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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

          Tuesday, March 11, 2025, Vol. 26, No. 50

                           Headlines



F R A N C E

ALTICE FRANCE: Moody's Cuts CFR to Caa3, Outlook Remains Negative


I R E L A N D

DRYDEN 29 EURO 2013: Moody's Ups Rating on Cl. E Notes to Ba1
PROVIDUS CLO I: Moody's Ups Rating on EUR9.5MM Cl. F Notes to Ba3


I T A L Y

PRO-GEST SPA: Moody's Withdraws 'Caa3' Corporate Family Rating


K A Z A K H S T A N

HOME CREDIT: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Execs Get RSU Bonuses Under 2024 Plan
ARAMARK INT'L: Moody's Rates New EUR400MM Unsec. Notes 'B1'


N E T H E R L A N D S

STAMINA BIDCO: S&P Discontinues 'B+' ICR Upon Acquisition by Skio


N O R W A Y

SMAKRAFT AS: NCR Revises Outlook on 'BB' LT Issuer Rating to Neg.


P O R T U G A L

EDP SA: Moody's Puts 'Ba1' Sub. Debt Ratings on Review for Upgrade


S P A I N

TDA 29: Moody's Affirms C Rating on EUR4.9MM Class D Notes


S W E D E N

NORION BANK: Nordic Credit Affirms 'BB+' LT Issuer Rating
POLESTAR AUTOMOTIVE: Secures $450 Million Term Facility


U N I T E D   K I N G D O M

BLAKE MILL: Leonard Curtis Named as Administrators
CANARY WHARF: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
ENERGY COMPARE: Milner Boardman Named as Administrators
H.A.C. TECHNICAL: RSM UK Named as Administrators
JOINERY CLASSICS: Begbies Traynor Named as Administrators

KIDLY LIMITED: Begbies Traynor Named as Administrators
LGC SCIENCE: Fitch Gives 'B(EXP)' Rating on Term Loan B
MHA BURLEIGH: FRP Advisory Named as Administrators
PLAYFUL PROMISES: RSM UK Named as Administrators
TOTAL FIRE: Begbies Traynor Named as Administrators

VERY GROUP: Fitch Lowers IDR to CCC+, On Watch Negative


X X X X X X X X

[] Kroll Expands Global Restructuring Practice in Europe

                           - - - - -


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F R A N C E
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ALTICE FRANCE: Moody's Cuts CFR to Caa3, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded to Caa3 from Caa2 the long-term
corporate family rating, and to Ca-PD from Caa2-PD, the probability
of default rating of Altice France Holding S.A. (Altice France
Holding), the parent company of French telecom operator Altice
France S.A. (Altice France). Concurrently, Moody's have downgraded
to C from Ca the ratings on the senior unsecured instruments issued
by Altice France Holding, and to Caa2 from Caa1 the ratings on the
backed senior secured and senior secured bank credit facilities
instruments issued by Altice France. The outlook on both entities
remains negative.

The rating action follows the company's statement on February 26,
2025 that it has reached an agreement with a group of its
creditors[1]. If the transaction is approved, it will bring a debt
reduction of EUR8.6 billion (including debt repaid in January -
February 2025) which implies a recovery rate of 87.1 cents per EUR1
of Senior Secured Debt and 25 cents per EUR1 of Senior Unsecured
Debt. The recovery rates could be higher, including the indirect
equity stake in Altice France. The transaction will also bring a
maturity extension to 6.1 years from the current 3.1 years. The
company expects to implement the transaction over the course of the
second quarter to fourth quarter this year, via a combination of
conciliation proceedings depending on the level of lenders'
support.

Under the agreement, the creditors at Altice France will receive
(1) a cash payment of 7.6 cents per EUR1 of Altice France Secured
Debt (or EUR1.5 billion in cash); (2) an additional cash premium of
2.5 percent for creditors that sign onto the Transaction prior to
March 12, 2025 (or up to EUR0.5 billion in cash); (3) new secured
debt instruments in an aggregate principal amount of 77 cents per
EUR1 of Altice France Secured Debt (or approximately EUR14.8
billion of new debt); (4) an aggregate indirect equity stake of 31%
in common equity in Altice France.

The unsecured lenders at Altice France Holding will receive (1) 2.5
cents per EUR1 of Altice France Holding Unsecured Debt (or EUR100
million of cash); (2) an additional cash premium of 2.5 percent for
creditors that sign onto the Transaction prior to March 12, 2025
(or up to EUR0.1 billion in cash); (3) new secured debt instruments
in an aggregate principal amount of 20 cents per EUR1 of Altice
France Holding Unsecured Debt (or approximately EUR0.9 billion in
new debt); (4) an aggregate indirect equity stake of 14% in common
equity in Altice France; (5) contingent value rights issued by
Altice France Holding.

RATINGS RATIONALE      

The downgrade of the PDR to Ca-PD reflects Moody's expectations
that the proposed transaction will constitute a distressed
exchange, which is an event of default under Moody's definitions.
Governance is driving the rating action as reflected in the very
high risk associated with the company's financial strategy and risk
management. The contemplated restructuring combines both default
avoidance and losses for creditors because of (i) the large debt
haircut and (ii) the maturity extension on the debt.

The Caa3 CFR reflects Altice France Holding unsustainable capital
structure before the restructuring, given the high leverage and its
weak free cash flow, the competitive nature of the French market;
and the complexity of the group structure.

The Caa2 backed senior secured and senior secured bank credit
facilities instruments incorporates recovery of 87.1 in line with
the proposed transaction. The C on the senior unsecured instruments
issued by Altice France Holding incorporates recovery of 25 cents
in line with the proposed transaction.

LIQUIDITY

Liquidity is adequate based on the assumption that Altice France
Holding had cash of EUR3.5 billion at December 2024. This figure is
pro forma for the full drawing of the EUR1.2 billion revolving
credit facility (RCF), and includes EUR3.5 billion of proceeds from
disposals. The amount is net of EUR710 million debt repayments made
in January and February 2025. The current debt maturity over the
2025-26 period totals approximately EUR1.9 billion.

If the restructuring is implemented, total cash will amount to
EUR1.4 billion, which mostly includes the full drawdown of the
EUR1.2 billion RCF. The first significant debt maturity will be in
2028 when EUR1 billion in bonds mature.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects that creditors could incur losses
greater than incorporated into the current ratings.

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

Given the negative outlook, there is limited upward pressure on the
rating. However, upward pressure could develop if the company
delivers a solid operating performance with sustainable revenue and
EBITDA growth, which combined with the completion of the debt
restructuring, leads to a more sustainable capital structure.

The ratings could be further downgraded if expected recovery rates
for lenders are lower than Moody's current expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

COMPANY PROFILE

Altice France is a leading telecom operator in France. The company
has three business segments: business to consumer (B2C, 64% of
revenue in 2023), business to business (B2B, 34%) and media (2%).
In 2023, the company had 20.5 million mobile subscribers and 6.4
million fixed-line subscribers, of which 4.8 million were
fast-fibre connections. In 2023, Altice France reported revenue and
adjusted EBITDA (as defined by the company) of EUR11.2 billion and
EUR3.9 billion, respectively.




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

DRYDEN 29 EURO 2013: Moody's Ups Rating on Cl. E Notes to Ba1
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Dryden 29 Euro CLO 2013 Designated Activity Company:

EUR23,600,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Oct 15, 2024
Upgraded to Aa3 (sf)

EUR20,800,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Oct 15, 2024
Affirmed Baa2 (sf)

EUR21,600,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Oct 15, 2024
Affirmed Ba2 (sf)

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

EUR230,000,000 (Current outstanding amount EUR50,032,800) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 15, 2024 Affirmed Aaa (sf)

EUR21,600,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Oct 15, 2024 Upgraded to Aaa
(sf)

EUR40,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Oct 15, 2024 Upgraded to Aaa (sf)

EUR12,800,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Oct 15, 2024
Affirmed B3 (sf)

Dryden 29 Euro CLO 2013 Designated Activity Company, issued in
December 2013, refinanced in January 2017 and reset in January
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The upgrades on the ratings on the Class C, D and E notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in October 2024.

The affirmations on the ratings on the Class A, B-1, B-2 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 notes have paid down by approximately EUR121 million
(52.6%) since the last rating action in October 2024 and EUR180
million (78.3%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. 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 184.05%, 151.93%, 131.68%, 115.67% and 107.89% compared
to August 2024 [2] levels of 139.66%, 126.80%, 117.28%, 108.80% and
104.33%, respectively.

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: EUR205.5m

Diversity Score: 33

Weighted Average Rating Factor (WARF): 2998

Weighted Average Life (WAL): 2.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.88%

Weighted Average Coupon (WAC): 3.66%

Weighted Average Recovery Rate (WARR): 41.3%

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.

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.

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.


PROVIDUS CLO I: Moody's Ups Rating on EUR9.5MM Cl. F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Providus CLO I Designated Activity Company:

EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jun 11, 2024 Affirmed Aa1
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Jun 11, 2024 Affirmed Aa1 (sf)

EUR17,750,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jun 11, 2024 Affirmed Aa1
(sf)

EUR12,250,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jun 11, 2024
Upgraded to A1 (sf)

EUR10,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jun 11, 2024
Upgraded to A1 (sf)

EUR19,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 11, 2024
Affirmed Baa2 (sf)

EUR18,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba1 (sf); previously on Jun 11, 2024
Affirmed Ba2 (sf)

EUR9,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Upgraded to Ba3 (sf); previously on Jun 11, 2024 Affirmed
B2 (sf)

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

EUR203,000,000 (Current outstanding amount EUR79,513,765) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jun 11, 2024 Affirmed Aaa (sf)

Providus CLO I Designated Activity Company, issued in April 2018,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Permira Credit Group Holdings Limited. The transaction's
reinvestment period ended in May 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, B-3, C-1, C-2, D, E and
F notes are primarily a result of the significant deleveraging of
the senior notes following amortisation of the underlying portfolio
since the last rating action in June 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 EUR105.4 million
(51.9%) since the last rating action in June 2024 and EUR123.5
million (60.8%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated February 2025 [1]
the Class A/B, Class Class C, Class D, Class E and Class F OC
ratios are reported at 147.34%, 132.24%, 121.60%, 112.65% and
108.60% compared to April 2024 [2] levels of 138.18%, 126.48%,
117.96%, 110.6% and 107.21% respectively. Moody's notes that the
February 2025 principal payments of EUR64.1 million 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: EUR223.0m

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2958

Weighted Average Life (WAL): 2.8 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.37%

Weighted Average Coupon (WAC): 3.87%

Weighted Average Recovery Rate (WARR): 43.81%

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 its 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.

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.

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
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




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

PRO-GEST SPA: Moody's Withdraws 'Caa3' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn the ratings of Italian paper
packaging producer Pro-Gest S.p.A., including the Caa3 corporate
family rating, the Ca-PD/LD probability of default rating and the
Ca instrument rating on the EUR250 million backed senior unsecured
notes due on December 15, 2024. Previously before the withdrawal
the outlook was negative.

These actions reflect governance considerations associated with the
commencement of a negotiated crisis composition (CNC) procedure
pursuant to the Italian Business Crisis and Insolvency Code
following completion of a review of the company's business plan and
a proposal for its financial creditors to reschedule the
indebtedness of the group.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) because Moody's
believes Moody's have insufficient or otherwise inadequate
information to support the maintenance of the rating(s).

Moody's decisions to withdraw the ratings reflects a significant
delay in the publication of Pro-Gest's audited annual financial
statements for 2023 and the lack of clarity as to when these
financial statements would be made available. The delay in
publishing the financial statements has been caused by the ongoing
process of rescheduling the indebtedness of the group.




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

HOME CREDIT: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed JSC Home Credit Bank's (HCBK) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'
with Stable Outlooks and Viability Rating (VR) at 'bb-'.

Key Rating Drivers

HCBK's Long-Term IDRs are driven by its intrinsic creditworthiness,
as reflected by the 'bb-' VR. The VR is constrained by the bank's
funding profile being weaker than domestic peers, and its fairly
limited and niche franchise in retail lending, which could
translate into volatile asset quality through the credit cycle.
These weaknesses are balanced by HCBK's reasonable capitalisation
and robust profitability.

High Inflation, Retail Lending Risks: Kazakhstan's GDP grew 4.8% in
2024 and Fitch expects economic growth to remain robust in
2025-2026 on high oil production, as well as solid investment and
real income growth. Headline inflation is high (end-2024: 8.6%),
although Fitch forecasts it will fall gradually over the next two
years. Rapid retail lending growth since 2021 has created
overheating risks, while recent restrictive regulatory measures on
unsecured consumer lending should cool loan growth and mitigate
credit risk in this segment.

Niche Franchise; Business Diversification Expected: HCBK is a small
bank, with a 1.7% share in sector assets at end-2024, specialising
in unsecured retail lending. The bank's high exposure to risky
assets is offset by wide margins on its lending products. Fitch
expects HCBK to shift away from monoline business model in the
medium term, supported by the expected launch of secured retail and
SME lending.

Rapid Loan Growth: HCBK's risk appetite is heightened. Loan growth
slowed to 24% in 9M24 (2023: 44%), but exceeded the 17% sector
average in the retail segment. Fitch expects the bank's loan growth
to remain rapid at 30% in 2025. Fitch views positively the planned
loan diversification, although the quality of new loans is yet to
be tested. All retail lending is in local currency, while part of
HCBK's funding is in foreign currency (FC), pressuring its FC
on-balance-sheet position, although it was a modest 7% of equity at
end-3Q24.

Heightened Asset-Quality Risks: The impaired loans ratio decreased
slightly to 12.5% at end-3Q24 (end-2023: 13.1%). HCBK's total
reserve coverage ratio improved to a still-modest 44% at end-3Q24
(end-2023: 34%), although this is driven by the specifics of
provisioning policy and a considerable 37% portion of non-overdue
exposures in impaired loans. Fitch expects the bank's impaired
loans ratio to reduce moderately to about 10% in 2025, supported by
write-offs and gradual reclassification of low-risk non-overdue
loans into Stage 1 bucket.

Good Profitability: HCBK's net interest margin was wide but reduced
slightly to 18.6% in 9M24 (annualised; 2023: 19.5%), due to higher
funding costs. Pre-impairment operating profit remained strong at
11.5% of average loans (2023: 11.4%), which enabled the bank to
absorb substantial credit losses (9M24: 4.7% of average loans). The
bank's annualised operating profit rose moderately to 4.1% of
risk-weighted assets (RWA) in 9M24 (2023: 3.4%) and Fitch expects
it to be stable over 2025-2026.

Reasonable Capitalisation: HCBK's Fitch core capital (FCC) ratio
decreased marginally to 15% at end-3Q24 (end-2023: 15.4%), due to
17% RWA growth. Its assessment of the bank's capitalisation
captures strong profitability and high RWA density (end-3Q24:
112%), but also the bank's medium-term growth plans. This could
consume part of the available capital buffer, with the FCC ratio
declining to about 14% in 2025, while no dividend payments are
expected.

Wholesale Funding, Moderate Liquidity: Wholesale funding (mostly,
interbank loans, issued bonds and deposit certificates) made up a
notable 33% of total liabilities at end-3Q24 (end-2023: 37%),
driving a high loans/deposits ratio of 147% (end-2023: 157%). With
a heavy reliance on term depositors (end-3Q24: 53% of total
liabilities), which could be price-sensitive, this leads to the
highest funding costs among peers (9M24: 13.3%; annualised). The
liquidity buffer was moderate and covered 36% of total customer
funding at end-3Q24.

Rating Sensitivities

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

A downgrade of HCBK's VR and Long-Term IDRs could result from a
material and sustained weakening of the bank's profitability,
either due to a sharp increase in the cost of risk, or a margin
squeeze.

A weakening in the bank's FCC ratio below 12% or in its tangible
leverage ratio below 14%, due to the combination of rapid RWA
growth and bulky dividend payments, could also result in a
downgrade. A material weakening of HCBK's funding profile, as
expressed by a sharp increase in the loans/deposits ratio, could
put pressure on the ratings.

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

An upgrade of HCBK's VR and Long-Term IDRs would require a more
diversified business model, and considerable improvement in its
funding profile. The latter could be evidenced by a significantly
stronger loans/deposits ratio (approaching 100%) and a reduction of
HCBK's funding costs to closer to the sector average.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

HCBK's National Long-Term Rating of 'BBB+(kaz)' reflects the bank's
creditworthiness relative to peers in Kazakhstan.

HCBK's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that support from the Kazakhstan authorities is
unlikely given the bank's limited systemic importance.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Long-Term Rating is sensitive to changes to the bank's
Long-Term Local-Currency IDR.

HCBK's GSR of 'no support' could be upgraded if there was an
increase in HCBK's systemic importance, evidenced by a material
increase in its market shares.

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           Prior
   -----------                       ------           -----
JSC Home Credit
Bank               LT IDR             BB- Affirmed    BB-
                   ST IDR              B  Affirmed    B
                   LC LT IDR          BB- Affirmed    BB-
                   LC ST IDR           B  Affirmed    B
                   Natl LT       BBB+(kaz)Affirmed    BBB+(kaz)
                   Viability          bb- Affirmed    bb-
                   Government Support ns  Affirmed    ns




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

ALTISOURCE PORTFOLIO: Execs Get RSU Bonuses Under 2024 Plan
-----------------------------------------------------------
Altisource Portfolio Solutions S.A. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Compensation Committee of the Board of Directors approved incentive
compensation awards for executive officers pursuant to the
Company's 2024 Annual Incentive Plan, which was adopted by the
Board on December 19, 2023.

The 2024 AIP established the following target bonus amounts for the
NEOs:

     * William B. Shepro - $1,425,530
     * Michelle D. Esterman - $300,000
     * Gregory J. Ritts - $246,000

Performance metrics for the 2024 AIP and the percentage each such
metric contributed to each NEO's bonus:

William B. Shepro:

    * 5% - Consolidated Service Revenue Budget Objective
    * 95% - Consolidated Adjusted EBITDA Budget Objective
    * 0% - Support Function Budget Objective

Michelle D. Esterman & Gregory J. Ritts:

    * 5% - Consolidated Service Revenue Budget Objective
    * 85% - Consolidated Adjusted EBITDA Budget Objective
    * 10% - Support Function Budget Objective

Performance Achievement:

    * Consolidated Service Revenue Budget Objective - Achieved
~84%
    * Consolidated Adjusted EBITDA Budget Objective - Achieved
~87%
    * Support Function Budget Objective:

         * Ms. Esterman and Mr. Ritts outperformed their respective
objectives.

Each of the Consolidated Service Revenue Budget Objective and
Consolidated Adjusted EBITDA Budget Objective were partially
achieved (approximately 84% and 87% respectively). Ms. Esterman and
Mr. Ritts each out-performed their respective Support Function
Budget Objectives. The Committee determined the levels of
achievement for the NEOs under the 2024 AIP scorecard:

William B. Shepro:

    * Target: $1,425,530
    * Achievement: 60.4%
    * Earned: $861,475

Michelle D. Esterman:

    * Target: $300,000
    * Achievement: 70.6%
    * Earned: $211,663

Gregory J. Ritts:

    * Target: $246,000
    * Achievement: 67.2%
    * Earned: $165,210

The Committee exercised its discretion to pay the entire 2024
annual incentive compensation in Restricted Stock Units ("RSUs")
rather than a mix of cash and RSUs. Historically, the cash portion
was paid immediately. Under this structure:

   -- 60% of the RSUs vest on the first anniversary of the grant
date.
   -- The remaining 40% of the RSUs vest equally on the first and
second anniversaries of the grant date.
   -- Vesting is subject to continued employment.

Based upon the achievement for the 2024 AIP of 82.7%, the resulting
incentive compensation available for participants (the "Bonus
Pool") in the 2024 AIP would normally be established at $4.742
million. However, The Committee exercised its discretion to
establish the total number of RSUs available for distribution at
1.827 million, representing approximately 2.1% of the Company's
outstanding shares as of February 25, 2025. The resulting value of
the Bonus Pool was $1,297,170, based on a per-share price of $0.71
(the average of the high and low trading price of the Company's
common stock on the grant date).

Individual awards for our NEOs were determined based on:

     (i) performance on the scorecard metrices,
    (ii) available Bonus Pool and
   (iii) certain voluntary and discretionary reallocations made at
the request of the Chief Executive Officer.

the equity award received by the NEOs as an annual incentive as of
the February 25, 2025 grant date, based on a per share price of
$0.71 (the average of the high and low trading price on that
date):

William B. Shepro:

    * RSUs Granted: 100,000
    * Effective Value: $71,000
    * Percentage Earnings (of Target): 5.0%

Michelle D. Esterman:

    * RSUs Granted: 180,479
    * Effective Value: $128,140
    * Percentage Earnings (of Target): 42.7%

Gregory J. Ritts:

    * RSUs Granted: 157,330
    * Effective Value: $111,704
    * Percentage Earnings (of Target): 45.4%

Under the Committee approved level of achievement, Mr. Shepro
earned 429,303 RSUs. However, based upon Mr. Shepro's
recommendation, the Committee agreed to reduce and reallocate
329,303 of Mr. Shepro's earned RSUs (representing 76.7% of his
total earned RSUs) to other Altisource employees without increasing
the total number of Committee approved RSUs granted. As part of Mr.
Shepro's voluntary RSU reduction and reallocation, Ms. Esterman and
Mr. Ritts each received an additional 75,000 RSUs in recognition of
their extraordinary contribution to the successful execution of the
Company's term loan exchange, amendment, and maturity extension
transactions that closed on February 19, 2025.

2025 Annual Incentive Plan

On February 25, 2025, the Committee also adopted the 2025 Annual
Incentive Plan. The performance metrics for the 2025 AIP and the
percentage each such metric contributes to each NEO's bonus are as
follows:

William B. Shepro:

    * 80.0% - Consolidated Adjusted EBITDA Budget Objective
    * 20.0% - Strategic Objectives
    * 0% - Support Function Budget Objective

Michelle D. Esterman & Gregory J. Ritts:

    * 72.5% - Consolidated Adjusted EBITDA Budget Objective
    * 20.0% - Strategic Objectives
    * 7.5% - Support Function Budget Objective

The 2025 strategic objectives include execution against the
Company's long-term strategy, employee engagement, compliance and
governance initiatives. The Committee will evaluate results against
these strategic objectives to determine the level of achievement
and payout percentage.

The annual incentives for the NEOs are subject to adjustment based
on a variable Bonus Pool, with the size of the Bonus Pool being
subject to change by an amount equal to 25% of any increase or
decrease in Adjusted EBITDA calculated based on:

     (1) service revenue differences from budget multiplied by the
budgeted Adjusted EBITDA margin multiplied by 6.25% and
     (2) differences from the Consolidated Adjusted EBITDA Budget
Objective multiplied by 18.75%.

The Compensation Committee has the discretion to further adjust the
Bonus Pool upward or downward. Achievement of less than 50% of the
Consolidated Adjusted EBITDA Budget Objective will result in an
achievement level of 0% for that metric, and the maximum
achievement level for the Consolidated Adjusted EBITDA Budget
Objective is 200%. The level of achievement for Support Function
Budget Objective can range from 50% to 200% of target, with
achievement greater than 100% subject to the discretion of the
Chief Executive Officer and, for Section 16 officers, the
Committee.

The 2025 AIP establishes the following target bonus amounts for the
NEOs:

    * William B. Shepro - $1,425,530
    * Michelle D. Esterman - $300,000
    * Gregory J. Ritts - $246,000

                         About Altisource

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

                             *   *   *

In March 2025. S&P Global Ratings raised its issuer credit rating
on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'.

S&P said, "We also assigned our 'B' issue-level rating and '1'
recovery rating to the new $12.5 million senior secured debt (super
senior facility), 'CCC-' issue-level rating and '6' recovery rating
to the new $160 million senior subordinated debt (new first lien
loan), and withdrew our ratings on the company's exchanged senior
secured term loan, which was rated 'D'.

"The stable outlook reflects our expectation that over the next 12
months, while we expect Altisource to generate positive cash flow
from operations, we believe its liquidity will remain constrained
and the company will remain dependent on favorable financial and
economic conditions to meet its financial commitments.

ARAMARK INT'L: Moody's Rates New EUR400MM Unsec. Notes 'B1'
-----------------------------------------------------------
Moody's Ratings assigned a B1 rating to the proposed 400 million
euro-denominated backed senior unsecured notes due 2033 by Aramark
International Finance Sarl, a subsidiary of Aramark Services, Inc.
("Aramark"). Additionally, Aramark's Speculative Grade Liquidity
("SGL") rating was upgraded to SGL-1 from SGL-2. All other ratings
at Aramark and its subsidiaries, including its Ba2 corporate family
rating, Ba2-PD probability of default rating, and stable outlooks
remain unchanged.

Net proceeds from the notes will be used to fully repay the
company's existing euro-denominated 3.125% senior unsecured notes
due 1 April 2025 with the remaining proceeds to be used for general
corporate purposes and pay related fees & expenses. The total
amount of debt outstanding at the company will only slightly
increase such that the transaction is effectively leverage neutral
with financial leverage remaining unchanged at 4.5x as of December
27, 2024.

RATINGS RATIONALE

The Ba2 CFR reflects Moody's expectations for revenue,
profitability and free cash flow to improve in 2025. The rating
also incorporates Moody's expectations that management will
maintain balanced financial policies in regard to its financial
leverage. Moody's considers Aramark's business generally stable and
predictable, with long term contracts and fixed asset investments
providing high revenue visibility and meaningful competitive
barriers. Aramark faces a competitive environment against other
large food and facilities services providers, but Moody's
anticipates the company will maintain market share and remain well
positioned to win new customers. The company is a leading provider
of food and support services in the United States with operations
in 15 other countries and provides services on a more limited basis
in several additional countries and in offshore locations.
Aramark's operations feature thousands of highly recurring customer
contracts, providing strong support for the ratings.

All financial metrics cited reflect Moody's standard analytical
adjustments.

The proposed senior unsecured notes are rated B1, in line with the
company's existing senior unsecured notes rating. The proposed
notes will rank equally in right of payment and have substantially
similar covenants and guarantees as the existing senior unsecured
notes due 2028. The Euro notes are guaranteed by substantially all
of the domestic subsidiaries of Aramark (excluding the
securitization subsidiaries). The B1 rating also reflects the
effective subordination to all the secured debt and certain trade
claims.

The SGL-1 speculative grade liquidity rating reflects Aramark's
very good liquidity profile, including Moody's anticipations of
around $375 million of free cash flow during the next 12 months,
nearly $1.2 billion of availability on its $1.4 billion revolving
credit facility expiring in 2029 and $484 million of cash on hand
at December 24, 2024. The company also has access to a $600 million
accounts receivable securitization facility maturing in July 2026.
The fiscal first quarter is typically a seasonal borrowing peak for
Aramark and the fiscal fourth quarter is the seasonal low.

The stable outlook reflects Moody's anticipations of good revenue
growth driving debt to EBITDA to 3.8x in fiscal 2025. Moody's
expects the company will maintain balanced financial strategies,
and generate around $375 million of free cash flow during the next
12 months.

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

The ratings could be upgraded if Moody's expects Aramark will
maintain debt to EBITDA below 3.5x, EBITA margins above 7%,
retained cash flow to net debt above 20%, and a commitment to more
conservative financial strategies.

The ratings could be downgraded if Moody's expects revenue growth
to slow, EBITA margins to remain below 6%, liquidity deteriorates
including retained cash flow to net debt sustained below 15%, or
debt to EBITDA is maintained around 4.5x or higher.

Aramark (NYSE:ARMK), based in Philadelphia, PA, is a global
provider of food and facilities services to education, healthcare,
business & industry, and sports, leisure & corrections clients.
Moody's expects fiscal 2025 (ends September) revenue of around
$18.4 billion.

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



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

STAMINA BIDCO: S&P Discontinues 'B+' ICR Upon Acquisition by Skio
-----------------------------------------------------------------
S&P Global Ratings discontinued its 'B+' issuer credit rating on
Stamina Bidco B.V. following a change of ownership related to the
Synthon group of operating subsidiaries.  The same business
perimeter is now rated under a new holding company, Skio Bidco
B.V.

S&P will maintain its issue-level ratings on Stamina Bidco's
existing term loan B, until its repayment, as part of the
refinancing upon change of ownership. The outlook was stable at the
time of the discontinuance.




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

SMAKRAFT AS: NCR Revises Outlook on 'BB' LT Issuer Rating to Neg.
-----------------------------------------------------------------
Nordic Credit Rating (NCR) has revised the outlook on its 'BB'
long-term issuer rating on Norway-based small-scale hydropower
producer Smakraft AS to negative from stable. At the same time, the
'N4' short-term issuer rating and 'BBB-' senior secured issue
ratings were affirmed.

Rating rationale

NCR says, "The outlook revision reflects lower electricity prices
and price achievement than we previously expected. This has led to
reduced cash flow from operations and higher financial leverage
relative to earnings. In our previous base-case forecast, we
expected electricity prices to rebound, with Smakraft's
NCR-adjusted interest coverage remaining above 2x and funds from
operations to net debt above 5% for full-year 2024. These figures
were approximately 1x and 0.8%, respectively. We expect ongoing
pressure on cash flows due to the company's planned investments in
new hydropower plants. In addition, we see elevated risk that
Smakraft's credit metrics could remain below the minimum levels we
require for the current rating for quite some time. Despite
relatively high margins, the company is dependent on higher
electricity prices to service debt through cash flows."

"Hydropower is the main form of energy in Norway, where it
generates over 89% of electricity output. It benefits from low
marginal production costs, which positions the country's power
plants well in the merit order system. As a result, electricity
prices are closely linked to available hydro capacity and storage.
Currently, Norway's hydropower stocks are close to their highest
level in over 20 years, which we believe points to lower
electricity prices. In the first two months of 2025, the average
spot price was lower than in recent years. Smakraft, which mainly
operates run-of-river plants, cannot adjust production as flexibly
as many of its domestic peers to achieve better prices. Although
the company's costs vary with prices, we expect lower electricity
prices to reduce cash available for debt servicing. We consider a
significant rise in electricity consumption and demand unlikely in
the short term. However, we acknowledge the volatility of Nordic
electricity prices."

Negative outlook

According to NCR, "The negative outlook reflects elevated risk that
Smakraft's credit metrics could remain below the minimum levels we
require for the current rating. This is due to lower electricity
prices reducing cash flows for debt servicing. We think that the
company's investment plan will pressure cash flows over the next
two years, even though the owners have committed equity capital to
offset some debt uptake."

"We could lower the rating if Smakraft continues to operate with
interest coverage below 2x or funds from operations to net debt
below 5% over a protracted period. We could also lower the rating
to reflect worsening operating conditions, such as lower energy
prices or reduced power generation. Ownership changes that
negatively affect risk appetite could also trigger a lower rating.
However, the owners have a long-term commitment to the company.

"We could assign a stable outlook if the company's key credit
metrics are restored such that interest coverage remains above 2x
and funds from operations above 5% over a protracted period, either
through a reduction in debt or sustained improvement in cash flow
generation."

Rating list                       To        From

Long-term issuer credit rating:       BB        BB
Outlook:                       Negative Stable
Short-term issuer credit rating:      N4        N4
Senior secured issue rating:       BBB- BBB-




===============
P O R T U G A L
===============

EDP SA: Moody's Puts 'Ba1' Sub. Debt Ratings on Review for Upgrade
------------------------------------------------------------------
Moody's Ratings has placed on review for upgrade the Ba1 ratings of
five Fixed to Reset rate Junior Subordinated Instruments (the five
"hybrids") of EDP, S.A. ("EDP"). These instruments are the
September 2021 EUR750 million 2082 maturity hybrid callable in
December 2026, the September 2021 EUR500 million 2082 maturity
hybrid callable in June 2029, the January 2023 EUR1,000 million
2083 maturity hybrid callable in January 2028, the May 2024 EUR750
million 2054 maturity hybrid callable in February 2030, and the
September 2024 EUR1,000 million 2054 maturity hybrid callable in
December 2030.

This review for upgrade of the five hybrids follows the launch of a
consent solicitation published on March 3, 2025, by which EDP
proposes to change some of the terms and conditions of each of the
five hybrids, which, if implemented, would affect the relative
notching of these hybrids versus EDP's Baa2 long-term issuer
rating. The consent solicitation period is expected to last less
than three months.

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

The review will focus on the outcome of the consent solicitation.
If the consent solicitation is successful, any or all of the five
hybrids would be rated one notch below EDP's Baa2 long-term issuer
rating, instead of two notches below as currently. This would
reflect that these instruments (1) would rank junior to all senior
debt obligations, but senior to all classes of share capital as
well as two outstanding hybrids (the EUR750 million hybrid issued
in January 2020, and the EUR750 million hybrid issued in January
2021) which are not subject to the consent solicitation; and (2)
would have a 5-year limit to coupon deferability. The five hybrids
could thus be rated one notch above their current rating.

All other EDP ratings are unaffected by this rating action.

In Moody's views, if the consent solicitation is successful, the
five hybrids would keep receiving Basket 'M' treatment (please
refer to Moody's Hybrid Equity Credit methodology published in
February 2024), i.e. 50% equity credit and 50% debt for financial
leverage purposes. The features of the five hybrids would include
(1) the optional coupon deferral with mandatory settlement of
arrears of interest following a period of five years; (2) a
contractual maturity of at least 30 years; and (3) no step-up in
coupon before year 10 and the step up will not exceed a total of
100 basis points thereafter.

As the rating of the five hybrids is positioned relative to another
rating of EDP, a change in either (1) Moody's relatives notching
practice; or (2) the Baa2 issuer rating of EDP, could affect the
rating of the hybrids.

EDP's ratings are underpinned by (1) its commitment to maintain
robust financial metrics; (2) its diversified business and
geographical mix, which helps moderate earnings volatility; (3) the
stable earnings coming from contracted generation and regulated
networks, which account for about 70% of group EBITDA; and (4) the
low carbon intensity of its power generation fleet and the strategy
to exit coal-fired power generation by 2025, which positions it
well in the context of energy transition.

EDP's ratings are constrained by (1) the earnings volatility
stemming from variations in hydro output in Iberia and, to a lesser
extent, wind resources globally; (2) the residual exposure of EDP's
merchant generation to volatile wholesale power prices; (3) the
execution risks associated with the group's significant capital
spending over 2024-26; (4) the exposure to political and regulatory
risks in Portugal (Government of Portugal A3 stable), Spain
(Government of Spain Baa1 positive) and Brazil (Government of
Brazil Ba1 positive); and the minority holdings in the group, which
add to complexity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

EDP is a vertically integrated utility company, with consolidated
revenue of EUR16.2 billion and EBITDA of EUR5 billion in 2023. It
is the largest electric utility in Portugal.




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

TDA 29: Moody's Affirms C Rating on EUR4.9MM Class D Notes
----------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Class B and Class C
notes in TDA 29, FTA, a Spanish RMBS transaction. For the Class B
notes, the rating action reflects the correction of a prior error
in the analysis of the swap counterparty risk, and for the Class C
notes the increased levels of credit enhancement available for the
affected notes.

Moody's affirmed the ratings of the Class A2 notes, as they have
sufficient credit enhancement to maintain their current rating, and
of the Class D notes for which the expected tranche loss is
reflected in the current rating.

EUR435M Class A2 Notes, Affirmed Aa1 (sf); previously on Oct 26,
2023 Affirmed Aa1 (sf)

EUR17.4M Class B Notes, Upgraded to Aa1 (sf); previously on Oct
26, 2023 Affirmed Aa2 (sf)

EUR9.3M Class C Notes, Upgraded to A1 (sf); previously on Oct 26,
2023 Upgraded to A3 (sf)

EUR4.9M Class D Notes, Affirmed C (sf); previously on Jul 25, 2007
Definitive Rating Assigned C (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action on Class B Notes reflects the positive impact of
the correction of a prior error. In the previous rating action,
Moody's incorrectly assumed that issuer consent was not required
for the swap counterparty to be able to transfer its obligations
under the swap agreement. This led us to cap the rating of the
Class B notes at Aa2 due to swap counterparty exposure. According
to the transaction swap documents, however, issuer consent is
required.

The rating action corrects this error and considers the benefit of
the issuer consent requirement for the swap counterparty to be able
to transfer its obligations under the swap, leading to an upgrade.
The rating of the Class B notes is constrained by the swap
agreement entered between the issuer and HSBC Bank plc. As a result
Moody's capped the rating of Class B at Aa1 (sf).

Increase in Available Credit Enhancement

The rating upgrade on the Class C Notes is prompted by an increase
in credit enhancement.

The non-amortizing reserve fund led to the increase in the credit
enhancement available in this transaction. Moody's considered the
pro rata amortization of the notes, and switch to sequential upon
certain conditions being met such as the pool factor falling below
10% of original pool balance.

For the Class C notes, credit enhancement increased to 4.48% from
3.69% since the last rating action on October 2023, prompting the
upgrade action.

Counterparty Exposure

The rating actions also took into consideration the notes' exposure
to relevant counterparties, such as servicer, account banks or swap
providers.

Moody's assessed the exposure to HSBC Bank plc acting as swap
counterparty. Moody's analysis considered the risks of additional
losses on the notes if they were to become unhedged following a
swap counterparty default by using the CR assessment as reference
point for swap counterparties.

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.




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

NORION BANK: Nordic Credit Affirms 'BB+' LT Issuer Rating
---------------------------------------------------------
Nordic Credit Rating has affirmed its 'BB+' long-term issuer rating
on Sweden-based Norion Bank AB (publ). The outlook is stable. The
'N4' short-term issuer rating has also been affirmed, as have the
'BB+' senior unsecured issue rating and the 'BB-' Tier 2 issue
rating. The bank currently has no outstanding Additional Tier 1
instruments, but we would expect to rate such instruments 'B'.

Rating rationale

NCR says, "The long-term rating reflects the bank's elevated risk
appetite and our increasing concerns about its management of
conflicts of interest and related-party lending. We also view
single-name risk in the real estate and corporate loan book as a
risk factor given the high proportion of Stage 3 non-performing
loans. We have incorporated a notch of peer adjustment into the
long-term-issuer rating to reflect these risk factors."

"The rating is supported by Norion Bank's strong risk-adjusted
earnings, varied loan exposures, access to diverse funding sources,
and robust capital position. We expect the bank to grow across all
business segments, including Nordic consumer loans and payments,
real estate and mide-sized corporate lending. We believe the bank's
increased liquidity buffers has improved the bank's overall funding
and liquidity resilience."

Stable outlook

According to NCR, "The stable outlook reflects our view that Norion
Bank will maintain its capital ratios and reduce the proportion of
Stage 3 real estate lending, supported by its strong earnings. The
outlook also reflects our expectation that the bank will limit
further increases in related-party exposures and focus on expanding
its core business outside the sphere of its ownership group. A
higher rating is unlikely until we see clear signs of sustainable
balance sheet improvement, greater transparency, and stronger
internal limits to manage conflicts of interest."

"We could raise the rating to reflect an improvement in
transparency and management of conflicts of interest and
related-party exposures or material reduction in downside risk
associated with Stage 3 loans.

"We could lower the rating to reflect a Tier 1 ratio below 15% over
a protracted period, a lasting increase in loan-loss provisions
above 4% of net lending, or material expansion of related-party
exposures in relation to common equity Tier 1."

Rating list                     To    From

Long-term issuer credit rating:     BB+    BB+
Outlook:                     Stable Stable
Short-term issuer credit rating:    N4    N4
Senior unsecured issue rating:     BB+    BB+
Tier 2 issue rating:             BB-    BB-
Additional Tier 1 issue rating:     B    B


POLESTAR AUTOMOTIVE: Secures $450 Million Term Facility
-------------------------------------------------------
Polestar has secured a 12-month term facility of up to USD 450
million and has renewed the EUR 480 million Green Trade Finance
Facility.

In February 2025, the Company secured up to USD 450 million in a
12-month term facility after having secured in December 2024 over
USD 800 million in 12-month term facilities.

Polestar originally entered into a 12-month TFF with a syndicate of
leading global banks in February 2022 to support its working
capital requirements and in February 2025 the facility has been
renewed for EUR 480 million.

Calendar:

Polestar expects to publish global retail sales volumes for Q1 2025
on 10 April 2025, and intends to publish fourth quarter and
full-year 2024 results prior to or concurrently with filing its
Annual Report on Form 20-F for 2024 in April 2025.

                     About Polestar Automotive

Polestar Automotive Holding UK PLC manufactures and sells premium
electric vehicles. The company was founded in 2017 and is
headquartered in Gothenburg, Sweden.

As of December 31, 2023, the Company had $4.1 billion in total
assets, $5.4 billion in total liabilities, and $1.3 billion in
total deficit.

Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a 'going concern' qualification in its report dated
August 14, 2024, citing that the Company requires additional
financing to support operating and development activities that
raise substantial doubt about its ability to continue as a going
concern.



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

BLAKE MILL: Leonard Curtis Named as Administrators
--------------------------------------------------
Blake Mill Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000301, and Hilary Pascoe and Andrew Knowles of Leonard
Curtis were appointed as administrators on Feb. 28, 2025.  

Blake Mill engaged in the retail sale via mail order houses or via
Internet.

Its registered office is c/o BDO LLP at Two Snowhill, 7th Floor,
Birmingham, United Kingdom, B4 6GA

Its principal trading address is at Makers Quarter, 42 Aytoun
Street, Unit 3B, Kampus, Manchester M1 3GL

The joint administrators can be reached at:

         Hilary Pascoe
         Andrew Knowles
         Leonard Curtis
         Riverside House
         Irwell Street
         Manchester, M3 5EN

For further details, contact:

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

Alternative contact: Sidhra Qadoos


CANARY WHARF: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Canary Wharf Group Investment Holdings
plc's (CWGIH) Long-Term Issuer Default Rating (IDR) at 'B' with
Negative Outlook, and its senior secured rating at 'BB-' with a
Recovery Rating of 'RR2'. It has simultaneously withdrawn all
ratings.

The ratings reflect CWGIH's high net debt/EBITDA of above 30x and
its low forecast EBITDA net interest cover. The ratings reflect
CWGIH's pooled portfolio, focusing on rental income from assets to
service its debt comprising its 2025, 2026 and 2028 bonds. The
ratings also reflect subordinated post-debt service cash flows from
other group financings, which are significantly reduced, due to
2024's secured debt refinancings, and the trapping of cash flows
from the group's CMBS financing. The group's recently signed GBP610
million retail facility will refinance its pooled portfolio's 2025
and 2026 bonds.

Fitch has withdrawn CWGIH's ratings for commercial reasons and will
no longer provide ratings and analytical coverage on it.

Key Rating Drivers

2025/2026 Refinance Risk Addressed: The GBP610 million retail
facility has addressed the refinancing risk of CWGIH's 2025 and
2026 debt maturities. The new facility, which matures in 2030, is
secured against its GBP900 million retail assets, which are pledged
as part of the pooled portfolio financing. Fitch expects CWGIH to
draw down the facility in stages as the bond maturities approach,
allowing it to continue benefitting from the bonds' lower coupons.

2028 Bond Maturities: After the 2025 and 2026 refinancings, the
remaining GBP300 million 2028 bonds will have recourse to about
GBP268 million of unencumbered residual assets consisting mainly of
7 & 15 Westferry Circus offices and smaller income-producing
assets. Some key Westferry Circus leases mature in 2025-2026, which
makes their income and values uncertain. Fitch does not assign any
value to the mostly vacant 10 Cabot Square.

Shareholders' ECL Statement of Support: The equity commitment
letter (ECL) from shareholders commits to inject equity to repay
the pooled portfolio bonds if CWGIH lacks sufficient liquidity.
However, it does not offer bondholders recourse to the
shareholders, nor does it explicitly provide for timely interest
payments. Its approach to the ECL is similar to its evaluation of
private equity sponsors' capacity to support their investments.
This means the ECL providers' intention may be reassessed, based on
the circumstances at the time. Thus, the ECL indicates support from
existing CWGIH shareholders but is not a guarantee.

Fitch's Rating Approach: CWGIH's GBP900 million of secured bonds
have recourse to the campus' retail and car park assets, certain
smaller offices and other assets. These assets account for 70% of
current cash flows before central costs. The remaining 30% cash
flows are from CWGIH's post-debt service secured financings,
including its CMBS financing. At end-1H24, the pooled portfolio
totalled GBP1.16 billion in value. Fitch does not include the void
10 Cabot Square or equity stakes in Canary Wharf's property
vehicles under CWGIH in these value and related metrics.

Reduced Debt Service Capacity: The Negative Outlook reflects
CWGIH's subordinated post-debt service income, which has reduced
considerably following: (i) 2024 refinancings that resized debt to
align with banks' loan-to-value appetites and led to higher
interest costs relative to rents; and (ii) cash flows within the
CMBS's financing tranches being trapped (some related to the 2026
Citi office lease expiry). This leads to lower Fitch-calculated
EBITDA for CWGIH, worsening the pooled portfolio's leverage and
interest cover.

Deteriorating Interest Cover: The pooled portfolio's interest cover
is about 2x, reflecting the existing average cost of debt at 2.5%.
Once the 2025 and 2026 bonds are refinanced with the retail
facility, which is priced at about 6%, CWGIH's interest cover will
reduce to below 1.0x from end-2024. The corresponding net
debt/EBITDA is 30x.

Evolving Canary Wharf Campus: The evolution of the campus from
primarily offices to mixed-use is continuing, with more than 3,500
people now living on the wharf. This shift has driven growth in its
retail and leisure offering to meet the needs of residents,
visitors and office commuters. Some existing space and office
towers require capex to accommodate hybrid working, enhance green
credentials, and meet evolving tenant expectations for modern
offices. While this capex burdens the group's leverage, it supports
the transition of these buildings to mixed-use.

Peer Analysis

The wider Canary Wharf group's GBP6.7 billion (end-1H24) property
portfolio is comparable in size and quality to that of rated peers,
including The British Land Company PLC's (IDR: A-/Stable) GBP8.7
billion (at share), Land Securities PLC's (Short-Term IDR: F1)
GBP10.2 billion, and Derwent London plc's (IDR: BBB+/Stable) GBP4.6
billion. All these entities' office portfolios are central
London-focused, whereas CWGIH's portfolio is concentrated in the
established east London campus. CWGIH's IDR reflects a subsector of
the group - the pooled portfolio and its associated financing.

With the UK market split between prime and less attractive
secondary offices, all four entities have good-quality properties
in good locations with essential ESG credentials to ensure
re-letting and newbuilds. British Land's four London campus
clusters and Land Securities' Victoria portfolio, like the Canary
Wharf campus, benefit from a central landlord who coordinates and
invests in amenities, including green credentials. This strategy
enhances the attractiveness of the location by creating
complimentary adjacent rental evidence and allows for development
or refurbishment in a phased approach.

In contrast, investors like Derwent operate in districts with
multiple competing landlords, each with different agendas and
investment time-horizons. In these locations, reinvestments are
less coordinated.

Key Assumptions

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

- Pooled portfolio retail net rents to remain at about GBP52
million, as leases are renewed, optimising the occupancy rate.
Subordinated post-debt service income has reduced considerably
following additional cash being trapped in CMBS structures and
recent secured debt refinancings

- Central administrative costs - at GBP62 million at end-2023 - are
deducted to arrive at EBITDA for the pooled portfolio

- The retail facility replacing the 2025 and 2026 bonds has an
all-in 6% cost. The pooled portfolio's 2028 bonds remain in place

Recovery Analysis

Its recovery analysis assumes that the CWGIH pooled portfolio would
be liquidated rather than restructured as a going concern in a
default. This recovery analysis is before the retail facility is
drawn.

Recoveries are based on the end-1H24 GBP1.16 billion pooled
portfolio, excluding the void 10 Cabot Square ex-Barclays office,
which needs additional investment to be re-let. Fitch applies a
standard 20% discount to these values.

Fitch assumes no cash is available for recoveries and that CWGIH's
GBP100 million super senior revolving credit facility (RCF) is
fully drawn in a default. After deducting a standard 10% for
administrative claims, the value available to unsecured creditors
is GBP832 million. This compares with GBP900 million of secured
bonds, after accounting for the RCF. This recovery estimate
ascribes no value to the equity stakes in Canary Wharf's property
vehicles under CWGIH, as the timing for realising value from these
assets is uncertain.

Fitch's principal waterfall analysis generates a ranked recovery
for CWGIH's senior secured debt of 'RR2', with a
waterfall-generated recovery computation output percentage of 81%
based on current assumptions. The 'RR2' indicates a 'BB-' secured
debt instrument rating.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

Liquidity and Debt Structure

Once the 2025 and 2026 bond maturities are repaid, CWGIH's next
large bond maturity is the 3.375% GBP300 million bond, which is due
in April 2028.

As at end-1H24, CWGIH benefitted from unrestricted cash of about
GBP150 million, alongside its undrawn shareholder-provided RCF of
GBP100 million, plus CWGIH's GBP100 million super senior RCF
maturing in 2027.

The pooled portfolio's assets and cash flows from the CMBS office
financing adequately service the pooled portfolio's total bonds of
GBP900 million. However, Fitch expects considerably lower
subordinated post-debt service income, which has worsened leverage
and interest cover for the 2028 bonds, even if those due in 2025
and 2026 are repaid on their scheduled maturity dates.

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.
Following the rating withdrawal, Fitch will no longer provide ESG
scores for CWGIH.

   Entity/Debt                  Rating          Recovery   Prior
   -----------                  ------          --------   -----
Canary Wharf Group
Investment Holdings plc   LT IDR B   Affirmed              B
                          LT IDR WD  Withdrawn

   senior secured         LT     BB- Affirmed     RR2      BB-

   senior secured         LT     WD  Withdrawn


ENERGY COMPARE: Milner Boardman Named as Administrators
-------------------------------------------------------
Energy Compare Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency and Companies Court Number:
CR-2005-MAN-000280, and Darren Brookes of Milner Boardman &
Partners was appointed as administrators on Feb. 27, 2025.  

Energy Compare was engaged in activities of call centres.

Its registered office is at The Old Mill Blisworth Hill Farm, Stoke
Road, Blisworth, Northampton, NN7 3DB (to be changed to Grosvenor
House, 22 Grafton Street, Altrincham, WA14 1DU).

Its principal trading address is at Solar House, at 7 Admiral Way,
Doxford International, Sunderland, SR3 3XW.

The joint administrators can be reached at:

                Darren Brookes
                Milner Boardman & Partners
                Grosvenor House
                22 Grafton Street
                Altrincham WA14 1DU

Creditors requiring further information should either contact:

                Grosvenor House
                22 Grafton Street
                Altrincham WA14 IDU
                Tel No: 0161 927 7788

                 -- or contact --

                Natasha Baldwin
                Email: natashab@milnerboardman.co.uk
                Tel No: 0161 927 7788


H.A.C. TECHNICAL: RSM UK Named as Administrators
------------------------------------------------
H.A.C. Technical Gas Services 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-2025-986, and Christopher
Lewis and Tyrone Courtman of RSM UK Restructuring Advisory LLP were
appointed as administrators on Feb. 27, 2025.  

H.A.C. Technical specialized in gas maintenance services.

Its registered office is at 106 Carter Lane, Mansfield, NG18 3DH

Its principal trading address is at 31-33 Pinfold Road, Leicester,
Leicestershire, LE4 8AS

The joint administrators can be reached at:

            Christopher Lewis
            RSM UK Restructuring Advisory LLP
            10th Floor, 103 Colmore Row,
            Birmingham B3 3AG

               --and --

            Tyrone Courtman
            RSM UK Restructuring Advisory LLP
            2nd Floor, East West Building
            2 Tollhouse Hill
            Nottingham, NG1 5FS

Correspondence address & contact details of case manager:

              Daniel Evans
              RSM UK Restructuring Advisory LLP
              10th Floor, 103 Colmore Row
              Birmingham, B3 3AG
              Tel: 0121 214 3100

For further details, contact:

              Christopher Lewis
              Tel: 0121 214 3100

               -- or --

              Tyrone Courtman
              Tel: 0116 282 0550


JOINERY CLASSICS: Begbies Traynor Named as Administrators
---------------------------------------------------------
Joinery Classics Limited was placed into administration proceedings
in the County Court at Birmingham, No CR-2025-BHM-000091, and
Michaela Daly and Kris Anthony Wigfield of Begbies Traynor
(Central) LLP were appointed as administrators on Feb. 27, 2025.  

Joinery Classics is into bespoke joinery.

Its registered office is at Unit 24 Weston Industrial Estate,
Evesham, WR11 7QB 7AF.

The joint administrators can be reached at:

         Joint Administrator
         Michaela Daly
         Begbies Traynor (Central) LLP
         Lymedale Business Centre
         Lymedale Business Park
         Hooters Hall Road
         Newcastle, Staffordshire ST5 9QF

             -- and --

         Joint Administrator
         Kris Anthony Wigfield
         Begbies Traynor (SY) LLP
         3rd Floor, Westfield House
         60 Charter Row, Sheffield S1 3FZ

For further details, contact:

         Samantha Booth
         Tel No: 01782 569510
         Email: samantha.booth@btguk.com


KIDLY LIMITED: Begbies Traynor Named as Administrators
------------------------------------------------------
Kidly Limited was placed into administration proceedings in the
High Court of Justice, Court Number: CR-2025-001360, and Lee De'ath
and Tom Gardiner of Begbies Traynor (Central) LLP were appointed as
administrators on March 4, 2025.  

Kidly Limited engaged in retail sale via mail order houses or via
Internet.  Its registered office is at 80-83 Long Lane, London,
EC1A 9E.

The joint administrators can be reached at:

          Lee De'ath
          Tom Gardiner
          Begbies Traynor (Central) LLP
          Town Wall House
          Balkerne Hill
          Colchester, Essex, CO3 3AD

For further details, contact:

         Charlie Robinson
         Begbies Traynor (Central) LLP
         E-mail: Charlie.Robinson@btguk.com
         Tel No: 01206 984 919


LGC SCIENCE: Fitch Gives 'B(EXP)' Rating on Term Loan B
-------------------------------------------------------
Fitch Ratings has assigned LGC Science Group Holdings Limited's
(LGC) amended and extended (A&E) term loan B (TLB) an expected
rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The TLB
(EUR840million and USD1,150million) is expected to be upsized by an
equivalent of GBP106 million, split between the euro and US dollar
tranches.

Fitch has also affirmed LGC's Long-Term Issuer Default Rating (IDR)
at 'B' with a Stable Outlook and affirmed the existing TLB at
'B'/'RR4'. The assignment of final ratings is contingent on the
receipt of final documents conforming to the draft financing
terms.

The ratings reflect LGC's weakened leverage and interest coverage
metrics, which are commensurate with the mid-to-low end of the 'b'
rating category. This is balanced by its robust business model. The
Stable Outlook reflects structural organic growth prospects for the
life science industries and its expectations that LGC will focus on
organic expansion, supporting gradual deleveraging.

Key Rating Drivers

Recovering Operating Performance: Fitch expects LGC to return to
its longer-term growth trajectory from FY25 (financial year end
March), supported by expansion across its portfolio and target
markets, particularly in molecular diagnostics and oligonucleotide.
Fitch views its under-performance in FY24 as temporary, following
the recovery of the broader life science tools sector since
end-2024.

Fitch therefore expects a gradual improvement in EBITDA to around
GBP265 million by FY27 and a corresponding margin recovery toward
30%. This will be driven by continued industry recovery,
cost-efficiency measures, and improved operating leverage.

Manageable Refinancing Risk: Fitch views LGC's refinancing risk as
manageable following the announced A&E of its TLB, with maturity
extension to January 2030 from April 2027, ahead of the maturity
for its holding company's payment-in kind (PIK) facility. Its
existing RCF, which will be paid off with the upsized TL B, matures
in October 2029, also providing ample liquidity headroom.

Volatile FCF Until 2027: Fitch forecasts negative free cash flow
(FCF) until FYE26, based on lower EBITDA forecasts and high growth
capex to support organic expansion in FY25-FY26. Excluding the
growth capex, Fitch projects the underlying FCF margins to turn
positive in FY27 and to remain in mid-single digits thereafter.
LGC's ability to return to positive FCF on completion of the large
expansion investment is a key driver of the 'B' IDR. A lack of
visibility of FCF turning positive by then will put its ratings
under pressure.

Increased Leverage: Fitch expects LGC's EBITDA leverage to remain
slightly above 7.5x in FY25 before decreasing toward 7.2x in FY26,
which supports the Stable Outlook. Deleveraging has been slower
than anticipated, but Fitch expects a gradual increase in the
rating headroom at this lower level once biotech funding has
resumed and the newly invested capacity ramps up. This will support
higher profitability and an overall improvement in credit metrics.

Core Business Matures: As recent acquisitions mature, Fitch expects
LGC's underlying business to continue delivering defensive organic
growth. Fitch expects its genomics and quality assurance business
to see mid-single digit to low double-digit organic growth on a
constant currency basis in the medium term, driven by growth in
end-market demand in the US and EMEA. Fitch assumes that LGC will
maintain its near-term focus on organic growth to address growing
demand in specialist testing and clinical diagnostics.

Defensive Business Profile: LGC has a strong position in the
structurally growing routine and specialist life-science and
healthcare-testing markets, with longstanding customer
relationships supporting high recurring revenue. Fitch views these
strong and diverse customer relationships, the mission-critical
role of LGC's products in its clients' workflows, and the group's
focus on and reputation for quality as major barriers to entry
underpinning its robust business model.

Derivation Summary

Fitch rates LGC using its Medical Devices Navigator Framework.
LGC's rating is constrained by its modest size and high financial
leverage, particularly relative to that of larger US peers in the
life science and diagnostics sectors. Close peers are generally
rated within the 'BBB' rating category, including Eurofins
Scientific S.E. (BBB-/Stable, Under Criteria Observation), Revvity,
Inc. (BBB/Stable), Agilent Technologies, Inc. (BBB+/Stable), and
Thermo Fisher Scientific Inc. (A-/Stable).

LGC demonstrates a similar EBITDAR margin of around 30% to its
peers, reflecting its strong business model rooted in niche
positions that are underpinned by scientific excellence. In
addition, LGC shows healthy organic growth, supplemented by
consolidation opportunities in the fragmented global life-science
tools market.

LGC's defensive business risk attributes are offset by its smaller
scale and higher leverage compared with investment-grade peers,
which places the group's rating firmly in the highly speculative
'B' category. Its financial risk profile is more comparable to that
of European healthcare leveraged finance issuers such as Curium
Bidco S.a r.l. (B/Stable), Inovie Group (B/Negative), and Ephios
Subco 3 S.a.r.l. (B/Positive, Under Criteria Observation). All
three speculative-grade issuers have defensive business risk
profiles and deploy financial leverage to accelerate growth in a
consolidating European market.

Key Assumptions

Fitch's Rating Case Assumptions:

- Revenue CAGR of 7% over FY25-FY27, driven by organic growth
benefiting from growing demand in specialist testing and clinical
diagnostics

- Gross margin gradually recovering towards historical levels of
63% by FY27 from 62% in FY25

- Fitch-defined EBITDA margin gradually increasing to 30% in FY27
from 29% in FY25

- Changes in net working capital at 1%-1.5% of sales from FY25 to
support business growth

- Overall capex expected to remain high at about GBP100million in
FY25-FY26 to allow the expansion of innovation capability and other
strategic projects to support growth

- Capex to normalise to around GBP65million in FY27

- No acquisitions over the next three years

Recovery Analysis

- The recovery analysis assumes that LGC would remain a going
concern (GC) in the event of restructuring and that it would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

- Fitch assumes a post-restructuring GC EBITDA of GBP150 million,
on which Fitch bases the enterprise value (EV). This reflects LGC's
niche but maturing business model with highly specialised
operational competencies, and a strong and diverse client base with
a high share of recurring revenues

- Fitch assumes a distressed multiple of 6.5x, reflecting the
group's global presence in attractive high-growth sectors and
strong underlying profitability

- Its waterfall analysis generates a ranked recovery for senior
creditors in the 'RR4' band, indicating a 'B' rating for the
group's senior secured facilities, in line with the IDR. The
waterfall analysis output percentage on current metrics and
assumptions is 47% for the senior secured loans

- Upon completion of the A&E transaction, Fitch estimates the
allocation of value in the liability waterfall analysis would
result in a Recovery Rating of 'RR4' for the TLB, which indicates a
'B' instrument rating, with waterfall-generated recovery
computations of 45%

- Fitch assumes LGC's multi-currency RCF would be fully drawn in a
restructuring, ranking pari passu with the rest of the senior
secured debt. Fitch also views the US dollar-denominated PIK as an
equity instrument, sitting outside the restricted group

RATING SENSITIVITIES

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

- EBITDA leverage consistently above 7.5x

- EBITDA interest coverage below 2.0x for an extended period

- Lower organic growth due to market deterioration or reputational
issues, resulting in market share loss or EBITDA margins
consistently below 28%

- FCF margins to remain negative after completion of growth capex
by 2026, or deterioration in trading materially reducing cash
generation and liquidity beyond its expectations

- Aggressive financial policy hampering profitability and
deleveraging prospects

- Absence of credible refinancing plans 12-18 months before the
maturity of the TLB

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

- EBITDA leverage below 5.5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

- Superior profitability with EBITDA margin remaining above 30% and
successful integration of accretive M&As

- FCF margins sustained above mid-single digits

Liquidity and Debt Structure

LGC has satisfactory liquidity, with available cash on its balance
sheet of about GBP89 million at end-2024 and a GBP265million RCF,
partially drawn by GBP106 million. Fitch restricts GBP10 million of
the balance-sheet cash as the minimum cash needed to run the
business.

Fitch expects liquidity to reduce, due to negative FCF generation
expected until FYE26, mainly driven by the additional growth capex.
Post A&E, Fitch expects the RCF will remain undrawn at least by
GBP200 million at capex peaks, while accounting for intra-year
working-capital swings of about GBP10 million. This will provide an
adequate liquidity buffer over the next three years as freely
available cash is expected to be around EUR30 million on average.

Post refinancing, LGC will have no debt maturity till October
2029.

Issuer Profile

LGC is a UK-based leading global life science tools company,
providing mission-critical components and solutions for high-growth
application areas across the human healthcare and applied market
segments.

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
   -----------              ------                --------   -----
Loire US Holdco 1,
Inc.

   senior secured     LT     B(EXP)Expected Rating   RR4

   senior secured     LT     B     Affirmed          RR4     B

LGC Science Group
Holdings Limited      LT IDR B     Affirmed                  B

   senior secured     LT     B     Affirmed          RR4     B

Loire Finco
Luxembourg S.a r.l.

   senior secured     LT     B(EXP)Expected Rating   RR4

   senior secured     LT     B     Affirmed          RR4     B

Loire US Holdco 2,
Inc.

   senior secured     LT     B(EXP)Expected Rating   RR4

   senior secured     LT     B     Affirmed          RR4     B


MHA BURLEIGH: FRP Advisory Named as Administrators
--------------------------------------------------
MHA Burleigh Poole (Opco) Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-001376, and Julie Humphrey and Glyn Mummery of FRP Advisory
Trading Limited were appointed as administrators on Feb. 28, 2025.


MHA Burleigh is in the hotel business.

Its registered office is at 30 Old Street Old Street, London, EC1V
9AB -- in the process of being changed to Jupiter House, at Warley
Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE.

Its principal trading address is at Thistle Poole Hotel, Poole,
BH15 1RD.

The joint administrators can be reached at:

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

For further details, contact:

           The Joint Administrators
           Email: cp.brentwood@frpadvisory.com
           Tel No: 01277 50 33 33

Alternative contact:

           Holly Dowsett-Ward
           Email: cp.brentwood@frpadvisory.com


PLAYFUL PROMISES: RSM UK Named as Administrators
------------------------------------------------
Playful Promises Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-000230, and Tom Straw and Gordon Thomson of RSM UK
Restructuring Advisory LLP were appointed as administrators on Feb.
27, 2025.  

Playful Promises is a manufacturer of lingeries.

Its registered office and principal trading address is Unit 5, The
Viaduct Business Centre, 360a Coldharbour Lane, London, SW9 8PL.

The joint administrators can be reached at:

            Tom Straw
            Gordon Thomson
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB

Correspondence address & contact details of case manager:

            Ben Cheshire
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB
            Tel: 020 3201 8000

For further details, contact:

             The Joint Administrators
             Tel: 020 3201 8000


TOTAL FIRE: Begbies Traynor Named as Administrators
---------------------------------------------------
Total Fire & Door Solutions Ltd 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-2025-001194, and Dominik Thiel-Czerwinke and
Jamie Taylor of Begbies Traynor (Central) LLP were appointed as
administrators on March 3, 2025.  

Total Fire, trading as TFDS, specialized in passive fire
protection.

Its registered office is at 30 Milton Road, Southend-on-Sea, Essex,
SS0 7JX.

The joint administrators can be reached at:

             Dominik Thiel-Czerwinke
             Jamie Taylor
             Begbies Traynor (Central) LLP
             1066 London Road, Leigh-on-Sea
             Essex, SS9 3NA

For further details, contact:

             Paige Horton
             Begbies Traynor (Central) LLP
             E-mail: Southendteamd@btguk.com
             Tel No: 01702 467255


VERY GROUP: Fitch Lowers IDR to CCC+, On Watch Negative
-------------------------------------------------------
Fitch Ratings has downgraded The Very Group Limited's (TVG)
Long-Term Issuer Default Rating (IDR) and senior secured instrument
rating of its subsidiary, The Very Group Funding plc, to 'CCC+',
from 'B-'. The ratings have been placed on Rating Watch Negative
(RWN).

The downgrade and RWN reflect a prospect of a near-term downgrade
amid unresolved refinancing of TVG's debt, which is set to mature
between February and August 2026, exacerbated by the company's
tight liquidity during periods of peak working-capital seasonality,
while TVG is subject to the change of ownership after its owners
and their lenders have agreed on the mechanics for a change of
control by end-2025, which is in progress. The rating also reflects
leverage of above 8.0x, which exceeds its downgrade rating trigger
for a 'B-' rating.

The rating remains supported by TVG's sustainable business model as
a multi-category retailer that offers low price points and flexible
payment options. TVG has also demonstrated resilience amid weak
consumer spending in the UK.

Key Rating Drivers

Heightened Refinancing Risk: Refinancing risk is increasing as the
February 2026 maturity of TVG's heavily utilised revolving credit
facility (RCF) and the August 2026 bond maturity approach. Fitch
expects the refinancing process to be more complex than usual, due
to the change of control, which is targeted for completion by
end-2025. The company has hired debt advisors to progress with
refinancing.

Tighter Liquidity: Fitch expects available resources, including its
GBP125 million undrawn RCF at end- 2QFY25, to provide minimal
liquidity headroom at TVG, particularly in 3QFY25, the peak
working-capital period when suppliers are paid after the key
Christmas trading period. Nonetheless, Fitch believes TVG will
receive support from its lenders, Carlyle Finance L.L.C.
(A-/Stable) and International Media Investments (IMI), through the
remaining GBP40 million uncommitted portion of their GBP125 million
facility.

TVG's liquidity position has tightened, even after receiving GBP75
million in cash funding from Carlyle and IMI, in the financial year
ending June 2024 (FY24). TVG used this funding, plus GBP80 million
drawn under its RCFs (up to GBP150 million limit), to cover working
capital and higher interest costs along with similar level of cash
exceptional costs and shareholder distributions as in FY23.

High Leverage: Fitch expects EBITDAR leverage to mildly exceed
8.0x, the downgrade sensitivity for a 'B-' rating, over FY25-FY26,
with some scope to return below 8.0x thereafter as strategic
initiatives gain traction and UK consumer spending recovers. This
is despite its forecast for some deleveraging from 8.9x in FY24 on
earnings growth, against its previous forecast of 7.5x in FY26.

Mixed Trading: Fitch has slightly lowered its forecast, following a
reported 4.5% revenue decline in 1HFY25. However, Fitch has
incorporated stronger EBITDA margin uplift, recognising around 200
basis points y-o-y increase in margin in 1HFY25 thanks to various
cost and revenue initiatives taken to strengthen the business.
Fitch assumes improved profitability through FY28, driven by a
better business mix and successful cost-cutting efforts, including
the renegotiated fulfilment contract with TVG's delivery service
provider, Yodel Delivery Network Limited. This improvement will be
partly offset by higher provisioning for its lending unit.

Change of Control to Progress: Fitch expects TVG's majority
ownership to change by end-2025, alleviating uncertainty around its
current owner, the Barclay family, and the family's financial
difficulties. These include large debt due in November 2025 at the
entities that own TVG. The company indicates that an agreement
among shareholders and lenders outlines a timeline to settle the
debt outside TVG's perimeter and facilitate a consensual and
orderly change of control ahead of its 2026 debt maturities.

Sustainable Business Model: TVG benefits from a multi-category
retail offering featuring low price-points and flexible payment
solutions, with around 90% of sales on credit. Fitch expects its
lean cost structure and online-based model, supported by the
automated fulfilment center, Skygate, to maintain distribution cost
efficiencies. However, it may face increased competition from other
omni-channel retailers and competitors offering flexible payment
solutions.

Negative Free Cash Flow: Under Fitch's methodology, Fitch expects
negative free cash flow (FCF), caused by an increased receivables
portfolio in working capital, to be funded by higher securitisation
debt. However, including both the securitised receivables and the
funding in FCF, it turns positive, accounting for 1%-2% of
FY26-FY28 sales. Its forecast assumes lower exceptional costs after
TVG terminates an onerous supplier contract and as transaction and
software as a service costs diminish. Fitch also expects the
regular GBP7.5 million annual management fee to the parent to cease
after the ownership change.

Stronger Financial Services Capitalisation: Fitch expects a modest
improvement in capitalisation for the financial services segment in
FY25, contingent on TVG maintaining asset quality and controlling
credit provisioning. Capitalisation at TVG's lending unit, Shop
Direct Finance Company Limited (SDFCL), measured by gross
debt/tangible equity, improved to 6.5x in FY24, from 8.2x in FY23,
on the accumulation of retained earnings.

Improved Governance and Group Structure: TVG's rating reflects the
group's complexity and its integrated reporting, which provides
less detail between retail and financial services segments,
compared with peers. TVG has improved its board composition by
appointing a non-executive chairman, alongside a new CEO and
several members with valuable industry expertise. This has helped
the company make strategic progress, such as launching a media
services offering to generate additional income.

Derivation Summary

Fitch evaluates TVG's rating using its Ratings Navigator for
non-food retailers. Fitch also consolidates the issuer's financial
services business and assess using the relevant parameters in its
Non-Bank Financial Institutions Rating Criteria, including asset
quality and capitalisation.

The non-food retail sector faces disruption amid evolving consumer
preferences, technological advancements, digitalisation, data
analytics, brand and product obsolescence, environmental factors
and shifts in the UK's high-street landscape. TVG is one of the
country's leading pure digital retailers, complemented by a
consumer finance offering that is commensurate with a 'bb' business
profile. However, this is offset by its aggressive financial
structure, with EBITDAR leverage at around 8.0x over the medium
term.

Pure online beauty retailer, THG PLC (B+/Negative), is rated two
notches above TVG, due to its stronger business profile, including
greater geographical diversification than at TVG, which is mainly
exposed to the UK with a small proportion to Ireland. THG also has
a solid liquidity profile and a more conservative financial policy,
without a comparable financial services business, although Fitch
expects its EBITDA leverage to remain above 6.0x. However, the
Negative Outlook on THG's rating reflects heightened execution risk
as it seeks to enhance its profit margin and FCF amid a weakened
consumer environment in most markets, stiff competition and rising
personnel costs.

Key Assumptions

- Sales to decline by 4.5% in FY25, before rebounding to an average
of +1.5% in FY26-FY28 as retail trading performance recovers and
consumer lending normalises.

- Group EBITDA margin to improve to 13.7% in FY25, from 12.1% in
FY24, trending towards 15.0% by FY28. This should be supported by
operating-efficiency initiatives and a better business mix.

- Group working capital outflow of around 1.7% of sales in FY25,
averaging at 3.1% during FY26-FY28.

- Average annual capex of GBP44 million for FY25-FY26, rising to
around GBP50 million in FY27-FY28.

- Debtor book growth of 1.0% in FY25-FY26, followed by 1.2% a year
over FY27-FY28.

- Asset quality gradually normalising, with bad debt charges
returning to the pre Covid-19 pandemic level of around 7.0% in FY27
(FY24: 4.8%).

Recovery Analysis

Fitch assumes TVG would be considered a going concern in bankruptcy
and that it would be reorganised rather than liquidated. Fitch
estimated a post-restructuring EBITDA available to creditors of
GBP90 million in its bespoke going concern recovery analysis

Fitch expects the financial services segment to be restructured in
a default in tandem with the retail operations, given its strategic
integration with TVG. Post restructuring, Fitch expects cash flow
from financial services to first repay interest payments on the
GBP1.5 billion non-recourse securitisation financing, which sits
outside the restricted group. Therefore, Fitch deducts the interest
expense related to the financial services segment from consolidated
EBITDA to calculate going-concern EBITDA. The financial services
segment is part of the restricted group, but its cash is fungible
with TVG, therefore, Fitch expects creditors of the restricted
group to have claims on the remaining profit after securitisation
interest payments.

Fitch applies a distressed enterprise value/EBITDA multiple of
4.5x. This reflects TVG's leading position in the UK and high brand
awareness, offset by exposure to online non-food retail sales and a
consumer lending business that is subject to regulatory risk and
below-average asset quality.

Fitch assumes the super senior RCF of GBP100 million ranks ahead of
TVG's senior secured notes and other debt in its debt waterfall
analysis. In addition, Fitch assumes the uncommitted and undrawn
GBP40 million portion of the GBP96 million of Carlyle/IMI facility
will be made available and fully drawn, ranking pari passu with the
senior secured notes.

Its principal waterfall analysis indicates a ranked recovery for
noteholders in the 'RR4' Recovery Rating band after deducting 10%
for administrative claims, aligning the senior secured instrument
rating with the IDR. This results in a waterfall-generated recovery
computation output of 35%.

These assumptions relate to the underlying business, excluding the
uncertain circumstances outside the restricted group

RATING SENSITIVITIES

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

- Lack of tangible progress on refinancing by end-August 2025

- Refinancing debt on terms that include elements that Fitch
considers to be a DDE

- Significant liquidity deterioration with exhaustion of headroom
or nearing debt maturities

- Deterioration in trading performance, with contracting profit and
worsening cash flow generation

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

Fitch could remove the RWN and affirm the rating if the RCF
maturing in February 2026 is firmly refinanced and upon clear
visibility of tangible plans to refinance the senior secured notes
maturing in August 2026 on terms that are not commensurate with a
DDE.

Liquidity and Debt Structure

Tight Liquidity: TVG had on-balance-sheet cash of around GBP33
million, after Fitch restricting GBP20 million for operational
requirements, with a fully drawn RCF at FYE24. Higher interest
costs and working capital needs drove up liquidity consumption in
FY24.

Fitch expects minimal liquidity headroom during periods of peak
working-capital seasonality, in particular 3Q25, but believe the
remaining GBP40 million uncommitted portion of GBP125 million would
be made available to support TVG's liquidity. The company has
announced it has taken steps to refinance its RCF and senior
secured notes due 2026 by hiring debt advisors.

Over the rating horizon to FY28, Fitch expects on-balance-sheet
cash to build up on an improved operating performance, leading to
higher available liquidity.

Issuer Profile

TVG is the UK's leading pure digital retailer and one of the
country's largest unsecured lenders, with a complementary consumer
finance offering.

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

TVG has an ESG Relevance Score of '4' for Group Structure, due
group complexity and its integrated reporting providing less detail
between retail and financial services segments than peers and a
history of large related-party transactions. This has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

TVG has an ESG Relevance Score of '4' for Governance Structure, due
to ownership concentration. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
The Very Group
Funding plc

   senior secured    LT     CCC+  Downgrade   RR4      B-

The Very Group
Limited              LT IDR CCC+  Downgrade            B-




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

[] Kroll Expands Global Restructuring Practice in Europe
--------------------------------------------------------
Kroll, the leading independent provider of global financial and
risk advisory solutions, has announced a set of strategic hires in
its Restructuring practice as it continues to expand both the
number of professionals and capabilities in multiple geographies.
Kroll already has the largest offshore presence of any global
restructuring firm with teams delivering complex cross-border
restructuring solutions in multiple jurisdictions.

Co-Heads of Global Restructuring  

Sarah Rayment, Managing Director and Co-Head of Global
Restructuring, based in London, has been joined by Jason Kardachi,
based in Singapore, as he steps up to become the new Co-Head of
Global Restructuring. Mr. Kardachi joined Kroll in 2021 as Managing
Director. He has more than 27 years of experience in corporate
advisory and restructuring in Asia Pacific. He has led and managed
complex debt restructurings and turnarounds, liquidations and
receiverships and provides practical and commercial solutions to
key stakeholders. He will be instrumental in continuing to expand
Kroll's presence across the globe.  

Co-Heads of Restructuring in Europe  

Following the recent talent acquisition of ACE Advisory team in the
Netherlands, Kroll has appointed two senior hires to lead its
Restructuring practice across key European markets including UK,
Germany, Spain, France, Italy and the Netherlands. Aurelio
Garcia-Miro, Managing Director, based in London, and Andreas
Fluhrer, Managing Director, based in Munich, respectively have over
25 and 20 years of experience in restructuring. They will build an
integrated financial and operational restructuring practice with a
primary focus on providing interim management and executive
services, cross-border in and out of court restructurings, as well
as taking Board advisory roles.  

These appointments launch Kroll's Restructuring practice in Germany
and represent a significant investment in the market as the firm
strengthens its restructuring, insolvency and business
transformation capabilities in all major financial hubs, as well as
those offshore.

Sector and Offshore Expertise  

In the UK, David Eden has joined as Managing Director in Kroll's
Restructuring practice with a focus on real estate advisory. As a
Chartered Surveyor and Registered Property Receiver, David brings
more than 18 years of professional services experience specializing
in corporate recovery and receivership.

In the UAE, Kroll welcomes Associate Managing Director Christian
Jarjour and Senior Vice President Bharat Khemani, who join the
Restructuring practice based in Dubai.  

Kroll will continue to expand globally and build a presence where
its clients and investments are based to support ever increasing
demand in cross-border investment.

Sarah Rayment, Managing Director and Co-Head of Global
Restructuring, Kroll: "We are delighted to welcome global experts
Aurelio and Andreas to Kroll. Over the past 12 months we have seen
a great deal of restructuring activity, and a wide range of factors
mean this will only accelerate in the months ahead. To this end,
we've hired even more specialist talent to support across the
sectors and geographies where our clients are looking to
reconfigure, restructure, refinance or recapitalise their business
models. The macroeconomic and geopolitical environment and the work
we do are increasing exponentially in complexity and we're ready
for the challenge."

Jason Kardachi, Managing Director and Co-Head of Global
Restructuring, Kroll: "Aurelio and Andreas are market leaders in
providing innovative turnaround and restructuring solutions to
clients in Europe. Their approach to addressing complex issues and
their impressive track record of success resonates with Kroll's
broader restructuring services and it will be exciting to
collaborate with them and drive growth in these markets."

Kroll will share more details on industry trends at its
Restructuring Conference in London on April 24, 2025.

                        About Kroll

Kroll -- http://www.kroll.com-- is an independent provider of
financial and risk advisory solutions. Kroll's team of more than
6,500 professionals worldwide continues the firm's nearly 100-year
history of trusted expertise spanning risk, governance,
transactions and valuation.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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