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

                          E U R O P E

          Wednesday, March 5, 2025, Vol. 26, No. 46

                           Headlines



F R A N C E

ALBEA BEAUTY: Moody's Affirms 'B3' CFR, Outlook Remains Stable


G E R M A N Y

FLENDER INT'L: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


I R E L A N D

ICG EURO 2023-1: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
PHOENIX PARK: Fitch Affirms B+ Rating on Class E-R Notes
TAURUS 2025-1: Fitch Assigns 'BBsf' Final Rating on Class E Notes


I T A L Y

BCC NPLS 2019: Moody's Cuts Rating on EUR53MM Class B Notes to Ca


L U X E M B O U R G

INCEPTION HOLDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


S P A I N

CLAVEL RESIDENTIAL 3: Fitch Lowers Rating on Cl. D Notes to 'BBsf'
TDA 29 FTA: Fitch Affirms 'CCCsf' Rating on Class D Notes


S W E D E N

FASTPARTNER AB: Moody's Ups CFR to Ba3 & Alters Outlook to Positive


U N I T E D   K I N G D O M

DEUCE MIDCO: Moody's Hikes CFR to 'B2', Outlook Stable
E.CRIS UK: Quantuma Advisory Named as Administrators
ELEMENTAL DIGEST: Lameys Named as Administrators
GPC CUMBRIA: Armstrong Watson Named as Administrators
LONDON ANTIAGING: Quantuma Advisory Named as Administrators

PRESTIGE TRADE: Begbies Traynor Named as Administrators
RIPON MORTGAGES: Fitch Assigns 'B-sf' Final Rating on Class X Notes
RMAC SECURITIES 1: Fitch Affirms BB+ on Ser. 2007-NS1 Cl. B1a Debt
SANA MECHANICAL: Quantuma Advisory Named as Administrators
SANDSTONE LEGAL: Smith & Barnes Named as Administrators

SMARTCOMM LTD: KRE Corporate Named as Administrators
STONY VALLEY: R2 Advisory Named as Administrators

                           - - - - -


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F R A N C E
===========

ALBEA BEAUTY: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed Albea Beauty Holdings S.a r.l.'s B3
long term corporate family rating and its B3-PD probability of
default rating. Albéa is a global packaging manufacturer for the
beauty and personal care industry.

Concurrently, Moody's have affirmed the B3 ratings on the senior
secured term loan B due December 2027, and on the $94.9 million
senior secured multi-currency revolving credit facility (RCF) due
June 2027, borrowed by Albéa. The outlook on the entity remains
stable.

"The rating affirmation balances Albéa's resilient operating
performance through September 2024, which resulted in gross
leverage reduction around the lower end of Moody's leverages
guidance for the B3 rating, with Moody's expectations for negative
or weak free cash flow generation in 2025-2026, despite lower
working capital and investments needs, and interest costs," says
Donatella Maso, a Moody's Ratings Vice President–Senior Credit
Officer and lead analyst for Albéa.

RATINGS RATIONALE      

Albéa has maintained a resilient operating performance through
September 2024, despite challenging market conditions owing to its
diversified portfolio offering including both mass and prestige
beauty and oral care on a global basis. The company's revenue
remained broadly flat year-over-year due to prolonged customer
destocking and softer consumer demand, particularly in the
fragrance segment and across various regions. However, this was
partly offset by price increases and strong performance in the
lipgloss and mascara segments. Albéa's LTM September 2024 Moody's
adjusted EBITDA, after reorganization and restructuring charges,
rose to approximately $160 million compared to $152 million in
2023, primarily due to significant cost reduction efforts.
Consequently, its Moody's adjusted leverage fell to around 5.5x,
compared to 6.5x in 2023.

Looking ahead, Moody's anticipates a gradual but slow improvement
in the macro and trading environment, albeit with some challenges.
This should allow for low single digit volume growth, which
combined with the ongoing cost focus, would enable the company to
maintain a Moody's adjusted EBITDA at around $160-170 million in
2025-2026, and deleveraging below 5.5x, the lower end of Moody's
leverages range for the B3 rating category.

That said, the company's B3 rating remains constrained by its free
cash flow (FCF) profile. Historically, Albéa's FCF has been
largely negative because of continued high cash exceptional costs,
which Moody's considers recurring in nature, and high capital
spending as a percentage of sales. Following the disposal of its
low capital intensive Innovative Beauty Group (IBG) division,
Moody's expects that Albéa's FCF will continue to be negative or
weak, despite some improvements in working capital, reduced
investments, and decreasing interest costs. This is partially
mitigated by sufficient cash and external liquidity sources.

The B3 rating continues to reflect the highly competitive trading
environment, combined with significant customer concentration,
which may result in pricing pressure, particularly from larger
accounts. However, this risk, in 2024, has been largely mitigated
by the company's long-standing relationships with its blue-chip
customers, as well as a global manufacturing base that is aligned
to the customers' plants, and Albéa's innovation capacity. The
rating also takes into consideration its lower profitability,
albeit improving, compared to its packaging peers; and its exposure
to volatile raw material prices.

More positively, the B3 rating is supported by Albéa's leading
position in the global beauty and personal care packaging segment,
particularly in laminated tubes, mascara and lipsticks; its
diversified product portfolio offering which provides a degree of
protection to cyclical consumer spending fluctuations; and its
broad geographic footprint that allows the company to benefit from
post pandemic developing trend of growing regionalization of supply
chains and progressively achieve market share gains.

LIQUIDITY

Albéa's liquidity is adequate. The company had $70.5 million of
cash on balance sheet at the end of September 2024, although $22
million is not immediately available as it sits in jurisdictions
where access to this cash is more limited; $67 million availability
under its $94.9 million senior secured RCF maturing in June 2027;
and no material debt amortization until 2027. The company also
relies on $200 million committed non-recourse factoring facilities
in Europe and in North America, maturing in 2027. These sources of
liquidity will cover immediate needs such as restructuring costs,
working capital and capital spending needs.

The senior secured RCF has one springing financial covenant (net
senior secured leverage ratio), set at 7.97x, to be tested on a
quarterly basis when the senior secured RCF is drawn by more than
40%. The company's net leverage was 3.95x as of September 2024.
Moody's expects the company to continue to comply with its covenant
when tested.

STRUCTURAL CONSIDERATIONS

The senior secured term loan B and the senior secured RCF, borrowed
by Albea Beauty Holdings S.a r.l., are both rated B3, in line with
the CFR. They are secured by pledges over shares and certain
assets, including material bank accounts, and are guaranteed by
material subsidiaries representing at least 80% of the consolidated
EBITDA and gross assets.

Moody's note the presence of EUR89.8 million preferred equity
certificates (PECs), including accrued interests, lent into the
restricted group, and maturing in September 2028, which have been
treated as equity.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that
Albéa's operating performance will be sustained, which will lead
to a gradual improvement in its credit metrics. The outlook
reflects Moody's assumptions that the company will not embark on
significant debt-funded acquisitions or further dividend
distributions.

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

Albéa's rating could be upgraded if the company's EBITDA and
profitability continue to improve; Moody's-adjusted debt/EBITDA
falls well below 5.5x; Moody's-adjusted EBITDA/interest expenses
increases towards 3.0x; and its Moody's adjusted FCF turns positive
on a sustained basis while its liquidity remains adequate.

Albéa's rating could be downgraded if the company's operating
performance deteriorates; Moody's-adjusted debt/EBITDA increases
above 6.5x; Moody's-adjusted EBITDA/interest expenses falls below
2.0x; its Moody's adjusted FCF remains sustainably negative; or its
liquidity deteriorates. Negative rating pressure would also arise
if the preferred equity certificates (PECs) no longer qualify for
equity treatment.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Headquartered in France, Albéa is a leading producer of plastic
packaging for the beauty and personal care industries. For the last
twelve months ending September 2024, Albéa generated $1.3 billion
of revenue and approximately $160 million of EBITDA as adjusted by
Moody's. The company is owned by the private-equity firm PAI
Partners (PAI) since March 2018.




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

FLENDER INT'L: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Flender International GmbH's Long-Term
Issuer Default Rating (IDR) at 'B' with Stable Outlook and senior
secured rating at 'B' with a Recovery Rating of 'RR4'.

The affirmation reflects Flender's strong business profile,
characterised by good geographical diversification, leading market
position and long-term relationship with customers. The IDR is
constrained by the relatively high leverage, high exposure to
cyclical end-markets, in particular the wind industry and its
volatile FCF margins.

The Stable Outlook reflects its expectation that the leverage
metrics will remain within the sensitivities being supported with
sustainable operating margins due to a higher share of service
revenue, better operating costs management and lower inflationary
pressure. Fitch expects slightly lower capex to support free cash
flow (FCF) generation and consequently Flender's deleveraging
capacity over the rating horizon.

Key Rating Drivers

Sustained Profitability: Fitch expects that Flender will be able to
keep EBITDA margins in the range of 10%-12% through FY25-FY28
(financial year ending September), supported by a higher share of
services revenue, lower cost inflation and better cost management.
Fitch expects profit margins to be supported by the normalisation
of profitability at Flender's key customers, large wind turbine
producers, which will allow Flender to revise prices on contracts.

Deleveraging Capacity: EBITDA leverage remained flat at 6.5x by
end-FY24 versus end-FY23. Fitch expects Flender's EBITDA leverage
will be within the current sensitivities in FY25 and FY26, with a
gradual decrease towards 5.7x at FYE28. This expected improvement
is subject to higher EBITDA generation. If this is not achieved,
leverage will remain between 6.0x-6.5x, albeit still below the
negative sensitivity of 7.5x.

Investments Towards Capacity Expansion: Flender's strategy is to
direct investments toward global capacity expansion in best-cost
countries (mainly China and India) to capture the global growing
demand in wind industry. Fitch expects capex will be kept at around
EUR110 million in FY25 and FY26, and gradually decrease to about
EUR100 million in FY28. No major acquisitions are expected in the
rating horizon.

Volatile FCF: The FCF margin has been volatile over the last four
years, mainly due to increased capex and interest expenses. Fitch
forecasts marginally negative FCF in FY25 due to still high
interest and ongoing capex. Nevertheless, higher EBITDA generation,
decreasing capex and lower restructuring costs mean Fitch forecasts
marginally positive FCF in FY26-FY28. The absence of material
working capital outflow would support sustainable FCF generation.

Solid Market Position: Flender has leading positions in its niche
markets for gearboxes and generators. Technological capabilities
and long-term cooperation with major wind original equipment
manufacturers (OEMs) provide moderate barriers to entry. Gearboxes
are a critical component of wind turbines, and reliability is very
important due to the difficulty of access and cost increases
resulting from downtime. Nevertheless, in-house OEM production and
Chinese producers remain major competitive threats for suppliers
like Flender over the long term.

Limited Scale and Products: Flender is small in size versus other
Fitch-rated industrial peers and has narrow product diversification
compared with large industrial companies. It is primarily focused
on the wind industry (about 57% of revenue in FY24), mitigated by
exposure to the industrial sector (43% of revenue) with diversified
markets. The group has a concentrated customer base focusing on
major wind OEMs due to the nature of the industry. However, this is
not a major credit weakness.

Good Geographical Diversification: The business profile limitations
are mitigated by good geographical diversification that compares
well with higher-rated peers. About 46% of revenue in FY23 was
generated in Germany and the rest of Europe, 33% in Asia and 17% in
North and South America.

Less Cyclical Service Revenue: Fitch views positively the presence
of aftermarket and service revenue as a source of cash flow
generation, as this typically provides industrial companies with
more profitable and less cyclical earnings. About 30% of Flender's
revenue in FY24 was attributed to service revenue, which may
continue to increase.

Derivation Summary

Flender compares well with other Fitch-rated high-yield diversified
industrials. Flender has good global geographical diversification
like peers such as Ammega Group B.V. (B-/Stable), INNIO Group
Holding GmbH (B+/Positive), TK Elevator Holdco GmbH (B/Stable) and
ams-OSRAM AG (B+/Stable). Flender's product's diversification is
narrow similar to INNIO and Dynamo Midco B.V. (B/Positive) which
are also focusing on a limited range of products serving different
end-markets.

Flender's EBITDA margins are lower than those of Ammega, INNIO,
ams-OSRAM, and TK Elevator, but slightly better than Dynamo. Over
the past two years, Flender's FCF margin has been volatile, much
like Ammega, ams-OSRAM, TK Elevator, and Ahlstrom Holding 3 Oy
(B+/Stable), and weaker than the consistently positive FCF margins
achieved by INNIO. However, Fitch anticipates Flender's FCF to
improve to marginally positive levels starting from FY26.

At end-FY24, Flender's EBITDA leverage was 6.5x, which is stronger
than TK Elevator's (8.1x as of end-September 2023) and Ammega's
level (8.3x as of end-December 2023). Flender's leverage is
comparable with Ahlstrom's (6.6x at end-2023), but higher than
INNIO's (4.6x at end-2023).

Key Assumptions

Fitch's Key Assumptions Within its Rating Case for the Issuer

- Marginal growth of revenue through FY26 to FY28 after a slight
decrease in FY25

- Gradual improvement of EBITDA margin from just under 11% in FY25
to close to 12% in FY27 due to better pricing and lower cost
inflation

- No material changes in working capital through the rating
horizon

- Capex of about EUR110 million in FY25, dropping to EUR100 million
in FY27

- No material M&A

- No dividend payments.

Recovery Analysis

Key Recovery Rating Assumptions

- The recovery analysis assumes that Flender would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated

- A 10% administrative claim

- Fitch estimates Flender's GC EBITDA at EUR200 million. GC EBITDA
incorporates a loss of a major customer, deterioration in demand
and a reduced order intake. The assumption also reflects corrective
measures taken in reorganisation to offset the adverse conditions
that trigger default

- An enterprise value (EV) multiple of 5.0x is applied to calculate
a post-reorganisation EV. The multiple is based on Flender's strong
market position globally, good geographical diversification,
long-term cooperation with customers and sound supplier
diversification. At the same time, the EV multiple reflects
concentrated customer diversification and a limited range of
products

- Fitch deducts about EUR165 million from the EV, due to Flender's
high use of non-recourse factoring facilities in FY24 adjusted for
a discount, in line with Fitch's criteria

- Fitch estimates the total amount of senior debt claims at EUR1.5
billion, which includes a EUR1.3 billion senior secured term loan B
(TLB), a EUR205 million senior secured revolving credit facility
(RCF) and EUR1 million of other debt

- Based on the capital structure, its waterfall analysis generates
a ranked recovery for first-lien secured debt in the 'RR4'
category, leading to a 'B' rating for the TLB. The
waterfall-generated recovery computation output is 48% (previously
47%).

RATING SENSITIVITIES

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

- EBITDA leverage above 7.5x

- Negative FCF margin on a sustained basis

- EBITDA interest coverage below 2.0x

- Aggressive shareholder-friendly policies, or acquisitions leading
to a further increase in leverage

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

- EBITDA leverage below 6.0x

- FCF margin sustained above 1%

- Increased product and end-market diversification while services
remain above 25% of total revenue

Liquidity and Debt Structure

Flender's Fitch-defined readily available cash as of September 2024
was EUR135 million. Flender has no material scheduled debt
repayments until 2028. The expected marginally positive FCF
generation through the rating horizon and the available EUR205
million undrawn RCF support its liquidity position. Fitch-defined,
short-term debt at end-FY24 comprised drawn ancillary facilities
and non-recourse factoring utilisation.

The company's sources of funding are concentrated and mainly
consist of TLB of EUR1.3 billion, which is due to be repaid in
March 2028.

Issuer Profile

Flender is a market leader in drive technology with a comprehensive
product and service portfolio of gearboxes, couplings and
generators. It has a global sales network, with a significant
production footprint in best-cost countries such as China and
India.

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
   -----------             ------       --------   -----
Flender
International GmbH   LT IDR B  Affirmed            B

   senior secured    LT     B  Affirmed   RR4      B




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

ICG EURO 2023-1: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ICG Euro CLO 2023-1 DAC final ratings.

   Entity/Debt                Rating               Prior
   -----------                ------               -----
ICG Euro CLO 2023-1 DAC

   Class A XS2591168211   LT PIFsf  Paid In Full   AAAsf
   Class A-R              LT AAAsf  New Rating
   Class B XS2591168484   LT PIFsf  Paid In Full   AAsf
   Class B-R              LT AAsf   New Rating
   Class C XS2591169029   LT PIFsf  Paid In Full   Asf
   Class C-R              LT Asf    New Rating
   Class D XS2591169292   LT PIFsf  Paid In Full   BBB-sf
   Class D-R              LT BBB-sf New Rating
   Class E XS2591169375   LT PIFsf  Paid In Full   BB-sf
   Class E-R              LT BB-sf  New Rating
   Class F XS2591169706   LT PIFsf  Paid In Full   B-sf
   Class F-R              LT B-sf   New Rating

Transaction Summary

ICG Euro CLO 2023-1 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Net
proceeds from the note issuance were used to fund a portfolio with
a target size of EUR400 million. The portfolio manager is
Intermediate Capital Managers Limited. The collateralised loan
obligation (CLO) envisages a 4.5-year reinvestment period and an
8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 25.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.4%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices, two of which are effective at closing. All
matrices correspond to a top 10 obligor concentration limit of 20%,
fixed-rate obligation limits at 5% and 10%, and an 8.5-year WAL
covenant. It has two forward matrices corresponding to the same top
10 obligors and fixed-rate asset limits, and a 7.5-year WAL
covenant. The forward matrices are effective one year post closing,
subject to the collateral principal amount (defaults at Fitch
collateral value) being at least at the reinvestment target par.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period, which is governed by reinvestment criteria
that are similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed case portfolio is 12 months less than the WAL covenant, to
account for strict reinvestment conditions after the reinvestment
period, including passing the over-collateralisation test, Fitch
'CCC' limit, and the WAL test (based on a consistently decreasing
WAL covenant). In the agency's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no negative impact on the class A to F notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class F notes have a five-notch
cushion, the class C notes a three-notch cushion, and the class B,
D, and E notes a two-notch cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for the class A to D notes, and to below 'B-sf' for the
class E and F notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to five notches, except for the 'AAAsf' rated notes,
which are already at the highest level on Fitch's scale and cannot
be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

ICG Euro CLO 2023-1 DAC

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.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for ICG Euro CLO 2023-1
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


PHOENIX PARK: Fitch Affirms B+ Rating on Class E-R Notes
--------------------------------------------------------
Fitch Ratings has upgraded Phoenix Park CLO DAC class A-2A1-R-R to
C-R notes and revised the Outlook on the class D-R and E-R notes to
Stable from Negative.

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Phoenix Park CLO DAC

   Class A-1A-R-R XS1890615013    LT AAAsf  Affirmed   AAAsf
   Class A-1B-R-R XS1892517340    LT AAAsf  Affirmed   AAAsf
   Class A-2A1-R-R XS1890615799   LT AAAsf  Upgrade    AA+sf
   Class A-2A2-R-R XS1892517936   LT AAAsf  Upgrade    AA+sf
   Class A-2B-R-R XS1890616334    LT AAAsf  Upgrade    AA+sf
   Class B-1-R-R XS1890616920     LT AA+sf  Upgrade    A+sf
   Class B-2-R-R XS1892518587     LT AA+sf  Upgrade    A+sf
   Class C-R XS1890618462         LT A-sf   Upgrade    BBB+sf
   Class D-R XS1890617811         LT BB+sf  Affirmed   BB+sf
   Class E-R XS1890618033         LT B+sf   Affirmed   B+sf

Transaction Summary

Phoenix Park CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by managed
by Blackstone Ireland Ltd and exited its reinvestment period in
April 2023.

KEY RATING DRIVERS

Stable Performance; Amortising Transaction: As of the latest
payment date in January 2025, the class A-1A-R-R notes had paid
down by EUR91 million since its last review in April 2024. The
rating actions reflect notable increases in credit enhancement and
the transaction's stable performance since the last review. The
transaction is currently 1% below par (calculated as the current
par difference over the original target par). Exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 9.1%, according
to the January trustee report.

Cash Flow Modelling: The transaction is currently failing Fitch's
and another agency's 'CCC' test, which need to be satisfied for the
manager to reinvest. The weighted average life (WAL) and weighted
average rating factor (WARF) tests are also failing. The manager
has not made any purchases since April 2024.

As the manager has not been reinvesting and is currently restricted
from reinvestment, Fitch's analysis is based on the current
portfolio, which Fitch stressed by downgrading obligors on Negative
Outlook by one notch (with a CCC- floor). Fitch also sets the
portfolio's WAL floor at four years when testing for upgrades.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 27.

High Recovery Expectations: The portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate, as calculated by Fitch,
is 61.4%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 19.6%, and the largest
obligor represents 3.2% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 31.1% as calculated by
the trustee. Fixed-rate assets reported by the trustee are at 5.5%
of the portfolio balance, versus a limit of 5%.

Deviation from MIR: The class C-R notes are two notches below their
model-implied ratings (MIR), while the class B-1-R-R and B-2-R-R
notes' ratings are one notch below their MIR. The deviation
reflects limited default-rate cushion at their MIRs.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Phoenix Park CLO
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


TAURUS 2025-1: Fitch Assigns 'BBsf' Final Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Taurus 2025-1 EU DAC's notes final
ratings.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Taurus 2025-1 EU DAC

   Class A XS2996746140   LT AAAsf  New Rating   AAA(EXP)sf
   Class B XS2996746496   LT AA-sf  New Rating   AA-(EXP)sf
   Class C XS2996746819   LT A-sf   New Rating   A-(EXP)sf
   Class D XS2996747460   LT BBB-sf New Rating   BBB-(EXP)sf
   Class E XS2996748195   LT BBsf   New Rating   BB(EXP)sf

Transaction Summary

The CMBS transaction is collateralised by 100% of a senior term
facility refinancing a portfolio of 37 logistics properties. The
assets are located across Germany and France and were acquired by
the Carlyle Group during 2020 and 2021, including as part of a
sale-and-leaseback with the main occupier, Kuhne + Nagel (K&N, 55%
of passing rent). The term loan is a 3+1+1 facility with an
aggregate loan amount of EUR259.8 million.

KEY RATING DRIVERS

Creditor-Friendly Structure: There is a simple, prudent release
pricing formula set at 115% of allocated loan amount, which should
preserve the integrity of this strategic logistics portfolio,
supporting refinancing prospects. The loan facility also
incorporates financial covenants on debt yield (years 1-3: over
6.3%; over 7% thereafter) and loan-to-value (under 80%), which if
breached (and uncured) will trigger loan default, sequential
principal pay and subordination of the class X notes.

Together with tighter cash trapping triggers (for excess rental
income and excess spread), this structure helps stabilise note
leverage. Fitch considers this structure superior to much of the
product securitised in EMEA CMBS 2.0, and gives up to one notch
credit (from model-implied results) to this in its ratings.

Good Quality Assets: The portfolio consists of 37 good quality,
mainly single-let medium-box logistics properties. Primarily
cross-docked, the facilities are of varying sizes, with good
specifications (adequate dock door coverage and yard depth) and
well-located, mainly in out-of-town sites within reasonable driving
distance of French or German populations. Tenants include a major
player in the logistics sector, K&N, which occupies 25 of the 37
properties. The network of assets is well-suited to support supply
chain services in the two countries. Near-100% occupancy reflects
self-selected legacy leasing, and while it has likely peaked,
lettability is supported by some recent refurbishment.

Material Capex Planned: While much of the stock was constructed in
the 1970s/80s, it has been well-maintained overall with an average
refurbishment date of 2017 for the portfolio. Ongoing capex will be
required to continue to meet occupational demand and green
standards. Fitch views capex by the sponsor as proportionate,
averaging 4.5% of market value (MV), underpinned by good locations,
and well-covered by surplus rental cash flow over the term of the
loan in the relevant rating cases.

The valuation report flags works required to boost energy
performance and ensure the assets keep up with rising green
standards across the French and German logistics property markets.
Fitch reflects the correspondingly higher reversionary yields in
its property scores, which range from 1 to 4 (2.4 on a weighted
average basis).

French Legal Analysis: For one French property-owning entity, which
only owns one property (in Bordeaux, 2.9% of MV), owing to a
particularly low historical book value, its debt capacity
(allocated loan amount, ALA) is unusually low (45% of historical
value), and not compensated by a higher release premium. Fitch has
assumed disposal of the Bordeaux asset on day one in all rating
cases.

For the other two French entities, credit recoveries in excess of
their ALAs are subject to potential dilution by unsecured claims.
Information shared by the arranger suggests no unsecured financial
or trade creditors are present. Moreover, neither entity would
realise any taxable capital gains in Fitch's rating cases.

RATING SENSITIVITIES

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

A lower estimated rental value (ERV) could lead to negative rating
action.

The change in model output that would apply with a 15pp increase in
rental value decline assumptions would imply the following
ratings:

'A+sf' / 'BBBsf' / 'BB+sf' / 'B+sf' / 'Bsf'

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

Achieving significant rent increases following lease expiries could
lead to positive rating action.

The change in model output that would apply with a 1pp reduction to
cap rate assumptions would imply the following ratings:

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

KEY PROPERTY ASSUMPTIONS (all weighted by net ERV)

Weighted average (WA) depreciation: 3.1%

Fitch Net ERV: 23.8 million

'Bsf' WA cap rate: 5.0%

'Bsf' WA structural vacancy: 12.7%

'Bsf' WA rental value decline: 16.2%

'BBsf' WA cap rate: 6.0%

'BBsf' WA structural vacancy: 13.7%

'BBsf' WA rental value decline: 19.4%

'BBBsf' WA cap rate: 7.2%

'BBBsf' WA structural vacancy: 15.4%

'BBBsf' WA rental value decline: 20.8%

'Asf' WA cap rate: 8.6%

'Asf' WA structural vacancy: 16.9%

'Asf' WA rental value decline: 22.2%

'AAsf' WA cap rate: 8.9%

'AAsf' WA structural vacancy: 17.9%

'AAsf' WA rental value decline: 23.5%

'AAAsf' WA cap rate: 9.4%

'AAAsf' WA structural vacancy: 19.6%

'AAAsf' WA rental value decline: 25.1%

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 KPMG LLP. The third-party due diligence described in
Form 15E focused on certain characteristics with respect to the
37properties 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

Taurus 2025-1 EU DAC

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

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.




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

BCC NPLS 2019: Moody's Cuts Rating on EUR53MM Class B Notes to Ca
-----------------------------------------------------------------
Moody's Ratings has downgraded the ratings of two notes in BCC NPLs
2019 S.r.l. The rating action reflects lower than anticipated
cash-flows generated from the recovery process on the
non-performing loans (NPLs) and in the case of Class A notes
underhedging.

EUR355 million Class A Notes, Downgraded to B1 (sf); previously on
Jul 22, 2020 Downgraded to Baa3 (sf)

EUR53 million Class B Notes, Downgraded to Ca (sf); previously on
Jul 22, 2020 Downgraded to Caa1 (sf)

RATINGS RATIONALE

The downgrades are prompted by lower than anticipated cash-flows
generated from the recovery process on the NPLs and in the case of
Class A notes by under-hedging.

Lower than anticipated cash-flows generated from the recovery
process on the NPLs:

As of January 2025, Cumulative Collection Ratio was at 68.3%, based
on collections net of legal and procedural costs, meaning that
collections are coming significantly slower than anticipated in the
original Business Plan projections. Through the January 31, 2025
collection period, ten collection periods since closing, aggregate
collections net of legal and procedural costs were EUR218.4 million
versus original business plan expectations of EUR320.1 million. The
performance of the transaction deteriorated significantly in the
last two reporting periods. The gap between actual collections and
the servicers' projected collections was at 7.8% as of January 2024
payment date, slightly below the original business plan target
until the last two collection periods when collections deteriorated
significantly and the gap increased to 31.7%. In Moody's
assessments, Moody's took into account the lengthy recovery process
and the potential volatility in collections during the long period
of time between and final legal maturity, falling in January 2044.

In terms of the underlying portfolio, the Gross Book Value ("GBV")
stood at EUR1.24 billion as of January 2025 down from EUR1.32
billion at closing, according to servicer's data. Borrowers are
mainly corporates and the portfolio is concentrated in North Italy
(37.1%) and Central Italy (about 43.6%). Of the outstanding
portfolio, 66.3% of the reported GBV is classified as Senior Lien,
8.8% as Junior Lien, and 24.9% as Unsecured.

Class A outstanding balance is EUR197.06 million, 55.5% of the
original balance. The advance rate (the ratio between Class A notes
balance and the outstanding gross book value of the backing
portfolio as reported by the special servicer) stood at 15.9% as of
January 2025, down from 26.8% as of closing. The rate of the
advance rate decline has been slow compared to its peers and in
line with lower rated transactions. The downgrade also considered
that the servicer's latest Business Plan expects total amount of
future collections slightly above the outstanding amount of the
Class A Notes and that senior costs and interests rank senior to
Class A repayment.

The Unpaid interest on Class B increased to around EUR5.51 million
as of January 2025, up from EUR2.78 million as of previous interest
payment date. Interest payments to Class B are currently being
subordinated, given the subordination trigger has been hit.

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's have
considered additional stresses in its analysis, including a 6
months delay in the recovery timing.

Underhedging for Class A notes:

The transaction benefits from two interest rate caps linked to
six-month EURIBOR with BANCO SANTANDER, S.A. (Spain) (A3(cr),
P-2(cr)) acting as cap counterparty. On Class A, the cap strike for
the receiver leg of caps started from 0.30% and moves up stepwise
to a maximum of 2.5% for Class A, while for Class B started from
1.00% and moves up stepwise to a maximum of 4.00%. The cap covering
class A has also a payer leg with increasing strikes which are set
at the same levels as the six-month Euribor contractual cap for
Class A (which is capped since closing till final maturity date at
1.3% increasing to 3.5%). Class A current cap strikes stand at
1.25% and 2.25%, while current Class B current cap strike stands at
3.00%.

The notionals of the three interest rate caps were determined at
closing, they were initially equal to the outstanding balance of
the class A and Class B notes and reduced in consideration of the
anticipation of notes' amortization based on a pre-defined
schedule. Given the Class A notes have so far amortised at a slower
pace than the scheduled notional amount set out in the cap
agreement, a portion of the outstanding notes is unhedged. Compared
to original expectations a larger portion of recovery proceeds will
be used to pay interests on the notes, as the scheduled notional
for the next period is EUR147.40 million while Class A notes
outstanding balance stands at EUR197.06 million. The negative
effect of this underhedging is partially mitigated due to the
six-month Euribor contractual cap for Class A notes mentioned
above. On the contrary, Class B notes are fully hedged as of
notional amount starts to reduce only from 2028 and is still equal
to issued amount. Six-months EURIBOR for last payment date was
3.59% as it was fixed 6 months before.

Moody's have taken into account the potential cost of the GACS
Guarantee within Moody's cash flow modelling, while any potential
benefit from the guarantee for the senior Noteholders has not been
considered in Moody's analysis.

The principal methodology used in these ratings was "Non-performing
and Re-performing Loan Securitizations" published in April 2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (2) improvements in the credit quality of the
transaction counterparties; and (3) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the ratings; (2) deterioration in
the credit quality of the transaction counterparties; and (3)
increase in sovereign risk.




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

INCEPTION HOLDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Inception Holdco S.a.r.l.'s (Inception;
trading as IVIRMA) Long-Term Issuer Default Rating (IDR) at 'B'
with a Stable Outlook. Fitch has also affirmed Inception's term
loan B (TLBs) - issued by Inception Finco S.à.r.l and IVI America,
LLC - at senior secured 'B+' with a Recovery Rating of 'RR3'.

Inception's IDR is constrained by high, but reducing, EBITDAR
leverage, which Fitch estimates at 6.2x in 2024, down from around
7.0x in 2023. It also faces moderate execution risk to consolidate
all its acquired businesses.

Inception's global leadership in the assisted reproduction
techniques (ART) market is one of its key rating strengths. The
integration of IVIRMA, GeneraLife and Eugin US has increased its
geographic diversification and market share in the US, and it
should boost profitability from scale and synergies in the medium
term. The Stable Outlook reflects its view that Inception will
continue its stable operating performance and generate positive
free cash flow (FCF).

Key Rating Drivers

Repricing Supports Coverage: In February 2025, Inception repriced
its euro and US dollar TLBs due 2031, reducing its interest expense
by around EUR10 million per year. This will support positive FCF
and strengthen its fixed charge coverage to around 2.0x in 2025 and
2.5x by 2028, supporting Inception's positioning in the 'B' rating
category.

Financial Policy Drives Ratings: Fitch estimates Inception's
EBITDAR leverage to have moderated towards 6.2x in 2024 from around
7.0x in 2023, following the consolidation of Eugin US. Fitch
forecasts further deleveraging toward 5.5x in 2025, driven by
EBITDA margin expansion, absent major debt-funded M&As. Fitch
expects it to follow a prudent M&A funding policy and, potentially,
receive shareholder support for larger acquisitions for its 'buy
and build' strategy.

Fitch expects the group's greenfield expansion and buy-and-build
M&A strategy to allow for modest deleveraging, subject to the
ramp-up periods of new clinics, acquisition economics and funding
structure, execution risk, and synergy extraction.

Execution Risk to Moderate: Following the integration of GeneraLife
and the consolidation of Eugin US, Fitch views Inception's
execution risk as moderate. Synergies in integrated supplies,
procurement, and centralised marketing and other functions from
these acquisitions mitigate inflationary pressure for the combined
global business. Some integration costs remain, but Fitch sees the
process as more manageable through to 2028.

Healthy Profitability: Inception's high vertical integration across
its value chain provides a competitive advantage over peers that
rely more on outsourcing, resulting in stronger gross and EBITDA
margins. Fitch expects profitability to increase to over 23% by
2028, driven by improved operating leverage of the combined
business and contribution from new clinic openings once they are
ramped-up.

Strong Underlying FCF: Inception has strong cash flow generation
that benefits from its healthy EBITDA margin, the sector's inherent
negative working-capital pattern and further reduction in interest
after repricing. Fitch expects its FCF margin to strengthen towards
the mid-to-high single digits from 2025, following lower
non-recurring outflows related to its transformative acquisitions.
However, part of its FCF is likely to be reinvested in greenfield
projects or bolt-on M&A. Continuously weak or negative FCF would
pressure the ratings.

Global ART Market Leader: As a business combination of IVIRMA,
GeneraLife and the Eugin US, Inception is the world's largest
fertility platform, with an increased presence in the US - now the
single most important market for the group. It benefits from a vast
and established clinical network with high entry barriers. Its
comprehensive fertility treatment service offering, provided in
uniformly equipped clinics, targets the high-end market and
delivers above-peer average success rates.

Resilient Business Model: Inception has shown resilient performance
during recessions, with temporary volatility during the Covid-19
lockdowns due to travel disruption affecting international
patients. Its vertically integrated business helps to secure
diverse supply from its gamete bank, which is one of the world's
largest. Above industry-average success rates are supported by
Inception's in-house genetic-testing capabilities, driven by robust
R&D expertise, which further strengthens its resilient business
model.

Favourable Industry Trends: Fitch believes Inception can expand
organically at a rate that matches or exceeds the market's. This is
supported by rising ART demand, driven by socio-demographic and
medical factors that are increasingly preventing natural
conception. However, Fitch believes that demand growth varies by
geography and its underlying regulatory framework.

Supportive Regulation: Fitch views the regulatory environment as
supportive in most of Inception's operating markets, but Fitch
treats potential implementation of more restrictive regulation in
any markets of operations as an event risk.

Derivation Summary

Fitch rates Inception at the same level as French hospital
operator, Almaviva Developpement (B/Stable), and Finnish social
care and private healthcare provider, Mehilainen Yhtyma Oy
(B/Stable), and one notch higher than Median B.V. (B-/Stable), a
pan-European healthcare operator focused on rehabilitation and
mental health. All three peers have similar operating
characteristics in stable patient demand and some ability to raise
prices, subject to regulations.

Fitch also compares Inception with lab-testing companies in light
of its genetic-testing capabilities. These companies include Ephios
Subco 3 S.a.r.l. (B/Positive; Under Criteria Observation), Inovie
Group (B/Negative), and Laboratoire Eimer Selas (B/Negative). Lab-
testing companies tolerate higher leverage relative to their
ratings, due to strong operating and cash flow margins in
combination with non-cyclical revenue patterns, high earnings
visibility amid sector regulation, large business scale, and a wide
geographic footprint.

Key Assumptions

Fitch's Key Assumptions within Its Rating Case for the Issuer

- High single-digit organic revenue growth for 2025-2028. Its
rating case assumes a total of EUR165 million of M&A during
2025-2028, and EBITDA margin at close to 22% on 2025, increasing
towards 23.5% in 2028 on realised cost efficiencies and pricing
initiatives. Lease expenses to grow in line with revenues

- Slightly negative working-capital changes as a percentage of
sales

- Capex at 4%-4.5% of sales through to 2028

- Cash outflow from non-operating activities mainly comprising
one-off costs related to integration in the amount of about EUR40
million during 2025-2028

- Revolving credit facility (RCF) slightly drawn over the medium
term to support working-capital requirements and M&As

Recovery Analysis

- The recovery analysis assumes Inception would remain a going
concern (GC) in a restructuring and would be reorganised rather
than liquidated

- Fitch assumes a 10% administrative claim

- Fitch assumes a GC EBITDA of EUR160 million from which Fitch
calculates the distressed enterprise value. Fitch has increased the
GC EBITDA from EUR150 million in its previous review following the
increased synergies created from the Eugin US acquisition

- Fitch assumes a distressed multiple of 6.0x, reflecting the
group's leadership in a niche market with attractive growth and
demand fundamentals, geographic diversification, and the benefits
of a vertically integrated business model

- Fitch assumes the EUR234 million RCF would be fully drawn before
default, ranking equally with the EUR1 billion-equivalent TLB.
Fitch also includes EUR174 million of local facilities at operating
companies, which are structurally senior to Inception's secured
senior debt

- Its waterfall analysis generates a ranked recovery for senior
creditors in the 'RR3' band, indicating a 'B+' instrument rating
for the senior secured facilities, one notch above the IDR. The
waterfall analysis output percentage on current metrics and
assumptions is 54% for the senior secured debt.

RATING SENSITIVITIES

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

- Weakening credit profile due to reputational damage, adverse
changes or the prospect of adverse changes to the regulatory
framework, or higher execution risk from business integration or
strategy implementation

- EBITDAR leverage remaining above 7.0x due to weaker trading or
aggressively debt-funded opportunistic M&As

- Inability to improve FCF margin to the low single digits due to
weaker operating performance or an aggressive capex policy on
greenfield expansion

- EBITDAR fixed-charge coverage remaining below 2.0x

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

- Successful execution of the medium-term strategy, with accretive
acquisitions leading to an increased scale exceeding its rating
case, and an EBITDA margin at or above 30% on a sustained basis

- A continued favourable regulatory environment and positive market
demographics supporting the group's business model and competitive
advantage

- EBITDAR leverage below 5.5x on a sustained basis

- FCF margin remaining above 10% on sustained basis

- EBITDAR fixed-charge coverage sustained above 3.0x

Liquidity and Debt Structure

Fitch regards liquidity as satisfactory with EUR68million in cash
at end-4Q24 (accounting for Eugin US), and an undrawn RCF of EUR234
million. Fitch expects consistently positive FCF to 2028, with FCF
margins above 5% under its forecasts for 2026 onwards. Its forecast
assumes an aggregate of around EUR250 million in acquisitions and
earn-out payments in 2025-2028, alongside nominal dividends to its
clinics platform.

Its assessment is supported by debt maturities in October 2030 for
the RCF and in April 2031 for the TLBs, leading to moderate
refinancing risk.

Issuer Profile

Spanish-based Inception is the world's largest fertility platform
with more than 190 clinics across 15 countries in Europe and the
Americas.

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
   -----------            ------        --------   -----
Inception Holdco
S.a.r.l.            LT IDR B  Affirmed             B

IVI America, LLC

   senior secured   LT     B+ Affirmed    RR3      B+

Inception Finco
S.a.r.l.

   senior secured   LT     B+ Affirmed    RR3      B+




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

CLAVEL RESIDENTIAL 3: Fitch Lowers Rating on Cl. D Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has downgraded Clavel Residential 3 DAC's class C and
D notes and affirmed the class A and B notes. Fitch has removed all
tranches from Under Criteria Observation.

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Clavel Residential 3 DAC

   Class A XS2648075146     LT AAAsf  Affirmed    AAAsf
   Class B XS2648075575     LT AAsf   Affirmed    AAsf
   Class C XS2648075906     LT A-sf   Downgrade   Asf
   Class D XS2648076201     LT BBsf   Downgrade   BBBsf

Transaction Summary

Clavel Residential 3 DAC is a cash-flow securitisation of a static
pool of first-lien residential mortgages serviced by Banco
Santander, S.A. (A/Stable/F1), Aktua Soluciones Financieras, and
Anticipa, S.A. The transaction closed in August 2023 and is
amortising sequentially. Its current pool balance as of January
2025 was equivalent to 86.2% of that at closing.

KEY RATING DRIVERS

European RMBS Rating Criteria Updated: The rating actions reflect
the update of Fitch's European RMBS Rating Criteria on 30 October
2024. The update adopted a non-indexed current loan-to-value (LTV)
approach to derive the base foreclosure frequency (FF) on the
portfolio, instead of the original LTV approach applied before.

Another relevant change is the updated borrower-level recovery rate
cap of 85%, lower than 100% before. Considering the long seasoning
of the portfolio of more than 14 years, which is linked to a
weighted average non-indexed current LTV of around 64.2% as of the
latest reporting date, the 'AAAsf' rating case loss rate
commensurate with the class A rating has reduced to 17.9% (from
23.4% before) for the non-defaulted pool (see "Fitch Ratings
Updates European RMBS Rating Criteria; Sets FF and HPD
Assumptions").

Performance Volatility and Future Recoveries: The rating actions
reflect the performance volatility observed and projected on the
portfolio. As of January 2025, the proportion of loans in arrears
over 150 days (including defaults) was around 19.6% of the current
pool balance, up from 13.0% as of January 2024. The increasing
level of arrears is due to borrower affordability challenges as
most of the mortgages are floating-rate loans that have been
affected by interest rate increases. When calibrating the
portfolio's FF rates, Fitch applied a 1.75x transaction adjustment
to reflect its general assessment of the pool.

The high expected lifetime loss rate of the non-defaulted pool
ranges between 3.9% and 17.9% under the 'B' and 'AAA' rating cases.
This is accounting for the rapid increase of arrears, the material
exposure to restructured loans (around 98% in volume terms), and
the balance of active grace period loans (around 7%). The Negative
Outlooks on the class C and D notes signal that further pressure on
the ratings is a possibility, particularly if future recovery cash
flows on defaulted loans are lower than expected.

CE Reduction: The downgrades of the class C and D notes reflect
that credit enhancement (CE) protection has decreased when measured
in relation to over-collateralisation from the performing pool and
loans in arrears up to 150 days. Considering the fully sequential
amortisation of the notes, Fitch expects more robust CE protection
for the senior notes versus the mezzanine and junior notes. For
example, CE for the class A notes decreased to 41.2% as of January
2025 from 45.4% a year earlier, and to 4.1% from 10.7% for the
class D notes.

Mezzanine Notes Projected Interest Deferrals: Fitch expects the
class B to D notes to incur interest deferrals in the rating case
scenarios, estimated at between three to six years. Under the 'CCC'
rating case (linked to a weighted average FF of 16.9%) deferrals
are not expected. Consistent with Fitch's Global Structured Finance
Rating Criteria, the rating analysis reflects that any interest
deferrals are projected to be fully recovered by the legal maturity
date, that they are a common structural feature in Spanish RMBS,
and that the transaction's documentation includes a defined
mechanism for the repayment of deferred amounts.

Treatment of Further Drawdowns (Criteria Variation): Possible
further drawdowns on multi-credit loan agreements (around 13% of
portfolio balance) have not been accounted for within Fitch's
rating analysis, reflecting the zero or residual instances of
further drawdowns registered since April 2015. The absence of
further drawdowns to date is most likely explained by the stringent
conditions for application that discourage debtors from requesting
further advances.

Long Tenor Loans (Criteria Variation): Fitch has not applied the
1.2x FF adjustment (FFA) defined under the European RMBS Rating
Criteria for long tenor loans as it deems this feature sufficiently
captured by the application of restructuring FFAs. The combined
model-implied rating impact of the two variations is one notch
positive for the class B notes.

The previously applied criteria variation linked to the
re-bucketing of restructured loans has been suspended, due to the
updated European RMBS Rating Criteria, which calibrated new FFA for
restructured loans.

RATING SENSITIVITIES

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

CE ratios unable to fully compensate the credit losses and cash
flow stresses associated with the current ratings, all else being
equal, will result in downgrades. For example, a 15% increase in
defaults combined with a 15% decrease in recoveries would result in
approximately one-category downgrades for the class A and B notes
and four notches for the class C notes and five notches for the
class D notes.

Weaker than expected performance of restructured loans, especially
those currently in a grace period arrangement, or weaker than
expected recovery cash flows on defaults.

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

Notes rated at 'AAAsf' are rated at the highest level on Fitch's
scale and cannot be upgraded.

Increase in CE ratios as the transaction deleverages to fully
compensate for the credit losses and cash flow stresses
commensurate with higher rating scenarios. For example, a 15%
decrease in defaults combined with a 15% increase in recoveries
would result in a one-notch upgrade for the class B notes and five
notches for the class C notes and six notches for the class D
notes.

CRITERIA VARIATION

Treatment of Further Drawdowns: Possible further drawdowns on
multi-credit loan agreements (around 13% of the current pool
balance) have not been accounted for within Fitch's rating
analysis, reflecting the zero instances of further drawdowns
registered while Anticipa has serviced the portfolio since April
2015. The absence of further drawdowns is most likely explained by
the stringent conditions for application that discourage debtors
from requesting further advances.

Long Loan Terms: Of the pool, around 72.2% has an original term to
maturity greater than 366 months (i.e. 30.5 years). As the term to
maturity for most of these loans was extended as part of the
restructuring arrangements, Fitch did not apply the 1.2x FFA
specifically defined under the European RMBS Rating Criteria for
long tenor loans as this is sufficiently captured by the
application of restructuring FFAs.

The combined model-implied rating impact of the two variations is
one notch positive for the class B notes.

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

Clavel Residential 3 DAC

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.


TDA 29 FTA: Fitch Affirms 'CCCsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed TDA 29, FTA and TDA 30, FTA's notes and
removed them from Under Criteria Observation, as detailed below.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
TDA 30, FTA

   Serie A ES0377844008    LT AAAsf  Affirmed   AAAsf

TDA 29, FTA

   Class A2 ES0377931011   LT AAAsf  Affirmed   AAAsf
   Class B ES0377931029    LT AAAsf  Affirmed   AAAsf
   Class C ES0377931037    LT Asf    Affirmed   Asf
   Class D ES0377931045    LT CCCsf  Affirmed   CCCsf

Transaction Summary

The transactions comprise fully amortising Spanish residential
mortgages originated and serviced by Banco de Sabadell, S.A.
(BBB+/Stable/F2) and Banca March (not rated) for TDA 29, and by
Banca March for TDA 30. Credit enhancement (CE) consists of
over-collateralisation and cash reserves.

KEY RATING DRIVERS

European RMBS Criteria Updated: The rating actions reflect the
update of Fitch's European RMBS Rating Criteria, which adopted a
non-indexed current loan-to-value (LTV) approach to derive the base
foreclosure frequency (FF) on the portfolio, instead of the
original LTV approach applied before. Another relevant change is
the updated loan level recovery rate cap of 85%, lower than the
100% before. For both transactions, the portfolio credit analysis
is driven by the portfolio loss vector (e.g. 5% at the 'AAA' rating
case). For more information see "Fitch Ratings Updates European
RMBS Rating Criteria; Sets FF and HPD Assumptions" dated 30 October
2024.

Excessive Counterparty Exposure: The affirmation of TDA 29's class
C notes at 'Asf' with a Stable Outlook reflects that the rating is
capped at the transaction account bank (TAB) provider's long-term
deposit rating (Societé Generale, S.A, 'A'). The rating cap
reflects the excessive counterparty dependency on the TAB holding
the cash reserves, as CE held at the TAB represents more than half
the total CE available to these tranches, and the sudden loss of
these funds would imply a downgrade of 10 or more notches in
accordance with Fitch's criteria.

Gradual CE Build Up: The rating actions reflect Fitch's view that
the notes are sufficiently protected by CE to absorb the projected
losses commensurate with prevailing rating scenarios. Despite the
current pro-rata amortisation of the notes in both deals, Fitch
projects CE ratios on the notes will gradually increase considering
the non-amortising reserve funds and the strong performance of both
transactions.

Neutral Asset Performance Outlook: Fitch has broadly stable asset
performance expectations for the transactions, in line with the
neutral asset outlook for eurozone RMBS transactions and its view
on the Spanish housing sector for the next few years. The
transactions have a low share of loans in arrears over 90 days
(less than 0.6% as of the latest reporting dates) with gross
cumulative defaults at 5.1% for TDA 29 and 4.3% for TDA 30. The
pools have long seasoning of over 18 years.

RATING SENSITIVITIES

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

For the notes that are rated 'AAAsf, a downgrade of Spain's
Long-Term Issuer Default Rating (IDR) that could decrease the
maximum achievable rating for Spanish structured finance
transactions.

A downgrade of the TAB's long-term deposit rating could trigger a
downgrade of TDA 29's class C notes. This is because the notes'
rating is capped at the TAB rating given the excessive counterparty
risk exposure.

CE ratios unable to fully compensate the credit losses and cash
flow stresses associated with the current ratings, all else being
equal, will also result in downgrades. A 15% increase in the
weighted average (WA) FF and a decrease in the WA recovery rate by
15 % would result in up two notches of rating impact.

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

Notes rated 'AAAsf' are at the highest level on Fitch's scale and
cannot be upgraded.

An upgrade of the TAB's long-term deposit rating could trigger an
upgrade of TDA 29's class C notes. This is because the notes'
rating is capped at the TAB rating given the excessive counterparty
risk exposure.

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

TDA 29, FTA, TDA 30, FTA

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

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

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

TDA 29's class C notes' rating is directly linked to the TAB's
long-term deposit rating due to excessive counterparty dependency.

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.




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

FASTPARTNER AB: Moody's Ups CFR to Ba3 & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Ratings upgraded Fastpartner AB's (Fastpartner or the
company) corporate family rating to Ba3 from B1, a Swedish listed
real estate company focused on office rental properties. The
outlook was changed to positive from stable.

RATINGS RATIONALE

The upgrade reflects Fastpartner's relatively robust operating
performance, evidenced by rising rental income despite decreasing
indexation, and takes into account gradually falling interest
rates, which, however, remain significantly higher than at the
beginning of 2022 when the central bank began raising rates.
Fastpartner's interest coverage ratio has been a credit negative
factor, but Moody's expects its EBITDA interest coverage to
increase from 1.8x at the end of 2024 to 2.4-2.5x over the next
12-18 months. Given the historically low level of hedging,
Fastpartner will immediately benefit from the current interest rate
cuts with a three-month lag. Fastpartner has also improved its
degree of hedging in 2024, and Moody's positively recognizes the
company's willingness to gradually increase hedging going forward.

Additionally, Moody's considers the possibility of support through
a cash injection from Compactor Fastigheter AB if necessary.
Moody's views positively the company's waived covenant levels,
which offer an additional buffer for interest coverage covenants in
some bank loan agreements. Furthermore, several interest rate cuts
will continue to enhance this buffer, as it is calculated over the
last four quarters, even though Moody's expects covenants to revert
to their original levels by late 2025. Moody's expectations for
covenant calculations is in the range of 2.5-2.7x, ensuring a
comfortable margin above the lowest required covenant levels.

The Ba3 rating also reflects positively on Fastpartner's
medium-sized property portfolio, which is strategically focused on
office buildings in attractive inner-city areas, fringe central
business district (CBD) locations, and desirable secondary
locations in the Greater Stockholm area. The portfolio includes
well-located logistics properties, which, although representing
only 17% of the rental value, contribute to the overall solid
operating performance. However, the company's strengths are partly
offset by its geographical concentration, even though it is in
Sweden's strongest growth areas, and a relatively high vacancy rate
of 7.6% as of the end of 2024. Moody's expects ongoing property
refurbishments to further enhance property quality and help reduce
the vacancy rate. Nearly 90% of Fastpartner's rents are CPI-linked,
with an indexation of 1% for 2025, supporting rental growth. As a
result, Moody's anticipates further improvements in rental income
and a reduction in vacancy rates, leading to an expected net
debt/EBITDA ratio of around 10x over the next 12-18 months. Moody's
also expects effective leverage to remain stable at 47-48% during
this period.

OUTLOOK

The positive outlook reflects the potential for further upward
rating pressure over the next few quarters, provided that the
company continues to improve its credit metrics. Moody's expects
Moody's adjusted EBITDA interest coverage, currently at 1.9x, to
improve and reach 2.4-2.5x over the next 12-18 months. Based on
Moody's forecasts and applicable covenant calculations, Moody's
anticipates the ratio to rise to 2.5-2.7x during this period,
providing a comfortable buffer relative to both current and
original covenant levels. Additionally, Moody's expects Fastpartner
to proactively refinance its upcoming debt maturities.

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

Factors that could lead to an upgrade

An upgrade could result if Fastpartner achieves and sustains
leverage, as measured by total debt/gross assets, towards 50%, with
a corresponding debt/EBITDA ratio below 11x. Additionally, a higher
rating would require the company's Moody's-adjusted fixed-charge
coverage ratio to exceed 2.0x.

Factors that could lead to a downgrade

-- Sustaining leverage, as measured by Moody's-adjusted gross
debt/total assets sustainably above 55%

-- A net debt/EBITDA above 12x

-- Moody's adjusted fixed-charge coverage ratio to stabilizing
below 1.7x on a sustained basis

-- Weakening liquidity, or continued or increased reliance on
short-term debt

-- Weakening of market fundamentals, resulting in falling rents
and asset values

LIQUIDITY

Liquidity is adequate, cash. Fastpartner has outflows over the next
18 months of in total around SEK5.5 billion (largely maturing bank
debt, commercial paper and capex). Fastpartner has debt maturities
of SEK5.1 billion corresponding to 30% of total debt during the
next 18 months. Estimations of Q4 2024 include access to around
SEK3.8 billion of liquidity, including cash of SEK33 million
(including late payments) and SEK2.3 million of undrawn committed
facilities which largely covers the liquidity outflows.
Additionally, Moody's expects the company to generate cash flow of
about SEK1.4 million.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Corporate governance has improved due to an increased degree of
hedging and management's ability to renegotiate covenant levels
during a period of low interest coverage and the risk of breaching
covenants.

The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms published in February 2024.




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

DEUCE MIDCO: Moody's Hikes CFR to 'B2', Outlook Stable
------------------------------------------------------
Moody's Ratings has upgraded Deuce Midco Limited's (David Lloyd
Leisure or DLL) long-term corporate family rating to B2 from B3,
its probability of default rating to B2-PD from B3-PD, and its
senior secured bank credit facility rating to Ba2 from Ba3.
Concomitantly, Moody's upgraded the backed senior secured rating of
Deuce FinCo plc, a subsidiary of DLL, to B2 from B3.  The outlook
for both entities remains stable. DLL is the leading operator of
premium Health & Fitness clubs in Europe.

The rating action reflects:

-- DLL's strong performance that Moody's expects to continue over
the next two years;

-- Moody's expectations that leverage will further decline through
earnings growth to 6.1x and 5.6x by the end of 2025 and 2026
respectively, from 6.8x currently.

RATINGS RATIONALE      

Company-adjusted EBITDA (before rent) has grown 27% in the
September year-to-date (YTD), reaching GBP287 million for the last
12-month (LTM) period, resulting in a marked improvement in
Moody's-adjusted gross debt to EBITDA ratio to 6.8x from 8.3x in
December 2023. Earnings have benefitted from high operating
leverage as revenue grew 14% in the YTD, driven by an 11% increase
in member yield and a 4% growth in average membership. Earnings
also grew due to energy costs hedged at lower levels.

As in 2023, member yield was boosted by a higher uptake of premium
memberships which now account for 85% of adult new member sales and
66% of overall adult memberships. Despite above-inflation price
increases, membership continues to grow on a like-for-like basis
and total membership further benefitted from growth in Continental
Europe, which accounts for around 20% of the company's sites.
Continental clubs mature at a slower pace than in the UK where the
David Lloyd brand is firmly established. DLL's operational
performance reflects its compelling value proposition, with mostly
suburban clubs offering a wide array of activities and no real
direct competitors of scale. The operator caters to families which
tend to be more affluent, which supports customer loyalty. The
company's robust operating and financial performance also
underscores its strategy of premiumisation as DLL invests all of
its basic cash generated from operations into growth including spa
retreats, refurbishments, conversion of tennis courts into padel
and pickleball courts, greenfield projects, and site acquisitions.

Moody's expects earnings to grow by around GBP35 million, or in the
mid-teens percentages, yearly over the next two years with annual
member yield up in the high single-digits and average total
membership growing by around 2%, in part from four club openings
each year. As a result, Moody's-adjusted leverage will further
decline to 6.1x and 5.6x by end 2025 and 2026 respectively,
assuming the current capital structure stays in place. At the same
time, the Moody's-adjusted EBITA/interest ratio will improve to
1.7x and 2x respectively, from 1.5x currently. Cash generation will
however remain elusive as all of the additional earnings will be
re-invested into growth, resulting in a stable cash balance and a
still adequate liquidity position.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will maintain robust operating and financial performance, thereby
maintaining ratios and liquidity commensurate with its rating
level. The outlook also assumes that it will address its debt
maturities in a timely fashion.

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

Moody's could upgrade the company's rating if on a Moody's-adjusted
and sustainable basis:

-- profits keep growing through membership and/or member yield
growth; and

-- debt/EBITDA is below 5x; and

-- EBITA/interest is above 2x; and

-- free cash flow is substantially positive, leading to higher
cash balance.

Downward pressure could materialise if on a Moody's-adjusted and
sustainable basis:

-- profits decline due to lower membership and/or member yield
growth; or

-- debt/EBITDA towards 7x; or

-- EBITA/Interest is below 1.5x; or

-- liquidity weakens.

STRUCTURAL CONSIDERATIONS

The B2 CFR and the probability of default rating of B2-PD are at
the same level, reflecting the assumption of a 50% loss given
default at the structure level owing to at least two levels of
seniority among the tranches of funded debt. The Ba2 rating on the
senior secured Super Senior Revolving Credit Facility (SSRCF)
reflects its priority over the proceeds in an enforcement over the
backed senior secured notes which are rated B2.

LIQUIDITY

The company has an adequate liquidity profile. The company ended
2024 with GBP11 million of cash on balance sheet and its GBP125
million SSRCF due December 2026 fully available. Although Moody's
expects free cash flow over the next two years to be cumulatively
negative by about GBP10 million, this will be fully offset by
proceeds from sale-and-leaseback transactions on greenfield
projects in the UK, resulting in a stable year-end cash balance.
The SSRCF will also remain undrawn at year-ends. The SSRCF is
subject to a springing net leverage covenant which is tested when
over 40% drawn.

DLL has material debt maturities in June 2027 when all of its
funded term debt consisting of GBP900 million equivalent of senior
secured notes are due for repayment.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Hatfield, UK, David Lloyd Leisure (DLL) is the
second largest Health & Fitness operator in Europe by revenue after
Basic-Fit. As at September 30, 2024, the company had 784 thousand
members across 133 premium clubs: 105 in the UK, one in the
Republic of Ireland, and 28 in Europe (Republic of Ireland,
Germany, Spain, France, Belgium, the Netherlands, Switzerland, and
Italy). In the last 12-month (LTM) period ended September 2024, DLL
reported GBP834 million of revenue for a company-adjusted
before-rent EBITDA of GBP287 million (after-rent: GBP215 million).
Since November 2013, it has been owned by funds advised by TDR
Capital.  


E.CRIS UK: Quantuma Advisory Named as Administrators
----------------------------------------------------
E.Cris UK Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2025-001036, and Andrew Watling and Simon
Campbell of Quantuma Advisory Limited were appointed as
administrators on Feb. 17, 2025.  

E.Cris UK was engaged in the retail sale of clothing in specialised
stores.

Its registered office is at The Old Town Hall Market Place, Oundle,
Peterborough, PE8 4BA and it is in the process of being changed to
Office D, Beresford House, Town Quay, Southampton, SO14 2AQ.

Its principal trading address is at Unit 3, 92-100 Regent Street,
London Ground Floor, 194 King’s Road, London; Upper Ground Floor,
Battersea Power Station, London; Unit 173, Cheshire Oaks Designer
Outlet, Cheshire; Harvey Nichols – Dublin; Harvey Nichols -
Edinburgh; Harvey Nichols - London; Harvey Nihcols – Manchester.

The joint administrators can be reached at:

                Andrew Watling
                Simon Campbell
                Quantuma Advisory Limited
                Office D, Beresford House
                Town Quay, Southampton SO14 2AQ

Any person who requires further information may contact:

               Andrea Terraneo
               Email: Andrea.Terraneo@quantuma.com
               Tel No: 02382 356 939


ELEMENTAL DIGEST: Lameys Named as Administrators
------------------------------------------------
Elemental Digest Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-1256, and Michelle Anne Weir of Lameys was appointed as
administrators on Feb. 26, 2025.  

Elemental Digest engaged in remediation activities and other waste
management services.

Its registered office is at Woodwater House, Pynes Hill, Exeter,
Devon, EX2 5WR.

Its principal trading address is at Bellinster Industrial Estate,
Winkleigh, Devon, EX19 8DQ

The joint administrators can be reached at:

          Michelle Anne Weir
          Lameys
          One Courtenay Park, Newton Abbot
          Devon, TQ12 2HD

For further details, contact:

          Sophie Fay
          Tel No: 01626 366117
          Email sfay@lameys.co.uk


GPC CUMBRIA: Armstrong Watson Named as Administrators
-----------------------------------------------------
GPC Cumbria Limited was placed into administration proceedings in
The High Court of Justice Business and Property Court in Manchester
Company and Insolvency List CHD, No 000233 of 2025, and Daryl
Warwick and Lindsey Cooper of Armstrong Watson LLP  were appointed
as administrators on Feb. 21, 2025.  

GPC Cumbria specialized in support service.

Its registered office is at Oxford Chambers, New Oxford Street,
Workington, CA14 2LR

Its principal trading address is at Carrock House, North Lakes Ind
Park, Flusco, Penrith CA11 0JG

The joint administrators can be reached at:

         Daryl Warwick
         Lindsey Cooper
         Armstrong Watson LLP
         James Watson House
         Montgomery Way
         Rosehill, Carlisle
         Cumbria, CA1 2UU

For further details, contact:

         Holly Wood
         Tel No: 01228 690200
         Email: holly.wood@armstrongwatson.co.uk


LONDON ANTIAGING: Quantuma Advisory Named as Administrators
-----------------------------------------------------------
London Antiaging Clinic Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2024-007626, and
Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited
were appointed as administrators on Feb. 14, 2025.  
       
London Antiaging, trading as The Galen Clinic (previous trading
name: London Antiaging Clinic Ltd), specialized in service
activities.

Its registered office is at 9 Queen Anne Street, London, W1G 9HW
(in the process of being changed to 1st Floor, 21 Station Road,
Watford, Herts, WD17 1AP).

Its principal trading address is at 9 Queen Anne Street, London,
W1G 9HW.
       
The joint administrators can be reached at:
       
                      Nicholas Simmonds
                      Chris Newell
                      Quantuma Advisory Limited
                      1st Floor, 21 Station Road
                      Watford, Herts, WD17 1AP
       
For further details, please contact:
       
                      Clare Vila
                      Tel No: 01923 954174
                      Email: clare.vila@quantuma.com


PRESTIGE TRADE: Begbies Traynor Named as Administrators
-------------------------------------------------------
Prestige Trade Sales Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Birmingham, Court Number: CR-2025-BHM-000071, and Mark
Malone and Gareth Prince of Begbies Traynor (Central) LLP were
appointed as administrators on Feb. 21, 2025.  

Prestige Trade specialized in the sale of new cars and light motor
vehicles; the sale of used cars and light motor vehicles;
maintenance and repair of motor vehicles; and wholesale trade of
motor vehicle parts and accessories.

Its registered office is at 17b/d, Hartlebury Trading Estate,
Hartlebury, DY10 4JB.

The joint administrators can be reached at:

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

For further details, contact:

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


RIPON MORTGAGES: Fitch Assigns 'B-sf' Final Rating on Class X Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Ripon Mortgages PLC final ratings.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Ripon Mortgages PLC

   Class A XS2982123403   LT AAAsf  New Rating   AAA(EXP)sf
   Class B XS2982123585   LT AA+sf  New Rating   AA+(EXP)sf
   Class C XS2982123668   LT A+sf   New Rating   A+(EXP)sf
   Class D XS2982123742   LT BBB+sf New Rating   BBB+(EXP)sf
   Class E XS2982124047   LT BBB-sf New Rating   BBB-(EXP)sf
   Class F XS2982124120   LT BBsf   New Rating   BB(EXP)sf
   Class R XS2982125010   LT NRsf   New Rating   NR(EXP)sf
   Class X XS2982125101   LT B-sf   New Rating   B-(EXP)sf
   Class Z XS2982124633   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The transaction is a securitisation of UK buy-to-let (BTL) loans
originated by Bradford and Bingley (B&B) and its wholly-owned
subsidiary, Mortgage Express, mainly between 2005 and 2008. The
loans were previously securitised under Ripon Mortgages plc.

KEY RATING DRIVERS

Seasoned Loans, Worsening Performance: Fitch considered the
historical performance of the pool when setting the originator
adjustment. The original Ripon Mortgages transaction benefited from
positive selection through the exclusion of loans in arrears by
more than one month, which resulted in lower arrears and
repossessions than some other BTL legacy portfolios.

Historically, Ripon Mortgages' performance has been consistent with
Fitch's BTL performance indices, before recently deteriorating. As
of November 2024, loans more than three months in arrears accounted
for 5% of the pool balance, up 1.4% from a year ago. Taking these
factors into consideration, Fitch has applied a 1.1x originator
adjustment to foreclosure frequency (FF) to reflect the risk of
further portfolio deterioration.

Low Margins, Moderate Affordability: All the loans track the Bank
of England base rate (BBR) with a weighted average (WA) margin of
1.7%, which is typical of interest-only BTL originated before the
global financial crisis. While the WA margin is low, affordability
remains moderate compared with other BTL legacy portfolios, with a
WA interest coverage of 112% due to B&B's slightly weaker lending
policy. Fitch believes the low WA margin contributes to a low
realised and expected prepayment rate for the pool.

Unhedged Basis Risk: The notes pay daily compounded SONIA, so the
transaction is exposed to basis risk between BBR and SONIA. Fitch
stressed the transaction's cash flows for basis risk, in line with
its criteria. Combined with the low asset margins, this resulted in
limited excess spread in Fitch's cash flow analysis.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement (CE) available to the
notes.

In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action depending on the extent of the decline in
recoveries. Fitch found that a 15% WAFF increase and 15% WARR
decrease would result in downgrades of no more than one notch each
for the class C to F notes and up to four notches for the class X
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 levels 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 no more than
one notch for the class B notes, four notches for the class C
notes, six notches for the class D notes, seven notches for the
class E notes, and eight notches each for the class F and X notes.

CRITERIA VARIATION

The collateral performance may worsen and excess spread is likely
to be further depressed in light of the rise in arrears. In
addition, RR on repossessed properties have been lower than
suggested by the seasoning on the assets and could persist due to
adverse selection. Fitch assessed the MIRs in line with the
standard sensitivity of 15% WARR reduction, which drove its rating
determination. The expected ratings are one to four notches below
the base MIRs for the class B to F notes, which constitutes a
criteria variation.

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 PricewaterhouseCoopers. The third-party due diligence
described in Form 15E focused on evaluating the validity of certain
characteristics of the loan pool related to the issuance of the
notes by the issuer. Fitch considered this information in its
analysis, which 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

13 February 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.


RMAC SECURITIES 1: Fitch Affirms BB+ on Ser. 2007-NS1 Cl. B1a Debt
------------------------------------------------------------------
Fitch Ratings has affirmed all tranches of RMAC Securities No.1 Plc
(Series 2006-NS1), RMAC Securities No.1 Plc (Series 2006-NS2), RMAC
Securities No.1 Plc (Series 2006-NS3), RMAC Securities No.1 Plc
(Series 2006-NS4), and RMAC Securities No.1 Plc (Series
2007-NS1)and revised the Outlook on Series 2006-NS2 and 2006-NS4's
class B1a and B1c notes to Negative from Stable.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
RMAC Securities
No.1 Plc
(Series 2006-NS1)

   Class A2a XS0248588716   LT AAAsf  Affirmed   AAAsf

   Class A2c Currency
   Swap Obligation          LT AAAsf  Affirmed   AAAsf

   Class A2c XS0248595331   LT AAAsf  Affirmed   AAAsf

   Class B1 Currency
   Swap Obligation          LT A+sf   Affirmed   A+sf

   Class B1c XS0248597972   LT A+sf   Affirmed   A+sf

   Class M1a XS0248590290   LT AAAsf  Affirmed   AAAsf

   Class M1c Currency
   Swap Obligation          LT AAAsf  Affirmed   AAAsf

   Class M1c XS0248597204   LT AAAsf  Affirmed   AAAsf

   Class M2a XS0248590613   LT AAAsf  Affirmed   AAAsf

   Class M2c Currency
   Swap Obligation          LT AAAsf  Affirmed   AAAsf

   Class M2c XS0248596149   LT AAAsf  Affirmed   AAAsf

RMAC Securities No.1 Plc
(Series 2006-NS3)

   Class A2a XS0268014353   LT AAAsf  Affirmed   AAAsf
   Class M1a XS0268021721   LT AAsf   Affirmed   AAsf
   Class M1c XS0268024071   LT AAsf   Affirmed   AAsf
   Class M2c XS0268027769   LT A+sf   Affirmed   A+sf

RMAC Securities No.1 Plc
(Series 2007-NS1)

   Class A2a XS0307493162   LT AAAsf  Affirmed   AAAsf
   Class A2b 749624AQ5      LT AAAsf  Affirmed   AAAsf
   Class A2c XS0307505601   LT AAAsf  Affirmed   AAAsf
   Class B1a XS0307500479   LT BB+sf  Affirmed   BB+sf
   Class B1c XS0307512219   LT BB+sf  Affirmed   BB+sf
   Class M1a XS0307496264   LT A+sf   Affirmed   A+sf
   Class M1c XS0307506674   LT A+sf   Affirmed   A+sf
   Class M2c XS0307511591   LT Asf    Affirmed   Asf

RMAC Securities No.1 Plc
(Series 2006-NS4)

   A3a XS0277409446         LT AAAsf  Affirmed   AAAsf
   B1a XS0277450838         LT BB+sf  Affirmed   BB+sf
   B1c XS0277453691         LT BB+sf  Affirmed   BB+sf
   M1a XS0277411004         LT AA-sf  Affirmed   AA-sf
   M1c XS0277437223         LT AA-sf  Affirmed   AA-sf
   M2a XS0277457841         LT A+sf   Affirmed   A+sf
   M2c XS0277445671         LT A+sf   Affirmed   A+sf

RMAC Securities No.1 Plc
(Series 2006-NS2)

   Class A2a XS0257374313   LT AAAsf  Affirmed   AAAsf

   Class A2c XS0257375559   LT AAAsf  Affirmed   AAAsf

   Class B1a XS0257371301   LT BBB+sf Affirmed   BBB+sf

   Class B1c Currency
   Swap Obligation          LT BBB+sf Affirmed   BBB+sf

   Class B1c XS0257372374   LT BBB+sf Affirmed   BBB+sf

   Class M1a XS0257375807   LT AAAsf  Affirmed   AAAsf

   Class M1c Currency
   Swap Obligation          LT AAAsf  Affirmed   AAAsf

   Class M1c XS0257370329   LT AAAsf  Affirmed   AAAsf

   Class M2c Currency
   Swap Obligation          LT AA-sf  Affirmed   AA-sf

   Class M2c XS0257371137   LT AA-sf  Affirmed   AA-sf

Transaction Summary

The transactions are securitisations of buy-to-let and
non-conforming residential mortgages originated by Paratus AMC
(formerly GMAC-RFC).

KEY RATING DRIVERS

Sensitivity to Lower Recoveries: Fitch observes that the notes'
model-implied ratings (MIRs) might be sensitive to a lower recovery
rate (RR) than those estimated by its ResiGlobal: UK model. The
revision of the Outlooks on Series 2006-NS2 and 2006-NS4's class
B1a and B1c notes to Negative reflects recent instances of
lower-than-expected RR in certain non-conforming transactions,
including the RMAC series. The Negative Outlooks reflect the
possibility of reduced recoveries, which could impact the MIRs in
future reviews.

Stabilised Performance, Decreasing Granularity: Following two years
of steep increases due to the cost of living crisis and rising
interest rates, arrears peaked in March 2024 and have since
stabilised, showing a decreasing trend. The decline was most
pronounced in the Series 2006-NS3 and 2006-NS4 portfolios, with
both one- and three-month-plus arrears decreasing by 2 to 3%. The
arrears levels in all five transactions are now below the Fitch UK
non-conforming index.

Fitch also notes that the improved performance is attributable to
the shift of arrears from late-stage to early-stage buckets.
Late-stage arrears have decreased by approximately 2.2% across the
pools, and are nearly 12% for all deals except 2006-NS1, which has
historically performed better with three-month-plus arrears not
exceeding 11%. Given the pools' decreasing granularity, arrears
levels could deteriorate in future due to negative selection. Fitch
factored a potential worsening of asset performance into the
affirmations.

Gradual CE Build-up: The notes are currently paying on a pro-rata
basis, with all reserve funds non-amortising due to performance
trigger breaches. This has led to a gradual increase in credit
enhancement (CE), driving the affirmations.

Tail Risk Constrains Ratings: The transactions are exposed to tail
risk due to the prevailing pro-rata amortisation of the notes and
the lack of a mandatory switch to a sequential amortisation in the
late stage of the transactions. As all of the pools contain high
proportions of interest-only loans (IO) with a large concentration
of IO maturities falling due in 2026-2027 and 2031-2032, potential
uncertainty around borrowers meeting bullet payments may increase
tail risk.

Counterparty Exposure Limits Ratings: CE for Series 2006-NS1's
class B1c notes is solely from the transaction's reserve fund held
by Barclays Bank Plc (A+/Stable) as there are no collateralised
subordinated notes. The rating for these notes is therefore capped
at and linked to Barclays' Long-Term Issuer Default Rating (IDR),
reflecting their excessive dependence on Barclays.

The reserve fund could be the only reliable source of CE for
mezzanine and junior notes in other deals in scenarios where the
collateral performance deteriorates, but remains within the
conditions for pro-rata payments. Combined with the tail risks,
this constrains the ratings.

Term Extensions Stable: The transactions include high percentages
of owner-occupied IO loans, which is typical for pre-crisis
non-conforming deals. Fitch notes that the number of loans past
maturity receiving term extensions has remained stable over the
past couple of years. Fitch currently deems extension risk as
mitigated, due to the time buffer between the maturity schedules of
the loans and the notes' legal final maturity. Fitch will continue
to monitor the pool evolution to determine if term extension
activity increases risk.

RATING SENSITIVITIES

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

A deterioration in asset performance due to the increased cost of
living and energy prices in the UK could result in negative rating
action. The transactions' performance may be affected by adverse
changes in market conditions and economic environment. Weakening
asset performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce CE available to the
notes. Additionally, unanticipated declines in recoveries could
also result in lower net proceeds, which may make certain notes
susceptible to negative rating action, depending on the extent of
the decline in recoveries.

Fitch found a 15% increase in the weighted average foreclosure
frequencies (WAFF) and a 15% decrease in the weighted average
recovery rate (WARR) could lead to downgrades of no more than one
notch for Series 2006-NS2, Series 2006-NS3, Series 2006-NS4 and
Series 2007-NS1 class M2c, M1a/M1c, B1c notes, no more than two
notches for Series 2006-NS3 and Series 2006-NS4 class M2a/M2c
notes, no more than three notches for Series 2006-NS4 class M2a/M2c
notes, no more than four notches for Series 2007-NS1 class M2c
notes and more than one rating category for 2006-NS2, Series
2006-NS4 and Series 2007-NS1 class B1a/B1c 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 levels 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 up to two notches for
Series 2006-NS2 class B1a/B1c notes, up to three notches Series
2007-NS1 class M2c notes and up to two rating categories for Series
2006-NS4 class B1a/B1c notes.

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

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

DATA ADEQUACY

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

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

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Series 2006-NS1's class B1c notes (and related currency swap
obligations) are constrained at the current 'A+sf' level for
excessive counterparty exposure.

Adverse changes to the rating of the swap-referenced notes would
likely lead to a corresponding change in the rating of the SPV's
currency swap obligations. The rating sensitivity will primarily be
driven by the rating analysis applicable to the corresponding
notes. The rating of the SPV's currency swap obligations will be
withdrawn if the currency swap agreement is terminated due to
non-performance by the swap counterparty or a non-credit- related
event.

ESG Considerations

RMAC Securities No.1 Plc Series has an ESG Relevance Score of '4'
for Human Rights, Community Relations, and Access & Affordability
due to exposure to accessibility to affordable housing, which has
an impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

RMAC Securities No.1 Plc Series has an ESG Relevance Score of '4'
for Customer Welfare - Fair Messaging, Privacy & Data Security due
to exposure to compliance risks including fair lending practices,
mis-selling, repossession/foreclosure practices, consumer data
protection (data security), which has an 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.


SANA MECHANICAL: Quantuma Advisory Named as Administrators
----------------------------------------------------------
Sana Mechanical and Electrical Limited was placed into
administration proceedings in Business and Property Courts of
England and Wales Court Number, Court Number: CR-2025-001143, and
Gary Thompson and Chris Newell of Quantuma Advisory Limited were
appointed as administrators on Feb. 24, 2025.  

Sana Mechanical engaged in electrical installation.

Its registered office is at Suite 17, Essex House, Station Road,
Upminster, RM14 2SJ

Its principal trading address us at 17 & Central Mall, Unit 37c, 45
Selborne Road, Walthamstow, E17 7JR

The administrators can be reached at:

           Gary Thompson
           Chris Newell
           Quantuma Advisory Limited
           2nd Floor, Arcadia House
           15 Forlease Road
           Maidenhead SL6 1RX

For further information, contact:

           Alex Nisbet
           Tel No: 01628 478 100
           Email: alex.nisbet@quantuma.com


SANDSTONE LEGAL: Smith & Barnes Named as Administrators
-------------------------------------------------------
Sandstone Legal Limited was placed into administration proceedings
in the High Court Of Justice, Business and Property Courts of
England and Wales, No 7941 of 2024, and Jessica Thomas and Philippa
Smith of Smith & Barnes Insolvency Practitioners Ltd were appointed
as administrators on Feb. 21, 2025.  

Sandstone Legal are solicitors.

Its registered and principal trading address is at Arkwright House,
5th Floor Parsonage Gardens, Manchester, M3 2LF.

The joint administrators can be reached at:
         
         Jessica Thomas
         Philippa Smith
         Smith & Barnes Insolvency Practitioners Ltd
         Unit 4, Madison Court
         George Mann Road, Leeds
         West Yorkshire LS10 1DX

For further details, contact:

         James Duke
         Tel No: 01135323278
         Email: james@sbip.co.uk


SMARTCOMM LTD: KRE Corporate Named as Administrators
----------------------------------------------------
Smartcomm Ltd was placed into administration proceedings in the
Royal Court of Justice, Court Number: CR-2025-001197, and David
Taylor and Paul Ellison of KRE Corporate Recovery Limited were
appointed as administrators on Feb. 21, 2025.  

Smartcomm Ltd engaged in business support service activities.

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

Its principal trading address is at Halifax Road, Cressex Business
Park, High Wycombe, HP12 3SN

The administrators can be reached at:

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

For further information, contact:

           The Joint Administrators
           E-mail: info@krecr.co.uk
           Tel: 01189 479090

Alternative contact: Alison Young


STONY VALLEY: R2 Advisory Named as Administrators
-------------------------------------------------
Stony Valley Limited was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2025-001237, and Robert
Horton of R2 Advisory Limited was appointed as administrators on
Feb. 24, 2025.  

Stony Valley is a licensed club.

Its registered office is c/o R2 Advisory Limited, St Clements
House, 27 Clements Lane, London, EC4N 7AE

Its principal trading address is at Clapham Grand, 21/25 St Johns
Hill, Clapham, London, SW7 1TT

The joint administrators can be reached at:

          Robert Horton
          R2 Advisory Limited
          St Clement's House
          27 Clements Lane
          London EC4N 7AE

For further details, contact:

         Tel: 020 7043 4190
         Email: enquiries@r2a.uk.com

Alternative contact: Ella Harvey



                           *********


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

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Editors.

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

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