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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

          Thursday, February 13, 2025, Vol. 26, No. 32

                           Headlines



G E O R G I A

GEORGIA: S&P Affirms 'BB/B' Sovereign Credit Ratings


G E R M A N Y

SCHAEFFLER AG: S&P Affirms 'BB+' ICR & Alters Outlook to Negative


I R E L A N D

ADAGIO CLO VII: Moody's Cuts Rating on EUR12MM Class F Notes to B3
ARES EUROPEAN XI: Moody's Affirms B3 Rating on EUR10.6MM F Notes
CARLYLE GLOBAL 2016-1: Moody's Ups EUR13MM E-R Notes Rating to B1
SIGNAL HARMONIC IV: S&P Assigns Prelim. B-(sf) Rating on F Notes
ST. PAUL'S X: Moody's Ups Rating on EUR21.5MM Class E Notes to Ba2

TAURUS 2025-1 EU: Moody's Assigns (P)Ba3 Rating to Class E Notes


M A L T A

TACKLE GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive


N E T H E R L A N D S

ALTICE INTERNATIONAL: S&P Lowers ICR to 'CCC+' on Weaker Prospects
E-MAC 2007-NHG II: Moody's Cuts Rating on EUR600MM A Notes to Ba3


S W E D E N

ANTICIMEX GLOBAL: Moody's Cuts Sec. Term Loan Rating to B2
NORTHVOLT AB: AP Funds Fully Write Down Investment
NORTHVOLT AB: Volvo to Pay Almost Nothing for Battery JV Stake
ROAR BIDCO: Moody's Cuts Rating on First Lien Credit Facility to B3


U N I T E D   K I N G D O M

BEALES: To Close Remaining Store in Poole in May
C&W SENIOR: S&P Rates New $550MM Senior Notes Due 2033 'B+'
DOWSON PLC 2022-1: S&P Raises Class E Notes Rating to B(sf)
KANTAR GLOBAL: Moody's Rates New $1.8BB Senior Secured Debt 'B2'
SINO-OCEAN GROUP: UK Court Approves Debt Restructuring Plan

UNIVERSAL INSURANCE: A.M. Best Reviews B(Fair) Fin. Strength Rating

                           - - - - -


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G E O R G I A
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GEORGIA: S&P Affirms 'BB/B' Sovereign Credit Ratings
----------------------------------------------------
S&P Global Ratings, on Feb. 7, 2025, affirmed its 'BB/B' long- and
short-term sovereign credit ratings on the Government of Georgia.
The outlook is stable.

Outlook

The stable outlook balances Georgia's strong economic and fiscal
performance against growing policy and political uncertainty, which
we expect will persist over the next 12 months.

Downside scenario

Rating pressure could emerge from a significant escalation in
political tensions, which could further undermine investor
confidence and hinder Georgia's growth prospects. Additionally,
rating stress could intensify in a scenario characterized by
reverse migration and capital outflows, leading to a marked
deterioration in public finances and the balance of payments.
Further rating downside could stem from a weaker flow of
concessional financing, particularly from Western lenders, for
example, due to persistent political tensions and governance
shortcomings.

Upside scenario

S&P could consider a positive rating action within the next 12
months if Georgia's economic and fiscal performance exceeds its
projections and political uncertainty diminishes.

Rationale

S&P said, "Our rating on Georgia is constrained by the country's
relatively low-income levels and weak external position,
exacerbated by its dependence on imports and significant external
liabilities. Additionally, moderate dollarization of Georgia's
financial system somewhat hampers the monetary policy transmission
channel.

"On the positive side, our rating on Georgia benefits from a
comparatively strong policy framework, especially when measured
against other sovereigns in the region. However, there is a risk
that these policy settings could weaken. The country's moderate
government debt levels, largely floating exchange rate regime, and
access to timely concessional financing from international
financial institutions (IFIs) also provide support to the rating."

Institutional and economic profile: Despite robust economic growth,
the predictability of government policy has been diminishing

-- S&P expects real GDP growth to slow to 5.7% in 2025, owing to
lower consumption and investment.

-- Georgia's macroeconomic management remains prudent, although
broader policy predictability has diminished.

-- This has coincided with the freeze of Georgia's EU accession
bid and sanctions imposed on some Georgian officials by the U.S.

In 2024, Georgia's economy demonstrated exceptional performance,
recording a robust growth rate of 9.4% year on year. This strong
growth was primarily driven by domestic consumption, supported by
rising wages and a buoyant tourism sector, positioning Georgia
among the fastest-growing economies globally.

"However, we project growth will moderate to 5.7% in 2025 and 5% in
2026, reflecting a slowdown in consumption and a decline in
investment. The latter is largely attributed to diminished investor
confidence due to political volatility tied to the recent electoral
cycle and EU authorities' decision to put Georgia's EU integration
efforts on hold. These factors resulted in a 55.2% year-on-year
decline in FDI during the third quarter of 2024. They have also led
to the sustained depreciation of the lari.

"We believe domestic political uncertainty, the stalled EU
accession bid, and the evolving dynamics of Georgia's relations
with the West could weigh on the country's medium-term growth
prospects." Additionally, the new U.S. administration's focus on
negotiating a resolution to the Ukraine conflict could, under some
scenarios, result in the reversal of Russian labor and capital
inflows. In tandem with increased transit trade, these inflows have
propelled Georgia's GDP growth in 2022-2024. As of 2023,
approximately 65,000 Russian citizens resided in Georgia,
representing 1%-2% of the population or labor force, and had
registered over 2,100 companies since the onset of the war in
Ukraine. Many of these businesses were established to maintain
operations and serve clients in Western markets.

Georgia's fiscal and monetary policy frameworks remain
comparatively prudent, particularly within the regional context.
Effective policy settings have partly resulted from past structural
reforms that have also improved the business environment. That
said, recent policy initiatives raise questions about the
continuity of past reforms and the overall predictability of
policymaking. One example of this is the introduction of the
"Transparency Of Foreign Influence" law in early 2023. This law
requires organizations with more than 20% foreign funding to
register as foreign entities of foreign influence in the register.

On Oct. 26, 2024, Georgia held parliamentary elections under a
fully proportional representation system with a 5% electoral
threshold, as established by the 2017 constitutional amendments.
The ruling Georgian Dream party secured 53.92% of the vote,
allowing it to form a majority government. However, concerns over
the integrity of the electoral process were raised by opposition
parties and international observers, citing voter intimidation and
misuse of administrative resources. The subsequent presidential
election on Dec. 14, 2024, marked a significant transition as the
first indirect presidential election in Georgia's history. Mikheil
Kavelashvili, the Georgia Dream-nominated candidate, was elected by
224 votes of a 300-member College of Electors. This electoral
process was contested by the opposition and outgoing President
Salome Zourabichvili.

These electoral outcomes, coupled with the introduction of the
Transparency Of Foreign Influence law, have led the EU to pause
Georgia's accession talks (granted in December 2023), citing
concerns over democratic backsliding and misalignment with EU
norms. Moreover, these developments have strained Georgia's
relations with Western allies, particularly the U.S. The U.S. has
imposed targeted sanctions on senior Georgian officials and
judges.

Flexibility and performance profile: Public finances remain strong,
though international reserves have declined amid sustained
depreciation pressure on the lari

-- Strong economic growth has resulted in fiscal overperformance
compared with targets in the past few years, keeping government
debt moderate.

-- The National Bank of Georgia's (NBG's) foreign reserves have
declined to their lowest levels since February 2023 amid the
institution's efforts to contain exchange rate volatility.

-- Despite inflation remaining below the NBG's target, we
anticipate that the central bank will maintain a cautious monetary
policy stance, due to prevailing uncertainty.

The 2025 budget targets a deficit of 2.5% of GDP, remaining broadly
unchanged from 2024, while projecting an economic growth rate of
6%. Increased expenditure is allocated toward higher public sector
wages and pensions, reflecting the government's focus on social
welfare and income support. Revenue growth is anticipated to stem
from enhanced tax collection and strong private consumption. The
fiscal deficit is expected to be financed through a combination of
domestic borrowing and international sources, including funding
from IFIs such as the World Bank.

S&P said, "We expect Georgia's fiscal prudence and adherence to
domestic fiscal rules, which align with Maastricht-like criteria,
will keep government deficits contained. Net general government
debt should remain moderate at 35% of GDP in the coming years.
Although around 70% of government debt is denominated in foreign
currencies, down from 80% in 2020, most of it is owed to official
bilateral and multilateral lenders, such as IFIs, on favorable
terms with long maturities and low interest rates, reducing
refinancing risks. We understand the government plans to roll over
its $500 million Eurobond before it comes due in April 2026. As
part of its debt management strategy, the government aims to reduce
foreign currency debt by increasing the share of domestic debt,
improving resilience to exchange rate volatility and external
market fluctuations.

"We project the current account deficit to widen to 4.6% of GDP in
2024, up from 5.5% in 2023, primarily due to a slight deterioration
in the trade balance from weaker external demand. However, strong
remittances, transport and tourism receipts are expected to provide
some offsetting support. Over the medium term (until 2028), we
forecast the deficit to average 4.8% of GDP, with net FDI remaining
the primary source of external financing. The government will also
rely on loans from IFIs, particularly for infrastructure
projects."

Georgia's persistent current account deficits have led to a
substantial buildup of external liabilities. Net external debt
stands at approximately 50% of current account receipts (CARs),
while the total net external liability position has reached a high
150% of CARs. However, a significant portion of external debt is
held by the public sector under concessional terms, mitigating some
refinancing risks.

Amid prolonged political uncertainty, the lari depreciated by
approximately 4.4% against the U.S. dollar in 2024, prompting the
NBG to intervene in the foreign exchange market to stabilize
volatility. These interventions resulted in net sales of an
estimated $435 million, contributing to an 11.2% year-on-year
decline in foreign currency reserves, which now stand at $4.4
billion. A particularly sharp drop of $628 million occurred in
October 2024, coinciding with heightened political tensions
following the elections. However, reserves have shown a gradual
recovery in subsequent months, reflecting the NBG's efforts to
rebuild buffers.

Inflation was on an upward trend since the start of the 2025,
reaching 2% in January, primarily driven by base effects. Despite
inflation remaining below the NBG's target of 3% in recent months,
the NBG proactively reduced the monetary policy rate (refinancing
rate) by 250 basis points over 2024, bringing it down to 8%. S&P
forecasts inflation to average 1.6% in 2025. However, it
anticipates that the NBG will maintain a cautious monetary policy
stance until domestic political pressures subside, as well as other
factors such as geopolitical uncertainty.

Georgia's banking system remains stable. Banks have strong
capitalization levels and maintain sufficient liquidity buffers.
Despite a gradual decline, Georgia still faces a relatively high
dollarization of the banking system. Nonperforming loans (NPLs)
decreased to 2.6% in the second quarter of 2023 from 4.7% in
mid-2022, thanks to continued credit expansion and strong economic
growth.

S&P said, "We recognize Georgia's banking regulation as effective
and largely consistent with international standards, marked by
solid corporate governance and commendable transparency. We
anticipate banks' somewhat notable dependence on external
financing--particularly loans and nonresident deposits--compared
with those of peer banking systems, will persist, although this
risk is somewhat mitigated by tougher liquidity requirements for
nonresident deposits." The sector is dominated by two banks holding
over 70% of the market share in crucial market segments. The ties
between the Georgian banking system and Russia are primarily
restricted to Georgian businesses trading goods with Russia."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Georgia (Government of)

  Sovereign Credit Rating                 BB/Stable/B

  Transfer & Convertibility Assessment    BBB-

  Senior Unsecured                        BB




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SCHAEFFLER AG: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
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S&P Global Ratings revised its outlook on Germany-based auto and
industrial component supplier Schaeffler AG and IHO Verwaltungs
GmbH to negative from stable and affirmed its 'BB+' long-term
issuer credit rating on these entities. S&P also affirmed its 'BB+'
issue credit rating on Schaeffler's unsecured notes and the 'BB-'
issue credit rating on the senior secured notes at IHO Verwaltungs
GmbH.

S&P could lower its ratings on IHO Group and Schaeffler AG in the
next 6-12 months if weak industrial and automotive end-markets, or
higher costs for restructuring, potentially exacerbated by
geopolitical risks such as fresh U.S. import tariffs, permit only
limited improvements in IHO Group's funds from operations (FFO) to
debt and debt to EBITDA in 2025 and indicate a lower likelihood
that FFO to debt and debt to EBITDA will strengthen to well above
15% and well below 4.5x, respectively, in the course of 2026.

On Jan. 21, 2025, Schaeffler AG released preliminary figures for
2024 indicating an operating profit margin of 4.5% compared with
its previous guidance of 5%-8%, mainly reflecting very weak
performance in the company's Bearings & Industrial Solutions (B&IS)
segment and at recently acquired powertrain components supplier
Vitesco.

S&P said, "The slump in B&IS' profitability in fourth-quarter 2024
suggests a slower-than-anticipated recovery in 2025. Based on
Schaeffler's preliminary earnings release, we estimate an EBIT
margin before special items for the B&IS segment of about 4% for
2024, compared with 7.6% in 2023. This implies only a marginally
positive EBIT margin in the segment for the fourth quarter. We
believe the drop in profitability is because of a combination of
weak demand in industrial and automotive end-markets and cost
saving and other improvement measures in the segment falling short
of expectations, as well as a variety of smaller operational
issues. The weakness in B&IS is compounded by a profitability
shortfall at Vitesco which is also grappling with declining auto
production in 2024, and lower volumes on battery electric vehicle
programs in particular. Against the backdrop of likely flat global
auto production and our expectation of continued sluggish demand in
B&IS' industrial automation, machinery and materials, and
renewables end-markets in 2025, we think limited near-term effects
from internal efficiencies will severely constrain any
profitability improvement in the B&IS segment this year. We have
therefore cut our projections for the segment's EBIT margin before
special items to below 6% from about 7.5% previously. In addition,
we have revised down our margin expectation for the former Vitesco
business, and we assume that start-up costs for new vehicle
platforms, paired with our forecast for auto production, will allow
only flat EBIT margins before special items of about 4% in
Schaeffler's historical auto components business this year compared
with 2024 (4.8% in 2023).

"Weaker earnings will likely prevent Schaeffler from restoring
headroom in the credit metrics before 2026. We now forecast FFO to
debt and debt to EBITDA for the IHO Group of about 13% and 4.9x in
2025, respectively, after about 9% and 5.3x on a pro forma basis
for 2024. This is below our downside thresholds for the rating of
15% FFO to debt and 4.5x debt to EBITDA at the group level. Apart
from subdued profitability across the key divisions, these metrics
are also held back by our assumption of about EUR500 million of
restructuring and integration costs, as well as our projection of
only marginally positive free operating cash flow. However, we
think a sharp improvement to about 20% FFO to debt and well below
4.0x debt to EBITDA could materialize in 2026, even with moderate
organic profitability improvements. This is because we foresee
restructuring and integration costs decreasing to EUR150 million
next year, and we expect the phasing in of merger synergies and
cost efficiencies from Schaeffler's "Program Forward" plan, which
was announced with the third-quarter 2024 results. Schaeffler
expects to reap about half of the EUR600 million run-rate synergies
from the Vitesco merger in 2026, and the company targets achieving
about half of the EUR215 million run-rate synergies from Program
Forward also in 2026. That said, the trajectory of the rating
crucially depends on progress toward restoring underlying
profitability in the company's main divisions closer to historical
levels during 2025.

"Looming U.S. import tariffs could further exacerbate difficult
operating conditions this year. In our view, tariffs carry the
greatest risk for Schaeffler's and Vitesco's auto supplier
business, for parts that go into vehicles ultimately sold in the
U.S. market. This is because the company may not be able to fully
recover any own tariff-related financial burden from automakers,
and because any tariff-related increases in the price of vehicles
are likely to lead--all else remaining equal--to some volume
contraction on these models. We estimate the exposure of the North
American auto supplier business at about 15% of group sales, noting
that not all of this revenue would relate to vehicles eventually
sold in the U.S. market. Revenue in B&IS from the Americas was
about 6% of pro forma group sales in the first nine months of 2024,
and about 2% for the company's aftermarket business. We think B&IS
faces some earnings risks from tariffs due to the automotive
bearings operations, as well as due to competitors in industrial
bearings with a somewhat more localized footprint, but Schaeffler
may be able to partly shift production to the U.S. The automotive
aftermarket business should be least affected, given that
Schaeffler partly competes with players who import components from
China. Although the ultimate impact of potential tariffs will
depend on the tariff level, the countries of origin and product
categories covered, as well as the success of any mitigating
actions, we think tariffs could reinforce some of the downside
risks we foresee for 2025.

"The negative outlook reflects the risk that weak automotive and
industrial end-markets, combined with high restructuring costs and
cash outflows, may delay the company's leverage reduction after
completion of the merger with Vitesco, leading to FFO to debt and
debt to EBITDA for the IHO Group staying below 15% and above 4.5x
for an extended period.

"We could lower our ratings on IHO Group and Schaeffler AG in the
next 6-12 months if weak industrial and automotive end markets, or
higher costs for restructuring, potentially exacerbated by
geopolitical risks such as fresh U.S. import tariffs, permit only
limited improvements in IHO Group's FFO to debt and debt to EBITDA
in 2025 and indicate a lower likelihood that FFO to debt and debt
to EBITDA will strengthen to well above 15% and well below 4.5x,
respectively, in the course of 2026. A downgrade could also occur
if a less successful product portfolio or overruns in research and
development spending in the automotive divisions, and more intense
competition in industrial end markets lead us to expect
profitability and cash conversion remaining structurally below
historical levels.

"We could revise the outlook to stable if improvements in
end-market demand and quick realization of synergies with Vitesco
support FFO to debt for the IHO Group well above 15% and debt to
EBITDA decreases to well below 4.5x. We would also require that
profitability and cash conversion of the automotive and industrial
businesses converge closer to historical levels."




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ADAGIO CLO VII: Moody's Cuts Rating on EUR12MM Class F Notes to B3
------------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Adagio CLO VII Designated Activity
Company:

EUR5,600,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to Aa2 (sf); previously on May 7, 2024 Upgraded
to A1 (sf)

EUR26,400,000 Class C-2 Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to Aa2 (sf); previously on May 7, 2024 Upgraded
to A1 (sf)

EUR21,400,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A3 (sf); previously on May 7, 2024 Affirmed Baa2
(sf)

EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due
2031, Downgraded to B3 (sf); previously on May 7, 2024 Affirmed B2
(sf)

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

EUR248,000,000 (current outstanding amount EUR178,497,103) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on May 7, 2024 Affirmed Aaa (sf)

EUR24,400,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on May 7, 2024 Upgraded to Aaa
(sf)

EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on May 7, 2024 Upgraded to Aaa (sf)

EUR23,600,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on May 7, 2024 Affirmed Ba2
(sf)

Adagio CLO VII Designated Activity Company, issued in September
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by AXA Investment Managers US Inc. The
transaction's reinvestment period ended in January 2023.

RATINGS RATIONALE

The rating upgrades on the Class C-1, Class C-2 and Class 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 May 2024.

The rating downgrade on the Class F notes is primarily a result of
the deterioration in the credit quality of the underlying
collateral pool since the last rating action in May 2024.

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

The 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 EUR63.5 million
(25%) since the last rating action in May 2024 and EUR69 million
(28%) since closing in September 2018. As a result of the
deleveraging, over-collateralisation (OC) ratios have increased
across the capital structure. 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 143.17%,
126.9%, 117.93% 109.41% and 105.54% compared to May 2024 [2] levels
of 140.03%, 125.53%, 117.4%, 109.58% and 105.98%, respectively.
Moody's note that the January 2025 principal payments are not
reflected in the reported OC ratios.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the collateral administrator report
dated December 2024 [1], the WARF was 3,124, compared to May 2024
[2] level of 2,978. Securities with ratings of Caa1 or lower
currently make up approximately 6.65% of the underlying portfolio
according to the collateral administrator report dated December
2024 [1], versus 3.87% in the collateral administrator report as of
May 2024 [2].

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

Performing par and principal proceeds balance: EUR321,402,315

Defaulted Securities: EUR1,333,341

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3124

Weighted Average Life (WAL): 3.35 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.67%

Weighted Average Coupon (WAC): 3.59%

Weighted Average Recovery Rate (WARR): 44.65%

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.

-- Recovery of defaulted assets: Market value fluctuations in
Collateral administrator-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.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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


ARES EUROPEAN XI: Moody's Affirms B3 Rating on EUR10.6MM F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO XI DAC:

EUR23,625,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Sep 4, 2023
Upgraded to Aa3 (sf)

EUR32,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A3 (sf); previously on Sep 4, 2023
Upgraded to Baa2 (sf)

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

EUR270,000,000 (Current outstanding amount EUR197,324,302) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 4, 2023 Affirmed Aaa (sf)

EUR7,900,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Sep 4, 2023 Affirmed Aaa
(sf)

EUR23,850,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Sep 4, 2023 Upgraded to Aaa
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Sep 4, 2023 Upgraded to Aaa (sf)

EUR27,625,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on Sep 4, 2023
Affirmed Ba3 (sf)

EUR10,675,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Sep 4, 2023
Affirmed B3 (sf)

Ares European CLO XI DAC, issued in April 2019 and refinanced in
May 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP. The
transaction's reinvestment ended in October 2023.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio over the last year.

The affirmations on the ratings on the Class A-1, A-2, B-1, B-2, 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-1 notes have paid down by approximately EUR72.6 million
(26.88%) in the last 12 months and EUR76.7million (26.92%) since
closing. 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 and Class E OC ratios are reported at 148.32%, 135.97%, 122.19%
and 112.36% compared to January 2024 [2] levels of 139.60%,
130.05%, 119.02% and 110.90%, respectively.

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

Performing par and principal proceeds balance: EUR374.8m

Defaulted Securities: none

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3091

Weighted Average Life (WAL): 3.51 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.97%

Weighted Average Coupon (WAC): 4.89%

Weighted Average Recovery Rate (WARR): 43.89%

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 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
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.


CARLYLE GLOBAL 2016-1: Moody's Ups EUR13MM E-R Notes Rating to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Carlyle Global Market Strategies Euro CLO 2016-1
Designated Activity Company:

EUR21,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Aug 16, 2024
Upgraded to Aa3 (sf)

EUR30,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Aug 16, 2024
Affirmed Ba2 (sf)

EUR13,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Aug 16, 2024
Affirmed B3 (sf)

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

EUR269,700,000 (Current outstanding amount EUR37,588,500) Class
A-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Aug 16, 2024 Affirmed Aaa (sf)

EUR11,200,000 Class A-2-A-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 16, 2024 Affirmed Aaa
(sf)

EUR20,000,000 Class A-2-B-R Senior Secured Fixed Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 16, 2024 Affirmed Aaa
(sf)

EUR9,300,000 Class A-2-C-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 16, 2024 Affirmed Aaa
(sf)

EUR12,500,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Aaa (sf); previously on Aug 16, 2024
Upgraded to Aaa (sf)

EUR17,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Aaa (sf); previously on Aug 16, 2024
Upgraded to Aaa (sf)

Carlyle Global Market Strategies Euro CLO 2016-1 Designated
Activity Company, issued in May 2016 and refinanced in May 2018, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment period
ended in November 2022.

RATINGS RATIONALE

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

The Class A-1-R notes have paid down by approximately EUR93.3
million (37.9% of original balance) since the last rating action in
August 2024 and EUR232.1 million (86.1%) since closing. 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, Class B, Class C, Class D and Class E
OC ratios are reported at 239.9%, 174.1%, 144.7%, 117.5 and 108.6%
compared to July 2024[2] levels of 164.7%, 140.5%, 126.7%, 111.6%
and 106.2%, respectively.

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 affirmations on the ratings on the Class A-1-R, A-2-A-R,
A-2-B-R, A-2-C-R, B-1-R and B-2-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.

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

Performing par and principal proceeds balance: EUR187.3 million

Defaulted Securities: None

Diversity Score: 31

Weighted Average Rating Factor (WARF): 3109

Weighted Average Life (WAL): 3.2 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.6%

Weighted Average Coupon (WAC): 3.9%

Weighted Average Recovery Rate (WARR): 44.1%

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 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
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.


SIGNAL HARMONIC IV: S&P Assigns Prelim. B-(sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Signal Harmonic CLO IV DAC's class A, B, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.

The preliminary ratings assigned to Signal Harmonic CLO IV DAC
notes reflect our assessment of:

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

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

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

-- The transaction's legal structure, which we expect to be
bankruptcy remote.

-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,876.96
  Default rate dispersion                                  514.53
  Weighted-average life (years)                              4.78
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             5.00
  Obligor diversity measure                                105.88
  Industry diversity measure                                25.91
  Regional diversity measure                                 1.19

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.80
  Target 'AAA' weighted-average recovery (%)               37.34
  Target weighted-average spread (net of floors; %)         4.05
  Target weighted-average coupon (%)                         N/A

  N/A--Not applicable.

Rationale

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

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR500 million target
paramount, the actual weighted-average spread (4.05%), the
covenanted weighted-average coupon (5.00%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."

Until the end of the reinvestment period on March 19, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"The CLO will be managed by Signal Harmonic Ltd. and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B to F notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO will be in its reinvestment
phase starting from closing--during which the transaction's credit
risk profile could deteriorate--we have capped our preliminary
ratings on the notes.

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for all the
rated classes of notes.

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

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

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Signal Harmonic CLO IV DAC is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. The transaction is a
broadly syndicated CLO that will be managed by Signal Harmonic
Ltd.

  Ratings list
          Prelim.  Prelim. Amount                   Credit
  Class   rating*   (mil. EUR)    Interest rate§  enhancement (%)

  A       AAA (sf)    305.00    Three/six-month EURIBOR   39.00
                                plus 1.29%

  B       AA (sf)      60.00    Three/six-month EURIBOR   27.00
                                plus 1.93%

  C       A (sf)       30.00    Three/six-month EURIBOR   21.00
                                plus 2.20%

  D       BBB- (sf)    35.00    Three/six-month EURIBOR   14.00
                                plus 3.00%

  E       BB- (sf)     22.50    Three/six-month EURIBOR    9.50
                                plus 5.25%

  F       B- (sf)      15.00    Three/six-month EURIBOR    6.50
                                plus 8.01%

  Sub notes  NR        40.90    N/A                         N/A

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

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


ST. PAUL'S X: Moody's Ups Rating on EUR21.5MM Class E Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by St. Paul's CLO X DAC:

EUR26,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Upgraded to Aa1 (sf); previously on Apr 22, 2021 Assigned Aa2
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Upgraded to Aa1 (sf); previously on Apr 22, 2021 Assigned Aa2 (sf)

EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Upgraded to Aa3 (sf); previously on Apr 22, 2021
Assigned A2 (sf)

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Upgraded to Baa2 (sf); previously on Apr 22, 2021
Assigned Baa3 (sf)

EUR21,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Upgraded to Ba2 (sf); previously on Apr 22, 2021
Assigned Ba3 (sf)

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

EUR245,000,000 Class A Senior Secured Floating Rate Notes due
2035, Affirmed Aaa (sf); previously on Apr 22, 2021 Assigned Aaa
(sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Affirmed B3 (sf); previously on Apr 22, 2021
Assigned B3 (sf)

St. Paul's CLO X DAC, issued in March 2019 and later refinanced in
April 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Intermediate Capital Managers Limited. The
transaction's reinvestment period will end in April 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, C, D and E notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2025.

The affirmations on the ratings on the Class A 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.

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

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: EUR389.4m

Defaulted Securities: EUR18.8m

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3012

Weighted Average Life (WAL): 4.5 years

Weighted Average Spread (WAS): 4.28%

Weighted Average Coupon (WAC): 6.42%

Weighted Average Recovery Rate (WARR): 44.35%

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 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: Once reaching the end of the
reinvestment period in April 2025, 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.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

-- 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.


TAURUS 2025-1 EU: Moody's Assigns (P)Ba3 Rating to Class E Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the debt issuance of Taurus 2025-1 EU DAC (the "Issuer"):

EUR121,000,000 Class A Commercial Mortgage Backed Floating Rate
Notes due 2037, Assigned (P)Aaa (sf)

EUR23,500,000 Class B Commercial Mortgage Backed Floating Rate
Notes due 2037, Assigned (P)Aa3 (sf)

EUR31,000,000 Class C Commercial Mortgage Backed Floating Rate
Notes due 2037, Assigned (P)A3 (sf)

EUR37,000,000 Class D Commercial Mortgage Backed Floating Rate
Notes due 2037, Assigned (P)Baa3 (sf)

EUR34,325,000 Class E Commercial Mortgage Backed Floating Rate
Notes due 2037, Assigned (P)Ba3 (sf)

Moody's have not assigned a provisional rating to the Class X Notes
of the Issuer.

Taurus 2025-1 EU DAC is a true sale transaction backed by one
floating rate loan secured by 37 industrial properties located in
Germany and France. The loan was granted by Bank of America Europe
DAC to refinance existing debt. The sponsor of the borrower is The
Carlyle Group.

RATINGS RATIONALE

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

Moody's derive a loss expectation for the securitised loan based on
Moody's assessment of (i) the loan's default probability both
during its term and at maturity, and (ii) the value of the
collateral. Default risk assumptions are medium for the loan.
Moody's loan to value ratio (LTV) on the securitised loan at
origination is 79.4%. Inter-alia, Moody's have assigned property
grades ranging from 1.5 to 2.0 to the portfolio (on a scale of 1 to
5, with 1 being the best).

The key strengths of the transaction include (i) good quality
industrial logistics properties, (ii) favorable market fundamentals
for logistics, (iii) strong loan covenants, and (iv) an experienced
sponsor.

Challenges in the transaction include (i) the underlying loan's
credit metrics which indicate an elevated loan default risk, (ii)
tenant concentration, (iii) the lack of scheduled amortization, and
(iv) the pro-rata allocation of principal proceeds to the Notes
prior to the breach of certain triggers.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was 'EMEA
Commercial Mortgage-backed Securitisations' published in January
2025.

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

Main factors or circumstances that could lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loan or (ii) an increase in default risk
assessment.

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loan or (ii) a decrease in default risk
assessment.




=========
M A L T A
=========

TACKLE GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Ratings has affirmed Tackle Group S.a r.l.'s (Tipico or the
company) B2 long-term corporate family rating and its B2-PD
probability of default rating. Concurrently, Moody's affirmed the
B2 instrument rating on the EUR1,455 million senior secured term
loan B (term loan B) due 2028, which is subject to a proposed
add-on of EUR175 million (term loan B add-on) that would bring the
instrument total amount to EUR1,630 million, and EUR25 million
senior secured revolving credit facility (RCF) due 2027, both
issued by Tackle S.a r.l. The outlooks on Tipico and Tackle
S.a.r.l. have changed to positive from stable.

In January 2025, Tipico announced that it had agreed with Novomatic
AG to acquire a 100% stake in a parent company of Admiral Group
(Admiral), a sports betting and retail gaming operator in Austria.
The acquisition is subject to regulatory approvals and Tipico
expects the transaction to close in the third quarter of 2025.

Tipico's term loan B add-on will be used to part fund the
acquisition of Admiral and pay related fees and expenses.

"The outlook change to positive reflects Tipico's solid business
performance in 2024, the closure of its US activities that required
sizeable cash outflows in the past few years and moderately
improved geographical diversification that will result from the
acquisition of Admiral," says Lola Tyl, a Moody's Ratings Analyst
and lead analyst for Tipico.

"The positive outlook also reflects Moody's expectation that, pro
forma for the Admiral acquisition, the group's Moody's-adjusted
gross leverage would be below 4.5x," adds Ms Tyl.

RATINGS RATIONALE

The affirmation of Tipico's ratings and outlook change to positive
reflect the company's leading market position in the sports betting
industry in Germany, its good operating performance and the end of
the important investments made to fund the development of
activities in the US as well as the moderately improved
geographical diversification that will result from the acquisition
of Admiral. Despite a small increase in leverage associated with
the term loan B add-on and the acquisition of Admiral, Moody's
expect Tipico's Moody's-adjusted gross leverage to be below 4.5x in
2025 pro forma for the acquisition and the enlarged group to
generate strong free cash flow (FCF) before shareholder
distributions.

Tipico had solid operating and financial performance in 2024, with
net gaming revenue (NGR) after gaming taxes and company-adjusted
EBITDA increases of around 8% and 5%, respectively, compared with
2023. Those results were driven by the group's net revenue growth
in its online as well as retail activities, largely supported by
Tipico's product innovations, strong sportsbook margins and net
revenue growth in its games and retail sports betting segments.

In the course of 2024, Tipico decided to discontinue operating in
the US. In recent years, Tipico had made sizable invesments to fund
the development of activities in the country. The company sold its
product and technology platform in the US and closed its activities
there. Tipico's operations in the US were outside of the term
loan's restricted group, but the negative EBITDA contribution from
the US was consolidated in the group's audited accounts and the
cash outflows to fund the US business were made from the cash flow
generated within the restricted group.

The acquisition of Admiral will improve Tipico's geographical
diversification with an estimate of over 14% of the group's EBITDA
to be generated in Austria following the acquisition compared with
most of the group's EBITDA generated in Germany before the
acquisition. Both markets have regulatory frameworks in place for
the gaming industry. An increased share of its earnings generated
in Austria reduces Tipico's exposure to the regulatory evolutions
of a single country.

However, there are risks associated with the execution and
integration of Admiral given Tipico's lack of track record of
undertaking acquisitions of the size of Admiral.

Tipico's credit profile remains constrained by the company's
shareholder friendly financial policy, limited diversification in
terms of product offering and geography and its exposure to
unpredictable sports results.

LIQUIDITY

Tipico's liquidity is good, supported by close to EUR350 million of
cash on balance sheet as of December 2024 (unaudited), a EUR25
million fully undrawn revolving credit facility due in 2027 as well
as Moody's expectation that the company will generate annual FCF in
the range of EUR200 million to EUR280 million in the next 12-18
months before shareholder distributions and pro forma for the
Admiral acquisition. Tipico has no significant debt maturities
before 2028.

Moody's expect Tipico to continue to distribute sizeable amounts of
cash to its shareholders and, therefore, Moody's project that FCF
after dividend payments will remain negative or at low levels. In
the past five years, dividends have typically been paid through
excess cash generated in the year such that FCF after dividend
payments has historically been low or negative.

The company's debt facilities have a minimum EBITDA covenant of
EUR20 million, which is tested on a quarterly basis. In addition,
as part of the agreement around the deferred purchase price for the
acquisition of Admiral, Tipico will be subject to a minimum cash
balance requirement. Moody's expect Tipico to comfortably comply
with its minimum EBITDA covenant as well as with the minimum cash
balance requirement.

STRUCTURAL CONSIDERATIONS

The probability of default rating is B2-PD, in line with the
corporate family rating (CFR), reflecting Moody's assumption of a
50% recovery rate, as is typical for capital structures with bank
debt and a loose maintenance covenant. The debt facilities are all
rated B2 because they rank pari passu; are secured by pledges over
shares, bank accounts and intercompany receivables; and guaranteed
by core subsidiaries representing at least 80% of consolidated
EBITDA.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that Tipico will
maintain its good operating performance and that the group's
Moody's-adjusted gross leverage will be below 4.5x pro forma for
the acquisition of Admiral. The positive outlook also reflects
Moody's estimate that the combined Tipico group, together with
Admiral, will generate a solid FCF before dividends to debt ratio
of more than 10% and have good liquidity.    

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

Upward pressure on the ratings would further develop if Tipico
successfully executes its acquisition of Admiral and if the company
maintains a good operating performance such that the group's
Moody's-adjusted gross leverage remains below 4.5x on a sustained
basis following the acquisition; if the company exhibits a FCF to
debt ratio above 10% before distributions to shareholders and
liquidity remains good.

Downward rating pressure could develop if Tipico is unsuccessful in
completing the acquisition of Admiral or if the company's
performance weakens as a result of the integration of Admiral or
adverse regulatory changes or increased competition. Negative
rating pressures could also arise in case the group's financial
policy becomes characterised by a greater appetite for leverage.
Downward rating pressure could result from a Moody's-adjusted gross
leverage rising above 6.0x, FCF before shareholder distributions
becoming limited or liquidity risks arising.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Tackle Group S.a r.l. is the parent and indirect holding company of
the German sports betting and gaming operator Tipico. Headquartered
in Malta, Tipico offers sports betting and online gaming in Germany
and Austria via over 1,000 outlets (most in franchises), dedicated
websites and applications. In 2024, Tipico closed its operations in
the US that it had launched in 2020 and that were excluded from the
restricted group under the company's term loan debt documentation
since 2021. In 2024, the company reported a net gaming revenue
(NGR) after gaming taxes of around EUR1 billion (unaudited,
excluding the US division) and a company-adjusted EBITDA of EUR421
million (unaudited, excluding the impact of the unrestricted US
division).

Tipico has been majority owned by CVC Capital Partners (CVC) since
August 2016. CVC holds a 60% stake in the company, while the
remaining 40% is owned by the company's founders.




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

ALTICE INTERNATIONAL: S&P Lowers ICR to 'CCC+' on Weaker Prospects
------------------------------------------------------------------
S&P Global Ratings lowered to 'CCC+' from 'B-' its long-term issuer
credit rating on Altice International S.a.r.l. S&P also lowered to
'CCC+' from 'B-' its issue rating on Altice Financing S.A.'s senior
secured debt and to 'CCC-' from 'CCC' its issue rating on Altice
Finco S.A.'s senior unsecured debt.

S&P said, "The negative outlook indicates that we could lower our
ratings if the company pursues debt restructuring or if liquidity
further deteriorates ahead of the large debt maturities in 2027.

"We think Altice International's capital structure is unsustainable
in the long term. We consider the company is vulnerable and
dependent on favorable business, financial, and economic conditions
to meet its larger financial obligations as they come due. It is
currently unclear how the company will repay at par its larger debt
maturities starting in 2027, particularly considering negative FOCF
after leases, blurred prospects for earnings rebound, and uncertain
market access under less-turbulent conditions.

"We therefore think the risk of Altice International entering a
distressed debt restructuring, which we would consider tantamount
to default, has increased. This is also due to the company
operating well outside of its 4.0x to 4.5x reported net leverage
target, persistently negative FOCF after leases caused by large
interest and capital expenditure (capex) burden, and some of its
debt instruments trading at depressed levels.

"Our ratings continue to reflect governance concerns and the
prioritization of the shareholder. There is no evidence that Altice
International will adopt the same coercive approach to lenders as
sister entity Altice France did in March 2024, where proceeds from
asset sales were removed from the restricted group and resulted in
restructuring discussions with its lenders. We note proceeds from
the sale of Teads will repay a drawn revolving credit facility
(RCF) and increase cash on the balance sheet. However, our ratings
continue to reflect governance concerns and a track record of
prioritizing the shareholder over lenders. We therefore remain
cautious when it comes to the use of available cash on the balance
sheet, and we continue to look at credit metrics on a gross debt
basis. This is supported by the fact that Altice International paid
a large dividend in 2023, then a large cash upstream to a parent
company in 2024, which combined with subdued performance, resulted
in the company operating largely outside its maximum leverage
tolerance of 4.5x and growing absolute debt burden."

Altice International lowered its 2024 reported EBITDA and operating
free cash flow expectations to reflect subdued current trading,
lower equipment sales from Altice Labs, the sale of Teads, and the
carve-out of Geodesia. S&P said, "We have updated our base case
based on Altice International's recently updated guidance of
reported EBITDA of about EUR1.6 billion for the full-year 2024,
resulting in a year-on-year decline of 3%-5% (pro forma for the
full-year impact of Teads' disposal and Geodesia's carve-out) and
operating free cash flow of about EUR800 million. We now forecast
S&P Global Ratings-adjusted revenue of EUR4.2 billion and EBITDA of
EUR1.4 billion, including the pro rata deconsolidation of
Fastfiber. We also forecast a 2% adjusted revenue decline and
largely stable EBITDA in 2025."

Organic underperformance results stem from:

-- A continued decline in residential service revenue in Israel
triggered by ongoing fixed-market competition, a partial freeze on
fixed service subscription fees for some displaced members of the
Israeli population, and a decrease in prepaid revenue and roaming
since fewer customers are travelling from or visiting the country.

-- Lower equipment sales from Altice Labs negatively impacting
business service revenue and EBITDA in Portugal for 2024 and 2025.
Contracting fixed residential revenue in the Dominican Republic
since the company is adjusting its strategy to focus more on mobile
broadband than fixed wireless services.

-- The depreciation of the Israeli shekel and Dominican peso
compared to the euro.

So far, this has only been partly offset by a 4.3% residential
revenue growth in Portugal over the last 12 months as of September
2024. This is spurred by an increase in fixed and mobile
subscribers, higher average revenue per user (ARPU), greater
contributions from high-value convergent packages, a continued
shift from very high-speed digital subscriber lines (VDSL) to
fiber-to-the-home (FTTH), and positive contributions from Meo
Energia, the company's renewable energy service.

S&P estimates adjusted leverage deteriorated in 2024 and will
likely remain elevated, with persistently negative FOCF after
leases. S&P now expects adjusted leverage will increase to
8.5x-8.7x in 2024-2025 from 7.7x in 2023. This is spurred by:

-- Organic reported EBITDA declining by 0%-5% in 2024 and 2025,
along with the deconsolidation of Teads, which contributed EUR600.9
million in revenue and EUR157.0 million in reported EBITDA in
2023.

-- Negative FOCF after leases despite S&P's expectations of
slightly reduced capex intensity, accounting for about 16.5% of
revenue in 2024, from 17.4% in 2023.

-- Advances of EUR412.8 million made to Altice International's
parent company, Altice Luxembourg, in 2024.

Altice International is now operating outside its leverage target,
and management has indicated they may consider inorganic
deleveraging options, such as asset sales, to bring leverage back
in line with the stated parameters. If this happens, S&P will need
to assess the impact of such divestments on the business risk
profile alongside potential leverage reduction.

Finally, S&P calculates negative FOCF after leases in 2024 and
forecast a similar trend for 2025 since moderate capex reductions
do not offset the loss of high-cash conversion from Teads and the
group's elevated interest burden.

The negative outlook on Altice International reflects earnings
decline in 2024, blurred prospects for 2025, a large debt burden
which places the company outside its leverage target, and S&P's
expectation of continued negative FOCF after leases in 2025, which
collectively increase the risk of a debt restructuring.

S&P could lower its rating if:

-- Altice International announced a sub-par debt exchange offer
over the next year;

-- Its liquidity weakens because of large FOCF outflow, a
tightening of covenant headroom, or a more aggressive shareholder
strategy resulting in cash sources being extracted from the
restricted group; or

-- S&P considers the risk of a distressed restructuring to address
Altice International's large debt burden has increased.

S&P said, "We could revise the outlook to stable if the company
increases EBITDA way beyond our base-case expectations and rebounds
its FOCF after leases toward breakeven level, translating into
reduced S&P Global Ratings-adjusted leverage and increased covenant
headroom. A rating stabilization would also hinge on improved
access to capital such that we have greater confidence in the
company's ability to timely refinance and repay debt at par when it
comes due."


E-MAC 2007-NHG II: Moody's Cuts Rating on EUR600MM A Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has downgraded the rating of one note in E-MAC
Program B.V./Compartment NL 2007-NHG II. The rating action reflects
the continuing erosion of excess spread.

Moody's affirmed the rating of the class B notes that do not have
credit enhancement. The proceeds of the class B notes funded the
reserve fund and the tranche has not been paid interest since
January 2024.

EUR600 million Class A Notes, Downgraded to Ba3 (sf); previously
on Feb 18, 2021 Downgraded to Ba1 (sf)

EUR7.2 million Class B Notes, Affirmed Ca (sf); previously on Feb
18, 2021 Downgraded to Ca (sf)

RATINGS RATIONALE

The rating action is prompted by the continuing erosion of excess
spread and the lack of credit enhancement since the depletion of
the reserve fund in October 2023. The transaction has never been
able to generate sufficient excess spread since October 2008 when
it started drawing from the reserve fund. Since the depletion of
the reserve fund, the transaction is drawing from the liquidity
facility to pay senior expenses and class A interest. The liquidity
facility is currently 3.97% the size of class A and at each
interest payment date it is replenished before the payment of class
A interest. The amounts drawn are currently small, less than 1% the
size of the liquidity facility but increasing. In addition, the
lack of excess spread means that the deal cannot cure any
collateral loss exposing class A to a principal deficiency given
the tranche's lack of subordination. The excess spread generation
capacity of the deal will not change materially until at least 2027
when 51% of the collateral is scheduled to reset interest rate. The
weight of senior fees increases as the pool factor decreases
further worsening excess spread generation.

Revision of Key Collateral Assumptions:

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

The performance of the transaction has continued to be stable since
the previous rating action in February 2021. Delinquencies have
increased slightly in the past year, with 90 days plus arrears
currently standing at 0.19% of current pool balance. Cumulative
losses currently stand at 0.11% of original pool balance unchanged
from a year earlier.

Moody's maintained the expected loss assumption at 0.15% as a
percentage of original pool balance due to the stable collateral
performance. The expected loss assumption as a percentage of the
current pool balance increased slightly to 0.26% from 0.24%.

Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have decreased the MILAN Stressed Loss
assumption for the transaction to 3.70% from 3.90%.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

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

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




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

ANTICIMEX GLOBAL: Moody's Cuts Sec. Term Loan Rating to B2
----------------------------------------------------------
Moody's Ratings affirms Anticimex Global AB's (Anticimex or the
company) B3 corporate family rating, B3-PD probability of default
rating. In addition, Moody's downgraded instrument ratings on
Anticimex's senior secured term loan B2, and senior secured
revolving credit facility (RCF), Anticimex Inc.'s backed senior
secured term loans B and B1, and Anticimex Pty Ltd.'s backed senior
secured term loan B3 to B3 from B2 following the proposed repayment
of the second lien loans. The outlook on all entities remains
stable.

The affirmation of Anticimex's ratings reflects a solid operating
performance and gradual leverage improvements, supporting a solid
positioning in the B3 rating category.

The proceeds from the new incremental term loan will be used to
repay the outstanding SEK4,200 million (equivalent to around $380
million) under its second lien debt instrument, as well as SEK380
million (equivalent to around $35 million)  of drawings under the
senior secured revolving credit facility (RCF) due in May 2028 and
increase available cash balance by SEK40 million (around $4
million).

The proposed transactions are credit neutral. On a pro forma basis,
Moody's estimate that Anticimex's Moody's-adjusted debt/EBITDA will
be around to 7.4x from 7.8x as of 2023. At the same time the
transaction will strengthen the interest coverage ratio; which
Moody's estimate to be around 1.6x-1.8x over the next 12 to 18
moths; while also improve the company's liquidity position by
freeing up availability under the RCF which Moody's consider will
be partly used to support Anticimex's bolt-on acquisitions
strategy.

RATINGS RATIONALE

The B3 corporate family rating (CFR) of Anticimex is underpinned by
the company's strong and geographically diversified foothold in the
preventive pest control industry, which is further enhanced by its
digital innovations. The rating is also bolstered by a diversified
customer base with low concentration and consistent customer
retention. Additionally, favorable long-term demand trends such as
urbanization, climate change, and more stringent regulations
support a significant portion of recurring revenue. These factors
contribute to a solid level of profitability and a robust capacity
for cash generation, effectively balancing its high leverage.

However, the rating is constrained by Anticimex's high
Moody's-adjusted leverage of 7.4x estimated by us for the FY 2024.
The degree to which the company can reduce its financial leverage
is sensitive to its M&A-driven growth appetite and financial
policy. While Anticimex has proven its ability to successfully
integrate these acquisitions, thereby improving its earnings base,
the company's large debt burden in the context of a higher cost of
capital could strain its interest coverage ratio over time. At this
point, the company has proactively hedged its interest rate
exposure as well as engaged in refinancing activities like the
planned TLB6 add on to repay the second lien debt, which should
help balance the effect of higher interest rates.

RATING OUTLOOK

The stable outlook is based on Moody's expectation that Anticimex
will continue to grow its earnings and generate positive free cash
flow (FCF) over the next 12-18 months. This growth is anticipated
to help maintain a leverage level consistent with the rating
guidance, despite the company's M&A appetite.

Furthermore, the stable outlook is supported by Moody's expectation
that Anticimex will maintain good liquidity and refrain from making
any distributions to shareholders or large debt-funded acquisitions
over the next 12 to 24 months. Moody's do not foresee significant
headwinds for the business, as demand benefits from long-term
growth drivers, with geographical diversification helping to
balance macro-economic dynamics.

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

Positive rating pressure could arise if:

-- Moody's-adjusted debt/EBITDA were to remain below 6.5x on a
sustained basis

-- Moody's-adjusted EBITA/interest improves to 2.0x

-- Moody's-adjusted retained cash flow/net debt were to exceed
10.0% on a sustained basis

-- The company maintains a good liquidity profile

Negative rating pressure could arise if:

-- If Moody's-adjusted debt/EBITDA were to increase to levels that
could challenge future refinancing prospects or indicate an
unsustainable capital structure over time

-- Its Moody's-adjusted EBITA/interest were to remain below 1.5x
on a sustained basis

-- Its liquidity weakens substantially as a result of overly
aggressive M&A activity, negative FCF, or shareholder
distributions

LIQUIDITY

Proforma the new capital structure, Moody's expect Anticimex to
maintain a good liquidity, underpinned by around SEK 2 billion cash
and SEK4 billion availability under the undrawn RCF pro forma for
this transaction. The company maintains ample headroom under its
springing net senior secured first lien leverage (at maximum 11.5x,
to be tested in each quarter end if RCF drawings excluding cash and
acquisition up to 35% of RCF exceed more than 40% of total
committed RCF).

In the next 12-18 months, the rating agency expects
Moody's-adjusted FCF to remain positive, with around SEK2 billion
funds from operations, SEK250 million working capital consumption,
capex (including leases) of around SEK1 billion, and no dividend
distributions. In addition, Moody's anticipate the company to
continue with its accretive M&A strategy which will be largely
funded with positive FCF generation.

The company has no significant debt maturities prior to May 2028
and November 2028 when the senior secured RCF (SEK4 billion) and
first lien term loans (SEK29 billion equivalent) mature,
respectively. In addition, the company hedges around 80% of its
outstanding debt with a cap of 3%.

STRUCTURAL CONSIDERATIONS

Proforma for the contemplated transactions, Anticimex's new capital
structure will consist of a SEK29 billion equivalent seven-year
first-lien senior secured Term Loan B (TLB) and a first-lien senior
secured SEK4 billion undrawn RCF, which rank pari passu. The
facilities share the same security package consisting mainly of
share pledges as well as material intra-group receivables; these
are guaranteed by a group of companies accounting for at least 80%
of consolidated EBITDA.

The instruments are now rated in line the CFR, reflecting the
repayment of a SEK4.2 billion equivalent eight-year second-lien
senior secured TLB that was unrated.

The B3-PD probability of default rating is on par with the
company's CFR, reflecting the use of a standard 50% recovery rate,
as is customary for capital structures with first- and second-lien
bank loans and covenant-lite documentation.

PRINCIPAL METHODOLOGY

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


NORTHVOLT AB: AP Funds Fully Write Down Investment
--------------------------------------------------
ttnews.com, citing Rafaela Lindeberg of Bloomberg News, reports
that Sweden's state-owned pension investors, collectively known as
the AP Funds, have fully written down their entire investment in
bankrupt battery maker Northvolt AB.

The funds had invested 5.8 billion Swedish kronor (US$531 million)
in Northvolt's shares and convertible debt via the jointly-held
vehicle 4 to 1 Investments AB, ttnews.com relays.  The value of the
investment - equivalent to nearly 0.3% of their overall assets
under management - has been marked down to zero, according to a
spokesman for AP4.

Northvolt filed for Chapter 11 bankruptcy protection in the U.S. in
November after a bid to secure rescue funding fell short, leaving
the company with little cash and $5.8 billion in debt.  The battery
maker has yet to line up investors willing to commit funds to allow
it to emerge from the legal proceedings.

One of the funds, AP2, said in its annual report that its Northvolt
stake was worth 1.5 billion kronor at the beginning of 2024,
corresponding to 17% of investments in sustainable infrastructure,
ttnews.com relays.

"4 to 1 Investments will continue to maintain a constructive dialog
with the company to protect invested values and act in the best
interests of the company in the long term," AP2's head of real
assets Helena Olin said in the report.
The fund still "sees a need for a European ecosystem of companies
for electrification and fossil-free transportation," she said.

                About Northvolt AB

Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.

On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).

The cases are before the Honorable Alfredo R. Perez.

Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.


NORTHVOLT AB: Volvo to Pay Almost Nothing for Battery JV Stake
--------------------------------------------------------------
Reuters reports that Volvo Cars will pay Northvolt almost nothing
for its 50% stake in their battery venture Novo Energy that it had
agreed to acquire, according to the automaker's quarterly report on
Feb. 6.

In late January, Volvo Cars agreed with Northvolt to take over its
stake in the venture, which included a planned Gothenburg battery
cell factory without disclosing the amount involved, Reuters
recounts.

"The purchase consideration rounds to 0 m SEK. The purchase amount
has been negotiated as part of a larger settlement with Northvolt,
taking many factors into account," a Volvo spokesperson told
Reuters.

Northvolt did not respond to a request for comment, Reuters
relates.

The Novo battery factory, announced in 2021, was meant to start
production in 2026 but Volvo has said a new investor would be
needed for that to happen, and that it was exploring other options
for the building.

Volvo Cars CEO Jim Rowan told Reuters on Feb. 6 that it had wind-
and waterproofed the building to protect it while it decides what
to do with it. Construction had almost finished when Northvolt's
problems arose last year.

                About Northvolt AB

Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.

On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).

The cases are before the Honorable Alfredo R. Perez.

Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.


ROAR BIDCO: Moody's Cuts Rating on First Lien Credit Facility to B3
-------------------------------------------------------------------
Moody's Ratings has affirmed Roar BidCo AB's (Recipharm or the
company) corporate family rating of B3 and probability of default
rating of B3-PD. Concurrently, Moody's have downgraded to B3 from
B2 the instrument ratings of the company's EUR1,115 million backed
senior secured first-lien term loan B (TLB), due in 2028, and the
SEK3,000 million backed senior secured revolving credit facility
(RCF), due in 2027. The outlook remains stable.  

At the same time, Moody's assigned a B3 instrument rating to
Recipharm's new GBP166 million backed senior secured first-lien
term loan due in 2028. Proceeds from the term loan issuance was
used to fully repay the GBP163 million second-lien term loan.

RATINGS RATIONALE

Recipharm's senior secured first lien term loan has been downgraded
to B3 from B2 due to the repayment of the company's GBP163 million
second lien term loan. This second lien loan previously provided a
layer of protection to the first lien senior secured term loan in a
default scenario. This is not the case any longer, this is why the
rating of the instruments has been aligned with the CFR.

Moody's expect Recipharm's leverage to remain unchanged at 7.7x for
the twelve months ended September 2024. However, the company's cash
flow and interest coverage are expected to improve, supported by
lower interest costs, as the interest rate on the second lien debt
was higher.

The affirmation of Recipharm's CFR reflects Moody's expectation
that key metrics will continue to improve over the next 12 to 18
months: leverage is expected to decrease to just below 7.0x for FY
2024 and further to below 6.5x by the end of 2025; interest
coverage will enhance significantly, increasing from 1.1x at the
end of September 2024 to approximately 2.0x by the end of 2025,
following the recent refinancing and lower interest costs.

Recipharm's B3 CFR continues to reflect its above-average size,
broad product offering and good technical capabilities; its
differentiating capabilities in its sterile and advanced delivery
systems (ADS) businesses, and increasing presence in biologics,
with good market shares in lyophilised, blow-fill-seal (BFS) and
inhalation in Europe; the high barriers to entry in the contract
development and manufacturing organization (CDMO) industry; and the
company's strong track record of quality and reliability,
translating into low customer churn rates.

The company's CFR is constrained by its high but decreasing
leverage; its modest Moody's-adjusted EBITA margins compared with
larger competitors or specialized CDMOs, although Moody's expect a
gradual improvement over the next 12-18 months because of cost
pass-through initiatives and its product mix, which should support
profitability recovery; its low but increasing exposure to large
molecules, which are the primary focus of pharmaceutical companies'
outsourcing requirements; and its historical appetite for selective
M&A, which could maintain leverage at a high level.

LIQUIDITY

Recipharm's liquidity is adequate and is supported by EUR81 million
of cash balances as of end September 2024, around EUR200 million
equivalent of undrawn RCF, and debt maturities that do not fall due
until 2027. Over the next 12-18 months, Moody's forecast that the
company's Moody's-adjusted FCF will improve, returning to positive
territory by end 2025. This improvement will be driven by enhanced
EBITDA and reduced interest expenses following the recent
refinancing of its second lien debt.

Under the Senior Facility Agreement, RCF lenders benefit from a
springing net first-lien leverage covenant set at 9.99x and tested
on a quarterly basis when the backed senior secured RCF is drawn by
more than 40%. Moody's expects the company to maintain a large
capacity under this covenant, if tested.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR is at the same level as the CFR, reflecting an
assumed family recovery rate of 50%. The EUR1,115 million backed
senior secured first-lien TLB, the new GBP166 million backed senior
secured first-lien TLB, and the SEK3.0 billion backed senior
secured RCF rank pari passu with each other, together with trade
payables and UK pensions.

The B3 ratings of the backed senior secured first-lien term loans
and the backed senior secured RCF are in line with the CFR taking
into account their similar ranking in the waterfall structure. Both
term loans are guaranteed by Recipharm AB and its subsidiaries,
which together must account for at least 80% of the group's
consolidated EBITDA. The company's capital structure does not
include any other shareholder instruments within the restricted
group.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Recipharm's
Moody's-adjusted gross debt/EBITDA will decrease gradually below 7x
over the next 12-18 months, and that it will maintain good
operating performance, improve its profitability margins, and
maintain at least adequate liquidity and interest coverage. The
outlook assumes that management will not embark on any significant
debt-funded acquisitions or dividend recapitalisations.

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

Positive rating pressure could arise if Recipharm's
Moody's-adjusted gross debt/EBITDA decreases below 6.0x on a
sustained basis; its Moody's-adjusted FCF/debt trends towards 5%
and its Moody's-adjusted EBITA/interest expense increases towards
2x; and it maintains good operating performance and at least
adequate liquidity, while improving its profitability margins.

Downward rating pressure could develop if Recipharm fails to
demonstrate a steady improvement in its Moody's-adjusted leverage
towards 7x, and its profitability margins and cash flow generation;
or its liquidity weakens, with its Moody's-adjusted EBITA/interest
expense decreasing below 1x. Any debt-funded acquisitions that lead
to a further deterioration in credit metrics or evidence of more
aggressive financial policies would also exert pressure on the
ratings.

RATING METHODOLOGY

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

COMPANY PROFILE                

Headquartered in Stockholm, Sweden, Recipharm provides
manufacturing and development services to companies in the
pharmaceutical industry. It is focused on the core business of
development and manufacturing of prescription drugs in a wide range
of dosage forms. Recipharm generated EUR1.3 billion in revenue and
EUR222 million of company-adjusted EBITDA in 2023. The company has
been majority-owned by EQT Partners since 2021.




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

BEALES: To Close Remaining Store in Poole in May
------------------------------------------------
BBC News reports that the last remaining Beales department store is
set to close.  The store, at the Dolphin Centre shopping mall in
Poole, will shut its doors at the end of May, the report relates.

Beales chief executive, Tony Brown, said the minimum wage increase,
together with a rise in employers' National Insurance Contributions
(NICs) had added "exponential cost" to the business.

The NHS Outpatient assessment clinic on the top floor of the
department store is not affected by the closure.  The clinic was
set up in 2021.

According to BBC News, Mr. Brown said they have looked at
everything including redundancies, but noted that most options are
not sustainable.  Mr. Brown continued that it is devastating for
the staff who have tried hard over the last five years.

The Poole store reopened in the summer of 2020 after relocating to
the shopping centre.

The department store began trading in Bournemouth in 1882 and went
on to have 23 shops, the report recounts.

Doors closed on stores across towns and cities after the retailer
fell into administration in January 2020.  Beales appointed KPMG as
administrators then after failing to find a buyer or new investment
for the business.


C&W SENIOR: S&P Rates New $550MM Senior Notes Due 2033 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to C&W
Senior Finance Ltd.'s new senior notes for $550 million due 2033.
C&W Senior Finance is a subsidiary of Cable & Wireless
Communications Ltd. (CWC; BB-/Stable/B). S&P views the transaction
to be leverage neutral, given that CWC will use the proceeds to
redeem about $535 million of C&W Senior Finance's existing $735
million senior notes due 2027, and pay premiums, fees, and expenses
in connection with the transaction.

The new senior notes will have the same incurrence covenants as
CWC's existing debt, calculated on a proportionate basis, which
require a maximum net leverage ratio of 5.0x and maximum senior
secured net leverage ratio of 4.0x.

On a pro forma basis, the refinancing won't affect CWC's current
debt capital structure in terms of notching. The new notes will be
also structurally subordinated to the obligations of CWC's
subsidiaries Sable International Finance Limited and Coral-US
Co-Borrower LLC.

S&P said, "We think this transaction aligns with the company's debt
refinancing strategy and will extend CWC's debt maturity profile to
6.4 years from 5.8 years, considering the recent term loan B-7
refinancing.

"Our ratings on CWC continue to underscore its incumbent market
position in Jamaica and the Bahamas, and its strong performance in
Panama, along with robust results in the postpaid mobile and
business-to-business segments. They also reflect the company's
ability to maintain its margins despite the highly competitive
markets. We expect the company's S&P Global-adjusted net debt to
EBITDA to remain below 5.0x and funds from operations to debt near
12.0%. In addition, we think the company's proactive liability
management would help preserve its strong liquidity. As of Sept.
30, 2024, the company had a $534 million undrawn committed
revolving credit facility supporting its liquidity position."


DOWSON PLC 2022-1: S&P Raises Class E Notes Rating to B(sf)
-----------------------------------------------------------
S&P Global Ratings took various credit rating actions in Dowson
2022-1 PLC and Dowson 2022-2 PLC.

The rating actions follow S&P's review of the transactions'
performance and the application of its current criteria, and
reflect its assessment of the payment structure according to the
transaction documents.

The transactions have amortized strictly sequentially since their
respective closing dates. This has resulted in increased credit
enhancement for the outstanding notes, most notably for the senior
and mezzanine notes, and is magnified with the passage of time
since close. As of the December 2024 servicer reports, the pool
factors for non-defaulted receivables had declined to 21.8% (Dowson
2022-1) and 25.2% (Dowson 2022-2), and the available credit
enhancement for all tranches had risen to varying degrees as a
result. The exceptions are both transactions' class F-Dfrd notes
(which are backed only by the reserve fund).

The transactions' underlying collateral comprises U.K. fully
amortizing fixed-rate auto loan receivables arising under hire
purchase agreements primarily for the purchase of used cars by
near-prime borrowers. These borrowers may be more susceptible to
greater financial pressure during the recent cost of living squeeze
than prime borrowers.

Cumulative gross losses to the end of December 2024 were 15.5%
(Dowson 2022-1, 33 months after close) and 14.9% (Dowson 2022-2, 28
months after close). S&P lowered by 1.0 percentage point its
base-case hostile termination assumptions on both transactions.
Dowson 2022-1 was lowered to 19.0% from 20.0% and Dowson 2022-2 to
20.0% from 21.0%.

The voluntary termination base cases in both transactions were
unchanged at 2.5%. The hostile termination and voluntary
termination multiples were also unchanged in both transactions.

Both transactions' recovery rate base-case assumptions are
unchanged, while the rating haircuts have been adjusted slightly to
reflect those used in rating Dowson 2024-1 PLC.

Lastly, as the collateral backing the notes comprises U.K. fully
amortizing fixed-rate auto loan receivables arising under hire
purchase agreements, the transactions are not exposed to residual
value risk.

S&P performed its cash flow analysis to test the effect of the
amended credit assumptions and deleveraging in the structures. The
rapidly increasing credit enhancement levels have led to multiple
notch upgrades on the senior notes, with less effect on the junior
tranches.

Following the recent Court of Appeal ruling in October 2024, there
remains uncertainty in the industry over the outcome of the legal
proceedings relating to dealer/broker commission payments.

S&P said, "However, we do not believe the outcome of the Supreme
Court ruling, expected in April this year, will significantly
affect delinquency and default rates, given that borrowers do not
have a strong incentive to stop making payments on their auto loans
while the potential claims process is ongoing. Furthermore, for an
auto ABS transaction to be affected by potential setoff claims, the
originator would first likely have to be insolvent.

"In our view, the risk from potential setoff claims is unlikely to
affect the senior tranches of notes in these transactions. This is
due to the short weighted-average remaining life of the more senior
notes."

Dowson 2022-1

S&P said, "Our cash flow analysis indicates that the class C, D,
and E notes' increased available credit enhancement is sufficient
to withstand the credit and cash flow stresses that we apply at
higher rating levels. We therefore raised to 'AAA (sf)', 'A (sf)',
and 'B+ (sf)' from 'A (sf)', 'BBB- (sf)', and 'B (sf)' our ratings
on the class C, D, and E notes, respectively.

The class F-Dfrd notes do not pass at the 'B' level of credit and
cash flow stress. After applying our 'CCC' criteria, we believe
this class is vulnerable to nonpayment, and depends on favorable
business, financial, or economic conditions to be repaid. We
therefore affirmed our 'CCC (sf)' rating on the class F-Dfrd
notes."

Dowson 2022-2

S&P said, "Our cash flow analysis indicates that the class B, C, D,
and E notes' increased available credit enhancement is sufficient
to withstand the credit and cash flow stresses that we apply at
higher rating levels. We therefore raised to 'AAA (sf)', 'AA+
(sf)', 'BBB (sf)', and 'B (sf)' from 'AA (sf)', 'A- (sf)', 'BB+
(sf)', and 'B- (sf)' our ratings on the class B, C, D, and E notes,
respectively.

"The class F-Dfrd notes do not pass a 'B' level of credit and cash
flow stress. After applying our 'CCC' criteria, we believe this
class is vulnerable to nonpayment, and depends on favorable
business, financial, or economic conditions to be repaid. We
therefore affirmed our 'CCC (sf)' rating.

"There are no rating constraints under our operational risk
criteria. In addition, there are no rating constraints under our
counterparty or structured finance sovereign risk criteria, and
legal risks continue to be adequately mitigated, in our view."

  Ratings list

  Class    Rating to    Rating from

  Dowson 2022-1 PLC  

  Ratings raised

  C        AAA (sf)     A (sf)
  D        A (sf)       BBB- (sf)
  E        B+ (sf)      B (sf)

  Rating affirmed  

  F-Dfrd   CCC (sf)     CCC (sf)

  Dowson 2022-2 PLC  

  Ratings raised  

  B        AAA (sf)     AA (sf)  
  C        AA+ (sf)     A- (sf)
  D        BBB (sf)     BB+ (sf)
  E        B (sf)       B- (sf)

  Rating affirmed  

  F-Dfrd   CCC (sf)     CCC (sf)


KANTAR GLOBAL: Moody's Rates New $1.8BB Senior Secured Debt 'B2'
----------------------------------------------------------------
Moody's Ratings has assigned a B2 rating to the equivalent of
$1.875 billion backed senior secured debt issuance announced by
Kantar Global Holdings S.a r.l. (Kantar), to be issued by its
indirect subsidiaries Summer (BC) Bidco B LLC and Summer (BC)
Holdco B S.a r.l. The announcement signals Kantar's intention to
address its 2026 debt maturities.

All other ratings including Kantar Global Holdings S.a r.l.'s B2
long-term corporate family rating (CFR) are unaffected. The outlook
for all entities is stable.

RATINGS RATIONALE      

On February 04, Kantar Global Holdings S.a r.l. (Kantar or the
company, B2 stable) announced the equivalent of $1.875 billion
backed senior secured debt (the new debt raise) will be issued by
its indirect subsidiaries Summer (BC) Bidco B LLC and Summer (BC)
Holdco B S.a r.l., comprising a five year bond and the previously
announced US dollar Term Loan B, maturing February 2029. The
announcement signals Kantar's intention to address its debt
maturities comprising the EUR1 billion and $425m Senior Secured
Notes due October 2026. The remainder of the proceeds from the new
debt raise will be applied to the $99 million US dollar senior
secured term loan B stub repayment, to substantially clean down the
revolving credit facility and place around $130 million in the bank
to meet fees and expenses and the final Numerator incentive
payment. The transaction will increase Kantar's total debt
marginally by virtue of the incentive payment.

On January 17, Kantar announced it had agreed to sell Kantar Media
to H.I.G. Capital, LLC for headline $1 billion. Moody's expect it
to receive the net sale proceeds in mid-2025 and apply them to the
repayment of certain debt facilities. Moody's estimate the disposal
of Kantar Media will be broadly leverage neutral. Nevertheless,
Moody's forecast Kantar's Moody's-adjusted debt to EBITDA
(including factoring) will be around 6.7x in 2025, down from 8.5x
in 2024 reflecting an improvement in Moody's-adjusted EBITDA.

Kantar's B2 rating is underpinned by its strong market position,
relatively high barriers to entry and steady subscription revenue
base in the data businesses. The company is challenged by its
vulnerability to macroeconomic slowdown, a degree of concentration
in the technology and consumer packaged goods industries including
food and beverage clients, which form a large proportion of
Kantar's client base and high interest costs.

The company's liquidity position is adequate. The company reported
it has cash and cash equivalents of $411.5 million as of September
30, 2024. The company has a $410 million senior secured committed
RCF, of which $109.6 million was drawn as of September 30, 2024.
The company has indicated it estimated drawings under the RCF to be
around $100 million at year-end 2024 and, as previously mentioned,
will be substantially repaid with proceeds from the new debt raise
In January 2025. Repayment of the RCF will benefit Kantar's
liquidity position. The RCF contains a springing net leverage
covenant of 7.2x when the RCF is drawn more than 40% net of cash,
which is unlikely considering the company's strong cash position.

STRUCTURAL CONSIDERATIONS

The B2 rating on Summer (BC) Bidco B LLC's senior secured bank
credit facility instruments which form the majority of the group's
debt is in line with Kantar's CFR. The backed senior unsecured
notes issued by Summer (BC) Holdco A S.a r.l. are rated Caa1.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to generate cost savings and achieve operating
performance such that the company's gross leverage (Moody's
adjusted) will trend to below 6.5x over the next 12-18 months.

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

A rating upgrade is unlikely given that it is weakly positioned in
the rating category. However, the rating could be upgraded over
time if Kantar demonstrates steady revenue and EBITDA growth; its
gross debt/EBITDA (Moody's adjusted) decreases sustainably and
remains below 5.5x; and the company's Moody's-adjusted FCF/debt
improves towards 10%.

The rating would be downgraded if Kantar's revenue and EBITDA fail
to grow; its gross leverage (Moody's-adjusted gross debt/EBITDA)
remains above 6.5x on a sustained basis; or its FCF is materially
negative in 2024. There would also be downward rating pressure if
the company's liquidity were to significantly deteriorate.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Kantar has an aggressive financial policy, including a highly
leveraged balance sheet and debt-funded M&A, as part of a strategy
to bolster the growth prospects for the business. Under Bain
Capital's majority ownership, management has demonstrated
successful execution of an in-process business transformation
program that is likely to continue over 2025 generating significant
cost savings on a cumulative basis. Execution risks related to the
successful delivery of the program remain but are lessening as the
programme nears completion at year-end 2025.  Exposure to
environmental risk is not material to credit quality – consistent
with peers in Media & Entertainment. Exposure to social risk is
also not material to credit quality, which compares favourably to
some peers in Media & Entertainment primarily because the company
focuses on corporate clients.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Kantar is a leader in marketing data and analytics products and
services, servicing clients in more than 70 different countries,
including 98 of the 100 biggest advertisers, measured by
advertising spend. The company is 40% owned by WPP Plc (Baa2
stable) and 60% owned by Bain Capital. In the last twelve months
September 30, 2024, Kantar generated reported revenue of $2.9
billion and Moody's adjusted EBITDA of $615 million.


SINO-OCEAN GROUP: UK Court Approves Debt Restructuring Plan
-----------------------------------------------------------
Reuters reports that London's High Court on Feb. 2 approved
Sino-Ocean Group to restructure around $6 billion of its debt,
despite opposition from an ad hoc group of creditors.

According to Reuters, state-backed Sino-Ocean Group is attempting a
parallel process in London and Hong Kong to restructure its
offshore debt, as other developers have defaulted since the Chinese
property sector's 2021 debt crisis.

Reuters relates that the Hong Kong-listed firm asked the High Court
to approve its plan but creditor Long Corridor had opposed it,
arguing it was unfair to other creditors.

Judge Nicholas Thompsell said in a written ruling that he would
sanction the London restructuring plan, Reuters relays.

Long Corridor had argued that Sino-Ocean's restructuring plan was
too generous to shareholders, including state-owned China Life and
Dajia Insurance Group, which each owned roughly 30% of Sino-Ocean.

But Sino-Ocean said it was important that China Life and Dajia
maintained at least 15% each so Sino-Ocean would remain a Chinese
state-owned enterprise, which its lawyers said was critical to its
viability as a property developer in China.

Judge Thompsell said in his ruling that China Life and Dajia each
retaining a stake of 15% in Sino-Ocean "actually increases the
value of the plan" to each class of creditors, adds Reuters.

                      About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2. At the
same time, Moody's has downgraded to C from Caa3, the backed senior
unsecured ratings on the bonds issued by Sino-Ocean Land Treasure
Finance I Limited, Sino-Ocean Land Treasure Finance II Limited,
and
Sino-Ocean Land Treasure IV Limited and guaranteed by Sino-Ocean.
The outlook remains negative.

Once considered one of the stronger names among China's debt-laden
developers, Sino-Ocean became a defaulter in September 2023 when it
suspended payment on all its offshore borrowings.


UNIVERSAL INSURANCE: A.M. Best Reviews B(Fair) Fin. Strength Rating
-------------------------------------------------------------------
AM Best has maintained the under review with negative implications
status for the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb" (Fair) of Universal
Insurance Company (Guernsey) Limited (UIC) (Guernsey).
Concurrently, AM Best has withdrawn these Credit Ratings (ratings)
as the company has requested to no longer participate in AM Best's
interactive rating process.

The ratings were placed under review with negative implications on
1 November 2024 following the capitalization in September 2024 of
Protect Insurance PCC Limited (Protect), which is a fully owned
subsidiary of Universal Holdings (Guernsey) Limited (UHL), UIC's
parent company. This significantly reduced the cash available at
UHL's level, from GBP 7 million at fiscal year-end 2024 (30 June
2024) to an estimated GBP 1 million at the end of September 2024.
Protect was set up as a new risk carrier in Gibraltar, in the form
of a Protected Cell Company, as part of UHL's group restructuring.

The under review with negative implications status reflects the
continued uncertainty regarding the impact of the UHL group's
restructuring on UIC's credit fundamentals.



                           *********


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-
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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.

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