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

                          E U R O P E

          Friday, February 14, 2025, Vol. 26, No. 33

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

REPUBLIKA SRPSKA: S&P Affirms 'B' ICR & Alters Outlook to Negative


F R A N C E

CLIMATER TOPCO: S&P Assigns 'B' LongTerm ICR, Outlook Stable
FINANCIERE TOP: S&P Rates New EUR400MM Secured Debt Add-On 'B'


G E O R G I A

JUBILEE CLO 2025-XXX: S&P Assigns Prelim. B-(sf) Rating on F Notes


G E R M A N Y

TACKLE SARL: S&P Affirms 'B' ICR & Alters Outlook to Positive


I C E L A N D

LANDSBANKINN HF: S&P Assigns 'BB' Rating on Perpetual Sub AT1 Notes


I R E L A N D

BLACKROCK EUROPEAN XIV: S&P Assigns B-(sf) Rating on F-R Notes
BRIDGEPOINT CLO IV: S&P Assigns B-(sf) Rating on Class F-R Notes
NASSAU EURO II: S&P Assigns B-(sf) Rating on Class F-R Notes


I T A L Y

REKEEP SPA: S&P Affirms 'B' LT ICR & Alters Outlook to Stable


L U X E M B O U R G

ADLER GROUP: S&P Affirms 'B-' ICR & Alters Outlook to Stable
ALTISOURCE: Sets Feb. 14 Record Date for Warrant Distribution


N E T H E R L A N D S

BARENTZ MIDCO: S&P Affirms 'B' LongTerm ICR, Outlook Negative


S P A I N

CERVANTES TOPCO: S&P Assigns 'B' ICR, Outlook Stable


S W E D E N

NORTHVOLT AB: Subsidiary’s $82MM EV Battery Equipment Up for Sale


U N I T E D   K I N G D O M

ABBEYGLEN (TEKELS PARK): MHA Named as Administrators
ADSTOCK BULK: SFP Named as Administrators
AERISTECH LIMITED: Begbies Traynor Named as Administrators
ARMCLAIM LIMITED: Milner Boardman Named as Administrators
BENBOW STEELS: Leonard Curtis Named as Administrators

BROMBOROUGH PAINTS: Kroll Advisory Named as Administrators
ELSTREE 2025-1: S&P Assigns Prelim. BB+(sf) Rating on Class E Notes
FLEET TOPCO: S&P Affirms 'B+' ICR, Outlook Stable
N.E. SERVICES: Redman Nichols Named as Administrators
S I R JOINERY: Opus Restructuring Named as Administrators

TOWER HIRE: KRE Corporate Named as Administrators


X X X X X X X X

[] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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REPUBLIKA SRPSKA: S&P Affirms 'B' ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings, on Feb. 7, 2025, revised its outlook on
Republika Srpska to negative from stable. At the same time, S&P
affirmed its 'B' long-term issuer credit rating.

Outlook

The negative outlook reflects S&P's view that there are increased
risks associated with RS's plans to secure the borrowings necessary
for essential public investments and to refinance upcoming
international debts.

Downside scenario

S&P said, "We could lower the rating over the next 12 months if
RS's access to funding tightens further. This could make timely
debt refinancing less certain and also force the government to
contain budget spending. As a result of weaker public consumption
and investment, economic growth may slow below current
expectations, thereby creating further risks for RS's budget policy
ahead of the general election in late 2026."

Upside scenario

S&P could revise the outlook to stable over the next 12 months if
RS manages to arrange funding as planned from reliable sources.
This should help prevent any negative effects on economic
development that could arise from reducing budgetary expenditure to
preserve liquidity.

Rationale

S&P said, "The outlook revision to negative reflects our view that
RS's access to funding is further constrained. Over the past 12
months, the U.S. has repeatedly imposed sanctions on incumbent RS
president Milorad Dodik, other RS officials, and related companies.
In our view, the sanctions have dampened international investors'
appetite for RS's debt. Consequently, RS has turned to the much
shallower domestic financial market for local currency financing
and has also sought undisclosed and potentially transitory foreign
lending sources.

"We currently expect that relatively sound, albeit slowing,
economic growth and the recently increased minimal wage will
contribute to solid budget revenue growth. Combined with limited
debt funding, it will likely lead to progressive budgetary
consolidation. Despite potential spending pressure ahead of the
upcoming general election, we anticipate budgets to be largely
balanced in 2026-2027. As a result, we project RS's debt burden to
decrease steadily, despite the increasing risk of underfunding and
higher contingent liabilities. More precisely, we think RS's
tax-supported debt will drop below a moderate 100% of consolidated
operating revenues in 2026."

Persistent political tensions restrict Republika Srpska's access to
funding, inhibit economic development, and pose a longer-term
challenge to fiscal sustainability

S&P said, "We assess the institutional framework under which the
constituent entities of BiH operate as volatile and unbalanced. We
view RS's political and financial arrangements with the central
government of BiH and the country's other relevant constituent
entity, the Federation of Bosnia and Herzegovina (FBiH) as very
complex. Constant political tensions test the fragile balance of
power between the different authorities that is specified in the
Dayton Peace Accord and the constitution. Although all three
governments broadly agree on the need for institutional and
economic reforms, including the transition to EU membership,
implementation is slow. RS's political leadership regularly uses
secessionist rhetoric in relation to state-level institutions and
challenges decisions made by the BiH Office Of High Representative.
However, we continue to think that concrete steps toward RS's
secession are unlikely. Its long-term economic development is very
dependent on the availability of international financing, which is
currently constrained due to the persisting political tensions."

The weaknesses of the institutional framework are partially offset
by the constitutional entities' strong autonomy and ability to
manage their own fiscal policies. As such, RS sets the rate and
base for about 60% of its revenue, including direct taxes and
social security contributions.

Moreover, a special mechanism ensures timely repayment of about 45%
of RS's debt, mostly owed to multilateral institutions via BiH. The
State Indirect Tax Authority (ITA) collects value-added tax and
excises. It first allocates the proceeds to finance central
government institutions and service external debt raised via BiH.
Only thereafter it transfers the residual amount to the budgets of
constituent entities and local governments.

S&P said, "We continue to view RS's financial management as weak
due to persistent changes in budget policy, lack of effective
control of government-related entities, and gradually weaker
disclosure standards. RS has a track record of loosening its fiscal
policy prior to elections, which in our view constrains the
entity's financial flexibility. Llimited access to the
international debt market has further weakened the financial
statement disclosure standards, raising information and legal
risks, in our view.

"We view positively the well-structured budgeting process compared
with regional peers, along with the cap on the government's
permissible debt burden, the annual deficit, and solid debt
management. RS's debt must not exceed 60% of its GDP and the
deficit should stay within 3% of GDP."

The incumbent government, formed from representatives of eight
parties, has a comfortable majority in RS's parliament, ensuring
the smooth approval of budgets and financial decisions. The
Alliance of Independent Social Democrats party, headed by incumbent
president Dodik, leads the coalition.

RS's economy is relatively weak in an international context and
faces significant challenges. While we project a sound GDP growth
of about 3% annually in 2025-2027, GDP per capita will still remain
below a modest $10,000 by 2027. Inflation has declined since its
peak of about 17% in October 2022, and is forecast to stay at about
2% in 2025-2027. That said, several substantial risks to economic
development remain. A declining population, reduced investor
appetite, lower public spending, and sluggish economic development
in the EU and neighboring countries may inhibit local economic
growth. We anticipate the population will shrink by about 0.5%
annually in the medium term. A significant proportion of the
working-age population is migrating to developed Europe.

Limited access to external funding restricts spending and debt
buildup

Regular political escalations in RS and U.S. sanctions constrain
the entity's access to external funding. Republika's own capacity
to cover debt repayments remains weak, despite ongoing budgetary
consolidation. S&P said, "We estimate that available cash will only
likely cover about 40% of annual debt service. RS's EUR293.5
million bond is due to mature in April 2026. This repayment
represents a significant liquidity risk to the entity. We currently
assume that RS can refinance maturing debt with local banks and
bilateral loans from countries unfazed by U.S. sanctions, while
payments to multilateral institutions are made promptly via the ITA
arrangement."

Lower borrowing, combined with sound revenue growth, will
presumably lead to a gradual improvement in budgetary performance,
which nevertheless will remain structurally weak. The government
raised the minimum wage in the local economy to boost personal
income tax and contributions to social security funds, which
together account for nearly 40% of operating revenue. Combined with
slowing inflation, strong revenue growth should help RS achieve an
operating surplus in 2025-2027. This stronger operating
performance, combined with limited available funding, will likely
result in a noticeable reduction in the budget deficit after
capital accounts in 2025, followed by a return to surplus. S&P
said, "However, we think this recovery will be short lived. We
think that once RS's access to funding resumes, it will increase
borrowing to finance investments in local infrastructure and
subsidies for public sector entities, particularly if there are
delays in the disbursement of EU grants."

Limited access to funding will constrain RS's development program
and debt accumulation. S&P said, "We anticipate that RS's
tax-supported debt, which includes direct government debt, social
security fund debt, and the debt of several public institutions and
state-owned enterprises (including those managing highways and
motorways), will fall below a moderate 100% of consolidated
operating revenue by 2026. About 60% of tax-supported debt is
external, while most of the full amount carries fixed interest
rates. Given lower-than-expected borrowing and interest rates that
are set to decrease, we expect interest spending will remain below
5% of operating revenue."

S&P said, "In our view, RS has limited, but growing, contingent
liabilities. This process may be fueled by potential delays in
dispursing EU and other grants in the event of substantial
political tensions. We anticipate state-owned enterprise debt will
increase. Elektroprivreda Republike Srpske a.d., the state-owned
electricity producer, is embarking on several debt-funded
development projects, which are guaranteed by RS. In general, RS's
power sector requires significant investment to replace coal-fired
generation with new hydro power stations and other renewable energy
sources." Meanwhile, its railway company is being restructured and
may require additional investment. Furthermore, there are a few
court cases, including intergovernmental claims, which may increase
RS's debt obligations. The largest claim relates to the halted
construction of a hydropower plant by a Slovenian contractor, which
may require RS to offset mutual obligations with BiH, the formal
borrower.

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; Outlook Action    To            From

  Republika Srpska

  Issuer Credit Rating           B/Negative/--    B/Stable/--

  Ratings Affirmed  

  Republika Srpska

  Senior Unsecured                    B




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F R A N C E
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CLIMATER TOPCO: S&P Assigns 'B' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to HVAC service provider Climater Topco and core subsidiary
Climater Bidco II, and its 'B' issue rating and '3' recovery rating
to the proposed EUR336 million senior secured term loan B.

The outlook is stable because S&P expects Climater will continue to
deliver good organic revenue and EBITDA growth in the next 12
months, supported by market expansion and the contribution from
bolt-on acquisitions; this will allow for continued positive free
operating cash flow (FOCF) and S&P Global Ratings-adjusted debt to
EBITDA of 5.7x at fiscal year-end 2025.

Climater, a France-based heating, ventilation, and air conditioning
(HVAC) service provider, is changing its shareholding structure
with new financial sponsors entering the share capital via new
holding company Climater Topco.

A new EUR336 million senior secured term loan B, a EUR20 million
pari-passu bridge loan, and an equity contribution from Krefeld,
ICG, other co-investors, and Climater's management will fund the
transaction; a EUR65 million senior secured revolving credit
facility (RCF) also supports the debt package.

Climater is undergoing a change in ownership. Financial sponsors
Krefeld and ICG are acquiring joint control over Climater, through
Climater Topco. A consortium led by Krefeld and comprising Sagard
(Climater's previous majority shareholder) and CNP will hold
approximately 42% of voting rights, with ICG holding a similar
share. The group's founder's family and management will hold a
minority stake of about 16%. To finance the LBO, Climater Bidco II
proposes to issue a EUR336 million seven-year senior secured term
loan B and a EUR20 million two-year bridge loan for cash upstreamed
from operating subsidiaries to Climater Bidco II. The financial
sponsors' equity contribution will come from both preference and
ordinary shares. S&P said, "We expect to treat the preference
shares as equity, subject to our review of the transaction's final
terms, and exclude it from our leverage and coverage calculations
because we see an alignment of interest between noncommon equity
and common equity holders."

S&P said, "Our assessment reflects Climater's small scale, narrow
business focus, and operations in a fragmented market with limited
barriers to entry. In France, where the group generated about 62%
of revenue in 2024 (pro forma recent acquisitions), the HVAC market
is very fragmented: No player controls more than 4% of the market,
and the top 20 players account for only about 25%. Although
Climater built a somewhat stronger local market position in some
regions in France, acting as a regional consolidator and leveraging
its solid customer relationships and reputation as a quality
provider, there are no tangible barriers to entry. In our view, the
group's limited scale does not create a significant deterrent
against local competition and potential new entrants." Climater
also generates about 32% of its revenue from Canada and 7% from
Switzerland. It completed several acquisitions in 2024 in Quebec,
aiming at building a platform for growth in Canada. The HVAC market
there features similar characteristics as in France, with high
fragmentation and low barriers to entry. Furthermore, with S&P
Global Ratings-adjusted revenue projected at about EUR490 million
in fiscal 2025 (year ending June 30), Climater is among the
smallest companies we rate in business services, and its focus on a
single activity, HVAC installation and maintenance services,
constrains our view of the business risk profile as it exposes the
company more to external changes. Climater recently entered the
fire safety business with its sprinkler business--a highly
regulated market--but S&P expects it to remain a marginal activity
(about 5% of group revenue) and it sees limited cross-selling
potential.

S&P said, "We expect tailwinds in Climater's addressable markets to
drive solid and stable organic revenue growth. The company's
addressable markets amount to an estimated EUR22 billion in France,
and approximately EUR12 billion in Quebec and Ontario. Increased
environmental concerns about energy transition and regulatory
requirements to support energy efficiency in buildings will be the
main factors of market growth. As a result, the group's addressable
market in France is expected to expand by 4%-6% growth annually
from 2024-2030, supported by demand for building renovations,
shorter replacement cycles to maintain the equipment's high energy
efficiency and keep up with regulatory requirement, and a positive
price effect due to the increasing complexity of HVAC equipment.
With its local presence and execution capabilities, Climater has a
track record of above-market growth and is well positioned to
continue benefiting from these market tailwinds. Nevertheless, we
account for weak and uncertain economic conditions, particularly in
France. Therefore, we forecast modest-but-stable organic revenue
growth of about 3% over 2025-2027. We expect bolt-on acquisitions
to complement organic growth, enabling the group to further
consolidate its footprint in France, Quebec, and Switzerland; and
potentially address new markets with similar favorable growth
prospects.

"In our view, Climater benefits from revenue visibility through
recurring business and long-term customer relationships. Despite
the absence of long-term contracts, about 70% of group revenue is
considered recurring, either contractually--for maintenance
contracts, which represent approximately 25% of revenue--or due to
the nature of services provided and strong relations with clients.
Outside maintenance contracts, works and installation services
include renovation and replacement services that often imply
repeated purchases. Therefore, Climater's orderbook structurally
represents several months of production--up to more than a year as
of October 2024--which provides good visibility on the next 12
months' revenue. In addition, the group has a diversified exposure
to end markets (collectivities, industrial, services, residential)
with a limited exposure to the cyclical residential new build
market (12% of sales in Europe and only 8% of sales in France). It
also benefits from a diversified customer base including blue chip
corporations, small and midsize businesses, and public-sector
clients, with the top 10 clients accounting for less than 16% of
sales.

"We view Climater's profitability as solid and stable .
Underpinning the group's stable margins is its ability to pass
through cost increases to customers, thanks to project-based
business and indexation clauses in maintenance contracts. We assess
the group's EBITDA margins as superior to that of peers, with S&P
Global Ratings-adjusted margins of 13%-14%, compared with less than
10% on average for our rated peer group of technical facility
management service providers. The group's solid profitability
results in part from its highly selective approach to projects and
ability to design and adequately assess the costs of complex
projects. It also results from a tight cost monitoring over the
projects' life, a diversified supplier base offering bargaining
power, a decentralized business model making local managers
accountable for the projects' margins, and a relatively limited use
of subcontractors." Nevertheless, the business remains
labor-intensive, and the lower use of subcontractors than peers and
scarcity of skilled workforce can restrict cost flexibility, in
particular in France, where labor legislation is strict and
employees under permanent contracts benefit from strong
protections.

Climater's stable margins and low capital expenditures (capex) and
working capital needs support sound cash flow. The group operates a
very capex-light business, with capex accounting for less than 1%
of revenue. It also benefits from structurally negative working
capital thanks to payment terms associated with projects, and
strong focus on invoicing process. S&P said, "The group has
generated positive FOCF in recent years and we forecast it will
continue to post FOCF of EUR25 million-EUR35 million in both fiscal
years 2025 and 2026 (excluding the impact of transaction costs in
2025). We also forecast sound interest coverage ratios, with funds
from operations (FFO) cash interest coverage of 2.5x-3.0x in fiscal
years 2025 and 2026."

Climater's financial sponsor ownership and leverage tolerance
constrain the rating. S&P said, "Pro forma the transaction, at
fiscal year-end 2025, we expect Climater's leverage at about 5.7x,
declining to 5.0x-5.2x in fiscal 2026. In our view, leverage
reduction in the coming 12 months will come from continued organic
growth and additional EBITDA increase from acquisitions that we
incorporate in our base-case scenario. Although Climater has a
track record of prudent and successful merger and acquisitions
(M&A) strategy, the pace of acquisitions has accelerated in recent
years as management set up a dedicated corporate development team.
Therefore, our assessment of the company's financial risk profile
as highly leveraged reflects the company's appetite for external
growth, the potential for M&A opportunities in a fragmented market,
and the financial sponsors' leverage tolerance reflected in
estimated closing leverage above 5.0x."

S&P said, "The stable outlook reflects our view that Climater will
continue to deliver good organic revenue and EBITDA growth in the
next 12 months, supported by market growth and the contribution
from bolt-on acquisitions, allowing for continued positive FOCF and
S&P Global Ratings-adjusted debt to EBITDA of about 5.0x-5.2x in
fiscal 2026, down from 5.7x at the end of fiscal 2025."

S&P could lower the rating if:

-- Economic challenges or operational missteps resulted in
negative or limited FOCF, with no prospects for improvements;

-- FFO cash interest coverage declined to and stayed lower than
2.0x; or

-- The group adopted a more aggressive financial policy, with
debt-funded acquisitions or shareholder-friendly returns that push
adjusted debt to EBITDA above 7.0x

S&P could raise the rating if shareholders committed to,
demonstrated, and sustained a more prudent financial policy,
leading to adjusted debt to EBITDA comfortably below 5x and FFO to
debt above 12% sustainably. A positive rating action would also
hinge on sound operating performance, continued improvements in
scale and geographic diversification, and solid FOCF.


FINANCIERE TOP: S&P Rates New EUR400MM Secured Debt Add-On 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to the proposed
EUR400 million equivalent senior secured term loan B2 add-on that
Financiere Top Mendel SAS (Ceva; B/Stable/--) intends to issue
through financing vehicle Financiere Mendel. The proposed debt will
be split into tranches of euros and U.S. dollars. S&P anticipates
the company will use the proceeds to partly repay its
payment-in-kind (PIK) facility.

The recovery rating on Ceva's senior secured debt (including the
EUR1.88 billion term loan B and $540 million term loan B, and the
proposed EUR400 million equivalent term loan B2) is '3', reflecting
our expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 60%) in a default scenario. The assessment is supported
by S&P's valuation of the business as a going concern and by the
subordinated PIK facility, and constrained by the large amount of
debt assumed outstanding at default and the priority ranking
bilateral bank lines.

S&P said, "We forecast Ceva to generate 5.5%-6.0% revenue growth in
2025, supported by growth in all segments. Growth will specifically
gain from the poultry segment in our view, due to the high demand
for vaccines the company can provide with ongoing investment in
capacity expansion and thanks to its large market share. We also
forecast high growth for companion animals, reflecting Ceva's
ability to benefit from the growing consumer spending on pet care
thanks to its product range and multichannel strategy.

"We forecast an S&P Global Ratings-adjusted EBITDA margin of
27.0%-27.5% in 2025, higher than our estimate of 25.5%-26.0% in
2024. Margin improvement primarily reflects our anticipation of
lower nonrecurring costs this year, following the high costs
related to integrating recent acquisitions, optimizing the
industrial footprint, and reorganizing to improve internal
processes in 2024. We consider that a positive product mix thanks
to innovation will also support a higher margin. We think Ceva will
offset cost inflation with price increases.

"We forecast modest positive free operating cash flow (FOCF) of up
to EUR20 million this year, constrained by large capital
expenditure (capex) to increase manufacturing capacity of vaccine
for poultry and swine, and to achieve automation projects, overall
supporting Ceva's ability to meet rising demand for those products.
We also forecast large working capital requirements from expanding
inventories to support volume growth and ensure raw material
availability. Excluding growth capex, we estimate FOCF would be
materially positive in 2025. We forecast an S&P Global
Ratings-adjusted debt to EBITDA ratio of 8.8x-9.2x this year, and a
funds from operations cash interest ratio of about 2.5x. Excluding
the noncommon equity (convertible bonds ORA/ORANBSA), we calculate
an S&P Global Ratings-adjusted debt to EBITDA ratio of 6.5x-7.0x."

Financiere Top Mendel is the holding company of Ceva, a veterinary
health company focused on research and development, manufacturing,
and marketing of pharmaceutical products and vaccines for poultry
(37% of the group's sales), pets (28%), swine (18%), and livestock
(15%). Other activities, including contract manufacturing, make up
the remaining 2%. Sales are split between pharmaceuticals (53%) and
biologics (47%). The group is the No. 5 player, behind Zoetis,
Boehringer Ingelheim's animal business unit, Elanco, and Merck. It
benefits from an established market share in poultry -- 9% globally
and 19% in biopharma -- with a large range of vaccines, including
in-ovo capacity. Excluding poultry, Ceva is a niche player, with an
estimated market share of 4% in swine, and 3% each in the ruminants
and companion-animal segments. For 2024, the company reported
EUR1.77 billion of revenue, and we estimate an S&P Global
Ratings-adjusted EBITDA of EUR450 million-EUR460 million.




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G E O R G I A
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JUBILEE CLO 2025-XXX: S&P Assigns Prelim. B-(sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Jubilee CLO 2025-XXX DAC's class A-1, A-2, B-1, B-2, C, D-1, D-2,
E, and F notes. At closing, the issuer will also issue unrated
subordinated notes.

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

-- The diversified collateral pool, which consists primarily of
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     2,807.89
  Default rate dispersion                                  599.88
  Weighted-average life (years)                              4.73
  Obligor diversity measure                                140.48
  Industry diversity measure                                23.84
  Regional diversity measure                                 1.18

  Transaction key metrics

  Portfolio weighted-average rating derived
  from S&P's CDO evaluator                                     B
  'CCC' category rated assets (%)                           1.18
  Target 'AAA' weighted-average recovery (%)               37.13
  Target weighted-average spread (%)                        3.88
  Target weighted-average coupon (%)                        3.49

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end 4.5 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 EUR550 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.00%), and the target
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.

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

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

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

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

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher rating levels than those we have
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
assigned to the notes.

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A-1 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 exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

Jubilee CLO 2025-XXX is a cash flow CLO securitizing a portfolio of
primarily European senior-secured leveraged loans and bonds.
Alcentra Ltd. will manage the transaction.

  Ratings list

         Prelim. Prelim. Amount  Indicative         Credit
  Class  rating*   (mil. EUR)    interest rate (%)§enhancement
(%)

  A-1    AAA (sf)     335.50     3mE + 1.20        39.00
  A-2    AAA (sf)       9.75     3mE + 1.60        37.23
  B-1    AA (sf)       44.00     3mE + 1.85        26.50
  B-2    AA (sf)       15.00     4.80              26.50
  C      A (sf)        33.00     3mE + 2.25        20.50
  D-1    BBB (sf)      36.00     3mE + 3.10        13.95
  D-2    BBB- (sf)      5.50     3mE + 4.15        12.95
  E      BB- (sf)      19.00     3mE + 5.40         9.50
  F      B- (sf)       16.50     3mE + 8.30         6.50
  Sub    NR            49.50     N/A                 N/A

*The preliminary ratings assigned to the class A-1, A-2, B-1, and
B-2 notes address timely interest and ultimate principal payments.
The preliminary ratings assigned to the class C, D-1, D-2, E, and F
notes address ultimate interest and principal payments.
§ Solely for modeling purposes--the actual spreads may vary at the
time of pricing. The payment frequency switches to semiannual and
the index switches to six-month EURIBOR when a frequency switch
event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

TACKLE SARL: S&P Affirms 'B' ICR & Alters Outlook to Positive
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Tackle S.a.r.l (Tipico)
to positive from stable, affirmed its 'B' long-term issuer credit
rating on Tipico, and assigned its 'B' issue rating and a '3'
recovery rating to the company's proposed EUR175 million senior
secured debt add-on.

Tipico is expected to post solid operating performance in 2024 with
a 6% increase in net gaming revenue (NGR), which will further
strengthen its leading position in Germany.

S&P said, "The positive outlook reflects our view that Tipico's
solid operating performance -- coupled with it refocus on its core
markets of Germany and Austria through the Admiral acquisition and
the disposal of the loss-making U.S. business -- will support S&P
Global Ratings-adjusted debt to EBITDA below 5.0x and FOCF to debt
above 10%.

"Our outlook revision reflects Tipico's solid operating performance
in 2024 translating into about EUR250 million FOCF after leases and
debt to EBITDA below 5x. Tipico posted resilient earnings for the
fiscal year ending Dec. 31, 2024, with overall NGR increasing by 6%
to EUR1.26 billion, supported by continual growth in retail
sports-betting and by major sports events during the summer of
2024. The group further strengthened its leading position in the
retail and online sports betting sector in Germany during the last
fiscal year, with a market share of more than 55%, according to
management estimates. We expect that net revenue was about EUR726
million compared with EUR686 million in 2023. "Tipico's exit from
the U.S. market in 2024 allowed the group to focus on its core
market and avoid significant cash outflows that, in the past few
years, have strained the group's profitability and FOCF profile. We
therefore expect S&P Global Ratings-adjusted EBITDA margins
noticeably increased to 50% in 2024 from 42% in 2023. We estimate
the group generated more than EUR250 million reported FOCF after
leases in 2024 and S&P Global Ratings-adjusted debt to EBITDA
stands at about 4.3x.

"For 2025, we expect NGR for Tipico (excluding Admiral) to decline
somewhat in the absence of major sports events, but EBITDA should
remain stable due to moderating marketing expenses and lower
exceptional costs. We expect NGR to be marginally lower because we
believe the weak consumer sentiment in Germany could hamper
spending on sports-betting and online gaming. We believe that,
despite the absence of major sport events, Tipico will only
experience a minor correction in NGR this year due to its increase
in first-time and active customers during 2024. At the same time,
lower marketing expenses to acquire new customers in 2025 and lower
exceptional costs should enable Tipico to maintain its
company-defined EBITDA, which stood at EUR421 million in 2024. From
2026, we expect improvements in the macroeconomic environment in
Germany and the football world cup to again support EBITDA growth.

"The agreement to acquire Admiral will slightly increase debt to
EBITDA to about 4.8x in 2025 from 4.3x in 2024. On Feb. 3, 2025,
Tipico launched the TLB add-on of EUR175 million to finance the
planned acquisition of Austria-based sports-betting and retail
gaming operator Admiral from Novomatic. The transaction is expected
to close in third quarter 2025, pending regulatory approvals. We
expect that S&P Global Ratings-adjusted debt in 2025 will increase
by about EUR450 million to EUR2 billion, reflecting higher
financial obligations including the EUR175 million TLB add-on and
lease liabilities related to Admiral's operations. Despite the
higher debt, we expect the group will keep S&P Global
Ratings-adjusted leverage below 5x and that in 2026 the group will
benefit from sports events and partial realization of synergies
between Tipico and Admiral that will support S&P Global
Ratings-adjusted EBITDA growth to about EUR445 million in 2026 and
to EUR467 million in 2027, from our expectation of EUR422 million
in 2025."

Tipico's acquisition of Admiral in the regulated Austrian market
improves its scale and geographic diversity but weighs on the
group's overall profitability and FOCF given its land-based
operations. In 2024 Admiral is expected to have achieved NGR of
about EUR342 million and EUR70 million company-adjusted EBITDA (20%
margin). The transaction will increase Tipico's footprint in
Austria where it already has a presence through 38 betting shops in
2023. After the transaction it will add around 260 shops operated
by Admiral across nine federal provinces offering sports-betting,
both online and land based. It also offers retail gaming, in which
Tipico so far has no presence, and improves diversification away
from Germany, which is expected to contribute roughly 76% of NGR on
a combined basis compared with the current 97% before the Admiral
contribution. S&P said, "Although we believe the transaction
improves scale, we also assess that Admiral's margin and cash flow
profiles are weaker because of the high amount of land-based
operations that account for 50% of NGR and result in sizable lease
payments and capital expenditure (capex)."

S&P said, "The group has a track record of friendly shareholder
remuneration, but the moderate releveraging from the Admiral
transaction leads us to believe that it will retain leverage below
historical levels. Since 2021, the group has returned more than
EUR800 million to its shareholders through dividend distributions
paid through internal cash generated. We therefore anticipate the
group could opportunistically pay additional dividends given its
sizable FOCF after lease generation of more than EUR200 million per
year. Even though the company has no public leverage target, we
expect the group will retain leverage below 5x over our forecast
horizon through 2027. Our view is supported by the fact that the
recent shareholder distribution and the Admiral transaction are not
expected to significantly increase S&P Global Ratings-adjusted
leverage.

"Litigation risks for the group's activity in the German market
before October 2020 could affect credit metrics. In recent years
players have brought civil cases against the company for its
activity prior to receiving its sports-betting license in October
2020 in Germany. Previously, Tipico operated under an EU license.
Plaintiffs request the reimbursement for losses with the main
argument being that the contract between operator and player is
void absent a German operator license. In July 2024, the German
Federal Court of Justice has referred to the European Court of
Justice to resolve the question if operators were allowed to offer
their service--operating under an EU license--before receiving a
German license. It is currently too early to determine the timing
and impact of this litigation on the group's credit metrics,
however management believes the group has a solid position against
the claim.

"The positive outlook reflects that we can raise our rating on
Tipico if the group performs in line with our base case and
executes a smooth integration of the Admiral acquisition, if it is
completed. This should result in S&P Global Ratings-adjusted debt
to EBITDA remaining below 5x and solid FOCF to debt above 10%.

"We could revise our outlook to stable if the group reports weaker
operating results because of, for example, regulatory headwinds,
issues in the integration process of Admiral, and a
larger-than-expected financial effect from litigation in Germany,
or if Tipico undertakes debt-financed dividend distributions,
thereby increasing adjusted debt to EBITDA above 5x or FOCF to debt
declining toward 10%.

"We could raise our rating on Tipico in the next 12 months if the
group displays resilient operating performance and solid FOCF
generation, in line with our base case, resulting in adjusted FOCF
to debt sustainably exceeding 10% and debt to EBITDA remaining
comfortably below 5x, with no risk of re-leveraging from an action
such as a dividend recapitalization."




=============
I C E L A N D
=============

LANDSBANKINN HF: S&P Assigns 'BB' Rating on Perpetual Sub AT1 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue credit rating
to the perpetual subordinated additional tier 1 (AT1) notes
Landsbankinn hf. (BBB+/Positive/A-2) proposes to issue. S&P
understands the issuance will meet Basel III-compliant AT1
requirements under Icelandic regulations. The issue rating is
subject to its review of the notes' final documentation.

The 'BB' issue rating on the proposed AT1 notes is four notches
below our 'bbb+' assessment of Landsbankinn's stand-alone credit
profile. This deduction reflects:

-- One notch for contractual subordination;

-- Two notches for the risk of nonpayment of coupons; and

-- One notch for the risk of principal write-down if the bank
experiences distress or nonviability. The instrument will be
written down when the bank's common equity tier 1 ratio reaches
5.125%, a level S&P does not view a going concern trigger.

S&P said, "We consider the proposed AT1 notes, Landsbankinn's first
such issuance, to have intermediate equity content. This supports
our expectation that Landsbankinn will maintain a robust
risk-adjusted capitalization above 15% of our risk-weighted assets
over the next two years, even while absorbing the capital effect of
the ongoing acquisition of TM tryggingar hf. (TM) from Kvika banki
hf., which is pending approval from the Icelandic competition
authority."

S&P's assessment of the proposed notes' intermediate equity content
captures that the notes:

-- Are perpetual regulatory tier 1 capital instruments;

-- Do not include any step-up features; and

-- Can absorb losses on a going-concern basis through the
nonpayment of coupons, which is at Landsbankinn's full discretion.




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

BLACKROCK EUROPEAN XIV: S&P Assigns B-(sf) Rating on F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to BlackRock
European CLO XIV DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and
F-R notes. The issuer has unrated subordinated notes outstanding
from the existing transaction.

This transaction is a reset of the already existing transaction.
The issuance proceeds of the refinancing notes were used to redeem
the refinanced notes (the original transaction's class A, B-1, B-2,
C, D, E, and F notes) and the ratings on the original notes have
been withdrawn.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor      2,718.78
  Default rate dispersion                                  617.72
  Weighted-average life (years)                              4.40
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             4.69
  Obligor diversity measure                                149.93
  Industry diversity measure                                22.27
  Regional diversity measure                                 1.31

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              170
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.00
  Actual 'AAA' weighted-average recovery (%)               37.69
  Actual weighted-average spread (net of floors; %)         3.99
  Actual weighted-average coupon (%)                        3.35

Rationale

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.7 years after
closing, while the non-call period will end 1.5 years after
closing.

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

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

"In our cash flow analysis, we modeled the EUR400 million target
par amount, the covenanted weighted-average spread of 3.85%, the
covenanted weighted-average coupon of 3.25%, and the targeted
weighted-average recovery rates at all rating levels except for
'AAA', where we have modelled covenanted recoveries. 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.

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

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

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

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1-R, B-2-R, C-R, D-R, E-R, and
F-R notes is commensurate with higher ratings than those we have
assigned. However, as the CLO will have a reinvestment period,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes."

The class A-R notes can withstand stresses commensurate with the
assigned rating.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
each class of notes.

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

Environmental, social, and governance

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

  Ratings list

                     Amount      Credit
  Class  Rating*   (mil. EUR)  enhancement (%)  Interest rate§

  A-R    AAA (sf)     248.00     38.00    Three/six-month EURIBOR
                                          plus 1.25%

  B-1-R  AA (sf)       35.00     26.75    Three/six-month EURIBOR
                                          plus 1.75%

  B-2-R  AA (sf)       10.00     26.75    4.60%

  C-R    A (sf)        23.00     21.00    Three/six-month EURIBOR
                                          plus 2.05%

  D-R    BBB- (sf)     28.00     14.00    Three/six-month EURIBOR
                                          plus 2.85%

  E-R    BB- (sf)      18.00      9.50    Three/six-month EURIBOR
                                          plus 5.20%

  F-R    B- (sf)       12.00      6.50    Three/six-month EURIBOR  
                                        
                                          plus 8.08%

  Subordinated   NR    26.40       N/A    N/A

*The ratings assigned to the class A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R 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.


BRIDGEPOINT CLO IV: S&P Assigns B-(sf) Rating on Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bridgepoint CLO
IV DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R notes. The
issuer has also issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.4 years after
closing.

This transaction is a reset of the already existing transaction.
The existing classes of notes will be fully redeemed with the
proceeds from the issuance of the replacement notes on the reset
date.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 transaction's legal structure, which is bankruptcy remote.

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

  Portfolio Benchmarks

  S&P weighted-average rating factor           2,872.28
  Default rate dispersion                        415.50
  Weighted-average life (years)                    4.66
  Obligor diversity measure                      125.47
  Industry diversity measure                      19.76
  Regional diversity measure                       1.15

  Transaction Key Metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                   B
  'CCC' category rated assets (%)                 1.53
  Covenanted 'AAA' weighted-average recovery (%) 35.38
  Covenanted weighted-average spread (%)          3.85
  Reference weighted-average coupon (%)           4.25

Rating rationale

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

"In our cash flow analysis, we used the EUR459.70 million target
par amount, the covenanted weighted-average spread (3.85%), the
covenanted weighted-average coupon (4.25%), and the covenanted
weighted-average recovery rates for the 'AAA' rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to E-R notes could withstand
stresses commensurate with higher ratings than those we have
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 assigned ratings to
the notes.

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

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

Bridgepoint CLO IV DAC securitizes a portfolio of primarily
senior-secured leveraged loans and bonds, and is managed by
Bridgepoint Credit Management Ltd.

Environmental, social, and governance (ESG) corporate credit
indicators

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

  Ratings List

                    Amount                            Credit
  Class   Rating*  (mil. EUR)   Interest rate(%)  enhancement (%)

  X       AAA (sf)      3.00      3mE + 0.85      N/A
  A-R     AAA (sf)    279.00      3mE + 1.26      38.00
  B-R     AA (sf)      49.50      3mE + 1.80      27.00
  C-R     A (sf)       27.00      3mE + 2.15      21.00
  D-R     BBB- (sf)    31.50      3mE + 2.90      14.00
  E-R     BB- (sf)     20.30      3mE + 5.10       9.49
  F-R     B- (sf)      13.50      3mE + 7.86       6.49
  Sub     NR           35.90      N/A               N/A

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


NASSAU EURO II: S&P Assigns B-(sf) Rating on Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Nassau Euro CLO II
DAC's class A-R to F-R European cash flow CLO notes. The issuer has
unrated subordinated notes outstanding from the existing
transaction.

This transaction is a reset of the already existing transaction.
The issuance proceeds of the refinancing notes were used to redeem
the refinanced notes.

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

The portfolio's reinvestment period will end 4.7 years after
closing, while the non-call period will end 1.7 years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,810.98
  Default rate dispersion                                 483.55
  Weighted-average life(years)                              4.20
  Weighted-average life (years) extended
  to match reinvestment period                              4.71
  Obligor diversity measure                               145.43
  Industry diversity measure                               26.27
  Regional diversity measure                                1.30

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.89
  Actual 'AAA' weighted-average recovery (%)               36.87
  Actual weighted-average spread (net of floors; %)         3.99
  Actual weighted-average coupon (%)                        5.16

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.99%), the
covenanted weighted-average coupon (5.14%), and the actual
portfolio weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category."

Until the end of the reinvestment period on Oct. 25, 2029, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

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

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

Environmental, social, and governance

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

  Ratings
                     Amount     Credit
  Class  Rating*   (mil. EUR)  enhancement (%)  Interest rate§

  A-R    AAA (sf)    248.00    38.00     Three/six-month EURIBOR
                                         plus 1.28%

  B-R    AA (sf)      45.00    26.75     Three/six-month EURIBOR
                                         plus 1.90%

  C-R    A (sf)       23.00    21.00     Three/six-month EURIBOR
                                         plus 2.30%

  D-R    BBB- (sf)    28.00    14.00     Three/six-month EURIBOR   
                                      
                                         plus 3.20%

  E-R    BB- (sf)     18.00     9.50     Three/six-month EURIBOR
                                         plus 5.65%

  F-R    B- (sf)      12.00     6.50     Three/six-month EURIBOR
                                         plus 8.59%

  Sub notes  NR      46.625      N/A     N/A

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

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




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

REKEEP SPA: S&P Affirms 'B' LT ICR & Alters Outlook to Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Italy-based facilities management service provider Rekeep SpA
and revised its outlook to stable from negative.

S&P said, "At the same time, we assigned our 'B' issue level rating
with a '3' recovery rating (recovery estimate: 55%) on the proposed
EUR350 million senior secured notes. We expect to withdraw our
issue and recovery ratings on the existing EUR370 million notes
upon completion of the transaction.

"The stable outlook reflects our expectation that Rekeep's revenue
growth and stable margins will drive gradual deleveraging, positive
FOCF, and FFO interest coverage of more than 2.0x."

Rekeep SpA is raising EUR350 million senior secured notes due
August 2029 to address the upcoming debt maturity of its EUR370
million senior secured notes due February 2026. It also plans to
refinance its EUR75 million super senior revolving credit facility
(RCF) due August 2025 with a new EUR55.5 million super senior RCF.

Rekeep's proposed refinancing addresses its near-term maturities.
The company plans to use the proceeds from the proposed EUR350
million senior secured notes with a four-and-half-year maturity,
and cash on balance sheet, to refinance the EUR370 million senior
secured notes due in February 2026. S&P said, "Rekeep also intends
to refinance its EUR75 million super senior RCF due in August 2025
with a new EUR55.5 million super senior RCF, which we expect to be
undrawn at the time of transaction close. Thanks to the extension
of maturities, we consider the company's liquidity to be
adequate."

S&P said, "We forecast sound operating performance for Rekeep in
2025-2026 in a normalizing trading environment. Based on the
company's preliminary numbers for 2024, revenue increased by about
5.5%, to EUR1.25 billion, boosted by solid growth in the
international facilities management (FM) segment, particularly in
Poland where the company has been investing in central kitchens to
expand its catering business. This was partially offset by the new
code for public tenders in Italy (which came into effect in July
2023), which slowed the contract awarding process in its domestic
FM and laundering and sterilization (L&S) segments. The company has
also been more selective in its tender participation in recent
years, focusing on energy management contracts, while today's
strategy aims at rebalancing the portfolio toward more traditional
FM tenders. The continued reduction in energy prices and the
company's ability to pass through cost inflation supported the
business' underlying profitability. However, the company-reported
EBITDA margin is expected to remain stable year on year as the 2023
margin was inflated by tax credits granted to energy-intensive
companies. We note that, as per our criteria, we consider
accruals/reversals of provisions and charges (excluding provisions
for legal disputes) to be normal operating costs. Therefore, we
include the EUR30 million gross settlement from the Saudi Arabia
contract arbitration in our S&P Global Ratings-adjusted EBITDA for
2024.

"For 2025, we forecast healthy growth in the international FM
(bolstered by continued expansion of operations in Poland), and
modest growth in domestic FM will drive total revenue growth of
6%-7%. For 2026, we anticipate that Rekeep's commercial efforts in
the domestic FM market and the strong performance in international
FM will underpin revenue growth of about 10%. We expect the company
to increase its participation in tenders for cleaning and
maintenance contracts in Italy--including smaller public tenders
and private clients--and achieve higher volume growth through price
competitiveness. A focus on regional tenders and the adoption of
public private partnerships in the sterilization business will
drive growth in the L&S segment.

"We expect S&P Global Ratings-adjusted EBITDA margin to remain
stable at 9.5% in 2025. This is based on our expectation that wage
inflation and increasing raw material costs will be offset by
productivity improvements. For 2026, we forecast S&P Global
Ratings-adjusted EBITDA margin to improve to 9.9% (+40 basis
points). This will hinge on increased capacity utilization of food
processing plants in Poland, and automation. Efficiencies and
economies of scale from the increase in volumes will also offset
higher labor and food costs. We assume minimal accrual of
provisions in 2025 and 2026, which affected profitability
meaningfully in historical years.

"We forecast gradual deleveraging and thin, but positive, cash flow
generation. We calculate leverage of about 4.7x (5.9x excluding the
effect from the settlement of Saudi arbitration) at the time of
transaction closing, and 5.6x at year-end 2025, further
deleveraging to 5.0x in 2026 mainly due to the expansion of EBITDA.
At the same time, we expect FFO to debt of 11.1% (7.8% excluding
the effect from the settlement of Saudi arbitration) in 2024,
improving to 8.9% in 2025, and 9.8% in 2026. Despite interest costs
increasing to EUR52 million-EUR55 million annually, we forecast FFO
cash interest coverage of more than 2.0x in both 2025 and 2026. We
forecast FOCF to be positive but restricted by high interest
payments, working capital investment of EUR5 million-EUR8 million
per year, and the payment of the FM4 fine for EUR6 million-EUR8
million annually. We estimate that the construction of the third
central kitchen in Poland will increase capex to about EUR47
million in 2026, from about EUR35 million in 2025. With the
increase in earnings, we forecast Rekeep's cash tax payments to
increase to EUR20 million in 2026 compared with an estimate of
EUR10 million in 2025. Based on these assumptions, we forecast FOCF
of EUR25 million in 2025 (EUR13 million excluding the EUR25 million
net cash proceeds from the settlement of the Saudi arbitration, and
EUR8 million of transaction costs excluding original issue
discount) and EUR8 million in 2026.

"We view Rekeep's business risk as weaker than before due to lower
profitability and higher volatility than previously. Starting 2021,
Rekeep's profitability was hampered, and the EBITDA margin declined
to 8%-9% mainly due to high energy costs, accruals of provisions
due to risk on job orders and other disputes (including the Saudi
contract) and the write down of receivables. We understand that
Rekeep's margin will be about 12% (9.5% excluding the effect from
Saudi arbitration) in 2024. We forecast a 9%-10% margin in
2025-2026, which is relatively weaker than the 10%-12% S&P Global
Ratings-adjusted EBITDA margin the company posted before 2021.
Despite economies of scale and efficiencies, we anticipate that
margin expansion will be restricted as Rekeep shifts its focus back
to relatively lower margin traditional domestic FM and continues to
grow abroad where the company's ramp-up phase means its
profitability is still far from that of its domestic market.
Therefore, we revised Rekeep's business risk profile to weak from
fair."

Rekeep's business risk is supported by its leading positions in
almost all its businesses including the No. 2 position in cleaning
and L&S in Italy, the No. 3 position in energy management, and the
No. 1 position in the Polish catering business. However, it
operates in a very fragmented market. Rekeep also benefits from
good revenue visibility, thanks to its commercial backlog of EUR2.7
billion as of December 2024, and long-term client relationships.
For 2025, approximately 80%-85% of revenue is covered by backlog,
and extensions and renewals of existing contracts.

With about 22% of revenue generation from international markets in
2024 (compared with 14% in 2021), Rekeep's geographic diversity is
increasing, although the company remains concentrated in Italy. A
significant portion of the company's revenues are generated from
the health care and public sector entities segment (83% of revenues
for the 12 months ended Sept. 30, 2024). While health care is a
resilient end market providing stability, this exposes the company
to long and complex tendering processes with public bodies,
extended client payment terms, and potential cuts in public
spending. This was evidenced by the recent slowdown of Consip SpA
awarding tenders, which has reduced the company's backlog. It also
restricted the company's ability to manage its working capital when
energy suppliers asked for guarantees and shorter payment terms in
2022-2023, while receivable days remained broadly stable.

The stable outlook reflects S&P's expectation that Rekeep's revenue
will increase, and margins will remain stable, driving gradual
deleveraging below 6.0x in 2025 and close to 5.0x in 2026, positive
FOCF, and FFO interest coverage of more than 2.0x.

S&P could lower the rating if Rekeep's FOCF turned negative, its
FFO cash interest coverage fell below 2.0x, or debt to EBITDA
increased above 7.5x for a prolonged period. This could happen if:

-- The company is not able to reduce its working capital
requirements;

-- It experienced a significant delay in awarding new contracts or
higher-than-expected costs associated with this; or

-- Rekeep is involved in new litigation that gives rise to fines
or damages its reputation.

S&P could also lower the rating if Rekeep did not successfully
complete its refinancing transaction as expected.

S&P could raise the rating if Rekeep demonstrates a prudent
financial policy leading to adjusted debt to EBITDA comfortably
below 5.0x and FFO to debt above 12%. A positive rating action also
hinges on sound operating performance including generation of solid
positive FOCF.




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

ADLER GROUP: S&P Affirms 'B-' ICR & Alters Outlook to Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook on Adler Group S.A. and its
subsidiary Adler Real Estate AG (Adler RE) to stable from negative
and affirmed its 'B-' issuer credit ratings and all the group's
existing issue ratings.

The stable outlook reflects S&P's expectation that Adler should
continue to cover its upcoming debt maturities in a timely manner
over the next 12 months, while maintaining comfortable headroom
under its covenants.

The group's immediate liquidity further improved through successful
mortgage debt refinancing and asset disposals.  Adler has no debt
maturities remaining in 2025, as it managed to refinance all its
mortgage debt this year. S&P said, "We estimate that its liquidity
needs should be covered by its sources by more than 1.2x over the
12 months started Dec. 31, 2024, after all completed bank
refinancing. This is supported by our estimates of the company's
cash of about EUR200 million-EUR210 million and remaining net
proceeds from sales of about EUR90 million-EUR95 million following
the Brack Capital Properties (BCP) disposal, and after about EUR100
million of the proceeds were used to repay part of the first lien
facility. Although Adler RE's bond is due April 2026, we understand
the company plans to refinance this bond well in advance, and that
its first-lien debt documentation includes a EUR300 million tap
option that could be used to repay the bond if needed. Lastly, we
expect Adler to maintain adequate headroom under its bond and banks
covenants over the coming 12 months."

S&P said, "We still view Adler's long-term capital structure as
highly levered with substantial debt maturities over 2028-2030.  In
addition to around EUR1.0 billion additional mortgage debt, the
company must address its EUR1.1 billion first-lien debt in 2028,
slightly less than EUR700 million of second-lien debt (1.5 lien
under Adler's classification) in 2029, and EUR700 million
third-lien debt (second lien under Adler's classification) in 2030.
The payment-in-kind (PIK) structure of most of Adler's bonds will
help the company's short-term cash flow generation, but will also
increase its debt burden substantially over time, by an estimate
EUR400 million-EUR600 million annually (including accruing interest
on the perpetual instrument that we view as debt). Although we did
not include additional asset disposals in our base case, we
understand Adler would need to continue asset disposals to ease its
debt burden over the coming years, which would likely further
reduce its current EUR3.5 billion income-producing asset portfolio
over time (pro forma recent BCP and North Rhine-Westphalia (NRW)
disposals), in addition to the development projects portfolio that
the company intends to continue selling. "As such, we understand
the company already used EUR100 million from the BCP sale proceeds
to repay part of the first-lien debt. Apart from BCP and NRW
disposals, as well as the refinancing of these two instruments, our
base-case remains broadly the same as the one published on Oct. 11,
2024, leading to credit metrics consistent with current 'B-' issuer
credit rating.

Adler's first-lien refinancing and proposed 1.5-lien refinancing
are credit neutral.  Adler repriced its former 12.5% PIK interest
on its first-lien debt with 8.25% PIK interest (plus a 1% original
issue discount [OID]), taking benefits from the improved interest
rate environment. In addition, Adler intends to reprice its
second-lien debt (1.5 lien under its classification) to 10% PIK +
0.75% OID with a non-call protection in year one and a 1% call
premium in year two (thereafter to be called at par), while
currently these notes are divided into EUR556 million accruing at
14% PIK interest and EUR116 million accruing at 4.25% PIK interest.
Although we view the reduction of the company's interest cost (of
about EUR47 million saved from the first-lien refinancing and EUR87
million from the 1.5 lien refinancing as per the company's
estimates) as positive, this remains moderate compared with the
company's overall capital structure, with a forecast total debt at
EUR6.1 billion at the end of 2024. S&P said, "We view the
transaction as an orderly refinancing. Requested consent from the
6.25% notes was only technical in our view and did not entail any
substantial term changes, such as maturity, interest, or ranking."

The stable outlook reflects S&P's expectations that Adler should
continue to cover its debt maturities in a timely manner while
maintaining a comfortable headroom under its covenants over the
next 12 months.

Downside scenario

S&P could lower its ratings on Adler and Adler RE if:

-- Liquidity tightens over the next 12-18 months, with a decrease
in the group's ability to address its upcoming debt maturities in a
timely manner, including the refinancing of its 2026 EUR300 million
bond;

-- Headroom under the company's covenants reduces;

-- Any risk that we deem to be material to the group's overall
credit worthiness materializes, such as legal risk; or

-- Its ability to cover its cash interest burden drops
substantially.

Upside scenario

S&P could raise its ratings on Adler and Adler RE if:

-- The company's capital structure gets more sustainable over the
long term, with no dependency on asset disposals to reduce its debt
burden, and a willingness to refinance well in advance short-term
debt maturities;

-- Its portfolio and business strategy stabilize toward a robust
yielding portfolio of assets generating stable cash flows;

-- Its S&P Global Ratings-adjusted debt-to-debt plus equity ratio
decreases toward 65%; and

-- Its S&P Global Ratings-adjusted EBITDA interest coverage
improves to around 1.3x.


ALTISOURCE: Sets Feb. 14 Record Date for Warrant Distribution
-------------------------------------------------------------
Altisource Portfolio Solutions S.A. announced a proposed issuance
under Luxembourg law under the authorized share capital mechanism,
which is more commonly referred to as a distribution in the United
States, of transferable Warrants to holders of Altisource's (i)
common stock, (ii) restricted share units, and (iii) outstanding
warrants to purchase shares of Common Stock at an exercise price of
$0.01 per share, in each case, as of 5:00 p.m., New York City time,
on February 14, 2025.

The Warrant Distribution is contingent upon, among other things,
approval by the Company's shareholders of the proposals set forth
in the Company's definitive proxy statement on Schedule 14A filed
with the SEC on January 3, 2025 and the consummation of the
transactions contemplated by that certain previously disclosed
Transaction Support Agreement, which Transactions are summarized in
the Proxy Statement.

Subject to the right of the board of directors of the Company to
change the Distribution Record Date, the Warrant Distribution shall
occur on a date to be subsequently determined by the Board that
will be within 60 days after the Distribution Record Date (i.e., by
April 15, 2025). In the event the Company's shareholders do not
approve the Proposals or the Transactions are not completed, the
Warrant Distribution will not be consummated.

                 Summary of Certain Terms of the Warrants

The Warrant Distribution will include two types of warrants:

     * warrants to purchase shares of Common Stock requiring cash
settlement through the cash payment to the Company of the exercise
price; and
     * warrants to purchase shares of Common Stock exercisable on a
cashless basis.

Pursuant to the Warrant Distribution, each Stakeholder is expected
to receive:

     * one Cash Exercise Stakeholder Warrant to purchase 1.625
shares of Common Stock for each:
          (a) share of Common Stock held as of the Distribution
Record Date,
          (b) RSU held as of the Distribution Record Date and
          (c) share of Common Stock that could be acquired upon
exercise of Existing Warrants held as of the Distribution Record
Date; and

     * one Net Settle Stakeholder Warrant to purchase 1.625 shares
of Common Stock for each:
          (a) share of Common Stock held as of the Distribution
Record Date,
          (b) RSU held as of the Distribution Record Date and
          (c) share of Common Stock that could be acquired upon
exercise of Existing Warrants held as of the Distribution Record
Date.

Each Warrant entitles the holder thereof to purchase from the
Company 1.625 shares, subject to certain adjustments, of Common
Stock at an initial Exercise Price of $1.95 per Warrant (initially
equal to $1.20 per share of Common Stock). The Company will not
issue fractional shares of Common Stock or pay cash in lieu
thereof. If a Stakeholder would otherwise be entitled to receive
fractional shares of Common Stock upon exercise of Warrants, the
Company will first aggregate the total number of shares Common
Stock a Stakeholder would receive upon exercise of the Cash
Exercise Stakeholder Warrants or the Net Settle Stakeholder
Warrants, as applicable, and then round down the total number of
shares of Common Stock to be issued to the Stakeholder to the
nearest whole number.

The Company intends to apply to list the Cash Exercise Stakeholder
Warrants and the Net Settle Stakeholder Warrants on the Nasdaq
Global Select Market. However, there can be no assurance that these
applications will be approved.

The Warrants are expected to be issued by the Company pursuant to a
warrant agent agreement, between the Company and Equiniti Trust
Company, LLC, as Warrant Agent.

                         About Altisource

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

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

                             *   *   *

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

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



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

BARENTZ MIDCO: S&P Affirms 'B' LongTerm ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on Barentz Midco B.V and its debt facilities.

The negative outlook reflects that S&P could lower the rating by
one notch within the next 12 months if Barentz experiences EBITDA
margin pressure or adopts more aggressive financial policies
leading to FFO cash interest coverage remaining below 2x, leverage
above 8x, and FOCF below EUR50 million on a sustained basis.

Dutch specialty ingredients distributor Barentz is looking to
reprice its euro/dollar term loan B (TLB) facility, maturing in
March 2031, by 50 basis points (bps). This move aims to reduce cash
interest costs and marginally improve free operating cash flow
(FOCF) generation.

While Barentz's S&P Global Ratings-adjusted leveraged increased
substantially in 2024, its cash generation has remained strong.
Despite the increased debt--to S&P Global Ratings-adjusted debt to
EBITDA of 9.3x in 2024 from 8.1x in 2023--Barentz continues to
generate robust FOCF, which on the back of its long-dated maturity
profile, for now mitigates some of the risks associated with the
increased leverage. S&P expects the company to maintain solid FOCF
in the coming years, with adjusted FOCF of EUR50 million-EUR70
million in 2024, rising to EUR80 million-EUR100 million in 2025 and
EUR90 million-EUR110 million in 2026. This is supported by its
asset-light business model as a chemicals distributor, value-based
pricing strategy, and ongoing operational initiatives, including
its IT enhancement project. These factors should help generate
sufficient cash flow to support debt servicing and provide the
company with the flexibility to navigate its elevated debt levels.

S&P said, "We see limited rating headroom and delayed deleveraging.
Our revised EBITDA assumption of EUR220 million-EUR240 million in
2025, combined with elevated cash interests of EUR80 million-EUR85
million, should translate into the FFO cash interest-coverage ratio
remaining close to 2x in 2025. At the same time, we project that
our adjusted leverage, including the payment-in-kind (PIK) debt,
will remain at about 9.0x in 2025 from 9.2x in 2024, due to only a
modest improvement in the company's adjusted EBITDA coupled with
the use of the company’s factoring facility and increased PIK
debt. Our assumption of only moderate top-line growth of 6%, given
that the macroeconomic environment remains challenging, and the
deduction of approximately EUR20 million of nonrecurring costs,
including the third-party IT-implementation cost, leads us to
revise our EBITDA estimate for 2025.

"Our 'B' rating factors in the strong commitment by management and
the financial sponsor to deleverage in coming years. Barentz is
operating in a structurally growing market driven by a shift toward
natural ingredients and increased demand for convenience food. We
anticipate that in 2025 and 2026, strong underlying market growth
and new business wins from existing and new principals will support
the company's top-line growth. Additionally, Barentz’s
value-based pricing strategy, optimized portfolio, and ongoing IT
investments--designed to enhance operational efficiencies--should
contribute an estimated EUR25 million to EBITDA in the medium term,
further supporting recovery. With the expected growth in EBITDA, we
believe that Barentz's FFO cash interest coverage will recover
toward 2.1x in 2025, which we view as commensurate with a 'B'
rating.

"The negative outlook reflects that we could lower the rating by
one notch within the next 12 months if pressure on Barentz's EBITDA
margin or more aggressive financial policies lead to FFO cash
interest coverage remaining below 2x and debt to EBITDA above 8x,
and FOCF drops below EUR50 million on a sustained basis.

"We could lower the rating if pressure on the EBITDA margin, for
example due to weaker-than-expected recovery in the operating
performance or higher-than-anticipated nonrecurring restructuring
costs, lead to FFO cash interest coverage remaining below 2x and
leverage above 8x in 2025, while FOCF deteriorates below EUR50
million. Further rating pressure could arise if Barentz pursues
additional debt-financed acquisitions.

"We could revise the outlook to stable if Barentz improves its FFO
cash interest coverage ratio to above 2x and leverage below 8x,
while generating FOCF above EUR50 million on a sustained basis.
This could result from the realization of further business
optimization and margin improvement, as well as organic growth and
market share gains. A revision of the outlook to stable would also
hinge on commitment from management and the private equity sponsor
to maintaining rating-commensurate credit metrics."




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

CERVANTES TOPCO: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Spain-based holding company Cervantes Topco S.L. and its 'B' issue
rating to the EUR675 million term loan B (TLB) with a recovery
rating of '3' (recovery prospects: 50%-70%; rounded estimate:
60%).

S&P said, "The stable outlook reflects our expectation that Europa
Education will demonstrate sound operating performance supported by
the positive enrolment trend and its stable EBITDA margin, such
that debt to EBITDA will improve to below 6.0x by the end of 2025.
We expect cash flow generation to strengthen in the medium term,
with FOCF to debt turning notably positive by 2026."

On Dec. 3, 2024, EQT completed its announced acquisition of a 64%
stake in Europa Education Group via the Spain-based holding company
Cervantes Topco S.L. The previous shareholder, Permira, will
maintain a minority stake of 35%. The transaction was financed with
a new EUR675 million TLB maturing in December 2031 and has an
equity stake of EUR1.7 billion.

Europa Education's robust positioning within the private higher
education sector in the Iberian Peninsula, the positive trends of
the overall higher education industry, a high degree of earnings
visibility, and sound profitability support its business
profile--although these positives are somewhat counterbalanced by
the group's limited scale of operations and geographic
diversification.

EQT completed its acquisition of a 64% stake in Europa Education
from Permira in a buyout transaction.   On Dec. 3, 2024, EQT
completed the acquisition via the holding company Cervantes Topco
S.L.U. The previous shareholder, Permira, will maintain a minority
35% share in Europa Education. The transaction was financed with a
new EUR675 million TLB maturing in December 2031 and has an equity
stake of EUR1.7 billion. The capital structure will also include a
EUR85 million revolving credit facility (RCF) maturing six months
ahead of the loan. Compared with the current capital structure of
Europa Education, this transaction represents a EUR50 million
upsize in the total debt amount, from the previous EUR625 million,
recently upsized from EUR480 million as of end-2023 through two
consecutive dividend recapitalizations. S&P said, "Pro forma the
transaction, we now expect debt to EBITDA to increase to 6.7x in
2024 compared with 5.6x in 2023. Nonetheless, we expect the group
to deleverage quickly through earnings growth in the medium term
such that debt to EBITDA declines to below 6.0x in 2025."

Europa Education's robust positioning in the Iberian Peninsula,
diversification in degrees offered, and formats of delivery
(constrained by limited scale and geographic diversification)
support the rating.   S&P said, "We base our view of Europa
Education's key business strengths on its well-established position
and sound brand recognition as a tier-two private higher education
operator in Spain and Portugal. It is the largest operator in
Spain, with about 7% of market share, and the third largest in
Portugal, with about 10% of market share in a highly fragmented
market. We anticipate that Europa Education will increase its
market shares as the group expands its offering in the country over
the next two years, notably with the recent openings of campuses in
Alicante and Madrid and the ongoing construction of a sizable
campus in Malaga, set to open in third quarter 2025."

Europa Education offers a vast diversity of degrees for
undergraduate and postgraduates in four distinct knowledge areas:
health sciences; social science; science, technology, engineering,
art, and maths (STEAM); and sports sciences. The group also
provides a well-balanced format of delivery with face-to-face
programs, online programs, and hybrid programs. Nonetheless, our
rating is constrained by Europa Education's limited scale, with
EUR434 million of revenue and about EUR100 million of S&P Global
Ratings-adjusted EBITDA in 2023. The group's geographic footprint
is heavily tilted toward Spain, representing 87% of total revenue
as of 2023. The high share of international students, about 35%,
somewhat counterbalances this limited geographic diversification,
with international students coming from the EU, the U.S., and Latin
America.

The private higher education sector in Iberia exhibits supportive
features for Europa Education but the regulatory landscape could
present a challenge.   The private higher education sector has
shown resilience through the cycle and is expected to expand on the
back of structural long-term trends, such as the shift from public
to private education; the increasing demand for master's degrees
considering delayed employment and life-long learning;
internationalization; and the demand for online offerings. The
higher education market in Spain benefits from high barriers to
entry due to regulation (both at a state and local community
level), quality of education, and brand recognition, as well as the
need for sizable investment, which benefits Europa Education
considering its well-invested campuses.

S&P said, "Europa Education's positioning in the overall supportive
environment leads us to expect the group will capture a high share
of industry growth. Although highly unlikely, the regulatory
landscape could evolve and present a challenge to Europa Education.
Higher education is a key area of concern for governments and, as a
sector, often faces regulatory changes. Considering the current
volatile political landscape at the regional level in Spain,
potential changes to the regulatory landscape could disrupt Europa
Education's operations. We do not expect a sizable effect from
regulatory changes, but it remains an area of risk that we will
continue to scrutinize."

Europa Education's sizable investments in 2023 will fuel growth
above 15% for the next three years.  The group recently finalized a
large investment program--materializing via the new campus opening
in Alicante and the extension of the historical campus in Madrid,
as well as the extensions in the Canary Islands and Valencia. This
investment program justifies a considerable increase in capital
expenditure (capex) in 2023. S&P said, "The group added more than
10,500 students at these facilities, mostly in undergraduate
programs, which we expect to fuel the group's growth of more than
15% over the next three years and beyond. Additionally, the group
finalized the authorization process and began to construct a new
university in Malaga, where demand is strong, but where no private
university licenses have been granted by the local government in
the past 20 years. The campus in Malaga will have a capacity of
6,000 students. We expect Malaga to only start contributing
meaningfully to the group's revenue in 2027. Capex related to the
construction of the university will be recorded mostly in 2025."

S&P said, "We anticipate that Europa Education's total student base
will reach about 53,200 by the end of the 2024-2025 academic year
and revenue will increase to about 20% in 2024 and 18% in 2025.
This is similar to the growth recorded in 2023, which we expect to
reach about EUR415 million in 2024 and EUR485 million in 2025 from
EUR344 million in 2023. The group's service delivery mix continues
to change and we now project fewer students will contribute a
higher share of revenue, driven by higher value propositions. We
expect the S&P Global Ratings-adjusted EBITDA margin to increase
toward 30% in 2024, underpinned by notable growth of its
value-over-volume strategy, but also affected by start-up and
exceptional costs, from 28.7% in 2023."

The group exhibits a good degree of earnings visibility, a robust
margin profile, and a high cash conversion rate on a recurring
basis.   Europa Education's sound earnings visibility is supported
by a sizable captive audience thanks to its focus on undergraduate
programs. These generally constitute four to six-year tenures that
account for more than half of total enrolment and 70% of revenue.
The group has 100% visibility of 2024 earnings, 99% visibility for
2025 earnings, and 91% for 2026 earnings, assuming existing
enrolment numbers. That said, in the overall education industry,
Europa Education's average tenure and thus earnings visibility is
lower than that of K-12 operators, which have average tenure
between eight and nine years.

Although expanding quickly, Europa Education has maintained
profitability, with its S&P Global Ratings-adjusted EBITDA margin
remaining stable in 2022 and 2023 at about 29%. S&P said, "We
forecast the S&P Global Ratings-adjusted EBITDA margin will
increase toward 30% in 2024 on the back of recently opened campuses
ramping up. Limited working capital variations and maintenance
capex allow Europa Education to enjoy high cash conversion. We
forecast FOCF after leases will, nonetheless, be depressed over the
medium term due to the sizable growth capex program aimed at
considerably increasing student capacity."

S&P said, "FOCF after leases will turn significantly negative in
2024 due to one-off items (high transaction costs and expansionary
capex), and we expect it will remain depressed in 2025 before
recovering by 2026.   We forecast FOCF after leases will
deteriorate to negative EUR55 million in 2024 compared to positive
EUR16 million in 2023 due to elevated transaction costs and
material capex of about EUR80 million in 2024. This is slightly
better than previously anticipated, but we now expect the
accumulated capex for 2024 and 2025 to exceed the previously
contemplated amount by about EUR20 million. As such, we now expect
higher capex in 2025, driven by the Malaga and Villaviciosa
projects, among others, for a total of about EUR97 million. The
deviation is driven by changes in the scope of the projects aimed
at accelerating the delivery timeliness and improving the projects,
which the group expects should further increase EBITDA. At the same
time, we acknowledge the group has some capacity to halt certain
investments in case of need, particularly as it relates to the
Villaviciosa project and a new dental clinic in Alicante for a
total of about EUR14 million. We forecast FOCF after leases to
remain negative in 2025, albeit notably better than in 2024, before
turning positive by 2026, driven by earnings growth, neutral
working capital, and materially lower capex.

"Our stable outlook reflects our belief that Europa Education will
manage to quickly deleverage to below 6.0x by the end of 2025 on
the back of robust enrolment figures and sales growth, with a
resilient EBITDA margin fueled by the recent opening of additional
facilities, mostly in the high-margin undergraduate programs. We
expect cash flow generation to strengthen in the medium term with
FOCF to debt improving toward neutral in 2025."

Downside scenario

S&P could lower the rating on Europa Education over the next 12
months if:

-- FOCF after leases remains negative on a sustained basis,
weakening the group's liquidity position and straining its capital
structure. This could occur, for example, as a result of
weaker-than-expected operating performance or higher capex than
originally anticipated;

-- S&P Global Ratings-adjusted debt to EBITDA rises above 7x; or

-- A more aggressive financial policy, including material
debt-funded mergers and acquisitions (M&A), significant capex, or
dividends above our thresholds.

Upside scenario

S&P said, "We are unlikely to take a positive rating action over
the next 12 months, given that the rating is constrained by Europa
Education's highly leveraged capital structure and
financial-sponsor ownership. We could take a positive rating action
if the company demonstrated a track record of materially reducing
leverage and keeping it below 5x, supported by a commitment by the
financial sponsor to maintain leverage below 5.0x." Ratings upside
would depend on Europa Education's strong operating performance and
substantial EBITDA growth with margins remaining above 30%;
increasing market share; improving business diversification;
generation of sustainably robust and meaningful FOCF; and no
significant debt-funded M&A or exceptional shareholder
distributions.




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

NORTHVOLT AB: Subsidiary’s $82MM EV Battery Equipment Up for Sale
-------------------------------------------------------------------
On behalf of a secured creditor, Tiger Group and Liquidity Services
are accepting offers on a large amount of advanced EV battery
manufacturing equipment--brand-new and still in its original
crates.

Originally acquired at a cost of approximately $82 million, the
equipment is stored in Belgium and South Korea. It comes from
Northvolt Group subsidiary Northvolt Ett Expansion AB. The division
had been managing construction of an EV battery plant that was
suspended as part of its parent company's rescoping of Swedish
operations.

"This advanced, high-quality equipment--much of it manufactured in
South Korea by SLA, WuXi, Creative and Innovative Systems [CIS] and
Sejong Technology -- is in perfect condition," said Chad Farrell,
Managing Director, Tiger Commercial & Industrial. "We are already
receiving strong interest from EV battery manufacturers that are
looking to build new plants as well as owners and operators of
existing facilities."

"This sale represents an extraordinary opportunity for companies in
Europe, Asia and beyond," added Nick Taylor, SVP & Managing
Director of the Capital Assets Group at Liquidity Services. "It is
rare to see this much brand-new EV manufacturing equipment become
available at liquidation values."

The available equipment includes:

-- Cathode and anode notching and slitting machines

-- Powder blower

-- Waste collectors

-- WuXi stacking machine

-- Formation and aging temperature-controlled warehouse equipment,
including pre-charge and monitoring chambers, stacker crane and
racking

-- End-of-line cell-cleaning, visual inspection and packaging
equipment

-- Aging tray cleaner, formation tray cleaner

-- Water tanks

-- Floor lifters

-- Roller conveyors

-- Boxed-cell warehouse equipment, including stacker crane and
racking

-- Walkways, stairs and framework

The liquidation is one of many to occur in the green/sustainable
sector in recent months, Farrell noted. "It is not only electric
vehicle and battery companies, but also 'green' packaging makers,
experimental food producers, solar specialists and others," he
explained.

To arrange an inspection or obtain other information, email
auctions@tigergroup.com or call +1 (805) 497-4999.

For asset photos, descriptions, and other information, visit
SoldTiger.com or AllSurplus.com.

About Tiger Group

Tiger Group provides asset valuation, advisory and disposition
services to a broad range of retail, wholesale, and industrial
clients. With over 40 years of experience and significant financial
backing, Tiger offers a uniquely nimble combination of expertise,
innovation and financial resources to drive results. Tiger's
seasoned professionals help clients identify the underlying value
of assets, monitor asset risk factors and provide capital or
convert assets to capital quickly and decisively. Tiger maintains
offices in New York, Los Angeles, Boston, Chicago, Houston and
Toronto.

About Liquidity Services

Liquidity Services operates the world's largest B2B e-commerce
marketplace platform for surplus assets with over $10 billion in
completed transactions to more than five million qualified buyers
and 15,000 corporate and government sellers worldwide. The company
supports its clients' sustainability efforts by helping them extend
the life of assets, prevent unnecessary waste and carbon emissions,
and reduce the number of products headed to landfills.


               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.



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

ABBEYGLEN (TEKELS PARK): MHA Named as Administrators
----------------------------------------------------
Abbeyglen (Tekels Park) Properties Limited was placed into
administration proceedings in the High Court Of Justice, Court
Number: CR-2025-000628, and Georgina Marie Eason and Steven Illes
of MHA were appointed as administrators on Jan. 31, 2025.  

Abbeyglen (Tekels Park)is engaged in the development of building
materials.

Its registered office is at 6th Floor, 2 London Wall Place,
London,EC2Y 5AU

Its principal trading address is at 18 and 18A Tekels Park,
Camberley, GU15 2LF

The joint administrators can be reached at:

                Georgina Marie Eason
                Steven Illes
                MHA
                6th Floor, 2 London Wall Place
                London, EC2Y 5AU

For further details contact:

                Harry Sanders
                Tel No: 0204 546 6029
                Email: Harry.Sanders@mha.co.uk


ADSTOCK BULK: SFP Named as Administrators
-----------------------------------------
Adstock Bulk was placed into administration proceedings in the High
Court of Justice Business and Property Courts in Manchester, Court
Number: CR-2025-000137, and David Kemp and Richard Hunt of SFP were
appointed as administrators on Feb. 5, 2025.  

Adstock Bulk is a freight transporter by road.

Its registered office is at Warehouse W, 3 Western Gateway, Royal
Victoria Docks, London, E16 1BD

Its principal trading address is at 1 Pilch Farm, Pilch Ln,
Singleborough Ln, Adstock, MK17 0NX

The joint administrators can be reached at:

          David Kemp
          Richard Hunt
          SFP
          9 Ensign House
          Admirals Way, Marsh Wall
          London, E14 9XQ

For further details, please contact David Kemp at 0207-538-2222.


AERISTECH LIMITED: Begbies Traynor Named as Administrators
----------------------------------------------------------
Aeristech Limited was placed into administration proceedings in The
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-000691, and Craig Povey and Gareth Prince of Begbies
Traynor (Central) LLP were appointed as administrators on Feb. 3,
2025.  

Aeristech Limited engages in professional, scientific and technical
activities.

Its registered office is at Unit 4 Hermes Court, Hermes Close,
Leamington Spa, Warwickshire CV34 6NJ.

The joint administrators can be reached at:

                 Craig Povey
                 Gareth Prince
                 Begbies Traynor (Central) LLP
                 11th Floor, One Temple Row
                 Birmingham, B2 5LG

Any person who requires further information may contact:

                 Lucy Corbett
                 Begbies Traynor (Central) LLP
                 Email: birmingham@btguk.com
                 Tel No: 0121 200 8150


ARMCLAIM LIMITED: Milner Boardman Named as Administrators
---------------------------------------------------------
Armclaim Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency and Companies Court Number: CR-2025-MAN-000142, and
Darren Brookes of Milner Boardman & Partners were appointed as
administrators on Feb. 6, 2025.  

Armclaim Limited, trading as Simon One, Shoe HQ, and Loofes,
engaged in fashion and sportswear retail.

Its registered office is at Reedham House, 31 King Street West,
Manchester, M3 2PJ -- to be changed to Grosvenor House, 22 Grafton
Street, Altrincham, WA14 1DU

Its principal trading address is at Management Suite, G21/22
Middleton Shopping Centre, Middleton, M24 4EL.  Other trading
addresses are:

            Simon One
            G21-22 Middleton Shopping Centre
            Middleton, Manchester, M24 4EL

            Shoe HQ
            Union Street
            Mill Gate Shopping Centre
            Bury, Lancashire, BL9 0NY

            Loofes
            11-15 Union Street
            Mill Gate Shopping Centre
            Bury, Lancashire, BL9 0NY

The joint administrators can be reached at:

            Darren Brookes
            Milner Boardman & Partners
            1st & 2nd Floors, Grosvenor House
            22 Grafton Street
            Altrincham, WA14 1DU

Creditors requiring further information should either contact:

           Darren Brookes
           Grosvenor House
           22 Grafton Street
           Altrincham WA14 1DU
           Tel No: 0161-927-7788

or contact:

           Jason Sparrow
           Email: jasons@milnerboardman.co.uk
           Tel No: 0161-927-7788


BENBOW STEELS: Leonard Curtis Named as Administrators
-----------------------------------------------------
Benbow Steels Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Company & Insolvency List (ChD), Court Number:
CR-2025-MAN-000094, and Mike Dillon and Andrew Knowles of Leonard
Curtis were appointed as administrators on Feb. 2, 2025.  

Benbow Steels is a stockholder and distributor of steel products.

Its registered office and principal trading as Units 5-6 Ashmore
Industrial Park, Great Bridge Street, West Bromwich, West Midlands,
B70 0BW.

The joint administrators can be reached at:

                Mike Dillon
                Andrew Knowles
                Leonard Curtis
                Riverside House
                Irwell Street
                Manchester M3 5EN

Further details, contact:

                 The Joint Administrators
                 Tel No: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Joe Thompson


BROMBOROUGH PAINTS: Kroll Advisory Named as Administrators
----------------------------------------------------------
Bromborough Paints Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2025-000696, and Benjamin John Wiles and Philip
Dakin of Kroll Advisory Ltd were appointed as administrators on
Feb. 4, 2025.  

Bromborough Paints specialized in the retail sale of hardware,
paints and glass in specialised stores.

Its registered and principal trading address is at 38 Bromborough
Village Road, Wirral, Merseyside, CH62 7ET

The joint administrators can be reached at:

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

Further details, contact:

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


ELSTREE 2025-1: S&P Assigns Prelim. BB+(sf) Rating on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Elstree 2025-1 1ST PLC's class A to X-Dfrd notes. At closing,
Elstree 2025-1 1ST will also issue unrated RC1 and RC2 residual
certificates.

S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on the other rated
notes.

Of the loans in the provisional pool, 65.5% are first-lien
buy-to-let (BTL) mortgages and 34.5% are first lien owner-occupied
loans.

The loans in the provisional pool were originated by West One
Secured Loans Ltd. (WOSL)and West One Loan Limited (WOLL) which are
wholly owned subsidiaries of Enra Specialist Finance Ltd. (Enra),
between 2020 and 2024.

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes subject to various
conditions.

Credit enhancement for the rated notes will consist of
subordination and a general reserve fund.

The transaction incorporates two swaps to hedge the mismatch
between the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average, and the portion of loans, which
pay fixed-rate interest before reversion.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer grants security over all its assets in favor of the
security trustee.

WOSL will service the portfolio.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our current macroeconomic forecasts and forward-looking view of
the U.K. residential mortgage market are considered in our ratings
through additional cash flow sensitivities."

  Preliminary ratings

  Class      Prelim. Rating   Class size (%)

  A              AAA (sf)       89.75
  B-Dfrd         AA (sf)         4.50
  C-Dfrd         A (sf)          3.25
  D-Dfrd         BBB (sf)        2.00
  E-Dfrd         BB+(sf)         0.50
  X-Dfrd         BBB (sf)        2.25
  RC1 Residual Certs   NR         N/A
  RC2 Residual Certs   NR         N/A

  NR--Not rated.
  N/A--Not applicable.


FLEET TOPCO: S&P Affirms 'B+' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit and issue
ratings on Fleet Topco (Argus Media) and maintained its '3'
recovery rating on its term loan B (TLB), reflecting its
expectation of meaningful (60%) recovery prospects.

The stable outlook reflects S&P's view that Argus will see
continued organic revenue growth, strong EBITDA margins above 40%,
and robust free operating cash flow (FOCF), supporting deleveraging
with adjusted debt to EBITDA reducing toward 4.7x in fiscal 2025.

S&P said, "We forecast Argus will continue to deliver strong
operating performance in fiscal 2025 and fiscal 2026. We expect
revenue growth of around 9% in fiscal 2025 and fiscal 2026. This is
driven by market share gains, growth in subscription-based revenue
supported by increased commodity market volatility and the energy
transition, and a continued rebound in Argus' in-person conference
business. We believe the company will benefit from continued demand
for price reporting data due to growth in oil-related sectors as
well as expanding sectors such as GenFuels, fertilizers, chemicals,
and metals. At the same time, we expect Argus will continue to
demonstrate good cost management, despite investment in personnel,
resulting in consistently above-average EBITDA margins of 44%-45%.

"Argus' capital expenditure (capex)-light business model,
continuously high profitability, and reducing interest costs will
support FOCF. We expect FOCF will weaken slightly in fiscal 2025
due to higher interest costs, because it is the first year in which
Argus will bear the full interest impact of the TLB issued during
the last refinancing in February 2024. However, Argus repaid $100
million of the TLB in August 2024 and repriced the interest margin
on the remaining part at Secured Overnight Financing Rate (SOFR)
+2.75%. Therefore, we expect cash interest will reduce to about $65
million in fiscal 2026, down from $85 million in fiscal 2025, and
FOCF will resume growing, supported by strengthening operating
performance. We anticipate that FOCF to debt could strengthen to
more than 10% by the end of fiscal 2026 from 9.5% in fiscal 2025.
Argus benefits from relatively low capex investment needs and
positive working capital inflows, thanks to the way Argus bills its
customers in advance. We assume FOCF will be sufficient to fund
small bolt-on acquisitions and debt amortization, and potentially
leave room for dividend payments from fiscal 2026, after Argus'
leverage reduces to its target levels.

"We anticipate credit metrics will continue improving, absent any
significant debt-funded acquisitions or shareholder returns. Our
forecast points to a strengthening of credit metrics thanks to the
company's strong operating performance and cash generation. We
forecast S&P Global Ratings-adjusted leverage will reduce to 4.7x
by the end of fiscal 2025 and toward 4.0x in fiscal 2026, down from
the 5.2x peak in fiscal 2024. We expect that, over the medium term,
Argus will focus on deleveraging to or below its 3.5x
company-adjusted net leverage target (equivalent to about 4.0x S&P
Global Ratings-adjusted leverage). That being said, we see the
large debt issuance in fiscal 2024 related to the buyout of private
equity sponsor Hg Capital as an indication that Argus' financial
policy might temporarily allow for higher-than-target leverage
beyond our current base case."

The rating is supported by Argus' robust business characteristics.
The company is the No. 2 player in the cross-commodity PRA market
by share, accounting for about 15%-20%, behind incumbent S&P Global
Commodity Insights (previously known as S&P Global Platts; part of
S&P Global, which also owns S&P Global Ratings), which has a market
share of over 50%. Argus is more than twice the size of the
next-largest competitor OPIS, a division of News Corp., by market
share. Its strengths include its global operations, strong growth
dynamics in the underlying markets, an approximately 15%-20% global
market share, mission-critical products, strong revenue
predictability with more than 90% recurring revenue, high customer
retention (above 97%), and low customer concentration, with no
single customer representing more than 3% of average annual value
(AAV) and the top 20 about 25% AAV on June 30, 2024.

S&P said, "The stable outlook reflects our view that Argus will see
continued organic revenue growth, strong EBITDA margins above 40%,
and robust FOCF supporting deleveraging with adjusted debt to
EBITDA reducing to 4.7x in fiscal 2025. The outlook reflects our
assumption that the group will remain committed to its financial
policy and will not undertake material debt-funded acquisitions or
shareholder distributions until its leverage reduces to less than
3.5x on a company-adjusted basis.

"We could lower the rating in the next 12 months if adjusted
leverage increases above 5.5x or FOCF to debt falls below 5%. This
could occur if Argus significantly underperforms our base case,
such that revenue and earnings decline materially, for example due
to increased competition, loss of key customers, or inability to
constrain rising operating costs.

"We could raise the rating if Argus' adjusted leverage reduces
comfortably below 4.5x and FOCF to debt exceeds 10% on a sustained
basis. We would expect to see the company build a track record of
maintaining leverage at such levels, continue to operate
successfully, and maintain a conservative financial policy."


N.E. SERVICES: Redman Nichols Named as Administrators
-----------------------------------------------------
N.E. Services Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in Leeds,
Insolvency and Companies List, Court Number: CR-2025-LDS-000068,
and John William Butler and Andrew James Nichols of Redman Nichols
Butler were appointed as administrators on Jan. 23, 2025.  

N.E. Services, trading as Uber Kinky and Sinnovator, engages in
retail sale via mail order houses or via Internet.

Its registered office is at The Chapel, Bridge Street, Driffield,
YO25 6DA.

Its principal trading address is at Savantini House, Foster Street,
Stoneferry Road, Hull, East Yorkshire, HU8 8BT.

The joint administrators can be reached at:

          John William Butler
          Andrew James Nichols
          Redman Nichols Butler
          The Chapel, Bridge Street
          Driffield, YO25 6DA

For further details, contact:

                Ann Banks
                Tel No: 01377 257788


S I R JOINERY: Opus Restructuring Named as Administrators
---------------------------------------------------------
S I R JOINERY Ltd was placed into administration proceedings in the
Court of Session, No P123 of 2025, and Mark Harper and Charles
Hamilton Turner of Opus Restructuring LLP were appointed as
administrators on Feb. 6, 2025.  

S I R Joinery specialized in joinery installations.

Its registered office is at Broxmouth Estate, Dunbar, East Lothian,
EH42 1QW

Its principal trading address is at Westburn Workshop, Balmedie,
Aberdeen, Aberdeenshire, AB23 8YL

The joint administrators can be reached at:

          Mark Harper
          Opus Restructuring LLP
          9 George Square
          Glasgow G2 1QQ

                -- and --

          Charles Hamilton Turner
          Opus Restructuring LLP
          322 High Holburn
          London WC1V 7PB

Further details, contact:

          The Joint Administrators
          Email: glasgow@opusllp.com

Alternative contact: Nadia Cowden


TOWER HIRE: KRE Corporate Named as Administrators
-------------------------------------------------
Tower Hire And Sales Ltd fka Go Green Energy (UK) Ltd was placed
into administration proceedings in the Royal Court of Justice,
Court Number: CR-2025-000822, and Paul Ellison and Christopher
Errington of KRE Corporate Recovery were appointed as
administrators on Feb. 7, 2024.  

Its registered office is c/o KRE Corporate Recovery Limited, at
Unit 8, The Aquarium, 1-7 King Street, Reading, RG1 2AN

Its principal trading address is at Unit 1a Tank Farm Road, Skewen,
Swansea, SA10 6EN

The joint administrators can be reached at:

          Paul Ellison
          Christopher Errington
          KRE Corporate Recovery Limited
          Unit 8, The Aquarium
          1-7 King Street, Reading
          RG1 2AN

Further details, contact:

          The Joint Administrators
          Email: info@krecr.co.uk
          Tel No: 01189 479090
          Alternative contact: Kelly Rumsam




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

[] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures
--------------------------------------------------------------
Bailout: An Insider's Account of Bank Failures and Rescues

Author: Irvine H. Sprague
Publisher: Beard Books
Soft cover: 321 pages
List Price: $34.95
Order your personal copy at
https://ecommerce.beardbooks.com/beardbooks/bailout.html

No one is more qualified to write a work on this subject of bank
bailouts.  Holding the positions of chairman or director of the
Federal Deposit Insurance Corporation (FDIC) during the 1970s and
1980s, one of Sprague's most important tasks was to close down
banks that were failing before they could cause wider damage.  The
decades of the 1970s and '80s were times of high interest rates for
both depositors and borrowers.  Rates for depositors at many banks
approached 10%, with rates for loans higher than that.  The fierce
competition in the banking industry to offer the highest rates to
attract and keep depositors caused severe financial stress to an
unusually high number of banks. Having to pay out so much in
interest to stay competitive without taking in much greater
deposits was straining the cash and other assets of many banks. The
unprecedented high interest rates also had the effect of reducing
the number of loans banks were giving out. There were not so many
borrowers willing to take on loans with the high interest rates.
With the disruptions in their interrelated deposits and loans, many
banks began to engage in unprecedented and unfamiliar financial
activities, including investing in risky business ventures.  As
well as having harmful effects on local economies, the widely
reported troubles of a number of well-known and well-respected
banks were having a harmful effect on the public's confidence in
the entire banking industry.

Sprague along with other government and private-sector leaders in
the banking and financial field realized the problems with banks of
all sizes in all parts of the country had to be dealt with
decisively.  Action had to be taken to restore public confidence,
as well as prevent widespread and long-lasting damage to the U.S.
economy.  Sprague's task was one of damage control largely on the
blind.  The banking industry, the financial community, and the
government and the public had never faced such a large number of
bank failures at one time. The Home Loan Bank Board for the
savings-and-loans associations had allowed these  institutions to
treat goodwill as an asset in an effort to shore up their
deteriorating financial situations with disastrous results for
their depositors and U.S. taxpayers.  Such a desperate stratagem
only made the problems with the savings-and-loans worse.  The banks
covered by the FDIC headed by Sprague were different from these
institutions. But the problems with their basic business of
deposits and loans were more or less the same. And the cause of the
problem was precisely the same: the high interest rates.

Faced with so many bank failures, Sprague and the government
officials, Congresspersons, and leaders he worked with realized
they could not deal effectively with every bank failure. So one of
their first tasks was to devise criteria for which failures they
would deal with.  Their criteria formed what came to be known as
the "essentiality doctrine." This was crucial for guidance in
dealing with the banking crisis, as well as for explanation and
justification to the public for the government agency's decisions
and actions. Sprague's tale is mainly a "chronicle [of] the
evolution of the essentiality doctrine, which derives from the
statutory authority for bank bailouts." The doctrine was first used
in the bailout of the small Unity Bank of Boston and refined in the
bailouts of the Bank of the Commonwealth and First Pennsylvania
Bank.  It then came into use for the multi-billion dollar bailout
of the Continental Illinois National Bank and Trust Company in the
early 1980s.  Continental's failure came about almost overnight by
the "lightening-fast removal of large deposits from around the
world by electronic transfer."  This was another of the
unprecedented causes for the bank failures Sprague had to deal with
in the new, high-interest, world of banking in the '70s and '80s.
The main part of the book is how the essentiality doctrine was
applied in the case of each of these four banks, with the
especially high-stakes bailout of Continental having a section of
its own.

Although stability and reliability have returned to the banking
industry with the return of modest and low interest rates in
following decades, Sprague's recounting of the momentous activities
for damage control of bank failures for whatever reasons still
holds lessons for today.  For bank failures inevitably occur in any
economic conditions; and in dealing with these promptly and
effectively in the ways pioneered by Sprague, the unfavorable
economic effects will be contained, and public confidence in the
banking system maintained.

As chairman or director of the FDIC for more than 11 years, Irvine
H. Sprague (1921-2004) handled 374 bank failures.  He was a special
assistant to President Johnson, and has worked on economic issues
with other high government officials.



                           *********


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.

This material is copyrighted and any commercial use, resale or
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