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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 21, 2025, Vol. 26, No. 38

                           Headlines



F R A N C E

GINKGO AUTO 2022: DBRS Hikes Class F Notes Rating to BB
GINKGO SALES 2022: Fitch Affirms 'BB-sf' Rating on Class F Notes
SEQUOIA LOGISTICS 2025-1: Fitch Assigns BB-sf Rating on Cl. E Notes
TREVISE HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable


N E T H E R L A N D S

TRUENOORD LIMITED: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

BURRINGTON ESTATES: MHA Named as Administrators
DAWTON HOLDINGS: Sterling Advisory Named as Administrators
DURHAM MORTGAGES: Fitch Hikes Rating on Class X Notes to 'BB-sf'
LONDON IRISH: Club Bought by Eddie Jordan-Led Consortium
LUX DRY: Antony Batty Named as Administrators

POLARIS PLC 2025-1: DBRS Gives Prov. BB Rating on Class E Notes
QUALITY PRECISION: FRP Advisory Named as Administrators
QUIZ: Retailer Falls Into Administration
SIZE WORKS: Interpath Ltd Named as Administrators
T P S PLANT: Dow Schofield Named as Administrators

THAMES WATER: KKR Offers to Inject GBP4BB for Majority Stake
TOGETHER ASSET 2025-2ND1: DBRS Gives Prov. B(low) Rating on F Notes
VFU FUNDING: Fitch Hikes IDR to CCC on Liquidity Concerns


X X X X X X X X

[] BOOK REVIEW: Dangerous Dreamers
[] Insolvencies in the UK Rise

                           - - - - -


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F R A N C E
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GINKGO AUTO 2022: DBRS Hikes Class F Notes Rating to BB
-------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by Ginkgo Auto Loans 2022 (the Issuer):

-- Class A notes confirmed at AAA (sf)
-- Class B notes confirmed at AA (high) (sf)
-- Class C notes confirmed at AA (low) (sf)
-- Class D notes confirmed at A (low) (sf)
-- Class E notes upgraded to BBB (sf) from BBB (low) (sf)
-- Class F notes upgraded to BB (sf) from B (high) (sf)

The credit ratings on the Class A, Class B, and Class C notes
address the timely payment of interest and the ultimate repayment
of principal by the legal final maturity date. The credit ratings
on the Class D, Class E, and Class F notes address the ultimate
payment of scheduled interest while the class is subordinated and
the timely payment of scheduled interest while the class is the
most senior class of notes outstanding, and the ultimate repayment
of principal by the legal final maturity date in July 2043.

The transaction is a securitization collateralized by a portfolio
of fixed-rate, unsecured, amortizing auto loans granted to
individuals domiciled in France for the purchase of new and used
vehicles, originated and serviced by Crédit Agricole Consumer
Finance (CACF). This transaction included a revolving period, which
ended on the payment date in March 2024.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the December 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

PORTFOLIO PERFORMANCE

As of the December 2024 payment date, loans that were one to two
months and two to three months delinquent represented 1.6% and 0.6%
of the portfolio balance, respectively, while loans more than three
months delinquent represented 0.3%.

As per the transaction definition, the cumulative gross loss
amounts include any loan that has either become a defaulted
receivable, has an overindebted borrower, or has a late delinquent
receivable. According to this definition, as of the December 2024
payment date, the cumulative gross loss amount represented 3.0% of
the original balance, of which 28.9% has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS updated its base case PD and LGD assumption to
6.7% and 54.6%, respectively.

CREDIT ENHANCEMENT

Credit enhancement (CE) to the notes consists of the subordination
of the respective junior notes. Following the end of the revolving
period, the transaction entered into the normal redemption period
with amortization amounts based on the target subordination levels
of each class of notes, driving the increase in credit enhancement
levels since the last annual review. As of the December 2024
payment date, the CE on the notes stood as follows:

-- CE to the Class A notes at 39.3% vs 28.1% at previous annual
review

-- CE to the Class B notes at 28.8% vs 20.6% at previous annual
review

-- CE to the Class C notes at 21.1% vs 15.1% at previous annual
review

-- CE to the Class D notes at 15.3% vs 10.9% at previous annual
review

-- CE to the Class E notes at 10.1% vs 7.2% at previous annual
review

-- CE to the Class F notes at 8.0% vs 5.7% at previous annual
review

The transaction includes Class A and Class B liquidity reserves
that are available to the Issuer during the revolving period and
the normal redemption period in restricted scenarios where the
interest and principal collections are not sufficient to cover the
shortfalls in senior expenses, swap payments, and interests on the
Class A notes (available from both the Class A and Class B
liquidity reserves) and the Class B notes (only available from the
Class B liquidity reserve). The Class A and the Class B liquidity
reserve fund were both at their target levels of EUR 6.3 million
and EUR 6.0 million, respectively, as of the December 2024 payment
date.

CACF acts as the account bank for the transaction. Based on
Morningstar DBRS' private credit rating on CACF, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit ratings assigned
to the notes, as described in Morningstar DBRS' "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

CACF also acts as the swap counterparty for the transaction.
Morningstar DBRS' private credit rating on CACF and the downgrade
provisions outlined in the transaction documents are consistent
with Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


GINKGO SALES 2022: Fitch Affirms 'BB-sf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Ginkgo Sales Finance 2022.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Ginkgo Sales Finance 2022

   Class A FR0014009VH6     LT AAAsf  Affirmed   AAAsf
   Class B FR0014009VI4     LT AA+sf  Affirmed   AA+sf
   Class C FR0014009VJ2     LT A+sf   Affirmed   A+sf
   Class D FR0014009VK0     LT BBBsf  Affirmed   BBBsf
   Class E FR0014009VL8     LT BB+sf  Affirmed   BB+sf
   Class F FR0014009VM6     LT BB-sf  Affirmed   BB-sf

Transaction Summary

Ginkgo Sales Finance 2022 was initially a 10-month revolving
securitisation of French unsecured consumer loans originated in
France by CA Consumer Finance (CACF, whose commercial name is
Credit Agricole Personal Finance and Mobility; A+/Stable/F1). The
securitised portfolio consists of loans advanced to individuals for
home equipment and recreational vehicles. All the loans bear a
fixed interest rate and are amortising with constant monthly
instalments. The revolving period ended on 28 February 2023.

KEY RATING DRIVERS

Slight Asset Deterioration: The transaction's performance has been
slightly worse than its expectations. The cumulative default rate
of the pool is 2.3%, compared with its base case expectation of
1.7%. Consequently, Fitch has set its remaining life default rate
to 4.1%. Arrears are in line with historical data. The revolving
period ended in February 2023 and credit enhancement has increased
so far. Nevertheless, macroeconomic uncertainties, especially
inflation and rising interest rates could undermine borrowers'
capacity to repay their debt. However, the portfolio only includes
fixed-rate loans, protecting borrowers from increasing interest
rates.

Hybrid Pro-Rata Redemption: The transaction has hybrid pro-rata
redemption. The transaction amortises sequentially until the class
A notes reach their targeted subordination ratio. The notes then
amortise at their targeted subordination ratio calculated as a
percentage of the performing and delinquent balance. If no
sequential amortisation event occurs, the notes amortise pro rata.

Servicing Continuity Risk Mitigated: CACF is the transaction
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things,
the monthly transfer of borrowers' notification details and a
reserve fund to cover liquidity on the class A and B notes and the
management company being responsible for appointing a substitute
servicer within 30 calendar days of a servicer termination event.

Class C to F Notes Capped: Payment interruption risk (PIR) for the
class A and B notes is mitigated by the dedicated liquidity
reserves. The class C to F notes do not benefit from this liquidity
protection. However, Fitch considers that PIR is mitigated for
these notes by the commingling reserve, which becomes available if
the servicer is downgraded below 'BBB'/'F2'. Under Fitch's
Counterparty Criteria, these rating triggers are commensurate with
ratings up to the 'Asf' category when PIR is considered a primary
risk driver. As a result, the class C, D, E and F notes' ratings
are capped at 'A+sf'.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses than expected in
Fitch's base case and could result in negative rating action on the
notes.

Current ratings: 'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/'BB-sf'

Expected impact on the notes' rating of increased defaults (class
A/B/C/D/E/F):

Increase defaults by 10%: 'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/
'Bsf'

Expected impact on the notes' rating of decreased recoveries (class
A/B/C/D/E/F):

Decrease recoveries by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/'BB-sf'

Expected impact on the notes' rating of increased defaults and
decreased recoveries (class A/B/C/D/E/F):

Increase defaults and decrease recoveries each by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/'Bsf'

Increase defaults and decrease recoveries each by 25%:

'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'NR'

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

An unexpected decrease in the frequency of defaults or increase in
the recovery rates could produce smaller loss levels than its
expectation and lead to an upgrade.

Expected impact on the notes' rating of decreased defaults and
increased recoveries (class A/B/C/D/E/F):

Decrease defaults by 10% and increase recoveries by 10%:
'AAAsf'/'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'

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

Ginkgo Sales Finance 2022

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. 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.

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

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

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

ESG Considerations

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


SEQUOIA LOGISTICS 2025-1: Fitch Assigns BB-sf Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Sequoia Logistics 2025-1 Designated
Activity Company's (DAC) floating-rate notes final ratings as
detailed below.

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Sequoia Logistics
2025-1 Designated
Activity Company

   A XS2967782652     LT AAAsf  New Rating   AAA(EXP)sf
   B XS2967783031     LT AA-sf  New Rating   AA-(EXP)sf
   C XS2967783205     LT A-sf   New Rating   A-(EXP)sf
   D XS2967783544     LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2967784195     LT BB-sf  New Rating   BB-(EXP)sf

Transaction Summary

The transaction is a securitisation of a EUR524.8 million
commercial real estate loan originated by Barclays Bank PLC for
entities related to Blackstone Inc. The loan refinances 53
properties in France, Finland, Germany and The Netherlands. The
originator retains 5% of the liabilities transferred to the issuer,
in the form of an issuer loan that ranks equally with the notes.

KEY RATING DRIVERS

Secondary Quality, Localised Under-performance: The portfolio
consists of 46 secondary industrial properties across Finland,
Germany (one property) and The Netherlands, plus seven French
suburban business parks, mainly in Ile de France. Much of the stock
is aged, with modernisation required in most of the French and
Finnish stock to reduce vacancy and operating spending margins.

The weighted average property score is '2.8' (France '2.7', Germany
'2.0', Finland '3.5', and the Netherlands '2.6'), indicating
overall average asset quality. Fitch assumes 6.3% depreciation
(weighted by estimated rental value (ERV)) and apply a 10% haircut
to ERV for four French assets (ID 2 in Limonest, ID 3 in Vitrolles,
ID 5 in Evry and ID 6 in Villebon).

Defensive Debt Yield: The loan finances 68.5% of open market value
(OMV, being the sum of individual property values). Despite a 17%
vacancy by ERV and associated void costs, the initial debt yield
exceeds 8.8% before rent-related fees, which is fairly healthy but
vulnerable due to short leases. The vulnerability is especially
notable in France and Finland, where many tenants have rolling
breaks and void costs are high.

Release Pricing Neutral: Release premiums (RP) start at zero until
10% of properties are released, but for most properties, release
price floors ensure some deleveraging throughout the life of the
CMBS. RPs rise to 5% and 10%, respectively, as cumulative sales
exceed 10% and 20% of OMV, accelerating deleveraging. Also, RPs do
not get recalculated downwards, unlike some other recent CMBS.

Disposal Risk Similar to Peers: The borrower can subdivide property
titles and release parts thereof, with RP allocated by gross
lettable area (GLA), exposing noteholders to adverse selection
wherever value is unevenly distributed by area (eg. the French
business parks). This also limits credit upside from equity-funded
capex. Unimproved land plots (with no GLA) can be sold at
arms-length, with proceeds used to repay the loan. Overall, Fitch
views disposal risk as typical of granular industrial CMBS.

Jurisdictional Limitations: The Finnish asset-owning entities have
security and guarantee limitations, some of which are restrictive.
After closing, a merger and demerger of all but three such entities
is planned to harmonise debt capacity and support cross-guarantees.
Mortgages are limited by jurisdiction, capping modelled recoveries
on an entity-by-entity basis.

Risk of a court-administered French debt restructuring (including
French safeguard proceedings) is mitigated by the "double Luxco"
structure and bolstered by the Dailly Law assignment of rent. While
transfer to special servicing does not arise for all pre-maturity
loan events of default, borrower insolvency (including French
safeguard proceedings) or a payment default arising for two
consecutive loan payment dates are both triggers for special
servicing.

RATING SENSITIVITIES

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

Lower market rents could lead to negative rating action.

The change in model output that would apply with a 10pp increase in
rental value decline assumptions would imply the following
ratings:

'AA-sf'/'BBB+sf'/'BBB-sf'/'BB-sf'/'Bsf'

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

Reducing vacancy or achieving significant rent increases following
lease expiries could lead to positive rating action.

The change in model output that would apply with A 1pp decrease in
cap rate assumptions would imply the following ratings:

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

KEY PROPERTY ASSUMPTIONS (all weighted by net ERV)

Weighted average (WA) depreciation: 6.3%

Non-recoverable costs: EUR4.2 million

Fitch ERV: EUR60.5 million

'Bsf' WA cap rate: 6.3%

'Bsf' WA structural vacancy: 15.8%

'Bsf' WA rental value decline: 12.5%

'BBsf' WA cap rate: 6.9%

'BBsf' WA structural vacancy: 17.1%

'BBsf' WA rental value decline: 15.3%

'BBBsf' WA cap rate: 7.7%

'BBBsf' WA structural vacancy: 19.2%

'BBBsf' WA rental value decline: 18.1%

'Asf' WA cap rate: 8.7%

'Asf' WA structural vacancy: 21.6%

'Asf' WA rental value decline: 20.8%

'AAsf' WA cap rate: 9.1%

'AAsf' WA structural vacancy: 22.7%

'AAsf' WA rental value decline: 24.6%

'AAAsf' WA cap rate: 9.5%

'AAAsf' WA structural vacancy: 25.4%

'AAAsf' WA rental value decline: 28.4%

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

Fitch was provided with Form ABS Due Diligence-15E ("Form 15E") as
prepared by Deloitte. The third-party due diligence described in
Form 15E focused on certain characteristics with respect to the 53
properties in the portfolio. Fitch considered this information in
its analysis and it did not have an effect on Fitch's analysis or
conclusions.

DATA ADEQUACY

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

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.

Date of Relevant Committee

20 January 2025

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.


TREVISE HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Trevise Holdings 1 (GSF)'s B1
corporate family rating, the B1-PD probability of default rating
and the B1 ratings on the EUR446 million senior secured term loan B
(TLB) maturing in July 2029 and the EUR90 million senior secured
revolving credit facility (RCF) maturing in January 2029. The
outlook remains stable.

"The rating action reflects Moody's expectations that GSF will
continue to maintain solid credit metrics for its current rating
over the next 12-18 months" says Sarah Nicolini, a Moody's Ratings
Vice President-Senior Analyst and lead analyst for GSF.

RATINGS RATIONALE

As of the last twelve months ended September 2024, GSF continued to
grow its revenue by 9.5% year over year, owing to stronger than
expected occasional works. Similarly, its Moody's adjusted EBITA
margin increased to 4.9%, compared to 4.3% in 2023. This margin
improvement was supported by operational efficiencies and continued
pass through of price increases to customers. As a result, GSF's
Moody's adjusted debt/EBITDA improved slightly to 4.3x as of
September, compared to 4.6x in 2023.

Over the next 12-18 months, Moody's forecasts that GSF will
continue to increase its profitability, reaching a Moody's adjusted
EBITA margin slightly below 6%, supported by strict price
discipline, pruning of low-profitable contracts from its portfolio
and increasing weight of associated services. Moody's notes,
however, that the current macroeconomic context in France could
pose some challenges in GSF in improving margins, particularly as
smaller clients might increasingly struggle to accept price
increases.  

Moody's anticipates that GSF's Moody's adjusted debt/EBITDA will
continue to moderately decrease to approximately 3.8x over the next
12-18 months. Moody's also expects its Moody's adjusted FCF/debt to
average around 5.5% over the same period, with stable capital
expenditure at about 3.3% of revenue and no dividends payments.
Despite some risks in further increasing margins, Moody's believes
that the company has sufficient flexibility within its current
credit metrics to withstand a potential deterioration in the French
economic context. Moody's also forecasts that its Moody's adjusted
EBITA/ interest will increase to slightly above 2x, also stemming
from the repricing of the TLB in February 2024, which reduced the
interest margin by 50 basis points.

GSF's B1 rating is supported by its strong positioning in the
French cleaning services market, the long track record of organic
revenue and earnings growth, its strong ability to pass through
price increases to customers and its diversified customer base.

At the same time, the rating is constrained by its concentration of
revenue in France, risks of potential debt-funded acquisitions or
shareholders' remuneration, its limited track record in external
growth and its weaker interest coverage ratio compared to peers.

LIQUIDITY

GSF's liquidity is good. As of September 2024, the company had
EUR119 million of cash and EUR90 million of fully undrawn,
committed senior secured RCF maturing in January 2029. The senior
secured RCF has a springing net leverage covenant, tested if used
above 40%. Moody's expects the company to maintain comfortable
capacity under this covenant.

Moody's also forecasts that the company will continue to generate
positive FCF, on a Moody's adjusted basis, of around EUR30 million
per year over the next 12-18 months.

GSF's nearest debt maturity is January 2029, when the senior
secured RCF matures, while the senior secured TLB matures in July
2029.

STRUCTURAL CONSIDERATIONS

The B1 ratings on the senior secured TLB and senior secured RCF, in
line with the CFR, reflect their pari passu ranking in the capital
structure and upstream guarantees from material subsidiaries of the
group representing 80% of EBITDA.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will continue to maintain solid credit metrics for the current
rating, even in case of potential deterioration in the French
economic context. The stable outlook does not assume large
debt-funded acquisitions or shareholder distributions.

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

Positive pressure on the rating could occur if the company shows
continued evidence of good execution, with a disciplined approach
to contract management and increases its scale and revenue
diversity, successfully executing its strategy to diversify its
operations outside of cleaning services. Quantitatively, upward
pressure could arise if the company displays sustained growth in
sales and earnings, its Moody's-adjusted debt/EBITDA falls towards
3.5x and Moody's-adjusted FCF/debt increases to the
high-single-digit percentages on a sustained basis.

Conversely, negative pressure on the rating could materialise in
case of organic revenue growth turning negative, failure to sustain
strong contract execution or prolonged weakness in operating
performance leading to a deterioration in Moody's-adjusted EBITA
margin well below Moody's expectations. The rating could be
downgraded if Moody's-adjusted debt/EBITDA exceeds 5.0x on a
sustained basis or if FCF is not sustained in the low- to
mid-single-digit percentages, or if liquidity weakens
significantly.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, GSF is a leading provider of cleaning
services in France. The company also provides associated services
for around 13% of group revenue and it has a small presence in the
US, UK and Canada. GSF generated EUR1.36 billion revenue in the
last twelve months ended September 2024.




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

TRUENOORD LIMITED: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned TrueNoord Limited a final Long-Term
Issuer Default Rating (IDR) of 'BB-'. The Rating Outlook is Stable.
Concurrently, Fitch has assigned a final rating of 'BB-' to
TrueNoord Capital Designated Activity Company's (TrueNoord Capital
DAC) USD400 million of 8.75% senior unsecured notes due in 2030.

The assignment of the final ratings follows the receipt of
documentation conforming to information already received and the
completion of the debt issue, the proceeds of which are being used
to partially pay down outstanding secured debt and a subordinated
shareholder loan. The final ratings are the same as the expected
ratings assigned on 4 February 2025.

Key Rating Drivers

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

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

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

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

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

Exposure to Weaker Airlines: Due to its focus on the regional jet
market, TrueNoord's exposure to weaker credit-quality lessees is
higher than for larger global peers. However, 41% of NBV is on
lease to flag carriers or their subsidiaries. At end-1HFY25, it had
28 customers, with the single largest client representing 15% of
total NBV, as estimated by Fitch, which is comparable to most
peers'.

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

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

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

Evolving Funding Mix: The USD400 million senior unsecured debt
issue increases TrueNoord's unsecured debt to around 40% of total
debt from a currently fully secured debt profile, following the
repayment of some of its outstanding secured debt. This is
consistent with Fitch's 'bb' category funding, liquidity and
coverage benchmark of 20%-75% for aircraft lessors with a SROE in
the 'bbb' category.

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

RATING SENSITIVITIES

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

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

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

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

The ratings could in the medium term benefit from enhanced scale,
as exhibited by lessee diversification, reduced exposure to weaker
airlines, low impairment ratios, and a reduction in the proportion
of tier 3 aircraft as categorised by Fitch.

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

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

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

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

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

ADJUSTMENTS

TrueNoord's Standalone Credit Profile is in line with its implied
SCP.

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

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

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

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

Date of Relevant Committee

22 January 2025

ESG Considerations

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

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

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

TrueNoord Capital
Designated Activity
Company

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




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

BURRINGTON ESTATES: MHA Named as Administrators
-----------------------------------------------
Burrington Estates (Clifton Road Deddington) Limited was placed
into administration proceedings in the High Court of Justice, Court
Number: CR-2025-000899, and Georgina Marie Eason and James
Alexander Snowdon of MHA were appointed as administrators on Feb.
11, 2025.  

Burrington Estates is engaged in the construction of domestic
buildings.

Its registered office and principal trading address is at Winslade
House Manor Drive, Clyst St Mary, Exeter, Devon.

The joint administrators can be reached at:

                Georgina Marie Eason
                James Alexander Snowdon
                MHA
                6th Floor, 2 London Wall Place
                London, EC2Y 5AU

For further details, contact:

                The Joint Administrators
                Tel: 020-7429-4100

Alternative contact:

                 Clara Groves
                 Email: Clara.Groves@mha.co.uk


DAWTON HOLDINGS: Sterling Advisory Named as Administrators
----------------------------------------------------------
Dawton Holdings Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales Insolvency and Companies, No 00937 of 2025, and
Emily Brooke Ball of Sterling Advisory Limited were appointed as
administrators on Feb. 13, 2025.  

Dawton Holdings is involved in the buying and selling of own real
estate.

Its registered office and principal trading address is at 167
Station Road, Willingham, Cambridgeshire, CB24 5HG.

The joint administrators can be reached at:

                Emily Brooke Ball
                Sterling Advisory Limited
                c/o Sterling Advisory Ltd
                The Hemington
                Millhouse Bus Centre
                Station Road
                Castle Donington DE74 2NJ
                Tel No: 01156950566

For further information, contact:

                Katy Ordish
                Sterling Advisory Limited
                Email: katy@sterling-advisory.co.uk
                Tel No: 0115 695 0566


DURHAM MORTGAGES: Fitch Hikes Rating on Class X Notes to 'BB-sf'
----------------------------------------------------------------
Fitch Ratings has upgraded Durham Mortgages A PLC class X notes to
'BB-sf' from 'B-sf' and revised the Outlook on the class E and F
notes to Negative from Stable. The rest of the notes have been
affirmed.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Durham Mortgages A PLC

   Class A XS2761206114    LT AAAsf  Affirmed   AAAsf
   Class B XS2761206460    LT AA+sf  Affirmed   AA+sf
   Class C XS2761206627    LT A+sf   Affirmed   A+sf
   Class D XS2761208672    LT A-sf   Affirmed   A-sf
   Class E XS2761211890    LT BBBsf  Affirmed   BBBsf
   Class F XS2761212864    LT BB+sf  Affirmed   BB+sf
   Class X XS2761213243    LT BB-sf  Upgrade    B-sf

Transaction Summary

Durham Mortgages A PLC is the third refinancing of first-lien
residential owner- occupied (OO) mortgage loans originated in the
UK by Bradford & Bingley plc and Mortgage Express. The asset pool
was originally securitised in 2018 and refinanced in 2021 and 2024
under Durham Mortgages A PLC.

KEY RATING DRIVERS

Sensitivity Analysis Drives Negative Outlook: Roll risk to
late-stage arrears could result in higher weighted average
foreclosure frequency (WAFF) in future reviews. Also, the notes'
model-implied ratings (MIR) may be sensitive to lower recovery
rates than that calculated by Fitch's ResiGlobal model: UK. Fitch
has observed lower recovery rates than expected in the
non-conforming sector since 2023.

Fitch has therefore stressed the losses at all ratings beyond that
envisaged by the standard criteria assumptions. This included
decreasing the weighted average recovery rate (WARR) by 15%, which
drives the revision of the Outlook on the class E and F notes to
Negative. Should future observed recovery rates not align with
Fitch's expectations, these ratings may be downgraded.

Class X Notes Upgraded: Despite the deterioration in asset
performance, the class X notes have been paid down extensively.
Fitch expects the notes to be fully redeemed over the next two or
three payment dates.

Asset Performance Deterioration: One-month plus and three-month
plus arrears have risen over the last nine months since closing in
February 2024 and were 14.2% and 10.1% as at the November 2024
interest payment date. The same measures were 12.1% and 8.4% nine
months ago based on the January 2024 pool tape at closing. This led
us to apply a higher WAFF in the analysis. While the total number
of loans in arrears has fallen from nine months ago, suggesting
stabilisation in arrears build-up, roll risk to late-stage arrears
remains a key rating driver.

Increasing Credit Enhancement: The affirmation is supported by
increases in credit enhancement (CE). CE for the class A notes has
increased to 19.5% currently from 17.5% at closing, due largely to
the sequential amortisation of the notes and a non-amortising
general reserve fund that provides liquidity and credit support to
the notes.

Positive Originator Adjustment: Fitch applied a downward originator
adjustment to the base-case default rate of 0.9x, in view of the
historical performance of the asset pool from previous transactions
containing these loans. The arrears and default performance of the
pool have outperformed Fitch's UK Non-conforming (UKN) Index,
despite the recent rise in arrears. It also reflects the
originators' stronger lending criteria at the time of origination
than that of typical UKN lenders, with stricter adverse credit
limits.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the CE available to
the notes. In addition, unexpected declines in recoveries could
result in lower net proceeds, which may make some notes' ratings
susceptible to negative rating action, depending on the extent of
the decline in recoveries.

Fitch found that a 15% increase in the WAFF and a 15% decrease in
the WARR would lead to downgrades of one notch each for the class A
and C notes, two notches for the class D notes, three notches for
the class B notes, and four notches each for the class E and F
notes.

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 and, potentially,
upgrades. Fitch found that a decrease in the WAFF of 15% and an
increase in the WARR of 15% would lead to upgrades of one notch for
the class B notes, four notches for the class C notes, five notches
each for the class D, E and X notes, and six notches for the class
F notes. The class A notes are at the highest achievable rating on
Fitch's scale and cannot be upgraded.

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 pool
and the transaction. 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.

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

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

Durham Mortgages A PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security, due to
the high proportion of interest-only loans in legacy OO mortgages,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Durham Mortgages A PLC has an ESG Relevance Score of '4' for
Exposure to Social Impacts, due to the high proportion of borrowers
in the pool that have already reverted to a floating rate and are
currently paying a high Bank of England base rate. These borrowers
may not be in a position to refinance. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Durham Mortgages A PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability, due to a large
proportion of the pool containing OO loans advanced with limited
affordability checks, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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

LONDON IRISH: Club Bought by Eddie Jordan-Led Consortium
--------------------------------------------------------
Autosport.com reports that former Formula 1 team owner Eddie Jordan
has acquired a rugby team with links to his native Ireland, heading
a consortium to buy it out of administration.

Sunbury-based London Irish had just achieved its highest
Premiership Rugby finishing position in 14 years - fifth - when it
collapsed with GBP30 million debts in 2023.

Autosport.com relays that the Irish entrepreneur, founder of the
eponymous race-winning Jordan Grand Prix, is believed to have paid
less than the previous "preferred bidder" offered.

Founded in 1898 by Irish expats living in London, the club's
amateur organisation still exists and plays in regional
competition.

The professional side, nicknamed "The Not-Nots" in some quarters
given the paucity of players of Irish descent in the line-up, had
played in English rugby's top tier since the sport professionalised
in 1995, apart from two single-season relegations in the 2010s.

Previous owner Mick Crossan, executive chairman of the Powerday
recycling empire, put the club into administration when a
consortium of US-based investors failed to offer the necessary
money in advance of their putative purchase, the report recounts.
Since HMRC was among the creditors, administration was the only
option when deadlines for payment were not met.

One of the complicating factors in the saga has been the ownership
of London Irish's administration centre and training ground at
Hazelwood in Sunbury, a former municipal golf course acquired and
renovated when the club sold its previous home for housing
development in 2011.

While the professional club was operated by London Irish Scottish
Richmond Ltd, Hazelwood – where the amateur sides still play –
is separately owned by London Irish Holdings Ltd.

Ensuring that interested parties are not simply looking to acquire
a potentially lucrative piece of real estate for a knock-down price
has therefore been among the key challenges facing Crossan and the
administrators.

It's understood that Hazelwood was not part of the bid from
Jordan's Strangford Ellis Ltd consortium, and that the
administrators – the ReSolve Group – accepted this bid even
though it was lower than another offer already the subject of
protracted negotiations, Autosports.com points out.

For around 18 months, the German entrepreneur Daniel Loitz has been
trying to buy London Irish and Hazelwood through his company,
Hokulani Ltd.  For a time, he was running this bid in parallel with
efforts to acquire the troubled Reading Football Club - a deal
which would have had some synergies since London Irish played at
Reading's stadium from 2000 to 2020.

While the Resolve Group had previously confirmed that proof of
funds had been supplied and Hokulani Ltd had "preferred bidder"
status, that process broke down in early February when Loitz pulled
out, complaining of "frequent and unexplained changes" since two
other bidders entered the picture in late 2024.

"While we respect the complexities of such proceedings, the lack of
transparency and consistency has been deeply frustrating," said
Loitz in a statement published on social media.

"It is painful to witness the potential erosion of a club with such
a rich history and passionate supporter base.

"Should the administrators and other stakeholders choose a path
that jeopardises the future of rugby at this historic site, that
decision will rest with them.

"Hokulani Ltd's vision has always been clear: to preserve and
enhance the legacy of London Irish, ensuring that Hazelwood remains
a thriving hub for the sport and its supporters."

Strangford Ellis Ltd is a so-called Special Purpose Vehicle,
managed by another entity, Jordan Associates Ltd, of which Jordan's
son Kyle is a senior partner.  Strangford Ellis "specialises in
minority strategic investments in sports entities with significant
cultural and historical value".

In a statement, the new owners said: "The primary goal of the new
ownership is to return London Irish Rugby Club to the pinnacle of
international professional club rugby, aiming for a swift return to
top-flight competition."

It has been reported that Strangford Ellis may not target a return
to the English Premiership but instead look to the United Rugby
Championship, an equivalent competition contested by teams from
Ireland, Scotland, Wales and South Africa, Autosports.com relays.


LUX DRY: Antony Batty Named as Administrators
---------------------------------------------
Lux Dry Cleaners Balham Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2024-007019, and
Jeffrey Mark Brenner and James Stares of Antony Batty & Company LLP
were appointed as administrators on Feb. 10, 2025.  

Lux Dry is a dry cleaning company.

Its registered office is at 15-17 Grange Mills Weir Road, Balham,
SW12 0NE.

The joint administrators can be reached at:

                Jeffrey Mark Brenner
                James Stares
                Antony Batty & Company LLP
                3 Field Court, Gray’s Inn
                London, WC1R 5EF

For further details, contact:

                 Will Rushing
                 Tel No: 020 7831 1234
                 Email: will@antonybatty.com


POLARIS PLC 2025-1: DBRS Gives Prov. BB Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Polaris 2025-1
PLC (Polaris 2025 or the Issuer) as follows:

-- Class A notes at (P) AAA (sf)
-- Class B notes at (P) AA (high) (sf)
-- Class C notes at (P) A (high) (sf)
-- Class D notes at (P) BBB (sf)
-- Class E notes at (P) BB (sf)
-- Class F notes at (P) B (low) (sf)
-- Class X notes at (P) BB (high) (sf)

The provisional credit rating on the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the final maturity date in February 2068. The
provisional credit ratings on the Class B, Class C, Class D, Class
E, Class F, and Class X notes address the timely payment of
interest once they are the senior-most class of notes outstanding
and until then the ultimate payment of interest and the ultimate
repayment of principal on or before the final maturity date.

Morningstar DBRS does not rate the Class Z notes or the residual
certificates also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes to be issued will fund
the purchase of residential assets originated by UK Mortgage
Lending Ltd (UKML). On or prior to the issue date, the seller, UK
Residential Mortgages Limited (UKRL), will acquire the beneficial
title from UKML. Both are wholly owned by Pepper Money (PMB)
Limited (Pepper Money). Pepper (UK) Limited (Pepper) will be the
appointed servicer to the transaction. Pepper Money and Pepper are
part of the Pepper Group Limited (Pepper Group), a worldwide
consumer finance business, third-party loan servicer, and asset
manager. CSC Capital Markets UK Limited shall be appointed as the
back-up servicer facilitator to the transaction.

The initial mortgage portfolio consists of GBP 549 million in
first-lien owner-occupied (OO) mortgages secured by properties in
the UK.

The Issuer is expected to issue seven tranches of collateralized
mortgage-backed securities (the Class A, Class B, Class C, Class D,
Class E, Class F, and Class Z notes) to finance the purchase of the
portfolio. Additionally, the Issuer is expected to issue one class
of noncollateralized notes (the Class X notes).

The transaction is structured to initially provide 14.5% of credit
enhancement to the Class A notes. This includes subordination of
the Class B to the Class Z notes.

The transaction features a fixed-to-floating interest rate swap,
given that the majority of the pool is composed of fixed-rate loans
with a compulsory reversion to floating in the future. The
liabilities will pay a coupon linked to the daily compounded
Sterling Overnight Index Average. Crédit Agricole Corporate and
Investment Bank (Crédit Agricole CIB) will be appointed as the
swap counterparty as of closing. Based on Morningstar DBRS' private
credit rating on Crédit Agricole CIB, the downgrade provisions
outlined in the documents, and the transaction structural
mitigants, Morningstar DBRS considers the risk arising from the
exposure to the swap counterparty to be consistent with the credit
ratings assigned to the rated notes as described in Morningstar
DBRS' "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology.

HSBC Bank plc, privately rated by Morningstar DBRS, will act as the
Issuer Account Bank in the transaction and will hold the Issuer's
transaction account, the liquidity reserve fund (LRF), and the swap
collateral account, while Barclays Bank PLC will be appointed as
the collection account bank. Morningstar DBRS has a Long Term
Critical Obligations Rating of AA (low) and a Long-Term Issuer
Rating of "A" on Barclays Bank PLC, both with Stable trends. Both
entities meet the eligible credit ratings in structured finance
transactions and are consistent with the credit ratings assigned to
the rated notes as described in Morningstar DBRS' "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

Liquidity in the transaction is provided by a LRF which is
amortizing and sized at 1.0% of the Class A and Class B notes'
outstanding balance. It covers senior costs and expenses, swap
payments, and interest shortfalls for the Class A and Class B
notes. The LRF will be partially funded at closing at 0.1% of the
Class A and Class B notes' balance using the Class X notes'
issuance proceeds. It will then be subsequently funded through
available principal funds until the LRF target amount has been
transferred (disregarding LRF debits). From that date onwards, the
LRF will be funded through revenue. Any liquidity reserve excess
amount will be applied as available principal receipts, and the
reserve will be released in full once the Class B notes are fully
repaid. In addition, the Issuer can use principal to cover senior
costs and expenses, swap payments, and interest on the senior-most
class of notes outstanding and on the Class B to Class F notes
provided their relevant principal deficiency ledger (PDL) is not
greater than 10% of the respective class outstanding principal
amount. Principal can be used once the LRF has been exhausted.
Interest shortfalls on the Class B to Class Z notes, as long as
they are not the most senior class outstanding, shall be deferred
and not be recorded as an event of default until the final maturity
date or such earlier date on which the notes are fully redeemed.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the servicer's
ability to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine and analyzed the mortgage
portfolio in accordance with its "European RMBS Insight
Methodology";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland of AA with a Stable trend as
of the date of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology and the presence of
legal opinions that are expected to address the assignment of the
assets to the Issuer.

Notes: All figures are in British pound sterling unless otherwise
noted.


QUALITY PRECISION: FRP Advisory Named as Administrators
-------------------------------------------------------
Quality Precision Electronics Limited was placed into
administration proceedings in the Court of Session, Edinburgh, No
P100 of 2025, and Michelle Elliott and Callum Angus Carmichael of
FRP Advisory Trading Limited, were appointed as administrators on
Feb. 11, 2025.  

Quality Precision is manufacturer of loaded electronic boards.

Its registered office is at 15 Faraday Road, Southfield Industrial
Estate, Glenrothes, KY6 2RU to be changed to FRP Advisory Trading
Limited, Level 2, The Beacon, 176 St Vincent Street, Glasgow, G2
5SG

Its principal trading address is at 15 and 16 Faraday Road,
Southfield Industrial Estate, Glenrothes, KY6 2RU

The joint administrators can be reached at:

               Michelle Elliott
               Callum Angus Carmichael
               FRP Advisory Trading Limited
               Level 2, The Beacon
               176 St Vincent Street
               Glasgow G2 5S

For further details, contact:

               The Joint Administrators
               Tel No: +44 (0)330 055 5455

Alternative contact:

                Abbie Reid
                Email: cp.glasgow@frpadvisory.com


QUIZ: Retailer Falls Into Administration
----------------------------------------
just-style.com reports that the parent company of Quiz, Zandra
Retail, appointed Gavin Maher and Daniel Smith of Teneo Financial
Advisory Limited as joint administrators.

The news of administration follows an earlier announcement in which
Quiz announced it was exiting the London Stock Exchange as part of
plans to turn the business around in the face of trading
challenges.  

Quiz ended share trading on January 23 and re-registered as a
private limited company.

Quiz has struggled with the challenging trading environment for
some time now and in early December announced a strategic review
including a refreshed business plan, management team and leadership
and funding requirements and availability, just-style.com relates.

On March 28, 2024, it announced - as part of that review - Tarak
Ramzan, CEO and Quiz founder, would step down as CEO to become a
non-executive director and Sheraz Ramzan, previously chief
commercial officer, would be appointed as CEO to implement a
turnaround strategy, with the aim of recalibrating the business
back into profitable growth.  In 2024, the group implemented a
number of strategic initiatives such as restructuring the buying
and merchandising function and a refreshed marketing brand and
social media activity.

In a statement shared with Just Style, Teneo said that it completed
the sale of certain assets of the company to an entity in the
existing group.  The sale resulted in the transfer of 531 employees
and the purchaser will continue to trade 42 stores.

23 stores have closed and 191 staff have been made redundant,
just-style.com notes.

The administrators are communicating with all employees affected
and working closely with the relevant government agencies to
support employees in recovering any statutory entitlements to which
they may be entitled.

Joint administrator Gavin Maher commented: "Although the sale has
resulted in the transfer of a number of jobs, it has been necessary
to make redundancies. We appreciate that this is a difficult and
uncertain time for all involved and are communicating appropriately
with all employees, customers and stakeholders."


SIZE WORKS: Interpath Ltd Named as Administrators
-------------------------------------------------
Size Works Ltd was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency and Companies List (ChD) No CR-2025-MAN-000195, and
William James Wright and Stephen John Absolom of Interpath Ltd were
appointed as administrators on Feb. 13, 2025.  

Size Works is an unlicensed carrier.

Its registered office is at Interpath Ltd, 10 Fleet Place, London,
EC4M 7RB

Its principal trading address is at The Bike Depot, 140 Cowley
Road, Cambridge, CB4 0DL

The joint administrators can be reached at:

                William James Wright
                Stephen John Absolom
                Interpath Ltd
                10 Fleet Place
                London, EC4M 7RB

For further details, contact:

                 Alessia Solazzo
                 Tel No: 0121 817 8633


T P S PLANT: Dow Schofield Named as Administrators
--------------------------------------------------
T P S Plant & Groundwork Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Court in Manchester, Company and Insolvency List (CHD), Court
Number: CR-2005-MAN-000033, and John Allan Carpenter and
Christopher Benjamin Barrett of Dow Schofield Watts Business
Recovery LLP were appointed as administrators on Feb 7, 2024.  

T P S Plant is involved in groundworks, civil engineering and plant
hire.

Its registered office is at 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly 31 Wellington Road,
Nantwich, Cheshire, England, CW5 7ED).  Its principal trading
address is at St James Business Centre, Wilderspool Causeway,
Warrington, WA4 6PS and Pedley House Lane, Mobberley, Knutsford,
Cheshire, WA16 7SL.

The administrators can be reached at:

           John Allan Carpenter
           Christopher Benjamin Barrett
           Dow Schofield Watts Business Recovery LLP
           7400 Daresbury Park, Daresbury
           Warrington, WA4 4BS

For further details, contact:
           
            The Joint Administrators
            Tel No: 0192838014

Alternative contact:

            Annmarie O'Brien
            Email: annmarie@dswrecovery.com


THAMES WATER: KKR Offers to Inject GBP4BB for Majority Stake
------------------------------------------------------------
Priscila Azevedo Rocha, Dinesh Nair and Giulia Morpurgo at
Bloomberg News report that KKR & Co. offered to inject nearly GBP4
billion (US$5 billion) into Thames Water for a majority stake in
the beleaguered utility, according to people familiar with the
matter.

Bloomberg News cites that the US alternative asset manager, which
has been expanding its investments in infrastructure, doesn't plan
to sell any assets of Thames Water or to make structural changes if
it gets control of the business, the people said.  KKR's proposal
expands the field of potential suitors for Thames Water, which
serves London and surrounding areas, following offers from Castle
Water Ltd. and infrastructure investor Covalis Capital as Bloomberg
News previously reported.

Deliberations are ongoing and there's no guarantee a transaction
will happen, said the people, who asked not to be identified
because the matter is private, Bloomberg News relays.
Representatives for Thames Water and KKR declined to comment.

The UK's largest water and sewage company has been seeking new
equity after its existing shareholders declared the business
"uninvestible."  It is struggling under more than GBP16 billion of
debt and without fresh capital, it could plunge into special
administration - a state-supervised process akin to insolvency
designed for bankrupt businesses that provide critical services.

On Tuesday, Feb. l8, the cash-strapped company bought itself some
more time to fix its balance sheet after a London judge approved an
emergency loan worth as much as GBP3 billion, which will come from
existing senior creditors, Bloomberg News relays.  That will allow
Thames Water to keep operating beyond the end of March, when it has
said it would run out of cash.  The emergency loan is only a
temporary measure, while an equity investment would come in
following talks with creditors as part of a long-term solution for
the utility.

In early February, Thames said it will appeal to the UK's
Competition and Markets Authority to examine a recent decision by
the industry regulator on how much it's allowed to charge customers
and return to investors.

KKR has emerged as one of the most active investors in the
infrastructure globally, deploying billions of dollars into assets
ranging from power networks to solar energy and data centers.  The
asset manager said in January that it's moving its infrastructure
and real estate assets under the same leadership as it looks to
capitalize on converging opportunities between the rapidly
expanding investing units.

The infrastructure business, which debuted in 2008, has grown to
$77 billion as of Sept. 30, up from $13 billion five years ago.  It
returned 18% during the 12 months ended Sept. 30, making it the
firm's top-performing segment.

                   About Thames Water

Thames Water is the largest of the ten main water and sewerage
companies in England and Wales by both RCV (GBP20 billion at March
2024) and number of customers served. The company provides drinking
water to around nine million customers and sewerage services to
around 15 million customers in London and the Thames Valley.


TOGETHER ASSET 2025-2ND1: DBRS Gives Prov. B(low) Rating on F Notes
-------------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Together Asset
Backed Securitization 2025-2ND1 PLC (TABS 2025-2ND1 or the Issuer)
as follows:

-- Class A notes at (P) AAA (sf)
-- Class B notes at (P) AA (low) (sf)
-- Class C notes at (P) A (low) (sf)
-- Class D notes at (P) BBB (low) (sf)
-- Class E notes at (P) BB (low) (sf)
-- Class F notes at (P) B (low) (sf)

The provisional credit rating on the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the final maturity date in September 2056. The
provisional credit ratings on the Class B, Class C, Class D, Class
E, and Class F notes address the timely payment of interest once
they are the senior-most class of notes outstanding and until then
the ultimate payment of interest and the ultimate repayment of
principal on or before the final maturity date.

Morningstar DBRS does not rate the Class Z notes or the residual
certificates also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes to be issued will fund
the purchase of residential assets originated by Together Personal
Financial Services Limited (TPFL) and Together Commercial Financial
Services Limited (TCFL), part of the Together Financial Group
(Together or the Group) in the UK. TPFL and TCFL both act as the
servicers of the respective loans in the portfolio. Together is a
UK specialist provider of property finance. BCMGlobal Mortgage
Services Limited (BCMG) will act as the standby servicer.

This is the third public securitization backed by second-ranking
assets from the Together Group (TABS 2ND). The initial mortgage
portfolio consists of GBP 286 million of second-lien owner-occupied
(OO) and buy-to-let (BTL) mortgages secured by properties in the
UK.

The Issuer is expected to issue seven tranches of collateralized
mortgage-backed securities (the Class A, Class B, Class C, Class D,
Class E, Class F, and Class Z notes) to finance the purchase of the
portfolio.

The transaction is structured to initially provide 28.0% of credit
enhancement to the Class A notes, including subordination of the
Class B to Class Z notes.

TABS 2025-2ND1 features a fixed-to-floating interest rate swap,
given the presence of a portion of fixed-rate loans with a
compulsory reversion to floating in the future. The liabilities
will pay a coupon linked to the daily compounded Sterling Overnight
Index Average. Natixis S.A. (Natixis) is to be appointed as swap
counterparty as of closing. Based on Morningstar DBRS' private
credit rating on Natixis, the downgrade provisions outlined in the
documents, and the transaction structural mitigants, Morningstar
DBRS considers the risk arising from the exposure to Natixis to be
consistent with the credit ratings assigned to the rated notes as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European Structured Finance Transactions" methodology.

Furthermore, U.S. Bank Europe DAC's UK branch will act as the
Issuer Account Bank, and National Westminster Bank Plc will be
appointed as the Collection Account Bank. Both entities are
privately rated by Morningstar DBRS, meet the eligible credit
ratings in structured finance transactions, and are consistent with
the credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology.

Liquidity in the transaction is provided by a Liquidity Facility
(LF), which is amortizing and sized at 1.35% of the outstanding
Class A and Class B notes' balance. It covers senior costs and
expenses, swap payments, and interest shortfalls for the Class A
and Class B notes (the latter after the full redemption of the
Class A notes). A Liquidity Reserve Fund (LRF) will be funded from
the step-up date through the waterfalls and sized at 1.35% of the
outstanding balance of the Class A and Class B notes, while the LF
is reduced by the amounts transferred to the LRF ledger. Any
liquidity reserve excess amount will be applied as available
revenue receipts. The reserve will be released in full once the
Class B notes are fully repaid. In addition, principal borrowing is
also envisaged under the transaction documentation and can be used
to cover for any shortfall in payment of senior fees, swap
payments, issuer profit amount, interest shortfalls of the most
senior outstanding class of notes (except the Class Z notes), and
to replenish the LRF. Principal is to be used ahead of the LRF and
LF.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight
Methodology";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class F notes according to the terms of the transaction
documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland of AA with a Stable trend as
of the date of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology and the presence of
legal opinions that are expected to address the assignment of the
assets to the Issuer.

Notes: All figures are in British pound sterling unless otherwise
noted.

VFU FUNDING: Fitch Hikes IDR to CCC on Liquidity Concerns
---------------------------------------------------------
Fitch Ratings has downgraded Private Joint Stock Company VF
Ukraine's (VFU) Long-Term Issuer Default Rating (IDR) to 'RD'
(Restricted Default) from 'CCC-', and senior unsecured instrument
rating to 'C' from 'CCC-' with a Recovery Rating of 'RR4', and
removed them from Rating Watch Negative. This follows the
completion of what Fitch views as a distressed debt exchange (DDE)
under its Corporate Rating Criteria.

Fitch subsequently upgraded the IDR to 'CCC' and instrument rating
to 'CCC'/'RR4', reflecting the easing of immediate liquidity and
refinancing pressures.

VFU's ratings reflect risks to debt service and refinancing driven
by capital control restrictions imposed by the National Bank of
Ukraine (NBU) and substantial foreign-exchange (FX) risk exposure.
The ratings are supported by its strong position in the Ukrainian
mobile telecom market, high profitability and low leverage
post-restructuring. VFU has sufficient liquidity for operations and
debt service and repayment when approval is given by the NBU.

Key Rating Drivers

DDE Drives Restricted Default: Fitch has treated VFU's exchange
offer as a DDE, as Fitch believes the amendments to the terms
constituted a material reduction in the original terms, including
extending debt maturities by two years and a partial redemption of
the bonds. The transaction was also necessary to avoid an eventual
probable default. The company stated that if the consent
solicitation was not adopted, it was unlikely to be able to meet
the repayment obligations under the initial loan agreement. The
downgrade of the IDR to 'RD' on completion of the DDE is in line
with its Corporate Rating Criteria.

Refinancing Risk Remains Excessive: The debt restructuring
addresses VFU's immediate refinancing pressure by extending
maturities to 11 February 2027 from 11 February 2025. However,
refinancing risk remains excessive, given the challenging operating
environment and NBU's restrictions on cross-border foreign-currency
payments. Amendments to NBU's restrictions in 2024 allow VFU to pay
interest on its Eurobonds using domestic funds, but not the
principal amount. Refinancing will be dependent on the future
Ukrainian economic and operating environment and foreign investor
appetite, which is currently uncertain.

Capital Control Restrictions Limit Liquidity: VFU has sufficient
funds in Ukraine from internally-generated cash and local bank
loans but is unable to use them for debt repayment due to NBU
capital control restrictions. As of 14 January 2025, VFU held about
USD270 million in cash and equivalents in Ukraine and a USD50
million credit line with a Ukrainian bank. Fitch expects VFU to
remain free cash flow (FCF) positive in 2025-2027, with enough
domestic funds to meet the USD200 million liquidity covenant from
11 August 2025 and service increased coupon payments under the new
refinancing terms, subject to no further NBU restrictions.

Strong Performance Despite War: VFU's revenue rose by 13% in 9M24
supported by customer base growth and increased average revenue per
user (ARPU). Assuming the impact of the war remains similar, Fitch
forecasts the company's revenue to continue growing at mid- to
high-single digit rates in 2025-2027, driven by price rises and
expansion of its mobile and fixed customer base. Fitch expects the
company will continue generating positive FCF in 2024-2027, despite
capex remaining around 25-27% of revenue in its base case,
sufficient to repair network damages.

Infrastructure Remains Operational: While there is no visibility of
future escalation of the war, VFU has implemented necessary
measures to guarantee the uninterrupted provision of communication
services and operations. As of end-2024, 89% of the company's
network remained available. In addition, users in controlled areas
still have access to other providers' networks via a national
roaming agreement in case the company's network service is
disrupted.

Domestic Operating Environment: Fitch forecasts Ukraine's real GDP
growth reached 4% in 2024, supported by normalisation of trade
activity in the Black Sea, strong government spending and household
incomes benefiting from real wage increases. Although Ukraine has
demonstrated resilience and adaptability to the war, Fitch
forecasts growth slows to 2.9% in 2025 due to continued labour and
energy shortages. A durable and credible ceasefire could
significantly lift the country's growth prospects in 2025-2026.

Low Leverage, Significant FX Risk: Fitch expects VFU's EBITDA net
leverage to remain low post-restructuring at 0.4x-0.5x in
2025-2026. VFU is exposed to significant FX risk. Revenues are
generated in Ukrainian hryvnia, while a large share of expenses are
US dollar-denominated - 70%-80% of capex, 20%-30% of operating
expense, and 100% of debt service. Since relaxing the official
dollar/hryvnia peg in October 2023, the hryvnia has depreciated by
12%. Fitch expects this to continue in 2025-2026, eroding the
company's cash flow generation.

Derivation Summary

VFU's ratings are driven by very high refinancing risk, due to
limited access to international capital markets and cross-border
payment restrictions, and a highly challenging operating
environment in Ukraine.

Fitch rates VFU on a standalone basis in line with its Parent and
Subsidiary Linkage Rating Criteria. Fitch considers the overall
linkage between VFU and its ultimate parent Neqsol Holding B.V. as
weak and there are effective ring-fencing clauses in the Eurobond
documentation limiting dividends and supporting VFU's credit
profile.

Key Assumptions

- Revenue growth in high single digits in 2024 and gradually
slowing to mid-single digits in 2025-2027, supported by further
ARPU and customer base growth.

- Fitch-defined EBITDA margin to decline to 43% in 2024 and to
remain largely stable, reflecting cost inflationary pressures.

- Working-capital outflow of UAH300 million a year in 2024-2027.

- Capex at 26.5% of revenue a year in 2024-2025 and 25% of revenue
in 2026-2027, reflecting uncertainty around war-related recovery
expenditure and the Ukrainian hryvnia.

- No dividend payments in 2024-2027.

- No acquisitions and disposals following its LLC Freenet
acquisition in 2023.

- Debt repayment of UAH4.2 billion (equivalent of USD100 million)
in 2025 and UAH335 million consent fee paid in 2025.

- Ukrainian hryvnia to the US dollar at 41.9 at debt restructuring
in 2025 and on average 45 in 2025, with further annual depreciation
of around 7% in 2026-2027.

Recovery Analysis

Key Recovery Assumptions

- The recovery analysis assumes that VFU would be considered a
going concern in bankruptcy and that it would be reorganised rather
than liquidated.

- A 10% administrative claim.

- Fitch's view of a sustainable post-reorganisation going-concern
EBITDA is UAH5,500 million, which would reflect a decrease in the
number of subscribers as a result of the war.

- An enterprise value (EV) multiple of 2.5x is used to calculate a
post-reorganisation valuation. This multiple reflects the current
disrupted operating environment.

- Loan participation notes of UAH13.5 billion (equivalent to USD300
million debt at Fitch forecast average FX rate UAH/USD of 45 in
2025).

- Recovery Ratings for Ukrainian issuers are capped at 'RR4' in
accordance with its country-specific treatment of Recovery Ratings.
Therefore, the rating of VFU's senior unsecured instrument is rated
at the level of the Long-Term IDR at 'CCC', with expected
recoveries capped at 50%.

RATING SENSITIVITIES

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

- Liquidity constraints due to reversal of restrictions on
cross-border foreign-exchange payments leading to inability to use
domestically held cash balances for debt service

- Indication of further debt restructuring that Fitch would
classify as a DDE

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

- Improvement in the operating environment as a result of
de-escalation of the war reducing operating risks and relaxed FX
and cross-border payment controls with reduced liquidity and
refinancing risk

- Improved visibility on ability to refinance 2027 maturities

Liquidity and Debt Structure

As of 14 January 2025, VFU held about USD270 million in cash and
equivalents in Ukraine and had access to a USD50 million credit
line with a Ukrainian bank. Fitch expects VFU to remain FCF
positive in 2025-2027 and have sufficient funds to meet the
increased coupon payment obligations, subject to no further NBU
cross-border restrictions, and to comply with the liquidity
covenant requiring VFU to maintain liquidity of USD150 million
increasing to USD200 million from 11 August 2025.

However, the lack of access to international capital markets and
capital control on cross-border foreign-currency payments imposed
by the NBU limiting the ability to repay foreign-currency principal
debt obligations massively restricts VFU's ability to redeem or
refinance the imminent USD500 million (USD300 million outstanding
post-restructuring) bond maturity in February 2027.

Issuer Profile

VFU is Ukraine's second-largest mobile operator with around a 35%
share of the market by revenue and about 15.9 million mobile
subscribers at September 2024. It operates under the Vodafone brand
and fully owns its mobile infrastructure with countrywide
coverage.

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
   -----------              ------         --------   -----
VFU Funding Plc

   senior unsecured   LT     C   Downgrade   RR4      CCC-

   senior unsecured   LT     CCC Upgrade     RR4

Private Joint Stock
Company VF Ukraine    LT IDR RD  Downgrade            CCC-  
                      LT IDR CCC Upgrade




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

[] BOOK REVIEW: Dangerous Dreamers
----------------------------------
Dangerous Dreamers: The Financial Innovators from Charles Merrill
to Michael Milken

Author: Robert Sobel
Publisher: Beard Books
Softcover: 271 pages
List Price: $34.95

Order your own personal copy at
http://www.beardbooks.com/beardbooks/dangerous_dreamers.html   

"For the rest of his life, Milken will be accused of crimes for
which he was not charged and to which he did not plead guilty."
Milken is -- as anyone familiar with junk bonds and the scandals
surrounding them in the 1980s knows -- Michael Milken of the Drexel
Burnham banking and investment firm. In this book, noted business
writer Robert Sobel analyzes the Milken criminal case and the many
other phenomena of the period that lay the basis for the modern-day
financial industry. However, the author's perspective is broader
than the sensationalistic excesses and purported crimes of Milken
and his like. Sobel is interested in the individuals and businesses
that introduced and developed financial concepts, vehicles, and
transactions that increased the wealth of millions of average
persons.

Sobel's examination of the byplay between financial chicanery and
economic revitalization extends back to the Gilded Age of the
latter 1800s and early 1900s. This was a time when Jim Fisk, Jay
Gould, and others were making fortunes through skulduggery and
manipulation of the financial markets, while Cornelius Vanderbilt
and others were building the "world's finest railroad system."
Later, in the "Junk Decade of the 1980s," as Ivan Boesky and
others
were reaping fortunes from "dubious" transactions, financial firms
such as Forstmann Little and Kohlberg Kravis Roberts "played major
positive roles in the largest restructuring of American industry
since the turn of the century."

While Sobel does not try to defend the excesses and illegalities of
individuals and companies, he basically sees the Milkens of the
world as "vehicles through which the phenomena of junk finance and
leveraged buyouts played themselves out." This was the
"Conglomerate Era." Mergers and acquisitions were at the center of
financial and economic activity, and CEOs at major corporations
were in competition to grow their corporations. Milken, Boesky, and
others provided the means for this end. However, it is important to
note that they did not originate the mergers and acquisition
phenomenon.

At first, Milken et al. were much appreciated by major corporations
and the financial industry. However, when mergers and acquisition
excesses began to bear sour fruit, Milken and his company Drexel
Burnham took the brunt of public indignation. The government's
search for villains then began.

Sobel examines the ripple effects of financial innovators who
became financial pariahs. Milken's journey, for example, cannot be
unraveled from that of a company such as Beatrice. Starting in
1960, the food company Beatrice started making large-scale
acquisitions. CEO Williams Karnes, who "ran a tight, lean ship,
with a small office staff," was succeeded by corporate heads who
brought in corporate jets and limousines, greatly increased staff,
and moved into regal office space. James Dutt of Beatrice is
singled out as symptomatic of the heedless mindset that crept into
corporate America in the 1980s.

Sobol's tale of the complexities and ambivalence of this
transitional period is bolstered by memorable portraits of key
players and companies. In so doing, he demonstrates once more why
he has long been recognized as one of the country's most important
business writers.

                         About the Author

Robert Sobel was born in 1931 and died in 1999. He was a prolific
historian of American business life, writing or editing more than
50 books and hundreds of articles and corporate profiles. He was a
professor of business at Hofstra University for 43 years and held a
Ph.D. from New York University. Besides producing books, articles,
book reviews, scripts for television and audiotapes, he was a
weekly columnist for Newsday from 1972 to 1988. At the time of his
death he was a contributing editor to Barron's Magazine.


[] Insolvencies in the UK Rise
------------------------------
iclg.com reports that total insolvencies rise in England and Wales,
and Northern Ireland, while Scotland sees a modest dip.

The latest statistics from the Insolvency Service reveal a rise
across the United Kingdom, with January 2025 witnessing a notable
increase compared with both the previous month and the
corresponding period in 2024.

ENGLAND AND WALES

In England and Wales, the number of company insolvencies in January
2025 reached 1,971, a 6% increase over December 2024 and an 11%
rise compared with January 2024, with the figures comprising
includes 269 compulsory liquidations, 1,546 creditors' voluntary
liquidations (CVLs), 142 administrations and 14 company voluntary
arrangements (CVAs).  Notably, there were no receivership
appointments during this period.  The data also reveals that one in
190 companies registered with Companies House entered insolvency
between February 1, 2024 and January 31, 2025, equating to a rate
of 52.6 per 10,000 companies and representing a decrease from 57.1
per 10,000 companies in the 12 months ending 31 January 2024.
Despite the increase in insolvency rates since the pandemic-era
lows of 2020 and 2021, the current rate remains rather lower than
its post-financial-crash peak of 113.1 per 10,000 companies in
2008/9.  The latest figures for January 2025 further show that CVLs
accounted for 78% of all company insolvencies, an increase of 9%
from December 2024 and 14% from January 2024.  Meanwhile,
compulsory liquidations in January 2025 were 5% lower than in both
December 2024 and January 2024 but, despite this decrease,
compulsory liquidations across the whole of 2024 were at their
highest levels since 2014, having ballooned by 14% compared with
2023.  This rise follows record low levels in 2020 and 2021,
influenced by restrictions put in place during the pandemic.
Administrations in January 2025 saw a 10% increase from December
2024 and a 9% rise from January 2024, with the annual total of 2024
administrations slightly higher than the figures seen between 2015
and 2019, continuing an upward trend from the 18-year low recorded
during the pandemic.  The number of CVAs in January 2025 was 13%
lower than in January 2024 and 18% lower than in December 2024 –
fairly modest compared with historical levels: in 2024, CVAs
increased by 9% from 2023, yet this number was still less than 60%
of the annual average from 2015 until 2019.  There were no
receivership appointments at all in January 2025.

SCOTLAND

North of the border, 75 company insolvencies were registered in
January 2025, a 15% decrease from January 2024, and comprised 37
CVLs, 32 compulsory liquidations and six administrations, with no
CVAs or receivership appointments.  Historically, compulsory
liquidations have been the most commonplace type of insolvency in
Scotland but, since April 2020, CVLs have tended to outnumber them.
The insolvency rate in Scotland for the 12 months to January 2025
was 51.3 per 10,000 companies, down from 52.6 in the preceding
year.

NORTHERN IRELAND

In Northern Ireland, 28 company insolvencies were registered in
January 2025, 7% lower than in January 2024 and including 15
compulsory liquidations, 10 CVLs and three administrations, with no
CVAs or receivership appointments.  The insolvency rate in Northern
Ireland for the 12 months to January 2025 was 35.6 per 10,000
companies, an increase from 31.3 in the previous year but still
substantially lower than in the rest of the union.

SECTOR SPECIFIC

In 2024, the construction industry experienced the highest number
of insolvencies, followed by wholesale and retail trade,
hospitality, administrative and support service activities, and
manufacturing.  These five industries accounted for 80% of all
company insolvencies, with changes ranging from a 10% decrease in
wholesale and retail trade to an 8% increase in information and
communication.  Looking to the future and predicting no swift
relief for those sectors suffering most, Daniel Staunton, senior
associate in the restructuring & insolvency team at Kingsley
Napley, commented in an emailed statement: "The Bank of England
acted recently to cut interest rates (again) to curb rising
inflation and there remains a smorgasbord of risk factors that
could see tip the scales to result in sharp spikes in the total
number of insolvencies in the coming months if these quantitative
easing steps do not kick in as soon as the government hopes. It
comes as no surprise that the worst hit sectors continue to be
construction, retail and food and beverage companies, which is a
trend I expect to continue."



                           *********


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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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