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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, April 1, 2025, Vol. 26, No. 65

                           Headlines



F I N L A N D

FINNAIR OYJ: Egan-Jones Retains CCC Senior Unsecured Ratings


F R A N C E

COLISEE GROUP: Moody's Lowers CFR & Sr. Secured Debt Rating to Caa2


G E R M A N Y

LANXESS AG: Egan-Jones Retains BB+ Senior Unsecured Ratings
MAHLE GMBH: S&P Lowers LT ICR to 'BB-' on Low Earnings Increase


I R E L A N D

AURIM CLO XIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes
AURIUM CLO XIII: S&P Assigns B- (sf) Rating to Class F Notes
CROSS OCEAN XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
CROSS OCEAN XI: S&P Assigns B- (sf) Rating to Class F Notes
CVC CORDATUS: Moody's Assigns B3 Rating to EUR8.3MM F-R Notes

HENLEY CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
HENLEY CLO XI: S&P Assigns B- (sf) Rating to Class F Notes
INVESCO EURO V: Moody's Cuts Rating on EUR6.8MM Cl. F Notes to Caa1
OCP EURO 2025-12: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
OCP EURO 2025-12: S&P Assigns B- (sf) Rating to Class F Notes

PURPLE FINANCE 2: Moody's Hikes Rating on EUR23.8MM E Notes to Ba1
RRE 24: S&P Assigns BB- (sf) Rating to Class D Notes


I T A L Y

SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B+sf'
YOUNI ITALY 2025-1: DBRS Gives Prov. B(low) Rating to E Notes


P O R T U G A L

LUSITANO MORTGAGES NO.5: Fitch Hikes Rating on Cl. D Notes to BBsf


S P A I N

AUTONORIA SPAIN 2022: Fitch Alters Outlook on 'BB-sf' Rating to Neg
CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to BB(high)


U K R A I N E

UKRAINE: Egan-Jones Lowers Senior Unsecured Ratings to B


U N I T E D   K I N G D O M

ATLAS FUNDING 2025-1: S&P Assigns BB (sf) Rating to E-Dfrd Notes
INTERNATIONAL PERSONAL: Moody's Affirms 'Ba3' CFR, Outlook Stable
PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
WPP PLC: Egan-Jones Retains BB Senior Unsecured Ratings

                           - - - - -


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F I N L A N D
=============

FINNAIR OYJ: Egan-Jones Retains CCC Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 13, 2025, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Finnair Oyj. EJR also withdrew its rating on
commercial paper issued by the Company.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.




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

COLISEE GROUP: Moody's Lowers CFR & Sr. Secured Debt Rating to Caa2
-------------------------------------------------------------------
Moody's Ratings has downgraded to Caa2 from B3 the corporate family
rating and to Ca-PD from B3-PD the probability of default rating of
Colisee Group (Colisee or the company). At the same time, Moody's
have downgraded to Caa2 from B3 the instrument ratings of its
senior secured bank credit facilities, including term loans and a
revolving credit facility (RCF), all maturing in 2027. The outlook
remains negative.

RATINGS RATIONALE

The downgrade of the ratings with negative outlook is prompted by
the company requesting investors to defer its interest payment due
in April to Q3 2025, on the back of weak cash flow generation and
delays in assets' sale. This is a material deviation from Moody's
expectations of gradual recovery in credit metrics and adequate
liquidity. The PDR was downgraded to Ca-PD because if the interest
payment deferral occurs as requested, Moody's will see it as a
distressed exchange which is an event of default under Moody's
definitions.

The company's operating performance deteriorated materially over
2024 with a company-adjusted EBITDA (pre-IFRS16) of EUR106 million,
which is about 42% lower than the previous year, mainly driven by
cost inefficiencies and weak execution of the previous management.
The company has identified several cost efficiency measures in
France and Belgium, and the new management expects these will
support material improvements in EBITDA between 2025-26. Moody's
believes that there are some execution risks to the plan, which
could delay the improvement of key credit metrics that Moody's
expects over the next 12-18 months.

Liquidity is now weak because of a lower EBITDA in 2024 than
Moody's had previously anticipated in December 2024, driven by some
accounting discrepancies recently found by the company, delays in
closing some real estate asset disposals which Moody's initially
expected to materialise in the first quarter of 2025, and lower
availability of its RCF.

Under Moody's ESG framework, governance considerations were key
factors to the rating action, including weak liquidity management
(that triggered the rescheduling of upcoming interest payment),
poor track record of management execution, and recurrent
restatement to its reporting numbers.

OUTLOOK

The negative outlook reflects the possibility of lower recoveries
for the debtholders than those implied by the current rating, in
the case of a debt restructuring. It also captures the risk that
Colisee's underlying earnings trajectory is lower than Moody's
anticipate and therefore earnings do not improve as Moody's
expects.

LIQUIDITY

Colisee has weak liquidity mainly because of weak earnings and a
delay in closing planned asset disposals. As of December 2024, the
company had a cash balance of EUR32 million and EUR48 million
available under its EUR217.6 million RCF, maturing in May 2027,
which is also the next significant debt maturity. Moody's expects
continued negative Moody's-adjusted FCF in 2025 due to high
interest burden and lease obligations, and Moody's do not
anticipate liquidity improving from internal cash generation, but
only through external sources of funding.

Moreover, the company has about EUR337 million of other financial
debt which includes overdrafts, real estate debt and other
short-term lines. Unlike the real estate debt, these are mostly
rolled over on an ongoing basis with Colisee's banking partners,
but if not successful, this would further add pressure to
liquidity.

Colisee has a portfolio of real estate assets of around EUR300
million of which more than two thirds is unencumbered, and the
company is looking to dispose real estate assets to support
liquidity. However this has proved to take longer than originally
anticipated. The RCF is subject to a springing maintenance
covenant, tested quarterly if the RCF is drawn by 40%, which limits
senior secured net leverage to 9.85x. Moody's expects Colisee to
remain in compliance with the covenant, if tested, over the next
12-18 months. Senior secured net leverage, as defined by the debt
indenture, was 7.7x at the end of 2024.

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

An upgrade of the ratings would be contingent upon the company
demonstrating a visible and sustained recovery path in operating
performance, cash flow generation, and liquidity, leading to a more
sustainable capital structure and improved creditors' protection,
or improved recovery expectations for debt holders in the case of
debt restructuring (e.g. potentially through additional equity
support).

Conversely, a downgrade could be triggered if there is a further
deterioration in Moody's recovery estimates or in the event of a
default or a distressed exchange.

STRUCTURAL CONSIDERATIONS

The Ca-PD PDR, reflects the high likelihood of a default by the
company given its request of deferral of interest payment. The Caa2
ratings on the senior secured Term Loan B, Term Loan B3 and the RCF
reflect their pari passu ranking, with upstream guarantees from
material subsidiaries representing at least 80% of EBITDA.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Colisee, headquartered in Paris, France, is the fourth-largest
private operator of nursing homes in Europe. The group operated 395
facilities and around 33,400 beds as of end 2024. The group is
mainly present in France, Belgium and Spain, but it also has a
smaller presence in Italy. Colisee generated net revenue of
EUR1,678 million and company-adjusted EBITDA (pre-IFRS16) of EUR106
million in 2024. Patrick Teycheney founded Colisee in 1989. EQT
Infrastructure has owned a controlling stake in Colisee since
October 2020, while Caisse de dépôt et placement du Québec, the
Teycheney family and management own minority stakes.



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

LANXESS AG: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on March 17, 2025, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by LANXESS AG.

Headquartered in Cologne, Germany, LANXESS AG manufactures
specialty chemicals.

MAHLE GMBH: S&P Lowers LT ICR to 'BB-' on Low Earnings Increase
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Mahle GmbH to 'BB-' from 'BB'.

The stable outlook reflects S&P's expectation that cost savings,
synergies from the acquisition of the remaining stake in Mahle Behr
GmbH & Co. KG, and productivity gains should enable Mahle to
achieve an adjusted FFO-to-debt ratio above 20% and return to FOCF
to debt well above 2% from 2026.

Difficult market conditions decreased Mahle's deleveraging
prospects. S&P said, "We think that Mahle's FFO to debt will remain
below 25%, our threshold for the 'BB' rating, over 2025-2026; this
is despite the company's cost cuts on overheads and rightsizing of
production capacity. This is because low automotive production
growth, volatile battery electric vehicle (BEV) demand, and high
research and development (R&D) costs constrain profitability. About
70%-75% of Mahle's revenue stems from Europe and North America and
this exacerbates the headwinds on revenues since we expect that
China will fuel market growth for light vehicles and trucks in the
next two years. We estimate that China accounts for about 10% of
Mahle's sales. Nevertheless, we forecast that the company will
modestly increase its S&P Global Ratings-adjusted EBITDA margin
over 2025-2026 to 8.0%-9.0% from 7.0%-8.0% expected in 2024, and
6.8% in 2023. This is based on our expectations that Mahle will
benefit from its profitable aftermarket business accounting for
about 11% of its sales, protect the margin contribution from its
traditional products (pistons, filtration systems) through its cost
leadership approach, while making gradual progress on the
turnaround of its thermal management division. We also incorporate
costs savings from the group reorganization implemented in January
2025."

Mahle's free cash flow generation is weak due to cash restructuring
costs and investments in e-mobility. Like many Germany-based
automotive suppliers, Mahle is adjusting its domestic production
capacity to demand. The shift to best cost countries and the
reduction in personnel should drive cost reduction in the future
but constrains the company's free cash flow in the meantime due to
cash restructuring costs, which we estimate at about EUR150 million
over 2025-2026. S&P said, "We think that this will constrain the
group's FOCF level to about EUR50 million in 2025 and to about
EUR100 million next year, after an anticipated cash burn of about
EUR30 million in 2024. The company's investments in e-mobility
hamper Mahle's earnings and free cash flow. The company spent a
relatively large amount of R&D in the past few years, representing
about 5%-6% of its annual sales on average. We view Mahle's efforts
to build a competitive product offering in e-mobility to lower its
reliance on internal combustion engine-related components and
thereby reduce the substitution risk from the transition to
alternative powertrains as positive. However, we note that it could
take time for Mahle to generate positive cash flows from its
e-mobility products because volumes do not currently cover the high
fixed and R&D costs to develop new products. The likely relaxation
of the carbon dioxide emissions targets for automakers in Europe,
combined with U.S. President Donald Trump's environmental policies
increase the uncertainty on the pick-up in demand for BEVs over the
next two years in our view, although this may temporarily slow the
decrease in demand for Mahle's combustion-engine-related components
such as pistons, and oil and fuel filters."

S&P said, "We think that Mahle will keep its conservative financial
policy. Mahle's shareholders, which are non-profit entities--Mahle
Stiftung and MABEG--should continue to support a prudent dividend
policy. This leads us to estimate cash dividends of EUR30
million-EUR50 million annually over 2025-2026. We also think that
the company will only consider small bolt-on acquisitions, if any.
Management targets a reported net debt-to-EBITDA ratio below 2.0x,
which compares to 1.3x as of Sept. 30, 2024. In our base case, we
expect a gradual improvement in S&P Global Ratings-adjusted
debt-to-EBITDA ratio of 2.8x-3.3x in 2024 and 2.5x-3.0x in 2025,
down from 3.6x in 2023. We also expect an improvement in Mahle's
FFO-to-debt ratio to 20%-25% in 2025, from below 20% in 2023 and
2024. The difference between Mahle's reported leverage and our S&P
Global Ratings-adjusted debt to EBITDA mainly stems from our
adjustments related to operating leases, pension obligations,
outstanding receivable financing, and reclassification of income
from asset disposals as exceptional items. We also exclude some
cash balances that we consider not immediately available for debt
repayment.

"The stable outlook reflects our expectation that Mahle's EBITDA
margin will recover to about 8%-9% over 2025-2026 as the company
benefits from cost savings and from its new organization structure,
synergies from the acquisition of its remaining stake in Mahle
Behr, and from productivity gains despite the low growth in light
vehicle production. This should translate into an FFO to debt above
20% and positive FOCF in 2025.

"We could lower our rating on Mahle if the company cannot maintain
its FFO to debt above 15% or if it does not progressively restore
its FOCF to debt well above 2% by 2026. This could materialize if
the company reports higher-than-expected losses from its e-mobility
segment due to volatile demand and intense competition, or if the
turnaround of its thermal management activities was materially
slower than currently envisaged.

"We could raise our rating on Mahle if the company manages to
increase its FFO to debt to above 25% and its FOCF to debt to above
5%. This could stem from a stronger-than-expected pick-up in demand
for the company's e-mobility systems, and improved profitability in
its thermal management activities, combined with cost leadership in
its other segments."




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I R E L A N D
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AURIM CLO XIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Aurium CLO XIII DAC's notes final
ratings, as detailed below.

   Entity/Debt                     Rating           
   -----------                     ------           
Aurium CLO XIII DAC

   A-1 Loan                    LT AAAsf  New Rating
   A-1 XS2982105335            LT AAAsf  New Rating
   A-2 XS2982133113            LT AAAsf  New Rating
   B XS2982105418              LT AAsf  New Rating
   C XS2982106069              LT Asf  New Rating
   D XS2982105921              LT BBB-sf  New Rating
   E XS2982106143              LT BB-sf  New Rating
   F XS2982106655              LT B-sf  New Rating
   Subordinated XS2982106739   LT NRsf  New Rating

Transaction Summary

Aurium CLO XIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of corporate rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the note issuance have been
used to fund a portfolio with a target size of EUR450 million. The
portfolio manager is Spire Management Limited. The CLO envisages a
4.6 year reinvestment period and a 7.5 weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.0%.

Diversified Portfolio (Positive): The transaction has four
matrices. Two are effective at closing with fixed-rate limits of 5%
and 12.5%, and two are effective six months after closing with
fixed-rate limits of 5% and 12.5%, provided that the portfolio
balance is above target par. All four matrices are based on a top
10 obligor concentration limit of 21%. The closing matrices
correspond to a 7.5-year WAL test while the forward matrices
correspond to a 7.0-year WAL test.

The transaction also includes various concentration limits,
including exposure to the three largest Fitch-defined industries in
the portfolio at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

WAL Step-Up (Neutral): The transaction can extend the WAL by one
year on or after the step-up date, which is one year after closing.
If the WAL extension occurs before 18 months after closing, the
manager will apply the closing matrices and is allowed to switch to
the forward matrices only after this period. The WAL extension is
conditional on passing the collateral quality tests and the
collateral principal amount (where the principal balance of
defaults is the Fitch collateral value) being equal to, or greater
than, the reinvestment target par balance.

Portfolio Management (Neutral): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio and matrices analysis is 12 months less than the
WAL covenant. This reflects the strict reinvestment criteria
post-reinvestment period, which includes satisfaction of Fitch
'CCC' limitation and the coverage tests, as well as a WAL covenant
that steps down linearly over time. In Fitch's opinion, these
conditions reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) across all the
ratings and a 25% decrease in the recovery rate (RRR) across all
the ratings of the identified portfolio would have no impact on
class A-1 loan or the class A-1, A-2, B, C, E and F notes, and the
class D notes would be downgraded by one notch.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed due to unexpectedly
high levels of defaults and portfolio deterioration. Owing to the
fact the identified portfolio has better metrics and a shorter life
than the stressed-case portfolio, the class B, C and D notes have a
cushion of one notch, the class E notes three notches, and the
class F notes four notches.

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

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

A 25% reduction in the RDR across all the ratings, and a 25%
increase in the RRR across all the ratings of the stressed-case
portfolio, would lead to upgrades of up to two notches for the
class B, C and D notes, up to three notches for the class E notes
and five notches for the class F notes. The class A-1 loan and
class A-1 and A-2 notes are already rated 'AAAsf', which is the
highest level on Fitch's scale, and cannot be upgraded.

During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur if there is better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' debt, may
occur if there is stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread being
available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Aurium CLO XIII DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for this transaction

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

AURIUM CLO XIII: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aurium CLO XIII
DAC's class A1 loan and class A1, A2, B, C, D, E, and F notes. The
issuer also issued subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks
                                                         Current
  S&P Global Ratings weighted-average rating factor     2,832.28
  Default rate dispersion                                 482.41
  Weighted-average life (years)                             4.64
  Obligor diversity measure                               157.21
  Industry diversity measure                               23.98
  Regional diversity measure                                1.26

  Transaction key metrics
                                                         Current
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.89
  Actual 'AAA' weighted-average recovery (%)               36.03
  Actual weighted-average spread (%)                        3.99
  Actual weighted-average coupon (%)                        4.56

Under the transaction documents, the rated loan and notes pay
quarterly interest unless a frequency switch event occurs.
Following this, the loan and notes will switch to semiannual
payments.

The portfolio's reinvestment period will end approximately 4.6
years after closing, while the non-call period will end 1.5 years
after closing.

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

S&P said, "In our cash flow analysis, we used the EUR450 million
target par amount, the portfolio's covenanted weighted-average
spread (3.88%), covenanted weighted-average coupon (4.50%), and
actual target recoveries at all rating levels. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

"This transaction features a principal transfer test, which allows
interest proceeds exceeding the principal transfer coverage ratio
to be paid into either the principal or supplemental reserve
account. The interest proceeds can only be paid into the principal
account senior to the reinvestment overcollateralization test and
into the supplemental reserve account junior to the reinvestment
overcollateralization test. Therefore, we have not applied a cash
flow stress for this. Nevertheless, because the transfer to
principal is at the collateral manager's discretion, we did not
give credit to this test in our cash flow analysis.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the transaction will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes."

The class A1 loan and class A1 and A2 notes can withstand stresses
commensurate with the assigned ratings.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
the class A1 loan and the class A1 to F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A1 loan and
class A1 to E notes based on four hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector (see "ESG Industry Report
Card: Collateralized Loan Obligations," March 31, 2021). For this
transaction, the documents prohibit assets from being related to
certain activities.

"Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

Aurium CLO XIII is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers.

Spire Management Ltd. manages the transaction.

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

  A1      AAA (sf)    209.00    3mE + 1.22%    38.00
  A1 loan AAA (sf)     70.00    3mE + 1.22%    38.00
  A2      AAA (sf)     10.00    3mE + 1.45%    35.78
  B       AA (sf)      38.30    3mE + 1.70%    27.27
  C       A (sf)       28.20    3mE + 2.00%    21.00
  D       BBB (sf)     32.60    3mE + 2.80%    13.76
  E       BB- (sf)     20.20    3mE + 4.85%     9.27
  F       B- (sf)      12.40    3mE + 7.84%     6.51
  Sub. Notes  NR       34.90    N/A              N/A

*The ratings assigned to the class A1 loan, and class A1, A2, and B
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
3mE--Three-month Euro Interbank Offered Rate.
6mE--Six-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


CROSS OCEAN XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Cross Ocean Bosphorus CLO XI DAC final
ratings, as detailed below.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Cross Ocean Bosphorus
CLO XI DAC

   A XS3004199173        LT AAAsf  New Rating   AAA(EXP)sf

   B XS3004200104        LT AAsf   New Rating   AA(EXP)sf

   C XS3004200286        LT Asf    New Rating   A(EXP)sf

   D XS3004199769        LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3004199843        LT BB-sf  New Rating   BB-(EXP)sf

   F XS3004200013        LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3004200799          LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Cross Ocean Bosphorus CLO XI DAC is a securitisation of mainly (at
least 90%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to purchase a portfolio with a target par
of EUR475 million. The portfolio is actively managed by Cross Ocean
Adviser LLP and the CLO has a reinvestment period of five years and
an eight-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the identified portfolio is 24.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.5%.

Diversified Portfolio (Positive): The transaction includes two
Fitch test matrices, one of which is effective at closing. The
closing matrix corresponds to a top 10 obligor concentration limit
of 20%, fixed-rate obligation limit at 5%, and an eight-year WAL
covenant. It also has one forward matrix corresponding to the same
top 10 obligors and fixed-rate asset limits, and a seven-year WAL
covenant.

The forward matrices will be effective one year after closing or
two years after closing if the WAL step-up occurs, provided the
aggregate collateral balance (defaults at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance, among other things. The transaction also includes various
concentration limits, including a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on the step-up date, which is one year after closing.
The WAL extension is subject to conditions, including passing the
collateral-quality tests, portfolio profile tests, coverage tests,
and meeting the reinvestment target par, with defaulted assets
considered at their collateral value.

Portfolio Management (Neutral): The transaction has a reinvestment
period of five years and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant, to account for structural and reinvestment
conditions after the reinvestment period. These include the
over-collateralisation tests and Fitch's 'CCC' limitation after
reinvestment. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to five notches each for the notes, except for the
'AAAsf' rated notes.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

CROSS OCEAN XI: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Cross Ocean
Bosphorus CLO XI DAC's class A to F European cash flow CLO notes.
At closing, the issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P weighted-average rating factor              2,859.83
  Default rate dispersion                              511.39
  Weighted-average life (years)                          5.20
  Obligor diversity measure                            113.41
  Industry diversity measure                            21.13
  Regional diversity measure                             1.14

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                        0.84
  Actual 'AAA' weighted-average recovery (%)            36.79
  Actual weighted-average spread (net of floors; %)      3.96
  Actual weighted-average coupon (net of floors; %)      6.50

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

Rationale

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

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

"In our cash flow analysis, we used the EUR475 million target par
amount, the covenanted weighted-average spread (3.95%), the
covenanted weighted-average coupon (4.00%), the actual 'AAA'
weighted-average recovery rate (36.79%), and the target portfolio
weighted-average recovery rate for all other rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, until the end of the reinvestment period in
February 2029, the collateral manager may substitute assets in the
portfolio for so long as our CDO Monitor test is maintained or
improved in relation to the initial ratings on the notes. This test
looks at the total amount of losses that the transaction can
sustain as established by the initial cash flows for each rating,
and it compares that with the current portfolio's default potential
plus par losses to date. During this period, the transaction's
credit risk profile could deteriorate, we have therefore capped our
ratings assigned to these notes.

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

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

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

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

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

Environmental, social, and governance

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

Cross Ocean Bosphorus CLO XI DAC securitizes a portfolio which
primarily comprises broadly syndicated speculative-grade senior
secured term loans and bonds that are governed by collateral
quality tests. Cross Ocean Adviser LLP manages the transaction.

  Ratings

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

  A       AAA (sf)   294.500     3mE +1.25%     38.00
  B       AA (sf)     52.250     3mE +1.75%     27.00
  C       A (sf)      28.500     3mE +2.15%     21.00
  D       BBB- (sf)   33.250     3mE +3.20%     14.00
  E       BB- (sf)    21.375     3mE +5.20%      9.50
  F       B- (sf)     14.250     3mE +7.79%      6.50
  Sub     NR          38.500     N/A              N/A

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

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


CVC CORDATUS: Moody's Assigns B3 Rating to EUR8.3MM F-R Notes
-------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to notes issued by CVC Cordatus Opportunity Loan
Fund-R Designated Activity Company (the "Issuer"):

EUR340,000,000 Class A-R Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aaa (sf)

EUR37,000,000 Class B-R Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aa1 (sf)

EUR27,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned A2 (sf)

EUR32,700,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Baa3 (sf)

EUR21,700,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned Ba3 (sf)

EUR8,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2033, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

As part of this refinancing, the Issuer will extend the maturity
amendment weighted average life test covenant by one year in the
collateral management agreement.

The Issuer is a static CLO. The issued notes are collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is fully ramped up as of the closing date.

CVC Credit Partners Investment Management Limited ("CVC") will
continue to sell assets on behalf of the Issuer during the life of
the transaction. Reinvestment is not permitted and all sales and
principal proceeds received will be used to amortize the notes in
sequential order.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR500,000,000

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2993

Weighted Average Spread (WAS): 3.85% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 4.37% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 43.85%

Weighted Average Life (WAL): 4.3 years (actual amortization vector
of the portfolio)

Moody's base case assumptions are based on a definitive portfolio
(including unidentified assets) provided by the manager.

HENLEY CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Henley CLO XI DAC final ratings, as
detailed below.

   Entity/Debt                 Rating           
   -----------                 ------           
Henley CLO XI DAC

   Class A XS2893031893    LT AAAsf  New Rating

   Class B XS2893032198    LT AAsf   New Rating

   Class C XS2893032511    LT Asf    New Rating

   Class D XS2893032784    LT BBB-sf New Rating

   Class E XS2893032941    LT BB-sf  New Rating

   Class F XS2893033162    LT B-sf   New Rating

   Subordinated Notes
   XS2893033329            LT NRsf   New Rating

Transaction Summary

Henley CLO XI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the notes were used to fund a
portfolio with a target par of EUR450 million. The portfolio is
actively managed by Napier Park Global Capital Ltd (NPGC). The
transaction has a five-year reinvestment period and an 8.5-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.8.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.5%.

Diversified Portfolio (Positive): The transaction features six
matrices, each with key limits for top-10 obligor concentration at
20%, the three largest Fitch-defined industries at 40%, and
fixed-rate asset limits at 5% and 12.5%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Two matrices are effective at closing, with a WAL test at 8.5
years. There are a further four forward matrices, with two having
an eight-year WAL and the remaining two having a seven-year WAL.
Managers may select the first set of forward matrices six months
after closing if no WAL step-up occurs, or 12 months if it does,
contingent on the aggregate collateral balance, including defaults
at Fitch collateral value (CV)) exceeding the reinvestment target
par balance. The second set of forward matrices is eligible 18
months after closing without a WAL step-up, or 24 months with it,
provided the aggregate collateral balance (including defaults at
Fitch CV) is at least at the reinvestment target par balance minus
EUR2 million.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by six months, on the step-up determination date, which can occur
on or after six months after closing. The WAL extension is subject
to conditions including satisfying the Fitch collateral-quality
tests, and the aggregate collateral balance (including defaulted
obligations at CV) being at least equal to the reinvestment target
par balance.

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

Cash Flow Modelling (Positive): The WAL Fitch modelled in the
transaction's Fitch-stressed portfolio and matrices analysis is 12
months less than the WAL covenant. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include passing both the coverage
tests and the Fitch 'CCC' maximum limit, as well as a WAL covenant
that progressively steps down over time, both before and after the
end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A, E and F notes, but
would lead to downgrades of one notch each for the class B to D
notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the stressed-case portfolio, the class B, D and E
notes each display a rating cushion of two notches, the class C
notes have a cushion of one notch, and the class F notes have a
cushion of four notches. The class A notes do not display any
rating cushion as they are already at the highest achievable
rating.

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

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to five notches each for the rated notes, except for the 'AAAsf'
rated notes.

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may result from a stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Henley CLO XI DAC.

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

HENLEY CLO XI: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Henley CLO XI
DAC's class A to F European cash flow CLO notes. The issuer also
issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end five years after
closing, while the noncall period will end two years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,902.51
  Default rate dispersion                                385.28
  Weighted-average life (years)                            5.03
  Obligor diversity measure                              130.58
  Industry diversity measure                              21.34
  Regional diversity measure                               1.15

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.68
  Actual 'AAA' weighted-average recovery (%)              36.80
  Actual weighted-average spread (net of floors; %)        3.86
  Actual weighted-average coupon (%)                       5.29

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.

"We understand that the portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR450 million target par
amount, the actual weighted-average spread (3.86%), the actual
weighted-average coupon (5.29%), and the actual portfolio
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on March 27, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

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

"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"Our credit and cash flow analysis show that the class B, C, D, E,
and F notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A notes can withstand stresses commensurate
with the assigned ratings.

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

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

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector (see "ESG Industry Report
Card: Collateralized Loan Obligations," published on March 31,
2021). For this transaction, the documents prohibit assets from
being related to certain activities. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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

  A      AAA (sf)   279.000   38.00    Three/six-month EURIBOR
                                       plus 1.20%

  B      AA (sf)     47.250   27.50    Three/six-month EURIBOR
                                       plus 1.65%

  C      A (sf)      30.375   20.75    Three/six-month EURIBOR
                                       plus 1.95%

  D      BBB- (sf)   31.500   13.75    Three/six-month EURIBOR
                                       plus 2.60%

  E      BB- (sf)    20.250    9.25    Three/six-month EURIBOR
                                       plus 4.75%

  F      B- (sf)     12.375    6.50    Three/six-month EURIBOR
                                       plus 7.45%

  Sub. Notes  NR     38.000    N/A     N/A

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

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


INVESCO EURO V: Moody's Cuts Rating on EUR6.8MM Cl. F Notes to Caa1
-------------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Invesco Euro CLO V DAC:

EUR16,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Jan 18, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Jan 18, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR20,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Jan 18, 2021
Definitive Rating Assigned A2 (sf)

EUR21,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Baa2 (sf); previously on Jan 18, 2021
Definitive Rating Assigned Baa3 (sf)

EUR6,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Downgraded to Caa1 (sf); previously on Jan 18, 2021
Definitive Rating Assigned B3 (sf)

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

EUR183,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Jan 18, 2021 Definitive
Rating Assigned Aaa (sf)

EUR18,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Jan 18, 2021
Definitive Rating Assigned Ba3 (sf)

Invesco Euro CLO V DAC, issued in January 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Invesco
European RR L.P. The transaction's reinvestment period ended in
January 2025.

RATINGS RATIONALE

The rating upgrades on the Class B1, Class B2, Class C and Class D
notes are primarily a result of the benefit of the transaction
having reached the end of the reinvestment period in January 2025.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The downgrade on the rating on the Class F notes is primarily a
result of the deterioration in over-collateralisation ratio since
the payment date in April 2024.

The over-collateralisation of Class F has deteriorated since the
payment date in April 2024. According to the trustee report dated
February 2025 [1] the Class E OC ratios are reported at 108.5%
compared to April 2024 [2] levels of 110.9%. Moody's notes that
there is no Class F OC test in this transaction.

The affirmations on the ratings on the Class A and Class E 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 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: EUR290.4 million

Defaulted Securities: EUR8.8 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3034

Weighted Average Life (WAL): 4.3 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.2%

Weighted Average Coupon (WAC): 4.2%

Weighted Average Recovery Rate (WARR): 43.5%

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.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

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.

OCP EURO 2025-12: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2025-12 DAC final ratings,
as detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
OCP Euro CLO 2025-12 DAC

   Class A XS3002398892     LT AAAsf  New Rating

   Class B-1 XS3002399197   LT AAsf   New Rating

   Class B-2 XS3002399270   LT AAsf   New Rating

   Class C XS3002399601     LT Asf    New Rating

   Class D XS3002399783     LT BBB-sf New Rating

   Class E XS3002399866     LT BB-sf  New Rating

   Class F XS3002400201     LT B-sf   New Rating

   Subordinated Notes
   XS3002400383             LT NRsf   New Rating

Transaction Summary

OCP Euro CLO 2025-12 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds are being used to fund a portfolio with a target par of
EUR500 million.

The portfolio is actively managed by Onex Credit Partners Europe
LLP. The collateralised loan obligation (CLO) has an approximately
five-year reinvestment period and an eight-year weighted average
life (WAL) test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 62.4%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, of which two are effective at closing.
The closing matrices correspond to a top 10 obligor concentration
limit at 20%, fixed-rate obligation limits at 5% and 12.5%, and an
eight-year WAL covenant. It includes two forward matrices
corresponding to the same top-10 obligors and fixed-rate limits,
and a seven-year WAL covenant. The forward matrices are effective
12 months after closing, provided that the collateral principal
amount (defaults at Fitch-calculated collateral value) is at least
at the reinvestment target balance and subject to a confirmation by
Fitch.

The transaction also includes various concentration limits,
including a maximum exposure to the three-largest Fitch-defined
industries at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.6-year reinvestment period, which is governed by
reinvestment criteria that are similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on the step-up date, which is one year after closing.
The WAL extension is subject to conditions including passing the
collateral-quality, portfolio-profile and coverage tests, and the
aggregate collateral balance (defaulted obligations at their
Fitch-calculated collateral value) being at least at the target
par.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit post reinvestment as well as a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

The Fitch 'CCC' test can be altered to a maintain-or-improve basis,
but only if the manager switches back to the closing matrix
(subject to satisfying the collateral quality tests) from the
forward matrix, effectively unwinding the benefit from the one-year
reduction in the Fitch-stressed portfolio WAL. If the manager has
not switched to the forward matrix, which includes satisfying the
target par condition, the transaction will not be able to switch
back and move to a Fitch 'CCC' test maintain-or-improve basis.
Fitch believes strict satisfaction of the Fitch 'CCC' test is more
effective at preventing the manager from reinvesting and extending
the WAL than maintaining and improving the Fitch 'CCC' test.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A, B, C, D and E notes
but would lead to a downgrade to below 'B-sf' for the class F
notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B, D, and E
notes each display a rating cushion of two notches. The class C and
F notes each have a cushion of three notches.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to an
upgrade of up to two notches for the class B notes, up to three
notches each for the class C and D notes, and up to five notches
each for the class E and F notes. The class A notes are rated
'AAAsf' and cannot be upgraded further.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO
2025-12 DAC.

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

OCP EURO 2025-12: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to OCP Euro CLO 2025-12
DAC's class A to F notes. At closing, the issuer also issued
unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,780.94
  Default rate dispersion                                598.32
  Weighted-average life (years)                            4.69
  Weighted-average life (years) extended
  to match reinvestment period                             4.69
  Obligor diversity measure                              158.01
  Industry diversity measure                              24.07
  Regional diversity measure                               1.25

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                         1.36
  Actual 'AAA' weighted-average recovery (%)             36.69
  Actual weighted-average spread (net of floors; %)       3.88
  Actual weighted-average coupon (%)                      3.09

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

Rationale

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

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the covenanted weighted-average spread (3.88%),
the covenanted weighted-average coupon (3.09%), and the actual
weighted-average recovery rates at all rating levels, calculated in
line with our CLO criteria. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Until the end of the reinvestment period on Oct. 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes. The
class A notes can withstand stresses commensurate with the assigned
rating.

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

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. For this transaction,
the documents prohibit assets from being related to certain
activities.

"Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

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

  A       AAA (sf)    310.00     3mE +1.20%     38.00
  B-1     AA (sf)      46.20     3mE +1.70%     26.76
  B-2     AA (sf)      10.00     4.70%          26.76
  C       A (sf)       30.00     3mE +2.00%     20.76
  D       BBB- (sf)    34.00     3mE +2.75%     13.96
  E       BB- (sf)     23.50     3mE +4.75%      9.26
  F       B- (sf)      13.80     3mE +7.73%      6.50
  Sub.    NR           39.50     N/A              N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C to F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate (EURIBOR).
Sub.--Subordinated.


PURPLE FINANCE 2: Moody's Hikes Rating on EUR23.8MM E Notes to Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Purple Finance CLO 2 Designated Activity Company:

EUR8,900,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Aug 25, 2023
Upgraded to Aa3 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes
due 2032, Upgraded to Aaa (sf); previously on Aug 25, 2023 Upgraded
to Aa3 (sf)

EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Aug 25, 2023
Upgraded to Baa1 (sf)

EUR23,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Aug 25, 2023
Upgraded to Ba2 (sf)

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

EUR248,000,000 (Current outstanding amount EUR122,877,535) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Aug 25, 2023 Affirmed Aaa (sf)

EUR40,700,000 Class B Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Aug 25, 2023 Upgraded to Aaa (sf)

EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B1 (sf); previously on Aug 25, 2023
Upgraded to B1 (sf)

Purple Finance CLO 2 Designated Activity Company, issued in October
2019, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ostrum Asset Management. The transaction's
reinvestment period ended in October 2023.

RATINGS RATIONALE

The rating upgrades on the Class C-1, Class C-2, Class D and Class
E notes are primarily a result of the deleveraging of the Class A
notes following amortisation of the underlying portfolio since the
last review in June 2024.

The affirmations on the ratings on the Class A, Class B and Class 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 EUR124.6 million
(50.3%) since the last review in June 2024 and EUR125.1 million
(50.5%) 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 C, Class D, Class E and Class F OC ratios are
reported at 163.41%, 142.58%, 126.40%, 113.61% and 108.27% compared
to June 2024 [2] levels of 136.71%, 126.24%, 117.22%, 109.47% and
106.05%, 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: EUR267.3m

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3109

Weighted Average Life (WAL): 3.41 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.96%

Weighted Average Coupon (WAC): 4.98%

Weighted Average Recovery Rate (WARR): 45.08%

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, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in October 2024. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

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.

RRE 24: S&P Assigns BB- (sf) Rating to Class D Notes
----------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 24 Loan
Management DAC's class A-1 to D notes. The issuer also issued
unrated performance, preferred return, and subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.

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

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

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

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

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

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

-- Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment.

The portfolio's reinvestment period will end approximately 4.6
years after closing, and the portfolio's maximum average maturity
date is approximately 9 years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,737.70
  Default rate dispersion                                 494.61
  Weighted-average life (years)                             4.91
  Obligor diversity measure 10                              4.09
  Industry diversity measure                               18.39
  Regional diversity measure                                1.17

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              122
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.50
  Target 'AAA' weighted-average recovery (%)               37.23
  Target portfolio weighted-average spread (%)              3.69

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any class of notes
in this transaction."

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.69%),
and the covenanted weighted-average coupon indicated by the
collateral manager (3.30%). We assumed weighted-average recovery
rates in line with those of the target portfolio presented to us,
except at the 'AAA' rating level where we assumed covenanted
recoveries at 36.23%. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2, B, C-1, C-2, and D notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped the assigned
ratings.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2, B, C-1, C-2, and D notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to four hypothetical scenarios.

Environmental, social, and governance factors

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

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

  A-1     AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                         plus 1.16%

  A-2     AA (sf)      40.00    28.00    Three/six-month EURIBOR
                                         plus 1.70%

  B       A (sf)       28.00    21.00    Three/six-month EURIBOR
                                         plus 1.95%

  C-1     BBB (sf)     24.00    15.00    Three/six-month EURIBOR
                                         plus 2.60%

  C-2     BBB- (sf)     4.00    14.00    Three/six-month EURIBOR
                                         plus 3.30%

  D       BB- (sf)     19.00     9.25    Three/six-month EURIBOR
                                         plus 4.50%

  Performance
  notes     NR      1.00      N/A    N/A

  Preferred
  return notes  NR 0.25     N/A    N/A

  Sub notes     NR 45.40    N/A    N/A

*The ratings assigned to the class A-1 and A-2 notes address timely
interest and ultimate principal payments. The ratings assigned to
the class B, C-1, C-2, and D notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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





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

SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B+sf'
-------------------------------------------------------------------
Fitch Ratings has upgraded Siena Mortgages 07-5 Srl (Series 2007)
(SM07-5 S1) class A, B and C notes to 'AAsf', 'AAsf' and 'B+sf'
from 'AA-sf', 'AA-sf' and 'B-sf', respectively. The Outlook is
Positive on the class A and B ratings, mirroring the Positive
Outlook on the Italian sovereign IDR, due to their cap by the
sovereign. The Outlook is Stable on the class C rating.

Fitch has also affirmed all the classes of Siena Mortgages 07-5 Srl
(Series 2008) (SM07-5 S2) and revised the Outlook on the class A
and B notes to Positive from Stable.

All notes have been removed from Under Criteria Observation.

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Siena Mortgages
07-5 S.P.A

   Class A IT0004304223   LT AAsf  Upgrade    AA-sf
   Class B IT0004304231   LT AAsf  Upgrade    AA-sf
   Class C IT0004304249   LT B+sf  Upgrade    B-sf

Siena Mortgages
07-5 S.P.A Series 2

   Class A IT0004353808   LT A+sf  Affirmed   A+sf
   Class B IT0004353816   LT A+sf  Affirmed   A+sf
   Class C IT0004353824   LT CCCsf Affirmed   CCCsf

Transaction Summary

The two static Italian RMBS transactions were originated by Banca
Monte dei Paschi di Siena S.p.A. (BMPS, BB+/Positive/B) and its
subsidiaries. The portfolios comprise prime residential mortgage
loans.

KEY RATING DRIVERS

Cash Reserve Replenishment Drives Upgrade: The upgrade of the class
A, B and C notes in SM 07-5 S1 reflects the cash reserve being at
its target level since July 2024 and the build-up of credit
enhancement (CE). As of end-January 2025, CE stood at 95.9%, 61.6%
and 9.5% for the class A, B and C notes, respectively, up from
82.5%, 52.4%, 6.7% in March 2024.

SM07-5 S2 Ratings Capped at 'A+sf': The ratings for the class A and
B notes of SM 07-5 S2 are capped at 'A+sf' because Fitch views
payment interruption risk (PIR) as being mitigated only up to this
level. This is due to the servicer, BMPS, holding collections for
no more than two business days and qualifying as an
operational-continuity bank under Fitch's criteria. The cash
reserve has been replenished to its target level as of October 2024
and Fitch will assess if the reserve fund can mitigate PIR at
higher ratings over the long term before considering any upgrades.

Stable Performance: Gross cumulative defaults at end-January 2025
were at 2.6% and 3.1% for SM07-5 and SM07-5 S2, respectively,
within Fitch's expectations. Three-month plus delinquencies were at
1.1% and 1.6%, for SM07-5 and SM07-5 S2, respectively. The cash
reserves of both transactions have been drawn in the past to cover
for defaults; however, Fitch does not expect a high amount of
defaults to materialise over the remaining life of the transactions
given the high seasoning of the underlying portfolios.

European RMBS Rating Criteria Updated: The rating actions take into
account Fitch's updated European RMBS Rating Criteria on 30 October
2024. The updated criteria adopted a non-indexed current
loan-to-value (LTV) approach to derive the base foreclosure
frequency (FF) on portfolios, instead of the original LTV approach
applied previously. Fitch has also lowered the loan level recovery
rate cap to 85% from 100%.

Fitch has applied a 1.0x transaction adjustment (TA) to both deals'
foreclosure frequency (FF), as observed FF performance in the
portfolios is broadly comparable with the criteria-derived
transaction-specific weighted average (WA) FF.

ESG - Governance: SM07-5 S2 is exposed to PIR, which caps the
ratings at 'A+sf'.

RATING SENSITIVITIES

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

The class C notes are highly reliant on the cash reserve. Cash
reserves drawings may result in reduced CE for the class C notes
for both transactions, negatively affecting the rating of the
notes. At the same time, it may result in unmitigated PIR for
SM07-5 S1, negatively affecting the ratings of the class A and B
notes.

Deterioration in asset performance beyond Fitch's assumptions could
also trigger negative rating action on the notes.

A revision of the Outlook on Italy's IDR to Stable would trigger a
similar action on the class A and B notes of SM07-5 S1.

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

The rating of the class C notes of both transactions could be
upgraded if the cash reserve remains at its target level, providing
continued protection in the form of CE.

The rating of SM07-5 S2 class A and B notes could be upgraded if
the cash reserve remains at its target level in the long term and
mitigates PIR at ratings above 'A+sf'.

An upgrade of Italy's IDR and revision of the related rating cap
for Italian structured finance transactions could trigger an
upgrade of the SM07-5 S1 class A and B notes, provided available CE
is sufficient to withstand stresses associated with higher
ratings.

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

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

ESG Considerations

SM07-5 S2 has an ESG Relevance Score of '5' for Transaction Parties
& Operational Risk due to PIR, which has a negative impact on the
credit profile, and is highly relevant to the rating, resulting in
a cap on the notes' rating.

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.

YOUNI ITALY 2025-1: DBRS Gives Prov. B(low) Rating to E Notes
-------------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following classes of notes (collectively, the Rated Notes) to be
issued by Youni Italy 2025-1 S.r.l. (the Issuer):

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

Morningstar DBRS did not rate the Class X Notes and Class R Notes
also expected to be issued in the transaction.

The credit rating of the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the final maturity date. The credit ratings of the Class B, Class
C, Class D, and Class E Notes address the ultimate payment of
interest but the timely payment of scheduled interest when they are
the most senior class, and the ultimate repayment of principal by
the final maturity date.

The transaction is a securitization of fixed-rate consumer loans
granted by Younited S.A., Italian Branch (the originator) to
private individuals residing in Italy.

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued

-- The credit quality and the diversification of the collateral
portfolio, its historical performance and the projected performance
under various stress scenarios

-- The operational risk review of the originator's capabilities
with regard to originations, underwriting and servicing

-- The transaction parties' financial strength with regard to
their respective roles

-- The expected consistency of the transaction's structure with
Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology

-- Morningstar DBRS' long-term sovereign credit rating on the
Republic of Italy, currently BBB (high) with a Positive trend

TRANSACTION STRUCTURE

The transaction is static and allocates collections in separate
interest and principal priorities of payments. The transaction
benefits from a cash reserve initially funded with the Notes
proceeds equal to 1.25% of the outstanding Rated Notes balance,
subject to a floor of EUR 500,000, which as part of interest
available funds can be used to cover senior expenses, servicing
fee, senior hedging payments and non-deferred interest payments on
the Rated Notes. If the interest collections and the cash reserve
are not sufficient, principal funds can also be re-allocated to
cover senior expenses, servicing fee, senior hedging payments, and
interest payments on the most senior class of Rated Notes.

Morningstar DBRS considers the interest rate risk for the
transaction to be limited as an interest rate swap is in place to
reduce the mismatch between the fixed-rate collateral and the Rated
Notes.

TRANSACTION COUNTERPARTIES

Citibank, N.A., London Branch is the account bank for the
transaction. Morningstar DBRS privately rates Citibank, N.A.,
London Branch, which meets the Morningstar DBRS criteria to act in
such capacity. The transaction documents contain downgrade
provisions largely consistent with Morningstar DBRS' criteria.

Citibank Europe plc is the initial swap counterparty for the
transaction. Morningstar DBRS has a Long-Term Issuer Rating of AA
(low) on Citibank Europe plc which meets the criteria to act in
such capacity. The transaction documents contain downgrade
provisions largely consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

While the historical data is shorter than most Italian unsecured
consumer loan portfolios analyzed by Morningstar DBRS, the observed
default rates are generally comparable. Morningstar DBRS also
received data on two distinct sub-portfolios with a significantly
more seasoned sub-portfolio accounting for approximately one
quarter of total collateral at closing. Consequently, Morningstar
DBRS established expected default assumptions for each
sub-portfolio based on the respective seasoning and borrower risk
band compositions and constructed a portfolio lifetime expected
default of 5.3% for this transaction. Additionally, Morningstar
DBRS set the expected recovery at 25% or a loss given default (LGD)
of 75%, also comparable with other Italian consumer loan
portfolios.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the Class Balances.

Notes: All figures are in euros unless otherwise noted.



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

LUSITANO MORTGAGES NO.5: Fitch Hikes Rating on Cl. D Notes to BBsf
------------------------------------------------------------------
Fitch Ratings has downgraded Lusitano Mortgages No.4 Plc (LM4)
class A notes, while upgrading its class B, C and D notes. It has
also upgraded three tranches of Lusitano Mortgages No.5 plc (LM5)
and affirmed all tranches of Lusitano Mortgages No.6 Limited (LM6).
The Outlook on all tranches is Stable.

All notes have been removed from Under Criteria Observation.

The rating actions follow the implementation of the revised Fitch's
European RMBS Rating Criteria and reflect changes in credit
enhancement (CE).

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Lusitano Mortgages
No.5 plc

   Class A XS0268642161   LT AAAsf  Affirmed   AAAsf
   Class B XS0268642831   LT AA-sf  Upgrade    A+sf
   Class C XS0268643649   LT Asf    Upgrade    BBB+sf
   Class D XS0268644886   LT BBsf   Upgrade    CCCsf

Lusitano Mortgages
No.6 Limited

   Class A XS0312981649   LT AAAsf  Affirmed   AAAsf
   Class B XS0312982290   LT AAAsf  Affirmed   AAAsf
   Class C XS0312982530   LT AA+sf  Affirmed   AA+sf
   Class D XS0312982704   LT CCCsf  Affirmed   CCCsf
   Class E XS0312983009   LT CCsf   Affirmed   CCsf

Lusitano Mortgages
No.4 Plc

   Class A XS0230694233   LT A+sf   Downgrade  AA-sf
   Class B XS0230694589   LT A+sf   Upgrade    A-sf
   Class C XS0230695552   LT A+sf   Upgrade    BB+sf
   Class D XS0230696360   LT BBB+sf Upgrade    B+sf

Transaction Summary

The three static Portuguese RMBS transactions comprise residential
mortgages originated and serviced by Novo Banco, S.A.
(BBB/Stable/F3).

KEY RATING DRIVERS

Concentration Risk Caps LM4 Ratings: Fitch expects LM4 to continue
amortising pro-rata until maturity, when the reserve fund will be
the only reliable source of CE. Hence, the ratings are constrained
by the creditworthiness of the reserve fund account holder
(Citibank N.A., London Branch). In its counterparty assessment,
Fitch has considered the rating of the parent company, Citibank
N.A. (A+/Stable), as the branch's host country has a Country
Ceiling that is higher than the parent's rating.

European RMBS Rating Criteria Updated: The rating actions take into
account the update of Fitch's European RMBS Rating Criteria on 30
October 2024. The updated criteria adopted a non-indexed current
loan-to-value (LTV) approach to derive the base foreclosure
frequency (FF) on portfolios, instead of the original LTV approach
applied previously. Fitch has also revised lower its loan level
recovery rate cap to 85% from 100%.

Fitch has applied a 1.5x transaction adjustment (TA) to LM6's FF
and 1.0x to LM4's and LM5's FF. The 1.5x TA accounts for the
difference between observed FF performance in the portfolio
compared with the criteria-derived transaction-specific weighted
average (WA) FF, resulting in an increase in LM6's WAFF.

Increasing Credit Enhancement: The notes are sufficiently protected
by credit enhancement (CE) to absorb the projected losses
commensurate with the current ratings. Structural CE is expected to
increase in the short to medium term for LM6 given its prevailing
sequential amortisation, while Fitch expects CE protection to
slightly increase for LM4 and LM5 due to their static cash reserve
and pro-rata amortisation.

Stable Performance: Over the past 12 months, the transactions have
seen stable asset performance. The proportion of loans in more than
90 days arrears remained broadly stable (ranging between 0.15% for
LM4 and 0.4% for LM5 of the current portfolio balance as of the
latest reporting dates). The cumulative default rate ranges between
7.4% for LM4 and 11.7% for LM6, which is higher than the market
average but has been stabilising over the last four years.

Payment Interruption Risk Mitigated: Fitch views payment
interruption risk as mitigated in the event of a servicer
disruption in the Lusitano transactions. Fitch deems the available
liquidity mitigants as sufficient to cover stressed senior costs
and notes interest due amounts while an alternative servicer
arrangement is being implemented. Other mitigants include the sweep
of cash collections from the servicer into the SPV account bank
every two days, and the availability of principal collections on
the portfolio to cover any interest shortfalls under certain
circumstances.

While the reserve fund balances were volatile in the past, they
have recovered and have been at target balance since September 2017
for LM4 and January 2021 for LM5. The cash reserve is below target
for LM6, although it is slowly being replenished as excess spread
is low, due to performance deterioration over the past years.
However, LM6 also has a dedicated liquidity reserve.

RATING SENSITIVITIES

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

A downgrade of the Portuguese sovereign Long-Term IDRs could lower
the maximum achievable rating for Portuguese structured finance
transactions, leading to a downgrade of LM5's class A notes and LM6
class A and B notes.

Fitch found that a 15% increase in the WAFF and a 15% decrease in
the WARR would lead to downgrades of up to six notches for LM4 and
up to four notches for LM5 and LM6.

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

Notes at 'AAAsf' are at the highest rating achievable for
Portuguese transactions, and therefore cannot be upgraded. For
other class notes, an increase in CE as the transactions deleverage
to fully compensate the credit losses and cash flow stresses that
are commensurate with higher ratings would result in rating
upgrades.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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



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

AUTONORIA SPAIN 2022: Fitch Alters Outlook on 'BB-sf' Rating to Neg
-------------------------------------------------------------------
Fitch Ratings has revised AutoNoria Spain 2022, FT class D to F
notes Outlooks to Negative from Stable, while affirming their
ratings, following a review of the recovery assumptions.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
AutoNoria Spain 2022, FT

   Class A ES0305652002     LT AAAsf  Affirmed   AAAsf
   Class B ES0305652010     LT AA+sf  Affirmed   AA+sf
   Class C ES0305652028     LT A+sf   Affirmed   A+sf
   Class D ES0305652036     LT Asf    Affirmed   Asf
   Class E ES0305652044     LT BB+sf  Affirmed   BB+sf
   Class F ES0305652051     LT BB-sf  Affirmed   BB-sf

Transaction Summary

AutoNoria Spain 2022, FT is a securitisation of fully amortising
auto loans originated in Spain by Banco Cetelem S.A.U. (Cetelem,
also the seller). Cetelem is a specialist lender fully owned by BNP
Paribas S.A. (A+/Stable/F1). This auto ABS in Spain closed in
September 2022, has a current pool factor of 55% relative to the
initial pool balance, and continues to amortise in a pro-rata
manner.

KEY RATING DRIVERS

Lower Recovery Rate Expectations: The Outlook revision reflects the
increased probability of a downgrade in the short to medium term,
due to lower recovery rates than its expectations. Fitch has
revised the base case recovery rate on the portfolio to 17.5% from
20%, taking into account the recoveries to date at 13% of gross
cumulative defaults and its expectations of performance. Based on
recent information received from the originator, the recovery
strategy will be influenced by non-performing loan (NPL) sales. All
other asset assumptions remain unchanged, including a blended 3.4%
remaining life default rate expectation and a 11% annualised
prepayment rate.

Positive Performance: The transaction has a low share of loans in
arrears over 90 days (0.2% of current portfolio balance excluding
defaults as at the latest reporting period January 2025), and a low
share of cumulative gross defaults (a 1.7% of initial portfolio
balance). The transaction has a gross excess spread of 3.5% per
annum, driven by the weighted average coupon rate of the assets of
7.5%.

Pro-Rata Amortisation Continues: The transaction continues to
amortise on a pro-rata basis, and therefore credit enhancement
protection to the notes has remained broadly constant since the
closing date. Fitch does not expect a breach of the trigger for a
switch to sequential amortization in the short to medium term based
on the observed and projected performance. Fitch also views the
tail risk posed by the pro-rata paydown as mitigated by the
mandatory switch to sequential amortisation when the note balance
falls below 10% of its initial balance.

Mezzanine/Junior Notes Ratings Capped: The maximum achievable
rating on the class B notes is 'AA+sf' and on the class C to F
notes is 'A+sf' under Fitch's counterparty criteria. This is due to
the minimum eligibility rating thresholds defined for the hedge
provider and guarantor of 'A-' or 'F1' and 'BBB' or 'F2'
respectively, which are insufficient to support 'AAAsf' and 'AAsf'
ratings. These rating caps do not apply to the class A notes that
operate with minimum counterparty ratings of 'A' or 'F1', which are
commensurate with the highest rating category.

RATING SENSITIVITIES

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

Lower recoveries than expected could trigger downgrades. For
instance, a 25% decrease in recoveries may lead to downgrades of up
to three notches across all rated notes.

For the class A notes, a downgrade of Spain's Long-Term Issuer
Default Rating (IDR) that could lower the maximum achievable rating
for Spanish structured finance transactions could lead to a
corresponding downgrade. This is because these notes are rated at
the maximum achievable rating, six notches above the sovereign
IDR.

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

The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded.

Smaller losses on the portfolio than levels that are consistent
with ratings could lead to upgrades. For instance, a 25% decrease
of defaults and a 25% increase of recoveries may lead to upgrades
of up to two notches on the junior notes.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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.

CAJAMAR PYME 3: DBRS Hikes Series B Notes Rating to BB(high)
------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes issued by IM BCC Cajamar PYME 3 FT:

-- Series A Notes confirmed at AAA (sf)
-- Series B Notes upgraded to BB (high) (sf) from BB (low) (sf)

The credit rating on the Series A Notes addresses the timely
payment of interest and the ultimate repayment of principal on or
before the legal final maturity date in June 2057. The credit
rating on the Series B Notes addresses the ultimate payment of
interest and principal on or before the legal final maturity date.

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

-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the February 2025 payment date;

-- The one-year base-case probability of default (PD) and default
and recovery rates on the outstanding receivables; and

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

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans originated and serviced by
Cajamar Caja Rural S.C.C. (Cajamar) to small and medium-size
enterprises (SMEs) and self-employed individuals based in Spain.
The transaction closed in April 2021.

PORTFOLIO PERFORMANCE

The portfolio is performing within Morningstar DBRS' expectations.
As of February 2025 payment date, the 90+ delinquency ratio was
1.5%, up from 1.0% at the time of the last annual review. The
cumulative defaults rose to 1.5% of the original balance from 1.1%
at the time of the last annual review.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its default rate and recovery
assumptions on the outstanding portfolio to 38.5% and 33.0%,
respectively, at the AAA (sf) credit rating level, and to 16.0% and
45.7%, respectively, at the BB (high) (sf) credit rating level.
Morningstar DBRS maintained its one-year base-case PD at 2.6%,
based on the updated portfolio composition.

CREDIT ENHANCEMENT

The credit enhancement available to the notes has increased as the
transaction deleverages. As of the February 2025 payment date, the
credit enhancement available to the Series A Notes and Series B
Notes increased to 100.8% and 11.6%, respectively, compared with
68.4% and 7.9%, respectively, one year ago.

Credit enhancement is provided by the subordination of the Series B
Notes and the reserve fund. The reserve fund was funded at closing
through a subordinated loan and is available to cover senior fees
and interest and principal on the Series A Notes and, once the
Series A Notes are fully amortized, interest and principal on the
Series B Notes. The reserve fund does not amortize through the life
of the transaction and remains at its target level of EUR 30.0
million.

Interest and principal payments on the Series B Notes are
subordinated to the interest and principal payments on the Series A
Notes.

Banco Santander S.A. (Santander) acts as the account bank for the
transaction. Based on the account bank reference rating of A (high)
on Santander (one notch below its Morningstar DBRS Long Term
Critical Obligations Rating of AA (low)), the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, Morningstar DBRS considers
the risk arising from the exposure to the account bank to be
consistent with the ratings assigned to the notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.



=============
U K R A I N E
=============

UKRAINE: Egan-Jones Lowers Senior Unsecured Ratings to B
--------------------------------------------------------
Egan-Jones Ratings Company on March 11, 2025, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ukraine to B from B+. EJR also withdrew its rating
on commercial paper issued by the Company.

Ukraine is a country in Eastern Europe, with Kyiv as its capital.



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

ATLAS FUNDING 2025-1: S&P Assigns BB (sf) Rating to E-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Atlas
Funding 2025-1 PLC's class A and B-Dfrd to X-Dfrd notes. At
closing, the issuer will also issue unrated Residual certificates.

Atlas Funding 2025-1 PLC is an RMBS transaction that securitizes a
preliminary portfolio of GBP[347] million (the final pool size may
differ) BTL mortgage loans secured on properties in England and
Wales.

At closing, the issuer will prefund the acquisition of an
additional portfolio (subject to compliance with the respective
eligibility criteria) of up to 20% that may be purchased before and
up to the first interest payment date (IPD).

The loans in the pool were originated in 2024 and 2025 by Lendco
Ltd., a non-bank specialist lender.

The collateral comprises loans granted to experienced BTL
landlords. More than 70% of the properties are based in London and
the South East.

A liquidity facility and unfunded class A and B-Dfrd liquidity
reserve fund provide liquidity support to the class A and B-Dfrd
notes and cover senior fees and hedging costs.

Product switches are permitted under the transaction documentation
until the step-up date, subject to certain conditions. Product
switches will be permitted up to a limit of 10.0% of the aggregate
amount of the portfolio's current balance at closing. Product
switches are only permitted subject to compliance with the
respective eligibility criteria.

Credit enhancement for the rated notes will comprise subordination
and excess spread from closing.

The transaction incorporates two swaps to hedge the mismatch
between the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, of which
most pay fixed-rate interest until they revert to a SONIA-based
floating rate.

Counterparty, operational risk, or sovereign risk do not constrain
S&P's preliminary ratings. It expects the issuer to meet our
bankruptcy remoteness in accordance with its legal criteria at
closing.

  Preliminary ratings

  Class     Prelim. Rating   Class size (%)

  A            AAA (sf)       85.75
  B-Dfrd       AA (sf)         6.75
  C-Dfrd       A (sf)          3.50
  D-Dfrd       BBB (sf)        2.50
  E-Dfrd       BB (sf)         1.50
  X-Dfrd       BBB (sf)        0.75
  Residual Certs   NR           N/A

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


INTERNATIONAL PERSONAL: Moody's Affirms 'Ba3' CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Ratings affirmed International Personal Finance plc's (IPF)
Ba3 corporate family rating and its Ba3 backed senior unsecured
ratings and (P)Ba3 backed senior unsecured MTN programme ratings.
The issuer outlook remains stable.

IPF is a UK-based non-prime consumer lender with operations in
Europe, Mexico and Australia.

RATINGS RATIONALE

The affirmation of IPF's Ba3 CFR reflects the company's solid
financial performance, with an established track record of lending
to consumers with non-prime credit profiles. IPF's loan book
exposes it to high credit risk, which the company has successfully
managed, as demonstrated by its historically sound risk-adjusted
profitability. In addition, due to its focus on high-cost lending,
mainly provided to consumers with limited access to credit, IPF is
subject to high regulatory risk. Over the years, IPF has
successfully adapted its business model to an evolving regulatory
landscape in different countries in Europe, demonstrating the
resilience of its geographically diversified franchise. Moody's
incorporates the benefit of economic diversification to IPF's
franchise from its international footprint in a one-notch
qualitative adjustment under business diversification in its
scorecard.

IPF's solid profitability and strong capitalisation provide ample
loss-absorption capacity against higher than expected credit losses
that could result from its high-risk loan book, as well as from
unforeseen costs, including those stemming from regulatory
developments that could restrict its revenue generation in certain
countries.

The CFR also incorporates IPF's reliance on confidence-sensitive
wholesale funding, mostly in the form of bonds and bank credit
facilities, which could present funding challenges during a market
downturn or periods of weakened investor sentiment. IPF's
diversified borrowing sources for credit facilities, provided by a
number of banks, partly mitigate the refinancing risk.

IPF is facing reduced near-term funding risk, following last year's
refinancing of most of its 2025 EUR341.2 million Eurobond with the
new EUR341.0 million bond with a maturity of 2029. However, the
company still has moderate debt maturities later in the year, which
Moody's expects it to refinance or repay with available liquidity.
As of year-end 2024, IPF had EUR67 million (GBP55 million
equivalent) remaining balance of its old bond due in November 2025,
in addition to approximately GBP38 million of other borrowings
maturing during the year. The company's total available liquidity,
mainly comprising the availability under credit lines, was GBP138
million as of year-end 2024.

The existence of negative pledge provisions in IPF's credit
agreements restricts the company's access to secured funding,
thereby limiting diversification of its funding sources and
constraining its financial flexibility. At the same time, IPF's
solid cash flow generation, with a relatively short duration of
receivables, supports its external liquidity and provides it with
additional flexibility for managing its funding needs.  

The Ba3 rating of IPF's backed senior unsecured notes reflects
their priorities of claims and asset coverage in the company's
current liability structure.

The stable outlook reflects Moody's expectations that IPF will
maintain solid risk-adjusted profitability, strong capitalisation
and ample liquidity over the next 12 months.

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

IPF's ratings could be upgraded if it diversifies its product mix
into less risky offerings, and if it reduces its debt maturity
concentrations and increases the availability under its credit
facilities that could be used for general corporate purposes.

IPF's ratings could be downgraded if its liquidity deteriorates
relative to its funding needs, raising its refinancing risk, and if
its profitability weakens or its capital position meaningfully
declines. The positioning of the CFR could be reassessed if IPF
becomes subject to significantly adverse regulatory changes that
would affect its business viability in some of its markets.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in July 2024.

PINEWOOD GROUP: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based filming
facilities provider Pinewood Group Ltd.'s (Pinewood) to stable from
negative.

S&P said, "We affirmed our 'BB-' long-term issuer credit rating on
Pinewood and our 'BB+' issue rating on the company's senior secured
notes. This reflects a recovery rating of '1', with a 95% (capped)
prospect of recovery.

"The stable outlook reflects our expectations that Pinewood will
maintain its credit metrics within our thresholds for the current
rating, including EBITDA interest coverage above 1.8x and debt to
EBITDA of below 13.0x over the next 12 months."

Pinewood's absolute EBITDA base has materially improved to about
GBP119 million over the 12 months ending Dec. 31, 2024, from GBP82
million for the same period in 2023, following successful portfolio
expansion.

S&P said, "Despite significantly higher financing costs stemming
from its refinancing activity at the beginning of last year, we
expect Pinewood to finish the fiscal year ending March 31, 2025
(fiscal 2024), with EBITDA close to GBP130 million, which supports
its EBITDA interest coverage remaining at or exceeding 1.8x over
our forecast period.

"Pinewood's EBITDA base has expanded significantly, and we now
anticipate its cash flow generation will support EBITDA interest
coverage at or exceeding 1.8x, which is in line with the current
rating requirement. Following several studio expansion projects
leading to increased operations, Pinewood's EBITDA base grew by 45%
to GBP119 million over the 12 months ending December 2024, from
GBP82 million in the same period the previous year. We expect
full-year EBITDA in fiscal 2024 to be about GBP130 million, with
the full impact of the expansion to be realized in fiscal 2025,
when we expect the company to achieve EBITDA of roughly GBP138
million-GBP142 million, which is up from about GBP85 million in
fiscal 2023. Despite its significant increase in financing costs,
expected to be about GBP71 million for fiscal 2024 after
refinancing at the beginning of last year, we expect EBITDA
interest coverage to remain at 1.8x for the 12 months ending March
31, 2025 and improve strongly to slightly above 2.0x in the 12
months that follow. This has led us to revise our rating outlook on
the company to stable. In the 12 months ending December 2024, our
adjusted debt reached GBP1.16 billion, broadly in line with the
December 2023 position. This resulted in a sizeable improvement in
debt to EBITDA, to 9.8x from 14.3x in the same period."

Pinewood's EBITDA interest coverage is temporarily distorted by
double interest from bonds which will be repaid in September 2025.
In March 2024, Pinewood issued GBP750 million senior secured notes
due in 2030. It used part of the proceeds, to repurchase GBP460
million of the GBP750 million senior secured notes due in September
2025 through a tender offer. The remaining proceeds from the bond
issuance were invested in gilts with a maturity matching that of
the 2025 notes. S&P said, "Our base case takes into account the
repayment of the remaining outstanding notes (GBP290 million) using
the GBP300 million gilts. Once repaid, we expect interest costs to
improve by about GBP9 million annually, leading to an annualized
EBITDA interest coverage comfortably above 1.8x. Our interest
calculation does not take any interest income into account."

S&P said, "Our revised base case does not factor in any substantial
expansion plans and we expect Pinewood's operating performance to
remain stable, underpinned by its long-term contracts and high
occupancy rate, which support predictable cash flows. We expect
Pinewood to continue to benefit from its long index-linked
contracts, which on average have seven years remaining. These
contracts limit cash flow risks, especially during unexpected
industry events, such as the 2023 strike action. Nonetheless, the
company´s exposure to production services, accounting for about 8%
of revenues could be more volatiles during industry downturns. We
understand that Pinewood will consider additional investments,
including entering the property market for data centers. This could
lead to a significant uptick in capital expenditure (capex).
However, we think any such capex would fall outside our current
forecast horizon for the next 12 months. As plans develop, we will
reassess any potential impact they could have on the ratings.

"The stable outlook reflects our view that Pinewood's assets will
likely continue to generate steady income, supported by stable
demand for media content and its long-term leases with existing
tenants.

"Over the next 12 months, we project that Pinewood's EBITDA
interest coverage will improve to well above 1.8x, with debt to
EBITDA remaining significantly below 13.0x. Our outlook also take
into consideration the company's financial policy of maintaining a
reported LTV below 50%, as of December 31, 2024 this stood at
32.4%."

S&P could downgrade Pinewood if the company fails to maintain:

-- EBITDA interest coverage sustainably above 1.8x;
-- Debt to EBITDA below 13x; or
-- A reported loan-to-value ratio below 50%.

This could occur if Pinewood's shareholders adopt a more aggressive
financial policy, such as paying significant dividends.

S&P said, "We could also lower the rating if Pinewood's rental
activities deteriorate, which could stem from weakened demand
linked to a downturn in the media industry or changes in operating
conditions that impact cash flows or occupancy levels.

"Although we view an upgrade to Pinewood as remote, we could
upgrade if shareholders adopted a financial policy that supports a
higher rating, or if the company significantly diversifies its real
estate portfolio with favorable operating fundamentals, supported
by decreased asset or segment concentration and a larger and more
diverse customer base."


WPP PLC: Egan-Jones Retains BB Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on March 17, 2025, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by WPP PLC. EJR also withdrew its rating on commercial
paper issued by the Company.

Headquartered in London, United Kingdom, WPP PLC operates a
communications services group.


                           *********


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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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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