Group Holding

Affirmations:

Probability of Default, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Outlook Actions:

Outlook, Remains Stable

Issuer: Solina Group Services

Affirmations:

Senior Secured Bank Credit Facility (Local Currency), Affirmed B2

Outlook Actions:

Outlook, Remains Stable

Issuer: Solina Corporate S.A.S

Affirmations:

Senior Secured Bank Credit Facility (Local Currency), Affirmed B2

Outlook Actions:

Outlook, Remains Stable

Issuer: Saratoga Food Specialties LLC

Affirmations:

Senior Secured Bank Credit Facility (Local Currency), Affirmed B2

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Headquartered in Brittany, France, Solina is a seasoning solutions
provider for the food industry. The company mainly provides
culinary solutions to improve taste and appearance of food and
functional solutions to improve the taste, texture, shelf life and
stability of food products. It is also a major company in the
professional and food service markets (butchers, restaurants and
catering). Lastly, its offering includes food supplements and
healthy alternatives for high-protein and low-calorie food and
beverages.

Pro forma for the acquisitions completed in 2023, the company
generated EUR1.3 billion of revenue and EUR200 million of EBITDA in
2023. The company was acquired by funds managed by Astorg Partners
in May 2021, a European private equity group.




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

BRIDGEPOINT CLO VI: Fitch Assigns B-sf Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Bridgepoint CLO VI DAC final ratings.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Bridgepoint CLO VI DAC

   A XS2764260100        LT AAAsf  New Rating   AAA(EXP)sf
   B XS2764260365        LT AAsf   New Rating   AA(EXP)sf
   C XS2764260795        LT Asf    New Rating   A(EXP)sf
   D XS2764261173        LT BBB-sf New Rating   BBB-(EXP)sf  
   E XS2764261256        LT  BB-sf New Rating   BB-(EXP)sf
   F XS2764261330        LT B-sf   New Rating   B-(EXP)sf
   Sub XS2764261686      LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Bridgepoint CLO VI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million that is actively managed by Bridgepoint Credit Management
Limited. The collateralised loan obligation (CLO) has a 4.5-year
reinvestment period and a 7.5-year weighted average life (WAL) test
at closing, which can be extended by one year, at any time, from
one year after closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor of the identified
portfolio is 26.0.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
60.2%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 21%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest Fitch-defined industries
in the portfolio at 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 8.5 years, on the step-up date, which can be one
year after closing at the earliest. The WAL extension is at the
option of the manager but subject to conditions including the
collateral quality tests and the reinvestment target par, with
defaulted assets at their collateral value.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines. The transaction includes four Fitch matrices. Two are
effective at closing, corresponding to a 7.5-year WAL and two
effective at closing corresponding to an 8.5-year WAL. For each WAL
there can be two different fixed-rate asset limits (7.5% and
12.5%).

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would result in downgrades of up to one
notch for the class A, D and E notes, two notches for the class B
and C notes and to below 'B-sf' for the class F notes.

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


GOLDENTREE LOAN 7: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 7
DAC's expected ratings.

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

   Entity/Debt              Rating           
   -----------              ------           
GoldenTree Loan
Management EUR
CLO 7 DAC

   Class A-1            LT AAA(EXP)sf  Expected Rating
   Class A-2            LT AAA(EXP)sf  Expected Rating
   Class B              LT AA(EXP)sf   Expected Rating
   Class C              LT A(EXP)sf    Expected Rating
   Class D              LT BBB-(EXP)sf Expected Rating
   Class E              LT BB-(EXP)sf  Expected Rating
   Class F              LT B-(EXP)sf   Expected Rating
   Class X              LT AAA(EXP)sf  Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

GoldenTree Loan Management EUR CLO 7 DAC is a securitisation of
mainly senior secured obligations (at least 96%) with a component
of corporate rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the notes will be
used to purchase a portfolio with a target par of EUR400 million.

The portfolio will be actively managed by GLM III, LP. The
collateralised loan obligations (CLO) will have a 4.5 reinvestment
period and a seven-year weighted average life (WAL) test, which can
be extended to one year after closing, subject to conditions.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 65.1%.

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

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 12.5%, a top 10 obligor
concentration limit at 20% and maximum exposure to the
three-largest Fitch-defined industries at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for GoldenTree Loan
Management EUR CLO 7 DAC. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis.


GOLDENTREE LOAN 7: S&P Assigns Prelim. B-(sf) Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
GoldenTree Loan Management EUR CLO 7 DAC's class X, A-1, A-2, B, C,
D, E, and F notes. The issuer will also issue unrated subordinated
notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.5 years after
closing, and the portfolio's maximum average maturity date is seven
years after closing.

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

S&P said, "We consider that 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 collateralized debt obligations."

  Portfolio benchmarks
                                                          CURRENT

  S&P Global Ratings' weighted-average rating factor     2,656.86

  Default rate dispersion                                  684.52

  Weighted-average life (years)  
  including reinvestment period                              4.25

  Obligor diversity measure                                122.74

  Industry diversity measure                                16.93

  Regional diversity measure                                 1.40


  Transaction key metrics
                                                          CURRENT

  Total par amount (mil. EUR)                                 400

  Defaulted assets (mil. EUR)                                   0

  CCC rated assets ('CCC+','CCC', and 'CCC-')                 0.5

  Number of performing obligors                               142

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

  'AAA' weighted-average recovery (%) on identified pool    39.23

  'AAA' weighted-average recovery (%) modelled              37.25

  Actual weighted-average spread
  (no credit to floors [%]) on identified pool               3.88

  weighted-average spread modelled                           3.85


S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the covenanted weighted-average spread of 3.85%,
the covenanted weighted-average coupon of 4.50%, and the covenanted
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"At closing, we expect the operational risk associated with key
transaction parties (such as the collateral manager) that provide
an essential service to the issuer to be in line with our
operational risk criteria.

"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
the class X to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B to F notes is
commensurate with higher ratings than those assigned. However, as
the CLO will have a reinvestment period, during which the
transaction's credit risk profile could deteriorate, we have capped
our assigned ratings on these notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class X to E notes in 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 notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to weapons or
firearms, illegal drugs or narcotics etc. 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."

  Preliminary ratings

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

  X       AAA (sf)       2.00       N/A    Three/six-month EURIBOR

                                           plus 0.50%

  A-1     AAA (sf)     244.00      39.00   Three/six-month EURIBOR
        
                                           plus 1.46%

  A-2     AAA (sf)       6.00      37.50   Three/six-month EURIBOR

                                           plus 1.75%

  B       AA (sf)       44.00      26.50   Three/six-month EURIBOR

                                           plus 2.15%

  C       A (sf)        23.60      20.60   Three/six-month EURIBOR

                                           plus 2.70%

  D       BBB- (sf)     27.60      13.70   Three/six-month EURIBOR

                                           plus 3.95%

  E       BB- (sf)      16.80       9.50   Three/six-month EURIBOR

                                           plus 6.71%

  F       B- (sf)       11.00       6.75   Three/six-month EURIBOR

                                           plus 8.48%

  Sub notes    NR       28.24       N/A    N/A

*S&P's preliminary ratings address payment of timely interest and
ultimate principal on the class X, A-1, A-2, and B notes and
ultimate interest and principal on rest of the notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


NORTH WESTERLY VIII: Fitch Assigns B-(EXP)sf Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned North Westerly VIII 2024 ESG CLO DAC
expected ratings. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
reviewed.

   Entity/Debt               Rating           
   -----------               ------           
North Westerly VIII
2024 ESG CLO DAC

   A Loan                LT AAA(EXP)sf  Expected Rating

   A XS2812395890        LT AAA(EXP)sf  Expected Rating

   B XS2812396195        LT AA(EXP)sf   Expected Rating

   C XS2812396351        LT A(EXP)sf    Expected Rating

   D XS2812396518        LT BBB-(EXP)sf Expected Rating

   E XS2812396781        LT BB-(EXP)sf  Expected Rating

   F XS2812396948        LT B-(EXP)sf   Expected Rating

   M1 XS2812397169       LT NR(EXP)sf   Expected Rating

   M2 XS2812397326       LT NR(EXP)sf   Expected Rating

   Subordinated Notesr
   XS2812397672          LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

North Westerly VIII 2024 ESG CLO DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to fund a portfolio with a target
par of EUR400 million. The portfolio is actively managed by Aegon
Asset Management UK PLC. The CLO will have an approximately
five-year reinvestment period and an approximately eight-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.3.

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

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 10%, a top 10 obligor concentration
limit at 20% and a maximum exposure to the three largest
Fitch-defined industries at 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for North Westerly VIII
2024 ESG CLO DAC. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis.




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

ILLIMITY BANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed illimity Bank S.p.A.'s Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook and its
Viability Rating (VR) at 'bb-'.

The affirmation follows illimity's decision to deleverage its
non-performing loan (NPL) purchasing business, which is likely to
result in a better asset quality assessment over the next two years
and more predictable, albeit lower, profitability in the short
term.

However, the strategic shift also entails execution risks given
illimity's growth aspirations in SME lending are well above the
industry average amid Italy's limited economic growth outlook.
Fitch also expects loan growth to continue putting pressure on
capital and funding.

KEY RATING DRIVERS

Niche Franchise Drives Ratings: The ratings of illimity reflect its
specialised business model and limited franchise in SME and
asset-based financing, which nonetheless allow the bank to expand
rapidly with a moderate risk appetite while maintaining sufficient
buffers over regulatory capital requirements. They also reflect an
organic impaired loan ratio that is above the domestic sector
average, variable profitability and highly price-sensitive
deposits.

Specialised Business Model, Small Franchise: illimity's business
model is evolving. The bank recently announced its exit from the
NPL purchasing business while continuing to focus on specialised
SME and asset-based financing. Despite remaining niche by design,
illimity has established itself as a respectable challenger in its
chosen segments, as underscored by an over eight-fold increase in
net loans since end-2018 and a satisfactory deal pipeline.

Reduced but Above-Average Risk Profile: illimity remains exposed to
lending niches that Fitch sees as higher-risk than traditional
commercial lending and to some single-name concentration. However,
risks are mitigated by comprehensive controls, more sophisticated
tools than at similarly-sized banks and underwriting standards that
encompass a widespread use of public guarantees.

Above-Average Impaired Loans, Guarantees: illimity's organic
impaired loan ratio (i.e. excluding purchased NPLs and legacy
exposures) of 4.8% at end-March 2024 (end-2022: 1.4%) is well above
the domestic average. Asset-quality deterioration was due mainly to
a few large-ticket items in restructuring and largely in line with
the seasoning loan book. Over half of loans to SMEs are guaranteed
or insured. Excluding guaranteed exposures, the organic impaired
loan ratio is at a manageable 1.7%.

Lower-Risk Distressed Credit Exposure: The bank's distressed credit
investments still accounted for a about a quarter of total assets
at end-March 2024. However, risks from this portfolio have
decreased, as the bank converted most of its purchased NPLs either
into senior financing exposures or into equity interests in larger
and more diversified funds.

Subdued Profitability to Rebound: illimity's operating profit fell
to an annualised 1.1% of risk-weighted assets (RWAs) in 1Q24 (2023:
1.9%, 2022: 2.3%) due to the bank's exit from the lucrative NPL
purchasing business, higher cost of funding and seasonally subdued
business activity. Fitch expects operating profit/RWAs to rebound
in the next two years and be more predictable and less reliant on
NPL gains. However, it remains highly sensitive to growth, asset
quality and cost of funding.

Sufficient Capital Buffers Mitigate Risks: illimity's common equity
Tier 1 (CET1) ratio (end-March 2024: 14.9%) had sufficient buffers
over regulatory requirements. Its assessment of capital is
constrained by illimity's exposure to higher-risk lending segments
and lending concentrations. Growth will continue to weigh on
capital, but Fitch expects illimity would prevent its CET1 ratio
from falling materially below 14% on a sustained basis.

Price-Sensitive, Deposit-Based Funding: illimity's funding is
primarily based on deposits collected online by offering
above-average interest rates, which, unlike most domestic
traditional commercial banks, has prevented the bank from
benefitting from higher interest rates. Fitch expects deposits to
continue growing, but more slowly than loans, leading to an
increase in the loans/deposits ratio. However, illimity's liquidity
should remain adequate, supported by increased diversification
towards wholesale funding sources.

RATING SENSITIVITIES

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

The ratings could be downgraded if operating profit falls below
0.25% of RWAs on a sustained basis due to illimity's inability to
continue growing across its main business lines, rising loan
impairment charges, or shrinking lending margins.

The ratings could also be downgraded if pressures on asset quality
materialise, resulting in an organic impaired loan ratio
structurally above 10%, or if Fitch believes that business growth
is compromising underwriting discipline or eroding solvency and
liquidity more than currently envisaged. This could for instance
translate into the CET1 ratio falling below 13% without being
accompanied by sufficient internal capital generation.

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

An upgrade would be contingent on successful execution of its
strategic shift. This would be reflected in a structural
strengthening of illimity's business profile by means of continued
growth in SME and asset-based financing, resulting in more
predictable and sustained profitability (operating profit of at
least 1% of RWAs) without a significant increase in its risk
profile.

An upgrade would also require the CET1 ratio being sustained at
least around 14% due to improved internal capital generation and
good control over organic impaired loans inflows. Continued access
to institutional debt markets and evidence of the bank's ability to
grow its deposits base at a lower cost could also benefit the
ratings.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSITS

The 'BB' long-term deposit rating is one notch above the Long-Term
IDR to reflect the protection provided by a large buffer of senior
and subordinated debt, which exceed the 10% of RWAs required by its
criteria to assign an uplift for banks not subject to resolution
buffer requirements in jurisdictions with full depositor
preference. Fitch expects buffers to be maintained despite expected
growth in RWAs through additional senior preferred issuance. The
short-term deposit rating of 'B' maps to the bank's 'BB' long-term
deposit rating.

SENIOR PREFERRED DEBT

illimity's senior preferred debt is rated in line with the bank's
Long-Term IDR to reflect the large buffer of total debt and the
expectation that this buffer will be maintained under the bank's
funding plan.

SUBORDINATED DEBT

illimity's subordinated debt is rated two notches below the VR for
loss severity to reflect poor recovery prospects. No notching is
applied for incremental non-performance risk because write-down of
the notes will only occur once the point of non-viability is
reached, and there is no coupon flexibility before non-viability.

GOVERNMENT SUPPORT RATING (GSR)

illimity's GSR of 'no support' reflects Fitch's view that senior
creditors cannot rely on receiving full extraordinary support from
the sovereign in the event that the bank becomes nonviable. The
EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that requires senior creditors participating in
losses instead of, or ahead of, a bank receiving sovereign support.
In addition, Fitch's assessment of support reflects the bank's
still limited domestic retail deposit market share and specialised
lending franchises.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior preferred debt and deposit ratings are sensitive to
changes in the bank's Long-Term IDR, from which they are notched.
The senior preferred debt and long-term deposit ratings could be
downgraded by one notch if the bank is unable to complete planned
debt issuance and the buffer of unsecured debt falls below 10% of
RWAs without prospects of recovering in the medium term.

The subordinated debt rating is sensitive to changes in the bank's
VR, from which it is notched. It is also sensitive to a change in
the notes' notching, which could result from a change in Fitch's
assessment of their non-performance relative to the risk captured
in the VR.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The operating environment score of 'bbb' is below the 'a' implied
category score due to the following adjustment reason: sovereign
rating (negative).

The asset quality score of 'bb-' is above the 'b & below' implied
category score due to the following adjustment reasons: collateral
and reserves (positive), loan classification policies (positive).

The earnings & profitability score of 'bb-' is below the 'bbb'
implied category score due to the following adjustment reason:
historical and future metrics (negative).

The capitalisation & leverage score of 'bb-' is below the 'bbb'
implied category score due to the following adjustment reason: risk
profile and business model (negative).

The funding & liquidity score of 'bb-' is below the 'bbb' implied
category score due to the following adjustment reason: deposit
structure (negative).

ESG CONSIDERATIONS

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

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
illimity Bank
S.p.A.            LT IDR             BB- Affirmed    BB-
                  ST IDR             B   Affirmed    B
                  Viability          bb- Affirmed    bb-
                  Government Support ns  Affirmed    ns

   Subordinated   LT                 B   Affirmed    B  

   long-term
   deposits       LT                 BB  Affirmed    BB

   Senior
   preferred      LT                 BB- Affirmed    BB-

   short-term
   deposits       ST                 B   Affirmed    B  




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

AURIS LUXEMBOURG II: Fitch Hikes LongTerm IDR to B, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Auris Luxembourg II S.A.'s (WSA)
Long-Term Issuer Default Rating (IDR) to 'B' from 'B-' with a
Stable Outlook. It has also upgraded the senior secured rating on
Auris Luxembourg III S.a.r.l.'s term loan B (TLB) to 'B+' from 'B',
with a Recovery Rating of 'RR3', and removed all ratings from
Rating Watch Positive (RWP).

The upgrade of WSA's ratings follows the completion of the group´s
refinancing in line with its prior expectations, leading to a
reduction in financial leverage of around 2x towards an estimated
6x in the financial year ending September 2024 (FY24) and an
extension of debt maturities by three years to 2029.

The 'B' IDR balances WSA's moderately high financial leverage and
neutral free cash flow (FCF) generation against a strong business
profile supported by a meaningful market position as the
third-largest manufacturer in the global, non-cyclical hearing-aid
market.

KEY RATING DRIVERS

Upgrade Based on Lower Leverage: The upgrade follows WSA's
successful refinancing, in line with its previous expectations,
reducing the company's overall debt by almost EUR1 billion, and
leading to EBITDA leverage of 6.0x by end-FY24. It has also reduced
refinancing risk as debt maturity has been extended by three years
to 2029. The refinancing consisted of the repayment of around
EUR460 million of first-lien debt, comprising euro and
US-denominated term-loan tranches and the revolving credit facility
(RCF), and the replacement of second-lien debt with a
payment-in-kind (PIK) instrument outside the restricted group.

PIK Note Treated As Equity: Fitch treats the new PIK note as equity
in its rating analysis. This is due to its structural and
contractual subordination, six months longer-dated maturities than
the first-lien debt raised by the rated group, and absence of cash
debt service obligation, albeit with a pay-if-you-want interest
payment option subject to a permitted dividend payment limitation
as defined in the senior facility agreement. In addition, the PIK
note is not an exchange of the currently outstanding second-lien
tranche, which will be repaid in full by the proceeds of the PIK
note issuance, and without any coercive lender treatment.

Improving Operating Efficiency: The upgrade is supported by WSA's
continued improvement in operating efficiency, as its Mexican
distribution centre continues its ramp-up after a challenging 1H23.
Fitch expects EBITDA margins to grow as WSA adopts cost-efficiency
measures across its supply chain, such as leveraging its regional
manufacturing footprint to reduce transportation costs. This should
result in a Fitch-defined EBITDA margin of 18% in FY24, improving
to above 20% by FY27.

Neutral FCF: Fitch expects WSA to continue reinvesting its cash
flow to support its ongoing development of new products, resulting
in high capex and moderate working capital. Fitch also expects
interest costs to remain above EUR200 million, a reduction from its
previous assumptions, but still above previous years. This will
result in neutral to slightly positive FCF generation.

Fitch views liquidity headroom as improving, as the transaction
upsized the RCF to EUR350 million, in addition to a Fitch-adjusted
cash balance sheet of EUR33 million as of end-2023, which should
cover investment and financing requirements

Long-Term Sector Growth Continues: Hearing aid sales have been
resilient through economic cycles, despite being predominantly
discretionary spending. Fitch expects the sector's customer base to
expand, driven by stronger penetration in large markets such as the
US, China, and South America, demographic shifts in advanced
economies with a higher percentage of hearing-impaired individuals
adopting devices, and advancements in hearing-aid technology and
diagnostics. WSA's diverse product portfolio, extensive geographic
footprint, and solid competitive position should allow it to
capitalise on these growth trends.

Regulation Mildly Credit-Positive: The introduction of full
reimbursement for hearing aids in France in 2021, alongside US Food
and Drug Administration approval for hearing aids to be sold over
the counter (OTC) without a prescription from October 2022, are
supportive of the sector, increasing the take-up of hearing aids
and awareness. WSA's OTC products have steadily increased their
market share, and the Mexican distribution centre should stabilise
supply in the market. Regional regulation can occasionally reduce
demand for hearing aids, as in Australia, where the recommended
replacement cycle was recently extended.

DERIVATION SUMMARY

WSA is one of the top manufacturers and distributors in the hearing
aid industry, benefiting from significant scale, a large portfolio
of brands and widespread geographical coverage. The business
profile is a crossover between a strong medical device
manufacturer, supported by resilient health-driven demand, and a
consumer goods company. Worldwide state- and private insurance-led
reimbursement regimes are rapidly developing. However, the majority
of the expense for such devices remains discretionary and requires
co-payment by customers.

Fitch assesses WSA's business profile at a solid 'BB' rating, but
its moderately high leverage constrains the credit profile to 'B'.
Following the recent refinancing, WSA has improved its liquidity
and reduced its refinancing risk. Furthermore, its credit metrics
are now broadly in line with those of manufacturers and retail
entities in sectors that share WSA's traits of healthcare and
consumer products, such as Afflelou S.A.S. (B/Stable). These
entities' business models are also dependent on the marketing and
distribution of R&D-led products with a healthcare profile, which
result in similar EBITDA margins from the high teens to the low
20s.

KEY ASSUMPTIONS

- Sales growth of 6.6% in FY24 followed by around 6% in FY25-FY27

- Fitch-adjusted EBITDA margin of 18.1% in FY24, gradually
increasing towards 20% in FY27, supported by organic growth as well
as cost-saving initiatives

- Capex at around 8% of sales to FY27

- Working capital outflows of around EUR20 million per year to
FY27, to support revenue growth

- No M&A to FY27

- No dividends paid for FY24-FY27

RECOVERY ANALYSIS

- The recovery analysis assumes that WSA would be considered a
going concern (GC) in bankruptcy, and that it would be reorganised
rather than liquidated, given the inherent value behind its product
portfolio, brands, retail network and clients.

- Fitch assesses WSA's GC EBITDA at about EUR300 million, which
after undertaking corrective measures, should allow the company to
generate moderately positive FCF.

- Financial distress, leading to restructuring, may be the result
of new technologies in the hearing aid market or a widespread
diffusion of value-for-money devices, both potentially leading to a
loss of pricing power across WSA's portfolio, reducing gross
margins and overall profitability.

- Fitch believes that given WSA's moderately high leverage,
restructuring would primarily be triggered by an increase in
leverage associated with financial distress, leading to
above-average debt multiples. This is likely to materialise at
EBITDA levels still potentially able to generate mildly positive or
neutral FCF.

- Fitch applies an enterprise value (EV) multiple of 6.5x EBITDA to
the GC EBITDA to calculate a post-reorganisation EV. The multiple
is at the high end of the range of multiples used for other
healthcare-focused Credit Opinions and ratings in the 'B' category,
reflecting WSA's strong global market position in the hearing aid
market and scale.

- Its waterfall analysis generated a ranked recovery in the 'RR3'
band, indicating a 'B+' instrument rating for the senior secured
TLB1 and TLB2 and RCF. The latter ranks pari passu with the TLBs,
and which Fitch assumes to be fully drawn upon default. The
waterfall analysis based on current metrics and assumptions yields
recoveries of 56% for the senior secured debt.

RATING SENSITIVITIES

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

- EBITDA leverage below 5.5x on a sustained basis

- EBITDA interest coverage over 2.5x on a sustained basis

- FCF margin in mid-single digits on a sustained basis

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

- EBITDA leverage above 6.5x on a sustained basis

- EBITDA interest coverage over 2.0x on a sustained basis

- Low to neutral FCF generation

LIQUIDITY AND DEBT STRUCTURE

Improving Liquidity Headroom: As of end-2023, WSA had
Fitch-adjusted cash on balance sheet of EUR33 million, in addition
to around EUR60 million available under the RCF. Following the
refinancing, WSA's liquidity headroom has moved from limited to
satisfactory, as the group has extended its debt maturity by three
years, and increased availability under the RCF to around EUR265
million (the total facility size will increase to EUR350 million).

ISSUER PROFILE

WSA (formerly Sivantos Group and Widex) is a privately-owned
manufacturer of hearing aids with headquarters in Denmark and
Singapore.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Auris Luxembourg
III S.a.r.l

   senior secured    LT     B+ Upgrade    RR3      B

Auris Luxembourg
II S.A.              LT IDR B  Upgrade             B-


QSRP INVEST: Moody's Assigns First Time B3 Corporate Family Rating
------------------------------------------------------------------
Moody's Ratings has assigned a first-time B3 long-term corporate
family rating and a B3-PD probability of default rating to QSRP
Invest S.a r.l. (QSRP or the company), the subsidiary of QSR
Platform S.à r.l, a fast food restaurant operator and franchisor.
Concurrently, Moody's has also assigned B3 instrument ratings to
the proposed new EUR500 million backed senior secured term loan B
maturing in 2031 and to the EUR100 million backed senior secured
revolving credit facility (RCF) maturing in 2030, both to be
borrowed by QSRP Finco BV. The outlook on both entities is
positive.

The proceeds from the term loan B will be applied towards the
refinancing the current existing indebtedness comprised of a EUR479
million term loan facility.

"The B3 rating assigned to QSRP reflects the company's strong
business profile, characterised by strong brand awareness,
geographical and concept diversification and Moody's forecast of
positive free cash flow," says Michel Bove, a Moody's AVP-Analyst
and lead analyst for QSRP.

"The positive outlook anticipates the company's deleveraging trend
to persist, driven by improved operational performance and network
expansion" adds Mr. Bove.

RATINGS RATIONALE      

The B3 CFR assigned to QSRP reflects (1) strong brand awareness of
the Burger King brand, for which the company acts as the exclusive
master franchise in Belgium, Italy and Luxembourg, further
complemented by the local burger champion Quick; (2) the company's
geographical and concept diversification through the growing halal
French tacos chain O'Tacos and the European seafood chain Nordsee;
(3) demonstrated operational recovery from the pandemic-induced
downturn, although the performance varies across segments and
geographies; (4) transition to asset-light business model, which
enhances the resilience of its margins; and (5) expectation that
the company's credit metrics will gradually improve and that it
will start generating sustainable positive free cash flow from 2025
onwards.

The rating is, however, constrained by (1) execution risks in
respect of the ongoing recovery and restructuring of the Seafood
segment; (2) uncertainty regarding the company's ambitious network
expansion due to intense competition, particularly in new
geographies with the O'Tacos brand given the brand's limited
recognition outside of its core markets; (3) the company's exposure
to food and wage inflation as well as erosion of consumer
discretionary spending, which can negatively affect its
profitability; and (4) existence of payment-in-kind (PIK) notes
outside restricted group.

As of year-end 2023, the company's Moody's-adjusted gross
debt/EBITDA leverage stood at 7.2x, excluding the PIK notes outside
the restricted group. Moody's forecasts that the company will
manage to decrease this leverage to about 6.6x in 2024 and further
to around 5.4x in 2025. This deleveraging is expected to result
from the growth of the company's Moody's-adjusted EBITDA, which the
rating agency forecasts to rise from EUR138 million in 2023 to
approximately EUR150 million in 2024 and more than EUR180 million
in 2025. Moreover, while the interest coverage (Moody's adjusted
EBIT/Interest Expense) is low at 1.2x in 2023 (pro forma for the
refinancing), Moody's forecasts a gradual improvement in line with
the decrease in leverage. Although the rating is comfortably
positioned and further deleveraging could result in a rating
upgrade, the PIK notes outside the restricted group represent an
overhang on QSRP's rating as this could be refinanced within the
restricted group once sufficient financial flexibility develops,
limiting any deleveraging.

Moody's projects that QSRP will maintain high single-digit top-line
growth over the next 12-18 months, supported by system-wide sales
growth due to the company's network expansion and like-for-like
growth in each segment. Moody's base case is that the Seafood
segment will recover gradually following the company's
restructuring efforts. However, potential further closures in the
Seafood segment pose a downside risk to the rating agency's
forecasts, especially considering the high proportion of
company-owned restaurants at Nordsee.

The company has an ambitious network expansion for the next 12-18
months with a focus on developing the O'Tacos restaurants network,
which includes the international expansion of the brand into new
geographies. Despite O'Tacos' strong performance and recognition in
Belgium and France, the international expansion presents some
execution risk and could pose challenges as a new entrant with
limited brand recognition outside of its core markets.  This risk
is partially offset by the fully franchised model of the brand,
which requires minimal capital spending by QSRP.

Moody's forecasts that QSRP will generate a positive
Moody's-adjusted free cash flow exceeding EUR25 million in 2025 and
approaching EUR45 million in 2026. This base case is supported by
the company's earnings growth and limited capital spending, given a
significant portion of new openings will be executed under the
asset-light model and will not necessitate substantial investments
by the company itself. Capital spending including leases is
estimated by Moody's to be around EUR80-90 million in the agency's
forecast period.

ESG CONSIDERATIONS

Governance risks as per Moody's ESG framework were considered key
rating drivers. Governance risks reflect that the company is
majority owned by Kharis Capital, has a high tolerance for
leverage, lacks an independent Board of Directors, while governance
is comparatively less transparent than that of publicly listed
companies.

COVENANTS

Moody's 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) and include all
companies representing 5% or more of consolidated EBITDA. Only
companies incorporated in Belgium, England and Wales France,
Germany and Luxembourg are required to provide guarantees and
security. Security will be granted over key shares, bank accounts
and receivables, and floating security will be granted in England
and Wales.

Unlimited pari passu debt is permitted up to a senior secured net
leverage ratio (SSNLR) of 5.0x, and unlimited unsecured debt is
permitted subject to a 2.0x fixed charge coverage ratio or 6.5x
total net leverage ratio.  Any permitted indebtedness may be made
available as an incremental facility. Restricted payments are
permitted if SSNLR is below a level 1.0x below opening. Asset sale
proceeds are only required to be applied in full (subject to
exceptions) where SSNLR is above a level 1.0x below opening.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 20% of consolidated EBITDA
and believed to be realisable within 12 months of the relevant
event.

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

STRUCTURAL CONSIDERATIONS

The B3 ratings assigned to the EUR500 million Senior Secured Term
Loan B and the EUR100 million Senior Secured RCF, both to be
borrowed by QSRP Finco BV, are in line with the CFR, reflecting the
fact that these two instruments will rank pari passu and will
represent substantially all of the company's financial debt at
closing of the transaction.

The capital structure also includes a shareholder loan, borrowed by
QSRP vest S.à r.l. This loan is equity-like, and is not included
in Moody's adjustments to QSRP's debt.

The B3-PD PDR assigned to QSRP Invest S.à r.l. reflects the
assumption of a 50% family recovery rate, given the weak security
package and the covenant-lite structure.

RATIONALE FOR THE POSITVE OUTLOOK

The positive rating outlook reflects Moody's expectation that
QSRP's Moody's-adjusted gross debt/EBITDA will gradually decrease
in the next 12-18 months as its sales and earnings continue to grow
supported primarily by new restaurant openings. The positive
outlook also factors Moody's expectation that the company will
generate positive FCF over the same period.

Given the presence of a PIK notes outside of the restricted group,
there is a risk that it could be refinanced inside the restricted
group once sufficient financial flexibility develops limiting any
deleveraging but the restricted payment covenant ensures some
mitigation against the same.

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

Positive pressure on the rating could develop over time if the
company metrics continue on a positive trajectory, resulting in
Moody's adjusted gross debt/EBITDA decreasing below 6.0x, and
Moody's-adjusted EBIT/interest expense rising above 1.5x on a
sustainable basis. An upgrade would also be contingent on the
company generating sustainable positive free cash flow.

The ratings could be downgraded if the company's Moody's-adjusted
gross debt/EBITDA deteriorates above 7.5x, or if its
Moody's-adjusted EBIT/interest expense decreases below 1.0x.
Additionally, negative pressure on the ratings could increase if
the company's underlying free cash flow turns negative on a
sustained basis, or if its liquidity materially weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurants
published in August 2021.

COMPANY PROFILE

Headquartered in Luxembourg, QSRP is a leading entity in the
fast-food industry operating a network of 1,081 restaurants and 149
virtual kitchens. This network comprises Burger King and Quick
brands, the growing French halal tacos chain O'Tacos, and the
European seafood chain Nordsee. QSRP has the master franchise
agreement for Burger King in Italy, Belgium, and Luxembourg, and a
perpetual license for Quick in Belgium and Luxembourg. The company
owns both the O'Tacos, with operations mainly in France and
Belgium, and Nordsee brands, predominantly active in Germany and
Austria. Founded in 2014, the QSRP has gradually expanded its brand
portfolio and geographical presence through both inorganic
acquisitions of key brands and organic growth via new restaurant
openings. In 2023, QSRP posted systemwide sales of EUR1.4 billion,
revenue of EUR562 million, and a company EBITDA post IFRS 16 of
EUR150 million. The company is under the ownership of Kharis
Capital, a private equity firm.




===========
N O R W A Y
===========

HURTIGRUTEN GROUP: Invesco Senior Marks $1.2MM Loan at 57% Off
--------------------------------------------------------------
Invesco Senior Loan Fund has marked its $1,240,000 loan extended to
Hurtigruten (Explorer II AS) (Norway) to market at $538,492 or 43%
of the outstanding amount, as of February 29, 2024, according to a
disclosure contained in Invesco Senior's Form N-CSR for the fiscal
year ended February 29, 2024, filed with the U.S. Securities and
Exchange Commission.

Invesco Senior is a participant in a Term Loan to Hurtigruten. The
loan accrues at a rate of 12.39%. The loan matures on February 22,
2029.

Invesco Senior Loan Fund is a Delaware statutory trust registered
under the Investment Company Act of 1940, as amended, as a
closed-end management investment company that is operated as an
interval fund and periodically offers its shares for repurchase.
The Fund may also invest a portion of its assets indirectly through
a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware
limited liability series company, which formed a separate
registered series. The Fund owns all beneficial and economic
interests in the Subsidiary and the Subsidiary's registered
series.

Invesco Senior is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:

     Glenn Brightman
     Invesco Senior Loan Fund
     1555 Peachtree Street, N.E., Suite 1800
     Atlanta, GA 30309
     Tel: (713) 626-1919

Hurtigruten is a Norwegian cruise ship operator that offers cruises
along the Norwegian coast, expedition cruises and land-based Arctic
experience tourism in Svalbard. In the first nine months of 2023,
Hurtigruten reported revenue of EUR512 million (2022: EUR441
million) and company-defined adjusted EBITDA of EUR58 million
(2022: EUR46 million). The Company's country of domicile is
Norway.

Explorer II AS is a shipping company located in Oslo within the
Hurtigruten Group (Hurtigruten). Its purpose is to invest in, and
lease out, under bareboat charter agreements, specialised cruise
vessels for the operation in other Hurtigruten Group companies.




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

VIA CELERE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Via Celere Desarrollos Inmobiliarios,
S.A.U.'s Long-Term Issuer Default Rating (IDR) at 'BB-' with a
Stable Outlook and senior secured debt at 'BB'/'RR3'.

Via Celere's ratings reflect its expectations of a gradual
normalisation of cash flow and leverage metrics, aided by the good
sales visibility of the company's traditional build-to-sell (BTS)
activity and the healthy demand for new homes in Spain. Traded
volumes in the broad Spanish market decreased year-on-year in 2023
compared with the previous two years, hindered by increasing
mortgage costs. However, home sales resumed quickly in 4Q23.

The financial burden for completing Via Celere's first
build-to-rent (BTR) portfolio and its partial divestment to the 45%
owned joint venture (JV), pushed Via Celere's net debt/EBITDA
leverage at end-2023 to 4.8x. Fitch largely predicted this spike
and tight 2023 EBITDA interest coverage. Fitch expects the company
to restore its financial ratios to within its rating sensitivities
by end-2024, when the construction and delivery of the majority of
the BTR properties will be completed.

KEY RATING DRIVERS

Mid-Value Focussed Homebuilder: Via Celere specialises in medium to
upper-medium tier homes within major Spanish urban areas. Its
fully-integrated business model ensures comprehensive control over
each development stage, from acquiring land to urban development,
as well as overseeing design and construction processes. The strong
land reserves (equivalent to around 14,000 units) accumulated over
the past 10 years through previous mergers and acquisitions
contribute to the company's solid business profile.

BTR Portfolio Near Completion: Via Celere and Greystar Real Estate
Partners established a 45:55 JV in March 2023, to forward purchase
a BTR portfolio of 2,425 units (later reduced to 1,910) from Via
Celere. In 2023, 1,030 units were delivered and 599 more delivered
in the three months to end-March 2024, with two remaining projects
to be handed over in 1H24 and by 1H25, respectively. Vie Celere's
management's strategy around BTR entails the sale of
residential-for-rents projects to institutional investors rather
than owning and operating these properties.

Located across Spain in areas with high demand, this BTR portfolio
is marketed and managed by Greystar and has reversionary potential
when fully let. By then, Fitch expects Via Celere to monetise its
45% stake in the JV, recovering the cost-to-build and any
completion valuation uplift.

Net Debt/EBITDA Spike: The company's focus on developing BTR
properties has limited volumes earmarked for BTS. Via Celere
completed 2,031 housing units in 2023 (2022: 1,781; 2021: 1,938),
with approximately half BTR apartments. This shift had an adverse
impact on the company's financial performance, leading to declines
in revenue and EBITDA of around EUR220 million and EUR70 million,
respectively, from 2022. As a result, 2023 net debt/EBITDA
increased to 4.8x (2022: 1.2x), despite the record high number of
units delivered.

BTS Sales to Stabilise Leverage: BTS is projected to generate
stable cash flows over the next three years, backed by robust sales
orders and improving market conditions. Fitch also expects the
company to limit land expenditure in the near term given its vast
portfolio. Net debt/EBITDA should decrease to 2.2x by end-2024,
EBITDA interest coverage improve to above 3x (2023: 1.5x) and net
debt to reduce to about EUR185 million from end-2023's elevated
EUR205 million.

Fitch's rating case for Via Celere does not consider the divestment
of its 45% stake in the BTR JV. In addition to the uncertainties
related to timing and values of any disposals, Fitch believes that
Via Celere may opt to dividend-out the net cash proceeds generated
by such a transaction if it occurred. The net impact on cash flow
and net debt would be therefore neutral.

Robust Sales Orders: The healthy 2023 order book ensures visibility
of BTS deliveries through to end-2025. BTS pre-sale contracts
amounted to EUR818 million (2022: EUR616 million), equal to 2,882
units. This pre-sale figure represents 91%, 70%, and 40% of
projected BTS deliveries that management anticipates for 2024,
2025, and 2026. Contract terminations remain minimal, with only 20
cancellations in 2023 (2022: 19). The non-refundable initial
payment (10% of the unit price) required at the sale and purchase
contract execution, along with subsequent monthly instalments
collected until the unit is delivered (amounting to an additional
10% of the price), act as a moderate deterrent.

Via Celere usually starts new developments once the project's
funding is procured, with financial institutions usually requiring
30%-50% pre-sales before granting developers bespoke financing for
each new development. This acts as a further incentive for Via
Celere to pre-sell part of its new developments.

Demand for New Homes Supportive: Demand for new housing in Spain in
the two years following the pandemic through to 1H22 was robust,
aided by the imbalanced supply of new homes in Spain over the last
10 years. From 2H22 the rise in interest rates and deteriorating
economic conditions temporarily hampered consumer sentiment and in
2023 the total value of transactions on new homes was down 7.6%
compared with 2022. This value turned positive in 4Q23 (+5% vs 4Q22
and +24% vs 3Q23) with mortgage costs cooling. The majority of Via
Celere's land is located in Madrid and around the richest and most
populated cities in Spain, which attract sustained demand.

DERIVATION SUMMARY

Via Celere is a merger of various smaller Spanish entities over the
past 15 years. The owned land bank is a distinctive feature, making
the company one of the largest land owners together with its listed
domestic peer AEDAS Homes, S.A. (BB-/Stable).

Unlike UK-based Miller Homes Group (Finco) PLC (Miller Homes,
B+/Stable), Via Celere does not hold options to buy land (a common
practice in the UK). In Spain, the seller may offer deferred
payment terms to the buyer of the land, limiting the homebuilder's
cash outflow at the time of the acquisition. The UK
affordable-focused homebuilder Maison Bidco Limited (trading as
Keepmoat, BB-/Stable) also enjoys deferred payment terms when
purchasing the land. However, this is a feature of its partnership
model, which entails working closely with local authorities from
the early stages of a development, including the identification and
sourcing of suitable land and its project planning.

Miller Homes and Keepmoat focus on single family homes in selected
regions of the UK away from London. The products offered by Via
Celere and AEDAS are typically mid- to mid-high-value apartments
part of large multi-family condominiums built in Spain's prominent
cities. The ASP of Via Celere's units in 2023 was EUR255,000, lower
than that of AEDAS Homes at above EUR350,000.

Spanish housebuilders with their own portfolios of existing
available land are committing resources to the BTR segment as it
allows them to sell a whole development in bulk, reducing the stock
of land previously amassed. Via Celere has entered into a JV with a
specialised rental operator for the sale of its BTR developments at
completion.

AEDAS Homes' strategy entails seeking advance agreements with
private rented sector operators to deliver turnkey BTR developments
before committing capital, minimising the risk of the end-purchase
of its projects.

Each peer has different financial policies. Rather than penalise a
company for its private equity ownership and assume that cash will
be extracted out of the group, despite bonds' permitted
distribution mechanisms, Fitch has been transparent in disclosing
and where appropriate reflecting in its rating case management's
intentions to target certain financial policies over the rating
horizon. If management accelerates improvements in financial
metrics, it could warrant an upgrade as per Fitch's rating
sensitivities. Equally, if dividend payouts and use of cash worsen
metrics, Fitch could downgrade the ratings.

Under Fitch's Corporate Recovery Ratings and Instrument Ratings
Criteria, the secured debt of a company with a 'BB-' IDR can be
rated up to two notches from its IDR with a Recovery Rating of
'RR2'. Via Celere's secured debt has a one-notch uplift to 'BB' and
a 'RR3' Recovery Rating, reflecting the significant volatility of
collateral values in this asset class in Spain.

KEY ASSUMPTIONS

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

- The total land bank is expected to decrease to around 10,000
units equivalent over the next 36 months

- Average of around 1,300 BTS units to be delivered annually in the
next three years

- Remaining two BTR projects to be delivered in 1H24 and by 1H25.
No rental-derived dividends from the BTR JV to Via Celere

- Fitch does not forecast the divestment of the 45% in the BTR JV
and Fitch does not assume any new BTR portfolio to be built over
the next three years

- Dividend payments to follow free cash flow generated by the
company. The company paid a EUR35 million dividend in March 2024
and Fitch does not expect any further distributions this year.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Successful completion and delivery of the BTR portfolio projects
by end-2024, materially improving the group's long-term net debt
position

- Net debt/EBITDA below 1.5x

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Failure to reduce net debt/EBITDA below 3.0x by the time the BTR
portfolio is expected to be delivered

- Shareholder-friendly policy leading to a deterioration in
leverage metrics

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-2023, Via Celere had EUR195 million of
cash - net of EUR35 million of restricted cash related to
pre-sales, which is held in dedicated accounts - and access to a
EUR30 million super-senior revolving credit facility (undrawn)
maturing in October 2025. In 1H23 Via Celere repurchased EUR34.5
million of its outstanding EUR300 million fixed-rate (5.25%)
secured notes due April 2026. At 2023 debt mainly comprised the
remaining portion of these notes and EUR135 million bespoke
developer loans used to fund each development and typically repaid
when the units are completed and delivered.

ISSUER PROFILE

Via Celere is a Spain-based homebuilder targeting the mid value
residential segment in the largest cities in Spain.

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating        Recovery   Prior
   -----------                 ------        --------   -----
Via Celere Desarrollos
Inmobiliarios, S.A.U.    LT IDR BB- Affirmed            BB-

   senior secured        LT     BB  Affirmed   RR3      BB




===========
S W E D E N
===========

FASTPARTNER AB: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings affirmed the B1 corporate family rating of
Fastpartner AB, a Swedish listed real estate company focused on
office rental properties. The outlook was changed to stable from
negative.

"The affirmation and outlook change to stable from negative and
balances continued weakening in EBITDA interest coverage due to
rising interest costs and a low degree of hedging, but positively
considers Fastpartner's robust operating performance and a secured
financial flexibility to bank loan", says Maria Gillholm, Moody's
VP – Senior Credit Officer and lead Analyst for Fastpartner.
"Moody's factor in Moody's expectations that the low degree of
hedging has to a large extent already impacted Fastpartner's EBITDA
interest coverage and Moody's expect that the ratio will improve
from these levels", adds Mrs. Gillholm.

RATINGS RATIONALE

The affirmation reflects Fastpartner's relatively robust operating
performance reflected in rising rental income, but also considers
continued challenges from increased interest rates. Moody's
positively consider that the company has secured financial
flexibility some additional buffer for interest coverage covenants
in some banks bank loan documentations.

The rating action expects that Fastpartner will continue to
strengthen its balance sheet and to improve the level of EBITDA
interest coverage, driven by adequate operational performance and
the fact that the Riksbank had cut the interest rates by 0.25%. At
the same time, Moody's expects Fastpartner's to refinance upcoming
bond maturities well ahead of time. Moody's acknowledge that
Fastpartner has sufficient unencumbered assets to refinance
upcoming bond maturities with secured bank debt but Moody's would
expect that the company protects its unencumbered assets through
unsecured borrowing. Moody's also factor in a potential support
through cash injection from Compactor Fastigheter AB should it be
needed.

The B1 rating also reflects Fastpartner's medium-sized property
portfolio, with a well-defined strategy of focusing on office
buildings in attractive inner city areas and on the fringe to
central business district (CBD) locations and good secondary
locations in the Greater Stockholm area; its attractively located
logistics properties, although these account for only a small
proportion of the overall portfolio (17% of rental value); still a
solid operating performance.

The company's strengths are partly offset by its geographical
concentration, although with concentration in the strongest growth
areas in Sweden; a somewhat high vacancy rate of 7.4% as of the end
of March 2024. Moody's expect that the company will improve its
property quality further through refurbishment, which should help
reduce the vacancy rate. Close to 90% of Fastpartner's rents are
CPI-linked and for 2024 the indexation will be 6%. Therefore
Moody's expect Fastpartner to improve rents and occupancy to reduce
net debt/EBITDA to around 11x over the next 12-18 months. This will
support net rental income growth but in Moody's view is not
sufficient to fully balance pressure on values from rising interest
rates. Moody's expect the effective leverage will be stable at
below 50% in the next 12-18 months.

OUTLOOK

The stable outlook reflects the expectation of EBITDA interest
coverage being at the lowest point 1.7x and will start improving
the next two quarters. Also, the EBITDA interest coverage is at
some distance from the covenants in the bank loan documentation.
Moody's expect Fastpartner to proactively refinance upcoming debt
maturities.

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

The rating could be downgraded if:

-- Breach of interest coverage covenants. The company does not
make timely and material progress in addressing its upcoming debt
maturities, especially its unsecured borrowings

-- Moody's-adjusted fixed charge coverage is not maintained at
above 1.5x

-- Moody's-adjusted gross debt/total assets rise above 60% level

-- Weak operating performance and a vacancy rate that is
persistently and materially above market levels

A rating upgrade is unlikely at this stage and will require
progress on addressing upcoming refinancing needs, create a
significant headroom to financial covenants, and protecting a
material buffer of unencumbered property assets to secure
refinancing independent of capital markets debt. Furthermore, a
positive rating action requires an improvement in credit metrics,
driven by cash preserving measures and further operating
performance improvements.

The principal methodology used in this rating was REITS and Other
Commercial Real Estate Firms published in February 2024.




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

PETKIM PETROKIMYA: Moody's Affirms B3 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed Petkim Petrokimya Holding A.S.'s B3
long-term Corporate Family Rating and B3-PD Probability of Default
Rating. The outlook remains stable.

RATINGS RATIONALE      

The rating affirmation reflects Petkim's sound business profile,
healthy position in the Turkish petrochemical market, and the
strategic importance of the company to State Oil Company of the
Azerbaijan Republic (SOCAR, Ba1 stable), which remains a supportive
controlling shareholder. The rating action also factors in the
substantial slump in the petrochemical industry. As a result,
Petkim's financial performance and credit metrics deteriorated in
2022-23 and will remain under pressure in 2024 before some
improvement in 2025. Finally, the rating takes into account the
company's weak liquidity because of substantial amount of short
term debt in its capital structure and negative cash generation in
2024.

Petkim benefits from solid market position in its domestic
petrochemical market thanks to being the only petrochemical complex
in Turkiye, and having an established distribution network and deep
customer base. In addition, its operations are supported by the
on-going cost savings and integration with the STAR Refinery, a
sister company; the company's ability to source naphtha feedstock
from various sources, sometimes at opportunistic cost; and some
diversification into other ventures. This is balanced by Petkim's
small scale and its operational and geographic concentration as a
single production facility in one country.

The rating action takes into account the significant downturn in
the global petrochemical industry which hurts the company's
domestic and international trade. The market started to deteriorate
in the second half of 2022, reached its bottom in 2023 and has not
yet demonstrated material signs of sustainable recovery, although
some alleviation was registered in the first quarter of 2024. The
downturn is caused by weaker-than-expected demand and significant
capacity expansion, especially in China. The timing and pace of a
sustainable market recovery remains highly uncertain because it
will require capacity closures which may take time, leading to
prolonged volatility in prices and operating rates.

As a result, Petkim's Moody's-adjusted EBITDA margin deteriorated
to 2% in 2022 and 11% in 2023 from the average 19% in 2018-21. In
addition, in 2023, EBITDA calculation includes $138 million of
equity-accounted income from the minority shareholding in the STAR
Refinery, a non-cash item. Absent this income, EBITDA would be $159
million in 2023 (6.1% margin), compared with $122 million in 2022
and the average $448 million in 2018-21. Moody's expects total
EBITDA to remain under pressure in 2024, amounting to $200
million-$220 million, before potential improvement above $300
million in 2025.

Credit metrics remain commensurate with the B3 CFR. Debt/EBITDA was
4.5x in 2023 and interest coverage, measured as EBITDA/Interest
expense, was 2.0x. Moody's expects leverage to increase to 5x-6x in
2024 due to lower earnings and small growth in debt but reduce back
to the 4x territory in 2025. Interest coverage will fluctuate
around 2x over the same period.

The rating takes into account the fact that around 30% of the
company's debt was used to finance the acquisition of the 12% stake
in the STAR Refinery. This investment may start generating cash
dividends in two or three years which may improve Petkim's credit
quality in the medium term.

The rating action also reflects Petkim's weak liquidity. The
company had $137 million in cash as of year-end 2023 which is
insufficient to cover negative free cash flow of around $200
million and $571 million of short term debt due in 2024. The short
term debt is mainly made of working capital facilities that Petkim
uses to purchases its naphtha. Those have been historically
rolled-over and are mainly held by Turkish banks. Nevertheless, the
B3 CFR and stable outlook assume that Petkim will roll-over its
working capital facilities and be able to raise additional funds to
cover the gap.

Finally, Moody's expects that the company will receive timely
support from its majority shareholder SOCAR, if needed.

ESG CONSIDERATIONS

Petkim's CIS-4 indicates the rating is lower than it would have
been if ESG risk exposures did not exist. Besides very high and
high exposure to environmental and social considerations, which are
in line with the industry, the company's CIS reflects high exposure
to governance risks driven primarily by aggressive financial
policies, including relatively high financial leverage, reliance on
short-term debt funding, and concentrated ownership.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company's
credit metrics will remain commensurate with the current rating
while market conditions and financial performance will not
deteriorate. The stable outlook also reflects the company's weak
liquidity but assumes that Petkim will roll-over its working
capital facilities or receive timely support from its majority
shareholder, SOCAR, if needed.

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

Positive pressure on the rating could emerge if there are
improvements in Turkish macroeconomic conditions and petrochemical
market environment, and the investment in the STAR Refinery starts
generating cash. An upgrade would also require the company's
liquidity to strengthen and credit metrics to be well positioned
for a B2 rating such that adjusted gross debt/EBITDA is sustained
below 4.0x through the commodity cycle. An upgrade of Turkiye's
sovereign rating in itself would not necessarily result in an
upgrade of Petkim's rating.

Downward rating pressure could arise if there are signs of further
deterioration in liquidity, including higher refinancing risk, or
Petkim's leverage is above 6.0x (excluding the non-cash income from
the investment in the STAR Refinery) on a sustained basis.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Petkim Petrokimya Holding A.S. is the sole petrochemical producer
in Turkiye and was established in 1965 by the Turkish government.
The company is listed since 1990 on the Istanbul Stock Exchange and
was fully privatized in 2008. Petkim is 51% owned by SOCAR Turkey
Energy A.S. (STEAS), which in turn is wholly-owned by State Oil
Company of the Azerbaijan Republic (SOCAR, Ba1 stable) while the
remaining 49% is publicly listed.

The company's operations are located in Aliaga, about 50 kilometers
from Izmir in western Turkiye. The petrochemical complex has 14
primary production units including a 588,000 ton/year ethylene
cracker. Using naphtha as a feedstock, the company produces 15
different petrochemical products that can be categorised into (1)
thermoplastic polymers such as polyvinyl chloride (PVC),
low-density polyethylene (LDPE), high-density polyethylene (HDPE)
and polypropylene (PP); (2) fiber raw materials such as
acrylonitrile (ACN), monoethylene glycol (MEG) and purified
terephthalic acid (PTA); and (3) other co-products such as benzene
and paraxylene among others. About 50%-60% of the company's
products are sold domestically while the remaining, many of which
are aromatics that have little demand within the country, are
exported. In 2023, Petkim reported revenues of TRY60.4 billion
($2.6 billion) and Moody's-adjusted EBITDA of TRY6.9 billion ($297
million).




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

FEATHERFOOT CUTHBERT: Cuthbert House Put Up for Sale After Collapse
-------------------------------------------------------------------
Coreena Ford at Business Live reports that a residential scheme at
a prime location in Newcastle city centre has been put up for sale
after the firm behind the project collapsed into administration.

Cuthbert House - based right next to the Tyne Bridge - once
provided office space for a number of businesses but the outdated
and underused building lay empty for years before plans to
transform into housing finally took shape around six years ago.  A
developer which has since been dissolved secured permission in 2018
to convert the 1970s block into 311 modern flats, consisting of 295
studios, 11 two-bedroom apartments and five accessible studios,
with a study lounge, meeting rooms, a communal kitchen, and a
fitness suite.

When work finally began the scheme through a different company,
however, it was significantly scaled back to less than half the
original number of homes.  Work on the building, which was
originally constructed as part of the All Saints Office Precinct,
is under way - but the firm behind the building, Featherfoot
Cuthbert House Ltd, went into administration last month, Business
Live notes.

According to Business Live, Lee Van Lockwood and Gareth Harris of
the Leeds office of RSM UK Restructuring Advisory were appointed on
April 16 - and now the joint administrators have instructed
property consultancy Sanderson Weatherall to bring the
"part-complete residential conversion opportunity" to the market.

Two other developments - Globe Works in Bolton and Bayer House in
Newbury - are also up for sale, following similar administrations
for Featherfoot Globe Works Ltd and Featherfoot Bayer House Ltd,
and the trio of schemes have a combined 487 apartments. Offers are
being invited for the freehold interest of each development by July
12, Business Live discloses.

Neil Bestwick, partner in Sanderson Weatherall's restructuring and
recovery team said: "We expect there to be considerable interest in
these developments which are in the main well advanced in terms of
the conversion works undertaken. Once complete, each building
offers great investment and owner occupier potential, with all
three properties being in excellent locations, close to local
amenities and key transport infrastructure."

Lee Lockwood and Gareth Harris of RSM Restructuring Advisory said
Featherfoot Cuthbert House Ltd is a SPV (Special Purpose Vehicle)
established to develop the site in Newcastle, Business Live
relates.  The business has planned to create 153 modern residential
units at the city centre site.  The company has no direct employees
and therefore there are no redundancies resulting from this
administration, Business Live notes.

According to Business Live, Mr. Lockwood, partner and joint
administrator for RSM UK 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, Business Live says, is currently looking into the options
available to Featherfoot Cuthbert House Ltd and said it is too
early to say what will happen to the building.


KELLWOOD ENGINEERING: Enters Liquidation, Ceases Operations
-----------------------------------------------------------
Business Sale reports that a precision machining and fabrication
firm based in Dumfries has fallen into liquidation and ceased
trading after being hit by a range of headwinds.

Kellwood Engineering Limited focused on machining and metal
fabrication for many years, before more recently diversifying into
lighting consultancy.

The company had been trading for close to forty years and was based
at the Catherinefeld Industrial Estate.  The firm has now ceased
trading after facing difficulty in recruiting skilled personnel to
a "sustainable level" as it sought to recover post-COVID-19. It had
also been hit by cheaper competition from overseas, Business Sale
relates.

Kellwood Engineering Director James Maitland has now appointed
Wylie & Bisset's Donald McKinnon as provisional liquidator,
Business Sale discloses.  According to Business Sale, 27 jobs have
been lost after the company ceased trading, with a single member of
staff retained to assist the liquidator.

In its accounts for the year ending April 30 2022, Kellwood
Engineering reported turnover of GBP2.2 million, up from GBP2.06
million a year earlier, but fell from a small pre-tax profit of
GBP5,670 in 2021 to a pre-tax loss of GBP353,406, Business Sale
states.

At the time, the company's fixed assets were valued at GBP675,123
and current assets at slightly over GBP875,000, while net assets
amounted to just under GBP185,000,
Business Sale notes.


LOGISTICS GROUP: Owed More Than GBP1.1 Bil. at Time of Collapse
---------------------------------------------------------------
Jon Robinson at City A.M. reports that the former owner of parcel
delivery group Yodel owed more than GBP1.1 billion when it
collapsed into administration, according to a new document.

Logistics Group, which was also behind ArrowXL, entered
administration in March, with Teneo, were appointed by main lender
HSBC, City A.M. recounts.

A month earlier the group had sold Yodel to competitor Shift in a
bid to avoid the brand itself collapsing, City A.M. relates.

A full report is yet to be filed with Companies House by Teneo on
how Logistics Group came to enter administration and what, if any,
financial outcome will be for its creditors, City A.M. states.

However, a statement of affairs document has revealed that the
group had an estimated total deficiency to its creditors of
GBP1.114 billion when it entered administration, City A.M.
discloses.

However, in a highly unusual move, a handwritten note in the
document from a director of Logistics Group has cast doubt on the
figure, City A.M. relays.

According to City A.M., Philip Peters, a banker who has been a
director of the company since 2012, said that the formula used by
Teneo was "unfamiliar" to him and that he is "unable to verify"
it.

A more detailed breakdown of how much the group owed to its
creditors when it entered administration is expected to be filed
with Companies House in the coming weeks, City A.M.  notes.


ST HELENS: New Report Details Cause of Collapse
-----------------------------------------------
Laurence Kilgannon at Insider Media reports that a new report has
shed light on the factors which pushed St Helens Chamber into
administration with the subsequent loss of about 70 jobs at the
long-established membership and training organisation.

The business was established in 1989 and alongside its core chamber
services had diversified to operate as a business centre, working
alongside local authorities and providing educational services to
apprentices and adult learners in the region.

However, Jason Bell and Philip Stephenson from Grant Thornton were
appointed to St Helens Chamber Ltd in March and the chamber closed
with immediate effect, Insider Media relates.

At the time of the appointment, discussions were said to be
underway with the Education and Skills Funding Agency to find new
training providers for 260 apprentices, Insider Media notes.  

The chamber was also exploring options with other providers to
support the 30 young people in its study programmes, Insider Media
notes.

A report by the administrators has detailed the cause of the
chamber's financial distress.

The chamber had been hit after identifying an overclaim on a
training contract in the years to March 2021 and 2022 and during
the latter part of 2023 it became apparent that provision set aside
to rectify the error was insufficient, Insider Media discloses.

Additionally, the chamber was also struggling to attract sufficient
apprentices for a training contract, while a number of other
government funded schemes expired or continued at a lower rate,
meaning other elements of the chamber became unprofitable, Insider
Media relays.

Also planned was the sale of the chamber's property, but it became
apparent that the building was potentially worth "considerably
less" than expected as a result of changes to the office market
following the pandemic, according to Insider Media.

These factors meant external finance was needed, but when no
support was secured the decision to place the chamber in
administration was made, Insider Media states.

The enterprise centre of the chamber is being traded while a buyer
of the property is sought, Insider Media discloses.

Sanderson Weatherall is in the early stages of marketing the
property, Insider Media notes.

It is estimated the chamber had unsecured creditors totalling
GBP1.17 million and the outcome for them is not yet knownm Insider
Media discloses.

According to Insider Media, in a statement at the time of the
appointment, a spokesperson for the chamber said: "The chamber has
faced a perfect storm of unique funding issues and wider difficult
economic conditions, which have led to a reduced demand for our
tailored services. An unexpected and substantial drop in the value
of our office building, due to a post-Covid slump in property
demand, made the challenges insurmountable.

"Added to that, the move from EU funding streams to the
government's Shared Prosperity Fund had also hampered us, with
significant impacts on both cashflow and profitability."


TALKTALK: Founder Prepares to Inject Fresh Funding
--------------------------------------------------
Ben Marlow and Christopher Williams at The Telegraph report that
TalkTalk founder Sir Charles Dunstone is preparing to inject fresh
funding into the debt-laden broadband provider, as looming
repayment deadlines stoke fears over its future.

According to The Telegraph, Sir Charles and TalkTalk's other main
shareholders have offered to inject GBP150 million into the company
to stave off a potential debt crisis, sources said.

The company's lenders are pressing Sir Charles and TalkTalk's other
main shareholders, led by private equity house Toscafund, to stump
up cash to unlock a rescue deal, The Telegraph notes.

Banks behind TalkTalk's GBP330 million revolving credit facility --
effectively a corporate overdraft -- are understood to be seeking
to reduce their exposure to as little as GBP150 million when it
comes due for refinancing in November, The Telegraph discloses.

That would require Sir Charles and his fellow shareholders to
provide GBP180 million in new equity, The Telegraph states.
Negotiations between the two sides are ongoing, The Telegraph
notes.

Last year, some of TalkTalk's banks chose to protect themselves
from a potential financial crunch by selling debt on to less
traditional lenders at a 25% discount, City sources said, The
Telegraph recounts.

TalkTalk, which has 3.8 million broadband customers and is
Britain's fourth-largest provider, has been labouring under heavy
debts for many years, The Telegraph relays.

Sir Charles and Toscafund delisted the business from the stock
exchange three years ago by loading it with more borrowing, much of
which is now coming due, The Telegraph recounts.

According to The Telegraph, fears over TalkTalk's future have
provided the backdrop to discussions led by the industry regulator
Ofcom over a "supplier of last resort" regime to ensure households
and businesses stay connected.

The company faces two large repayments totalling more than GBP1
billion in the coming months: the GBP330 million revolving credit
facility later this year and GBP685 million of bonds that fall due
in February next year, The Telegraph discloses.  TalkTalk warned in
its accounts last year that the deadlines "may cast significant
doubt" over its future, The Telegraph relates.

It has been scrambling to raise funds and reduce its costs as Sir
Charles and Toscafund boss Martin Hughes, nicknamed "the
Rottweiler" in City circles, battle to retain control, The
Telegraph states.

TalkTalk, The Telegraph says, is currently attempting to raise
GBP450 million from the sale of a large stake in its wholesale arm
to Australian investment giant Macquarie.

The proceeds from any disposal have been earmarked to help pay off
some of the debt pile and avert a default, The Telegraph notes.

Analysts have previously raised concerns about the value of the
wholesale division, pointing out that it was largely dependent on
TalkTalk's own consumer business, which has been losing market
share in the shift to full-fibre broadband, The Telegraph relays.

The company's losses more than doubled last year to £70m and the
costs of servicing its debts jumped 35% to GBP106 million on the
back of soaring interest rates, The Telegraph discloses.

According to The Telegraph, senior industry sources said that the
alternative to the sale of the wholesale arm and an equity
injection was a debt-for-equity swap in which lenders would take
control.  The private credit fund Ares Management is also exposed
to TalkTalk debt and has called in restructuring specialists to
advise on its options, The Telegraph notes.


UK LOGISTICS 2024-1: Moody's Assigns Ba2 Rating to Class E Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the debt issuance of UK Logistics 2024-1 DAC (the "Issuer"):

GBP298.95M Class A Commercial Mortgage Backed Floating Rate Notes
due 2034, Definitive Rating Assigned Aaa (sf)

GBP61.4M Class B Commercial Mortgage Backed Floating Rate Notes
due 2034, Definitive Rating Assigned Aa2 (sf)

GBP46.6M Class C Commercial Mortgage Backed Floating Rate Notes
due 2034, Definitive Rating Assigned A2 (sf)

GBP74.4M Class D Commercial Mortgage Backed Floating Rate Notes
due 2034, Definitive Rating Assigned Baa2 (sf)

GBP55.21M Class E Commercial Mortgage Backed Floating Rate Notes
due 2034, Definitive Rating Assigned Ba2 (sf)

UK Logistics 2024-1 DAC is a true sale transaction backed by 2
floating rate loans secured by 66 assets located in the United
Kingdom. The loans were granted by Barclays Bank PLC to refinance
the acquisition of the portfolio. The Mileway floating rate loan is
secured on 17 assets located throughout England whilst the St
Modwen floating rate loan is secured by 49 assets located in and
around Manchester, England.

RATINGS RATIONALE

The rating action is based on (i) Moody's assessment of the real
estate quality and characteristics of the collateral, (ii) analysis
of the loan terms and (iii) the legal and structural features of
the transaction.

Moody's derives a loss expectation for the securitised loans based
on its assessment of (i) each loan's default probability both
during its term and at maturity, and (ii) the value of the
collateral. Default risk assumptions are medium for both the
Mileway and St. Modwen loans.

In Moody's view, both loans are of approximately equal credit risk.
Moody's loan to value ratio (LTV) for the Mileway loan stands at
77.3% and at 77.7% for the St. Modwen loan. Moody's property grades
range from 2.0 on the Mileway loan to 2.5 for the St. Modwen loan.

The key strengths of the transaction include: (i) a well-located
asset portfolio, close to major road networks and population
centres; (ii) a highly diversified tenant base with no single
tenant contributing more than 6.2% of gross rent; and (iii)
experienced and strong sponsor and asset management teams.

Challenges in the transaction include: (i) lack of scheduled
amortisation increases the reliance on refinancing; (ii) interest
rate hedging will initially only be in place for two years; (iii)
properties are of older stock and a percentage have weak energy
efficiency ratings; (iv) senior notes remain exposed to both loans
which are not cross defaulted or cross collateralized - in the
event that one loan pays off entirely, the senior notes will share
proceeds pro-rata with junior notes.

Further, Moody's has rated the notes considering the legal final
maturity date of the Notes as specified at Closing. The transaction
includes a concept of a Term Extension Modification which may be
passed by way of an Ordinary Resolution of the holders of each
Class of Notes, which will have the effect of extending the date of
legal final maturity beyond the initial legal final maturity date.
Moody's will consider the impact of any such Term Extension
Modification if and when it is enacted, having regard to the
circumstances driving the extension.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

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

Main factors or circumstances that could lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loans; (ii) an increase in default risk assessment;
or (iii) an extension of the legal final maturity date consistent
with Moody's definition of distressed exchange.

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loans; (ii) repayment of loans with an
assumed high refinancing risk; or (iii) a decrease in default risk
assessment.


VICTORIA PLUM: Bought by Rival Following Pre-Pak Deal
-----------------------------------------------------
BBC News reports that Victorian Plumbing has bought its rival
online bathroom retailer Victoria Plum in a deal worth GBP22.5
million.

The takeover comes just over six months after Victoria Plum went
into administration and was bought in a so-called pre-pack deal
with AHK Designs, BBC notes.

Skelmersdale-based Victorian Plumbing said a cost-cutting plan was
already under way at Doncaster-based Victoria Plum, BBC relates.

It brings together the two long-standing rivals, which met in court
over a trademark dispute eight years ago.

Victorian Plumbing employs 600 staff across nine sites in
Lancashire, Manchester and Birmingham.

According to BBC, the firm said it expects Victoria Plum to
"broadly" break even in the second half of 2024.

"Given that Victoria Plum has recently been through an
administration and there is already a cost-reduction programme in
progress, the company intends to continue to trade the business as
normal initially, pending finalisation of our integration plan,"
BBC quotes Victorian Plumbing as saying.

Victoria Plum had 300 employees when it was bought out of
administration by AHK Designs last October, BBC discloses.

It is understood that the group had suffered from higher shipping
costs and a consumer spending slump, BBC states.


VUE INTERNATIONAL: Invesco Senior Marks EUR1.03MM Loan at 62% Off
-----------------------------------------------------------------
Invesco Senior Loan Fund has marked its EUR1,033,000 loan extended
to Vue International Bidco PLC to market at EUR392,663 or 38% of
the outstanding amount, as of February 29, 2024, according to a
disclosure contained in Invesco Senior's Form N-CSR for the fiscal
year ended February 29, 2024, filed with the U.S. Securities and
Exchange Commission.

Invesco Senior is a participant in a Term Loan to Vue International
Bidco. The loan accrues interest at a rate of 6.13% per annum. The
loan matures on December 31, 2027.

Invesco Senior Loan Fund is a Delaware statutory trust registered
under the Investment Company Act of 1940, as amended, as a
closed-end management investment company that is operated as an
interval fund and periodically offers its shares for repurchase.
The Fund may also invest a portion of its assets indirectly through
a wholly-owned subsidiary, Invesco Senior Loan TB, LLC, a Delaware
limited liability series company, which formed a separate
registered series. The Fund owns all beneficial and economic
interests in the Subsidiary and the Subsidiary's registered
series.

Invesco Senior is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:

     Glenn Brightman
     Invesco Senior Loan Fund
     1555 Peachtree Street, N.E., Suite 1800
     Atlanta, GA 30309
     Tel: (713) 626-1919

Vue International Bidco PLC operates movie theaters worldwide. The
Company's country of domicile is the United Kingdom.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *