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

                          E U R O P E

          Tuesday, February 11, 2025, Vol. 26, No. 30

                           Headlines



E S T O N I A

LUMINOR HOLDING: Moody's Assigns 'Ba2(hyb)' Rating to AT1 Notes


F R A N C E

FCT PONANT 1: Fitch Assigns 'BB(EXP)sf' Rating on Class F Notes


I R E L A N D

APPLEGREEN GROUP: S&P Assigns 'B-' Long-Term ICR, Outlook Stable
CVC CORDATUS XXXIV: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
DRYDEN 32 EURO 2014: Moody's Ups Rating on Class E-R Notes to Ba1
MAN GLG III: Moody's Affirms Ba2 Rating on EUR19.8MM Class E Notes


K A Z A K H S T A N

NC QAZAQGAZ: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Execs Opt to Get Base Compensation in Cash
ALTISOURCE PORTFOLIO: Execs Terminate 112,000 Market-Based RSUs


N E T H E R L A N D S

ACR I BV: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
NORMEC 1 BV: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
TRUENOORD LIMITED: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable


S P A I N

[] Fitch Affirms 'CCsf' Rating on 3 IM Cajamar RMBS Transactions


U N I T E D   K I N G D O M

AXESS 2: Leonard Curtis Named as Administrators
GWE GROUP: Leonard Curtis Named as Administrators
HOUSEHAM SPRAYERS: FRP Advisory Named as Administrators
MASLIFE LTD: Begbies Traynor Named as Administrators
PAINTWELL TOPCO: Kroll Advisory Named as Administrators

SAMURAI APPAREL: Opus Restructuring Named as Administrators
TILE EMPORIUM: Leonard Curtis Named as Administrators
VANQUIS BANKING: Fitch Keeps 'BB-' LongTerm IDR on Watch Negative
YORKSHIRE WATER: Moody's Affirms 'Ba1' Subordinated Debt Ratings
[] Jifree Cader, Mark Knight Join Davis Polk's London Office


                           - - - - -


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E S T O N I A
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LUMINOR HOLDING: Moody's Assigns 'Ba2(hyb)' Rating to AT1 Notes
---------------------------------------------------------------
Moody's Ratings has assigned a Ba2(hyb) domestic currency
non-cumulative preferred stock rating to the Additional Tier 1
(AT1) notes being issued by Luminor Holding AS (Luminor).

This rating action follows Luminor's announcement on February 04,
2025 that it plans to issue AT1 notes.

RATINGS RATIONALE

The Ba2(hyb) preferred stock rating reflects the Adjusted Baseline
Credit Assessment (Adjusted BCA) of baa2 assigned to Luminor's main
operating subsidiary, Luminor Bank AS (Luminor Bank), because the
holding company has no other effective operations; high loss given
failure of these notes, given the relatively low cushion available
for absorbing losses, which results in a one-notch adjustment below
the Adjusted BCA; and an additional two-notches adjustment
reflecting coupon features.

In particular, the principal and any accrued but unpaid
distributions on these capital securities would be written down,
partially or in full, if at any time the Common Equity Tier 1
(CET1) ratio of the group is less than 5.125% or upon the
occurrence of a non-viability event. In addition, Luminor, as a
going concern, may choose not to pay the interest on these
securities on a non-cumulative basis. As such, the interest
payments on these capital securities are fully discretionary. These
securities are senior to common shareholders but junior to all
depositors, general creditors, senior debt and subordinated debt
holders.

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

The AT1 securities rating could be upgraded if Luminor Bank's BCA
is upgraded. Luminor Bank's BCA could be upgraded following a
further strengthening of its solvency, with higher recurring
profitability underpinned by successful implementation of planned
IT upgrades and an improving share of the Baltic lending and
deposit markets, combined with an expectation of sustained tangible
common equity ratio of above 18%, while maintaining the current low
problem loans ratio.

The AT1 securities rating could be downgraded if Luminor Bank's BCA
is downgraded. Luminor Bank's BCA could be downgraded if its
solvency deteriorates significantly due to a substantial rise in
problem loans or a more aggressive capital approach, resulting in
its tangible common equity ratio falling below 16%. Additionally,
the ratings could be downgraded if there is a more pronounced
decline in profitability, with net income to tangible assets
falling below 0.7%, and a weakening franchise, as reflected in a
further decline in the bank's lending and deposit market shares.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2024.




===========
F R A N C E
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FCT PONANT 1: Fitch Assigns 'BB(EXP)sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned FCT PONANT 1 expected ratings. The
assignment of final ratings is contingent on the receipt of final
documents conforming to the information already received.

   Entity/Debt       Rating           
   -----------       ------           
FCT Ponant 1

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

Transaction Summary

FCT PONANT 1 is a static securitisation of equipment lease
receivables originated in France by Leasecom. The portfolio
includes only operating leases without purchase options, granted to
French companies, professionals and public-sector entities. It will
be the first public securitisation from Leasecom. All leases bear a
fixed interest rate. The notes will not be collateralised by the
residual value of the leased assets.

KEY RATING DRIVERS

Obligor Credit Risk: Fitch has assumed a default base case of 7.5%.
This is set slightly above Leasecom's historical performance
levels, as more recent vintages are pointing to a likely plateau
above the levels already seen. The default rates are slightly lower
than in recent peer transactions, reflecting that corporate
customers are also included in the pool, who feature lower default
rates than retail customers.

Limited Recoveries: The historical recovery rates for Leasecom show
lower levels than is typical for equipment lease portfolios. On
average, less than 5% of the recoveries on defaulted leases come
from the sale of the underlying asset, due to the low level of
repossessions carried out by Leasecom. The recovery-rate base case
is therefore more in line with those of unsecured consumer products
as the main recourse is to the lessee, and not to the equipment.

Static Portfolio Limits Risk: The notes will amortise from closing,
limiting their exposure to the economic cycle, and increasing
credit enhancement as the transaction deleverages. The pace of
deleveraging will be supported by the short weighted-average life
of the portfolio of 21 months, assuming a 4% base-case prepayment
rate.

Moderate Portfolio Concentration: Obligor concentrations are higher
than in a typical EMEA ABS pool, due to the commercial nature of
the lessees. The largest obligor comprises 1.4% of the total pool
balance. To capture concentration risk, Fitch supplemented its
consumer ABS approach with an analysis under its SME CLO Criteria
for deriving default multiple assumptions. This additional analysis
resulted in default levels consistent with those derived under the
consumer ABS approach.

Servicing Continuity Risk Addressed: The credit risk of the
obligors plus Leasecom being a new participant in the ABS market
increases the complexity of finding replacement servicers. However,
Fitch views the risk adequately mitigated by the presence of a
back-up servicer and the availability of liquidity to ensure timely
payments on the notes during the transition period.

RATING SENSITIVITIES

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

Long-term asset performance deterioration, such as increased
defaults and decreased recoveries, which could be driven by changes
in portfolio characteristics, macroeconomic conditions, business
practices, credit policy or legislation, would contribute to
unfavourable revisions of Fitch's asset assumptions that could
negatively affect the notes' ratings.

Rating sensitivity to increased default rates (class A/B/C/D/E/F):

Increase base case defaults by 10%:
'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BB+sf'/'BBsf'

Increase base case defaults by 25%:
'AAsf'/'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'

Increase base case defaults by 50%:
'A+sf'/'A-sf'/'BBBsf'/'BB+sf'/'Bsf'/'CCCsf'

Rating sensitivity to reduced recovery rates (class A/B/C/D/E/F):

Reduce base case recovery by 10%:
'AA+sf'/'AAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'BBsf'

Reduce base case recovery by 25%:
'AA+sf'/'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'BBsf'

Reduce base case recovery by 50%:
'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'BBsf'

Rating sensitivity to increased default rates and reduced recovery
rates (class A/B/C/D/E/F):

Increase base case defaults by 10%, reduce recovery rate by 10%:
'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'BBsf'

Increase base case defaults by 25%, reduce recovery rate by 25%:
'AA-sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf'

Increase base case defaults by 50%, reduce recovery rate by 50%:
'Asf'/'BBB+sf'/'BBB-sf'/'BBsf'/'NRsf'/'NRsf'

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

The class A notes cannot be upgraded as the notes are rated at
'AAAsf', the highest level of Fitch's rating scale. A decrease in
defaults and increase in recoveries by 25% would have a positive
impact of up to one rating category for the other notes.

Rating sensitivity to reduced default rates and increased recovery
rates (class A/B/C/D/E/F):

Decrease base case defaults by 10%, increase recovery rate by 10%:
'AAAsf'/'AA+s'/'AA-sf'/'A-sf'/'BBB-sf'/'BB+sf'

Decrease base case defaults by 25%, increase recovery rate by 25%:

'AAAsf'/'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBBsf'

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

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

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

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.




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I R E L A N D
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APPLEGREEN GROUP: S&P Assigns 'B-' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Causeway Consortium Holdings Ltd. and its 'B-' issue rating to
the EUR535 million senior secured term loan B (TLB).

The stable outlook reflects S&P's expectation that the group will
maintain adequate liquidity and refinance upcoming debt maturities
in a timely manner, while its adjusted debt to EBITDA will stay
elevated and cash flow strained.

Causeway Consortium Holdings Ltd. is the holding company of the
Applegreen group, a motorway service area (MSA), trunk road service
area (TRSA), and petrol-filling station (PFS) operator in Ireland,
the U.K., and the U.S.

Applegreen's highly leveraged structure and weak cash generation
profile constrain the rating.   S&P said, "We expect the new
business and expansionary capital investments to bolster revenue
growth, especially in the U.S. and at Welcome Break. While part of
the capital investment plans are discretionary, we consider the
projected investment level as crucial to achieve the group's
strategic goals. Therefore, we project that this large capex will
lead to negative FOCF after leases through 2026 while the group
continues to raise debt to fund new projects and refinance existing
debt, including at Welcome Break. As a result, we expect S&P Global
Ratings-adjusted debt to EBITDA to remain elevated, at 8.0x-9.0x
over the next 12-24 months, with moderate deleveraging after 2026,
when we anticipate that the group will have ramped up some of the
new sites in the U.S. and U.K."

The captive nature of the group's MSA and TRSA operations, as well
as the length of the group's leases and concessions, positively
influence our view of its business model.   Applegreen benefits
from the captive nature of its offering, with a strong presence on
motorways and highways (210 sites). The group enters long lease and
concession contracts with local authorities and private landlords,
supporting its stronghold on the sites where it operates. Moreover,
regulatory restrictions limit new sites opening prospects in
Applegreen's markets and contracted routes. This acts as a large
barrier to entry to other players and reduces the risk of
escalating price competition. This also supports the group's
ability to pass through cost inflation via price increases thanks
to relatively inelastic demand in the MSA and TRSA business. S&P
also acknowledges the group's wide portfolio of brand offerings and
solid partnerships with quick service restaurants (QSRs) and
convenience store operators. This represents a competitive
advantage for Applegreen, attracting customer traffic in addition
to rest and refueling needs typical for MSAs and TRSAs.

S&P said, "While Applegreen's profitability has been average among
rated peers, we forecast EBITDA margins will strengthen over our
base-case horizon.   The group benefits from a solid mix of QSRs
and convenience stores that partially mitigates the weaker margins
on fuel sales, as well as the price volatility intrinsic to fuel.
We acknowledge Applegreen's strategy to increase the mix of QSR and
convenience store sales, as the group sells its U.K. PFS business
and engages in new MSA and TRSA projects in the U.S., which could
help raise margins further as new sites ramp up. We estimate S&P
Global Ratings-adjusted EBITDA margins to improve as the group
continues its trajectory away from fuel sales in its business mix,
to 8.8% in 2024 from 7.4% in 2023 and 6.5% in 2022. We forecast S&P
Global Ratings-adjusted EBITDA margins to consistently exceed 10%
from 2025, following the sale of the lower-margin U.K. PFS
business, which was completed recently.

"The rating is constrained by the group's ambitious growth
investment plans exceeding its established and mature earnings base
that is smaller than rated peers.   Among rated peers, Applegreen's
scale of operations is considerably smaller (by revenue, EBITDA,
and number of sites). Moreover, cash generation from its mature
operations falls short of covering the ongoing sizable investment
in expansionary projects. We view the ambitious growth strategy as
positive overall, to the extent the group will achieve adequate
returns on capital in due course. At the same time, the rapid pace
of expansion gives rise to intrinsic execution risk during the
ramp-up periods and contributes to significantly negative FOCF
(after leases), as seen both historically, in 2022 and 2023, and
over our forecast period. The extent to which the investments
negatively affect consolidated cash generation is less common among
rated peers. We think that Applegreen's cash flow will improve as
the group advances in its growth strategy and gains scale of its
mature operations on the current investment phase forecast through
to 2026.

"Our financial risk profile assessment and the rating are based on
the fully consolidated financials of Causeway Consortium Holdings,
Applegreen's parent company.   This comprises its direct operations
in the U.K., Ireland, and the U.S.; 100% of Welcome Break; project
finance entities in the U.S. (including 100% of Project Service LLC
and new fully owned projects from 2025); and electric vehicle (EV)
operations. While we understand that the debt documentation
contains some restrictions limiting lenders' recourse to Welcome
Break and each of the project finance businesses in respect of the
rest of the group and vice versa, our credit analysis does not
consider separately financed entities insulated; rather, we
consider them core to the overall group structure and operations.
For example, Applegreen has effective control over Welcome Break
and relies on its dividend payments to service debt at the group
level. We view Welcome Break as a key part of the group's
operations, generating more than 50% of the consolidated EBITDA
over our forecast period, and therefore unlikely to be disposed of.
We also anticipate that the group will continue funding its share
of Welcome Break's substantial investment needs through 2026.
Similarly, Applegreen has integral operational links to the U.S.
project finance entities and we understand it will fund capex
requirements exceeding the projects' internally generated cash
flow. We view these entities as core contributors to the group's
expansion strategy in the U.S.

"We consider Applegreen's financial sponsor-owned given that
Blackstone Infrastructure Partners is the majority shareholder.  
Blackstone Infrastructure Partners is an investment vehicle of the
global alternative asset manager Blackstone Inc. We consider the
fund akin to a financial sponsor, notwithstanding its long-term
investment horizon. Blackstone's EUR210 million equity contribution
as part of the recent refinancing transaction follows the track
record of significant investments from the owners since the
acquisition of Applegreen in 2021. It also demonstrates the fund's
ongoing support and commitment. Pro forma the transaction,
Blackstone's ownership increases to 65%, with the founders
retaining a 35% stake and their significant role in the group's
corporate governance and decision-making. We nevertheless consider
Applegreen's leverage commensurate with both the financial policy
typical for a financial sponsor ownership and with the
concessionary business' long-term nature.

"The stable outlook reflects our expectation that Applegreen will
continue investing in its estate and will develop new sites that
will enhance revenue and EBITDA. Its high capex will lead to
negative FOCF after leases over the length of our forecast period
and we expect S&P Global Ratings-adjusted debt to EBITDA to be
elevated, at 8.0x-9.0x over the next 12 months, declining
organically after that. We also anticipate the group will refinance
the debt at Welcome Break in a timely manner and maintain adequate
liquidity, supported by equity injections as well as further
required debt issuances at Welcome Break and U.S. subsidiaries.

"We could lower our ratings if the group faced execution issues or
experienced setbacks in its growth strategy, such that its
performance was weaker than our base-case scenario. This could
result in a more negative FOCF after leases and higher leverage
than expected, leading to a risk of the long-term capital structure
becoming unsustainable. A more aggressive financial policy than
anticipated or weaker liquidity from an inability to raise funds on
a timely basis to fund the group's large cash outflows could also
result in a negative rating action."

Specifically, S&P would consider the following as not commensurate
with the rating on the group:

-- Applegreen underperforming S&P's base-case scenario, with
earnings and profitability growth lagging our expectations,
ultimately leading to an unsustainable capital structure;

-- The company's cash flow being weaker than expected, resulting
in FOCF after lease payments remaining heavily negative and
depleting the company's liquidity position; or

-- The group failing to refinance its debt maturities, including
Welcome Break's, in a timely manner.

S&P could raise the ratings on Applegreen if its:

-- FOCF after lease payments strengthens and sustainably turns to
positive; and

-- S&P Global Ratings-adjusted debt to EBITDA falls sustainably
below 7.5x.

A positive rating action would be contingent on the group
maintaining ample liquidity and headroom under its maintenance
financial covenants and a financial policy commensurate with
sustaining the above-indicated credit metrics. It would also
require the group to refinance its debt maturities in a timely
manner, including Welcome Break's, and raise debt in capital
markets as required to fund the expansive capital expense, in line
with management expectations.


CVC CORDATUS XXXIV: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXXIV DAC notes
expected ratings. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
reviewed.

   Entity/Debt          Rating           
   -----------          ------           
CVC Cordatus Loan
Fund XXXIV DAC

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

Transaction Summary

CVC Cordatus Loan Fund XXXIV DAC is a securitisation of mainly (at
least 96%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to fund the identified portfolio with a
target par of EUR400 million, to close the warehouse arrangements
and pay issuance expenses.

The portfolio will be actively managed by CVC Credit Partners
Investment Management Limited. The CLO portfolio will have a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 24.9.

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 of the identified portfolio is 59.4%.

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

Portfolio Management (Neutral): The 4.5-year reinvestment period
includes criteria common to other European CLOs. Fitch's analysis
is based on a stress portfolio aimed at testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL for the Fitch stress
portfolio is 12 months shorter than the WAL covenant. This is to
account for strict reinvestment conditions envisaged by the
transaction after its reinvestment period, which include coverage
test satisfaction and the Fitch 'CCC' bucket limitation test after
reinvestment and a WAL covenant that gradually steps down, both
during and after the reinvestment period. Fitch believes these
conditions 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 (DR) across all ratings and
a 25% decrease of the recovery rate (RR) of the identified
portfolio across all ratings would not impact the class A notes,
but would lead to downgrades of one notch for the class B, C, D and
E notes and to below 'B-sf' for the class F notes.

Downgrades are based on the identified portfolio. They 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 rated notes each
display a rating cushion of up to two 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 DR
and a 25% decrease of the RR of the Fitch-stressed portfolio across
all ratings would lead to downgrades of up to four notches for the
class A to D notes and to below 'B-sf' for the class E and F
notes.

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

A 25% reduction of the mean DR across all ratings and a 25%
increase in the RR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for the
class B to E notes and five notches for the class F notes.

Upgrades are based on the Fitch-stressed portfolio. During the
reinvestment period, they 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
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 CVC Cordatus Loan
Fund XXXIV 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 any ESG factor
that is a key rating driver in the key rating drivers section of
the relevant rating action commentary.


DRYDEN 32 EURO 2014: Moody's Ups Rating on Class E-R Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Dryden 32 Euro CLO 2014 Designated Activity Company:

EUR12,275,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Upgraded to Aaa (sf); previously on Jun 5,
2024 Upgraded to Aa2 (sf)

EUR12,225,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Jun 5, 2024
Upgraded to Aa2 (sf)

EUR17,500,000 Class D-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2031, Upgraded to Aa3 (sf); previously on Jun 5,
2024 Upgraded to Baa1 (sf)

EUR5,000,000 Class D-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Jun 5, 2024
Upgraded to Baa1 (sf)

EUR30,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba1 (sf); previously on Jun 5, 2024
Affirmed Ba2 (sf)

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

EUR230,945,000 (Current outstanding amount EUR86,852,094) Class
A-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Jun 5, 2024 Affirmed Aaa (sf)

EUR2,155,000 (Current outstanding amount EUR4,571,163) Class A-2-R
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jun 5, 2024 Affirmed Aaa (sf)

EUR16,950,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 5, 2024 Upgraded to Aaa
(sf)

EUR24,050,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 5, 2024 Upgraded to Aaa
(sf)

EUR12,500,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Caa1 (sf); previously on Jun 5, 2024
Affirmed Caa1 (sf)

Dryden 32 Euro CLO 2014 Designated Activity Company, issued in July
2014, refinanced in February 2017 and reset in August 2018 is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by PGIM Limited. The transaction's reinvestment period
ended in November 2022.

RATINGS RATIONALE

The rating upgrades on the Class C-1-R, Class C-2-R, Class D-1-R,
Class D-2-R and Class E-R notes are primarily a result of the
significant deleveraging of the senior notes following amortisation
of the underlying portfolio since the last rating action in June
2024.

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

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

The Class A notes have paid down by approximately EUR91 million
(37%) since the last rating action in June 2024 and EUR151 million
(62%) since closing in August 2018. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the Collateral Administrator report dated December 2024 [1] the
Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 179.6%, 151.6%, 132.6% 113.3% and 106.9% compared to
May 2024 [2] levels of 147.5%, 132.9%, 121.9%, 109.5% and 105.1%,
respectively.

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

Performing par and principal proceeds balance: EUR206,086,864

Diversity Score: 37

Weighted Average Rating Factor (WARF): 2949

Weighted Average Life (WAL): 3.24 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.04%

Weighted Average Coupon (WAC): 4.01%

Weighted Average Recovery Rate (WARR): 40.7%

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
October 2024. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

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


MAN GLG III: Moody's Affirms Ba2 Rating on EUR19.8MM Class E Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Man GLG Euro CLO III Designated Activity Company:

EUR32,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jul 5, 2024 Upgraded to
Aa1 (sf)

EUR18,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to Aa3 (sf); previously on Jul 5, 2024 Upgraded to
A3 (sf)

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

EUR23,300,000 (Current outstanding amount 23,068,901) Class B-1
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jul 5, 2024 Affirmed Aaa (sf)

EUR10,000,000 (Current outstanding amount 9,900,816) Class B-2-R
Senior Secured Fixed Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jul 5, 2024 Affirmed Aaa (sf)

EUR19,800,000 Class E Deferrable Junior Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Jul 5, 2024 Affirmed Ba2
(sf)

EUR10,400,000 Class F Deferrable Junior Floating Rate Notes due
2030, Affirmed Caa3 (sf); previously on Jul 5, 2024 Downgraded to
Caa3 (sf)

Man GLG Euro CLO III Designated Activity Company, issued in July
2017 and partially refinanced in March 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by GLG
Partners LP. The transaction's reinvestment period ended in October
2021.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in July 2024.

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

The Class A-R notes have paid down by approximately EUR68.1 million
(32.1%) since the last rating action in July 2024 and have been
fully repaid. Class B-1 and B-2-R notes have paid down by EUR0.3
million (1.0%). As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated January 2025 [1],
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 278.66%, 165.86%, 135.10%, 112.21% and 103.04% compared
to June 2024 [2] levels of 183.67%, 139.61%, 123.01%, 108.78% and
102.55%, respectively. Moody's note that the January 2025 principal
payments are not reflected in the reported OC ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR117.7m

Defaulted Securities: EUR3.1m

Diversity Score: 37

Weighted Average Rating Factor (WARF): 3264

Weighted Average Life (WAL): 2.98 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 4.23%

Weighted Average Recovery Rate (WARR): 43.36%

Par haircut in OC tests and interest diversion test:  none

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
October 2024. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

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

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




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

NC QAZAQGAZ: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed JSC National Company QazaqGaz's (QG)
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB+' with Stable Outlook. Fitch has also affirmed the Long-Term
Foreign-Currency IDRs of QG's fully owned subsidiaries, Intergas
Central Asia JSC (ICA) and QAZAQGAZ AIMAQ JSC (QGA) at 'BB+' with
Stable Outlooks.

QG is rated two notches below the sovereign rating of Kazakhstan
(BBB/Stable), in line with Fitch's Government-Related Entities
(GRE) Rating Criteria. QG's support score is 32.5, which underlines
'Very Likely' support from the state, based on the criteria
definitions, while its Standalone Credit Profile (SCP) is 'b'. QG's
SCP is supported by the company's monopolistic position in natural
gas transit, transportation and distribution in Kazakhstan, but
constrained by low profitability of domestic gas sales and reliance
on dividends from joint ventures (JVs).

ICA and QGA have strong linkage with QG, hence warranting the
equalisation of their ratings at 'BB+'.

Key Rating Drivers

Tariffs to Increase: The government of Kazakhstan is set to amend
the wholesale price limits for commercial gas. Starting from July
2025, the wholesale price limits will increase 33% annually over
three years. The resultant positive impact of the higher tariffs on
QG's profitability is partly tempered by the need to import
increasing volumes of more expensive natural gas to meet growing
domestic consumption.

High Dividends from AGP: Asia Gas Pipeline LLP (AGP), QG's largest
joint venture with China National Petroleum Corporation
(A+/Negative), manages Kazakhstan's largest segment of the Central
Asia-China pipeline. Having cleared its financial debt, AGP is
expected to generate around KZT500 billion in annual free cash flow
(FCF) before dividends between 2024 and 2026. Fitch anticipates
that QG will receive at least KZT250 billion in dividends from AGP
each year, which should bolster QG's cash flow generation.

Dividends to Reduce Leverage: The dependence on dividends from AGP
indicates that the quality and diversity of the group's cash flow
are partly constrained. The dividends from AGP are the primary
factor contributing to the forecast reduction in QG's EBITDA gross
leverage, decreasing to an average 1.8x for 2024-2027, from 13.3x
in 2023, which is beneficial for QG's financial standing.

Investments Continue: QG's main investment projects include a
series of upstream and downstream initiatives aimed at expanding
its resource base and enhancing Kazakhstan's gas infrastructure.
Key projects feature the construction of new gas processing plants
at the Kashagan field, with phases projected to complete between
2026 and 2030. It is also involved in the development of a
carbamide plant and an LNG processing facility. Further, QG is
investing in major gas transportation projects, such as the
Beineu-Bozoi-Shymkent gas pipeline expansion and regional
gasification.

Responsibility to Support: Fitch views the state's influence on
QG's decision-making and oversight as 'Very Strong', given its full
control by the government and its role in implementing the
government's energy policies. Although the state is contemplating
selling a minority share of QG through an IPO, Fitch believes that
the government will maintain strong links with the group. However,
Fitch does not give QG any scores for precedents of support as
state support has been irregular.

Incentives to Support: Fitch assesses QG's preservation of
government policy role as 'Strong', given its important role in the
government's energy strategy and its status as the main domestic
supplier of natural gas. Fitch views its contagion risk as 'Strong'
as QG is present in the eurobond market and its default could
affect the ability of Kazakhstan and other GREs to borrow on
international markets.

Legal Incentive for Subsidiaries Support: Fitch views the legal
incentives to support QG subsidiaries under its Parent and
Subsidiary Linkage (PSL) Rating Criteria as 'High' since QG
guarantees most of ICA's and QGA's external debt. ICA's debt is
subject to a cross-default provision under QG's eurobond. Strategic
incentives are 'High' for ICA and 'Medium' for QGA.

Operating Incentive for Subsidiaries Support: ICA is the operator
of trunk gas pipelines in Kazakhstan for transporting gas
domestically and internationally, and accounts for the majority of
QG's EBITDA. QGA is a domestic operator of gas distribution
networks. Operating incentives are 'High' for both subsidiaries,
due to a fully integrated management strategy, as well as common
planning and budgeting.

Derivation Summary

QG's closest peers are JSC National Company KazMunayGas (KMG,
BBB/Stable, SCP: bb) and Kazakhstan Electricity Grid Operating
Company (KEGOC, BBB/Stable, SCP: bbb-).

KMG's IDR is equalised with the sovereign's, given its higher SCP
and overall strong linkage with the sovereign. KMG's 'bb' SCP
reflects its sizeable hydrocarbon production (though a significant
part of it is coming from JVs); integration into midstream and
downstream activities; and moderate financial leverage. KMG's scale
is significantly larger than that of QG.

KEGOC's IDR is derived from its SCP plus a one-notch uplift for
strong links with the state. KEGOC's 'bbb-' SCP reflects a stronger
financial profile and improvements in the regulatory framework
following market reform introduced in June 2023. The SCP benefits
from KEGOC's monopoly position, long-term tariffs that add
visibility to cash flow generation, and its large size compared
with local peers'.

Key Assumptions

- Brent crude price at USD70/bbl in 2025, and USD65/bbl in 2026 and
2027

- Increasing gas imports from Russia; gas exports to China at
around 5bcm per annum to 2027

- Increasing gas transit from Russia to Uzbekistan partially
offsets practically discontinued gas transit from central Asia to
Russia

- Increasing domestic gas tariffs insufficient to cover all input
costs, including of purchased and imported gas

- Capex at KZT231 billion a year in 2025 and 2026, and KZT64
billion in 2027

- Dividends from JVs at KZT250 billion a year over 2025-2027

RATING SENSITIVITIES

QG

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

- A sovereign downgrade

- Weaker ties between Kazakhstan and QG

- Further material deterioration of QG's SCP, for example, driven
by lower-then-expected dividends from its JVs or materially
deteriorating standalone liquidity

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

- A sovereign upgrade

- Stronger ties between Kazakhstan and QG

- Significant improvement in QG's SCP, driven by higher domestic
tariffs that comfortably cover input costs, or reduced import
needs

QGA

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

- Negative rating action on QG

- Weaker ties with QG

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

- Positive rating action on QG

ICA

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

- Negative rating action on QG

- Weaker ties with QG

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

- Positive rating action on QG

For Kazakhstan's rating sensitivities, see the rating action
commentary published on 15 November 2024 on www.fitchratings.com.

Liquidity and Debt Structure

QG's cash and cash equivalents amounted to about KZT360 billion at
end-June 2024, versus about KZT56 billion of total maturities in
2024 and 2025. Its largest maturity is a USD706 million Eurobond
maturing in 2027. QG and its subsidiaries have a record of good
access to Kazakh banks.

Issuer Profile

QG is a natural monopoly in natural gas transit, transportation and
distribution in Kazakhstan. It manages centralised infrastructure
for transporting commercial gas, provides international transit,
sells gas on domestic and foreign markets, and finances, builds and
operates pipelines and gas storage facilities.

Public Ratings with Credit Linkage to other ratings

QG is rated two notches below Kazakhstan under its GRE Rating
Criteria. ICA's and QGA's ratings are equalized with that of QG.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

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
   -----------              ------            --------   -----
Intergas Central
Asia JSC           LT IDR    BB+      Affirmed           BB+
                   ST IDR    B        Affirmed           B
                   LC LT IDR BB+      Affirmed           BB+
                   Natl LT   AA-(kaz) Affirmed           AA-(kaz)

   senior
   unsecured       LT        BB+      Affirmed   RR4     BB+

   senior
   unsecured       Natl LT   AA-(kaz) Affirmed           AA-(kaz)

QAZAQGAZ
AIMAQ JSC          LT IDR    BB+      Affirmed           BB+
                   ST IDR    B        Affirmed           B
                   LC LT IDR BB+      Affirmed           BB+
                   Natl LT   AA-(kaz) Affirmed           AA-(kaz)

   senior
   unsecured       LT        BB+      Affirmed   RR4     BB+

   senior
   unsecured       Natl LT   AA-(kaz) Affirmed           AA-(kaz)

JSC National
Company QazaqGaz   LT IDR    BB+      Affirmed           BB+
                   ST IDR    B        Affirmed           B
                   LC LT IDR BB+      Affirmed           BB+
                   Natl LT   AA-(kaz) Affirmed           AA-(kaz)

   senior
   unsecured       LT        BB+      Affirmed   RR4     BB+




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

ALTISOURCE PORTFOLIO: Execs Opt to Get Base Compensation in Cash
----------------------------------------------------------------
As disclosed in the Form 8-K filed by Altisource Portfolio
Solutions S.A. on November 3, 2023, William B. Shepro, Chairman and
Chief Executive Officer, and Michelle D. Esterman, Chief Financial
Officer, of the Company, each voluntarily agreed to allow up to 30%
of their base compensation to be paid in unrestricted Company
common stock instead of cash. This change was implemented as part
of the Company's cost reduction plan that began in July 2023.

On January 24, 2025, Mr. Shepro and Ms. Esterman notified the
Company's board of directors of their decisions to rescind the
previously disclosed voluntary modification to their compensation
structures, effective February 1, 2025.

Pursuant to their written notifications to the Board, both
executives have elected to revert to receiving their full base
compensation in cash effective February 1, 2025.

                         About Altisource

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. --
https://www.Altisource.com/ -- is an integrated service provider
and marketplace for the real estate and mortgage industries.
Combining operational excellence with a suite of innovative
services and technologies, Altisource helps solve the demands of
the ever-changing markets it serves.

As of September 30, 2024, Altisource had $144.5 million in total
assets, $293.2 million total liabilities, and $148.7 million in
total deficit.

                             *   *   *

Egan-Jones Ratings Company, on September 27, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to CCC from
CCC+.

In December 2024, S&P Global Ratings lowered its Company credit
rating on Altisource Portfolio Solutions S.A. to 'CC' from 'CCC+'
and its issue rating on the senior secured term loan to 'C' from
'CCC-'.

ALTISOURCE PORTFOLIO: Execs Terminate 112,000 Market-Based RSUs
---------------------------------------------------------------
Altisource Portfolio Solutions S.A. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
January 28, 2025, certain executives, including each of the Named
Executive Officers ("NEOs"), voluntarily agreed to terminate
112,000 market-based restricted stock units granted under
Restricted Stock Unit Award Agreements dated October 1, 2020,
pursuant to the Company's 2009 Equity Incentive Plan, as amended
and restated. To effectuate this termination, the Company entered
into Consent to Partial Termination of Restricted Stock Unit Award
Agreements with the NEOs and certain other executives. Under the
terms of the Consents, effective January 29, 2025, the Market-Based
RSUs are terminated and canceled in their entirety. In particular,
Mr. Shepro, Ms. Esterman and Mr. Ritts voluntarily agreed to
terminate 40,000, 19,000 and 19,000 Market-Based RSUs,
respectively.

All other provisions of the applicable RSU Agreements remain in
full force and effect, and the Consents do not impact any other
compensation arrangements, including employment agreements,
confidentiality agreements, or other equity awards of the NEOs.

                         Approval of Management
                         Restricted Stock Units

As previously disclosed, on December 16, 2024, the Company and its
wholly owned subsidiary, Altisource S.a r.l., entered a Transaction
Support Agreement with the holders of approximately 99% of the
total outstanding principal amount of term loans outstanding.
Pursuant to the TSA and, subject to the conditions contained in the
definitive documents to be entered into pursuant to the TSA, the
Company expects to engage in certain transactions to, among other
things, amend the terms of, reduce the principal amount owed under
and extend the maturity of the Company's existing term loans. In
addition, pursuant to the terms of the TSA and subject to the terms
of the Definitive Documents, as part of the Transactions, the
Company expects to issue to its lenders shares of common stock
representing up to 63.5% of the Company's outstanding shares
immediately following the effective date of the Transactions. The
Transactions are more fully described in the Company's definitive
proxy statement on Schedule 14A filed with the Securities and
Exchange Commission on January 3, 2024.

Under the terms of the TSA, members of the Company's management,
including its NEOs, are to receive restricted share units which, if
vested pursuant to their terms, would, in the aggregate, equal up
to 5% of the Company's common stock outstanding immediately
following the effective date of the Transactions. The provision of
the Management RSUs to members of the Company's management was
important to the Consenting Term Lenders to ensure that management
is sufficiently incentivized to grow the Company's business and to
reenforce the alignment between management and shareholders by
tying executive compensation to the Company's long-term performance
and value creation.

On January 29, 2025, the Compensation Committee of the Board
approved the grant of Management RSUs to certain members of
management, including the NEOs, effective on February 13, 2025. The
vesting of the Management RSUs will be subject to, among other
things, the closing of the Transactions, which, in turn is subject
to shareholder approval of certain proposals to facilitate the
Transactions described in the Proxy Statement. The RSUs that are to
be granted to the NEOs represent up to 4.5109% of the Company's
common stock outstanding immediately following the effective date
of the Transactions, pro forma for the issuance of the Debt
Exchange Shares.

The allocation of Management RSUs to the NEOs is as follows:

                                       RSU Allocation
                               (% of post-Transactions common
                                     stock outstanding)
              Name
William B. Shepro (Chairman & CEO)           2.7174%
Michelle D. Esterman (CFO):                  0.9783%
Gregory J. Ritts (Chief Legal
& Compliance Officer)                        0.8152%

                                      Total: 4.5109%

The Management RSUs will vest in three equal installments, with
one-third vesting on each of the first three anniversaries of the
effective date of the Transactions.

As described in the Proxy Statement, the Management RSUs will be
eligible to receive warrants that will be issued to holders of
common stock, restricted share units and penny warrants as of the
record date for the issuance of such warrants, which is expected to
be February 14, 2025.

The Compensation Committee has determined that the NEOs will not
participate in the Company's Long-Term Incentive Plans commencing
in the years 2025–2027 due to the issuance of the Management
RSUs.

                         About Altisource

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. --
https://www.Altisource.com/ -- is an integrated service provider
and marketplace for the real estate and mortgage industries.
Combining operational excellence with a suite of innovative
services and technologies, Altisource helps solve the demands of
the ever-changing markets it serves.

As of September 30, 2024, Altisource had $144.5 million in total
assets, $293.2 million total liabilities, and $148.7 million in
total deficit.

                             *   *   *

Egan-Jones Ratings Company, on September 27, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to CCC from
CCC+.

In December 2024, S&P Global Ratings lowered its Company credit
rating on Altisource Portfolio Solutions S.A. to 'CC' from 'CCC+'
and its issue rating on the senior secured term loan to 'C' from
'CCC-'.



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

ACR I BV: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
---------------------------------------------------------------
Moody's Ratings has affirmed ACR I B.V.'s (AnQore or the company)
corporate family rating and probability of default rating at B3 and
B3-PD, respectively. Concurrently Moody's affirmed the instrument
rating of AnQore B.V.'s senior secured bank credit facilities at
B3. The outlook on both entities has changed to negative from
stable.        

RATINGS RATIONALE

The rating action reflects the company's weak credit metrics,
including an estimated Moody's-adjusted gross leverage of around
10x in 2024, and Moody's expectation that gross leverage will be
around 8x in 2025 with uncertain prospects for a deleveraging to
levels commensurate for its B3 rating in 2026. Inability to show
performance improvement would make approaching the capital market
to refinance its senior secured term loans, which mature in
December 2027, challenging.

Soft demand across some end markets impacted AnQore's performance
in 2024. The company's production volumes remained at relatively
low levels compared to levels prior to 2023, despite the improved
propylene sourcing (main raw material for acrylonitrile), which
lowered costs.

In 2025, Moody's forecast higher year-over-year production volumes
for acrylonitrile, however Moody's expect a negative price effect
for some of its contracts, which typically last for two to three
years. Renegotiating contracts during periods of weaker demand
tends to hurt AnQore's production fee. Other elements also
contribute negatively, such as a reduced allocation of free
European Union Emissions Trading System (ETS) rights. This results
in an estimated gross leverage of close to 8x in 2025. Should a
recovery in production volumes not occur over the next 12-18
months, AnQore's leverage would exceed the previously stated
forecast, putting additional pressure on the rating and increasing
refinancing risks.

AnQore's B3 rating continues to positively factor in the company's
strong market position in Europe (contract market); high exposure
to contract buyers with formula-based contracts, which provides a
higher degree of pricing visibility than the spot market; and its
improved propylene sourcing (compared to the time before to the
propylene pipeline).

However, the rating is constrained by its high leverage and the
need to increase its EBITDA considering its term loan maturity in
2027; small scale, narrow commodity product portfolio, and limited
geographic (with one single plant in Europe) and customer
diversification; and weak cash generation amid high interest
costs.

OUTLOOK

The negative outlook on AnQore reflects the weak positioning of the
rating within the B3 rating category. There is limited capacity for
weaker-than-expected operational performance given its debt
maturity profile.

LIQUIDITY

AnQore's liquidity is adequate. As of the end December 2024, the
company had around EUR22 million in cash and cash equivalent on
balance sheet, and access to an undrawn EUR55 million senior
secured revolving credit facility (RCF). Furthermore, the company
has access to a EUR70 million factoring facility (EUR40 million
were drawn as of December), which is committed until 2027.
Significant working capital fluctuations and interest payments
could prompt AnQore to draw, at least temporarily, under its RCF in
2025.

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

Factors that could lead to a upgrade of AnQore's rating include: i)
Moody's-adjusted debt/EBITDA declines below 5x on a sustainable
basis; ii) EBITA/interest expense is above 1.5x; iii) adequate
liquidity; iv) FCF-to-debt ratio in the mid-single digit (%).

Factors that could lead to a downgrade of AnQore's rating include:
i) deterioration in its liquidity; ii) gross leverage remains above
6x; iii) EBITA/interest expense below or close to 1x; iv) the
enactment of more aggressive financial policies which would favor
shareholder returns over creditors; v) the company fails to address
its debt maturities well ahead of due date or increased risk of a
debt restructuring.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in the Netherlands, AnQore is a European producer of
acrylonitrile (ACN) and other co-products. The company operates a
275kt ACN plant at the Chemelot site in Geleen (Netherlands) with
two identical lines. The company is jointly owned by the private
equity firm CVC Capital Partners (65%) and DSM-Firmenich AG (A3
stable) (35%).


NORMEC 1 BV: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings affirmed the B2 long term corporate family rating
and the B2-PD probability of default rating of Normec 1 B.V.
(Normec or the company). Concurrently, Moody's also affirmed the B2
instrument rating on the EUR135 million senior secured revolving
credit facility (RCF) maturing in 2030 and the senior secured term
loan B (TLB) maturing in 2031 both issued by Normec. The senior
secured TLB will be upsized to EUR765 million following the
proposed EUR100 million fungible add-on. The outlook has changed to
negative from stable.

The company will use the proposed EUR100 million add-on to repay
current drawings under the RCF (EUR29 million); to pay associated
fees and expenses; and to increase its cash on balance sheet to
fund upcoming M&A transactions. As part of this transaction, Normec
is also looking to reprice its existing TLB which could translate
into annual savings of EUR4 million.

"The outlook change to negative reflects the more
ambitious-than-anticipated M&A activity during 2024 which was fully
debt-funded, as well as, to a lesser extent, underperformance and
higher one-off headquarter costs. Acquisition costs (integration
and restructuring) are not added to Moody's Moody's-adjusted
EBITDA, reducing EBITDA growth and group profitability in the year
of the M&A," says Fernando Galeote, a Moody's Ratings Analyst and
lead analyst for Normec.

"As a result, Normec's Moody's adjusted gross leverage at the end
of 2024 was higher than expected, and de-leveraging will be less
pronounced, putting negative pressure on the current B2 rating,"
adds Mr Galeote.

Governance was a driver of the action reflecting the company's
tolerance for high leverage and its sustained appetite for
debt-funded inorganic growth.

RATINGS RATIONALE

The rating action reflects Normec's high leverage and the
uncertainties surrounding its ability to delever to levels more
consistent with the B2 rating, should the company continue to fully
debt-fund its ambitious inorganic growth strategy. Moody's
understand that, as part of the transfer of Normec into
Continuation Fund in 2024, its private equity owner, Astorg Asset
Management S.à.r.l. (Astorg), raised a substantial amount of
committed capital to support the company's future external growth,
although the use and timing of the facility remains uncertain.

Moody's base case scenario assumes that Normec's revenue, pro forma
for acquisitions, will increase by 29% in 2024 to EUR595 million
(from EUR460 million in 2023) and by 18% in 2025 to 702 million
(with 7% organic growth).

Moody's forecast Moody's-adjusted EBITDA (pro forma) to increase by
26% in 2024 to EUR110 million (from EUR87 million in 2023), and by
9% in 2025 to EUR120 million, with a gradual increase in
profitability for recently acquired businesses closer to Normec's
average.

Moody's forecast pro forma Moody's-adjusted gross debt/ EBITDA to
increase to 7.4x in 2024 (from 6.9x pro forma in 2023) and
de-leveraging from this elevated level will depend on the pace of
M&A as well as its funding, including potential equity
contributions from Astorg.

Acquisition costs paired with higher lease payments will drag free
cash flow (FCF) generation, while it was expected to turn
materially positive already starting in 2024, at the time of the
initial rating assignment. Moody's now expect FCF to be slightly
negative in 2024 and to improve to around break-even levels in the
next 12-18 months.

At the same time, Moody's take comfort from the fact that
underlying operating performance in 2024 remained strong, with 6%
organic revenue growth, although it was also affected by some
underperformance and the deconsolidation of a specific Life Safety
unit following the sale of a 51% of stake to HDS local management.

The B2 CFR is supported by the company's (1) leading market
position in niche and defensive segments (foodcare, life safety,
sustainability, and healthcare) of the testing, inspection,
certification, and compliance (TICC) services market which present
positive long-term growth prospects; (2) comprehensive and
diversified services supported by high barriers to entry due to the
complexity of the accreditation process and the scarcity of
qualified technicians; (3) diversified and stable customer base
with low mid-single digit churn rate supported by high switching
costs; (4) track record of organic growth complemented by multiple
acquisitions; (5) solid margins; and (6) the fact that stricter
regulations, higher global trade volumes, and consumer scrutiny
create additional demand for Normec's services.

Additionally, the rating remains constrained by the company's (1)
relatively small size compared to other rated peers, albeit with a
fast-growing trajectory achieved through organic growth and a
series of accretive bolt-on acquisitions; (2) exposure to the
relatively mature foodcare and life safety segments; (3) low
interest coverage which positions the rating very weakly in the
rating category; and (4) exposure to execution and integration risk
linked to the acquisition of underperforming businesses with high
margin potential.

LIQUIDITY

Normec has a good liquidity profile, with EUR46 million available
cash on balance sheet as of December 31, 2024. In addition, the
company has access to a EUR135 million senior secured revolving
credit facility, which will be fully undrawn following the proposed
add-on. Pro forma for the transaction, the company's cash will
increase by EUR71 million (before transaction costs).

The senior secured revolving credit facility has a springing
covenant set at 9.0x senior secured net leverage, tested only when
the RCF is drawn at more than 40%.

Normec does not have any significant debt maturity until 2031 when
the TLB is due.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings of the EUR765 million senior secured term
loan B (pro forma for the EUR100 million senior secured TLB add-on)
and EUR135 million senior secured revolving credit facility are
aligned with Normec's B2 CFR. The company's PDR of B2-PD is also in
line with the CFR and reflects the use of a 50% family recovery
rate, considering the capital structure composed of senior secured
bank debt only with springing financial maintenance covenants.

The B2 instrument ratings of the senior secured term loan B and RCF
reflect their pari passu ranking. The facilities benefit from
guarantees representing at least 80% of consolidated EBITDA
generated in Belgium, the Netherlands, UK and Germany, and from a
weak security package composed mainly of share pledges which
position them alongside unsecured non-debt liabilities at operating
companies.

RATING OUTLOOK

The negative outlook reflects Normec's elevated leverage with
uncertainty regarding the pace of de-leveraging due to its
ambitious and mostly debt-funded M&A strategy and potential equity
contributions from Astorg to support acquisitions.

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

Upward rating pressure could develop if (1) Moody's-adjusted
debt/EBITDA improves below 5.0x on a sustained basis, (2)
Moody's-adjusted free cash flow/debt is positive on a sustained
basis, (3) Moody's-adjusted EBITA/interest expense increases
towards 2.0x, and (4) the company maintains a good liquidity.

Downward rating pressure could develop if (1) Moody's adjusted
leverage remains above 6.0x on a sustained basis, (2)
Moody's-adjusted free cash flow/debt turns negative on a sustained
basis, (3) Moody's-adjusted EBITA/interest expense declines below
1.5x, or (4) liquidity weakens. Negative rating pressure could also
arise in the event of significant debt-funded acquisitions or in
case of difficulties in integrating bolt-on acquisitions.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Normec is an independent provider of testing, inspection,
certification, and compliance (TICC) services in the foodcare, life
safety, sustainability, and healthcare business units focused on
six geographies, including Belgium, the Netherlands, Germany, the
UK, France, and Switzerland. Headquartered in Utrecht, Netherlands,
the company operates more than 35 laboratories and 80 offices with
around 4,000 employees. In 2024, Normec is expected to report
EUR595 million in pro forma revenue and EUR140 million pro forma
company-adjusted EBITDA.

Since June 2020, the company is majority-controlled by funds
managed by Astorg with an 92% shareholding in the company alongside
management.


TRUENOORD LIMITED: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned TrueNoord Limited an expected Long-Term
Issuer Default Rating (IDR) of 'BB-(EXP)' with Stable Outlook.
Fitch has also assigned an expected 'BB-(EXP)' long term rating to
TrueNoord Capital Designated Activity Company's (TrueNoord Capital
DAC) announced USD400 million senior unsecured debt issue maturing
in 2030.

TrueNoord's planned senior unsecured debt issue will materially
alter the company's funding structure and overall credit profile.
Fitch expects to assign a final Long-Term IDR and final debt
ratings once TrueNoord has successfully completed its anticipated
bond issue and final debt documents have been received.

Key Rating Drivers

Moderate Franchise; Appropriate Leverage: TrueNoord's expected
Long-Term IDR is underpinned by its Standalone Credit Profile and
reflect its moderate market position as a global, full-service
lessor of regional jet and turboprop aircraft, appropriate current
and targeted leverage, lack of meaningful near-term debt
maturities, and sound liquidity metrics. The ratings also consider
Fitch's view of Freshstream, TrueNoord's shareholder, as being less
established in the aircraft leasing sector compared with the owners
of its peers. This weighs on Fitch's assessment of TrueNoord's
management and strategy score.

Scale and Profitability Constrain Ratings: TrueNoord is smaller
than its higher-rated peers, faces execution risk associated with
its growth targets, has lower profitability (as calculated by
TrueNoord's net spread) than peers, and is reliant on secured
wholesale funding. It also has incrementally higher residual value
risks than traditional aircraft lessor peers, due to its portfolio
focus on less liquid, regional jet and turboprop aircraft.

Rating constraints for the aircraft leasing industry overall
include the monoline nature of the business, vulnerability to
exogenous shocks, sensitivity to higher oil prices, inflation and
unemployment, which negatively affect travel demand, residual value
risks, reliance on wholesale funding, and meaningful competition.

Stable Outlook: The Stable Rating Outlook reflects its expectation
that TrueNoord will manage its balance sheet to maintain sufficient
headroom relative to its negative rating sensitivities over
2025-2027, despite its expectation of prolonged high interest rates
and inflation. The Outlook also reflects expectations for a
stabilisation of asset-quality metrics, stable operating cash
flows, improved funding flexibility, and a sound liquidity
position.

Sound Franchise in Niche Sector: TrueNoord's portfolio net book
value (NBV) was USD1.4 billion at end-September 2024 (end-1HFY25),
comprising tier 2 (66% of NBV) and tier 3 aircraft (34%), as
categorised by Fitch, which is less liquid than peers'. The
weighted average age of the owned portfolio was nine years at
end-1HFY25 which is higher compared to the peer group average.
Currently, TrueNoord exclusively relies on the secondary market to
increase scale, given the lack of an orderbook, which presents some
execution risk in delivering on management's growth strategy.

Exposure to Weaker Airlines: Due to its focus on the regional jet
market, TrueNoord's exposure to weaker credit-quality lessees is
higher than for larger global peers. At end-1HFY25, it had 28
customers, with the single largest client representing 15% of total
NBV, as estimated by Fitch, which is comparable to most peers.

Asset-quality metrics have been negatively affected by a cumulative
USD36 million charge over FY21-FY23 relating to early lease
terminations due to the pandemic, with an impairment ratio
averaging 0.9% for 2021- 2024. However, Fitch notes that the
impairments have been largely netted off with the end of lease
compensation received in FY21, as a result of early lease
terminations. Fitch views TrueNoord's depreciation policy and
underwriting approach as appropriately conservative, which should
limit future asset-related impairment risk through the cycle.

Below-Average and Volatile Profitability: TrueNoord's pre-tax
income has been volatile in recent years, due to Covid 19-related
lease transitions and increasing financing costs. Its net spread
was 3.5% for the last 12 months to end-1HFY25. Fitch expects net
spreads to remain subdued, due to TrueNoord's growing scale and
higher funding costs, given its plans to introduce unsecured debt
to its funding mix. However, Fitch expects net spreads to remain
within the 'bb' range of 1%-5% for aircraft lessors with a sector
risk operating environment (SROE) score in the 'bbb' category over
the medium term.

Sound Leverage: TrueNoord's Fitch-calculated gross debt/tangible
equity ratio was 2.2x at end-1HFY25. Fitch has assigned 50% equity
credit to TrueNoord's USD50 million preferred shares, as any
cumulative coupons can be paid as cash upon investor exit. Fitch
expects leverage to increase modestly over time but to remain at or
below 2.5x over 2025-2027, as earnings are retained and additional
capital is injected to fund future growth.

Evolving Funding Mix: Fitch expects the anticipated USD400 million
senior unsecured debt issue to increase unsecured debt to around
40% of total debt from a currently fully secured debt profile,
pro-forma for the expected paydown in outstanding secured debt.
This is consistent with Fitch's 'bb' category funding, liquidity
and coverage benchmark of 20%-75% for aircraft lessors with a SROE
in the 'bbb' category. Failure to issue the unsecured debt, such
that it represents at least 20% of total debt by FYE25, could
result in a one notch downgrade of the expected rating.

Liquidity to Remain Sound: TrueNoord's current liquidity coverage
is over 5x, given the lack of significant purchase commitments.
Resources as of end-1HFY25 included USD52 million of unrestricted
cash and USD187 million under its committed warehouse and term
loan, pro forma of the committed facility extension completed in
December 2024. Fitch expects available capacity under the committed
warehouse to increase after the expected paydown of current
drawings with the new issue proceeds. Fitch expects liquidity
coverage to remain adequate at above 1x.

RATING SENSITIVITIES

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

Upon the issue of the unsecured debt, Fitch would expect to assign
TrueNoord a final Long-Term IDR. Failure to complete the debt issue
could result in the expected ratings being withdrawn or
downgraded.

TrueNoord's expected Long-Term IDR could be downgraded by one notch
should the company not be able to access the unsecured debt market
and not improve the proportion of unsecured debt to at least 20% of
total debt by end-March 2025, as this would imply a fully secured
funding profile with limited funding flexibility and unencumbered
assets.

Its ratings are also sensitive to a weakening of the company's
projected long-term cash flow generation, net spreads weakening to
close to or below 2.5% over a sustained period, liquidity coverage
falling below 1.0x, and an increase in gross leverage above 3.0x
for an extended period.

Macroeconomic and/or geopolitical risks that pressure airlines and
lead to lease restructurings and rejections, lessee defaults, and
larger losses would also be negative for ratings.

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

Assuming TrueNoord successfully issues its unsecured debt, the
ratings could in the medium-term benefit from enhanced scale, as
exhibited by lessee diversification, reduced exposure to weaker
airlines, low impairment ratios, and a reduction in the proportion
of tier 3 aircraft as categorised by Fitch.

Net spreads in excess of 3% over a sustained period, unsecured debt
approaching or in excess of 35%, while maintaining liquidity
coverage in excess of 1.2x could also be positive for ratings.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Excepted Senior Unsecured Debt Equalised: TrueNoord Capital DAC's
expected senior unsecured debt rating of 'BB-(EXP)' is equalised
with TrueNoord's expected Long-Term IDR. This is due to TrueNoord's
and other material subsidiaries' guarantee for TrueNoord Capital
DAC and also reflects average recovery prospects in a financial
distress, given the availability of unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The expected senior unsecured debt rating is primarily sensitive to
changes in TrueNoord's Long-Term IDR and secondarily to the
relative recovery prospects of the instruments. A decline in
projected unencumbered asset coverage, combined with a material
increase in secured debt, could result in notching down the
unsecured debt rating from TrueNoord's Long-Term IDR.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.

The business profile score has been assigned below the implied
score due to the following adjustment reason(s): business model
(negative)

The asset quality score has been assigned below the implied score
due to the following adjustment reason (s): risk profile and
business model (negative)

The capitalisation & leverage score has been assigned below the
implied score due to the following adjustment reason: risk profile
and business model (negative).

The funding, liquidity & coverage score has been assigned above the
implied score due to the following adjustment reason: historical
and future metrics (positive).

ESG Considerations

TrueNoord has an ESG Relevance Score of '4' for Governance
Structure, due to its limited board independence and the
organisational complexity of its ownership structure. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                Rating           
   -----------                ------           
TrueNoord Limited       LT IDR BB-(EXP) Expected Rating

TrueNoord Capital
Designated Activity
Company

   senior unsecured     LT     BB-(EXP) Expected Rating




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

[] Fitch Affirms 'CCsf' Rating on 3 IM Cajamar RMBS Transactions
----------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on three Spanish
Cajamar RMBS transactions, including upgrading two tranches. The
Outlooks are Stable. At the same time, Fitch has removed all
tranches from Under Criteria Observation (UCO).

   Entity/Debt                Rating           Prior
   -----------                ------           -----
IM Cajamar 4, FTA

   A ES0349044000         LT AAAsf  Affirmed   AAAsf
   B ES0349044018         LT AA+sf  Upgrade    AAsf
   C ES0349044026         LT AA-sf  Affirmed   AA-sf
   D ES0349044034         LT AA-sf  Upgrade    A+sf
   E ES0349044042         LT CCCsf  Affirmed   CCCsf

IM Cajamar 5, FTA

   Class A ES0347566004   LT A+sf  Affirmed    A+sf
   Class B ES0347566012   LT A+sf  Affirmed    A+sf
   Class C ES0347566020   LT A+sf  Affirmed    A+sf
   Class D ES0347566038   LT Asf   Affirmed    Asf
   Class E ES0347566046   LT CCsf  Affirmed    CCsf

IM Cajamar 6, FTA

   Class A ES0347559009   LT A+sf  Affirmed    A+sf
   Class B ES0347559017   LT A+sf  Affirmed    A+sf
   Class C ES0347559025   LT A+sf  Affirmed    A+sf
   Class D ES0347559033   LT Asf   Affirmed    Asf
   Class E ES0347559041   LT CCsf  Affirmed    CCsf

Transaction Summary

The static Spanish RMBS transactions comprise fully amortising
residential mortgages originated and serviced by Cajamar Caja
Rural, Sociedad Cooperativa de Credito (BBB-/Stable/F3). The
current portfolio balances of the three transactions range 12%-17%
of the initial portfolio balances.

KEY RATING DRIVERS

European RMBS Rating Criteria Updated: The upgrades and
affirmations reflect the update of Fitch's European RMBS Rating
Criteria on 30 October 2024. The update adopted a non-indexed
current loan-to-value (LTV) approach to derive the base foreclosure
frequency (FF) on portfolios, instead of the original LTV approach
applied previously. The updated criteria also contain a loan-level
recovery rate cap of 85%, lower than 100% before.

When calibrating the portfolio's FF, Fitch has applied a 1.25x and
1.5x transaction adjustment to Cajamar 5 and Cajamar 6,
respectively, to reflect their historical performance data. All
three transactions have ample seasoning of the securitised
portfolios of more than 17 years, with a weighted average
non-indexed CLTV of less than 35% as of the latest reporting date.
As a result, the portfolio credit analysis remains driven by the
criteria's minimum loss (eg 5% at AAAsf).

Stable Asset Performance Outlook: The rating actions reflect the
transactions' broadly stable asset performance outlook, in line
with its neutral asset performance outlook for eurozone RMBS. The
transactions have a low share of loans in arrears over 90 days
(below 0.3% of the outstanding pool balance as of September 2024,
excluding defaults), and the level of gross cumulative defaults
(defined as loans in arrears over 12 months) stood at 4.1% (Cajamar
4), 5.9% (Cajamar 5) and 8.5% (Cajamar 6) of the respective initial
pool balances.

Regional Concentration Risk: The portfolios are exposed to
geographical concentration in the regions of Murcia (between 31.6%
and 34.4%) and Andalucía (between 43.6% and 50.9%). In line with
Fitch's European RMBS Rating Criteria, higher rating multiples are
applied to the base FF assumption to the portion of the portfolios
that exceeds 2.5x the population share of these regions relative to
the national count.

Sufficient Credit Enhancement (CE): CE protection for the notes is
sufficient to fully compensate the credit and cash flow stresses
associated with their ratings. Moreover, CE ratios for all three
transactions will increase more rapidly once the non-defaulted
outstanding portfolio balance reaches 10% of its respective initial
pool balances, which will trigger mandatory sequential amortisation
of the notes, versus pro-rata currently.

Excessive Counterparty Exposure Caps Ratings: The maximum
achievable ratings for Cajamar 4 class C and D notes, and Cajamar 5
and Cajamar 6 class D notes are equivalent to the respective
transaction account bank (TAB) deposit ratings (BNP Paribas SA;
A+/Stable/F1, long-term deposits 'AA-' for Cajamar 4, and Banco
Santander SA; A-/Stable/F2, long-term deposit 'A' for Cajamar 5 and
6). This is because the cash reserves held at the TAB represent a
very material source of CE for the notes, and a sudden loss of
these funds would lead to a model-implied downgrade of 10 or more
notches under Fitch's criteria.

Ratings Capped by Counterparty Risks (ESG Consideration): The
maximum achievable rating of Cajamar 5 and Cajamar 6 remains at
'A+sf', due to the TAB minimum eligibility ratings being set at
'BBB+' or 'F2', which are not compatible with the 'AAsf' category
or 'AAAsf' rating under Fitch's Counterparty Criteria. The TAB
eligibility triggers were changed in September 2013 from 'A' and
'F1' as of the closing date.

RATING SENSITIVITIES

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

- For notes rated 'AAAsf', a downgrade to Spain's Long-Term Issuer
Default Rating (IDR) that could decrease the maximum achievable
rating for Spanish structured finance transactions. This is because
these notes are rated at the maximum achievable rating, six notches
above the sovereign IDR.

- Long-term asset performance deterioration such as increased
delinquencies or larger defaults, which could be driven by changes
to macroeconomic conditions, interest-rate increases or adverse
borrower behavior.

- For Cajamar 4 class C and D notes, and Cajamar 5 and 6 class D
notes, a downgrade of the TAB´s deposit rating, due to its cap on
the notes rating stemming from excessive counterparty risk
exposure.

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

- Tranches rated 'AAAsf' cannot be upgraded as they are at the
highest level on Fitch's scale.

- Increases in CE ratios as the transactions deleverage to fully
compensate for the credit losses and cash flow stresses
commensurate with higher ratings, in addition to adequate
counterparty arrangements.

- For Cajamar 4 class C and D notes, and Cajamar 5 and 6 class D
notes, an upgrade of the TAB´s deposit rating.

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied on for its initial rating analysis was
adequately reliable.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The maximum achievable rating for Cajamar 4 class C and D notes,
and Cajamar 5 and Cajamar 6 class D notes is equivalent to their
respective TAB deposit ratings, due to excessive counterparty
exposure.

ESG Considerations

Cajamar 5 and Cajamar 6 each has an ESG Relevance Score of '5' for
Transaction Parties & Operational Risk, due to the modification of
TAB replacement triggers after the transactions' closing. This has
a negative impact on the credit profiles, and is highly relevant to
the ratings, resulting in lower ratings of at least one notch
each.

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.




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

AXESS 2: Leonard Curtis Named as Administrators
-----------------------------------------------
Axess 2 Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000067, and Megan Singleton and M J Colman of Leonard
Curtis were appointed as administrators on Feb. 4, 2025.  
       
Axess 2 engages in the sale of domestic and commercial lifts.
       
Its registered office is at 20 Roundhouse Court, South Rings
Business Park, Bamber Bridge, Preston, PR5 6DA.

Its principal trading address is at Unit 7, Deanfield Drive,
Clitheroe, BB7 1QJ.
       
The joint administrators can be reached at:
       
       Megan Singleton
       M J Colman
       Leonard Curtis
       20 Roundhouse Court
       South Rings Business Park
       Bamber Bridge
       Preston PR5 6DA
       
Any person who requires further information may contact:
       
       Tom Huxley
       Begbies Traynor (London) LLP
       Email: Tom.Huxley@btguk.com
       Tel No: 020 7516 1500


GWE GROUP: Leonard Curtis Named as Administrators
-------------------------------------------------
GWE Group Limited was placed into administration proceedings in
Business and Property Courts in Leeds, Court Number:
CR-2025-000090, and Ryan Holdsworth and Danielle Shore of Leonard
Curtis (UK) Limited were appointed as administrators on Jan. 30,
2025.  
       
GWE Group is a manufacturer of electrical equipment.
       
Its registered office is at 4th Floor, Fountain Precinct, Leopold
Street, Sheffield, S1 2JA.
       
Its principal trading address is at 22 Atlas Way, Sheffield, S4
7QQ.
       
The joint administrators can be reached at:
       
                      Ryan Holdsworth
                      Danielle Shore
                      Leonard Curtis (UK) Limited
                      4th Floor, Fountain Precinct
                      Leopold Street, Sheffield
                      S1 2JA
       
Contact information for Administrators:
       
                      0114 285 9500
                      shannon.jones@leonardcurtis.co.uk
       
Alternative contact: Shannon Jones


HOUSEHAM SPRAYERS: FRP Advisory Named as Administrators
-------------------------------------------------------
Househam Sprayers Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-000586, and Alexander Kinninmonth and James Prior of FRP
Advisory Trading Limited were appointed as administrators on Feb.
3, 2025.  

Househam are a UK crop sprayer manufacturer incorporating advanced
technology, that help growers to achieve healthier, sustainable
crops.

Its registered office is at Roughton Moor, Woodhall Spa, LN10 6YQ,
to be changed to Mountbatten House, Grosvenor Square, Southampton,
SO15 2JU.

Its principal trading address is at Househam Sprayers Limited,
Roughton Moor, Woodhall Spa, LN10 6YQ.

The joint administrators can be reached at:

     Alexander Kinninmonth
     James Prior
     FRP Advisory Trading Limited
     Mountbatten House, Grosvenor Square
     Southampton, SO15 2JU

For further details, contact:

     Joint Administrators
     Tel: 02381 448 200

Alternative contact:

     Nate Taylor
     Email: cp.southampton@frpadvisory.com


MASLIFE LTD: Begbies Traynor Named as Administrators
----------------------------------------------------
Maslife Ltd was placed into administration proceedings in the High
Court of Justice - Business and Property Courts, Court Number:
CR-2025-000435, and David Birne and Stephen Katz of Begbies Traynor
(London) LLP were appointed as administrators on Jan. 27, 2025.  

Maslife is a UK-based company that offers a comprehensive Personal
Finance App aimed at enhancing financial well-being and overall
health.  Its registered office is at 21, Knightsbridge, London,
SW1X 7LY.

The joint administrators can be reached at:

          David Birne
          Stephen Katz
          Begbies Traynor (London) LLP
          Pearl Assurance House
          319 Ballards Lane
          London, N12 8LY

Any person who requires further information may contact

          Nick Nicola
          Begbies Traynor (London) LLP
          Email: teamnn@btguk.com
          Tel: 020 8343 5900


PAINTWELL TOPCO: Kroll Advisory Named as Administrators
-------------------------------------------------------
Paintwell Topco Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-000657, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd were appointed as administrators on Feb. 4, 2025.  

Paintwell Topco is a holding company.  Its registered office and
principal address is at 38 Bromborough Village Road, Bromborough,
Wirral, Merseyside, CH62 7ET.

The joint administrators can be reached at:

          Benjamin John Wiles
          Philip Dakin
          Kroll Advisory Ltd
          The Shard
          32 London Bridge Street
          London, SE1 9SG

For further details, contact:

          The Joint Administrators
          Email: Samuel.Warlow@kroll.com
          Tel: +44 (0) 20 7089 4797


SAMURAI APPAREL: Opus Restructuring Named as Administrators
-----------------------------------------------------------
Samurai Apparel Limited was placed into administration proceedings
in the High Court of Justice, Court Number: CR-2025-000431, and
Colin David Wilson and Mark Siddall of Opus Restructuring LLP were
appointed as administrators on Jan. 27, 2025.  
       
Samurai Apparel is a manufacturer of sports goods.

Its registered office and principal trading is a Gf3 Roxburgh
House, Rosebery Business Park, Mentmore Way, Norfolk, NR14 7XP.
       
The joint administrators can be reached at:
       
                      Colin David Wilson
                      Mark Siddall
                      Opus Restructuring LLP
                      1 Radian Court, Knowlhill
                      Milton Keynes, MK5 8PJ
       
For further details, contact:
       
                      Conor March
                      Tel: 01908 087220
                      Email: Conor.march@opusllp.com


TILE EMPORIUM: Leonard Curtis Named as Administrators
-----------------------------------------------------
Tile Emporium Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-000603, and Michael Robert Fortune and Carl Derek Faulds of
Leonard Curtis, were appointed as administrators on Jan. 31, 2025.

       
Tile Emporium is a Tile shop.

Its registered office is at 1580 Parkway Whiteley, Fareham,
Hampshire, PO15 7AG

Its principal trading address is at Unit A, Ringwood Trading
Estate, Castleman Way, Ringwood, Hampshire, BH24 3BA

The joint administrators can be reached at:

          Michael Robert Fortune
          Carl Derek Faulds
          Leonard Curtis
          1580 Parkway, Solent Business Park
          Whiteley, Fareham
          Hampshire PO15 7AG

For further details, contact:
  
          The Joint Administrators
          Email: creditors.south@leonardcurtis.co.uk

Alternative contact: David Manning


VANQUIS BANKING: Fitch Keeps 'BB-' LongTerm IDR on Watch Negative
-----------------------------------------------------------------
Fitch Ratings is maintaining Vanquis Banking Group plc (VBG) on
Rating Watch Negative (RWN), including its Long-Term Issuer Default
Rating (IDR) and senior unsecured debt rating of 'BB-', as well as
its subordinated Tier 2 debt rating of 'B'.

Key Rating Drivers

RWN Maintained: The RWN reflects Fitch's view that the 25 October
2024 UK Court of Appeal ruling in three UK-based vehicle finance
cases, if upheld by the Supreme Court, could negatively affect
VBG's business profile, profitability and capitalisation and lead
to a downgrade of its Long-Term IDR.

In December the Supreme Court granted permission to appeal the
October judgement and Fitch will look to resolve the RWN when the
implications of the historical vehicle finance probe are clearer.
Fitch believes it may take longer than the typical six-month
horizon to resolve the RWN.

Narrow Franchise; Retail Funding: VBG's ratings reflect the
concentration of its business model in non-prime lending, with weak
asset quality and volatile profitability. The ratings also
recognise VBG's acceptable capitalisation and access to funding
that includes granular, albeit price-sensitive, retail deposits.
Fitch rates VBG primarily under its Non-Bank Financial Institutions
Rating Criteria, but also refers to its Bank Rating Criteria when
assessing its capitalisation and leverage.

Court of Appeal Ruling: On 25 October 2024, the UK Court of Appeal
ruled that commissions in three vehicle finance cases (not relating
to Vanquis transactions) were not adequately disclosed to the
customers in question, resulting in a lack of informed consent. The
ruling went beyond the scope of the Financial Conduct Authority's
pre-existing review of discretionary commissions, potentially
bringing fixed commission arrangements into scope. It also meant
that the probability of VBG and other UK vehicle finance lenders
having to set up a customer redress scheme has increased.

VBG has publicly stated that it has not provided any discretionary
commission arrangements on car loans and that all car loans
provided since the Court of Appeal ruling have commission
disclosures in line with the judgement.

Asset Quality Pressure to Persist: VBG's review of Stage 3 loans,
primarily in the vehicle finance sector during 1H24 led to a net
reduction of GBP360 million in Stage 3 loans. This was due to
write-offs and debt sales, reducing the overall impaired loans to
12.3% of gross loans at end-2024 from 23.7% at end- 2023.
Impairment charges rose to 8% of total average loans at end-1H24,
from 6.3% at end-2023, due to IFRS 9-based expected credit loss
provisioning and one-off impairment charges. Fitch projects
continued pressure on asset quality in 2025, albeit less severe
than in 2024.

Pressure on Profitability: VBG recorded a net loss of GBP35.8
million in 1H24, s equivalent to an annualised pre-tax
income/average assets of -3% (versus -0.2% in 2023). Fitch
forecasts that VBG will achieve a small profit in 2025, following
estimate net losses for 2024, supported by shrinking incremental
credit costs after the clean-up of Stage 3 loans and planned cost
savings. However, VBG's profitability remains susceptible to its
ability to expand its loan portfolio, particularly in high-yield
vehicle finance and credit cards, as well as any major changes in
complaint- handling costs.

Capital Vulnerable to Vehicle Finance Ruling: Should VBG be
required to establish a customer redress scheme against historical
vehicle finance commissions, the financial impact could be
material. Depending on the length of the look-back period, penalty
interest rates, if any, and the timing of redress payments, Fitch
believes it could lead to a breach of its 16% capitalisation
downgrade trigger. VBG's Tier 1 ratio stood at 18.7% at end-3Q24.
However, VBG would likely not be required to set up such a scheme
if the Supreme Court ruling narrows the scope of the ruling to
discretionary commissions.

Stable Retail Funding: VBG is mainly funded by Vanquis Bank's
retail deposits. They accounted for 78.2% of non-equity funding at
end-1H24, up from 65.8% at end-1H23, due mainly to VBG's strategy
to reduce its reliance on wholesale funding. The deposit base grew
around 77% in 2023. Deposits are highly fungible at the group
level, after the Prudential Regulation Authority's Core UK Group
Waiver approval allowed Vanquis Bank's deposits to be used to fund
VBG car-finance subsidiary Moneybarn's lending as well as its own.
Liquidity is healthy, with a liquidity coverage ratio of 557% at
end-1H24.

RATING SENSITIVITIES

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

Fitch expects to resolve the RWN on more clarity of the potential
impact from the review of commissions on VBG's profitability,
capitalisation, and business profile. Fitch believes a downgrade of
the Long-Term IDR, should the Supreme Court uphold the ruling of
the Court of Appeal, is likely to be limited to one notch but could
go beyond one notch if the financial impact on VBG (for instance as
a result of a longer look-back period) is more severe than
currently assumed.

Beyond the potential immediate impact from the recent court ruling,
VBG's Long-Term IDR remains sensitive to:

- VBG's common equity Tier 1 ratio falling below 16% on a sustained
basis or a material reduction in regulatory capital headroom (for
example as a result of negative earnings), or erosion of market
confidence in the adequacy of VBG's capital in the light of
emerging risks

- A deterioration in VBG's liquidity profile, as reflected in a
reduction in unrestricted liquidity or, notably, weaker funding
access

- Inability to return to pre-tax profitability by 2025, which would
weaken Fitch's view of the strength of VBG's franchise and business
model

- Incurrence of a material fine or need to pay redress to customers
in respect of any major breach of regulatory lending guidelines

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

VBG's ratings could be affirmed and removed from RWN if the
uncertainty surrounding historical vehicle finance commission
reduces and risks to VBG's business and financial profiles abate

- Upside is presently limited, in view of the RWN. In the medium
term, an upgrade would require a strong and sustainable rebound in
operating profitability. This would be helped by gaining both
material scale and revenue diversification by business line, which
would indicate a stronger business profile

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

All debt ratings have been placed on RWN, mirroring the RWN on
their anchor ratings.

VBG's senior unsecured notes are rated in line with the group's
Long-Term IDR, reflecting Fitch's expectation of average recovery
prospects.

The subordinated tier 2 notes' rating is two notches below VBG's
Long-Term IDR, reflecting poor recovery prospects in a failure of
VBG, in line with Fitch's base-case notching for Tier 2 debt. Fitch
has not applied additional notching as the issue terms do not
contain features that give rise to incremental non-performance
risk.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

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

VBG's senior debt rating is primarily sensitive to negative changes
in its IDR. It is also sensitive to weaker recovery expectations,
which could result, for example, from retail deposits materially
increasing as a proportion of the group's total funding relative to
senior debt.

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

An upgrade of VBG's Long-Term IDR would result in an upgrade of the
unsecured debt and Tier 2 notes' ratings.

ADJUSTMENTS

The 'a' sector risk operating environment score is above the 'bbb'
implied score, due to the following adjustment reason: regulatory
and legal framework (positive).

The 'bb-' business profile score is below the 'bbb' implied score,
due to the following adjustment reasons: business model (negative)
and market position (negative).

The 'bb-' asset quality score is above the 'ccc & below' implied
score, due to the following adjustment reason: collateral and
reserves (positive).

ESG Considerations

VBG has an ESG Relevance Score of '4' for Exposure to Social
Impacts and Customer Welfare stemming from a business model focused
on non-prime and sub-prime consumer lending. This exposes the group
to shifts of consumer or social preferences and to increasing
regulatory scrutiny, in particular on loans to low-income
individuals. This has a moderately negative influence on the
pricing strategy, product mix, and targeted customer base. It also
has a negative impact on its credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt          Rating                         Prior
   -----------          ------                         -----
Vanquis Banking
Group plc         LT IDR BB- Rating Watch Maintained   BB-

   senior
   unsecured      LT     BB- Rating Watch Maintained   BB-

   subordinated   LT     B   Rating Watch Maintained   B


YORKSHIRE WATER: Moody's Affirms 'Ba1' Subordinated Debt Ratings
----------------------------------------------------------------
Moody's Ratings has affirmed the Baa2 underlying senior secured and
backed senior secured debt ratings of Yorkshire Water Services
Finance Limited, as well as the Baa2 backed senior secured and Ba1
backed subordinated debt ratings of Yorkshire Water Finance plc.
Moody's also affirmed Yorkshire Water Finance plc's (P)Baa2 backed
senior secured MTN programme and (P)Ba1 backed subordinate MTN
programme ratings. Concurrently, Moody's changed the outlook on
Yorkshire Water Services Finance Limited and Yorkshire Water
Finance plc, the guaranteed financing subsidiaries of Yorkshire
Water Services Limited (Yorkshire Water), to stable from negative.

The A1 ratings of those bonds that are subject to a financial
guarantee of timely payments of scheduled interest and principal by
Assured Guaranty UK Limited (A1 stable) will continue to reflect
the insurance financial strength rating of the guarantor and are
unaffected by this rating action.

The rating action follows the publication of the final
determination of tariffs, cost allowances and returns for the
regulatory period running from April 01, 2025 to March 31, 2030
(known as AMP8), announced by Ofwat on December 19, 2024.[1]

RATINGS RATIONALE

The rating action and, in particular, the change in outlook to
stable from negative, reflects that Yorkshire Water's final
regulatory settlement was materially improved from the draft
received in July 2024. Moody's believe that this, combined with a
forthcoming equity injection via repayment of an intercompany loan,
will provide the company with sufficient flexibility to maintain
financial ratios well in line with minimum guidance for the current
ratings even in a scenario of modest underperformance.

Regulatory risk is part of demographic and societal trends that are
assessed under the social risk considerations of Moody's framework
for environmental, social and governance risks. Water companies in
England face elevated social risk (S-4 score).

On December 19, 2024, Ofwat published its final determination for
AMP8. Yorkshire Water was one of only three companies that received
cost allowances at or above their requests. The company's overall
totex allowance is GBP8.3 billion (after adjustment for frontier
shift efficiency and real price effects) in line with its ask. Base
allowances (after adjustments) are just under GBP5.4 billion, GBP32
million or 0.6% above the company's request as well as 26% above
base cost allowances for the current period and 9% above actual
base costs spent over the last five years. The additional allowance
reflects a network reinforcement cost adjustment to facilitate
population growth and new housing, which would have to be returned
to customers if it is not used. Enhancement allowances are just
under GBP3 billion, roughly GBP33 million or 1.1% lower than
Yorkshire Water's request (after adjustments), and split GBP576
million for water and GBP2.4 billion for wastewater activities,
including bioresources. The main disallowances relate to investment
for storm overflows, albeit the shortfall is reduced from the draft
determination.

Despite a good outcome on cost allowances, Yorkshire Water
continues to face a challenging incentive package for operational
performance commitments. Based on the revised performance targets
and incentive rates at final determinations, Moody's estimate that
the company could incur up to GBP20 million of annual penalties on
average under the outcome delivery incentives (ODI) framework, if
it performed in line with its representations. This compares with
estimated penalties of around GBP30 million per year at the draft
determination stage. The largest penalties would be incurred for
sewer flooding (internal and external) and storm overflows as well
as smaller penalties for water quality and mains bursts, but offset
by rewards on total pollution incidents and biodiversity. For
Yorkshire Water to be able to earn rewards on pollution incidents,
the company will need to achieve a step change in performance for
the first year of AMP8 compared with its expected outturn in the
last year of the current period, which was heavily affected by
adverse weather.

The final determination allowed appointee return is 4.03%
(CPIH-deflated, compared with 3.72% at draft determinations and
3.20% in the current period). It remains below the company's
request of 4.5% at the draft determination representation stage,
but Yorkshire Water will also receive a business plan reward of
GBP11 million (in 2022/23 prices) as part of its AMP8 revenue
allowance.

Moody's believe that the final determination would allow Yorkshire
Water to achieve an adjusted interest coverage ratio (AICR) of
around 1.6-1.7x on average over AMP8, despite the ODI penalty risk,
and maintain average gearing, measured as net debt to regulatory
capital value (RCV) at or below 70%. This takes into account the
remaining equity contribution agreed with the regulator in October
2022, when Yorkshire Water announced that one of its holding
companies would repay GBP941 million of intercompany loans to the
operating company. The company already received repayment of around
GBP500 million in aggregate, with the remaining outstanding portion
expected to be repaid by March 2027. The forecast ratios would be
well in line with Moody's current ratio guidance of a minimum
average AICR of 1.4x and maximum gearing not exceeding 75% for the
current ratings.

Current ratings are also supported by Yorkshire Water's position as
a monopoly provider of essential water and sewerage services.
However, ratings remain constrained by the company's exposure to
sizeable mark-to-market losses (MTM), which would rank ahead of
principal and interest on senior debt in a default scenario, if
creditors demanded payment acceleration. At September 2024, the
company reported overall MTM liabilities of GBP1.7 billion (before
credit value adjustment), equivalent to around 18% of the company's
RCV. This is a significant reduction compared with a high of GBP3.0
billion (39%) in March 2022.

In addition, the Baa2 rating of the senior secured debt (referred
to as Class A) reflects the strength of the debt protection
measures for this class of debt and other pari passu indebtedness,
and their senior position relative to the subordinated debt in the
cash waterfall and post any enforcement of security. Conversely,
the Ba1 rating of the subordinated debt (referred to as Class B) of
Yorkshire Water Finance plc reflect the same default probability in
addition to Moody's expectation of a heightened loss severity for
the Class B debt following any default, given its subordinated
position within the financing structure.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that, despite a
deterioration in the sector's business risk profile and a
tightening of Moody's ratio guidance in November 2024, Yorkshire
Water's final determination provides sufficient flexibility for the
company to maintain key credit ratios commensurate with the current
rating levels.

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

Moody's could consider an upgrade, if Yorkshire Water appeared
likely to achieve an AICR consistently above 1.6x and net debt/RCV
sustainably below 68%. Any potential upgrade would have to be
underpinned by (1) a financial policy that supports maintaining
such lower gearing despite a financial structure that allows
leverage at much higher levels; as well as (2) a level of holding
company debt that continues to decrease relative to the RCV, and a
derivative exposure that is gradually managed down.

Conversely, the rating could be downgraded, if Yorkshire Water
appeared unlikely to achieve an AICR of at least 1.4x on average
over AMP8 or gearing, measured by net debt to RCV, exceeded 75%. In
addition, downward rating pressure could result from (1) material
increases in mark-to-mark valuation of Yorkshire Water's swaps, (2)
the adoption of a more aggressive financial policy, including from
an increase in holding company debt, which carried sizeable
refinancing risk and could impede future shareholder support, (3) a
significant increase in business risk for the sector as a result of
legal and/or regulatory changes leading to a further reduction in
the stability and predictability of regulatory earnings, which in
each case are not offset by other credit-strengthening measures, or
(4) unforeseen funding difficulties, including failure to maintain
a sustained forward-looking liquidity runway of at least 12
months.

The principal methodology used in these ratings was Regulated Water
Utilities published in August 2023.

Yorkshire Water Services Finance Limited and Yorkshire Water
Finance plc are guaranteed financing subsidiaries of Yorkshire
Water Services Limited. With an RCV of GBP9.1 billion as of March
2024, Yorkshire Water is the fifth largest of the 10 water and
sewerage companies in England and Wales. Yorkshire Water provides
drinking water to over 5 million people and 140,000 local
businesses over an area of around 14,294 square kilometres
encompassing the former county of Yorkshire and part of North
Derbyshire in Northern England.


[] Jifree Cader, Mark Knight Join Davis Polk's London Office
------------------------------------------------------------
Davis Polk on Feb. 10 announced that Jifree Cader and Mark Knight
have joined the firm as partners. They will co-lead the firm's
London restructuring practice.

"We are thrilled to welcome Jifree and Mark to Davis Polk and
officially launch our restructuring practice in London," said
Damian Schaible, co-head of Davis Polk's Restructuring practice.
"Jifree and Mark are very well known and well respected in the
market. They have deep relationships with and are trusted by a wide
range of sophisticated investors in Europe, many of whom are
already clients of our firm, from their excellent work advising
both companies and creditors in restructurings across the globe."

The duo will be joined by several new counsel and associates and
will continue to build out the European restructuring team over the
coming months.

Mr. Cader said, "Davis Polk has one of the world's preeminent
restructuring practices. I am excited to join such an elite firm
with a clear strategy to grow its London platform and expand the
reach of its global restructuring capabilities. I look forward to
working with the teams in the U.S. and London to capitalize on the
growing market for restructuring transactions in Europe."

Mr. Knight said, "The team at Davis Polk is not only elite, but
creative and energetic. The opportunity to be a part of that, and
to help build the firm's London restructuring practice, while
continuing to work alongside Jifree, is truly exciting. I look
forward to collaborating with my new colleagues as we tackle
complex restructuring matters for our clients."

Mr. Cader advises clients on all facets of restructuring and
insolvency and has deep experience working on matters across the
UK, Europe, MENA, Latin America and Asia.

He works with private equity firms, hedge funds, investment banks
and other distressed debt and par investors, providing advice on
their investment portfolios. He also regularly advises debtors and
has been lead debtor counsel on a number of market-leading cases.
He is widely recognized as a leading restructuring practitioner,
including in the Legal 500 UK and Chambers UK, where a client noted
that he is "a superstar" who "has been highly impactful on very
complex transactions."

Mr. Knight is a seasoned restructuring and special situations
lawyer who has successfully led many complex restructurings and
refinancings, acting for creditors, debtors, sponsors and enforcing
agents. He works closely with key stakeholders around the capital
structure. His practice is focused on all stages of the
restructuring life cycle, including investment structuring,
contingency planning and strategy, negotiations, implementation,
post-restructuring optimization of existing investments, and exit.
Mr. Knight is ranked by multiple industry publications, including
Chambers UK, where clients have described him as "outstanding" and
"a highly commercial-and client-focused lawyer."

                      About Davis Polk

Davis Polk & Wardwell LLP -- http://www.davispolk.com-- is an
elite global law firm with world-class practices across the board.
From offices in the world's key financial centers and political
capitals, its more than 1,000 lawyers collaborate seamlessly to
deliver exceptional service, sophisticated advice and creative,
practical solutions.

            About Davis Polk's Restructuring Practice

Davis Polk's Restructuring Practice handles issues in the largest
and most complex restructurings and insolvencies, with extensive
experience representing a wide range of parties. Companies,
directors, financial institutions, institutional investors, hedge
funds, acquirers, trustees and administrators call upon Davis Polk
to design and execute value-maximizing strategies. The practice
advises on matters including in restructurings in and out of court,
liability management transactions, recapitalizations, exchange
offers, debt/equity conversions, distressed M&A and bankruptcy
litigation. It has advised on high-profile restructurings across
industries. Davis Polk is a firm of choice for cross-border
restructurings.



                           *********


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 2025.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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