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

                          E U R O P E

          Thursday, March 6, 2025, Vol. 26, No. 47

                           Headlines



F R A N C E

ALTICE FRANCE: S&P Lowers LT ICR to 'CC', Outlook Negative


G E R M A N Y

TRENCH GROUP: S&P Assigns 'B+' LongTerm ICR, Outlook Stable


I R E L A N D

ANCHORAGE CAPITAL 1: Moody's Affirms B1 Rating on EUR11.7MM F Notes
ICG EURO 2023-1: S&P Assigns B-(sf) Rating on Class F-R Notes
PALMER SQUARE 2022-1: Moody's Hikes Rating on EUR5MM F Notes to B1
SONA FIOS IV: S&P Assigns Prelim. B-(sf) Rating on Class F Notes


K A Z A K H S T A N

JUSAN GARANT: S&P Affirms 'BB-' ICR Despite Profitability Drop


N E T H E R L A N D S

EAGLE INTERMEDIATE: Moody's Appends 'LD' Designation to Caa2-PD PDR


S P A I N

GC PASTOR HIPOTECARIO 5: Moody's Ups Rating on Cl. A2 Notes to Ba2


U N I T E D   K I N G D O M

ARTIS FINANCE: PricewaterhouseCoopers Named as Administrators
AUXEY BIDCO: S&P Downgrades ICR to 'B', Outlook Stable
COGNETIVITY LTD: FRP Advisory Named as Administrators
COMBINED TREE: Francis Clark Named as Administrators
EZ TEAMSPORTS: Smith & Barnes/Aurora Recovery Set as Administrators

GMP RECRUITMENT: FRP Advisory Named as Administrators
IGNIS FIRE: FTS Recovery Named as Administrators
PARK HOUSE: CG&Co Named as Administrators
PETRA DIAMONDS: Moody's Cuts CFR to Caa2, Outlook Remains Negative
PROPER MUSIC: Evelyn Partners Named as Administrators

TML REALISATIONS: March 21 Proof of Debt Submission Deadline Set
TNA ELECTRICAL: Leonard Curtis Named as Administrators

                           - - - - -


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F R A N C E
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ALTICE FRANCE: S&P Lowers LT ICR to 'CC', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Altice France S.A. (AF) and its issue rating on its senior secured
debt to 'CC' from 'CCC'.  S&P also lowered its long-term issuer
credit rating on AFH to 'CC', from 'CCC-', and affirmed our issue
rating on its unsecured debt at 'C'.

S&P said, "The negative outlook indicates that we will lower the
ratings on AF and AFH to 'D' or 'SD' (selective default), and on
their senior secured and unsecured debt to 'D' (default) upon
execution of the transaction under the proposed terms, or if
servicing of the existing debt is stopped during the process.
Following the restructuring implementation, we will review the
ratings, the group's new capital structure, and its liquidity
position."

On Feb 26, 2025, Altice France Holding S.A. (AFH) and Altice France
S.A. (AF) reached an agreement with a group of holders of its term
loans, senior secured notes, and senior notes, which together hold
55.0% of the company's secured debt and 51.2% of the company's
unsecured debt.

The transaction offers a cash payment, debt-to-equity swap, and new
debt instruments with higher coupon and extended maturity.
S&P said, "We view the proposed transaction as a distressed
exchange and tantamount to a default under our criteria. This
proposed restructuring is subject to the participation level in the
agreement. Regardless, we believe the company will undertake a
restructuring that we view as distressed.

"We view the proposed transaction as distressed and upon
implementation we expect to lower our ratings on the entities to
'D' or 'SD' and their facilities to 'D' (default). The proposed
cash payment, debt-to-equity swap, and maturity extension fall
short of the original promise to all lenders, in our view. We also
view the cash premium paid to lenders, equity stakes, and higher
margin and coupon as not adequately compensating for the term
changes. Excluding the equity interest, the senior secured lenders
will receive a total consideration of 84.61% of the original value
(87.11% when including the 2.5% premium to be paid to lenders
signing onto the deal prior to March 12, 2025); whereas the senior
unsecured lenders will receive 22.50% of the original value (25%
including the 2.5% premium)."

More specifically, the group's current senior secured debt consists
of:

-- EUR2.142 billion of senior secured term loans maturing between
2025 and 2028.

-- EUR4.050 billion of senior secured notes maturing between 2027
and 2029.

-- Equivalents of EUR13.049 billion of U.S. dollar-denominated
senior secured notes maturing between 2025 and 2029.

It expects these will be exchanged on pari passu basis into:

-- Up to EUR1.5 billion cash payment or 7.6% of pro-rata cash of
its original debt.

-- 77.01% of original debt will be exchanged into new senior
secured debt at AF level with an approximately 137.5 bps increase
in the coupon rate and a 2.75 year maturity extension.

-- Pro rata share of 31.0% aggregate indirect equity stake in AF.

-- Cash interest on existing debt through the implementation of
the transaction.

Whereas the group's current unsecured debt consists of:

-- EUR1.817 billion senior notes due between 2027 and 2028.

-- Equivalents of EUR2.572 billion U.S. dollar-denominated senior
notes due between 2027 and 2028.

And the group expects that these will be exchanged for:

-- Up to EUR100 million cash payment or 2.5% pro rata cash of its
original debt.

-- 20% of original debt will be exchanged into new senior
unsecured debt at the Luxembourg holding company level entity, with
a fixed coupon rate of 9.125% maturing in Jan 2033.

-- Pro rata share of 14.0% aggregate indirect equity stake in AF.

-- Contingent value rights issued by AFH.

-- Cash interest on existing debt through March 31, 2025, payable
on the transaction's effective date.

The proposed restructuring transaction is subject to the
participation level in the agreement. The transaction on the senior
secured debt could be implemented on a consensual basis, with
closing expected to be before March. 31, 2025--if AF achieves
consent from more than 90% of existing bondholders and from 100% of
loan lenders. The transaction on the unsecured debt could be
implemented on a consensual basis if AFH achieves consent from more
than 90% of existing bondholders. Alternatively, an implementation
through an in-court pre-insolvency restructuring process could also
be possible, which requires consent from only about 66% of the
existing lenders for both the senior secured and unsecured debt.
The latter could take several months to complete. Regardless, S&P
believes the company will undertake a restructuring that it views
as distressed.

S&P said, "The negative outlook indicates that we will lower the
ratings on AFH and AF to 'D' or 'SD' (selective default) and on
their senior secured and unsecured debt to 'D' (default) upon
execution of the transaction under the proposed terms, or if
servicing of the existing debt is stopped during the process.
Following the restructuring implementation, we will review the
ratings, the group's new capital structure, and its liquidity
position."




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

TRENCH GROUP: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Germany-based Trench Group Holdings GmbH. S&P also assigned its
'B+' issue rating to the EUR380 million term loan B (TLB). The '3'
recovery rating reflects its expectation of meaningful recovery
prospects (50%-70%; rounded estimate 65%) in the event of a
default.

S&P said, "The stable outlook reflects our view that Trench Group
will generate solid organic revenue growth and
above-capital-goods-average EBITDA margins in the next two fiscal
years, supported by secular trends such as expanding
electrification and rising renewable energy generation that require
large investments in electric power grids. It also reflects our
expectation that the group will post an S&P Global Ratings-adjusted
debt-to-EBITDA ratio below 3.5x and free operating cash flow (FOCF)
to debt of more than 5%."

Trench has set up a new capital structure to finance the carve-out
deal from Siemens Energy.  The total debt amount has not changed
compared with the proposed financing. The final capital structure
includes a EUR380 million TLB, EUR130 million revolving credit
facility (RCF) and EUR75 million guarantee facility. The RCF and
guarantee facilities mature in 6.5 years and the TLB matures in
seven. Preference shares are also present in the capital structure,
which sit at parent entity Saphira BidCo S.a.r.l. S&P treats these
as equity and exclude them from our leverage and coverage
calculations because it sees an alignment of interest between
noncommon and common equity holders.

S&P said, "We expect Trench Group to benefit from strong demand for
high-voltage grid investments and maintain relatively solid credit
metrics, including S&P Global Ratings-adjusted debt to EBITDA below
3.5x.   The 'B+' rating on the group is also supported by its sound
profitability, which we view as above average for the capital goods
sector; and good cash conversion, with FOCF to debt of 5%-10%.
However, our rating on Trench Group is constrained by its limited
scale due to its niche focus, the narrow scope of its product
portfolio, lack of meaningful service revenues (in line with
industry peers), and the private equity ownership.

"The leading position in its sphere of products and long-standing
relationships with customers support our rating on Trench Group,
although it is somewhat constrained by the size of the industry it
serves.   The group manufactures and provides bushings, instrument
transformers, and coils primarily used by transmission and
distribution operators. These three components are important
elements in the power system value chain due to their role in
ensuring electrical insulation, accurate measurements, and
efficient energy conversion. Trench Group has maintained its
position in the industry and estimates that it holds a share of
more than 25% of the total addressable segments it serves.
Nevertheless, its niche focus limits the scalability of the
business. That said, Trench Group's revenue is bolstered by its
repeat customer base, established client relationships, and
long-term framework agreements. Furthermore, we understand the
company holds long-term supply agreements with many main customers,
some of which include offtake agreements, at least until FY2030.
This further supports the revenue basis in the long term. The group
exhibits relatively high customer concentration, with the top 10
clients accounting for 40%-45% of revenue.

"Trench Group's revenue growth is underpinned by aging
infrastructure, intensifying demand from electrification, and
rising renewable energy generation that require large investments
in electric power grids.   We expect the company's revenue to rise
by 8% to about EUR735 million in FY2025 from EUR682 million in
FY2024, thanks to its record high order book of EUR1.06 billion at
end-FY2024. This should also cover a big portion of our 3%-5%
growth assumption for FY2026, with revenue reaching EUR740
million-EUR770 million. The high order intake levels reflect large
investment needs after a long period of underinvestment in
infrastructure, specifically in terms of replacements,
reinforcements, and new connections. Investment needs into the
high-voltage grid are underpinned by more decentralized electricity
generation from renewable energy sources--such as wind, solar, and
hydro--as well as the fast growing and electricity-intense data
center industry, along with increasing demand for electricity from
rapid urbanization and population growth. At the same time, the
segment remains undersupplied, which the almost-full capacity usage
across most players reflects. Consequently, suppliers are expanding
their capacities to meet the growing demand.

"High profitability is expected to continue under the new
ownership, leading to positive cash flow despite higher capital
expenditure (capex) expectations.   The new pricing strategy covers
over 80% of long-term spot business and frame agreements and should
improve Trench Group's pricing power, which we anticipate will
boost its EBITDA margin. Still, we forecast its EBITDA margin will
increase by 400-600 bps over 2025-2026 compared with FY2024, mainly
driven by streamlining activities related to the carve-out, which
put a burden on FY2024 margins, as well as higher volumes and
further cost optimization measures from the ownership change. We
understand that no further material restructuring or one-off costs
are planned. Based on good revenue growth and strong
profitability--but partly offset by planned higher expansion
capex--we forecast Trench Group will report positive FOCF of EUR30
million-EUR40 million in 2025, including transaction costs, and
EUR50 million-EUR70 million in 2026. This translates into S&P
Global Ratings-adjusted debt to EBITDA of 3.0x-3.2x in FY2025 and
2.8x-3.0x in FY2026, with adjusted funds from operations (FFO) to
debt of 18%-22% in FY2025 and FY2026.

"Our rating on Trench Group is constrained by its financial-sponsor
ownership.   After the refinancing, the group will post adjusted
debt to EBITDA of 3.0x-3.2x at year-end 2025, which is relatively
moderate compared with other leveraged buyouts. However, given the
intrinsic characteristics and typically more aggressive nature of
financial sponsors' strategies--in terms of shareholder
distributions or debt-financed M&A growth--the rating is
constrained by our assessment of the company's financial policy.

"The stable outlook reflects our view that Trench Group will
generate solid organic revenue growth in the next fiscal two years,
supported by expanding electrification and rising renewable energy
generation that require large investments in electric power grids.
It also reflects our expectation that the company will post
comfortably above-capital-goods-average EBITDA, complete all
carve-out and streamlining activities, and maintain an S&P Global
Ratings-adjusted debt-to-EBITDA ratio below 3.5x and FOCF to debt
of more than 5%."

Downside scenario

S&P could lower the ratings if:

-- Profitability weakens due to higher-than-expected carve-out and
restructuring costs or an adverse market development,

-- Debt to EBITDA exceeds 4.5x, or

-- FOCF to debt falls below 5%.

Upside scenario

Although unlikely in the near term, S&P could consider taking a
positive rating action if the financial sponsor clearly commits to
keep Trench Group's S&P Global Ratings-adjusted debt to EBITDA well
below 4x, combined with an established track record of low
leverage, a consistently expanding revenue base, and notably
improving EBITDA margins.




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I R E L A N D
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ANCHORAGE CAPITAL 1: Moody's Affirms B1 Rating on EUR11.7MM F Notes
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Anchorage Capital Europe CLO 1 DAC:

EUR39,200,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Oct 11, 2023 Affirmed Aa1 (sf)

EUR23,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Oct 11, 2023
Upgraded to A1 (sf)

EUR13,600,000 Class D-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A2 (sf); previously on Oct 11, 2023
Upgraded to Baa1 (sf)

EUR6,000,000 Class D-2 Senior Secured Deferrable Fixed Rate Notes
due 2031, Upgraded to A2 (sf); previously on Oct 11, 2023 Upgraded
to Baa1 (sf)

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

EUR218,000,000 (Current outstanding amount EUR135,929,531) Class
A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 11, 2023 Affirmed Aaa (sf)

EUR30,000,000 (Current outstanding amount EUR18,705,899) Class A-2
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 11, 2023 Affirmed Aaa (sf)

EUR27,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 11, 2023
Affirmed Ba2 (sf)

EUR11,700,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Oct 11, 2023
Affirmed B1 (sf)

Anchorage Capital Europe CLO 1 DAC, issued in July 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Anchorage Capital Group, L.L.C. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C, D-1 and D-2 notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in July 2024.

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

The Class A-1 and A-2 notes have paid down by approximately 28.8%
in the last 12 months and 37.7% since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated January 2025 [1] the Class A/B, Class
C, Class D, Class E and Class F OC ratios are reported at 146.38%,
132.70%, 123.14%, 111.80% and 107.60% compared to July 2024 [2]
levels of 142.85%, 130.71%, 122.10%, 111.73% and 107.85%,
respectively. Moody's notes that the January 2025 principal
payments are not reflected in the reported OC ratios

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

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

Performing par and principal proceeds balance: EUR294.9m

Defaulted Securities: EUR4.0m

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3183

Weighted Average Life (WAL): 3.29 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.78%

Weighted Average Coupon (WAC): 4.66%

Weighted Average Recovery Rate (WARR): 43.8%

Par haircut in OC tests and interest diversion test:  N/A

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
October 2024. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

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

ICG EURO 2023-1: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to ICG Euro CLO
2023-1 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. There
are also unrated class Z and subordinated notes outstanding from
the original transaction.

This transaction is a reset of the already existing transaction
which closed in March 2023. The existing classes of notes were
fully redeemed with the proceeds from the issuance of the
replacement notes on the reset date and the ratings on the original
notes were withdrawn.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,848.72
  Default rate dispersion                                589.73
  Weighted-average life (years)                            4.47
  Weighted-average life extended to cover
  the length of the   reinvestment period (years)          4.49
  Obligor diversity measure                              100.19
  Industry diversity measure                              21.79
  Regional diversity measure                               1.32

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          2.76
  Target 'AAA' weighted-average recovery (%)              35.81
  Target weighted-average spread (%)                       4.43
  Target weighted-average coupon (%)                       4.24

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (4.00%),
the covenanted weighted-average coupon (4.00%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on Aug. 28, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

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

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

Environmental, social, and governance

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

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

  A-R     AAA (sf)   248.00   3/6-month EURIBOR + 1.25   38.00

  B-R     AA (sf)     44.00   3/6-month EURIBOR + 1.75   27.00

  C-R     A (sf)      24.00   3/6-month EURIBOR + 2.25   21.00

  D-R     BBB- (sf)   28.00   3/6-month EURIBOR + 3.50   14.00

  E-R     BB- (sf)    18.00   3/6-month EURIBOR + 5.20    9.50

  F-R     B- (sf)     10.00   3/6-month EURIBOR + 8.45    7.00

  Z       NR           1.00   N/A                          N/A

  Sub     NR          27.10   N/A                          N/A

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


PALMER SQUARE 2022-1: Moody's Hikes Rating on EUR5MM F Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Palmer Square European Loan Funding 2022-1 Designated
Activity Company:

EUR57,500,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Aug 23, 2023 Affirmed Aa2 (sf)

EUR22,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa2 (sf); previously on Aug 23, 2023
Affirmed A2 (sf)

EUR27,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Aug 23, 2023
Affirmed Baa3 (sf)

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba2 (sf); previously on Aug 23, 2023
Downgraded to Ba3 (sf)

EUR5,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Upgraded to B1 (sf); previously on Aug 23, 2023
Downgraded to B2 (sf)

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

EUR340,000,000 (Current outstanding amount EUR146,426,906) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Aug 23, 2023 Affirmed Aaa (sf)

Palmer Square European Loan Funding 2022-1 Designated Activity
Company, issued in March 2022, is a static collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is serviced by Palmer Square
Europe Capital Management LLC. The servicer may sell assets on
behalf of the Issuer during the life of the transaction.
Reinvestment is not permitted and all sales and unscheduled
principal proceeds received will be used to amortize the notes in
sequential order.

RATINGS RATIONALE

The rating upgrades on the Class B, Class C, Class D, Class E and
Class F notes are primarily a result of significant deleveraging of
the Class A notes following amortization of the underlying
portfolio since the payment date in January 2024.

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

The Class A notes have paid down by approximately EUR125.0 million
(36.8% of initial balance) in the last 12 months and EUR193.6
million (56.9% of initial balance) since closing. As a result of
the deleveraging, over-collateralisation (OC) has increased.
According to the trustee report dated February 2025 [1] the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 148.99%, 134.19%, 119.65%, 111.94% and 109.91% compared to
February 2024 [2] levels of 130.50%, 122.14%, 113.28%, 108.28% and
106.93%, respectively.

The deleveraging and OC improvements primarily resulted from
prepayment rates of leveraged loans in the underlying portfolio.
All of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

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

Performing par and principal proceeds balance: EUR303.8 million

Defaulted Securities: EUR0

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2988

Weighted Average Life (WAL): 3.37 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.57%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.71%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a servicer's latitude to trade collateral are also relevant
factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in October 2024. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the servicer or be delayed
by an increase in loan amend-and-extend restructurings. Fast
amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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


SONA FIOS IV: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Sona
Fios CLO IV DAC's class X-notes, X-loan, A-notes, A-loan, and B to
F notes. At closing, the issuer will issue unrated subordinated
notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor     2,798.38
  Default rate dispersion                                 538.28
  Weighted-average life (years)                             4.84
  Obligor diversity measure                               116.93
  Industry diversity measure                               22.87
  Regional diversity measure                                1.14

  Transaction key metrics

  Total par amount (mil. EUR)                             450.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              129
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           'B'
  'CCC' category rated assets (%)                           2.44
  Targeted 'AAA' weighted-average recovery (%)             36.99
  Covenanted weighted-average spread net of floors (%) 4.00

This is a European cash flow CLO transaction, securitizing a pool
of mainly primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.63 years after
closing, and the portfolio's non-call period is 1.5 years after
closing. Under the transaction documents, the rated loans and notes
pay quarterly interest unless there is a frequency switch event.
Following this, the loans and notes will switch to semiannual
payment.

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

"In our cash flow analysis, we modeled the EUR450 million target
par amount, the covenanted weighted-average spread of 4.00%, and
the covenanted weighted-average recovery rates. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

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

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

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

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

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

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

Sona Fios CLO IV DAC is a European cash flow CLO securitization of
a revolving pool, comprising mainly senior secured loans and bonds
issued mainly by sub-investment grade borrowers. Sona Asset
Management (UK) LLP will manage the transaction.

Environmental, social, and governance factors

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as being broadly in
line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities. Accordingly, since the exclusion of assets
related to these activities does not result in material differences
between the transaction and our ESG benchmark for the sector, we
have not made any specific adjustments in our rating analysis to
account for any ESG-related risks or opportunities."

  Preliminary ratings list

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

  X-notes AAA (sf)     0.25      N/A    Three/six-month EURIBOR    
     
                                        plus 0.85%

  X-loan  AAA (sf)     4.75      N/A    Three/six-month EURIBOR
                                        plus 0.85%

  A-notes AAA (sf)   179.00    38.00    Three/six-month EURIBOR
                                        plus 1.27%

  A-loan  AAA (sf)   100.00    38.00    Three/six-month EURIBOR
                                        plus 1.27%

  B       AA (sf)     48.10    27.31    Three/six-month EURIBOR
                                        plus 1.90%

  C       A (sf)      26.40    21.44    Three/six-month EURIBOR
                                        plus 2.25%

  D       BBB- (sf)   33.50    14.00    Three/six-month EURIBOR
                                        plus 3.10%

  E       BB- (sf)    20.25     9.50    Three/six-month EURIBOR
                                        plus 5.60%

  F       B- (sf)     13.50     6.50    Three/six-month EURIBOR
                                        plus 8.42%

  Sub     NR          29.70      N/A    N/A

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

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




===================
K A Z A K H S T A N
===================

JUSAN GARANT: S&P Affirms 'BB-' ICR Despite Profitability Drop
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit and
insurer financial strength ratings on Kazakhstan-based insurance
company Jusan Garant JSC. The outlook is stable.

At the same time, S&P affirmed its 'kzA-' Kazakhstan national scale
rating on the company.

S&P affirmed its ratings because it expects Jusan Garant's capital
buffer to be sufficient to absorb losses stemming from
weaker-than-expected operating performance in 2024, as well as
expected underwriting losses in 2025-2026.

For full-year 2024, Jusan Garant reported a decrease in net income
to KZT125 million and a return on equity of 0.4%. This included
negative underwriting results with the combined ratio at 117%,
which was weaker than our forecast of about 105%-107% for the year.
The underwriting losses stemmed from the combination of larger
claims from inward reinsurance and from financial risk insurance,
as well as the hit from elevated inflation on the OMTPL portfolio.
The combined ratio exceeded the market average in 2024, which S&P
estimates at about 98%.

S&P said, "We have revised down our earnings forecast for Jusan
Garant in 2025-2026. This is because we assume underwriting losses
will continue to put pressure on technical performance and we
expect the combined ratio will well exceed 100% in 2025 and return
to break-even results in 2026. We forecast that Jusan Garant's
bottom-line result will recover to KZT1.5 billion-KZT2.2 billion in
2025 and then improve to KZT4.0 billion-KZT6.0 billion in 2026,
supported by solid investment income and a recovery of underwriting
performance.

"As a result, capital adequacy, according to our risk-based model,
is expected to drop to the 99.95% confidence level by 2026 from
99.99% in 2024. We assume that Jusan Garant's risk-based capital
will remain at the 99.95% confidence level through 2026. At the
same time, we expect its regulatory solvency ratio to remain
comfortably within the 1.9x-2.2x range over 2025-2026." Jusan
Garant's absolute capital size in an international context ($59
million in 2024) remains modest and continues to constrain our
capital and earnings assessment.

Jusan Garant's current strategy stresses insurance portfolio
diversification among voluntary lines, an increase in inward
reinsurance, and portfolio clean-up at the loss-making OMTPL
business. It also envisages digitalization and closer integration
with the parent company Jusan Bank (not rated). In S&P's view,
Jusan Garant's management is yet to demonstrate successful strategy
execution that ultimately results in higher bottom-line results, in
the context of the challenging operating conditions for Kazakh
insurers.

S&P said, "We assume that Jusan Garant will continue focusing on
higher-quality investments, namely sovereign bonds, which
represented about 79% of the portfolio on Jan. 1, 2025. Short-term
investments, consisting of bank deposits and cash equivalents, are
sufficient to cover the company's ongoing liquidity needs, in our
view.

"We note that, on Feb. 13, 2025, Kazakh businessman, Vyacheslav
Kim, applied to the Kazakh financial regulator for approval to
acquire a 97.5% stake in Jusan Bank, Jusan Garant's parent. Jusan
Bank is the sixth-largest bank in Kazakhstan and its assets totaled
KZT3.3 trillion as of Jan. 1, 2025. As we understand, the deal is
still in its early stages, so the potential impact on Jusan Garant
remains uncertain. In our base-case scenario, we expect Jusan
Garant to remain an important insurance subsidiary for Jusan Bank's
strategy, and the regulatory framework will continue to prevent a
negative impact on the insurance company. At the same time, we will
continue to monitor developments in this regard.

"The stable outlook indicates that we expect Jusan Garant's
sufficient capital and earnings and sound liquidity cushion will
support its business and financial profiles over the next 12
months. Moreover, in our view, the insurer will be able to show
gradual improvements in operating performance, with the net
combined ratio falling below 100% by 2026, while maintaining its
competitive position in the domestic market. This will further
support capital adequacy at the 99.95% confidence level.

"In our base-case scenario, we assume that Jusan Garant's
creditworthiness will remain intact despite a potential shareholder
change at the parent company."

S&P could take a negative rating action on Jusan Garant in the next
12 months if:

-- Technical profitability does not improve in line with our
expectations of attaining technical break-even or better (with a
combined ratio of 100% or lower) by 2026.

-- Jusan Garant's capital adequacy deteriorates for an extended
period below the 99.95% benchmark, which could occur as a result of
aggressive growth, high underwriting or investment losses, or
lower-than-expected retained earnings; or
-- S&P observes that the new management team has fallen short of
its targets in implementing the new strategy, resulting in a
deterioration of the company's competitive standing in the market.

S&P said, "We consider a positive rating action remote in the next
12 months, given the expected operating performance and still early
stages of implementing of a new strategy. A positive rating action
would require a sustainable recovery of underwriting results and
stable competitive position, alongside capital adequacy staying at
least at the 99.95% benchmark.

"A positive rating action also hinges on our view of potential
constraints on Jusan Garant's overall financial strength stemming
from the wider group's creditworthiness."




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

EAGLE INTERMEDIATE: Moody's Appends 'LD' Designation to Caa2-PD PDR
-------------------------------------------------------------------
Moody's Ratings has appended a limited default ("/LD") designation
to Eagle Intermediate Global Holding B.V.'s (dba The LYCRA Company)
Probability of Default Rating, revising to Caa2-PD/LD from Caa2-PD.
There is no change to the company's Caa2 Corporate Family Rating
and Caa3 rating of its USD backed senior secured notes. The SGL-4
Speculative Grade Liquidity Rating (SGL) remains unchanged. The
rating outlook is stable.

On January 27, 2025, The LYCRA Company announced that its ultimate
parent has reached agreement to sell The LYCRA Company to an
undisclosed buyer. The transaction is subject to the satisfaction
of certain conditions and is expected to close in Q1 2025, but must
close by the end of Q2 2025. Pending the sale transaction, The
LYCRA Company amended the credit agreement of its super senior term
loan (SSTL, unrated) by refinancing a portion of and extending the
maturity date of the remaining portion of the debts from Feb 1,
2025 to April 1, 2025 or later date as may be agreed between the
company and relevant creditors. Moody's considers the amendment of
its SSTL a missed payment default as the company did not have the
financial resources to repay the debt at its original maturity
date, and the extension was put in place to avoid a default of the
instrument. Moody's will remove the /LD designation appended to the
PDR once the business is purchased and the debt is repaid.

Eagle Intermediate Global Holding B.V. (The LYCRA Company) is a
leading producer of man-made fibers, including spandex, polyester
and nylon, which are used by many apparel brands. It owns
well-known brands such as LYCRA(R) fiber, ELASPAN(R) fiber,
COOLMAX(R) and THERMOLITE(R), each of which provides garments with
desired functional performance. The company operates eight wholly
owned manufacturing and processing facilities in North America,
Europe, Asia and South America. The LYCRA Company is owned by a
group of investors comprised of Lindeman Asia, Lindeman Partners
Asset Management, Tor Investment Management, and China Everbright
Limited. It generated revenue of approximately $850 million for the
last twelve months ended September 30, 2024.



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

GC PASTOR HIPOTECARIO 5: Moody's Ups Rating on Cl. A2 Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the rating of Class A2 notes in GC
PASTOR HIPOTECARIO 5, FTA. The rating action reflects better than
expected collateral performance and the increased level of credit
enhancement for the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

EUR492.8M Class A2 Notes, Upgraded to Ba2 (sf); previously on Oct
21, 2015 Downgraded to B1 (sf)

EUR24.9M Class B Notes, Affirmed Ca (sf); previously on Nov 23,
2012 Downgraded to Ca (sf)

EUR7.3M Class C Notes, Affirmed C (sf); previously on Nov 23, 2012
Downgraded to C (sf)

EUR10.5M Class D Notes, Affirmed C (sf); previously on May 19,
2011 Downgraded to C (sf)

RATINGS RATIONALE

The rating action is prompted by decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) and MILAN
Stressed Loss assumptions due to better than expected collateral
performance and an increase in credit enhancement for the affected
tranches.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectations for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has continued to improve since
2023. 90 days plus arrears currently stand at 6.89% of current pool
balance showing a stable trend over the past year. Cumulative
defaults currently stand at 11.28% of original pool balance up from
11.22% a year earlier.

Moody's decreased the expected loss assumption to 7.28% as a
percentage of current pool balance due to stable performance and
higher expected future recoveries. The revised expected loss
assumption corresponds to 6.42% as a percentage of original pool
balance from 7.92%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have decreased the MILAN Stressed Loss
assumption to 19.20% from 22.80%.

Increase in Available Credit Enhancement

Sequential amortization together with a small reduction in unpaid
Principal Deficiency Ledger ("PDL") led to the increase in the
credit enhancement available in this transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action increased to 8.53% from 4.56% since
one year ago.

Moody's notes that the credit enhancement of the junior notes is
still negative however it has also been improving during the same
period. The transaction has around 23 million of PDL and the
Classes B, C and D notes are currently not paying the interests due
on the notes.

These elements are reflected in the rating action.

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

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

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

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

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




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

ARTIS FINANCE: PricewaterhouseCoopers Named as Administrators
-------------------------------------------------------------
Artis Finance Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), No CR-2025-001411;
and Tom Crookham, James Cameron, and Edward John Macnamara of
PricewaterhouseCoopers LLP were appointed as administrators on
March 3, 2025.  

Artis Finance engaged in activities of financial services holding
companies.

Its registered office is at 13.01 One Lyric Square, London,
England, W6 0NB

The joint administrators can be reached at:

         Tom Crookham
         James Cameron
         Edward John Macnamara
         PricewaterhouseCoopers LLP
         7 More London Riverside
         London SE1 2RT

For further details, contact:

         Tel No: 0113 289 4000
         Email: uk_artisfinance_creditors@pwc.com


AUXEY BIDCO: S&P Downgrades ICR to 'B', Outlook Stable
------------------------------------------------------
S&P Global Ratings lowering its long-term issuer credit rating on
U.K-based Auxey Bidco Ltd. (trading as Alexander Mann Solutions,
AMS) to 'B' from 'B+. S&P is also lowering its issue-level rating
to 'B' from 'B+' on the GBP373 million-equivalent term loan B
(TLB).

The stable outlook reflects S&P's expectation of a modest recovery
in hiring volumes from fiscal 2025 onward, resulting in lower
leverage, positive FOCF, and an improving FFO cash interest
coverage ratio.

AMS continues to face lower volumes resulting in
weaker-than-expected credit measures. S&P revised its forecasts for
AMS downward. AMS continues to be pressured by weaker volumes from
the existing contracts as well as slower ramp up of the new wins,
resulting in S&P Global Ratings-adjusted EBITDA margins of 8%
compared with our expectations of 12.8% for 2024, resulting in S&P
Global Ratings-adjusted leverage of about 9.3x compared with our
previous expectations of 4.7x. Our margin estimates for 2024 are
also constrained by exceptional costs of about GBP12 million.

S&P said, "We expect EBITDA margins of 11.5% in 2025 and 12.6% in
2026 compared with 8% in 2024. We also expect lower exceptional
costs of about GBP6 million in 2025 compared to the high levels of
2024. While we expect volumes to recover from 2025 onward, our
credit measures are now expected to remain in line with a 'B'
rating, with S&P Global Ratings-adjusted leverage of about 5.6x in
fiscal 2025. Our forecast for adjusted debt includes the GBP373
million-equivalent TLB and operating lease liabilities of about
GBP4.6 million. We consider noncash-paying shareholder loans of
GBP646 million (including accumulated interest) as of 2023 as
equity-like, in line with our criteria for the treatment of
noncommon equity in the capital structure.

"We expect FOCF to turn positive from fiscal 2025 onward, while FFO
cash interest coverage remains tight. We expect FOCF to be negative
in fiscal 2024 due to lower EBITDA and timing of working capital
outflow due to 53 payment weeks and only 52 weeks of inflow, which
is expected to somewhat reverse only in 2026 as December 2025 is
again a five-week month for contractor payments. However, we expect
working capital to be almost flat in fiscal 2025 due to ramp up in
the group's contractor books."

That said, securing new contracts remains uncertain and delays in
ramping up new contracts are possible. A prolonged weakness in
market conditions could limit AMS' long-term growth prospects.

In addition, FOCF is also affected by higher interest costs as
favorable interest rate hedges expired in mid-2024. As a result,
S&P anticipates FFO cash interest coverage to remain at around 1.1x
in fiscal 2024 and improving toward 1.8x only in 2026, on the back
of improvement in EBITDA.

S&P said, "We assess business risk as weak compared with our
previous assessment of fair. This reflects our expectation of the
inherent cyclicality in the business as demonstrated by the EBITDA
margin decline in the past few years. In addition, AMS is also
exposed to a relatively fragmented and competitive talent
acquisition industry, has a relatively lower scale compared to
large staffing players, and with some geographical concentration in
the U.K. (about 50% of sales). This is offset by AMS' strong market
position, especially in the U.K, and relatively higher EBITDA
margins compared to other players in the industry.

"Despite S&P Global Ratings-adjusted leverage of about 9.3x as of
fiscal 2024, our stable outlook reflects our expectation of
recovery in hiring volumes from fiscal 2025 onward, resulting in
lower leverage and positive FOCF, with FFO cash coverage ratio
improving toward 2x.

"We could take a negative rating action if AMS fails to reduce
leverage in line with our forecasts in the coming months or we no
longer believed it would generate positive FOCF or FFO cash
coverage fails to recover toward 2x. This could happen if AMS
witnesses lower volumes or higher-than-expected exceptional costs.
We could also lower the rating if the group pursued a more
aggressive financial policy than we now expect, such that, S&P
Global Ratings-adjusted leverage exceeds 7x on a sustained basis.

"Although unlikely within the next 12-24 months, we could consider
an upgrade if operating performance improves substantially, such
that adjusted debt to EBITDA falls and remains below 5.0x
throughout economic cycles, supported by financial policy to keep
leverage at that level."


COGNETIVITY LTD: FRP Advisory Named as Administrators
-----------------------------------------------------
Cognetivity Ltd Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Court Number: CR-2025-001284, and Julie Humphrey
and Paul Atkinson of FRP Advisory Trading Limited were appointed as
administrators on Feb. 26, 2025.  

Cognetivity Ltd engaged in research and experimental development in
biotechnology.

Its registered office is at 3 Waterhouse Square, 138 Holborn,
London EC1N 2SW to be changed to Jupiter House, Warley Hill
Business Park, The Drive, Brentwood, Essex CM13 3BE

Its principal trading address is at 3 Waterhouse Square, 138
Holborn, London EC1N 2SW

The joint administrators can be reached at:

          Paul Atkinson
          Julie Humphrey
          FRP Advisory Trading Limited
          Jupiter House
          Warley Hill Business Park
          The Drive, Brentwood
          Essex, CM13 3BE

For further details, contact:

          The Joint Administrators
          Email: 01277 50 33 33

Alternative contact:

          Elizabeth Heggs
          Email: cp.brentwood@frpadvisory.com


COMBINED TREE: Francis Clark Named as Administrators
----------------------------------------------------
Combined Tree Services - Tree Surgeons Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts in Bristol, Insolvency and Companies List (Ch),
Court Number: 2024-BRS-000113, and Stephen James Hobson and
Lucinda Clare Coleman of Francis Clark LLP, were appointed as
administrators on Aug. 3, 2024.  

The Company's registered office is at Centenary House, Peninsula
Park, Rydon Lane, Exeter, EX2 7XE

The Company's principal trading address is at Unit 9 Industrial
Park, Hayle, TR27 5JR

The joint administrators can be reached at:

         Stephen James Hobson
         Lucinda Clare Coleman
         Francis Clark LLP
         Centenary House
         Peninsula Park
         Rydon Lane
         Exeter EX2 7XE
         Tel No: 01392 667000

For further details, contact:

         Katie Langley
         Francis Clark LLP
         Centenary House
         Peninsula Park
         Rydon Lane, Exeter EX2 7XE
         Email: katie.langley@pkf-francisclark.co.uk
         Tel No: 01392667000


EZ TEAMSPORTS: Smith & Barnes/Aurora Recovery Set as Administrators
-------------------------------------------------------------------
EZ Teamsports Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in Leeds,
Company and Insolvency List, Court Number: CR-2025-LDS-0001, and
Philippa Smith of Smith & Barnes Insolvency Practitioners Ltd and
Michael Howorth of Aurora Recovery were appointed as administrators
on Feb. 11, 2025.  

EZ Teamsports engaged in printing and wholesale of clothing and
footwear.

Its registered and principal trading address is at Hill House,
Whitehall Road, Leeds, England, LS12 6HX.

The joint administrators can be reached at:

         Philippa Smith
         Smith & Barnes Insolvency Practitioners Ltd
         Unit 4, Madison Court
         George Mann Road, Leeds
         West Yorkshire LS10 1DX

            -- and --

         Michael Howorth
         Aurora Recovery
         The Waterscape
         42 Leeds & Bradford Road
         Kirkstall
         Leeds LS5 3EG

For further details, contact:

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


GMP RECRUITMENT: FRP Advisory Named as Administrators
-----------------------------------------------------
GMP Recruitment Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Birmingham, Insolvency & Companies List (ChD), Court Number:
CR-2025-000087, and Arvindar Jit Singh and Benjamin Neil Jones of
FRP Advisory Trading Limited were appointed as administrators on
Feb. 27, 2025.  

GMP Recruitment engaged in employment placement agencies.

Its registered office is at Suit 2, 3rd Floor Office Marmion House,
1 Copenhagen Street, Worcester, WR1 2HB, to be changed to c/o FRP
Advisory Trading Ltd, at 2nd Floor, 120 Colmore Row, Birmingham, B3
3BD

Its principal trading address is at Suit 2, 3rd Floor Office
Marmion House, 1 Copenhagen Street, Worcester, WR1 2HB

The joint administrators can be reached at:

                Arvindar Jit Singh
                Benjamin Neil Jones
                FRP Advisory Trading Limited
                2nd Floor, 120 Colmore Row
                Birmingham, B3 3BD

For further details, contact:

                The Joint Administrators
                Tel No: 0121 710 1680
                Email: cp.birmingham@frpadvisory.com

Alternative contact:

                Monika Olajcova
                Email: cp.birmingham@frpadvisory.com


IGNIS FIRE: FTS Recovery Named as Administrators
------------------------------------------------
Ignis Fire Doors Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in Leeds,
Insolvency and Companies List (Chd), Court Number: CR-2025-000194,
and Alan Coleman and Marco Piacquadio of FTS Recovery Limited were
appointed as administrators on Feb. 26, 2025.  

Ignis Fire engaged in manufacturing.  

Its registered office and principal trading address is at  20-21
Heathfield, Stacey Bushes, Milton Keynes, MK12 6HP.

The administrators can be reached at:

           Alan Coleman
           FTS Recovery Limited
           3rd Floor, Tootal House
           56 Oxford Street
           Manchester M1 6EU

             -- and --

           Marco Piacquadio
           RTS Recovery Limited
           Baird House
           Seebeck Place
           Knowlhill, Milton Keynes MK5 8FR

For further information, contact:

          The Administrators
          Ken Touhey
          Email: ktouhey@irluk.co.uk
          Marco Piacquadio
          Email: marco.piacquadio@ftsrecovery.co.uk

Alternative contact:

          The Administrators
          Tel: 01908 754 666

Alternative contact:

          Nico Taylor
          Email: nico.taylor@ftsrecovery.co.uk


PARK HOUSE: CG&Co Named as Administrators
-----------------------------------------
Park House Bradford Limited was placed into administration
proceedings in the High Court of Justice, Business & Property
Courts in Manchester, Insolvency & Companies List (ChD), No
CR2025000780, and Edward M Avery-Gee and Daniel Richardson of CG&Co
were appointed as administrators on Feb. 28, 2025.  

Park House engaged in the development of building projects and
construction of domestic buildings.

Its registered office and principal trading address is at Rico
House George Street, Prestwich, Manchester, M25 9WS.

The joint administrators can be reached at:

               Edward M Avery-Gee
               Daniel Richardson
               CG&Co
               27 Byrom Street
               Manchester M3 4PF

For further details, contact:

               Claire Usher
               Tel No: 0161 527 1232
               Email: claire.usher@cg-recovery.com


PETRA DIAMONDS: Moody's Cuts CFR to Caa2, Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings has downgraded to Caa2 from Caa1 the long-term
corporate family rating and to Caa3-PD/LD from Caa1-PD the
probability of default rating of Petra Diamonds Limited (Petra).
Concurrently, Moody's have downgraded to Caa3 from Caa2 the backed
senior secured rating of the notes issued by Petra Diamonds US$
Treasury Plc. The outlook on all entities remains negative.

RATINGS RATIONALE

The downgrade reflects Petra's increased likelihood of default,
including a potential distressed exchange or debt restructuring, on
the company's outstanding $224 million guaranteed senior secured
second lien notes due March 2026. The likelihood of default
increased because of the company's persistently weak cash flow
generation amid the depressed diamond market environment and
expectedly slow recovery in its production volume. The downgrade
also factors in the continued weakening in Petra's credit metrics,
its unsustainable capital structure and persistently weak liquidity
with a recent breach of covenants. The one-notch difference between
the Caa2 CFR and Caa3-PD/LD PDR reflects Moody's views on the
recovery on the company's debt should there be a default.

Moody's views the unsustainable capital structure, weak liquidity
and increased likelihood of default as governance risks. Because of
the increase in these risks, Moody's changed Petra's governance
issuer profile score to G-5 from G-4 and credit impact score to
CIS-5 from CIS-4.

As of December 31, 2024, Petra's leverage increased to 9.1x gross
debt/EBITDA from 4.1x as of June 30, 2024 and 2.6x as of June 30,
2023, while its EBIT interest coverage declined to negative 1.5x
from negative 0.5x as of June 30, 2024 and positive 0.7x as of June
30, 2023 (all metrics are Moody's-adjusted). The weakening in
credit metrics was driven by the decline in EBITDA and EBIT.
Moody's-adjusted EBITDA declined to $33 million in the 12 months
that ended December 31, 2024 from $75 million in financial 2024 and
$106 million in financial 2023. The EBITDA continued to decline
because of the persistently low diamond prices, while Petra's
diamond production from the Cullinan and Finsch mines remained low
at 2.3 million carats (mcts), compared with 2.4-2.5 mcts in
financial 2023-24 and 3.1 mcts in financial 2022. Petra's third
mine – Williamson – was classified as an asset held for sale,
after the company had entered into agreement to sell it, in January
2025. The decline in EBITDA was also driven by a $12 million
unrealized foreign exchange loss and a $5 million impairment on
loans receivable from BEE partners recorded in the first half of
financial 2025. Moody's estimates that in the absence of this
factor the company's leverage would be 6.0x.

Petra's Caa2 CFR factors in (1) the company's unsustainable capital
structure with increasing likelihood of default as its March 2026
notes maturity approaches; (2) its persistently weak liquidity,
with high reliance on its ZAR1.75 billion ($93 million) committed
revolving credit facility (RCF) and a breach of covenants as of
December 31, 2024, for which the company obtained a waiver from the
lender bank; (3) its weakened credit metrics amid the depressed
diamond market and expectedly slow recovery in production volume;
(4) its small scale and operational concentration in two key mines
in South Africa (Ba2 stable); and (5) its exposure to the volatile
rough diamond prices and USD/ZAR exchange rate.

The rating also takes into account (1) Petra's business
restructuring plan implemented from January 2025 to enable
successful refinancing with lenders, although its results are yet
to be seen; (2) the company's solid reserve base at its flagship
Cullinan and Finsch mines, and a long life potential of these
mines; and (3) its five-year wage agreements with labour unions
signed in July 2024.

The Caa3 rating of Petra's outstanding $224 million guaranteed
senior secured second lien notes is one notch below Petra's CFR,
because the notes are subordinated to the company's ZAR1.75 billion
($93 million) senior secured first lien RCF, of which $43 million
was utilised as of December 31, 2024. This notching reflects
Moody's assumptions that RCF will remain largely utilised in case
Petra's operating cash flow does not increase significantly.

Moody's have appended a limited default "/LD" designations to
Petra's PDR. This "/LD" designation indicates the limited default
under Moody's definitions, resulting from Petra's repurchase and
cancellation of the outstanding notes cumulatively amounting to a
principal value of $29 million, at a significant discount to their
principal value. Such repurchase represents a distressed debt
exchange (DE) under Moody's definitions because of a simultaneous
occurrence of loss to noteholders and default avoidance for the
company. The "/LD" designation appended to the PDR will be removed
after three business days.

On February 17, 2025[1], Petra disclosed in its interim results for
the six months that ended December 31, 2024 that during the
reported period it had repurchased and cancelled the notes with a
principal value of $24 million, for a cash consideration of $19
million, representing a discount of around 20% to the principal
value, through its open market repurchase program. Together with
the notes with a principal value of $5 million that the company
repurchased earlier at a discount of around 20%, the total
principal value of the notes repurchased at a significant discount
amounted to $29 million as of December 31, 2024. This represents
11% of the $257 million principal value of the notes (including
nominal value and accumulated PIK amount) that would otherwise be
outstanding as of the same date.

RATING OUTLOOK

The negative outlook reflects Petra's increasing likelihood of
default as its March 2026 notes maturity approaches, while the path
of recovery for its cash flow generation and credit metrics remains
uncertain amid the continuing weak diamond market environment and
slow recovery in the company's production volume.

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

Given the negative rating outlook, an upgrade is unlikely over the
next 12-18 months. A potential positive rating action would be
dependent on the company's ability to resolve the refinancing risk
related to its March 2026 notes maturity and achieve a more
sustainable capital structure, improve its liquidity, increase its
production volume and restore its credit metrics.

Moody's could downgrade the ratings if the company fails to improve
its liquidity and resolve its refinancing risk in a timely manner,
further increasing the likelihood of a default, including in a form
of a distressed exchange or debt restructuring.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in October 2021.


PROPER MUSIC: Evelyn Partners Named as Administrators
-----------------------------------------------------
Proper Music Group Ltd was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency and Companies List, Court Number:
CR-2025-1009, and Mark Supperstone and Ben Woodthorpe of Evelyn
Partners LLP, were appointed as administrators on Feb. 27, 2025.  

Proper Music engaged in amusement and recreation activities.

Its registered office is at 1-5 Applegarth Drive Questor, Dartford,
Kent, DA1 1JD.

The joint administrators can be reached at:

               Mark Supperstone
               Ben Woodthorpe
               Evelyn Partners LLP
               45 Gresham Street
               London, EC2V 7BG

For further details, contact:

               The Joint Administrators
               Tel No: 020 7702 9775

Alternative contact: Shanice Austin


TML REALISATIONS: March 21 Proof of Debt Submission Deadline Set
----------------------------------------------------------------
Under Rule 14.29 of The Insolvency (England and Wales) Rules 2016,
by Lee Manning and Cameron Gunn, the Joint Administrators of TML
Realisations Limited formerly T.M. Lewin & Sons Limited, intend
declaring a first and final dividend of the Prescribed Part to the
non-preferential unsecured creditors within two months of the last
date for proving.

Creditors who have not already proved are required, on or before
March 21, 2025, the last date for proving, to submit a proof of
debt to the Joint Administrators at Evelyn Partners LLP, 22 York
Buildings, London, WC2N 6JU, and, if so requested, provide further
details or produce, documentary or other evidence as may appear to
be necessary. A creditor who has not proved his debt before the
date specified is not entitled to disturb the dividend because he
has not participated in it.

The Joint Administrators were appointed on June 30, 2020.

The Company's registered office is at:

   22 York Buildings
   Corner John Adam Street
   London, WC2N 6JU

For further details, contact:

   Ulysses Urban
   Tel No: +44(0)20 7702 9775
   Email: tml@resolvegroupuk.com


TNA ELECTRICAL: Leonard Curtis Named as Administrators
------------------------------------------------------
TNA Electrical Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000210, and Conrad Beighton and Liz Welch of Leonard
Curtis, were appointed as administrators on Feb. 28, 2025.  

TNA Electrical is into electrical installation.

Its registered office and principal trading address is at Unit 13
Heritage Park, Hayes Way, Cannock, Staffordshire WS11 7LT

The joint administrators can be reached at:

               Conrad Beighton
               Liz Welch
               Cavendish House
               39-41 Waterloo Street
               Birmingham, B2 5PP

For further details, contact:

               The Joint Administrators
               Tel: 0121 200 2111
               Email: recovery@leonardcurtis.co.uk

Alternative contact: Ryan McGuinness



                           *********


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

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

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

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Information contained herein is obtained from sources believed to
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