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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

          Wednesday, February 19, 2025, Vol. 26, No. 36

                           Headlines



G E R M A N Y

TACKLE SARL: S&P Assigns 'B' Rating on Senior Secured Debt


I R E L A N D

CVC CORDATUS X: S&P Assigns B-(sf) Rating on Class F-R Notes
SEQUOIA LOGISTICS 2025-1: S&P Assigns BB(sf) Rating on Cl. E Notes


L U X E M B O U R G

HSE FINANCE: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative


N E T H E R L A N D S

JUBILEE PLACE 7: S&P Assigns 'B(sf)' Rating on Class X2 Notes
SKIO BIDCO: S&P Assigns 'B' LongTerm ICR Amid Ownership Change
UNIT4 GROUP: S&P Raises LongTerm ICR to 'B', Outlook Stable


N O R W A Y

HURTIGRUTEN NEWCO: Moody's Withdraws 'Ca' Corporate Family Rating


T U R K E Y

LIMAK YENILENEBILIR: Fitch Assigns BB- LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

BUSINESS MORTGAGE 5: Fitch Lowers Rating on Two Tranches to 'BB-sf'
COMPASS DEVELOPMENTS: FRP Advisory Named as Administrators
CONSORT HEALTHCARE: S&P Raises Senior Secured Rating to 'CCC-'
ECLOUD ELECTRONIC: Leonard Curtis Named as Administrators
ECOTECH (EUROPE): Begbies Traynor Named as Administrators

IMPALA BIDCO: Moody's Cuts CFR to 'B2', Outlook Stable
JOYCE EUROPEAN: SPK Financial Named as Administrators
POLARIS PLC 2025-1: S&P Assigns B+(sf) Rating on Class X-Dfrd Notes
PORT CLARENCE: Interpath Advisory Named as Administrators
SMARTER RECRUITMENT: Leonard Curtis Named as Administrators

TROY (UK): Alvarez & Marsal Named as Administrators

                           - - - - -


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

TACKLE SARL: S&P Assigns 'B' Rating on Senior Secured Debt
----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to the repriced EUR1,455 million term loan B (TLB) 2, as
well as the EUR175 million TLB3 and EUR200 million TLB4 add-ons,
issued by Tackle S.a.r.l. (B/Positive /--), the owner of Tipico.
The '3' recovery rating indicates S&P's expectation of a meaningful
(50%-70%; rounded estimate: 55%) recovery of principal in the event
of a payment default.  S&P has revised its recovery rate
expectation down to 55% from 60% due to an increase in pari passu
ranking senior secured debt, which has risen to EUR1.921 billion
following the TLB4 add-on, compared to EUR1.713 billion in its
previous recovery rating assessment.  S&P's 'B' issuer credit
rating and positive outlook on Tackle are unchanged.

The EUR200 million TLB4 add-on is part of Tipico's plans to fund a
special dividend.  The margin on the term loans has been adjusted
down to 3.25% from 3.5% based on the current pro forma
company-defined net leverage.

With this transaction, Tipico is likely to deviate temporarily from
S&P's previous S&P Global Ratings-adjusted leverage forecast of
below 5x in 2025, which supported the recent rating action when S&P
revised its outlook to positive.

S&P said, "The proposed dividend recapitalization diverges from the
group's track record of funding shareholder remunerations through
its sizeable internal cash flow generation, which we expect to
remain intact. In fact, we project reported free operating cash
flow (FOCF) after leases to exceed EUR200 million per year in 2025
and 2026.

"Pro forma the Admiral acquisition and dividend recapitalization,
and according to our expectations for the group's operating
performance in 2025 and 2026, S&P Global Ratings-adjusted leverage
is now expected to be higher at 5.3x in 2025 and 5.0x in 2026,
compared to our previous estimate of 4.8x and 4.6x, respectively.
We still expect FOCF to debt to remain above 10% in 2025 and 2026
since we think the overall interest expense will only increase
moderately by EUR7 million, driven by the TLB4 add-on and partially
offset by the repricing of the TLB."

Issue Ratings -- Recovery Analysis

Key analytical factors

-- S&P assigned a 'B' rating with a recovery rating of '3' to the
following: the repriced EUR1.455 billion senior secured facility
TLB2 due in 2028, the EUR175 million TLB3 add-on due in 2028, and
the EUR200 million TLB4 add-on due in 2028, and the EUR25 million
revolving credit facility (RCF) due in 2027.

-- The recovery rating reflects our expectation of meaningful
recovery prospects (50%-70%; rounded estimate: 55%) under S&P's
hypothetical default scenario.

-- The recovery rating is supported by the pari passu ranking of
the debt and a comprehensive guarantor coverage of about 80% of
group entities. It is constrained by the significant amount of
senior secured debt and a rather weak security guarantee package.

Under S&P's hypothetical default scenario, it assumes a significant
decline in discretionary consumer spending due to weaker economic
conditions, combined with significant regulatory disruption.

-- S&P values Tipico as a going concern given its strong brand in
Germany and the industry's high barriers to entry.

Simulated default assumptions

-- Year of default: 2028.
-- Jurisdiction: Germany.

Simplified waterfall

-- EBITDA at emergence: EUR186 million. This is based on a minimum
capital expenditure of 2.0% of annual revenue, reflecting the
company's historical trends and future expectations. S&P applies
the standard cyclical adjustment of 10%, in line with its sector
assumptions. The operational adjustment of 10% reflects Tipico's
leading market position in Germany, which results in high EBITDA
margins and good cash generation.

-- Implied enterprise value multiple: 6.0x.

-- Gross enterprise value at default: EUR1.114 billion.

-- Net enterprise value after administrative costs (5%): EUR1.058
billion.

-- Estimated senior secured claims*: EUR1.921 billion.

-- Recovery rating: '3' (50%-70%; rounded estimate: 55%).

*All debt amounts include six months of prepetition interest. The
RCF is assumed to be drawn 85% at default.




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I R E L A N D
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CVC CORDATUS X: S&P Assigns B-(sf) Rating on Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund X 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 and, at closing, issued an additional EUR11.90
million of subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date and
the ratings on the original notes were withdrawn. The target par
amount has increased to EUR450 million from EUR400 million.

The ratings assigned to the reset 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 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   2,826.67
  Default rate dispersion                                552.29
  Weighted-average life (years)                            4.25
  Weighted-average life extended to cover
  the length of the   reinvestment period (years)          4.95
  Obligor diversity measure                              126.60
  Industry diversity measure                              24.34
  Regional diversity measure                               1.15

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.31
  Target 'AAA' weighted-average recovery (%)              35.31
  Target weighted-average spread (%)                       3.96
  Target weighted-average coupon (%)                       3.87

Liquidity facility

This transaction has a EUR1.5 million liquidity facility, provided
by The Bank of New York Mellon, with a maximum commitment period of
four years and an option to extend for a further one or two
additional one-year periods. The margin on the facility is 2.50%
and drawdowns are limited to the amounts due for payment under the
interest proceeds priority of payments. The liquidity facility is
repaid using interest proceeds in a senior position of the
waterfall or repaid directly from the interest account on a
business day earlier than the payment date. For S&P's cash flow
analysis, it assumes that the liquidity facility is fully drawn
throughout the six-year period and that the amount is repaid just
before the coverage tests breach.

Rating rationale

Under the transaction documents, the rated notes 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 4.95 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR450 million
target par amount, the covenanted weighted-average spread (3.88%),
the covenanted weighted-average coupon (3.75%), the covenanted
weighted-average recovery rate at the 'AAA' rating level, and the
identified weighted-average recovery rates calculated in line with
our CLO criteria for all other rating levels. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

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

"Until the end of the reinvestment period on Jan. 26, 2030, 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, if the initial ratings are
maintained.

"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.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the rating assigned to the
class A-R notes is commensurate with the tranche's available credit
enhancement. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1-R to E-R 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 ratings assigned to the notes.

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 27.04% (for a portfolio with a weighted-average
life of 4.95 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.95 years, which would result
in a target default rate of 15.35%.

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

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the 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 list
                    Amount                           Credit
  Class  Rating*  (mil. EUR)  Interest rate (%)    enhancement (%)

  A-R    AAA (sf)    274.50   Three/six-month EURIBOR      39.00
                              + 1.27
  B-1-R  AA (sf)      35.70 Three/six-month EURIBOR    28.29
                              + 1.85
  B-2-R  AA (sf)     12.50 4.70                    28.29
  C-R    A (sf)      26.30 Three/six-month EURIBOR    22.44
                              + 2.15
  D-R    BBB- (sf)   34.00 Three/six-month EURIBOR    14.89
                              + 3.00
  E-R    BB- (sf)    22.70 Three/six-month EURIBOR     9.84
                              + 5.35
  F-R    B- (sf)     14.00 Three/six-month EURIBOR     6.73
                              + 8.26
  Sub    NR          55.80 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.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


SEQUOIA LOGISTICS 2025-1: S&P Assigns BB(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to Sequoia
Logistics 2025-1 DAC's class A, B, C, D, and E notes.

The transaction is backed by one senior loan, which Barclays Bank
PLC has advanced to Blackstone Real Estate Partners (Blackstone) as
part of its acquisition of a pan-European logistics portfolio.

The loan is secured on a pan-European portfolio of 53 logistic
assets in four European jurisdictions. The portfolio comprises
831,254 square meters of accommodation and is valued at EUR766.6
million as of December 2024. The current loan-to-value (LTV) ratio
is 65.0% for the securitized debt.

The five-year loan is interest only. While it includes cash trap
covenants and debt yield covenants, there are no default covenants
prior to a permitted change of control.

The loan proceeds will be used to refinance the acquisition of the
logistics assets. Furthermore, payments due under the loan facility
agreement primarily fund the issuer's interest and principal
payments due under the notes.

As part of EU, U.K., and U.S. risk retention requirements, the
issuer and the issuer lender Barclays Bank PLC have entered into a
EUR26.2 million (representing 5% of the securitized senior loan)
issuer loan agreement, which ranks pari passu to the notes of each
class. The issuer lender advanced the issuer loan to the issuer on
the closing date and the issuer applied the issuer loan proceeds as
partial consideration for the purchase of the securitized senior
loan from the loan seller.

S&P said, "Our ratings on the class A to D notes address Sequoia
Logistics 2025-1's ability to meet timely interest payments and
principal repayment no later than the legal final maturity in
February 2038. Our rating on the class E notes addresses ultimate
payment of interest and principal no later than the legal final
maturity date. The legal final maturity date is initially Feb. 17,
2037. However, the servicer has the option to extend the loan one
time by 12 months beyond the extended loan maturity date in 2030.
Should the servicer choose to exercise this option, the legal final
maturity date will be automatically extended to February 2038.

"Our ratings on the notes reflect our assessment of the underlying
loan's credit, cash flow, and legal characteristics, and an
analysis of the transaction's counterparty and operational risks."

  Ratings

  Class  Rating*     Amount (mil. EUR)

  A      AAA (sf)     247.5

  B      AA- (sf)      67.5

  C      A (sf)        51.5

  D      BBB (sf)      72.5

  E      BB (sf)       59.6

*S&P's ratings address timely payment of interest on the class A,
B, C, and D notes, ultimate payment of interest on the class E
notes, and payment of principal not later than the legal final
maturity on all classes of notes. The legal final maturity date is
initially in February 2037. However, the servicer has the option to
extend the loan one time by 12 months beyond the extended loan
maturity. Should it choose to do so, the legal final maturity will
also be extended by one year. The ratings therefore address
repayment of the principal by February 2038.




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

HSE FINANCE: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
HSE Finance S.a.r.l. and its issue-level rating on its senior
secured notes to 'CCC' from 'CCC+'. S&P's '4' recovery rating on
the senior secured notes is unchanged.

S&P's negative outlook reflects an increased likelihood of a
distressed debt exchange over the next 12 months amid the prolonged
weakness of the trading conditions in Germany.

The weak consumer sentiment in Germany makes a substantial
improvement in HSE's profitability and free operating cash flow
(FOCF) unlikely during 2025. A recovery in the performance of
German retailers, including HSE, has been hindered by political
uncertainty and economic stagnation. With low consumer confidence
and a 0.2% contraction in the German economy in 2024, pessimism
prevails among the company's customers. Consumers are also cutting
back on discretionary spending due to high inflation and the
current political instability, which will negatively affect HSE's
performance throughout 2025 and early 2026.

S&P said, "Given the current economic landscape, we see an
increased likelihood of a debt restructuring or distressed exchange
for HSE, in absence of unforeseen positive developments. The
company will need to refinance its upcoming maturities, including
its RCF due May 2026 and floating- and fixed-rate notes due October
2026, in the course of 2025. However, we expect its performance
will remain largely flat, and cash generation insufficient for HSE
to be able to refinance its current capital structure at par.

"Despite these challenges, HSE's available liquidity will likely
provide it with a sufficient cushion for the time being. We
anticipate the company's liquidity sources will be about 2.0x its
uses over the next 12 months, supported by its EUR68 million of
cash as of the end of the third quarter of 2024 and approximately
EUR14 million available under its committed EUR35 million RCF.
However, we assume that HSE only can draw up to 40% of the RCF
before it would trigger the 6.15x springing leverage covenant,
which it would be unable to meet given its reported net leverage of
7.0x as of the end of the third quarter of 2024. Other liquidity
sources over the 12 months started Sept. 30, 2024, include working
capital inflows of EUR5 million-EUR10 million and our forecast cash
funds from operations of EUR10 million-EUR15 million. Principal
liquidity uses over the same period include capex of EUR15
million-EUR20 million and a seasonal working capital requirement of
about EUR30 million.

"Our negative outlook reflects an increased likelihood of a
distressed debt exchange over the next 12 months amid the prolonged
weakness of the trading conditions in Germany.

"We could lower our rating on HSE if a risk of debt restructuring
that we view as distressed exchange under our criteria or of a
conventional default escalates.

"We would likely view any exchange offer or debt buyback by the
company or its owners as a distressed exchange if executed well
below the nominal value of the notes, given its elevated leverage
and time to maturity.

"We could raise our ratings on HSE if the company succeeds in
refinancing its upcoming debt maturities at par."




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

JUBILEE PLACE 7: S&P Assigns 'B(sf)' Rating on Class X2 Notes
-------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Jubilee Place 7
B.V.'s class A, F, X1 and X2 notes and class B-Dfrd to E-Dfrd
interest deferrable notes. At closing, the issuer also issued
unrated S1 and S2 certificates and unrated class R notes.

Jubilee Place 7 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands.

The loans in the pool were originated by DNL 1 B.V. (22.28%;
trading as Tulp), Dutch Mortgage Services B.V. (56.53%; trading as
Nestr), and Community Hypotheken B.V. (21.19%; trading as
Casarion).

All three originators are experienced lenders in the Dutch BTL
market. The key characteristics and performance to date of their
mortgage books are similar with peers. Moreover, Citibank N.A.,
London Branch maintains significant oversight in operations, and
due diligence is conducted by an external company, Fortrum, which
completes an underwriting audit of all the loans for each lender
before a binding mortgage offer can be issued.

At closing, the issuer used 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.

The underwriting criteria target prime, professional landlords with
no adverse credit history. We view all three originators' lending
standards positively, given their experience in the Dutch BTL
market.

Credit enhancement for the notes comprises subordination, a reserve
fund, and excess spread. Because the notes pay down sequentially,
credit enhancement is expected to build up over time, enabling the
structure to withstand performance shocks.

A cash advance facility only provides liquidity support to the
class A and B-Dfrd notes once they become the most senior notes
outstanding. The reserve fund is not fully funded at closing, with
the remaining amount to be funded from principal receipts. Hence,
for the other rated notes, there is no liquidity support available
other than principal collections once they become the most senior
note outstanding. Any excess in the liquidity reserve over the
required amount will be released to the principal priority of
payments.

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 and
the transaction documents to be compliant with our legal criteria.

  Ratings
                       Amount
  Class    Rating    (mil. EUR)  Class size (%)

  A        AAA (sf)    255.245     89.75
  B-Dfrd   AA (sf)      14.219      5.00
  C-Dfrd   A (sf)        6.399      2.25
  D-Dfrd   BBB+ (sf)     5.688      2.00
  E-Dfrd   BB+ (sf)      1.991      0.70
  F        B- (sf)       0.853      0.30
  X1       BB (sf)       4.977      1.75
  X2       B (sf)        1.422      0.50
  S1       NR              N/A       N/A
  S2       NR              N/A       N/A
  R        NR              N/A       N/A

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


SKIO BIDCO: S&P Assigns 'B' LongTerm ICR Amid Ownership Change
--------------------------------------------------------------
S&P Global Ratings assigned its long-term issuer credit rating on
Dutch generics pharmaceuticals maker Skio Bidco (Synthon) and
assigned its 'B' issue ratings on its new proposed term loan B.

S&P said, "The recovery rating on the TLB is '3', reflecting our
expectation of 65% recovery prospects in the event of payment
default.

"The stable outlook reflects our view that Synthon will deliver
steady and profitable growth thanks to visibility over its revenue
streams, underlined by solid business-to-business (B2B) contract
gains, which we believe will result in ongoing deleveraging and
sustained positive FOCF over the next 12 months."

Private equity fund Goldman Sachs Asset Management (GSAM) has
acquired a majority stake in Synthon (operating entity of Skio
Bidco, previously named Stamina Bidco) from BC Partners, which will
remain as a minority stakeholder, alongside other minority
stakeholders including the management.

Under this new ownership, Synthon proposes to issue a EUR775
million term loan B (TLB), alongside an equity injection from GSAM,
which will mainly be used to repay the existing debt and finance
the acquisition and transaction costs.

S&P said, "Following the ownership change, we expect Synthon's
adjusted leverage to peak around 6.5x-7x in 2025 on the back of the
higher debt quantum.   On Dec. 16, 2024, Synthon announced that BC
Partners had sold its stake in the company to GSAM for a purchase
consideration of about EUR2.1 billion. GSAM is now the majority
owner. BC Partners has reinvested part of the proceeds from the
sale and retains a minority stake, along with other stakeholders
and key managers. The transaction was financed with a significant
equity injection, EUR775 million TLB, and a proposed revolving
credit facility (RCF) of EUR120 million expected to remain fully
undrawn at the transaction's close. These proceeds will be used to
fund the acquisition price and transaction costs, and to repay the
outstanding EUR260 million senior TLB. The remaining cash will be
on the balance sheet. Due to higher debt in the company's capital
structure, we lowered our rating on Synthon. We anticipate S&P
Global Ratings-adjusted debt to EBITDA will increase to 6.6x in
2025 (after the transactions' close) from 2.2x in 2024 and will
remain 6.0x-6.5x in 2025. Also, the company will maintain
sufficient cushion under the funds from operations (FFO) cash
interest coverage that we expect to improve by 2026 to 2.5x-3.0x,
from around 2.1x in 2025 (3.4x in 2024), considering the higher
amount of interest to service the new debt.

"Synthon has demonstrated a robust track record of smooth
operational execution, which we expect to persist in the new
capital structure.   The downgrade reflects only the increased
amount of debt, while we consider that Synthon's operations remain
resilient, demonstrating the strength of its vertically integrated
business model, continual investment on its research and
development (R&D) programs, and new contract gains from its B2B
division. The company's demonstrated year-on-year improvements to
its S&P Global Ratings-adjusted EBITDA margin should reach about
30% in 2024 from 25.8% in 2023, thanks to product launches going
live, while investments in R&D and capital expenditure (capex) are
made years ahead of any revenue upside. Synthon's track record in
deleveraging in the last couple of years also stems from its
ability to generate substantial FOCF, which was in turn used to
repay its debt and decrease its interest to service costs. Finally,
we believe that Synthon's ability to launch products while being
97% first-to-market in the last 10 years proves that the company's
operating model is consistent with its organic growth strategy.

"We expect Synthon's profitability to continue improving over the
next 12-18 months, backed by new product launches and greater focus
on optimizing operations.   Our S&P Global Ratings-adjusted EBITDA
margin should reach around 27%-28% in 2025 and 28%-29% in 2026,
benefiting from ongoing product launches in the B2B channel,
notably Glatiramer (multiple sclerosis) in the U.S. and Axitinib
(tumors) and Eltrombopag (chronic blood disorder) in Europe. We
note that in 2025 and 2026, margins will slightly contract versus
the historic high seen in 2024, due to increased R&D spending that
will further fuel the company's organic growth beyond 2026. Synthon
plans new product launches in the direct-to-market (D2M) channel
from the existing pipeline and selected in-licensed products, as
well as better use of Synthon's own manufacturing network's
capacity and that of third-party manufacturers. We believe that the
company's profitability will continue improving beyond our current
rating horizon through 2027, thanks to major exclusive molecules
being currently developed. In our base case, we account for
capitalized R&D costs of EUR16 million-EUR17 million per year,
higher than the previous EUR12 million average from 2022-2024,
which depreciates the company's S&P Global Ratings-adjusted EBITDA
that treats capitalized R&D costs as expenses. Synthon invests most
of its internally generated cash flows toward its R&D spending,
spanning EUR55 million-EUR65 million in 2024 and 2025, from
previous levels of about EUR45 million-EUR50 million on average in
2023-2024. This demonstrates an acceleration of projects and
in-house molecule development and the pursuit of organic growth
programs in the new ownership profile.

"Under the new ownership, we still expect Synthon to continue
growing organically, thanks to a solid product pipeline.  The
company's business model relies on investing any patent expiries
several years in advance to be the first to market, which creates a
multiyear lag between the investment and the top-line contribution.
We assume Synthon delivered adjusted EBITDA of EUR120
million-EUR125 million in 2024 and will deliver about EUR115
million-EUR120 million in 2025, considering the step-up in
capitalized R&D costs to EUR16 million in 2025, from EUR12 million
in 2024, in addition to the discontinuance of activities in
selected countries (Russia, Iran, and Belarus). Our estimate
reflects significant organic growth of about 19%-20% in 2024 and
5%-6% in 2025, thanks to solid visibility in terms of its top line,
stemming from the B2B business covered by long-term contracts from
customers and the integrity of the 2025 pipeline products that are
already filed or approved. This is combined with further expansion
from the D2M products where Synthon operates in Mexico, Chile, and
Argentina, with better product mix, despite currency exchange
volatility. In 2026, we expect an improvement in our adjusted
EBITDA to around EUR130 million from ramp-up of newly launched
products in 2025 and upcoming contracts, from a top-line growth of
7%-8%, also fueled by higher contribution from launches in the D2M
channel.

"Despite continuous investments in capex, Synthon will continue to
post positive FOCF, thanks to its solid EBITDA base and better
working capital management.   We expect Synthon will continue to
post positive FOCF of EUR15 million in 2025 and 2026, down from
about EUR25 million in 2024, mainly owing to higher debt service
interest and despite continual investment in growth capex of EUR40
million-EUR50 million per year over the next two years, before
capitalized R&D costs, including maintenance capex of EUR12
million. While working capital outflows will remain limited in
2025, we expect them to increase in 2026 considering the major new
product launch scheduled for 2027, mainly related to inventory
buildup. This demonstrates Synthon's ability to self-fund its
internal projects and maintain long-term investments ahead of new
products launching to market. However, we believe that the
ownership by a financial sponsor might lead to an increase in
leverage in the event of debt-financed acquisitions or debt
recapitalization, which could derail the company's deleveraging
path. We do not deduct any cash from our leverage calculations due
to financial-sponsor ownership.

"Synthon's intellectual property (IP) retention, vertically
integrated business model, and revenue visibility are key credit
strengths.   The company is a niche developer and manufacturer of
complex generic pharmaceuticals. It operates globally and is
primarily focused on business to business, which counts for 85% of
its estimated 2024 revenue. It serves more than 200 pharmaceutical
companies with generic and patented drugs, which it manufactures in
house while holding IP rights. We also understand that the IP
retention acts as a barrier for customers to switch to a contract
development and manufacturing organization competitor. Synthon's
retention rate is optimal, at more than 99%, thanks to its IP, but
also to its quality, pricing, and safety considerations. Synthon
operates in the business-to-customer (B2C) space (15%) in Mexico
and Chile, launching its generics there before entering more
regulated and higher-margin markets such as Europe. Overall, this
enables the company to assess its products' cost structure and
market strength."

Additionally, Synthon benefits from a vertically integrated
business model.  The company's broad technology offers capabilities
in active pharmaceutical ingredient (API) development, formulation
development, IP and regulatory services, manufacturing (API and
finished products), and licensing and supply. The company's ability
to internally manufacture 60% of the API needed for its own
manufacturing acts as a buffer from competition, but also as a
differentiator enabling Synthon to control most of its supply chain
and lower the risks from API supply disruptions. Synthon shows
solid revenue visibility, moreover, thanks to long sales contracts
and relatively high switching costs compared with potential
customer savings. Its contracts span five years, with usual binding
volumes of three months before delivery. Therefore, S&P still
believes that this ensures high revenue visibility regarding the
existing products portfolio, although actual volumes could vary
during the year, reflecting underlying product demand.

S&P said, "The stable outlook reflects our view that Synthon will
deliver steady and profitable growth, thanks to visibility over its
revenue streams, underlined by solid B2B contract gains. In our
view this will result in ongoing deleveraging and sustained
positive FOCF over the next 12 months."

Downside scenario

S&P said, "We could downgrade Synthon if it experiences a
significant deterioration of operating performance, due to
declining sales or lower profitability than anticipated, and is
therefore unable to deleverage through the investment cycle and
maintain FFO cash interest coverage close to 2x.

"We could also downgrade Synthon if it cannot generate sufficient
FOCF and self-fund its organic growth business model and R&D driven
pipeline, resulting in a marked deterioration of credit metrics
that would hamper expected deleveraging."

Upside scenario

S&P said, "We could take a positive rating action if Synthon
demonstrated strong deleveraging, with adjusted debt to EBITDA
comfortably below 5x, and a long-term commitment to a conservative
financial policy. For an upgrade, we would also expect the group to
report a good track record of positive FOCF above our base-case
scenario. This could result, for example, from significant
successful commercialization of high value drugs, new contracts
signed, robust growth from product developments, and sound
operating efficiency, in addition to a long-term commitment for a
prudent and conservative financial policy."


UNIT4 GROUP: S&P Raises LongTerm ICR to 'B', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
global provider of enterprise resource planning (ERP) software,
Unit4 Group Holding B.V. to 'B' from 'B-'; S&P also raised the
issue rating on the company's revolving credit facility (RCF) and
senior secured term loan to 'B' from 'B-'. The recovery rating
remains '3' (55%).

The stable outlook reflects S&P's expectation of moderate revenue
growth of 5%-7%, with the adjusted EBITDA margin exceeding 25%,
resulting in solid cash flow generation, with FOCF to debt of about
5% and reduced leverage below 7.5x.

The upgrade reflects projected improvement in credit metrics in
2024 and expectation of further strengthening in 2025, thanks to
continued growth, recovering profitability, and debt repayments.
According to the management, Unit4 met its target of maintaining
operating expenditure (opex) at about EUR180 million. S&P said, "We
estimate that Unit4's adjusted EBITDA margins approached 25% in
2024, assuming opex was maintained below EUR180 million. We
forecast the margin will rise to about 28%-29% in 2025 thanks to
operating leverage, and despite our assumption of about EUR20
million of exceptional costs. As a result, we estimate adjusted
leverage declined to 8.5x-9.0x in 2024, and expect it will further
fall to about 7x in 2025. The significant expected reduction in
adjusted debt to EBITDA is further supported by a EUR50 million
reduction in the PIK in January 2025. Our adjusted leverage ratio
could fall further to about 6.5x at year-end 2025 as we understand
that Unit4 will likely use cash on balance sheet to repay the
remainder of the PIK and accumulated interest."

S&P said, "We expect solid FOCF to debt at or above 5% on average,
which is consistent with the rating, despite a slight weakening in
2025 due to a one-off income tax effect. Our base case assumes
healthy FOCF after leases of more than EUR50 million in 2024, with
a temporary weakening to EUR45 million-EUR50 million in 2025 due to
higher cash income tax following the implementation of a new group
transfer pricing model. Also, in 2024, Unit4 raised EUR200 million
in senior debt to repay the same amount in PIK, increasing cash
interest by about EUR10 million compared with 2023. However,
EURIBOR downward trends in 2025 should neutralize this impact. That
said, the expected organic growth and recovering profitability
should partially offset these factors, and we expect a significant
improvement in FOCF from 2026 once the one-off tax impact is
eliminated.

"We expect moderate revenue growth of 6%-7% in 2024-2025. This
should be mainly supported by continued growth (20%-30%) in
cloud-delivered software revenue, which grew by 24% in
2024--according to management data--broadly in line with the budget
expectation. Existing customers transitioning to cloud-based
offerings and upselling of additional modules underpins the growth
in cloud revenue. Declines in license, maintenance, and
professional services revenue will partly offset this growth.

"We do not assume any imminent releveraging transactions, and we
expect that any acquisitions will be funded by internally generated
cash flows. The company will likely reconvene mergers and
acquisitions (M&A) in 2025, but we expect these acquisitions will
remain relatively small, with the aim of acquiring additional
capabilities that Unit4 can cross-sell, and hence they should be
fully covered by available cash. We understand Unit4 will likely
use excess cash to repay remaining PIK, in addition to the EUR50
million payment in January 2025. We also understand there are no
plans for debt-funded shareholder distributions in the short
term."

Liquidity should remain comfortable over the next 24 months. At
end-2024, Unit4 had the full EUR100 million available under its RCF
and its outstanding term loan will only mature in 2028, leading to
limited refinancing risk in the next three years.

S&P said, "The stable outlook reflects our view that Unit4's
organic revenue will increase by 6%-7% in 2025, with an EBITDA
margin sustainably above 25% because of lower exceptional costs.
This will lead to solid FOCF, with FOCF to debt at or above 5% and
adjusted leverage declining to 7x in 2025.

"We could lower the ratings if Unit4's adjusted debt to EBITDA
failed to improve below 7.5x and FOCF to debt was sustainably well
below 5%. In our view, this could happen in case of a more
aggressive financial policy including debt-funded M&A or dividends.
Although less likely, downside could also be triggered by weaker
operating performance, for example due to elevated restructuring
and exceptional costs, while investments in research and
development (R&D) and marketing fail to stimulate sufficient cloud
segment growth.

"We think upside is unlikely in the near term. We could raise the
rating if Unit4 performed well above our expectations, leading to a
reduction in debt to EBITDA below 5.5x and an increase in FOCF to
debt to about 10% on a sustainable basis. This would need to be
coupled with a prudent financial policy aimed at maintaining these
metrics or material headroom for the metrics."




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

HURTIGRUTEN NEWCO: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------------
Moody's Ratings has withdrawn Hurtigruten NewCo AS's (Hurtigruten)
ratings consisting of a Ca long term Corporate Family Rating,
Ca-PD/LD Probability of Default Rating as well as the C rating of
the backed senior unsecured term loan due February 2029. Moody's
also withdrew the C rated guaranteed senior secured term loan B due
September 2027 and the Caa1 rated guaranteed super senior secured
term loan A due June 2027, both borrowed by Hurtigruten's immediate
subsidiary Hurtigruten Group AS. Finally, Moody's withdrew the Caa2
rating of the backed senior secured notes due February 2025 issued
by Hurtigruten's indirect subsidiary Explorer II AS.               


Prior to the withdrawal, the outlook for all entities was
negative.

RATINGS RATIONALE      

The withdrawal of the ratings follows the restructuring of
Hurtigruten's capital structure completed on February 12, 2025,
that caused significant losses for its creditors and separated the
Norwegian cruise business (HRN) from the expeditions business
(HX).

Moody's consider the restructuring involving an exchange of debt
into new loans and equity to be a distressed exchange default and
previously appended a /LD to the PDR as a result of the default.

Moody's are withdrawing all of Hurtigruten's ratings because post
restructuring Moody's rated debt no longer exists.




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

LIMAK YENILENEBILIR: Fitch Assigns BB- LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Limak Yenilenebilir Enerji Anonim
Sirketi (Limak RES) a final Long-Term Issuer Default Rating (IDR)
of 'BB-' with a Stable Outlook. Fitch has also assigned the
company's USD450 million senior green amortising notes a final
senior unsecured rating of 'BB-'. The Recovery Rating on the senior
unsecured debt is 'RR4'.

The ratings reflect Limak RES's small scale, limited geographical
diversification, and nearly 90% of its EBITDA being generated from
two plants. These factors are offset by strong revenue visibility,
healthy asset quality, low offtake risk, and supportive regulation
for renewable energy producers in Turkiye (BB-/Stable).
Additionally, the foreign-exchange (FX) risk of its newly raised
debt is largely mitigated by naturally hedged revenue.

Fitch anticipates the company's leverage metrics to remain in line
with the current rating in 2025-2028, despite its forecast
cumulative negative cash flows driven by higher capex. This
underpins its Stable Outlook.

Key Rating Drivers

Final Terms of Notes: The issue rating is aligned with Limak RES's
IDR as the notes constitute the company's direct, general,
unconditional and unsecured obligations. The proceeds are being
used mainly to refinance most of its existing debt and to finance
some capex for its eligible green portfolio. The notes have an
amortising schedule with a final maturity on 12 August 2030.

Bond Documentation Protection: Bondholders benefit from a
comprehensive set of covenants. These include a cumulative cap on
dividend payments to 50% of consolidated net profit and additional
debt incurrence threshold of net debt/EBITDA of 3.0x, which if
breached would also prevent distributions. It includes specific
covenants restricting related-party transactions.

Small Renewable Generation Company: Limak RES is a small renewable
energy producer with a total installed capacity of 829MW at
end-November 2024, representing less than a 1% market share in
Turkiye. It operates two hydro plants, four solar power plants, and
one geothermal plant, located in several regions of Turkiye. The
company also has a 50% stake in three hydro plants, with a total
installed capacity of 156MW, based on stake-adjusted capacities.

Reliance on Hydro: Limak RES's two owned hydro plants have an
installed capacity of 696MW and are estimated to have generated
almost 90% of the company's EBITDA in 2024, reflecting high asset
concentration. Fitch expects this percentage to drop in the medium
term as the company has two hydro plants under construction and
development that are expected to be operational in 2027 and 2029,
respectively, based on management expectations.

Sound Asset Quality: Limak RES has healthy asset quality, with
fully clean and fairly young plants. Its operating hydro plants
have a reservoir capacity that allows the company to generate
ancillary revenues and produce electricity during high-price
periods, securing a premium over average spot prices.

Supportive Regulation: Sixty-three per cent of Limak RES's capacity
is eligible for the renewable energy support mechanism, known as
YEKDEM, and the Renewable Energy Resource Area. YEKDEM is a law
that provides fixed feed-in tariffs (FiTs) denominated in US
dollars for 10 years. Assets under YEKDEM framework benefit from a
lack of price risk and low offtake risk as all renewable generation
is purchased by Energy Market Regulatory Authority. After 10 years,
assets switch to merchant status and start selling at wholesale
prices in Turkish liras, which results in price and FX risks.

Fairly Stable Merchant Exposure: Limak RES has 5.5 years on average
of remaining FiT life, which is higher than that of other
Fitch-rated peers in Turkiye and supports its business risk profile
and debt capacity. Fitch expects FiT revenues to remain above 50%
in 2025-2026 and to increase to 70% by 2029, with the commissioning
of its two new incentivised hydro plants. It has the option to keep
part of the production out of the FiT, which can be exercised on a
yearly basis and allows it to retain some upside in the event of
particularly favourable price expectations, as happened in
2022-2024.

Growth Capex Weighs on FCF: Fitch forecasts a total capex of USD660
million (TRY28.2 billion) across 2024-2028, mostly related to the
development of its two new hydro power plants, as well as Alkumru
Hybrid Solar Power Plant and a solar plant. The high capex will
lead to cumulatively negative free cash flow (FCF) in 2024-2028 of
USD209 million (TRY9.2 billion).

Depleted Leverage Headroom: Fitch expects a gradual increase in
funds from operations (FFO) net leverage to 3.5x by 2028 from an
estimated 2.4x in 2024. However, FFO net leverage will average 3.1x
in 2025-2028 and still be consistent with its rating sensitivities.
Moreover, Fitch expects leverage to fall in 2029, following
full-year contributions from the Incir and Pervari power plants.

Capex Flexibility: Limak RES has flexibility in executing its
growth capex, and could alter its capex schedule to manage its debt
and leverage. Fitch sees some execution risk in its large capex
programme, as a delay or cost overrun would lead to a higher peak
in leverage and slower deleveraging. Limak RES has an internal
target of net debt/EBITDA of 3.0x.

Related-Party Transactions: In 2023 and 2024 Limak RES sold part of
its production directly to its sister company Limak Enerji Ticareti
A.S., leading to higher receivables due from related parties. Fitch
understands from management that the funds were fully collected
gradually as of January 2025. The proceeds were distributed to its
parent owner for a shareholder loan repayment and one-off
distribution, and used to settle some payables. Fitch does not
expect similar transactions with related parties as the new bond
prospectus includes specific covenants restricting related-party
transactions.

Rating on a Standalone Basis: Fitch's evaluation of the
relationship between Limak RES and its parent company, Limak
Holding A.S, under its Parent Subsidiary Linkage Criteria, results
in a standalone rating approach. Under the bond documentation,
Limak RES's debt financing is independent from its parent, without
cross-guarantees or cross-default clauses. Its rating case does not
include any dividend.

Derivation Summary

Limak RES operates under the same regulatory framework as its
closest peers, Zorlu Enerji Elektrik Uretim A.S. (B+/Stable) and
Aydem Yenilenebilir Enerji Anonim Sirketi (B/Positive). Fitch
assesses Aydem's business risk profile as weaker than Limak RES's,
given its increasing merchant exposure, which is expected to reach
85% by end-2027, compared with Limak RES's 40%. Moreover, Limak
RES's financial profile is more robust, with a lower projected FFO
net leverage of 3.2x in 2024-2028, compared with 4.0x for Aydem.
This results in a higher rating by two notches.

Fitch regards Limak RES's business risk profile as slightly weaker
than Zorlu's and therefore assign a slightly higher debt capacity
to Zorlu. The latter benefits from exposure to regulated
electricity distribution in Turkiye, which Fitch views as
supportive, though its framework is less transparent than that in
western Europe, especially in a high inflation environment.

Additionally, Limak RES's reliance on hydro leads to slightly more
volatile generation volumes versus the stable output from Zorlu's
geothermal power plants. On the other hand, Zorlu's remaining
incentive life under YEKDEM is shorter. The one-notch difference is
attributed to Zorlu's higher FFO net leverage, which Fitch
forecasts at 4.2x in 2024-2026, and a weaker FFO interest coverage
ratio.

Limak RES's business profile is stronger than Uzbekistan-based
hydro power generator Uzbekhydroenergo JSC's (UGE, BB-/Stable, SCP
b+), due to higher revenue visibility supported by FiT and its
superior asset quality. Uzbekhydroenergo has a lower debt capacity
than Limak RES, though this is based on gross leverage.

Key Assumptions

- GDP growth in Turkiye of 3.5% per year over 2024-2028

- Inflation averaging 20% per year in 2025-2028, down from 60% in
2024

- Exchange rate (year-end) US dollar/Turkish lira increasing to 52
in 2028 from 36 in 2024

- Electricity generation volumes at 3% to 5% below management
forecasts over 2025-2028

- Wholesale price of around USD73/MWh over 2024-2028 (before
achieved premiums for hydro)

- A positive change in working capital of USD64 million (TRY2.4
billion) in 2025, followed by an average cash inflow from working
capital of 3% of revenues in 2026-2028

- Average annual capex of USD97 million (TRY3.5 billion) in
2024-2025 and USD154 million (TRY7 billion) in 2026-2028

- No dividend distribution over 2025-2028, in line with management
forecast

RATING SENSITIVITIES

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

- A downgrade of Turkiye's Country Ceiling, currently at 'BB-'

- Generation volumes well below current forecasts or
higher-than-expected capex leading to an FFO net leverage above
3.5x on a sustained basis

- FFO interest cover below 2.8x on a sustained basis

- Deterioration of the business mix with FiT-linked revenue
representing less than 50% on a structural basis could lead to a
tightening of rating sensitivities

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

- An upgrade of Turkiye's Country Ceiling, together with FFO net
leverage below 2.8x and FFO interest coverage above 3.5x on a
sustained basis

- Increased scale of operation, with better diversification

Liquidity and Debt Structure

Fitch estimates Limak RES's cash and cash equivalents at USD30
million (TRY1.07 billion) at end-2024. Fitch expects positive FCF
generation in 2025 of TRY1,012 million (USD26 million), which
sufficiently cover short-term debt of TRY1,692 million (USD47
million) in the same year.

However, Fitch projects FCF to turn negative in 2026-2027, driven
by large capex. Fitch expects that funds from the new bond issue
(USD450 million) will support liquidity and facilitate the funding
of its long-term investment plan. Under its rating case, the
company would not need to raise new debt until 2027, following
today's bond issue.

Issuer Profile

Limak RES is a renewable energy power generation company based in
Turkiye.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating          Recovery   Prior
   -----------                ------          --------   -----
Limak Yenilenebilir
Enerji Anonim Sirketi   LT IDR BB- New Rating            BB-(EXP)

   senior unsecured     LT     BB- New Rating   RR4      BB-(EXP)




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

BUSINESS MORTGAGE 5: Fitch Lowers Rating on Two Tranches to 'BB-sf'
-------------------------------------------------------------------
Fitch Ratings has downgraded Business Mortgage Finance 5 PLC's
(BMF5) M1 and M2 notes and affirmed the others. Fitch has also
affirmed Business Mortgage Finance 4 PLC (BMF4), Business Mortgage
Finance 6 PLC (BMF6) and Business Mortgage Finance 7 PLC (BMF7).
The Rating Watch Negative (RWN) on BMF5, BMF6 and BMF7 has been
removed.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Business Mortgage
Finance 4 Plc

   Class B XS0249508754    LT B-sf  Affirmed    B-sf
   Class C XS0249509133    LT CCsf  Affirmed    CCsf

Business Mortgage
Finance 6 PLC

   Class B2 XS0299447507   LT Csf   Affirmed    Csf
   Class C XS0299447846    LT Csf   Affirmed    Csf
   Class M1 XS0299446442   LT CCCsf Affirmed    CCCsf
   Class M2 XS0299446798   LT CCCsf Affirmed    CCCsf

Business Mortgage
Finance 7 Plc

   Class B1 123282AJ4      LT Csf   Affirmed    Csf
   Class C 123282AL9       LT Csf   Affirmed    Csf
   Class M1 123282AG0      LT CCCsf Affirmed    CCCsf
   Class M2 123282AH8      LT CCCsf Affirmed    CCCsf

Business Mortgage
Finance 5 PLC

   B1 XS0271325291         LT CCsf  Affirmed    CCsf
   B2 XS0271325614         LT CCsf  Affirmed    CCsf
   C XS0271326000          LT Csf   Affirmed    Csf
   M1 XS0271324724         LT BB-sf Downgrade   BBsf
   M2 XS0271324997         LT BB-sf Downgrade   BBsf

Transaction Summary

The transactions are securitisations of mortgages to SMEs and the
owner-managed business community, originated by Commercial First
Mortgages Limited. Fitch has analysed the performance of the
transactions using its SME Balance Sheet Securitisation Rating
Criteria.

KEY RATING DRIVERS

RWN Resolution: Fitch placed eight classes of notes on RWN due to
foreign-exchange rate exposure. The calculation of the payment
amounts on the cross-currency swap relating to each transaction's
(BMF5, BMF6 and BMF7) class M2 notes (euro-denominated) considers
factors other than the senior interest due on those notes. Due to
the calculation agent's (Barclays Bank Plc), current interpretation
of the swap documentation, the amount exchanged is insufficient to
cover the senior interest amount. The remainder of the payment is
made using euros that the issuer purchases at the prevailing spot
rate.

Fitch has examined the swap calculations and assessed various
scenarios for the extent of the exposure. Most of the notes
affected are already in the distressed rating categories and the
quality of the credit is not significantly altered by this
exposure. These notes have been affirmed. BMF 5's class M1 and M2
notes exhibit some sensitivity, which has contributed to their one
notch downgrades.

Portfolio Underperformance: Late-stage arrears are elevated, with
three-month plus arrears at 11.6%, 18.8%, 13.4% and 12.4% as of
November 2024 in BMF 4, 5, 6 and 7, respectively. For BMF5, this
represents over a 10pp increase in the last 12 months, which has
contributed to the one-notch downgrade of its class M1 and M2
notes. The amount of arrears in each portfolio alongside the losses
experienced to date contribute to the majority of notes being rated
in the distressed rating categories.

Junior Notes Mostly Under-Collateralised: The combination of past
cumulative losses and insufficient excess spread has led to the
depletion of reserve funds and increasing balances on the principal
deficiency ledgers (PDL). The outstanding PDLs in BMF 5, 6 and 7
stand at GBP10.2 million, GBP39.7 million and GBP21.6 million,
respectively, which each represents more than 25% of the total
current note balance. The debited PDLs, together with the presence
of other loans in litigation but still not provisioned for, leave
the junior notes in serious distress. These distressed notes are
rated from 'CCCsf' to 'Csf' depending on each class level of
subordination and expected principal loss.

Secondary Quality Collateral: The pools comprise loans secured
against owner-occupied commercial real estate, which is likely to
be more affected by a deterioration in economic sentiment,
especially due to the secondary quality of the collateral
properties. This leaves the pool exposed to tail risks in case of
an economic downturn.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes. Fitch tested a weighted average foreclosure
frequency (WAFF) increase by 25% of the mean rating default rate
(RDR) and a 25% decrease in recovery rates (RR). The results
indicate no impact for BMF4, BMF6 and BMF7 and downgrades of up to
two notches for BMF5.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the WAFF by 25% of the mean RDR and an
increase in the RR of 25%. The results indicate no impact for BMF4,
BMF6 and BMF7 and upgrades of up to three notches for BMF5.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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


COMPASS DEVELOPMENTS: FRP Advisory Named as Administrators
----------------------------------------------------------
Compass Developments Limited was placed into administration
proceedings in the High Court of Justice The Business and Property
Courts in Leeds Court Number: CR-2025-LDS-089, and Steven Williams
and Jessica Leeming of FRP Advisory Trading Limited were appointed
as administrators on Jan. 30, 2025.  

Compass Developments is in the field of property development.

Its registered office is at Monmouth House, 3 Purzebrook Close,
Axminster, EX13 5LL -- in the process of being changed to FRP
Advisory Trading Limited, at Derby House, 12 Winckley Square,
Preston, PR1 3JJ.

Its principal trading address is at Land at Colway Lane, Lyme
Regis.

The joint administrators can be reached at:

                Steven Williams
                Jessica Leeming
                FRP Advisory Trading Limited
                Derby House
                12 Winckley Square
                Preston, PR1 3JJ

For further details, contact:

                The Joint Adminstrators
                Tel: 01772 440700

Alternative contact:

                Matthew Williams
                Email: Matthew.williams@frpadvisory.com


CONSORT HEALTHCARE: S&P Raises Senior Secured Rating to 'CCC-'
--------------------------------------------------------------
S&P Global Ratings raised its senior secured issue rating on
Consort Healthcare (Tameside) PLC's (ProjectCo) debt to 'CCC-' from
'CC'.

The rating is on CreditWatch with positive implications, indicating
the potential for further action, on receipt of material
information regarding the updated business plan, more information
regarding future cash flows (considering its rectification schedule
and costs), and debt service in the long term.

S&P's visibility on the long-term sustainability of ProjectCo's
capital structure and debt service over the medium and long term is
limited at present, pending the forementioned material
information.

ProjectCo is a limited-purpose vehicle that used bond proceeds to
finance the design, construction, and operation of the project for
the Trust under a 34-year project agreement, as part of the U.K.
government's private finance initiative program. The project
comprises an 86-bed acute diagnostic and treatment center, a mental
health facility, and a surface car park.

An availability-based revenue stream from the Trust to ProjectCo,
independent of volume or market risk.

A signed settlement agreement between ProjectCo and the Trust,
resolving the long-standing historical dispute on construction
defects, which will bring back the cash flow visibility.

Reduced unitary charge compared to the original agreement, leading
to likely lower debt service coverage ratios for the remaining
concession.

ProjectCo's financial position is exposed to the remedial costs on
the previously identified defects, and potentially new defects
resulting from the intrusive survey agreed under the settlement
agreement.

The settlement agreement reinstates ProjectCo's UC and cash flows,
thus reducing its likelihood of default on its next debt service.
As of Feb. 11, 2025, S&P understands from the ProjectCo management
team that it has sufficient liquidity available to pay its GBP2.6
million debt service in March 2025, credit to the intermittent
standstill agreements that ProjectCo and the Trust agreed to in
December 2024. Additionally, the settlement agreement resolves the
previous risk of the Trust withholding the UC to recoup its
declared GBP8.85 million adjudication deductions and GBP20.32
million deferred deductions. This reinstating of the UC allows
ProjectCo to meet its operating costs, thereby, avoiding the risk
of insolvency.

However, there is limited visibility on ProjectCo's ability to pay
future debt instalments, pending information on the settlement
amount and the remedial costs. Under the agreement, ProjectCo will
pay a settlement sum to the Trust, via a sculpted reduction to the
monthly service payments from the Trust. Therefore, the amount of
the future UC payments would likely be lower than the original
amount of approximately GBP1.3 million per month for 2025.
Furthermore, ProjectCo will bear the rectification costs of the
remedial works on the previously identified defects, and potential
works identified from the center of best practices survey. S&P
said, "We understand from ProjectCo, that the costs--sculpted from
its cash flows--are expected to be incurred over a period, as
defined under the agreement. However, these costs could potentially
be sizable, and subject to further increase, depending on the
outcome of the survey. We think that the effect on our ratings
could be positive, if ProjectCo's ability to service future debt
instalments on a sustainable basis is re-established. This is
subject to the material information about the reduced unitary
charge and the timing and costs of the remedial works."

S&P said, "The CreditWatch placement with positive implications
reflects the likelihood that we could raise our rating if the
project demonstrates its ability to service its debt on a more
sustainable basis in the medium to long term. This would be
possible, subject to pending receipt of the updated financial model
post settlement agreement, if the reduced revenues and costs of
remedial works are sculpted in a way that the project is able to
pay its debt service in full, on a timely basis. We expect to
resolve the CreditWatch status over the next 90 days."


ECLOUD ELECTRONIC: Leonard Curtis Named as Administrators
---------------------------------------------------------
Ecloud Electronic Cigarettes Limited was placed into administration
proceedings in the High Court of Justice
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD), Court Number: CR-2025-MAN-000134, and Mike Dillon and
Hilary Pascoe of Leonard Curtis, were appointed as administrators
on Feb. 4, 2025.  

Ecloud Electronic is a retailer of vaping equipment.

Its registered office and principal trading address is at 81 Penny
Meadow, Ashton-Under-Lyne, OL6 6EL.

The joint administrators can be reached at:

                 Mike Dillon
                 Hilary Pascoe
                 Leonard Curtis
                 Riverside House
                 Irwell Street
                 Manchester M3 5EN

For further details, contact:

                 The Joint Administrators
                 Tel: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Helen Hales


ECOTECH (EUROPE): Begbies Traynor Named as Administrators
---------------------------------------------------------
Ecotech (Europe) Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts In
Leeds, Insolvency and Companies List (ChD), Court Number:
CR-2025-LDS-000102, and Joanne Louise Hammond and  Robert Dymond of
Begbies Traynor (Central) LLP were appointed as administrators on
Feb. 13, 2025.  

Ecotech (Europe) is a cleaning products manufacturer.

Its registered office is at Suite 500, Unit 2, 94A Wycliffe Road,
Northampton, NN1 5JF.

The joint administrators can be reached at:

             Robert Dymond
             Joanne Louise Hammond
             Begbies Traynor (Central) LLP
             3rd Floor, Westfield House
             60 Charter Row
             Sheffield S1 3FZ

For further details, contact:

             Marcus Wright
             Tel No: 0114 2755033
             Email: sheffield.north@btguk.com


IMPALA BIDCO: Moody's Cuts CFR to 'B2', Outlook Stable
------------------------------------------------------
Moody's Ratings has downgraded Impala Bidco 0 Limited's (Acacium
Group, or the company) corporate family rating to B2 from B1 and
the Probability of Default Rating to B2-PD from B1-PD.
Concurrently, Moody's downgraded to B2 from B1  the ratings of the
existing GBP375 million senior secured first lien term loan due
2028 (GBP TLB), of the GBP45 million senior secured first lien
revolving credit facility due 2027 (RCF) both issued by Impala
Bidco 0 Limited and of the $140 million incremental senior secured
first lien term loan due 2028 (USD TLB) issued by ICS US Holdings
Inc.

The outlook on both entities remains stable.                

RATINGS RATIONALE

The rating action reflects the material contraction of Acacium
Group's activities during 2024, a decline of 27% in revenue and 50%
in Moody's adjusted EBITDA relative to the previous year, and
Moody's expectations that the company will take longer than 24
months to deleverage to a Moody's adjusted debt to EBITDA below
5.0x. Acacium Group's weak results in 2024 were driven by volume
contraction across all the business units, the termination of
one-off government projects at Favorite and exceptional costs the
business sustained to increase the scale of its off-shore service
delivery centres. Moody's acknowledge that the broader staffing and
HR services sector is currently facing a downcycle globally,
however, the company's business in the UK has been severely
affected by a political impasse on the NHS, which will take time to
unlock. Such circumstances prompted NHS managers to discretionally
restrain use of staffing agencies but also caused an increase in
patients' waiting lists.  More than half a year has passed since
the UK election and the appointment of a new government, and there
is still no clarity on the NHS England's long term capital
allocation and potential reforms the government will require. The
2025 Spending Review (Phase 2) is expected to conclude and be
published in June 2025.

Positively, during 2024, the Life Science division's gross margins
have been stable with some recovery towards year end; Moody's view
this as a strong result in a difficult employment environment and
after a rather strong performance in 2023. Additionally, Moody's
understand that a number of more established service offering
within Xyla (Acacium's digital healthcare and community services
division) achieved positive revenue growth in 2024 compared to the
prior year. Moody's view Xyla as a key differentiator to other
staffing agencies, as Acacium is positioning itself as a long term
partner capable of delivering end-to-end healthcare programs &
services and likely to benefit from the expected allocation of
funds to private health companies to carry out additional treatment
for NHS patients.

Acacium Group's B2 ratings continue to be supported by its (1)
leading position in a fragmented market; (2) long term growth in
demand for healthcare services with supportive demographics in its
core markets (UK, US, Australia), alongside structural and
sustained staff shortages; (3) diversified offering that include
life sciences, the provision of community based and digital
healthcare service solutions and a growing international presence,
all contributing to a reduced reliance on NHS England; and (4)
track record of maintaining a positive Moody's adjusted free cash
flow year on year while facing a reduction in revenue and EBITDA of
more than 50%.

Acacium Group's ratings, however, are constrained by its (1)
revenue generation remaining highly dependent on NHS England, which
faces pressure from increased demand and unsustainable cost
structure; (2) potential risks of technological disruption through
disintermediation or more efficient procurement practices; (3)
regulatory risk (as already seen between 2015-2017 to limit agency
spend in the NHS); and, (4) elevated Moody's adjusted debt/EBITDA
leverage at 7.3x as of December 2024 with limited deleveraging
potential in the next 12 months.

LIQUIDITY

Acacium Group's liquidity position is adequate. The company had
GBP25.8 million of cash on balance sheet and a fully undrawn GBP45
million RCF, as of December 31, 2024.

The RCF has a springing first lien net leverage covenant being
tested only when the RCF's drawn amount exceeds 40% of commitment;
Moody's estimate the facility will not be drawn until maturity in
2027 as the company has sufficient availability from a number of
asset backed facilities which are used to manage intra-year working
capital movements and tend to be repaid in full by year end.

Moody's expect Moody's adjusted free cash flow to be slightly
negative in 2025, largely due to exceptional costs to deliver cost
out commitments in terms of reduced headcount and property
footprint.

Acacium's debt maturity profile remains favorable, with the next
scheduled debt repayment in 2028 when the term loan facilities
mature.

STRUCTURAL CONSIDERATIONS

The GBP TLB and USD TLB, together with the RCF rank pari-passu and
are rated in line with the CFR reflecting a senior only financing
structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Acacium
Group's revenue and EBITDA will remain broadly stable in 2025,
reflecting the end of a one-off contract at Favorite in the USA.
Moody's-adjusted debt/EBITDA leverage is to remain elevated in the
next 12-15 months at about 7x and will start to decline from 2026
to reach about 5.0x by end of 2027. Additionally, Moody's expect
the company will not embark on any acquisitions that will deplete
its liquidity or increase Moody's adjusted leverage, nor dispose of
any part of the core business.

Moody's outlook could change to negative if the government's review
of the NHS, expected to be concluded by late spring, will not
provide much needed clarity on the operating framework and
utilization of staffing agencies; Moody's are also expecting the UK
government to allocate significant funds to private health
companies to carry out additional treatment for NHS patients and
reduce waiting lists for elective patients in line with targets
already announced.

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

The ratings could be upgraded following a sustained period of
stable volumes and profitability, with a continued increase in
scale of services not related to Last Minute Nursing in the UK. An
upgrade would also require Acacium to return to a Moody's-adjusted
Debt to EBITDA ratio below 5.0x and Moody's-Adjusted FCF/Debt above
5%.

The ratings could be downgraded if Moody's adjusted interest to
EBITA were to deteriorate below 1.1x, Moody's adjusted FCF were to
become negative or Moody's-adjusted Debt to EBITDA were to remain
above 6.0x by the end of 2026. Regulatory changes in the UK that
limit the use of interim agencies by NHS England could also result
in negative rating pressure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Acacium Group, a leading global healthcare and life science
delivery partner with services and staffing operations across four
continents. Acacium Group is headquartered in London and since
September 2020 is majority-owned by Onex Partners. The company has
a market leading position as supplier of temporary staff to NHS
England and after acquiring USA based Favorite, in December 2021,
it is one of the top 10 healthcare staffing firms in the country.


JOYCE EUROPEAN: SPK Financial Named as Administrators
-----------------------------------------------------
Joyce European Logistics Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Leeds Company and Insolvency List, Court Number:
CR-2025-LDS-000104, and Stuart Kelly and Claire Harsley of SPK
Financial Solutions Limited were appointed as administrators on
Feb. 11, 2025.  

Joyce European is involved in freight transport by road.

Its registered office and principal trading address is at Unit F5,
Wem Industrial Estate, Shrewsbury, SY5 5SD.

The joint administrators can be reached at:

              Stuart Kelly
              Claire Harsley
              SPK Financial Solutions Limited
              7 Smithford Walk Prescot
              Liverpool L35 1SF

For further details, contact:

             Adam Farnworth
             Tel No: 0151 739 2698
             Email: info@spkfs.co.uk


POLARIS PLC 2025-1: S&P Assigns B+(sf) Rating on Class X-Dfrd Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Polaris 2025-1
PLC's class A to F-Dfrd and X-Dfrd notes. At closing, the issuer
also issued unrated class Z notes.

Polaris 2025-1 is an RMBS transaction securitizing a portfolio of
owner-occupied mortgage loans secured over U.K. properties.

This is the ninth first-lien RMBS transaction originated by UK
Mortgage Lending Ltd. that S&P has rated.

The loans in the pool were originated between 2021 and 2024 by UK
Mortgage Lending Ltd.

The collateral comprises complex-income borrowers, borrowers with
immature credit profiles, and borrowers with credit impairments,
and there is a high exposure to owner-occupied mortgages advanced
to self-employed borrowers (30.0%) and owner-occupied mortgages
advanced to first-time buyers (37.5%).

Product switches are permitted under this transaction, subject to
certain conditions being met. The aggregate current balance of all
product switch loans cannot exceed 25% of the pool as of closing.

The transaction has no general reserve fund. Liquidity support for
the class A and B-Dfrd notes is provided by the liquidity reserve
fund. Hence, for the other rated notes where timely interest must
be paid once they become the most senior class outstanding, there
is no liquidity support available. However, principal receipts can
be used to pay interest, which may provide liquidity.

The transaction incorporates a swap to hedge the mismatch between
the notes, most of which (99.3%) pay a coupon based on the
compounded daily Sterling Overnight Index Average rate, and loans,
which pay fixed-rate interest before reversion.

There are no rating constraints under S&P's counterparty,
operational risk, or structured finance sovereign risk criteria.

  Ratings
                       Amount
  Class     Rating   (mil. GBP)  Class size (%)

  A         AAA (sf)    471.65    85.5

  B-Dfrd    AA (sf)      30.34     5.5

  C-Dfrd    A+ (sf)      22.62     4.1

  D-Dfrd    A- (sf)      12.41    2.25

  E-Dfrd    BBB (sf)      7.17     1.3

  F-Dfrd    BB (sf)       5.52       1

  Z         NR            1.93    0.35

  X-Dfrd    B+ (sf)      15.17    2.75

  NR--Not rated.


PORT CLARENCE: Interpath Advisory Named as Administrators
---------------------------------------------------------
Port Clarence Energy Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Court in Leeds Insolvency and Companies List (ChD), No
CR2025LDS000126, and Howard Smith and James Wright of Interpath
Advisory were appointed as administrators on Feb. 10, 2025.  

Port Clarence is involved in the production of electricity.

Its registered office and principal trading address is at 1b The
Dairy Crewe Hall Farm, Old Park Road, Crewe, CW1 5UE.

The joint administrators can be reached at:

               Howard Smith
               Richard John Harrison
               Interpath Advisory
               Interpath Ltd
               Tailors Corner,
               1 Thirsk Row
               Leeds, LS1 4DP

For further details, contact:

               Isaac Reaney
               Tel No: 0161 529 8845


SMARTER RECRUITMENT: Leonard Curtis Named as Administrators
-----------------------------------------------------------
Smarter Recruitment Services Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Insolvency & Companies List (ChD), Court
Number: CR-2025-MAN-000150, and Chris Knott and Hilary Pascoe of
Leonard Curtis were appointed as administrators on Feb. 11, 2025.


Smarter Recruitment is a temporary employment agency.

Its registered office and principal trading address is at 9 Queens
Court, Ryecroft, Newcastle Under Lyme, Staffordshire ST5 1RW.

The joint administrators can be reached at:

                 Mike Dillon
                 Hilary Pascoe
                 Leonard Curtis
                 Riverside House
                 Irwell Street
                 Manchester M3 5EN

Further details contact:

                 The Joint Administrators
                 Tel: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Helen Hales


TROY (UK): Alvarez & Marsal Named as Administrators
---------------------------------------------------
Troy (UK) Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts, Insolvency and
Companies List (ChD) No CR-2025-000814, and Paul Berkovi and Mark
Firmin of Alvarez & Marsal Europe LLP were appointed as
administrators on Feb. 7, 2025.  

Troy (UK) is engaged in non-specialised wholesale trade.

Its registered office and principal trading address is at Skypark 1
Tiger Moth Road, Clyst Honiton, Exeter, EX5 2FW.

The joint administrators can be reached at:

                Paul Berkovi
                Mark Firmin
                Alvarez & Marsal Europe LLP
                Suite 3 Regency House
                91 Western Road
                Brighton BN1 2NW
                Tel No: +44(0)20-7715-5200

Any person who requires further information may contact:

                Francis Gardener-Trejo
                Alvarez & Marsal Europe LLP
                Tel No: +44(0)20-7715-5223
                Email: INS_TROYUL@alvarezandmarsal.com



                           *********


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

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

Copyright 2025.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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