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

                          E U R O P E

          Wednesday, April 2, 2025, Vol. 26, No. 66

                           Headlines



B E L G I U M

ONTEX GROUP: Moody's Hikes CFR to B1, Rates New EUR400MM Notes B1


F R A N C E

VIRIDIEN SA: Fitch Rates $450MM Sr. Secured Notes 'BB-'


G E O R G I A

GEORGIA: Moody's Affirms Ba2 Issuer Ratings, Alters Outlook to Neg.
TBC BANK: Moody's Affirms Ba2 Deposit Rating, Alters Outlook to Neg


G E R M A N Y

SCHAEFFLER AG: Moody's Expects to Rate New Sr. Unsecured Notes Ba1


I R E L A N D

AQUEDUCT EUROPEAN 4-2019: S&P Assigns B- (sf) Rating on F-R Notes
ARBOUR CLO XIV: S&P Assigns B- (sf) Rating to Class F Notes
ARINI EUROPEAN V: S&P Assigns B- (sf) Rating to Class F Notes
BARINGS EURO 2018-2: Fitch Alters Outlook on 'B-sf' Rating to Neg.
JAMES HARDIE: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable

JAZZ PHARMACEUTICALS: Fitch Affirms BB LongTerm IDR, Outlook Stable


I T A L Y

ITELYUM REGENERATION: Moody's Affirms 'B2' CFR, Outlook Stable
SAIPEM SPA: Moody's Upgrades CFR to Ba1, Outlook Remains Positive
YOUNI ITALY 2025-1: Fitch Assigns 'Bsf' Rating to Class E Notes


L U X E M B O U R G

AI PLEX: Moody's Assigns Caa1 Corp. Family Rating, Outlook Stable
ARENA LUXEMBOURG: Moody's Alters Outlook on 'Ba3' CFR to Negative


N E T H E R L A N D S

CME MEDIA: Moody's Upgrades CFR to Ba3 & Alters Outlook to Stable
HILL FL 2022-1: Moody's Cuts Rating on EUR12.5MM D Notes to Ba3


R U S S I A

KYRGYZSTAN: S&P Assigns 'B+/B' Sovereign Credit Ratings


S P A I N

MINOR HOTELS: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.


S W E D E N

DDM DEBT: Fitch Cuts Long-Term IDR to 'CC' Then Withdraws Rating


T U R K E Y

ODEA BANK: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable


U N I T E D   K I N G D O M

ADVANZ PHARMA: S&P Rates New EUR615MM Senior Secured Notes 'B-'
CAPARO INDIA: Interpath Advisory Named as Joint Administrators
CDW SYSTEMS: Hazlewoods LLP Named as Administrator
ENDEAVOUR MINING: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
GEMGARTO PLC 2023-1: Moody's Affirms B1 Rating on GBP2.7MM F Notes

PEAK JERSEY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
PRESTIGE AGGREGATES: PKF Smith Named as Joint Administrators
SIG PLC: S&P Alters Outlook to Negative, Affirms 'B' ICR
THG PLC: S&P Affirms 'B-' ICR on Refinancing and Debt Paydown

                           - - - - -


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B E L G I U M
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ONTEX GROUP: Moody's Hikes CFR to B1, Rates New EUR400MM Notes B1
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Moody's Ratings has upgraded Ontex Group NV's (Ontex or the
company) long-term corporate family rating to B1 from B2 and its
probability of default rating to B1-PD from B2-PD. Concurrently,
Moody's assigned a B1 rating to the proposed new EUR400 million
backed senior unsecured notes due 2030, to be issued by the
company. The B2 rating on the existing EUR580 million senior
unsecured notes due July 2026 remain unchanged. The outlook remains
stable.

Net proceeds from the EUR400 million new notes will be used to
partially repay the existing EUR580 million bond. Moody's expects
the company to eventually pay down the remaining amount by the end
of 2025 with around EUR80 million proceeds from the disposal of its
business activities in Brazil, available cash on balance sheet
and/or a drawdown under its EUR270 million revolving credit
facility (RCF). Moody's will withdraw the existing EUR580 million
notes upon their full repayment, as this instrument will be no
longer outstanding.

The upgrade of Ontex's CFR to B1 reflects the consistently good
operating performance of the company's core activities in Europe
and North America, and Moody's expectations that credit metrics
will continue to improve over the next 12-18 months. "Moody's
expects Ontex's financial leverage to decline steadily starting
from 2025, mainly thanks to the debt reduction amid the proposed
refinancing, as well as progressively growing free cash flow (FCF)
generation capacity in light of lower restructuring costs and
prospect for cost savings", says Giuliana Cirrincione, Moody's
Ratings lead analyst for Ontex. "The upgrade also reflects the
company's good liquidity and its longer maturity profile with solid
interest coverage", added Mrs. Cirrincione.

Governance considerations are a key driver of the rating action, as
it relates to improving financial strategy and risk management
given the refinancing of approaching maturities and lower debt
quantum.

RATINGS RATIONALE    

Ontex has maintained positive momentum in its operating performance
through 2024, on the back of volume expansion in the US market and
large cost savings from the business transformation plan initiated
in late 2022.

In addition, between late 2024 and early 2025 the company reached
binding agreements to sell its Brazilian and Turkish subsidiaries,
which are the two remaining non-strategic assets held for sale
within Ontex's emerging markets division, and will be sold during
2025. Following the full exit from emerging markets, Moody's
expects Ontex will achieve higher profitability than in the past,
despite lower business diversification, as the company will benefit
from lower exposure to foreign-exchange-rate fluctuations, which
had been a significant constraint on profitability and cash
generation over the last few years.

Business expansion in North America with volume ramp-up leading to
better cost absorption and economies of scale, continued focus on
cost efficiencies and lower restructuring charges will also support
a further increase in profitability going forward. Ontex has been
so far successful in the implementation of its business
transformation initiatives and it plans to conclude the program by
2025. Cost savings will be a key driver of EBITDA growth in 2025,
more than offsetting the impact of anticipated downward price
adjustments and cost inflation. As a result, Moody's forecasts the
uplift in the Moody's-adjusted EBITDA in 2025 (i.e. excluding the
contribution from Brazil and Turkiye) to be stronger, getting to
above EUR200 million compared to EUR157 million the year before.

According to Moody's forecasts, the Moody's adjusted leverage for
Ontex will decline steadily from 5.8x as of December 2024 – with
the phasing of accrued restructuring charges driving a temporary
spike in the ratio - to below 4x by year-end 2025 and to around
3.5x by 2026. Besides the expected earnings growth, Ontex's
commitment to using the approximately EUR80 million net proceeds
from the sale of its Brazilian subsidiary to repay part of its
outstanding debt is driving the marked reduction in adjusted
leverage to a level which is lower than what Moody's had initially
anticipated.

Moody's expects Ontex's FCF generation capacity to improve over the
next 12-18 months, from around EUR20 million in 2025, to around
EUR70 million (or around 10% of gross debt) from 2026 and onwards.
Besides positive EBITDA momentum, this assumes also tight working
capital management and lower expansionary capex requirements in
North America. Although current trading conditions indicate an
ongoing volume ramp-up in US as a result of new contract wins,
Moody's however believes that the company's expansion plan in North
America carries some execution risk because of its relatively small
regional footprint and the highly competitive industry landscape.
In addition, the introduction of tariffs on raw material and
finished product imports to the US also represents a potential
downside to growth, although Ontex has a modest exposure to such
risk, and Moody's expects any impact on metrics to be negligible at
this stage.

LIQUIDITY

Ontex's liquidity is good, with around EUR115 million in cash in
December 2024 (pro-forma for the proposed refinancing and the
estimated transaction fees), and around EUR245 million available
under its EUR270 million revolving credit facility (RCF) due in
November 2029.

Based on Moody's forecasts, the available cash balance and the
internal cash generation will abundantly cover all basic cash
requirements, which include modest working capital requirements
(including the use of factoring), and maintenance and expansionary
capital spending of around EUR130 million in 2025 (including the
portion related to the lease repayment). Capex needs will however
reduce by roughly 20% from 2026, given that the capital investments
to support business expansion in the US have passed their peak.
Moody's expect sthe company will apply the approximately EUR80
million proceeds from the disposal of the Brazilian subsidiary to
debt reduction, and Moody's forecasts that the positive and
moderately growing FCF over the next 12-18 months will also
contribute to some further deleveraging.

Ontex's RCF is subject to a net leverage covenant of 3.5x tested
semiannually with progressive step-downs over time. Moody's expects
the company to maintain adequate capacity under these covenants.

STRUCTURAL CONSIDERATIONS

The B1 rating on the proposed EUR400 million backed senior
unsecured fixed-rate notes due April 2030 is in line with the CFR.
All liabilities within the capital structure rank pari passu among
themselves, and the notes are guaranteed by material subsidiaries
representing a minimum of 70% of consolidated EBITDA.

Moody's assumes the standard 50% family recovery rate to reflect
the presence of both notes and bank debt within the company's
capital structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that a
broadly consistent operating performance in Europe and business
expansion in North America, combined with debt reduction and a
continued focus on cost controls, will lead to a Moody's-adjusted
leverage below 4x over the next 12-18 months. The stable outlook
also assumes that Ontex will successfully refinance in full its
2026 bond and will maintain a manageable cost of debt, supporting a
still positive and progressively increasing FCF generation over
time.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

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

Moody's could upgrade Ontex's ratings if business expansion in
North America results in much faster business growth in the region
than currently assumed, such that Moody's-adjusted leverage remains
sustainably well below 4x; Moody's-adjusted FCF/debt and EBITA
margin increase towards the mid-teens percentages. An upgrade would
also require Ontex to maintain consistently good liquidity.

Moody's could downgrade Ontex's ratings if Moody's-adjusted
leverage remains around 5x, if FCF weakens and Moody's-adjusted
FCF/debt and EBITA margin remain in the low-single-digit
percentages for a prolonged period. A deterioration in liquidity
because of reduced capacity under financial covenants could also
lead to a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Ontex Group NV, headquartered in Aalst-Erembodegem, Belgium, is a
leading manufacturer of mainly retailer-branded hygienic disposable
products with operations across Europe and North America. Ontex
operates in three product categories: baby care, adult incontinence
and feminine care. In 2024 and including non-core operations in
emerging markets, which were still part of the group's perimeter,
Ontex generated net sales of EUR2.17 billion and company-adjusted
EBITDA (that is, before restructuring costs) of around EUR250
million. Following recent agreements, Ontex is expected to complete
the divestiture of its business in both Brazil and Turkiye in
2025.

Ontex is a public company listed on the Euronext Brussels Stock
Exchange.



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F R A N C E
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VIRIDIEN SA: Fitch Rates $450MM Sr. Secured Notes 'BB-'
-------------------------------------------------------
Fitch Ratings has assigned Viridien S.A.'s USD450 million senior
secured notes and EUR475 million senior secured notes final 'BB-'
ratings with a Recovery Rating (RR) of 'RR2'. The final ratings
follow completion of the transaction and receipt of final documents
confirming the information already received.

The proceeds are being used to refinance Viridien's currently
outstanding USD1,050 million senior secured notes (aggregate
notional of USD and EUR tranches), which mature in 2027. It will
also allocate around USD155 million of cash for reducing total
gross debt as well as to cover fees and expenses.

The bonds' ratings are based on Viridien's Long-Term Issuer Default
Rating (IDR) of 'B', which has a Stable Outlook. The IDR already
reflects its prior expectation of a refinancing under similar terms
during 2025, which is key to the group structurally deleveraging to
below 3.0x and maintaining rating headroom.

Key Rating Drivers

Refinancing Provides Rating Headroom: The refinancing of Viridien's
senior secured bonds with around USD950 million equivalent of
senior secured bonds with similar terms and conditions to the
outgoing instrument is in line with its prior expectations.
Together with another USD60 million of bond redemptions during
2024, this will reduce gross Fitch-defined debt to around USD980
million.

The reduced debt, together with cash holdings, lower minimum cash
requirements, and expected stronger cash flow generation following
the expiry of its Shearwater agreement, should structurally reduce
EBITDA gross leverage to below 3x, which is key for maintaining the
'B' rating.

High but Manageable Debt: Gross debt of about USD980 million
pro-forma for the refinancing is in line with its prior
expectations and while still high, is now sustainable, given
Viridien's more resilient cash flow profile owing to a lower cost
base. Fitch views its debt levels as manageable for the current
rating.

EBITDA Volatile but Improving: Fitch-defined EBITDA fell to USD301
million in 2023 from USD378 million in 2022, due to the delay of
licensing rounds in Brazil and the Gulf of Mexico and the higher
costs of its Shearwater agreement. EBITDA will remain volatile, but
it improved to about USD475 million in 2024 as previously delayed
licensing rounds and new projects materialised, alongside strong
performance in the high-margin geoscience segment and successful
cost reduction.

Strong Niche Market Position: Viridien is well positioned within
the seismic data-processing and equipment sub-sectors, leading in
the geoscience and equipment businesses with a competitive
multi-client library focused on high-demand mature basins and
selective high-quality exploration areas. These areas attract more
stable customer demand than frontier exploration areas. It is also
building out nascent low-carbon businesses. Its technological
sophistication and continued R&D allow it to retain premium pricing
over many competitors, leading to stable Fitch-adjusted EBITDA
margins of 35% through the cycle.

Asset-Light Strategy: Since 2020, Viridien has transitioned to an
asset-light business model with a more flexible cost and capex base
than contract drilling and marine data-acquisition peers. Alongside
a cost-reduction initiative over the last two years, this should
help reduce volatility in cash flows through the cycle.

Favourable Near-Term Market Trend: Fitch estimates oil and gas
producers continued increasing spending on exploration and
development in 2024 and will continue to actively invest in
upstream assets during 2025, following historically low capex in
2020 and 2021, and due to reserve replenishment needs globally.
This is reflected in Viridien's backlog, which rose to USD722
million at end-2024 from about USD633 million at end-2023.

Cash Flow Volatility Remains: Fitch expects upstream oil and gas
capex to remain volatile over the medium term, as many producers
are expected to prioritise cost discipline and shareholder returns
over growth during periods of higher prices. Fitch also expects
companies to have the flexibility to reduce capex if prices
decline. Viridien's backlog is short term, covering up to six
months of revenue. This exposes the group to project delays or
cancellations as well as fluctuating market conditions, resulting
in continued volatility in cash flows.

Shearwater Expiry Frees Up Cash: Viridien's commercial agreement
with Shearwater expired in January 2025, which has eliminated the
risk of it having to repossess the vessels it originally sold to
Shearwater. The group will also no longer be obligated to pay any
idle vessel compensation and other fees to Shearwater, which Fitch
assumes will free up USD40 million-75 million of annual cash flow.

Peer Analysis

Fitch rates Viridien in line with Borr Drilling Limited (B/Stable),
as the latter's higher mid-cycle EBITDA, higher profitability, and
stronger near-term revenue visibility from contracted orders is
offset by the former's lower mid-cycle leverage.

While Shelf Drilling, Ltd. (B/Negative) has similar mid-cycle
profitability, its stronger backlog is offset by its higher
leverage. Its Negative Outlook reflects its expectation of more
uncertain utilisation of its rigs and various operational
challenges resulting in delayed deleveraging.

Key Assumptions

- IFRS revenue averaging USD1.1 billion-1.2 billion a year in
2025-2028 as declining oil and gas capex is partially offset by the
ramp-up of low-carbon business

- Fitch-adjusted IFRS EBITDA averaging USD410 million a year in
2025-2028

- Capex of USD300 million in 2025, followed by USD250 million a
year to 2028

- No dividends to 2028

Recovery Analysis

- The recovery analysis assumes that Viridien would be reorganised
as a going concern (GC) in bankruptcy rather than liquidated

- Its GC EBITDA assumption of USD250 million is predicated on a
significant and sudden loss of demand for multi-client and
geo-science services, on the back of a sustained period of very low
hydrocarbon prices, followed by a modest recovery, and cost
initiatives. The rebound would be driven by a recovery in the
market spurring renewed exploration and production spending

- An enterprise value (EV) multiple of 4x is applied to the GC
EBITDA to calculate a post-reorganisation EV, which reflects the
oilfield services sector's cash flow volatility and Viridien's
moderate scale

- Fitch assumes its upsized revolving credit facility (RCF) of
USD125 million to be fully drawn. The RCF is super senior to senior
secured notes in the debt waterfall

- Viridien's asset financing debt of USD28.9 million at end-2024 is
structurally senior to other debt

- After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation for the
senior secured notes in the 'RR2' band, indicating a 'BB-'
instrument rating. The waterfall-generated recovery computation
output percentage on current metrics and assumptions is 79%

RATING SENSITIVITIES

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

- EBITDA gross leverage above 2.8x on a sustained basis

- Failure to maintain EBITDA margins above 30% on a sustained
basis

- Deteriorating liquidity with EBITDA interest coverage declining
below 2x or increasing near-term refinancing risk

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

- Increase in size with EBITDA of USD500 million through the cycle

- EBITDA gross leverage at below 1.8x on a sustained basis, with
gross debt of USD750 million or lower

- Successful transition to non-oil and gas activities, with
meaningful cash flows and EBITDA contribution

Liquidity and Debt Structure

As of 31 December 2024, Viridien had about USD250 million of
readily available cash and cash equivalent on its balance sheet,
excluding its assumption of USD50 million of restricted cash, and
had a further USD90 million in an undrawn RCF that expires in
October 2026.

The refinancing has upsized the RCF to USD125 million and extended
the maturities of the RCF and senior secured notes to 2030. Fitch
assumes no material mandatory repayment obligations until 2030.

Issuer Profile

Viridien is a small oilfield services company providing seismic
data processing services and equipment for seismic data
acquisition.

Date of Relevant Committee

07 March 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt          Rating           Recovery   Prior
   -----------          ------           --------   -----
Viridien S.A.

   senior secured   LT BB-  New Rating    RR2

   senior secured   LT BB-  New Rating    RR2       BB-(EXP)



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G E O R G I A
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GEORGIA: Moody's Affirms Ba2 Issuer Ratings, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Ratings has changed the outlook to negative from stable on
Georgia's government credit ratings. Concurrently, Moody's have
affirmed the local and foreign currency long-term issuer ratings
and foreign currency senior unsecured rating at Ba2.

The decision to change the outlook to negative reflects Moody's
assessments that risks to Georgia's institutional and governance
strength are rising, in the context of increasingly challenging
domestic and geopolitical trade-offs. Institutions and governance
may weaken further, following recent developments that have already
negatively affected the strength of civil society, and risk
weakening monetary and macroeconomic policy effectiveness.
Furthermore, domestic political risk remains elevated, as evidenced
by recent street protests, and further social polarization could
result from higher tensions between the European Union and Russia.
Geopolitical risks have also risen amid prospects of US
disengagement from European security and NATO, which could create
conditions for more intense Russian interventions, including in the
region.

The affirmation of Georgia's Ba2 ratings reflects its strong
economic and fiscal position. Moody's expects Georgia's economic
growth to remain strong. Georgia's fiscal strength has improved
sharply over 2021-2023, and Moody's expects the improved position
to persist in the next few years, with a moderate government debt
burden and strong debt affordability. Georgia's continued
cooperation with its development partners such as the World Bank
provides some support to its economic and fiscal resilience.

Georgia's local- and foreign-currency country ceilings are
unchanged at Baa1 and Baa3, respectively. The four-notch gap
between the local currency ceiling and the sovereign rating
reflects a relatively small government footprint in the economy and
strong institutions which are predictable and reliable in terms of
policy action, notwithstanding a relatively high current account
deficit and ongoing domestic political risks. The two-notch gap
between the foreign currency ceiling and the local currency ceiling
incorporates Georgia's external vulnerabilities including a
relatively high current account deficit and still high levels of
dollarization in the economy.

RATINGS RATIONALE

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects a heightened risk of further
weakening of institutions and governance strength through a range
of developments.

The passage of the "Law on Transparency of Foreign Influence" in
May 2024, and the stalled EU accession bid raise uncertainty around
the continuity of past reforms. The ongoing suspension of Georgia's
IMF program indicates the persistence of questions related to
central bank governance, which in Moody's views, has already
weakened the institutions and governance strength, and risks
weakening the effectiveness of monetary and macroeconomic policy.

There remain risks of a further weakening in Georgia's
institutional and governance strength, amplified by elevated
political risks. While recent Georgia Dream policies and positions
may reduce the risk of aggressive Russian interference, they will
likely increase domestic political risk as a large fraction of the
population supports greater integration with the European Union.
These could intensify social polarization, which has already been
aggravated by intense protest movements, following the disputed
parliamentary elections in October 2024 and the stalled EU
accession bid.

Geopolitical risks are also increasing, which could amplify
domestic political volatility. Recent developments signal increased
risk of US disengagement from European security and NATO, which
could create conditions for more intense Russian interventions, for
example in the form of increased attacks on key telecommunications,
energy or financial infrastructure through cyberattacks or sabotage
of physical infrastructure.

Georgia is vulnerable to risks of heightened tensions with Russia,
given its border with the country, and the ongoing, albeit
'frozen', tensions over South Ossetia and Abkhazia. In addition,
the unpredictability of Russia's strategic intentions in the region
has increased the risk of Georgia being involved in military
conflict despite the Georgian government's endeavors to minimize
the potential for such military conflict.

RATIONALE FOR THE AFFIRMATION OF THE Ba2 RATING

Georgia's economic and fiscal position are strong, and have
remained resilient to evolving political developments. Georgia's
real GDP growth was very strong in 2022 and 2023, and Moody's
expects growth to remain solid. The economy expanded by 9.4% in
2024, and Moody's projects GDP growth to ease to about 6% in 2025,
still above-trend, on the back of moderating labour and financial
inflows from a high base.

Georgia has sustained fiscal strength, with moderate government
debt burden and strong debt affordability. The debt burden has
declined from recent cycle peak of 59.6% of GDP in 2020 to 38.9% in
2023 and 36.1% in 2024, on the back of high nominal growth and
sustained fiscal discipline. Moody's expects the government debt
burden to remain stable at around 35-36% of GDP over 2025 to 2026.
Government debt affordability has remained strong, with government
interest payments amounting to about 5% of government revenue in
2023, and which Moody's expects to remain at around this level for
the next two to three years.

Georgia's low levels of domestic savings fosters a reliance on
external financing, in turn making the economy vulnerable to a
tightening in external financing conditions. However, this is
partly mitigated by Georgia's ability to consistently access
concessional financing from development partners.  Meanwhile,
Georgia's banking sector's performance has been sustained, with
strong profitability, good capital and liquidity providing buffers
to shocks.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Georgia's CIS-3 Credit Impact Score reflects Georgia's exposure to
demographic and employment challenges and, to a lesser extent,
environmental, largely physical climate, risks. However, risks are
mitigated by Georgia's institutional and governance strengths which
have contributed to ongoing increases in incomes and, together,
support a capacity to respond to social and environmental
challenges.

Georgia's E-3 issuer profile score for environmental risks is
driven by its moderate exposure to physical climate risks, notably
heat stress, exacerbated by relatively high sensitivity related to
the large size of the agriculture sector as employer; a low
proportion of the population with access to safe water also points
to environmental risks.

Georgia's S-4 issuer profile score for social risk reflects
Georgia's ageing population, high rates of youth unemployment and
only modest spending on health and education, although life
expectancy is relatively high. These negative risks contrast with
solid enrollment rates in education and a relatively high level of
access to basic services.

Georgia's G-2 issuer profile score for governance risk reflects
Moody's assessments that Georgia has achieved some success in
building institutional capacity and implementing economic reforms
which have supported flexibility in labour and product markets,
supporting moves towards higher value added activities in sectors
like agriculture and increasing access to a broader range of export
markets. The score also takes into account Moody's assessments of
the sovereign's weakening institutions and governance strength.

GDP per capita (PPP basis, US$): 24,849 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 7.8% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.4% (2023)

Gen. Gov. Financial Balance/GDP: -2.3% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -5.6% (2023) (also known as External
Balance)

External debt/GDP: 79.6% (2023)

Economic resiliency: baa2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 20, 2025, a rating committee was called to discuss the
rating of the Georgia, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have materially decreased.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Given the negative outlook on the rating, it is unlikely that the
rating would be upgraded in the near-term. The outlook would likely
be changed to stable if geopolitical and domestic political risks
eased materially, which could pave the way for durable improvements
to Georgia's institutions and governance.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating would likely be downgraded if it becomes increasingly
clear that institutional and governance strength has weakened
further, which could, together with political risks also weigh on
Georgia's economic and fiscal strength. For instance, signs that
executive and legislative institutions are weaker than currently
assessed, or a further weakening of monetary and macroeconomic
policy effectiveness, financial or external stability would also
put downward pressure on the rating.

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

TBC BANK: Moody's Affirms Ba2 Deposit Rating, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 long-term deposit ratings of
JSC TBC Bank (TBC Bank) and JSC Bank of Georgia (BoG), as well as
the Ba3 long-term deposit ratings of Liberty Bank JSC (Liberty
Bank). The outlook on these ratings was changed to negative from
stable.

At the same, Moody's affirmed all other ratings and assessments of
the three banks', including TBC Bank's and BoG's ba2 Baseline
Credit Assessments (BCAs) and Adjusted BCAs and Liberty Bank's b1
BCA and Adjusted BCA.

The rating action follows the outlook change to negative from
stable and the affirmation of the Ba2 issuer and senior unsecured
bond ratings of the Government of Georgia.

RATINGS RATIONALE

AFFIRMATION

The affirmation of the banks' ratings and BCAs reflects their
sustained financial performance including strong profitability,
good capital and liquidity, and stable loan quality. These
characteristics balance elevated risks from a still high level of
foreign currency lending and deposit dollarisation, along with some
unseasoned risk in their loan portfolios and some reliance on more
confidence-sensitive non-resident deposits and market funding –
although the latter is mostly from developmental international
institutions that are typically more stable than other types of
market funds.

For TBC Bank and BoG Moody's continues to assume a high likelihood
of government support given their significant systemic importance
as the largest banks in the country, but this does not result in
rating uplift because their ba2 Adjusted BCAs are in line with the
sovereign rating.

For Liberty Bank, the Ba3 long-term deposit ratings continue to
incorporate a one notch of rating uplift from Moody's assumptions
of a moderate likelihood of government support in case of need
given its role in distributing state pensions and welfare payments
in the country and its market position as the third largest bank in
Georgia.

NEGATIVE OUTLOOK

The negative outlook on the banks' long-term deposit ratings is
driven by the negative outlook on the sovereign rating, which
reflects Moody's assessments that risks to Georgia's institutional
and governance strength are rising, in the context of increasingly
challenging domestic and geopolitical trade-offs.

In case of a downgrade of the Government of Georgia's rating, TBC
Bank's and BoG's BCAs would likely be downgraded driving a
downgrade of their long-term deposit ratings because the banks
operate predominantly in Georgia and their standalone
creditworthiness is interlinked with that of the sovereign. For
Liberty Bank a sovereign downgrade would indicate a deterioration
in its capacity to provide support in case of need and may reduce
the government support uplift incorporated in the bank's long-term
deposit ratings.

BANK-SPECIFIC RATING DRIVERS

-- TBC Bank

The affirmation of TBC Bank's Ba2 long-term deposit ratings and the
ba2 BCA reflects the banks strong profitability with a return on
assets (RoA) 3.6% for 2024, underpinned by its dominant market
position and strong capital with a Common Equity Tier 1 (CET1)
ratio of 16.8% as of end-2024. It also reflects elevated credit
risks from lending in foreign currency coupled with rapid credit
growth, a high level of deposit dollarisation, moderate reliance on
more confidence-sensitive non-resident deposits and some market
funding, mitigated by liquidity with a Liquidity Coverage Ratio
(LCR) of 119% as of Q4 2024.

-- BoG

The affirmation of BoG's Ba2 long-term deposit ratings and ba2 BCA
reflects the bank's very strong profitability with a RoA of 4.5%
during 2024, driven by its entrenched domestic market position and
strong capitalisation with a CET1 ratio of 17.1% at end-2024. It
also reflects the bank's considerable foreign currency lending
along with high credit growth, high deposit dollarisation, and some
reliance on market funding and non-resident deposits, although
mitigated by good liquidity (LCR 129% at Q4 2024).

-- Liberty Bank

The affirmation of Liberty Bank's Ba3 long-term deposit ratings and
b1 BCA reflects its solid liquidity (LCR of 122% as of Q4 2024) and
granular deposit base, Moody's expectations that the bank will
continue to diversify its business profile towards that of a
universal bank and good profitability with a RoA of 2.3% for 2024.
It also reflects high asset risks from a large unsecured lending
portfolio and an unseasoned corporate portfolio, somewhat lower
capital buffers compared to peers (CET1 ratio of 13.8% at end-2024)
and exposure to currency-induced credit risks and single borrower
concentrations.

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

An upgrade of the banks' ratings is unlikely given the negative
outlook on the long-term deposit ratings. However, the outlook may
change back to stable if the outlook on the sovereign rating
changes to stable.

The banks' ratings could be downgraded in case the Government of
Georgia's rating is downgraded. The banks' ratings could also be
downgraded if operating conditions weaken or if their solvency and
liquidity were to deteriorate materially. Specifically, this could
be the result of a sharp rise in problem loans, significant capital
outflows or a material increase in deposit dollarisation, and a
large depreciation of the Georgian lari.

LIST OF AFFECTED RATINGS

Issuer: JSC Bank of Georgia

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba2, outlook changed
to NEG from STA

LT Bank Deposits (Local Currency), Affirmed Ba2, outlook changed
to NEG from STA

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed ba2

Adjusted Baseline Credit Assessment, Affirmed ba2

Preferred Stock Non-cumulative (Foreign Currency), Affirmed B2
(hyb)

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: JSC TBC Bank

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba2, outlook changed
to NEG from STA

LT Bank Deposits (Local Currency), Affirmed Ba2, outlook changed
to NEG from STA

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed ba2

Adjusted Baseline Credit Assessment, Affirmed ba2

Preferred Stock Non-cumulative (Foreign Currency), Affirmed B2
(hyb)

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Liberty Bank JSC

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2

LT Counterparty Risk Rating (Local Currency), Affirmed Ba2

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to NEG from STA

LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to NEG from STA

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba2(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed b1

Adjusted Baseline Credit Assessment, Affirmed b1

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2024.



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

SCHAEFFLER AG: Moody's Expects to Rate New Sr. Unsecured Notes Ba1
------------------------------------------------------------------
Moody's Ratings said that it expects to assign a Ba1 instrument
rating to Schaeffler AG's (Schaeffler or group) proposed issue of
EUR senior unsecured benchmark size notes under its senior
unsecured debt issuance program, which is rated (P)Ba1.

The expected Ba1 instrument rating on the new senior unsecured
notes would be in line with Schaeffler's Ba1 long-term corporate
family rating (CFR) and the Ba1 instrument ratings on the group's
outstanding senior unsecured notes due 2025, 2026, 2027, 2028, 2029
and 2030. The outlook is stable.

Schaeffler will use the proceeds of the new issuance to early
refinance upcoming debt maturities as well as for general corporate
purposes.

Schaeffler's Ba1 CFR is supported by (i) the company's substantial
scale and broad product offering in the automotive original
equipment (OE), industrial and aftermarket businesses, (ii)
significant synergy potential from the integration of Vitesco,
(iii) profitability above the auto supplier industry average,
supported by significant industrial and automotive aftermarket
activities; (iv) ability to innovate, illustrated by numerous
patents and significant R&D spending, and (v) Moody's expectations
of continued strong growth in e-mobility areas in the medium to
long term, where order intake has rapidly accelerated recently;
(vi) its stable and conservative financial policy and good
liquidity.

Factors constraining the rating include (i) Schaeffler's exposure
to cyclical end markets, particularly automotive OE, (ii) continued
pressure on profit margins, mainly in the automotive OE business,
where high upfront investments into e-mobility weighs on margins,
but also in the industrial business, (iii) execution risks related
to the execution of efficiency measures and the integration of
Vitesco; (iv) negative free cash flows at times of low
profitability, cash outs for restructuring and continued dividend
payments to shareholders, and (v) its exposure to environmental
risk, especially regarding tightening carbon emission regulations.

The stable outlook reflects Moody's expectations that Schaeffler
will be able to achieve the material benefits expected from the
integration of Vitesco into Schaeffler, which should help to
gradually improve profitability and achieve metrics in line with
Moody's expectations for a Ba1, including a debt/EBITDA (Moody's
adjusted) in a range of 3.0x-3.5x and a Moody's adjusted EBIT
margin in a range of 5%-7% within the next 12-18 months.

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
the leading manufacturers of roller bearings and linear products
worldwide, primarily for the automotive industry as well as
industrial end-markets such as offroad, rail, industrial
automation, aerospace or renewable energy. In 2024, Schaeffler
generated revenue of EUR18.2 billion and around EUR811 million
reported EBIT before special items (4.5% margin). Schaeffler
completed the merger with Vitesco Technologies Group AG (Vitesco)
on October 01, 2024.



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

AQUEDUCT EUROPEAN 4-2019: S&P Assigns B- (sf) Rating on F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Aqueduct European CLO
4-2019 DAC's class A-R loan and class A-R, B-R, C-R, D-R, E-R, and
F-R notes. At closing, the issuer has issued unrated class Z-1,
Z-2, Z-3, and subordinated notes.

This transaction is a reset of the already existing transaction
that closed in July 2019, which S&P Global Ratings did not rate.

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

The portfolio's reinvestment period will end approximately 4.57
years after closing, while the noncall period will end 1.5 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 and loan 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    2,851.84
  Default rate dispersion                                 537.39
  Weighted-average life (years)                             4.10
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.56
  Obligor diversity measure                               142.38
  Industry diversity measure                               19.38
  Regional diversity measure                                1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.39
  Actual target 'AAA' weighted-average recovery (%)        36.91
  Actual target weighted-average spread (net of floors; %)  3.76

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. 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 assumed a target par of EUR450
million, the covenanted weighted-average spread (3.76%), a
weighted-average coupon (4.21%) provided by the arranger, and the
target portfolio weighted-average recovery rates for all the rated
notes and loan. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

"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 are 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-R, C-R,
D-R, E-R, and F-R 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-R notes and class A-R loan
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-R to F-R notes and class A-R loan.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R loan and class A-R to
E-R notes based on four hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average.

"For this transaction, the documents prohibit assets from being
related to certain activities. 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-R     AAA (sf)    147.700    38.00    Three/six-month EURIBOR
                                          plus 1.18%

  A-R loan AAA (sf)  131.300    38.00     Three/six-month EURIBOR
                                          plus 1.18%

  B-R     AA (sf)      51.750    26.50    Three/six-month EURIBOR
                                          plus 1.70%

  C-R     A (sf)       25.875    20.75    Three/six-month EURIBOR
                                          plus 2.15%

  D-R     BBB- (sf)    29.250    14.25    Three/six-month EURIBOR
                                          plus 2.90%

  E-R     BB- (sf)     22.500     9.25    Three/six-month EURIBOR
                                          plus 4.75%

  F-R     B- (sf)      12.375     6.50    Three/six-month EURIBOR
                                          plus 7.74%

  Z-1     NR           0.100      N/A     N/A

  Z-2     NR           0.100      N/A     N/A

  Z-3     NR           0.100      N/A     N/A

  Sub. Notes  NR       38.650     N/A     N/A

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

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


ARBOUR CLO XIV: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Arbour CLO XIV DAC's
class X, A, B, C, D, E, and F notes, and class A-loan. The issuer
also issued unrated class M notes and subordinated notes.

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

This transaction has a 1.5-year non-call period and the portfolio's
reinvestment period will end approximately 5.0 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 governed by collateral quality tests.

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes and loan 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 2,719.81
  Default rate dispersion                               588.39
  Weighted-average life (years)                           4.81
  Obligor diversity measure                             134.70
  Industry diversity measure                             24.19
  Regional diversity measure                              1.26

  Transaction key metrics

  Total par amount (mil. EUR)                           450.00
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            153
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                         0.78
  'AAA' target portfolio weighted-average recovery (%)   35.67
  Target weighted-average spread (net of floors, %)       3.79
  Target weighted-average coupon (%)                      3.84

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we modelled the EUR450 million par
amount, the target weighted-average spread of 3.79%, the target
weighted-average coupon of 3.84%, and the target weighted-average
recovery rates. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

"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 CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings on these notes. The
class A-loan, class X notes, and A notes can withstand stresses
commensurate with the assigned ratings.

"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-loan and
class X 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 transaction's 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
March 31, 2021). Primarily due to the diversity of the assets
within CLOs, the exposure to environmental credit factors is viewed
as below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities. Accordingly, since the exclusion of assets
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 list

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

  X       AAA (sf)      2.00     N/A      Three/six-month EURIBOR
                                          plus 0.75%

  A       AAA (sf)    200.86     37.50    Three/six-month EURIBOR
                                          plus 1.19%

  A-loan  AAA (sf)     80.39     37.50    Three/six-month EURIBOR
                                          plus 1.19%

  B       AA (sf)      48.38     26.75    Three/six-month EURIBOR
                                          plus 1.75%

  C       A (sf)       25.88     21.00    Three/six-month EURIBOR
                                          plus 2.00%

  D       BBB- (sf)    31.50     14.00    Three/six-month EURIBOR
                                          plus 2.85%

  E       BB- (sf)     20.25      9.50    Three/six-month EURIBOR
                                          plus 4.70%

  F       B- (sf)      13.50      6.50    Three/six-month EURIBOR
                                          plus 7.35%

  M       NR            0.25       N/A N/A

  Sub. Notes   NR       32.30      N/A    N/A

*S&P's ratings on the class X, A, and B notes, and class A-loan
address timely interest and ultimate principal payments. S&P's
ratings on 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.


ARINI EUROPEAN V: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO V DAC's class A, B, C, D, E, and F notes. The issuer also
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 4.55 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

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.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average
  rating factor                                      2680.01
  Default rate dispersion                             598.64
  Weighted-average life (years)
    excluding reinvestment period                       5.12
  Weighted-average life (years)
    including reinvestment period                       5.12
  Obligor diversity measure                            131.8
  Industry diversity measure                           23.74
  Regional diversity measure                            1.20

  Transaction key metrics

  Total par amount (mil. EUR)                            400
  Defaulted assets (mil. EUR)                              0
  Number of performing obligors                          159
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       B
  'CCC' category rated assets (%)                       0.88
  Target 'AAA' weighted-average recovery (%)           37.54
  Target weighted-average spread net of floors (%)      3.73
  Target weighted-average coupon (%)                    3.99

S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the target weighted-average spread of 3.60%, the
target weighted-average coupon of 3.85%, and the covenanted
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.

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

"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 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 the class A
to F notes.

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

"In addition to our standard analysis, 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."

Arini European CLO V 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. Arini
Capital Management Ltd is the collateral manager.

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

  A       AAA (sf)   248.00 38.00    Three/six-month EURIBOR     
                                         plus 1.20%

  B       AA (sf)     45.00 26.75    Three/six-month EURIBOR
                                         plus 1.75%

  C       A (sf)      23.00 21.00    Three/six-month EURIBOR
                                         plus 2.18%

  D       BBB- (sf)   28.00 14.00    Three/six-month EURIBOR
                                         plus 2.80%

  E       BB- (sf)    19.00 9.25     Three/six-month EURIBOR
                                         plus 4.70%

  F       B- (sf)     12.00 6.25     Three/six-month EURIBOR
                                         plus 7.84%

  Sub     NR          29.70     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.

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


BARINGS EURO 2018-2: Fitch Alters Outlook on 'B-sf' Rating to Neg.
------------------------------------------------------------------
Fitch Ratings has upgraded Barings Euro CLO 2018-2 DAC class C to D
notes. The class F notes' Outlook has been revised from Stable to
Negative.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Barings Euro
CLO 2018-2 DAC

   A-1 A XS1857759762   LT AAAsf  Affirmed   AAAsf
   A-1 B XS1859510221   LT AAAsf  Affirmed   AAAsf
   A-2 XS1857760265     LT AAAsf  Affirmed   AAAsf
   B-1 A XS1857761073   LT AAAsf  Affirmed   AAAsf
   B-1 B XS1860319034   LT AAAsf  Affirmed   AAAsf
   B-2 XS1857761586     LT AAAsf  Affirmed   AAAsf
   C-1 XS1857762394     LT AA+sf  Upgrade    A+sf
   C-2 XS1860319620     LT AA+sf  Upgrade    A+sf
   D XS1857763012       LT A+sf   Upgrade    BBB+sf
   E XS1857763525       LT BB+sf  Affirmed   BB+sf
   F XS1857763871       LT B-sf   Affirmed   B-sf

Transaction Summary

Barings Euro CLO 2018-2 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period in October 2022
and has paid down 80.3% of its class A notes.

KEY RATING DRIVERS

Deleveraging Transaction: Since the last review in May 2024, around
EUR112.1 million of the class A notes have been repaid. This
deleveraging has resulted in increases in credit enhancement across
the class A to E notes. As of the latest trustee report dated 28
February 2025, the principal account had EUR 17.4 million cash,
which Fitch expects will be used to further pay down the class A
notes. The upgrade of the class C and D notes reflects the current
and expected increase in credit enhancement of the senior notes.

Portfolio Deterioration: As of the latest trustee report dated 28
February 2025 the transaction is currently around 10.6% below par
with around EUR 10.3 million defaulted assets in the portfolio. Par
loss, together with erosion in the default rate cushions since the
last review, contributes to the outlook revision of the class F
notes to Negative and the continuing Negative Outlook on the class
E notes. Given the weak current market value of the portfolio
assets, the class F notes have limited protection against new
defaults. Any further deterioration in the credit quality portfolio
can therefore lead to a downgrade of the class F notes to
'CCC+sf'.

Static Transaction: Following the CLO's exit from its reinvestment
period, the manager is unlikely to reinvest unscheduled principal
proceeds and sale proceeds from credit-risk and credit-improved
obligations. This is due to the breach of the WAL test, the Fitch
'CCC' test and the failure of the class F over-collateralisation
coverage test, which must be satisfied prior to reinvestment. Since
the manager is unlikely to reinvest, Fitch has assessed the
transaction by stressing the portfolio with a downgrade of one
notch of all assets with Negative Outlook.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported weighted average rating
factor (WARF) of the current portfolio was 26.8 as of 28
February-2025, against a covenanted maximum of 29.5.

High Recovery Expectations: Senior secured obligations comprise 96%
of the portfolio as calculated by the trustee. 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) reported by the trustee for the
current portfolio was at 62.8% as of 28 February-2025, which
compares favourably with the covenanted minimum of 61.3%.

Deviation from MIRs: The class C notes are one notch below their
model-implied ratings (MIR) and the class F notes are one notch
above their MIR. For the class C notes, the deviation reflects
limited default-rate cushion at their MIR, while for the class F
notes, the deviation is supported by sufficient credit enhancement
to provide a limited margin of safety at the current rating.

Diversified Portfolio: The portfolio is diversified across
obligors, countries and industries. The top-10 obligor
concentration is 25.3%, as calculated by Fitch, and no single
obligor represents more than 3.9% of the portfolio balance.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Barings Euro CLO
2018-2 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.

JAMES HARDIE: Moody's Affirms 'Ba1' CFR, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings changed the outlook for James Hardie International
Finance Designated Activity Company's (James Hardie) to stable from
positive. At the same time, Moody's also affirmed the company's Ba1
corporate family rating, Ba1-PD probability of default rating, and
Ba1 ratings on its senior unsecured notes. The company's
Speculative Grade Liquidity Rating of SGL-1 remains unchanged.

On March 23, 2025, James Hardie Industries plc announced that it
has entered into a definitive agreement to acquire The AZEK Company
Inc. (AZEK) for $8.75 billion, including $386 million of net debt.
The transaction will be funded by a combination of new debt and new
equity that James Hardie plans to issue. The company has also
secured a committed unsecured bridge facility. AZEK's shareholders
will receive $26.45 in cash and 1.034 shares of James Hardie (to be
issued and listed on NYSE) for each share of AZEK stock. James
Hardie's shareholders and AZEK's shareholders will own 74% and 26%
of the combined company, respectively, once the transaction closes.
The transaction is expected to close during the second half of
calendar 2025, subject to AZEK's shareholders' approval, regulatory
approvals and customary closing conditions.

The affirmation of the Ba1 ratings reflects the positive
considerations the acquisition brings. The business combination
with AZEK increases James Hardie's revenue to about $5.4 billion
with a strong pro forma EBITDA margin (on Moody's adjusted basis)
of 27%. The combination of the two companies creates a strong
offering of complementary exterior building products, expands James
Hardie's addressable markets, and further enhances the company's
robust cash flow generation. In addition, both companies share a
focus on material conversion in their business strategies.

The change in the outlook to stable reflects the additional
leverage James Hardie will incur in relation with the acquisition
and the time it will take to delever toward its long term operating
target of below 2.0x net debt to EBITDA (on a company basis) from
around 2.8x reported pro forma net debt to EBITDA at closing. Total
debt to EBITDA (on a Moody's-adjusted basis) pro forma for the
transaction will increase toward around 3.3x given the estimate of
about $4.0 billion of new debt and Moody's expects leverage to
decline towards 2.5x-3.0x within the two years from closing of the
transaction. The transaction also reflects governance
considerations and the company's willingness to incur a significant
amount of debt to fund a transformative acquisition. Moody's will
evaluate the future capital structure of James Hardie, including
terms and security of new instruments, once the details become
available.

RATINGS RATIONALE

James Hardie's Ba1 CFR is supported by the company's: 1)
established industry expertise and strong market position in the
fiber cement product category, and operating strategy that focuses
on growth and expansion; 2) meaningful revenue scale of $3.9
billion on a standalone basis with a global presence across four
continents and the scale of the combined entity; 3) conservative
financial policies, Moody's expectations that management remains
committed to its stated long term net debt to EBITDA leverage
target of below 2.0x during various industry conditions, and the
company's track record of leverage around 1.0x over the last four
years; 4) sustained strong operating margins; and 5) a track record
of robust cash flow from operations.

James Hardie expects that the merger will accelerate its growth
strategy through revenue synergies and the ability to offer
additional products to its customers, as well as realize cost
synergies. The combined company will have exposure to repair and
remodeling market for 70% of revenue, remaining in line with the
company's original exposure, and representing a credit positive
given that R&R is more stable in the long term than new
construction.

However, the company's credit profile is constrained by: 1)
appetite for acquisitions including a transformative transaction as
well as execution and integration risks associated with the planned
combination with AZEK; 2) high level of capital expenditures
targeted on capacity expansions throughout its regions that
constrain free cash flow and entail execution risk; 3) risks
related to shareholder-friendly returns in a form of share
repurchases and complexity of the organizational and debt guarantee
structure; 4) exposure to an asbestos liability, which is an ESG
consideration, and the annual obligation to utilize up to 35% of
operating cash flow after deducting the prior year's Asbestos
Injuries Compensation Fund (AICF) contribution to fund the
liability; and 5) cyclicality of residential new construction and
repair & remodeling end markets and the associated variability in
demand.

Speculative Grade Liquidity Rating of SGL-1 reflects Moody's
expectations that James Hardie's will maintain very good liquidity
over the next 12 to 15 months and generate strong free cash flow,
which will be enhanced by the acquisition. Liquidity is also
supported by the ample availability under its $600 million
revolving credit facility expiring in 2026, and good covenant
cushion.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Moody's changed James Hardie's governance profile score (IPS) to
G-3 from G-2 and its credit impact score to CIS-3 from CIS-2. The
change in the governance risk score reflects the company's
financial policy that incorporates a willingness to pursue a
transformative acquisition and incur a substantial amount of debt
and leverage associated with it.

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

The ratings could be upgraded if the company maintains conservative
financial policies, sustains leverage below 2.0x during various
industry cycles along with robust operating margins, and continues
to expand scale. Strong liquidity, including positive free cash
flow generation, a manageable asbestos liability, prudent approach
to acquisitions, and stable end market conditions would also be
important considerations for an upgrade.

The ratings could be downgraded if the company changes its
financial policy to be more shareholder friendly or is expected to
sustain debt to EBITDA leverage above 3.0x. Further, any material
negative change in the asbestos liability, protracted negative free
cash flow, or interest coverage sustained below 5.0x could result
in a downgrade.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

James Hardie International Finance Designated Activity Company is a
wholly-owned subsidiary of James Hardie Industries plc, an Irish
domiciled global manufacturer of fiber cement, fiber gypsum and
cement-bonded building products and systems for internal and
external construction applications. The company's products are
primarily sold in the United States, Canada, Australia, New
Zealand, the Philippines, and Europe. In the last twelve months
ended December 31, 2024, James Hardie Industries plc generated $3.9
billion in revenue.

The AZEK Company Inc., headquartered in Chicago, Illinois, is a
leading manufacturer of premium, low maintenance building products
for residential and commercial markets in the US and Canada. The
company's product offerings include decking, railing, trim, porch,
moulding, pergolas, outdoor furniture, bathroom and locker systems.
AZEK's equity has been publicly traded since June 2020. In the last
twelve months ended December 31, 2024, the company generated $1.5
billion in revenue.

JAZZ PHARMACEUTICALS: Fitch Affirms BB LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) for Jazz Pharmaceuticals Public Limited Company and its
subsidiaries (Jazz) at 'BB' with a Stable Outlook. Fitch has also
affirmed Jazz's senior secured debt at 'BBB-' with a Recovery
Rating of 'RR1' and its senior unsecured debt at 'BB'/'RR4'.

The affirmation reflects its belief that Jazz will continue to
benefit from low-to-mid single digit revenue growth in its
neuroscience and oncology franchises and consistent cash flow from
operations (CFO) due to an increasingly diversified product
portfolio. This will permit continued investment in both internal
and external R&D opportunities.

These strengths are partially offset by increased competition for
its key products, current but declining product concentration, and
the potential for leveraged acquisitions that pose significant
product revenue risk.

Key Rating Drivers

Consistent Performance: Jazz's multi-year history of launching
innovative products in the fields of neuroscience and oncology
continues to support low-to-mid-single digit organic revenue growth
and EBITDA margins at or above 40%. Fitch believes Jazz's
commercial success is the result of effective R&D capabilities that
should continue over the near to medium term with its pipeline
investments in cannabinoids and oncology. Jazz has demonstrated a
disciplined and effective approach to capital allocation that is
enabling such growth while reducing its financial leverage to
permit incremental debt for external investment.

Effective Deleveraging: Fitch estimates Jazz's EBITDA leverage at
about 3.5x as of YE 2024, down from its peak of 4.7x in 2021
following the GW Pharmaceuticals acquisition. EBITDA leverage has
fluctuated primarily due to debt-financed acquisitions. Jazz's
financial flexibility has improved materially since the GW
Pharmaceuticals acquisition. Growth, revenue diversification, and
debt repayment have increased Jazz's ability to manage debt-funded
corporate-development activities. However, a large debt-funded
acquisition that does not meaningful boost EBITDA could pressure
Jazz's Outlook or rating.

Generic Competition Impact: The potential entry of Hikma and other
companies with true generic versions of Xyrem poses a significant
threat to Jazz Pharmaceuticals' authorized generic royalty revenue,
which could end, leading to a rapid revenue decline. Jazz is
strategically positioned with Xywav, because its unique low-sodium
formulation is not deemed therapeutically equivalent against
high-sodium oxybate generics. Despite this, the overall impact on
Xywav revenue remains uncertain. It will depend on multiple
factors, including ongoing recognition of the benefits of low
sodium by healthcare providers, patients, and payers.

Revenue Diversification and Pipeline Progress: Jazz has a growing
base of diversified product revenues. Management expects Epidiolex
to reach blockbuster status in 2025 and that Xywav will remain the
top branded narcolepsy treatment. Ziihera has significant growth
potential with over $2 billion in projected peak sales. Jazz plans
to submit a supplemental new drug application for Zepzelca in the
first half of 2025. The acquisition of Chimerix by Jazz
Pharmaceuticals should increase revenue and EBITDA starting in
2026, contingent on approval and commercialization of Dordaviprone.
Fitch did not include pipeline revenues in its forecast but views
the pipeline as a growth opportunity.

Oxybate and Epidiolex Competition: Fitch anticipates that Xyrem,
Xywav, and Epidiolex will face intensified competition over the
near to medium term. However, Fitch's forecast includes significant
royalty revenue from authorized generics of sodium oxybate in FY
2025, followed by a sharp decline

Tariff Risks: Proposed tariffs on pharmaceuticals, such as a 25%
levy on imports, could significantly impact Jazz. These tariffs aim
to boost U.S. production but may increase costs, worsen shortages,
and elevate prices. Jazz's reliance on a global supply chain could
lead to higher costs for imported ingredients, affecting pricing
and profitability strategies. Fitch's forecast does not account for
these potential tariffs, but their medium-term effects, if
sustained, could have adverse rating implications.

Peer Analysis

Jazz's credit profile compares favorably with other
biopharmaceutical companies with comparable revenue. It has greater
revenue diversification and significantly fewer litigation claims
and lower expenses than other pharmaceutical companies that were
forced into restructurings/bankruptcies because of excessive
litigation. In addition, Jazz has lower financial leverage than
Israel's Teva Pharmaceutical Industries Limited (BB/Positive).

Parent-Subsidiary Relationship

The IDRs are rated on a consolidated basis per Fitch's Parent and
Subsidiary Linkage Rating Criteria using the weak parent/strong
subsidiary approach, with open access and control factors based on
the intercompany guarantees of secured debt and the entities
operating as a single enterprise with strong legal and operational
ties.

Corporate Recovery Ratings and Instrument Ratings Criteria

Fitch's Recovery Ratings for issuers rated 'BB+' to 'BB-' are based
on generic recovery assumptions. Fitch has treated Jazz's senior
secured debt as Category 1 first lien because most of its
collateral value is in the U.S. even though many of the borrowers
are outside of the U.S. This is due to its revenue generation and
results in the debt being notched up to 'BBB-', two notches above
the Long-Term IDR.

Fitch has assigned the secured debt a Recovery Rating of RR1, which
implies a recovery in the range of 91%-100%. In accordance with its
criteria, ratings for the senior unsecured debt are capped at the
IDR of 'BB' with a Recovery Rating of 'RR4', which implies a
recovery in the 31%-50% range.

Hybrid Instruments

Fitch treated the two exchangeable notes as 100% debt in its ratio
calculations. According to Fitch's Corporate Hybrids Treatment and
Notching Criteria, optional convertibles (whether the option is
with the issuer, instrument holder or both) will be treated as debt
in all cases, unless the instrument has other features as described
in the Criteria report that are conducive to equity credit. This is
not the case for the two exchangeable notes because they have
stated maturities and require interest payments with no deferral
features. Fitch did not notch these instruments' ratings from the
IDR because they are designated as senior unsecured debt.

Key Assumptions

- Organic revenue growth rate of approximately 5% over the
2025-2028 forecast period and total growth of 4%, inclusive of
assumed acquisitions and loss of royalty revenues; organic growth
driven primarily from increased sales of Epidiolex, Xywav, and
Rylaze;

- Authorized generic royalties terminate after 2026; Xyrem revenues
decline rapidly overly the forecast period;

- Adjusted gross margins of approximately 90% and adjusted EBITDA
margins of approximately 43% over the forecast;

- Non-GAAP effective tax rate of approximately 15%;

- Effective interest expense changes with the movement in SOFR, and
approximates 4.5% over the forecast;

- Changes in net working capital as a % of revenue is a modest use
of CFO over the forecast;

- Capex, including assumed IPR&D investment is approximately 5.0%
to 5.5% of revenue over the forecast;

- Acquisitions of $1.0 billion are assumed each year over the
forecast period and funded primarily with available cash, modest
increases in borrowings and FCF; EBITDA leverage is maintained
around 3.5x.

- Debt maturities are assumed to be refinanced.

- No common dividends are assumed;

- Share repurchases of $500 million per year over the forecast
period.

RATING SENSITIVITIES

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

- Loss of oxybate revenue without offsetting growth in other
products;

- A large debt-funded transaction that causes total EBITDA leverage
to be sustained above 4.5x and CFO-capex/total debt with equity
credit to be less than 5%.

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

- Organic revenue growth from existing products of 4% to 5% over
the forecast period combined with a reduction in revenue
concentration risk from top products;

- Total EBITDA leverage sustained below 3.5x and CFO-capex/total
debt with equity credit greater than 10%.

Liquidity and Debt Structure

Fitch expects steady sources of liquidity to support Jazz's
operating activities, capex, product acquisitions and in-licensing
activities and debt servicing. Jazz's primary sources of liquidity
should be CFO (assumed to be about $1.5 billion per year over the
forecast period) and a $885 million revolving credit facility.
Fitch expects the cash balance to build significantly, absent
material investment in new products or in-licensing, business
combinations, or share repurchases. The effective interest rate
should remain around 4.5% as a result of the decrease in the
Secured Overnight Financing Rate (SOFR), the use of interest rate
swap agreements and interest income.

Jazz has a modest level of required principal payments compared
with forecast FCF. As a result, Fitch believes it will have
significant flexibility to continue to pay down its term loan B
rapidly if it chooses to do so. Fitch's EBITDA leverage ratio would
decline significantly because of forecast growth in EBITDA even
without material debt repayment; any material leveraged
acquisitions would potentially reverse that path.

Issuer Profile

Jazz Pharmaceuticals Public Limited Company is a global
biopharmaceutical company that develops medicines for people with
serious diseases, often with limited or no therapeutic options. The
company has a diverse portfolio of marketed medicines and novel
product candidates, from early- to late-stage development.

Summary of Financial Adjustments

Fitch adjusted historical EBITDA to add back stock-based
compensation, transaction and integration related expenses,
restructuring costs, impairment charges, acquired in-process
research and development charges, the fair value step-up related to
acquisition inventory, and finance lease costs.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Jazz Pharmaceuticals Public Limited Company has an ESG Relevance
Score of '4' for Exposure to Social Impacts due to pressure to
contain healthcare spending, a highly sensitive political
environment, and social pressure to contain costs or restrict
pricing, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Jazz Investments I
Ltd.

   senior unsecured    LT     BB   Affirmed     RR4      BB

Jazz Financing
Lux S.a r.l.

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Pharmaceuticals
Public Limited
Company                LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Pharmaceuticals,
Inc.                   LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Pharmaceuticals
UK Holdings Limited    LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Securities
Designated Activity
Company

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Financing
Holdings Limited       LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Pharmaceuticals
Ireland Limited        LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-

Jazz Financing I
Designated Activity
Company                LT IDR BB   Affirmed              BB

   senior secured      LT     BBB- Affirmed     RR1      BBB-



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

ITELYUM REGENERATION: Moody's Affirms 'B2' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B2 Corporate Family Rating and the
B2-PD Probability of Default Rating of Itelyum Regeneration S.p.A.
("Itelyum"), an Italian waste management company. Concurrently,
Moody's have assigned a B2 rating to the company's proposed EUR700
million backed fixed rate senior secured notes and backed million
floating rate senior secured notes. The outlook is stable.

RATINGS RATIONALE

AFFIRMATION OF B2 CFR

On March 24, 2025, Itelyum announced its intention to issue EUR700
million backed fixed rate senior secured notes and backed million
floating rate senior secured notes. The proceeds from the bond
offering will be used mainly to refinance its EUR510 million
outstanding bond, maturing in 2026, and other debt liabilities
residing within the Itelyum Group. In addition, the bond offering
allows for prefinancing of EUR23 million worth of acquisitions
signed from December 2024 to date, and also leave EUR102 million of
cash overfunding on the company's balance sheet.

The affirmation of the B2 CFR reflects the company's solid track
record over the past four years and Moody's expectations that
Itelyum will continue to show a steady growth in organic EBITDA
over the next 2-3 years. Moreover, the affirmation also reflects
Moody's expectations that the cash overfunding over time will be
applied to further investments in the business, mainly in the form
of incremental bolt-on M&A deals, allowing for Itelyum to continue
growing its EBITDA so that its adjusted gross leverage – as
defined by us - will remain below 6x.

Itelyum has successfully grown its business through a mix of
organic growth and bolt-on acquisitions since its first bond
offering in 2021. In spite of a challenging macro economic
environment burdened by sluggish GDP growth in its main domestic
market of Italy and a period of high inflation, Itelyum has largely
maintained its profit margins while continuing to grow the
business. Over the next few years, Moody's believes organic growth
will largely be driven by the company's Environment segment.

Itelyum's B2 CFR continues to reflect its leading position in the
hazardous industrial waste markets in Italy; its high
profitability, with adjusted EBITDA margins around 20%, supporting
Moody's expectations of annual free cash flow (FCF) exceeding EUR40
million over time; some barriers to entry because of the regulatory
environment and the company's chemical know-how; its track record
of resilience; and its good liquidity.

However, Itelyum's credit profile is constrained by its still
modest scale, with pro forma revenue of EUR620 million as of the
last 12 months that ended September 2024; its high leverage —
measured as Moody's-adjusted gross debt/EBITDA — that is likely
to remain above 5x over the next 24 months; and some degree of M&A
event risk, although this risk is mitigated by its solid track
record of integrating smaller bolt-on acquisitions.

B2 RATING ASSIGNED TO THE SENIOR SECURED NOTES

The B2 rating assigned to the senior secured notes reflects
Itelyum's capital structure, which mainly consists of the EUR700
million backed fixed rate senior secured notes and backed million
floating rate senior secured notes and a EUR100 million super
senior revolving credit facility (RCF), which will rank ahead of
the notes as per the terms of the intercreditor agreement.

LIQUIDITY

Itelyum's liquidity profile is very strong. The refinancing
envisages a cash overfunding of EUR102 million. Whereas Moody's
expects the cash over time will be used to fund incremental bolt-on
acquisitions, Moody's expects Itelyum to generate solid positive
free cash flows, which will further bolster its liquidity profile.
Itelyum will also have access to a EUR100 million covenanted
revolving credit facility, which will be undrawn at closing.
Moody's expects Itelyum will maintain solid headroom to its
financial maintenance covenant.

OUTLOOK

The outlook on the ratings is stable reflecting Moody's
expectations that Itelyum will continue to grow its EBITDA so that
its leverage moves below 6x over the next 12-18 months.

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

Upward pressure on the ratings would require Itelyum to maintain
resilience in its operating performance and grow its EBITDA so that
its leverage ratio moves well below 5x.

Moody's could downgrade Itelyum's ratings if its leverage moves
sustainably above 6x or if its FCF turns negative. Moody's could
also downgrade the company's rating if substantial macroeconomic
deteriorations hurt its operating environment.

The principal methodology used in these ratings was Environmental
Services and Waste Management published in August 2024.

COMPANY PROFILE

Itelyum is an Italian industrial hazardous waste management
company. It is involved in the processing and recycling of complex
streams of hazardous waste, and is a market leader in Italy in lube
oil regeneration and solvent purification. The group is mainly
focused on the Italian market; however, the company does also have
some international operations. In 2023, Itelyum reported revenues
of EUR577 million and an adjusted EBITDA of EUR116 million.

SAIPEM SPA: Moody's Upgrades CFR to Ba1, Outlook Remains Positive
-----------------------------------------------------------------
Moody's Ratings upgraded Saipem S.p.A.'s (Saipem or the company)
long term corporate family rating to Ba1 from Ba2 and probability
of default rating to Ba1-PD from Ba2-PD. Concurrently, Moody's
upgraded to Ba1 from Ba2 the backed senior unsecured debts and to
(P)Ba1 from (P)Ba2 the backed senior unsecured euro medium term
note program ratings of Saipem Finance International B.V., the
financing subsidiary of the company.

The outlook on both entities remains positive.

RATINGS RATIONALE      

The upgrade of the CFR to Ba1 reflects Saipem's improved operating
performance with EBITDA margins reaching around 9.2% in 2024 up
from 8.6% in 2023 and 4.3% in 2022 contributing alongside revenue
growth to the reduction of the company's Moody's adjusted gross
debt/EBITDA ratio to 2.3x by end of 2024 from 3.2x in the previous
year. Operating performance improvements were supported by strong
demand for Saipem's services in combination with progress made on
most loss-making contracts.

For the next 12-18 months, Moody's expects Saipem's EBITDA margins
to reach low double digits as an increasing share of work from
newer contacts with a higher margin profile will be executed and to
reduce only moderately the company's debt/EBITDA ratio towards
2.0x, as increased EBITDA and declining gross debt will be
partially offset by an increase in leasing commitments. Moody's
expects Saipem's leasing commitments to increase towards EUR1.3
billion in 2025 from EUR832 million in 2024 due to the company's
strategy to rent a larger share of equipment and vessels associated
to the respective construction projects to de-risk the company's
business profile.

The business environment for Saipem continues to be strong as
evidenced by its backlog rising to EUR34 billion in 2024 from EUR30
billion in 2023 and EUR24 billion in 2022. As more than 90% of the
group's revenue in 2025 and 70% in 2026 are covered by the existing
backlog, revenue visibility is strong but stringent project
execution is key to avoid cost overruns and ensure improvements in
margins as evidenced by the additional provisions booked in 2024
for legacy projects.

Saipem targets to achieve an investment grade rating in the medium
term and is committed to maintain a minimum level of available cash
of EUR1 billion on its balance sheet and to reduce its gross debt
by about EUR650 million (excl. lease liabilities) when it comes due
until the end of 2027. The commitment to a conservative financial
policy is considered as a governance consideration and drives the
rating decision.

LIQUIDTY

Moody's considers Saipem's liquidity as good. At the end of 2024,
Saipem reported an available cash balance of EUR1,688 million. This
in combination with the access to a fully committed and undrawn
EUR600 million revolving credit facility (RCF) maturing in February
2028 and Moody's expectations of operating free cash flow
generation of about EUR1.1 billion in 2025, will be more than
sufficient to finance day to day cash needs, capex spending of
about EUR500 million, debt maturities of EUR398 million (of which
EUR306 million have been redeemed in Q1 2025, with a further EUR45
million gross debt redeemed in Q1 2025 but pertaining to 2026-2027
maturities) and a dividend of EUR333 million for the year.

Saipem's management has communicated to the market, that it
foresees to pay a dividend for 2025 (to be paid in 2026) of a
minimum $300 million, and from 2027 onwards it plans to distribute
to shareholders at least 40% of its free cash flow post repayment
of lease liabilities.

OUTLOOK

The positive outlook incorporates the envisaged combination of
Saipem and Subsea7 S.A., announced in Q1 2025. Moody's expects the
merger to close in H2 2026. If successful, the transaction will
double the company's EBITDA to around EUR2 billion pro forma at the
end of 2024 and improve its business profile, revenue and product
diversification. The combination would be accretive to Saipem's
margins and has the potential to generate of up to EUR300 million
of cost and capital expenditures synergies.

The combined entity's size, business profile and improving
operating performance could support an investment-grade rating if
its balance sheet remains sufficiently conservative while building
a track record of seamless project execution.

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

Saipem's Ba1 CFR could be upgraded following a successful merger
with Subsea7 and if the company builds a track record of meaningful
free cash flow generation on a sustained basis and its Moody's
adjusted gross debt/EBITDA remains sustainably below 2.5x, while
maintaining good liquidity and improving its track record of
project execution and consistent profitability.

Conversely, Saipem's CFR could be downgraded if its Moody's
adjusted gross debt/EBITDA deteriorated sustainably above 3.25x, it
returned to negative free cash flow generation, or its liquidity
deteriorated, or the company experienced further material delays or
additional costs when executing its projects.

The principal methodology used in these ratings was Construction
published in September 2021.

COMPANY PROFILE

Headquartered in Milan, Saipem is a leading company in the
engineering, procurement and construction of large-scale projects
in the energy and infrastructure industries. In 2024, it generated
revenue of EUR14.5 billion with a work force of around 29,000
employees, including around 6,000 engineers. The company is active
in the world's key oil and gas regions. Shareholders include the
Italian government (Baa3 stable), through Cassa Depositi e Prestiti
S.p.A., and Eni S.p.A., which together own about 34% of Saipem's
share capital.

YOUNI ITALY 2025-1: Fitch Assigns 'Bsf' Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Youni Italy 2025-1 S.r.l.'s notes final
ratings, as detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Youni Italy 2025-1 S.r.l.

   Class A IT0005641060     LT AAsf   New Rating   AA(EXP)sf
   Class B IT0005641078     LT A-sf   New Rating   A-(EXP)sf
   Class C IT0005641086     LT BBB-sf New Rating   BBB-(EXP)sf
   Class D IT0005641094     LT BBsf   New Rating   BB(EXP)sf
   Class E IT0005641102     LT Bsf    New Rating   B(EXP)sf
   Class R IT0005641110     LT NRsf   New Rating   NR(EXP)sf
   Class X IT0005641128     LT BB-sf  New Rating   BB-(EXP)sf

Transaction Summary

The transaction is a static true-sale securitisation of unsecured
consumer loans granted to Italian borrowers by Younited S.A.,
Italian branch (Younited).

KEY RATING DRIVERS

Score Band, Seasoning Drives Assumptions: Fitch expects a lifetime
portfolio weighted average (WA) default rate of 4% and a WA
recovery rate of 30%, with median default multiples and recovery
haircuts. The majority of the portfolio includes loans originated
in 2024 and 2025 and almost 23% of the portfolio comprises loans
originated before 2023.

In setting its assumptions, Fitch considered the portfolio
seasoning, Younited's underwriting standards, and the performance
of individual score bands. Fitch believes the performance data
provided is affected by some volatility from underwriting updates
and score band modifications.

Sensitivity to Pro-Rata Length: In its expected case, a switch to
sequential amortisation is unlikely during the first four years,
given its portfolio performance expectations compared with defined
triggers. It leaves the investment-grade notes more sensitive to
the length of pro-rata amortisation. A mandatory switch to
sequential pay-down when the outstanding collateral balance falls
below a certain threshold mitigates tail risk.

Excess Spread Dependence: The class X notes are not collateralised
and the related interest and principal will be paid from the
available excess spread. Excess spread notes are typically
sensitive to underlying loan performance and prepayments and cannot
achieve a rating higher than 'BB+sf'.

Servicing Continuity Risk Mitigated: Younited acts as sub-servicer
and Zenith Global S.p.A is the master servicer and substitute
servicer facilitator for the transaction. Fitch views servicer
continuity risk as mitigated by a detailed action plan to appoint a
replacement servicer within 60 calendar days after a termination
event. The transaction also envisages a cash reserve that Fitch
believes mitigate payment interruption risk.

Interest Rate Risk Mitigated: A swap agreement is in place at
closing to hedge interest rate risk between the fixed rate of the
assets and the floating rate of the rated classes of notes. The
issuer pays the swap rate to the swap counterparty and receives
1-month Euribor payable to the rated classes of notes.

Sovereign Cap: The rating of the class A notes is limited to 'AAsf'
by the cap on Italian structured finance transactions at six
notches above the rating of Italy (BBB/Positive/F2). The Positive
Outlook on the notes' rating also reflects the Outlook on Italy's
Issuer Default Rating (IDR).

RATING SENSITIVITIES

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

The class A notes are sensitive to changes in Italy's Long-Term
IDR. A revision of the Outlook on Italy's IDR to Stable would
trigger a similar action on the ratings of the notes.

An unexpected increase in the frequency of defaults or a decrease
in the recovery rates could produce larger losses than its base
case. For example, a simultaneous increase in the default base case
by 25%, and a decrease in the recovery base case by 25%, would lead
to downgrades of three notches each for the class A to E notes.

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

An upgrade of Italy's IDR and an upward revision of the 'AAsf'
rating cap for Italian structured finance transactions could
trigger upgrades of the notes rated at this level. This is provided
sufficient credit enhancement is available to withstand stresses at
a higher rating.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce smaller losses than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades of up to four notches each for all the classes.

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 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.

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

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

ESG Considerations

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



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

AI PLEX: Moody's Assigns Caa1 Corp. Family Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Ratings has assigned a Caa1 long term corporate family
rating and Caa1-PD probability of default rating to AI PLEX
(Luxembourg) Finance S.a.r.l. ("Roehm" or "the company"). In the
same action Moody's withdrew the Caa1 CFR and Caa1-PD PDR of Roehm
Holding GmbH. Moody's also affirmed the Caa1 senior secured bank
credit facility ratings of the term loan Bs (TLB) issued by Roehm
Holding GmbH and Roehm US Holding LLC and the revolving credit
facilities (RCF) issued by Roehm Holding GmbH. The outlook on Roehm
is stable. The outlook on Roehm Holding GmbH and Roehm US Holding
LLC remains stable.

RATINGS RATIONALE

The Caa1 CFR assignment and stable outlook reflect Roehm's
incremental volume and EBITDA improvement over the last couple of
quarters, which Moody's expects to continue, supported in part by
Roehm's first C2 based MMA plant. Per the company's March 24, 2025
announcement, the company started production using its proprietary
LiMA technology.  The ramp up of LiMA during 2025 and inclusion of
SABIC FF will aid its deleveraging path. Conversely, any delays or
disruptions, in particular with LiMA's ramp up, would prolong the
deleveraging path. Constraining factors to the rating include the
roughly EUR150 million of stub-debt from Roehm's A&E which is due
in July 2026 and roughly EUR35 million of the company's RCF which
will expire in January 2026. The company also has a seller note
payable to SABIC estimated around EUR90 million which is due
September 2026.

The rating action reflects Moody's expectations that the methyl
methacrylate (MMA) market will experience some pricing and volumes
recovery over the next 12-18 months leading to improved EBITDA
generation and debt/EBITDA declining below 10x, depending on the
pace and stability of the recovery. For the year-end 2024, Moody's
estimates Roehm's Moody's adjusted debt/EBITDA is likely to be
around 13x-15x. This incorporates Moody's standard adjustments for
pensions, leases and securitization, and does not include certain
unusual items or proforma addbacks as included in the
company-defined pro-forma EBITDA.

Roehm's ratings reflect its leading market positions in bulk
monomers, molding compounds and acrylic products; its diversified
manufacturing footprint; support from its private equity sponsor
Advent; and a tightening supply of MMA in North America following
the decision of a principal competitor, Mitsubishi Chemical
Corporation (Mitsubishi), to close its methyl methacrylate (MMA)
plant in the US and  not to pursue construction of a new US based
plant. The company's highly cyclical end markets, limited product
diversification, elevated financial leverage, projections for
continued negative free cash flow over at least the next year, and
stub debt (RCF and TLB) and a note payable due in January 2026,
July 2026 and September 2026, constrain the rating.

LIQUIDITY

Roehm's liquidity is adequate, however Moody's anticipates that
depending on operational performance and additional capex needs,
Roehm will likely continue to rely on its PE sponsor, incremental
TLB add-ons and revolver borrowings.

As of the end of September 2024, the company had around EUR106
million of cash on hand and access to around EUR180 million on the
company's EUR300 million senior secured RCF issued by Roehm Holding
GmbH. The company had EUR100 million drawn as of Q3 2024 and
Moody's estimates around EUR20 million is reserved for guarantees.
As part of the company's March 2024 A&E, the company's springing
net leverage covenant (set at 7.21x) which is tested when
borrowings are greater than 40%, was relaxed to 8.25x for the next
12 months after the closing of the A&E. The covenant was not tested
in Q3 and leverage was 5.2x.

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

Factors that could lead to an upgrade of Roehm's ratings include:
(i) sustained improvement in operating performance and cash
generation which helps to bolster the company's liquidity position
and alleviates reliance on capital contributions, asset sales, TLB
add-ons or revolver borrowings; (ii) further evidence and a track
record of the successful ramp up of production at its new LiMA
facility; (iii) repayment of the company's stub debt, vendor note
payable and management of its lower liquidity following the
expiration of the stub RCF; (iv) the company's debt/EBITDA falls
below 7.0x and EBITDA/Interest coverage improves above 1.5x,
metrics Moody's considers indicative of a more sustainable capital
structure.

Factors that could lead to a downgrade of Roehm's ratings include:
(i) deterioration of the company's liquidity, (ii) limited recovery
in operating performance leading to a prolonged period of high
leverage and weak interest coverage making the capital structure
more unsustainable, (iii) additional delays or costs overruns
related to the LiMA plant; (iv) an inability to address the
company's stub debt maturities, note payable and RCF stub.

STRUCTURAL CONSIDERATIONS

Due to the change in the company's banking restricted group the CFR
has been assigned at AI PLEX (Luxembourg) Finance S.a.r.l. Moody's
expects annual audited financial statements and quarterly reporting
to continue being produced at AI PLEX (Luxembourg) S.a.r.l., along
with a reconciliation from the audited financial statements to the
top bank reporting group entity AI PLEX (Luxembourg) Finance
S.a.r.l.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

Roehm is one of the world's largest methyl methacrylate (MMA)
producers as measured by market share. It is owned by funds managed
by private equity firm Advent International. For the last twelve
months ending September 2024 Roehm had sales of around EUR1.6
billion and company-adjusted EBITDA of EUR235 million.

ARENA LUXEMBOURG: Moody's Alters Outlook on 'Ba3' CFR to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed the long-term Corporate Family Rating
of Arena Luxembourg Investments S.a r.l. (Arena) at Ba3 and the
Probability of Default Rating at Ba3-PD. Concurrently, Moody's have
assigned a Ba3 rating to the new EUR300 million backed senior
secured floating rate notes issued by Arena Luxembourg Finance S.a
r.l. (Arena Finance), and affirmed the backed senior secured rating
on the EUR475 million notes due in 2028 issued by Arena Finance at
Ba3. The senior secured notes have a loss given default assessment
of LGD4. The outlook for both entities has been changed to negative
from stable.

The proceeds from the issuance of the new notes, along with around
EUR7 million of cash on balance sheet, will be used (1) to fully
redeem the existing EUR225 million senior secured floating rate
notes due in 2027; (2) to fund a EUR75 million distribution to
shareholders and (3) to cover related transaction fees and
expenses. The Ba3 rating on the EUR100 million backed senior
secured floating rate notes (being refinanced) due in 2027 is
unaffected by this rating action.

Arena is indirectly owned by Macquarie European Infrastructure Fund
5 and other minority investors, and the ratings primarily reflect
the credit quality of its main operating subsidiary Empark
Aparcamientos y Servicios S.A. (Empark).

RATINGS RATIONALE

The change in outlook to negative recognises that the raising of
additional debt to fund an equity distribution will make it harder
for Arena to maintain a financial profile commensurate with the
current rating, namely a Moody's adjusted Debt to EBITDA ratio of
no more than 7.5x and a Moody's adjusted Funds from operations
(FFO) to Debt ratio of at least 10%.

With a Moody's adjusted debt to EBITDA of 7.8x and Moody's adjusted
FFO to debt of 9.5% at the end of 2024, Arena's financial profile
evidences a debt profile just below the minimum required for the
Ba3 rating, but which could reasonably expect to improve given
expected growth in like for like business and the accretive effect
on EBITDA of acquisitions undertaken at the end of 2024. However,
the increase in debt used to make an additional distribution will
make this more challenging, particularly in the light of expected
future acquisitions that are likely to be debt funded.
Nevertheless, the rating affirmation recognises that strong growth
in EBITDA, bolstered by further acquisitions, may enable the
company to meet the required rating guidance over the next 12 to 18
months.

In 2024, the company issued additional debt to support a
historically high level of M&A activity. Furthermore, Moody's
anticipates that the company will continue to actively invest in
organic and inorganic growth with the capex level to remain higher
than the historical average over 2025, which would result in
negative free cash flow and may further require drawing additional
debt, although Moody's notes that most of the growth capex is
discretionary. Given that deleveraging is primarily reliant on
EBITDA growth, Moody's identify potential risks to deleveraging if
the company fails to achieve the expected synergies from new
contracts or acquisitions, especially in view of the fact that two
large off-street contracts representing around 4% of the gross
margin on a combined basis are due to expire in 2026. However,
these risks are somewhat mitigated by the fact that the company has
been successful in executing its business plan and replacing
existing contracts in the past and has delivered a consistently
improving EBITDA margin.

As the holding company of the Empark group, Arena benefits from a
long track record of operations and well-established position as a
leading car-park operator in Spain and Portugal; the strategic
location of Empark's assets, which mitigates competitive threats
and demand risk; a significant number of long-term off-street
contracts, which accounted for around 91% of the group's
consolidated EBITDA as of YE-2024, and which provide a degree of
medium-term visibility for the group's future cash flow generation;
a track record of cost controls, digital penetration and commercial
capabilities, which have enabled the company to maintain its
growing EBITDA; and its ability to pass-through inflation on a vast
majority of contracts and continued growth in like-for-like (LFL)
revenue.

Arena's credit quality remains constrained by its high financial
leverage; the execution risks inherent in the delivery of the
company's multiyear business plan; the renewal risk associated with
Empark's maturing concessions and contracts; the competitive and
fragmented nature of the car-parking sector in Iberia; and Empark's
relatively small size and limited geographical diversification.

LIQUIDITY AND DEBT COVENANTS

Arena's liquidity is adequate. As of December 31, 2024, Arena had
available cash of EUR81 million. In addition, the company can draw
from a EUR100 million revolving credit facility (RCF) that is due
in 2026 (fully undrawn) and that will be upscaled to EUR125 million
as part of the current refinancing.

Arena's major debt maturities include the EUR225 million
floating-rate notes due in 2027 (being refinanced) and the EUR475
million fixed-rate notes due in 2028. Scheduled debt amortisation
of non-recourse entities of the group is relatively limited and
will likely be funded from cash flow. Hence, after the refinancing
of the senior secured floating rate notes, Arena will not face any
substantial debt maturity until 2028, and Moody's expects it to be
able to cover upcoming interest expenses and other obligations with
its available resources.

The company is subject to one springing financial covenant of
maximum 12x net consolidated debt/EBITDA, tested quarterly if the
RCF is 40% drawn. However, the financial covenant only acts as a
drawstop to new drawings under the RCF and, if breached, will not
trigger an event of default under the RCF.

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

The outlook on Arena could move back to stable if Arena's Moody's
adjusted Debt to EBITDA ratio was considered more likely to remain
at or below 7.5x and the Moody's adjusted FFO to Debt ratio was
more likely to remain at least at 10% on a sustained basis, coupled
with a strong liquidity position. This would likely be accompanied
by successful renewal rates on existing contracts, and a carefully
managed capital expenditure profile.

Conversely, Arena's ratings could be downgraded if Arena's Moody's
adjusted Debt to EBITDA ratio would likely remain above 7.5x and
the FFO to Debt ratio below 10% on a sustained basis, or
significant liquidity concerns were to arise.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads published in December 2022.

COMPANY PROFILE

Arena Luxembourg Investments S.a r.l. is the holding company of
Empark and is majority-owned by Macquarie European Infrastructure
Fund 5 (MEIF5), which is managed by Macquarie Infrastructure and
Real Assets.

Empark is the largest car-park operator in the Iberian Peninsula by
number of parking spaces. The company's major geographical focus is
Spain and Portugal, where it generated 71% and 26% of its gross
margin, respectively, in 2024. Empark operates through two main
divisions: off-street (includes EV business) and on-street
concessions. In 2024, Empark reported revenue of around EUR211
million and adjusted EBITDA of around EUR107 million.



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

CME MEDIA: Moody's Upgrades CFR to Ba3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded to Ba3 from B1 the long-term corporate
family rating and to B1-PD from B2-PD the probability of default
rating of CME Media Enterprises B.V. (CME or the company), a
leading free-to-air broadcaster operating in six Central and
Eastern European countries. The outlook has been changed to stable
from positive.

"The upgrade reflects the reduction in the company's Moody's
adjusted leverage over the past three years on the back of solid
operating performance, good free cash flow generation and debt
repayments," says Pilar Anduiza, a Moody's Ratings AVP-Analyst and
lead analyst for CME.

"The action also incorporates Moody's expectations that the company
will continue to generate modest earnings growth, which, combined
with the company's revision of its net leverage target to 2.75x
from 3.25x, brings potential for further improvement in the credit
metrics" adds Ms Anduiza.

RATINGS RATIONALE      

The upgrade reflects the company's track record of solid operating
performance. Revenue grew 11% in 2024 on the back of a high single
digit growth in TV advertising and carriage fees and strong Voyo
subscription revenue growth of over 40%. CME's market shares
remained strong, growing in 5 out of 6 CME's markets.

CME's company reported OIBDA also grew 6% in 2024 despite continued
strategic investments in content and Voyo. Moody's views positively
the company's investments in diversifying its revenue base and
producing local content while its TV advertising revenue is still
growing.

Moody's expects CME's revenue growth to decelerate to
mid-to-low-single digit rates over the next two years driven by
continued growth in subscription and carriage fees and more muted
growth in TV advertising revenue. Moody's also forecasts that the
company's Moody's adjusted EBITDA margin will remain at around
25-26% following several years of progressive declines from 35% in
2021 to 27% in 2024, as a result of continued investments in
content and Voyo. Moody's notes that the company has flexibility to
significantly reduce such costs if needed. Moody's projects
adjusted FCF/Debt to remain positive in the mid-single-digit in
percentage terms over the next 12-18 months. Moody's also expects
its (EBITDA-Capex)/Interest expense to remain at around 4.0x-4.5x
over the next 12-18 months.

CME's leverage, as measured by Moody's-adjusted gross debt/EBITDA,
declined to an estimated 3.3x in 2024 from 3.6x as of the end of
2023 and 5.2x at the end of 2020. Deleveraging was mainly driven by
EBITDA growth and debt repayments supported by positive free cash
flow generation after dividends. Moody's projects CME's Moody's
adjusted gross leverage will decline towards 3.0x by 2026, thanks
to a combination of modest EBITDA growth and positive free cash
flow which will allow for additional debt repayment.

CME's rating continues to reflect (1) its strong operating and
financial performance; (2) its solid market position, with leading
audience and market shares in all operating segments; (3) good
recurring free cash flow and recently tightened commitment to reach
a maximum net leverage of 2.75x (previously 3.25x); (4) improved
revenue visibility because of higher carriage and subscription
fees; and (5) a more flexible cost structure than in the previous
economic downturn, largely because of the shift to local content
and away from fixed, multi-year international acquisition
contracts.

The rating also factors in (1) its high exposure to the cyclical
advertising market; (2) the structural challenges in linear TV; (3)
the highly competitive nature of the VOD market and (4) the
execution risks related to the company's launch of Oneplay, a new
integrated OTT video streaming and live TV platform operated by CME
in the Czech Republic.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance considerations are material to the rating action, given
CME's decision to pursue a more conservative financial policy and a
lower tolerance for leverage. This factor has led to an improvement
in the company's Financial Strategy and Risk Management score to 3
from 4, the governance issuer profile score (IPS) to G-3 from G-4,
and the Credit Impact Score (CIS) to CIS-3 from CIS-4.

LIQUIDITY

CME has good liquidity. It is supported by a cash balance of EUR45
million as of December 2024, EUR50 million of availability under
the revolving credit facility (RCF) due 2028 and Moody's estimates
of annual FCF of around EUR55 million in 2025. These sources more
than cover the company's cash requirements over the next 12-18
months, including debt repayments of around EUR50 million per
year.

The company does not have any large debt maturity repayment until
April 2028, when the outstanding debt under the Term Loan A is
due.

STRUCTURAL CONSIDERATIONS

The B1-PD PDR is one notch below the Ba3 CFR, reflecting the 65%
family recovery rate assumption for capital structures that consist
of only bank credit facilities with strong covenant packages.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the rating reflects Moody's expectations that
CME will maintain good operating performance driving positive free
cash flow generation and enable additional deleveraging.

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

In light of the structural challenges affecting the linear TV
sector, further upward pressure on the rating is more limited.
However, positive pressure could develop over time if CME continues
to execute its strategy of diversifying its revenue base, leading
to higher revenue visibility, improved profitability, and increased
scale. Quantitatively, upward pressure would require CME's
Moody's-adjusted gross debt/EBITDA ratio declining sustainably well
below 3.0x and its adjusted FCF/gross debt increases significantly
above 10% on a sustained basis while maintaining good liquidity.

Negative rating pressure could develop if earnings deteriorate, the
company enters into aggressive shareholder distributions or large
debt-financed acquisitions, such that its Moody's-adjusted gross
leverage rises sustainably above 3.75x, its adjusted FCF/gross debt
deteriorates on a sustained basis or its liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Media published
in June 2021.

COMPANY PROFILE

CME Media Enterprises B.V. is a leading free-to-air broadcaster
operating in six CEE countries. The company operates 46 TV
channels, serving a population of around 49 million. In 2024, the
group generated revenue and company OIBDA of EUR963 million and
EUR268 million, respectively.

HILL FL 2022-1: Moody's Cuts Rating on EUR12.5MM D Notes to Ba3
---------------------------------------------------------------
Moody's Ratings has downgraded the ratings of twelve notes in Hill
FL 2022-1 B.V., HILL FL 2023-1 B.V., Hill FL 2024-1 B.V. and Hill
FL 2024-2 B.V. The rating action reflects worse than expected
collateral performance.

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

Issuer: Hill FL 2022-1 B.V.

EUR450M Class A Notes, Affirmed Aaa (sf); previously on Dec 20,
2024 Affirmed Aaa (sf)

EUR17.5M Class B Notes, Downgraded to A1 (sf); previously on Dec
20, 2024 Affirmed Aa2 (sf)

EUR20M Class C Notes, Downgraded to Baa3 (sf); previously on Dec
20, 2024 Downgraded to A3 (sf)

EUR12.5M Class D Notes, Downgraded to Ba3 (sf); previously on Dec
20, 2024 Downgraded to Ba1 (sf)

Issuer: HILL FL 2023-1 B.V.

EUR393.8M Class A Notes, Affirmed Aaa (sf); previously on Dec 20,
2024 Affirmed Aaa (sf)

EUR27M Class B Notes, Downgraded to Aa3 (sf); previously on Dec
20, 2024 Affirmed Aa2 (sf)

EUR15.7M Class C Notes, Downgraded to Baa1 (sf); previously on Dec
20, 2024 Downgraded to A2 (sf)

EUR13.5M Class D Notes, Downgraded to Ba2 (sf); previously on Dec
20, 2024 Downgraded to Ba1 (sf)

Issuer: Hill FL 2024-1 B.V.

EUR405M Class A Notes, Affirmed Aaa (sf); previously on Feb 20,
2024 Definitive Rating Assigned Aaa (sf)

EUR22.5M Class B Notes, Downgraded to Aa3 (sf); previously on Feb
20, 2024 Definitive Rating Assigned Aa2 (sf)

EUR15.7M Class C Notes, Downgraded to Baa1 (sf); previously on Feb
20, 2024 Definitive Rating Assigned A1 (sf)

EUR6.8M Class D Notes, Downgraded to Ba1 (sf); previously on Feb
20, 2024 Definitive Rating Assigned Baa1 (sf)

Issuer: Hill FL 2024-2 B.V.

EUR400.5M Class A Notes, Affirmed Aaa (sf); previously on Oct 18,
2024 Definitive Rating Assigned Aaa (sf)

EUR22.5M Class B Notes Downgraded to Aa3 (sf); previously on Oct
18, 2024 Definitive Rating Assigned Aa2 (sf)

EUR18M Class C Notes, Downgraded to Baa1 (sf); previously on Oct
18, 2024 Definitive Rating Assigned A2 (sf)

EUR9M Class D Notes, Downgraded to Ba1 (sf); previously on Oct 18,
2024 Definitive Rating Assigned Baa3 (sf)

RATINGS RATIONALE

The rating action is prompted by increased key collateral
assumptions, namely the portfolio default assumptions due to worse
than expected collateral performance across all four transactions,
and for Hill FL 2024-1 B.V. and Hill FL 2024-2 B.V. an increase in
the PCE assumption. Moody's have maintained Moody's current
recovery rates for all four transactions unchanged.

The observed asset deterioration in all four pools includes
continuous rise in the running annualized default rate on pool
balance and borrowers defaulting earlier compared to historical
experience. According to Hiltermann Lease B.V., (NR, "Hiltermann"),
the  servicer of the transactions, the asset performance
deterioration may be associated with higher inflow of riskier
lessees and deterioration of certain lessee categories. Also
according to the servicer, a series of countermeasures have been
enacted in response, including the tightening of the underwriting
criteria.  

Moody's notes, however, that Hiltermann is economically supporting
all four transactions via its exercise of the repurchase option of
newly defaulted leases at par on a monthly basis thereby protecting
the transactions from the surge in defaults and lower intrinsic
recoveries due to fall in prices in the second-hand car market.
Following amendments executed in February 2025 for the four
transactions, any excess of the purchase price of defaulted assets
above the actual vehicle recovery is due to the servicer by the
transactions in a subordinated position below Class E interest
payment. Moody's notes this is beneficial to noteholders as long as
Hiltermann continues to exercise the repurchase option.

Nevertheless, as a result of the repurchase of the defaulted
assets, certain transaction performance triggers, such as the
sequential payment trigger and the revolving period termination
trigger, may not become breached as they would otherwise, which may
be detrimental to the notes in the long term. Moody's have taken
the potential delay in breaching these triggers into account in
Moody's analysis.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's defaults
probability and recovery rate assumptions for each transaction
reflecting the collateral performance to date.

Hill FL 2022-1 B.V.

The performance of the transaction has deteriorated since the last
rating action on December 2024. Total delinquencies have increased
in the past year, with 90 days plus arrears currently standing at
1.22% of current pool balance. Cumulative defaults currently stand
at 4.33% of original pool balance up from 3.95% at the last rating
action.

For Hill FL 2022-1 B.V., the current default probability assumption
is 6.7% of the current portfolio balance and is equivalent to 6.0%
of original pool balance. The assumption for the fixed recovery
rate is unchanged at 50%.

Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE")
assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in the
Netherlands. As a result, Moody's have maintained the PCE
assumption at 15%.

HILL FL 2023-1 B.V.

The performance of the transaction has deteriorated since the last
rating action on December 2024. Total delinquencies have increased
in the past year, with 90 days plus arrears currently standing at
1.11% of current pool balance. Cumulative defaults currently stand
at 4.47% of original pool balance up from 3.61% at the last rating
action.

For HILL FL 2023-1 B.V., the current default probability assumption
is 7.1% of the current portfolio balance and is equivalent to 8.0%
of original pool balance. The assumption for the fixed recovery
rate is unchanged at 50%.

Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE")
assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in the
Netherlands. As a result, Moody's have maintained the PCE
assumption at 15%.

Hill FL 2024-1 B.V.

The performance of the transaction has deteriorated over the past
year. Total delinquencies have increased in the past year, with 90
days plus arrears currently standing at 0.89% of current pool
balance. Cumulative defaults currently stand at 2.56% of original
pool balance.

For Hill FL 2024-1 B.V., the current default probability assumption
is 8.4% of the current portfolio balance and is equivalent to 8.5%
of original pool balance. The assumption for the fixed recovery
rate is unchanged at 50%.

Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE")
assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in the
Netherlands. As a result, Moody's have increased the PCE assumption
to 17%.

Hill FL 2024-2 B.V.

The performance of the transaction has deteriorated over the past
year. Total delinquencies have increased in the past year, with 90
days plus arrears currently standing at 0.24% of current pool
balance. Cumulative defaults currently stand at 0.51% of original
pool balance.

For Hill FL 2024-2 B.V., the current default probability assumption
is 9.3% of the current portfolio balance and is equivalent to 9.0%
of original pool balance. The assumption for the fixed recovery
rate is unchanged at 50%.

Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE")
assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in in the
Netherlands. As a result, Moody's have increased the PCE assumption
to 19%.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement.

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



===========
R U S S I A
===========

KYRGYZSTAN: S&P Assigns 'B+/B' Sovereign Credit Ratings
-------------------------------------------------------
On March 28, 2025, S&P Global Ratings assigned its 'B+/B' long- and
short-term foreign and local currency sovereign credit ratings to
the Kyrgyz Republic (Kyrgyzstan). The outlook is stable. The
transfer and convertibility (T&C) assessment is 'B+'.

Outlook

The stable outlook reflects S&P's expectation that, despite the
projected moderation, Kyrgyzstan's growth will be strong over the
next one-to-two years, while net general government debt will
remain modest in a global context. This is countered by the
country's balance of payments vulnerabilities and risks from the
rapidly evolving regional and global geopolitical environment, with
uncertain impacts on trade, investment, and financial flows.

Downside scenario

S&P could lower its ratings on Kyrgyzstan if external trade
conditions proved significantly less accommodative, with adverse
implications for the country's growth, balance of payments, and
fiscal position. This could be the case, for example, under a
scenario where regional trade is rerouted away from Kyrgyzstan or
if terms of trade deteriorate.

Given that the country has experienced three revolutions over the
past 20 years, possible domestic political instability also
represents a risk to the ratings, especially if there were adverse
implications for fiscal and debt management. This is not our
baseline scenario, however.

Upside scenario

S&P said, "We could raise the ratings if Kyrgyzstan's balance of
payments vulnerabilities diminished, while per capita income and
economic diversification improved without a material weakening of
the country's fiscal position.

"We could also raise the ratings if Kyrgyzstan's institutional
arrangements strengthened, as seen with more resilient checks and
balances between governing bodies, established precedents of
orderly electoral power transfers, and a track record of prudent
approach to contracting and managing commercial debt."

Rationale

Institutional and economic profile: There have been episodes of
domestic political instability and per capita income is low, but
recent growth has been rapid

-- Kyrgyzstan's institutional arrangements remain vulnerable: The
country experienced three revolutions over the past 20 years,
although political stability appears to have improved more
recently.

-- At $2,400 in 2024, GDP per capita remains modest in a global
context, with the economy centered on a few relatively low
value-added sectors, including trade, vehicle repair, light
manufacturing, mining, and agriculture.

-- Nevertheless, growth has been very strong over 2022-2024, at a
reported average of 9% in real terms, bolstered by regional trade
conditions, domestic demand, and some government reforms.

Kyrgyzstan's economy is small and, as a landlocked country,
continues depending on the economic performance of neighboring
trade partners. With a population of 7.3 million as of 2024, we
estimate the country's nominal GDP amounted to $17.5 billion. It is
the second-smallest in the Commonwealth of Independent States
(CIS), with the second-lowest GDP per capita (which S&P forecasts
at $2,500 in 2025), ahead of only Tajikistan ($1,300). As of 2024,
the largest contributors to GDP were wholesale and retail trade,
including repair of transport vehicles (18%); manufacturing (13%,
which includes clothing production and food processing);
agriculture (9%); and construction (8%).

The Kyrgyz economy expanded rapidly over 2022-2024, with real GDP
growing at 9% three years in a row, according to the data published
by the National Statistical Office. This is a significant
acceleration from pre-pandemic levels, when growth averaged just
over 4% annually in 2015-2019.

S&P said, "In our view, two factors have contributed to the recent
economic upswing, but estimating their relative magnitudes remains
difficult. First, the start of Russia-Ukraine conflict in 2022 led
to international sanctions on Russia, disrupting supply chains and
underpinning a rerouting of trade with Russia through countries in
the region, including Kyrgyzstan. Given that Kyrgyzstan, like
Russia, is part of the Eurasian Economic Union (EAEU) customs free
zone, trade statistics do not fully capture its exports to other
EAEU countries because there is no requirement for conventional
customs declarations for goods crossing the border. This
complicates the task of directly estimating reexports through
Kyrgyzstan. Nevertheless, according to import trade statistics,
from 2021-2024, the country's goods imports more than doubled, to
$12.5 billion from $5.2 billion, almost entirely owing to imports
of machinery and transport equipment, including passenger cars. By
country, China accounts for almost 60% of this upswing, while
European countries account for 8%. We consider that most of these
additional imports have limited links with the domestic Kyrgyz
economy and are in all likelihood reexported to Russia, alongside
other EAEU countries. Nevertheless, this contributes to the
development of the logistical services sector in Kyrgyzstan, which
has contributed to the upswing.

"We also think that Kyrgyzstan, to a certain degree, benefited from
the impact of relocation of some Russian citizens, especially those
employed in the IT and professional services sectors. There has
been a similar effect in the CIS region, especially with Armenia
and Georgia, which have also seen accelerating growth since 2022.
However, unlike Armenia and Georgia, the impact of labor and
financial capital inflows has been muted compared to the effect of
higher trade volumes routed through Kyrgyzstan."

In parallel and partly linked to rising reexports, domestic demand
exhibited a strong dynamic, with consumption growing an average 15%
in real terms over 2021-2023. This has been supported by
authorities' efforts to combat the shadow economy and improve tax
collection, which, in turn, allowed for an increase in public
spending and disposable incomes. Mining, in particular domestic
gold production, has historically been important for the Kyrgyz
economy, especially for exports, but its significance has gradually
declined. In 2024, the mining sector accounted for just 2% of
Kyrgyzstan's nominal GDP calculated by economic activity.

S&P said, "We do not expect recent years' growth to be sustained.
Under our baseline forecast, we project growth to gradually slow
toward 4.5% by 2026." However, growth could slow more sharply, for
example, if previous trade routes to Russia reopen, reducing the
need to direct goods through Kyrgyzstan. Conversely, tightening
sanctions against Russia could prevent or disincentivize Kyrgyz
companies to conduct business with Russian counterparties. Several
Kyrgyzstan-based companies (including a small domestic bank,
Keremet) have been targeted under U.S. sanctions in recent years
for allegedly aiding Russia's military.

Kyrgyzstan's long-term growth prospects are underpinned by
favorable demographics given the growing population, which has
increased an average of 2% annually over the past 10 years. S&P
projects these trends will continue. A growing population and the
need to find employment spur Kyrgyz workers to emigrate, primarily
to Russia. Consequently, Kyrgyz domestic consumption remains
dependent on remittance flows, which average about 15% of GDP per
year. These tend to remain resilient and have continued
uninterrupted flow, even during the pandemic and after the start of
Russia-Ukraine war, for example.

Kyrgyzstan's institutional arrangements are a rating weakness. The
country's domestic political landscape has been generally more
competitive than most countries in Central Asia. Since gaining
independence from the Soviet Union in 1991, Kyrgyzstan held several
elections and transfers of power. The country also has a history of
revolutions, with three over the past 20 years--in 2005, 2010, and
2020. The 2005 and 2020 revolutions took place shortly after
parliamentary elections, with protests flaring up and results being
disputed. In our view, the risk of challenges to political
institutions makes the direction of policy difficult to predict.
Furthermore, previously there were public protests over concerns on
China's economic and political influence on Kyrgyzstan, given that
China accounts for a significant share of Kyrgyzstan's external
debt and inward foreign direct investment.

Incumbent President Sadyr Japarov came to power in the wake of the
2020 revolution and has been in office since the January 2021
presidential election. Although political stability has somewhat
improved since then, international observers and nongovernment
organizations increasingly note power centralization and rising
pressure on independent media. The next presidential elections are
due in 2027.

In March 2025, Kyrgyzstan signed an accord with neighboring
Tajikistan, resolving long-running bilateral border disputes.
Disagreements between the two have been running for decades with
occasional flare-ups along the border, including more significant
fighting in 2021 and 2022 that led to hundreds of casualties. In
S&P's view, the recent agreement should lead to improved stability,
security, and social conditions in the region. Direct commercial
flights are scheduled to resume between capital cities Bishkek and
Dushanbe.

S&P said, "In our view, Kyrgyzstan's published economic data
suffers from shortcomings. In particular, reported real GDP growth
in recent years has been restated several times upward, while there
are substantial differences between national income accounts
reported quarterly and annually. Exports to the EAEU countries are
not fully captured within trade statistics, resulting in a very
large "change in inventories" registered over 2022-2023 within the
expenditure decomposition of GDP. Large errors and omissions (E&O)
also characterize the country's balance of payments (averaging 38%
of GDP over 2022-2023). We understand authorities are working on
these shortcomings."

Flexibility and performance profile: Vulnerable balance of payments
is partially mitigated by a favorable fiscal position and some
monetary policy flexibility

-- Kyrgyzstan's balance of payments position remains vulnerable,
with recurrent current account deficits and a significant
concentration of central bank international reserves in gold, at
around 65% of total reserves.

-- S&P forecasts that net general government debt will edge
slightly above 30% of GDP through 2028, having previously declined
from 45% of GDP pre-pandemic.

-- The National Bank of the Kyrgyz Republic (NBKR) maintains a de
facto crawl-like arrangement for the national currency, the som,
against the U.S. dollar.

Kyrgyzstan's balance of payments position is a credit weakness. The
country registered recurrent current account deficits that averaged
over 10% of GDP in the five years before the pandemic. These were
driven by a trade deficit in goods of over 30% of GDP as well as
services and primary income deficits, offset by an average 27% of
GDP surplus on the secondary income account, reflecting
remittances, especially from Russia.

Reported current account deficits widened sharply from 2022,
averaging 40% of GDP over the past three years. However, we think
the headline deficit overestimates the risks because a substantial
portion of Kyrgyzstan's reexports within the EAEU is not captured
in the trade statistics, whereas its imports from outside the EAEU
(mostly China) are recorded. This is also visible in Kyrgyzstan's
E&O within the balance of payments, which averaged a positive
inflow worth 34% of GDP annually over 2022-2024, and emerged as the
largest current account financing item by far over this period.
Adjusting for net E&O, current account deficits were a more modest
6% of GDP, financed mostly through net foreign direct investment
inflows and capital account surpluses, as well as debt to a more
limited extent.

S&P said, "In our forecasts, we incorporate these trade flows
directly in exports rather than net E&O, resulting in an average
projected current account deficit of 5.5% of GDP through 2028,
broadly in line with the de facto deficit of 2022-2024. We
understand that authorities are working on strengthening external
statistics, but the timeline for this remains unclear."

Rising reexports and nominal GDP have markedly improved
Kyrgyzstan's observed external indebtedness ratios, including net
external liabilities (falling to 64% of current account receipts in
2024 from 108% in 2021) and gross external debt (to 52% from 77%).
In our view, Kyrgyzstan could be particularly vulnerable should
these flows reverse, either because of global and regional
geopolitical changes or for economic reasons.

The country remains vulnerable to adverse developments in terms of
trade. Gold's contribution to the broader economy has steadily
decreased, but it still accounted for 40% of Kyrgyzstan's reported
goods exports in 2023 (excluding the unrecorded upswing in
reexports). S&P said, "This exposure is further amplified through
central bank gold holdings, which we estimate accounted for 65% of
the NBKR's international reserves at end-2024. We expect gold
prices will gradually moderate, leading to a decline in the NBKR's
international reserves. Like the arrangement in Uzbekistan and
Tajikistan, the NBKR reserves the right to purchase, in local
currency, all domestically produced gold, subsequently sterilizing
the impact of these operations. We note that usable reserves
covered just two months of headline current account payments in
2024." Although adjusted for a recent steep rise in imports
primarily linked to reexports rather than Kyrgyzstan's domestic
consumption, reserve coverage was stronger, estimated at closer to
five months.

Positively, Kyrgyzstan's external debt beyond the public sector
remains contained with a large chunk pertaining to trade financing.
Public debt is entirely to official bilateral and multilateral
creditors at concessional rates and long maturities. This
materially limits the potential for nonresident capital flight in
an adverse scenario, mitigating external vulnerabilities. The
government has no commercial external debt.

S&P said, "We view Kyrgyzstan's fiscal position as comparatively
strong in an emerging market context. The sovereign ran a balanced
general government budgetary position over 2021-2022 before
surpluses averaging 2% of GDP in 2023-2024. We analyze Kyrgyzstan's
fiscal performance on a consolidated basis, accounting for the
government budget (which includes the national budget and the local
budgets) but also the social security fund's revenue and
expenditure. We forecast that budget deficits will gradually
emerge, converging to 2.5% of GDP by 2027 as the unusually brisk
pace of revenue growth since 2022 moderates, while spending
increases both on planned infrastructure projects as well as
current spending in the run-up to the 2027 presidential election."

This year, Kyrgyzstan intends to tap international bond markets for
the first time in its history. The government plans a Eurobond
issuance under a debt program allowing an issuance ceiling of $1.7
billion in aggregate (10% of 2024 GDP), which would finance
projects in the energy sector, notably the construction of smaller
and midsize hydropower plants. S&P assumes commercial debt issuance
of $500 million in 2025, followed by an additional $500 million in
2026. The ultimate size and timing will depend on the prevailing
market conditions. Tajikistan issued its first 10-year, $500
million Eurobond in 2017 to finance the Rogun hydropower project.

S&P said, "In line with our budgetary forecasts, we expect
Kyrgyzstan's net general government debt to increase slightly, to
32% of GDP by 2028 from an estimated 31% at end-2024. Net public
indebtedness has declined considerably since 2019 (when it was 45%
of GDP): Nominal growth has been strong while Kyrgyzstan also
posted fiscal surpluses. Authorities plan to further develop the
domestic local currency debt capital markets through sovereign
som-denominated issuance. We still expect that external debt will
account for the vast majority of government debt over the outlook
horizon. Given the planned Eurobond issuance, we forecast that
government interest payments will slightly exceed 5.0% of
government revenue on average through 2028, compared with 3.0%-3.5%
in recent years."

As of end-2024, Kyrgyzstan's total government debt constituted 37%
of GDP; 25% of GDP of debt was external. Kyrgyzstan's largest
external creditors are China Eximbank (36% of government external
debt), Asian Development Bank (16%), World Bank (16%), the IMF
(8%), the Eurasian Development Bank (6%).

S&P said, "We consider that the NBKR maintains a crawl-like
arrangement for the som's exchange rate vis-à-vis the U.S. dollar,
despite the exchange rate declared as officially floating. The som
has depreciated slowly, and we expect this to continue over our
outlook horizon. Although the central bank occasionally intervenes
in the currency markets, we do not expect continued systematic
intervention aimed at influencing the exchange rate beyond
smoothing near-term fluctuations, given the limited available
foreign exchange reserves." Dollarization of resident deposits and
loans has fallen significantly, to below 20% currently for loans
and around 35% for deposits from 2015's peak of above 50%. However,
domestic capital markets remain shallow, inhibiting the
effectiveness of monetary policy, which targets inflation in the
5%-7% range.

Kyrgyzstan's banking sector remains comparatively small--with total
assets at close to 50% of GDP and domestic credit at 25% of
GDP--and mostly funded by domestic deposits, with very limited
external debt. Rapid lending growth, driven by excess capital and
liquidity over 2022-2024, could result in a buildup of asset
quality risks. S&P said, "In 2024, the Kyrgyz banking sector
experienced a moderate deterioration in asset quality, as seen by
an increase in the nonperforming loan ratio to about 11.5%, which
we expect to remain broadly stable as large part of rapidly
expanded retail portfolio starts seasoning. We think moderating
growth of unsecured consumer loans would support banks' risk
profiles, because excessive household debt accumulation could
heighten credit costs during a downturn in the credit cycle. We
also note Kyrgyzstan banking sector's still comparatively strong
levels of capitalization, with reported regulatory capital ratio of
22% for the sector as of mid-2024, materially above the 12%
required minimum."

The banking regulator in Kyrgyzstan implemented measures to
strengthen regulatory oversight and promote transparency, although
governance deficiencies and regulatory gaps remain. In January 2025
the U.S. implemented sanctions against Keremet, a small domestic
Kyrgyzstan-based bank, over the reported facilitation of
transactions involving Russia's military-industrial base. This did
not have a pronounced wider effect on Kyrgyzstan's domestic
financial sector, but we consider that sanctions risk for the
sector remains elevated.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  New Rating

  Kyrgyzstan

  Sovereign Credit Rating                 B+/Stable/B
  Transfer & Convertibility Assessment    B+




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S P A I N
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MINOR HOTELS: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.
----------------------------------------------------------------
Fitch Ratings has revised Minor Hotels Europe & Americas, S.A.'s
(MHEA) Outlook to Positive from Stable and affirmed its Long-Term
Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed its
2026 senior secured notes at 'BB+' with a Recovery Rating of
'RR2'.

At the same time, Fitch has revised MHEA's Standalone Credit
Profile (SCP) to 'bb' from 'bb-', reflecting better-than-projected
performance in 2024 and expected further deleveraging in 2025,
while maintaining strong free cash flow (FCF) generation.

The Positive Outlook reflects a potential improvement of the
consolidated credit profile of MHEA's parent, Minor International
Public Limited (MINT), in the next 12-18 month. Its application of
Fitch's Parent-Subsidiary Linkage (PSL) Rating Criteria remains
unchanged and considers the consolidated credit profile plus one
notch as the rating cap.

Key Rating Drivers

Strong ADR and Occupancy Growth: MHEA reported a high single-digit
growth in revenue per available room (RevPAR) in 2024, driven by a
5.6% average daily rate (ADR) growth that exceeded Fitch's
forecasts. Occupancy continued its recovery, to 69% at end-2024, up
1.2pp compared with end-2023. Fitch expects a more modest 3%-3.5%
RevPAR growth in the medium term, driven by slight ADR increases,
hotel upgrades to higher price tiers, and further business travel
recovery.

Improved Metrics Ahead of Refinancing: MHEA's EBITDAR net leverage
in 2024 was 4.2x and Fitch assumes it to gradually decrease in
2025-2027, creating comfortable headroom under 'bb' SCP and
supporting refinancing prospects for EUR400 million senior secured
notes due in 2026. Fitch forecasts a more moderate EBITDAR fixed
charge coverage improvement to 1.8x in 2025 from 1.7x in 2024.
However, Fitch takes into consideration MHEA's high proportion of
variable leases expenses relative to peers, which weighs on the
metric but provides cash flow protection in economic downturns.

Capex-Light Pipeline: MHEA's capex in 2024 was below its forecasts
at EUR162 million, and Fitch expects similar levels of capex over
2025-2027, at 6% of revenues. These levels of capital intensity are
materially below the double-digit figures seen before the pandemic.
MHEA's new capex programme is focused on asset-light expansion,
prioritising new hotel openings under management contracts, as well
as selective hotel repositioning capex that can be more profitable
than new hotel openings.

Strong Cash Flow Generation: Fitch expects MHEA's operating cash
flows to remain strong and grow during 2025-2027, due to revenue
growth and slight profitability improvements. Together with a
moderated capex programme, this will result in strong
mid-single-digit pre-dividend FCF margins from 2025 onwards (2024:
5.2%). This cash may be reinvested to fund growth, accumulated
ahead of refinancing, or distributed to shareholders. Fitch
conservatively assumes dividends will start in 2026, although Fitch
acknowledges limited distributions over the past three years and
MHEA's lack of commitment to upstream cash to the parent.

Mixed Ownership Business Model: MHEA has a balanced portfolio of
hotels, with 21% of rooms owned, 65% leased, and 14% managed as of
end-2024. While a higher share of owned and leased hotels in its
portfolio generally results in lower cost flexibility than at
asset-light peers, MHEA had one of the highest absorption rates
among peers during the pandemic and continues to deploy efficiency
measures. Further, sizeable high-quality real estate assets in the
form of owned hotels, including EUR1 billion of unencumbered fully
owned hotels, provide financial flexibility as potential collateral
or for sale-and-leasebacks.

Stronger Subsidiary under PSL Criteria: Fitch views MHEA's credit
profile as stronger than that of its parent MINT and consider the
latter's full effective control and ability to change MHEA's board
of directors, although Fitch acknowledges the record of parent
support during the pandemic. Open effective control is only
partially balanced by an independent treasury at MHEA. The
resulting assessment of access and control as 'open' is partly
offset by 'porous' legal ring-fencing in the existing debt
documentation that limits the shareholder's access to MHEA's cash
flow and, ultimately, leads to MHEA's IDR being capped at one notch
above the consolidated credit profile.

Peer Analysis

As one of the 10 largest European hotel chains, MHEA is smaller and
less diversified than higher-rated global peers, such as Accor SA
(BBB-/Positive), Hyatt Hotels Corporation (BBB-/Stable), and
Wyndham Hotels & Resorts Inc. (BB+/Stable). It operates
predominantly under an asset-heavy business model, which focuses on
leasing and owning hotels, which Fitch views as higher-risk than
the managed and franchise models of large global hotel operators.
MHEA has more limited financial flexibility and higher leverage
than peers, which together with PSL considerations lead to its
two-to-three notch rating difference with the above peers.

MHEA is rated above asset-heavy luxury hotel operators, Sani/Ikos
Group Newco S.C.A. (B-/Stable) and FIVE Holdings (BVI) Limited
(B+/Stable), which have small niche positions in their core markets
of Greece and UAE, respectively. MHEA's higher rating than FIVE's
is explained mostly by its stronger business profile, while its
greater rating distance with Sani Ikos reflects MHEA's lower
leverage and stronger FCF profile.

MHEA is rated above AccorInvest Group S.A. (B/ Stable), the single
largest owner and operator of hotels under Accor's brands.
AccorInvest operates a larger and more geographically diversified
hotels portfolio but has greater exposure to asset-heavy operations
than MHEA. Nevertheless, the main reason for the rating
differential is MHEA's significantly lower leverage and stronger
FCF generation.

Key Assumptions

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

- Revenue to increase 6% in 2025 and 4% a year over 2026-2027

- EBIT margin improving to 12% by 2027 from 11.5% in 2024

- Capex of EUR155 million in 2025 and EUR170 million a year over
2026-2027, including maintenance capex, additional repositioning
within the portfolio, development of the current signed pipeline,
and limited expansion

- Refinancing of EUR400 million senior secured notes in 2026

- No revolving credit facility (RCF) drawdowns until its maturity
in 2026

- Dividend distributions averaging EUR120 million a year over
2026-2027

Recovery Analysis

In its recovery analysis, Fitch follows the generic approach
applicable to 'BB' category issuers and treat the senior secured
notes as category 2 first-lien debt, which receives a two-notch
uplift from the IDR, leading to a 'BB+'/'RR2' instrument rating.

RATING SENSITIVITIES

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

- Strengthening of the SCP, combined with

- Improvement of MINT's consolidated credit profile

- Revision of PSL access & control assessment to 'porous' or
'insulated' and/or revision of PSL legal ring-fencing assessment to
'insulated'

The following developments would be considered for an upward
revision of MHEA's SCP

- EBITDAR net leverage below 3.5x on a sustained basis

- EBITDAR fixed-charge coverage above 2.2x on a sustained basis

- Continued improvement in the business profile, with EBIT margin
above 15%

- FCF margin at mid-single digits

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

- Weakening of MINT's consolidated credit profile

- Revision of PSL legal ring-fencing assessment to 'Open'

- Weakening of the SCP

The following developments would be considered for a downward
revision of MHEA's SCP

- EBITDAR net leverage above 4.5x on a sustained basis

- EBITDAR fixed-charge coverage below 1.8x on a sustained basis

- No visibility of EBIT margin improving towards 12%

- FCF margin below 1.5%

Liquidity and Debt Structure

At end-2024, MHEA's liquidity included around EUR185 million of
Fitch-adjusted readily available cash, an undrawn EUR242 million
RCF and undrawn EUR71 million bilateral credit lines. Although
Fitch anticipates a timely refinancing of the EUR400 million bond
maturing in July 2026 and the RCF maturing in March 2026, Fitch
expects MHEA to accumulate sufficient cash to cover the bond
maturity. This is due to strong projected FCF generation in 2025,
with no shareholder remuneration for the year. Also, MHEA's full
ownership of around EUR1 billion (based on end-2024 valuation) of
unencumbered assets provides an additional source of financial
flexibility.

Issuer Profile

MHEA operates as an urban hotel chain with a diversified portfolio
focused on the upscale segment. The hotel portfolio comprised 350
hotels with 55,626 rooms in 30 countries in 2023, including
leased/owned hotels (86% of all rooms) and managed (14%). MHEA is
95.9% owned by MINT.

Summary of Financial Adjustments

Fitch computes MHEA's lease liability by multiplying Fitch-defined
lease costs by 8x, reflecting the long-term nature of rent
contracts in the hotel sector. Fitch does not capitalise variable
lease expenses linked to profits and apply a 25% haircut to
variable rents linked to revenues when capitalising them. This
reflects their greater flexibility in comparison with fixed
leases.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Minor Hotels Europe
& Americas, S.A.      LT IDR BB-  Affirmed            BB-

   senior secured     LT     BB+  Affirmed   RR2      BB+



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

DDM DEBT: Fitch Cuts Long-Term IDR to 'CC' Then Withdraws Rating
----------------------------------------------------------------
Fitch Ratings has downgraded DDM Debt AB (publ)'s (DDM) Long-Term
Issuer Default Rating (IDR) to 'CC' from 'CCC-' and its senior
secured notes' (SE0015797683) long-term rating to 'CC' from 'CCC-'.
The Recovery Rating remains at 'RR4'.

Fitch has simultaneously withdrawn the ratings for commercial
reasons and will no longer provide ratings or analytical coverage
of the issuer.

Key Rating Drivers

The downgrade reflects its view that the risk of restructuring of
DDM's outstanding senior secured notes, which Fitch would perceive
as a distressed debt exchange (DDE) under Fitch's Non-Bank
Financial Institutions Rating Criteria, has increased. Fitch
believes that DDM's increased investments in non-core and
related-party assets, which undermine its cash-generating capacity,
liquidity and leverage profile, as well as the reduced time to
maturity of the bonds in April 2026, lead to a materially increased
probability of a DDE.

Weakened Funding and Liquidity Profile: DDM's liquidity buffer has
materially weakened to EUR6.8 million at end-2024 (end-2023: EUR21
million), due to continuing investments in non-core assets. Given
its weakened cash-generating capacity, DDM's EBITDA/interest
expense ratio was a low 1.1x in 2024.

Increasing Non-Core Investments: DDM invested EUR37 million on the
purchases of financial assets outside its core debt-purchasing
business in 2024. Compared with its core debt-purchasing
operations, these investments are higher-risk and more
concentrated. These non-core assets also rely on exit prices to
achieve an expected return, rather than generating recurring cash
flows. A material part of the non-core investments is to
related-party companies, which further increase associated risks.

Weak Profitability: DDM's profitability has been under pressure
from low capital deployment and reduced collections in its core
debt-purchasing business, as well as increased operating costs. DDM
remained operationally loss-making in 2024, excluding revaluation
gains and investment income from bond buybacks, which Fitch views
as non-recurring.

High Leverage: Fitch expects DDM's gross debt/cash EBITDA to remain
high (end-2024: 6.4x) due to the gradual run-off of DDM's
non-performing loans portfolios. Balance-sheet leverage is also
weak, with DDM breaching the equity ratio incurrence covenant on
its 2026 notes at end-2024. A sizable exposure to related-party
assets further weighs on its assessment of DDM's capitalisation.

ESG - Management Strategy and Governance: DDM's opportunistic
non-core investments weigh on its profitability and liquidity, as
well as undermining its ability to refinance its notes. Material
related-party transactions and limited representation of
independent members on DDM's board of directors further weigh on
its assessment of DDM's corporate governance.

RATING SENSITIVITIES

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

Not applicable given the ratings withdrawal.

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

Not applicable given the ratings withdrawal.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

DDM's senior secured notes downgrade to 'CC' is in line with DDM's
Long-Term IDR, which reflects Fitch's expectation of average
recoveries.

ADJUSTMENTS

Prior to the withdrawal, the following adjustments were made to the
Standalone Credit Profile (SCP):

The 'cc' SCP was below the 'ccc' implied SCP due to the following
adjustment reason: weakest link - funding, liquidity & coverage
(negative).

The 'ccc+' business profile score was below the 'b' category
implied score due to the following adjustment reason: business
model (negative).

The 'ccc' earnings & profitability score was below the 'bbb'
category implied score due to the following adjustment reasons:
earnings stability (negative) and historical and future metrics
(negative)

The 'cc' funding, liquidity & coverage score was below the 'b'
category implied score due to the following adjustment reasons:
funding flexibility (negative) and liquidity coverage (negative).

ESG Considerations

DDM had an ESG Relevance Score of '5' for governance structure,
primarily reflecting the recent material increase in related-party
transactions and limited representation of independent members on
DDM's board of directors. This had a negative impact on its credit
profile and was highly relevant to the rating in conjunction with
other factors.

DDM had an ESG Relevance Score of '5' for management strategy as
its more opportunistic and uncertain strategy, compared with other
debt purchasing peers, had a negative impact on the credit profile,
and was highly relevant to the rating in conjunction with other
factors.

DDM had an ESG Relevance Score of '4' for financial transparency,
in view of the significance of internal modelling to portfolio
valuations and associated metrics such as estimated remaining
collections. This had a moderately negative influence on the
rating, but was a feature of the debt purchasing sector as a whole,
and not specific to DDM.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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 of the materiality
and relevance of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
DDM Debt AB (publ)    LT IDR CC  Downgrade              CCC-
                      LT IDR WD  Withdrawn

   senior secured     LT     CC  Downgrade     RR4      CCC-

   senior secured     LT     WD  Withdrawn



===========
T U R K E Y
===========

ODEA BANK: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded Odea Bank A.S.'s (Odea) Long-Term
Foreign-Currency (LTFC) and Local-Currency (LTLC) Issuer Default
Ratings (IDRs) to 'BB-' from 'B-' and removed them from Rating
Watch Positive (RWP). The Outlooks are Stable. The bank's Viability
Rating (VR) has been downgraded to 'ccc+' from 'b-'. Fitch has also
assigned a Shareholder Support Rating (SSR) of 'bb-' and
ex-government support (xgs) Long- and Short-Term (LT/ST) IDRs of
'CCC+(xgs)' and 'C(xgs)', respectively. The upgrade of the National
Rating follows the upgrade of the LTLC IDR and is in line with
other foreign-owned peers.

The assignment of the SSR and upgrade of the IDRs follow the
completion of the acquisition of Odea by ADQ Financial Services
L.L.C. and its wholly owned subsidiaries - indirectly and
ultimately owned by Abu Dhabi Developmental Holding Company PJSC
(ADQ; AA/Stable). This reflects its view of potential shareholder
support from ADQ to Odea.

The downgrade of the VR reflects continued deterioration in Odea's
regulatory capital ratios beyond Fitch's expectations and,
consequently, its failure being a real possibility. The 'ccc+' VR
is below the implied VR of 'b-' to reflect the 'ccc+' score on
capitalisation and leverage, which has a greater influence on the
VR than the fixed weightings would suggest.

The bank's 'no support' Government Support Rating (GSR) has been
affirmed and withdrawn as it is no longer considered to be relevant
for its coverage following the recent change in the shareholder
structure of the bank and the assignment of the SSR.

Key Rating Drivers

Odea's IDRs are driven by potential support from its 96% owner,
ADQ. Its view of support reflects ADQ's strong ability to provide
support (as reflected in its LT IDRs of AA/Stable), as well as its
propensity to support. The latter reflects its ownership and
Turkiye's strategic importance to UAE authorities. The LTFC IDR is
constrained by Turkiye's Country Ceiling of 'BB-', while the LTLC
IDR also considers Turkish country risks.

Odea's 'ccc+' VR reflects the bank's weak core capitalisation,
concentration in the Turkish operating environment, limited
franchise, and weak, but stabilising, asset quality. It also
reflects the bank's generally reasonable funding and liquidity
profile, as well as limited refinancing risk.

Deteriorated Capitalisation: Odea's common equity Tier 1 (CET1) and
Tier 1 ratios deteriorated to 6.75% (including forbearance) at
end-2024 from 8.3% at end-3Q24. This was driven by enlarged losses
and tax assets being deducted from core capital in capital adequacy
calculations. This caused the CET1 ratio to fall to within the
bank's 2.5% capital conservation buffer, while the bank continued
to breach the minimum regulatory requirement, including capital
conservation buffer, of its Tier 1 capital ratio of 6.75%.

Both ratios remained above the regulatory minimum, excluding the
capital conservation buffer, of 4.5% and 6% at end-2024, but with
limited buffers. However, these ratios do not reflect the impact
from tightened forbearance that came into effect in 2025 through
the exchange rate that the banks are permitted to use for foreign
currency risk-weighted assets in capital adequacy calculations.

Rating Sensitivities

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

A sovereign downgrade or an increase in its view of government
intervention risk would likely lead to downgrades of Odea's SSR and
therefore LT IDRs, although this is not its base case.

The bank's SSR is also sensitive to Fitch's view of its
shareholder's ability and propensity to provide support.

The bank's VR could be downgraded if one or more of the bank's
capital ratios breach the respective minimum regulatory capital
requirements, excluding 2.5% capital conservation buffer, without
remedial action.

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

A positive change in Turkiye's LT IDRs would likely lead to a
similar action on Odea's SSR and LT IDRs. An upward revision of
Turkiye's Country Ceiling could also lead to an upgrade of the
bank's SSR and LT IDRs.

The VR would be upgraded once the bank's capitalisation improves
sustainably and materially.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Odea's subordinated notes' rating is 'CCC-', notched down twice
from its VR. The notching for the subordinated notes includes two
notches for loss severity and zero notches for non-performance risk
relative to the bank's VR anchor rating.

The bank's 'B' ST IDRs are the only possible option mapping to the
LT 'BB' IDR category.

Odea's LTFC and LTLC IDRs (xgs) are driven by and in line with the
bank's VR.

The STFC IDR (xgs) and STLC IDR (xgs) are mapped to the bank's LTFC
IDR (xgs) and LTLC IDR (xgs), respectively.

The bank's 'AA(tur)' National Rating is driven by shareholder
support and is in line with that of foreign-owned peers in
Turkiye.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The subordinated debt rating is sensitive to a change in Odea's VR
anchor rating. The debt rating is also sensitive to a change in
Fitch's assessment of non-performance risk.

The ST IDRs are sensitive to changes in the bank's LT IDRs.

Odea's LT IDRs (xgs) are sensitive to changes in the bank's VR.

The ST IDRs (xgs) are sensitive to changes in the bank's LT IDRs
(xgs).

The National Rating is sensitive to a change in the bank's LTLC IDR
and a change in its creditworthiness relative to that of other
Turkish issuers with a 'BB-' LTLC IDR.

VR ADJUSTMENTS

The operating environment score of 'b+' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reason: macroeconomic stability (negative).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

Public Ratings with Credit Linkage to other ratings

Odea's ratings are linked to those of ADQ.

ESG Considerations

Odea has an ESG Relevance Score for Management Strategy of '4',
reflecting an increased regulatory burden on all Turkish banks.
Management's ability across the sector to determine their own
strategy and price risk is constrained by the regulatory burden and
also by the operational challenges of implementing regulations at
the bank level. This has a moderately negative impact on banks'
credit profiles and is relevant to banks' ratings in combination
with other factors.

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

   Entity/Debt                     Rating              Prior
   -----------                     ------              -----
Odea Bank A.S.    LT IDR              BB- Upgrade      B-
                  ST IDR               B  Affirmed     B
                  LC LT IDR           BB- Upgrade      B-
                  LC ST IDR           B   Affirmed     B
                  Natl LT         AA(tur) Upgrade      BBB(tur)
                  Viability          ccc+ Downgrade    b-
                  Government Support ns   Affirmed     ns
                  LC ST IDR (xgs)   C(xgs)New Rating
                  LC LT IDR (xgs)CCC+(xgs)New Rating
                  ST IDR (xgs)     C(xgs) New Rating
                  Shareholder Support bb- New Rating
                  LT IDR (xgs)  CCC+(xgs) New Rating
                  Government Support WD   Withdrawn

   Subordinated   LT                 CCC- Downgrade    CCC



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

ADVANZ PHARMA: S&P Rates New EUR615MM Senior Secured Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating and '3' recovery
rating to specialty pharma group Advanz Pharma Holdco Ltd.'s
proposed EUR615 million senior secured notes and GBP300 million
senior secured notes both due 2031. In line with existing
indebtedness, the proposed notes will be issued by Cidron Aida
Finco S.a.r.l., Advanz Pharma's debt-issuing vehicle.

Advanz Pharma plans to use the proceeds of the notes, together with
the EUR100 million add-on to its term loan B (TLB) launched on
March 26, 2025, for the early refinancing of its EUR650 million
senior secured notes and its GBP335 million senior secured notes
both due 2028.

S&P said, "In our base case, we factor in revenue of about GBP700
million in 2025 and about GBP800 million in 2026. We believe Advanz
Pharma's existing pipeline, notably the resolution of supply issues
for Lanreotide and Paliperidone in the second half of 2025 and the
launch of the biosimilars Golimumab and Aflibercept targeted for
the fourth quarter of 2025, will offset the dissipation of the
revenue from Ocaliva, given the revocation of its conditional
marketing authorization in the European Union at the end of 2024.
We expect S&P Global Ratings-adjusted EBITDA margins to remain
around 26%-27% in 2025, down from around 31% as of year-end 2024,
dampened by the dissipation of revenue from high-margin Ocaliva and
by higher selling, general, and administrative expenses related to
the launch of the biosimilars. Our EBITDA figure factors in GBP30
million-GBP35 million capitalized development costs and is not
adjusted for acquisition-related costs. We expect sequential
improvements in adjusted EBITDA margins in 2026. We forecast Advanz
Pharma's S&P Global Ratings-adjusted leverage to remain between
7x-8x in 2025 and 2026, in line with our 'B-' issuer credit rating.
In our debt calculation we include Advanz Pharma's senior secured
debt and about GBP11 million lease liabilities. In line with our
criteria, we do not deduct cash from our debt figure."

  Advanz Pharma Holdco Ltd.--Key Metrics*

                              --Fiscal year ended Dec. 31--

  Mil. GBP                 2023a    2024a     2025f     2026f

  Revenue                  660.2    667.5     ~700      ~800

  Group Revenue growth (%) 30.2     1.1       4.5-5.0   14.5-15.5
  
  EBITDA                   148.8    206.2     180-190   220-230
  
  EBITDA margin (%)        22.5     30.9      26-27     27.5-28.5

  Reported capital
  Expenditure              212.7    260.8     ~200      ~200

  Capital expenditure
  (incl. products
  acquisitions,
  net of capitalized
  development costs)       130.1    225.6     160-170   160-170

  Free operating
  cash flow (FOCF)       (104.8)   (119.5)   (80)-(70) (80)-(70)

  Debt to EBITDA (x)        7.7      7.1       7-8        7-8

  *All figures adjusted by S&P Global Ratings.
  a--Actual.
  f--Forecast.

Issue Ratings--Recovery Analysis

Key analytical factors

The senior secured debt issued by Advanz Pharma (including a EUR825
million TLB due 2031, the EUR615 million senior secured notes due
2031, and GBP300 million senior secured notes due 2031) are rated
'B-' with a recovery rating of '3'.

The '3' recovery rating on the debt indicates S&P's expectation of
meaningful (50%-70%; rounded estimate: 50%) recovery prospects in
the event of default.

S&P said, "The rating is supported by our valuation of the business
as a going concern. However, it is constrained by the large amount
of senior secured debt that we assume will be outstanding at
default.

"Our hypothetical default scenario assumes a lack of target
products available at accessible prices, and an increase in
competition, driving prices and volumes down.

"We value the company as a going concern given its diversified
product portfolio of niche essential medicines and internal
commercial capabilities."

Simulated default assumptions

Year of default: 2027
Jurisdiction: U.K.

Simplified waterfall

-- Emergence EBITDA: About GBP155.5 million

    --Capital expenditure represents 2% of sales to support new
product launches

    --Operational adjustment of 30% to reflect the capex-light
business model

-- Multiple: 6x

-- Gross enterprise value: About GBP931 million

-- Net recovery value for waterfall after 5% administrative
expense: GBP884 million

-- Estimated senior secured debt: GBP1.7 billion*

    --Recovery range: 50%-70% (rounded estimate: 50%)

    --Recovery rating: 3

*All debt amounts include six months of accrued interest that S&P
assumes will be owed at default. S&P assumes 85% drawdown of the
revolving credit facility at default.


CAPARO INDIA: Interpath Advisory Named as Joint Administrators
--------------------------------------------------------------
Caparo India Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales Insolvency and Companies List (ChD) No CR-2025-001824,
and Joshua James Dwyer and David John Pike of Interpath Advisory
were appointed as joint administrators on March 17, 2025.  

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

Its principal trading address is at Caparo House, 103 Baker Street,
London, W1U 6LN.

The joint administrators can be reached at:

              Joshua James Dwyer
              David John Pike
              Interpath Advisory
              Interpath Ltd.
              10 Fleet Place, London
              EC4M 7RB


For further details contact:

              Karen Croston
              Tel No: 0161 509 8604

CDW SYSTEMS: Hazlewoods LLP Named as Administrator
--------------------------------------------------
CDW Systems Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in Bristol,
Insolvency and Companies List (ChD) No 000013 of 2025, and Nicholas
Stafford of Hazlewoods LLP, was appointed as administrator on March
12, 2025.  

CDW Systems specialized in supplying and installing aluminium
window and door products.

Its registered office and principal trading address is at 1
Eastbrook Road, Gloucester GL4 3DB.

The administrator can be reached at:

         Nicholas Stafford
         Hazlewoods LLP
         Staverton Court, Staverton
         Cheltenham, GL51 0UX

For further details, contact a member of the Business Recover and
Insolvency team:

        Email: creditors@hazlewoods.co.uk
        Tel No: 01242 680000

ENDEAVOUR MINING: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Endeavour Mining plc's Long-Term Issuer
Default Rating (IDR) at 'BB' with Stable Outlook. Fitch has also
affirmed its senior unsecured bond rating at 'BB'. The Recovery
Rating is 'RR4'.

Endeavour's Long-Term IDR balances its strong financial and
business profiles with a weaker operating environment, reflecting
the group's focus on west African countries with diversification
across Cote d'Ivoire, Senegal and Burkina Faso. The applicable
Country Ceiling is Cote d'Ivoire's 'BB'.

The group's credit profile otherwise compares favourably with
higher-rated peers', with a production guidance for 2025 of 1.11
million-1.26 million ounces and growth towards 1.5 million ounces
by 2030. It also benefits from all in sustaining costs (AISC)
within the second quartile (on average, across mines globally), a
reserve life of 10.5 years for mines in operation (or 15.6 years
based on total reserves), and a conservative net debt/EBITDA target
at or below 0.5x through the cycle.

Key Rating Drivers

Strong Gold Demand Continues: Fitch now forecasts Fitch-adjusted
EBITDA at around USD1.4 billion for 2025 and USD1.2 billion for
2026, with free cash flow (FCF) generation reducing net debt to
below USD500 million in 2025 and to USD400 million over the medium
term, based on its conservative price assumptions. With gold prices
now trading above USD3,000/oz, Fitch sees upside to its rating
case. Fitch assumes that Endeavour will use some of this financial
flexibility over the next 18 months for additional debt reduction.

Conservative Financial Policy: Endeavour's financial policy aims
for net debt/EBITDA at below 0.5x through the cycle. The group may
exceed this target during capital-intensive growth as long as there
is a clear deleveraging path after the commissioning of those
assets.

Financial Policy in Practice: Endeavour ended 2024 with net debt of
USD735 million and an EBITDA net leverage of 0.65x, the year in
which the construction of its USD290 million BIOX plant at
Sabodala-Massawa and the USD450 million greenfield investment at
Lafigue were concluded. Increasing gold production and more
moderate capex will reduce EBITDA net leverage to 0.4x by end-2025,
where it will remain or possibly below until the next growth
project. The group has stringent investment criteria of above 20%
after tax return, more than 10 years of reserve life, above 250,000
oz annual production and a competitive cost position.

Organic Growth in Focus: Endeavour spends around USD75 million on
exploration a year. At end-2024, the group declared 4.1 million oz
of maiden reserves for its Assafou greenfield project and is
working towards a final investment decision. Construction could
potentially start in 2H26. The drilling programme at the Ity mine
led to an addition of 1.2 million oz of reserves. The group also
has many smaller capital projects to optimise existing assets,
including schemes that contribute towards decarbonisation, such as
the USD55 million solar plant that was commissioned at
Sabodala-Massawa in early 2025.

Industry Costs on the Rise: Major gold producers have guided
towards higher AISC due to cost pressures, declining grades, and
higher royalties linked to rising gold prices. Endeavour reported
AISC of USD1,218/oz for 2024 and guides towards USD1,150-1,350/oz
for 2025, which remains competitive compared with the top 10 global
producers. It is broadly comparable with Agnico Eagle Mines
Limited's, and visibly stronger than Kinross Gold Corporation's or
AngloGold Ashanti plc's. Fitch expects Endeavour to remain in the
second cost quartile on average across mines worldwide. The most
recent benchmarking of global cost curves is not yet available.

Cote d'Ivoire Country Ceiling Applied: EBITDA from operations in
Cote d'Ivoire comfortably covers hard-currency gross interest
expense over the medium term. Therefore, Fitch applies Cote
d'Ivoire's Country Ceiling in line with Fitch's Corporate Rating
Criteria.

Peer Analysis

Endeavour's guided production of 1.11 million oz-1.26 million oz in
2025 is lower than Kinross Gold Corporation's (BBB/Stable) with 2
million gold-equivalent oz (gold and silver) or AngloGold Ashanti
plc's (AGA; BBB-/Stable) with a consolidated production of 2.6
million oz-2.9 million oz. Endeavour has a stronger cost position,
with AISC guidance for 2025 of USD1,150/oz-USD1,350/oz versus
Kinross's USD1,500/oz and AGA's USD1,600/oz-USD1,725/oz. Reserve
life is stronger for Endeavour, with 15.6 years based on total
reserves (10.5 years for operating mines), compared with 9.7 years
for AGA and 10.9 years for Kinross.

All three companies have conservative capital structures, while
Endeavour faces higher country risk. The weak operating environment
in west Africa, where all its assets are located, constrains the
rating. In comparison, Kinross derives close to 25% of production
from Mauritania in west Africa, 29% from Brazil, over 10% from
Chile, and more than 30% from the US, while AGA has over 50% of its
production based in Africa (diversified across various countries),
23% in Australia, and below 20% in South America.

Key Assumptions

- Gold prices in line with Fitch's price deck at USD2,400/oz in
2025, USD2,100/oz in 2026, USD2,000/oz in 2027, and USD1,800/oz in
2028

- Gold production in 2025 at the mid-point of the 1.11 million
oz-1.26 million oz guidance and at the higher end of this range in
subsequent years

- AISC for 2025 towards the lower end of management guidance of
USD1,150/oz-USD1,350/oz, flat in 2026, and incrementally lower for
2027 and 2028 (based on Fitch's price assumptions detailed above).
Royalties form part of AISC and vary according to gold price; if
prices remain at or above USD3,000/oz, actual reported AISC will be
higher, as royalties will be higher at that gold price

- Capex of USD515 million for 2025 and below USD500 million on
average in subsequent years, including capitalised exploration
expenditure and stripping costs

- Dividends of USD225 million and share buybacks of USD40 million
in 2025; USD225 million of dividends in 2026 and 2027; and USD100
million in 2027 (linked to lower price deck assumptions), given
that the dividend policy is based on gold prices at or above
USD1,850/oz and the assumption of Endeavour's robust financial
position. Also, the current dividend policy has been set for
financial years 2024 and 2025

RATING SENSITIVITIES

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

- Negative rating action on Cote d'Ivoire's sovereign

- EBITDA margin below 30% on a sustained basis

- EBITDA gross leverage above 2.3x or net leverage above 2.0x on a
sustained basis

- EBITDA interest coverage below 7.0x on a sustained basis

- Political risks, labour disputes or other disruptions eroding
cash flow generation for an extended period

- Sustained negative FCF due to dividends or share buybacks

- Failure to address major refinancing needs at least nine months
in advance

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

- Assuming a majority of earnings in the rating case (based on
Fitch's gold price assumptions) are derived from Cote d'Ivoire over
the medium term, a positive rating action on Cote d'Ivoire that
leads to a higher applicable Country Ceiling together with

- Ability to maintain reserve life above 10 years and AISC
comfortably in the second quartile of the global cost curve

- EBITDA gross leverage below 1.3x or net leverage below 1.0x on a
sustained basis

- EBITDA interest coverage above 9.0x on a sustained basis

- EBITDA margin above 40% on a sustained basis and positive FCF
during times without material expansion capex

Liquidity and Debt Structure

As of end-2024, Endeavour held USD397.3 million of cash and USD230
million of an undrawn revolving credit facility available until
October 2028. Short-term debt was USD64.3 million. Given that major
expansion projects were concluded in 3Q24, the group will use
positive FCF to reduce net debt in 2025 and beyond until the next
greenfield project investment decision. Fitch expects Endeavour to
refinance its USD500 million bond due in October 2026 around six
to12 months ahead of its legal maturity.

Issuer Profile

Endeavour is a major international gold producer, with annual
production of 1.1 million oz-1.3 million oz over the medium term,
and the largest in west Africa.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
Endeavour Mining plc   LT IDR BB  Affirmed             BB

   senior unsecured    LT     BB  Affirmed    RR4      BB

GEMGARTO PLC 2023-1: Moody's Affirms B1 Rating on GBP2.7MM F Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of three notes in Gemgarto
2023-1 PLC. The rating action reflects the increased levels of
credit enhancement for the affected notes.

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

GBP476.5M Class A Notes, Affirmed Aaa (sf); previously on Dec 13,
2023 Definitive Rating Assigned Aaa (sf)

GBP38.3M Class B Notes, Upgraded to Aaa (sf); previously on Dec
13, 2023 Definitive Rating Assigned Aa3 (sf)

GBP11.0M Class C Notes, Upgraded to Aa2 (sf); previously on Dec
13, 2023 Definitive Rating Assigned A3 (sf)

GBP11.0M Class D Notes, Upgraded to Baa1 (sf); previously on Dec
13, 2023 Definitive Rating Assigned Baa2 (sf)

GBP5.5M Class E Notes, Affirmed Ba1 (sf); previously on Dec 13,
2023 Definitive Rating Assigned Ba1 (sf)

GBP2.7M Class F Notes, Affirmed B1 (sf); previously on Dec 13,
2023 Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization and a non-amortizing reserve fund led to
the increase in the credit enhancement available in this
transaction.

The credit enhancement for the tranche B affected by the rating
action increased to 25.8% from 7.0% since closing. The credit
enhancement for the tranche C increased to 18.4% from 5.0% since
closing, and the credit enhancement for the tranche D increased to
11.1% from 3.0% since closing.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date. Although 90 days plus arrears currently stand
at 5.95% of current pool balance, showing an increasing trend over
the past year, this is mainly due to the fast deleveraging of the
portfolio as the amount of arrears have remained stable. Cumulative
losses currently stand at less than 1 basis point of the original
pool.

Moody's increased the expected loss assumption to 5.0% as a
percentage of current pool balance. The revised expected loss
assumption corresponds to 1.36% as a percentage of original pool
balance decreased from 2.70%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have increased the MILAN Stressed Loss
assumption to 14.1% from 11.9%, considering the remaining
outstanding portfolio.

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

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

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

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

PEAK JERSEY: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings has downgraded the long term corporate family
rating of Peak Jersey Holdco Limited (Stats Perform) to Caa1 from
B3 and the probability of default rating to Caa1-PD from B3-PD.
Concurrently, Moody's downgraded to B3 from B2 the rating of the
$499.8 million senior secured first-lien term loan B (TLB) and
GBP50 million senior secured first-lien revolving credit facility
(RCF) issued by Perform Content Services Limited. The outlook for
both entities has changed to negative from stable.

RATINGS RATIONALE

The rating action reflects Moody's expectations that Stats Perform
is unlikely to reach a Moody's adjusted debt to EBITDA below 6.0x
and a positive Moody's adjusted free cash flow (FCF) at the end of
2025. Concurrently the company's liquidity has weakened as both its
RCF and first-lien TLB are due within the next 18 months, which
means that within that timeframe the company will need to refinance
its capital structure, including the $140 million second-lien term
loan due 2027.

Stats Perform's CFR had already been weakly positioned when, in
June 2024, Moody's revised downward Moody's expectations for both
EBITDA and FCF for the full year 2024 to reflect the early
extension of a number of sports contracts. Additionally, Stats
Perform's negotiation to extend the Serie A (Italian football)
contract until 2029 was not successful and, since October 2024
Stats Perform is no longer offering this high profile content to
its customer base.

The company's Q4 2024 Lender Update indicated that company's
adjusted EBITDA increased only by 2% compared to same period of the
prior year, while revenue grew 7% across the same period.

Moody's continues to see sports rights costs increasing faster than
the company's revenue base; Moody's expected by the end of 2024,
the company would have started to benefit from operating leverage,
which would have resulted in a double digit increase in Moody's
adjusted EBITDA in 2025. Following the Q4 2024 results, Moody's
have now revised downward by about 30% Moody's forecasts 2025
Moody's adjusted EBITDA and also now expect the FCF this year to be
slightly negative or about breakeven.

Stats Perform also reported to have benefited from a $22.5 million
of additional funding from its shareholder, Vista Equity Partners
Management LLC (Vista), to support short-term working capital
requirements and to continue the company's investment program to
mine its proprietary sports data via artificial intelligence (AI).
Although this equity contribution is credit positive, it also
highlights that the company continue to face cash flow pressure
after having almost fully utilised its RCF.

The Caa1 CFR is constrained by Stats Perform's high and persistent
Moody's-adjusted gross debt/EBITDA above 7x; a still negative FCF
since the initial rating in 2019; the company's relatively small
scale and its high fixed-cost base driven by sports rights
acquisitions; limited exposure to the rapidly growing USA market,
and its approaching refinancing of the first lien TLB due in July
2026.

However, the Caa1 CFR continues to be supported by strong market
fundamentals and a rather limited number of competitors; the
company's position as one of the leading operators in the sports
data analytics and sports content services market with a global
reach; Stats Perform's product suite, patented technology and
exclusive sports rights, which act as barriers to entry for
competitors; and the company's established long-term relationships
with key sports betting, media and technology companies, and
content rights providers underpinned by multi-year contracts.

LIQUIDITY

Stats Perform's liquidity is weak with $27 million of available
cash on balance sheet at the end of 2024 and equivalent $2 million
of availability under the RCF.

Short term liquidity is supported by the $22.5 million equity
contribution from Vista; Moody's also expects the company's FCF
generation to become positive in the second half of the year.
Moody's believes the indication of shareholder support is positive
in the context of the company's plans to seek an orderly
refinancing of its debt in the coming months.

STRUCTURAL CONSIDERATIONS

In addition to the TLB and RCF, Stats Perform's debt capital
structure includes a $140 million second-lien term loan due 2027.
The B3 ratings on to the company's Term Loan B and RCF are one
notch above the CFR; the better rating reflects the buffer provided
by the second-lien term loan ranking behind these facilities.

RATING OUTLOOK

The negative outlook reflects that the company needs to address
significant debt maturities within the next 18 months.
Concurrently, Stats Perform still have to demonstrate it can reach
a positive FCF in the next 12 months.

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

Upward pressure on the ratings could develop over time if
Moody's-adjusted debt to EBITDA would decline below 6.0x, company's
FCF is positive, both on a sustained basis. A rating upgrade would
also require liquidity to be adequate.

Downwards pressure on the ratings could develop if Stats Perform

could not complete a refinancing of its capital structure in the
coming months or Moody's-adjusted FCF remain negative in the second
half of 2025. A rating downgrade could also occurs if the company
experience significant contract losses or its liquidity weakens
further.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Stats Perform is a global sports technology platform with
complementary products across media and technology, sportsbooks and
sports club/teams.

The group has a global footprint, with a strong content portfolio
and sportsbook presence in Europe, and a leading presence in media
and technology in the US. Its main customers include sportsbook
groups, media and technology companies, and sports teams looking to
use granular data to enhance team performance.

PRESTIGE AGGREGATES: PKF Smith Named as Joint Administrators
------------------------------------------------------------
Prestige Aggregates Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of Birmingham, No 000115 of 2025, and Dean Anthony Nelson
and Emily Louise Oliver of PKF Smith Cooper, were appointed as
joint administrators on March 14, 2025.  

Prestige Aggregates specialized in the wholesale of wood,
construction materials and sanitary equipment.

Its registered office is at Prospect House, 1 Prospect Place, Pride
Park, Derby, DE24 8HG.

Its principal trading address is at Suite 2, Littlemoor Business
Centre Littlemoor, Eckington, Sheffield, S21 4EF.

The joint administrators can be reached at:

               Emily Louise Oliver
               Dean Anthony Nelson
               PKF Smith Cooper
               Prospect House, 1 Prospect Place
               Derby, Derbyshire, DE24 8HG
               Tel No: 01332 332021

For further information, contact:

              William Tranter
              PKF Smith Cooper
              Prospect House, 1 Prospect Place
              Derby, Derbyshire, DE24 8HG
              Tel No: 01332 332021
              Email: william.tranter@pkfsmithcooper.com

SIG PLC: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based building
materials distributor SIG PLC to negative from stable and affirmed
its 'B' issuer and issue credit ratings. The '3' recovery rating on
SIG's senior secured debt is unchanged, indicating its expectation
of meaningful (50%-70%; rounded estimate: 55%) recovery in the
event of a default.

S&P said, "The negative outlook reflects our expectation that SIG
will generate negative FOCF after lease payments in 2025,
notwithstanding our forecast of a modest recovery in EBITDA.

"We revised the outlook on SIG to negative because of our forecast
that it will generate negative FOCF after lease payments in 2025
and 2026, in absence of noticeable market recovery. This is because
we believe that SIG's earnings will be more than fully utilized to
cover net interest expense of about GBP50 million-GBP55 million;
working capital (which typically peaks at about GBP30 million in
September); capital expenditure of about GBP20 million; tax; and
about GBP70 million of lease payments. Although we think that
negative FOCF after lease payments can be accommodated in 2025 due
to SIG's cash balance of about GBP87 million at year-end 2024 and
full availability under the GBP90 million equivalent revolving
credit facility (RCF), we also note that persistent cash flow
deficit could reduce available liquidity sources over time. Under
our base case, to deliver a sustainably positive FOCF after lease
payments, SIG's EBITDA would need to recover to at least GBP140
million-GBP150 million. This, in our view, depends on noticeable
market recovery in the U.K. and the EU, the latter of which is
outside of management control, and on the successful turnaround of
underperforming branches and sustainable improvement in margins,
which would follow from internal cost initiatives."

SIG underperformed our EBITDA expectations in 2024 due to tough
market conditions in its key markets. This reflects a weak trading
environment characterized by price and volume pressure in France,
Germany, and the U.K., which collectively represented about 83% of
its 2024 revenue. S&P said, "As such, SIG delivered adjusted EBITDA
of GBP92.5 million versus our prior expectations of GBP107
million-GBP109 million in 2024 and its S&P Global Ratings-adjusted
debt to EBITDA increased to an elevated 6.9x versus the 5.9x-6.0x
we anticipated before. Our EBITDA figure captures one-off and
restructuring costs, as well as the execution of cost reductions
and efficiency measures. We add to SIG's reported gross financial
debt of GBP262 million as of Dec. 31, 2024, about GBP323 million
related to operating leases, GBP17 million of postretirement
obligations (net of tax), and GBP32 million related to factoring
arrangements.

"Although continued subdued demand is likely to weigh on SIG's top
line, cost savings and the turnaround of underperforming business
units should lift margins this year. In 2025, we forecast broadly
neutral revenue growth, reflecting modest recovery in the
underlying demand and a still-challenging pricing environment. That
said, we predict that, thanks to the benefits of cost savings in
the prior two years, SIG's adjusted EBITDA will increase to GBP112
million-GBP115 million in 2025, reducing adjusted leverage to about
5.8x-6.0x. To date, management has realized about GBP21 million of
savings and it anticipates delivering a further net GBP11 million
in 2025. These were a result of cost control and discipline in
headcount management (not replacing leavers), as well as
operational cost savings, reductions in central and operating
company overheads, enhancements to the product mix, and margin
management. We note management's focus on improving profitability
in the underperforming U.K. interiors and Belgium and the
Netherlands (Benelux) businesses through actions to increase sales
and optimize headcount and branch efficiency, as well as
development of new omnichannel platforms in France and Germany to
modernize the customer experience. We think that the operational
leverage accumulated in the business thanks to restructuring and
turnaround initiatives will prepare SIG well to benefit from the
market's recovery when it occurs. Over the long-term, SIG's
business prospects remain favorable because of the aging of the
buildings and housing stock in the U.K. and the rest of Europe, and
the need for energy efficiency in housing and infrastructure. These
should create further demand for the company's key products,
notably insulation and roofing systems."

The European building materials sector is still experiencing a
pronounced downturn in residential construction, particularly of
new buildings. In addition, while mortgage rates are progressively
adapting to an easier monetary policy driven by reduced inflation,
construction costs and property prices remain high, constraining
substantial demand recovery. As such, S&P anticipates the rebound
will be very gradual and start only in the second half of 2025. The
group has roughly equal exposure to the repair, maintenance, and
improvement (RMI) and new build markets; both depend on consumer
sentiment, discretionary income, and interest rates. SIG's core
markets, U.K., France, Germany, and Poland, remain difficult with
still-subdued business and consumer climate indicators, although
there are early signs of recovery, particularly in the UK's RMI.

The negative outlook reflects S&P's expectation that SIG will
generate negative FOCF after lease payments in 2025,
notwithstanding its forecast of a modest recovery in EBITDA.

S&P could lower the rating if:

-- S&P forecasts that the company's FOCF after lease payments will
weaken further. This could occur because of margin pressure caused
by a delay in the turnaround of SIG's U.K. interiors or Benelux
businesses, or a slower-than-anticipated recovery in the building
construction industry;

-- Adjusted debt to EBITDA deteriorated to over 6.5x without swift
recovery prospects;

-- Liquidity weakened or the covenant headroom eroded, for example
because of continued cash burn; or

-- SIG departs from its prudent financial policy and resumes
paying dividends or pursuing debt-financed acquisitions, despite
the pressure on its credit metrics. S&P views this as a remote
scenario.

S&P could revise the outlook on SIG to stable if it was confident
that its FOCF after lease payments had turned sustainably positive
and its adjusted debt to EBITDA would remain below 6.5x.


THG PLC: S&P Affirms 'B-' ICR on Refinancing and Debt Paydown
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on THG PLC. S&P also assigned its 'B-' issue rating and '3'
recovery rating to THG's proposed term loan B and GBP150 million
RCF, indicating its expectation of meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of default. S&P will withdraw
its ratings on the group's existing term loan once the refinancing
closes.

The stable outlook reflects S&P's view of the likely success of the
proposed refinancing backed by the new equity proceeds. This will
support THG's adequate liquidity and alleviate refinancing risk. In
addition, structural growth trends in the beauty and nutrition
segments should support the group's earnings expansion over the
next 12 months. This should lead to adjusted debt to EBITDA of
about 6.0x-6.5x and annual FOCF after leases of about GBP10
million-GBP20 million.

THG PLC is refinancing its capital structure with a financing
package that includes GBP90 million of cash from shareholders,
including a GBP68 million convertible loan from founder and CEO
Matthew Moulding, alongside a proposed EUR475 million
amend-and-extend term loan B due in December 2029.

THG will fully repay its term loan A due in 2025 and EUR125 million
of its EUR600 million term loan B, while extending the remaining
EUR475 million term loan B to December 2029 and extending the
GBP150 million revolving credit facility (RCF) to May 2029.

The Ingenuity demerger enables THG to address persistently negative
FOCF after lease payments and high leverage. THG completed the
demerger of Ingenuity in January 2025 following a strategic
realignment that it initiated in 2021 with the aim of simplifying
its operating structure and improving its financial stability.
Through the spin-off of Ingenuity, which handles technology and
logistics, THG's focus will be on its beauty and nutrition
segments. This separation enables each entity to develop its own
growth and capital strategies.

The separation reduces THG's cash commitments, with capex
decreasing to GBP20 million in 2025 from a projected GBP100 million
in 2024; annual lease payments reducing to GBP22 million from GBP48
million; and lease liabilities declining to GBP132 million from
GBP347 million. S&P said, "We forecast that adjusted debt to EBITDA
will improve to about 6.7x in fiscal 2025, compared to our estimate
of 9.0x in 2024. Similarly, we forecast that FOCF after leases will
be in the range of GBP10 million-GBP20 million compared to an
annual outflow of GBP50 million in the past two years."

Through the proposed refinancing, THG seeks to address near-term
refinancing risk, a key rating risk factor. As part of the
refinancing, THG has raised GBP90 million in cash from its
shareholders, including a GBP68 million interest-free convertible
loan from Matthew Moulding. This convertible loan could be
converted into ordinary shares at a future date, subject to
shareholder approval in the upcoming annual general meeting.
However, if the conversion were not approved, we understand that
this loan will be repayable on the earlier of 31 December 2030 and
the date falling 12 months after the maturity of the
extended/refinanced term loan B. THG will use the proceeds of the
equity issue, along with the new EUR475 million (GBP392
million-equivalent) amend-and-extend term loan B and some of the
surplus cash on the balance sheet, to repay the last tranche of the
term loan A (GBP109 million) due in October 2025 and refinance the
EUR600 million (GBP495 million-equivalent) term loan B due in
December 2026. This will reduce THG's gross financial debt
(excluding the convertible loan) to GBP392 million from GBP604
million. Along with the refinancing of the term loan B, the group
is undertaking a consent process to extend its GBP150 million RCF
to May 2029.

THG still faces significant supplier-concentration risk due to
Ingenuity. Ingenuity continues to serve as THG's main fulfillment
and logistics provider, managing online orders for the beauty and
nutrition segments and charging 28%-30% fulfillment fees on about
90% of THG's group sales. Conversely, THG will represent
approximately 75% of Ingenuity's revenue.

It remains uncertain whether THG's exposure to Ingenuity could
affect THG's financial position. Ingenuity was established with no
financial recourse to THG, relieving THG of any obligation to
support its crucial supplier. S&P said, "Ingenuity's initial
liquidity includes GBP88 million of cash and a GBP55 million
receivables facility, but we project that it will incur negative
FOCF of approximately GBP20 million-GBP30 million annually over the
next three years. We do not expect cash flow breakeven until the
financial year ending Dec. 31, 2028 (FY2028)."

Should Ingenuity face financial distress, THG could mitigate the
risk of contagion by shifting to alternative partners for critical
services. However, THG might instead opt to provide support to
Ingenuity to avoid operational disruptions, despite not being
required to do so. S&P cannot exclude such a possibility given CEO
Matthew Moulding's significant equity stake in both entities. THG's
related-party committee, which oversees such transactions, will
have to actively monitor this risk.

There are four key shareholders--Sofina S.A., Balderton Capital
(UK) LLP, Qatar Investment Authority, and Frasers Group--that
collectively hold approximately 30% of THG's equity and have chosen
to concentrate their ownership in THG (RemainCo following the
demerger) rather than taking stakes in Ingenuity. These governance
measures may enhance oversight and align interests, potentially
reducing conflicts stemming from Mr. Moulding's significant stake
in both THG and Ingenuity.

Tight operational execution, reversing the trend of THG
underperforming our expectations historically, is crucial for
deleveraging and positive cash flow generation. THG's 2024
financial performance fell short of our projections, with declines
in the nutrition segment offsetting steady revenue growth in the
beauty segment and tempering overall profitability. The beauty
segment recorded a 4.6% revenue increase, supported by a
first-quarter recovery in third-party manufacturing boosting its
group-reported adjusted EBITDA margin to an estimated 6.0% from
3.8% in 2023.

Conversely, the nutrition segment saw an 8.7% revenue decline.
Drops of 10.5% in the third quarter and 9.5% in the fourth quarter
reflected discounting to clear old-labeled stock following the
Myprotein rebranding extending into the second half of the year,
contrary to S&P's expectation of a first-half resolution.
Foreign-exchange headwinds from the Japanese yen further
pressurized the profitability of the nutrition segment, reducing
its group-reported adjusted EBITDA margin to approximately 6.0% in
2024 from 13.5% in 2023. A spike in whey protein prices in the
second half of 2024 exacerbated the reduction.

S&P said, "As a result, continuing revenue growth (including
Ingenuity) reached only 1.1%, below our forecast of 4%-5%, while
group-adjusted EBITDA of GBP121.8 million, including Ingenuity,
fell short of our GBP145 million target. Although early 2025
indicators suggest a potential recovery of the nutrition segment as
rebranding pressures ease and the wholesale distribution channel
gains momentum, elevated whey protein costs may limit profitability
gains. Whey protein costs are higher than in 2023 and exhibit high
volatility in the initial months of 2025. We think that price
predictability for dry whey and high-protein whey concentrates may
remain low in 2025 due to a lack of clarity on tariffs and the
impact on trade dynamics.

"The stable outlook incorporates the successful execution of the
proposed refinancing, backed by the GBP90 million of funds raised
from THG's shareholders that THG will use to reduce its gross
financial debt. The outlook also reflects our view of the group's
adequate liquidity pro forma the refinancing, as well as structural
growth trends in the premium beauty and nutrition segments that
should support the group's earnings and cash generation. This
should lead to adjusted debt to EBITDA of about 6.0x-6.5x over 2025
and 2026, and sustainably positive annual FOCF after leases of
GBP10 million-GBP20 million by the end of 2025.

"We could lower the rating if near-term refinancing risk escalates
or liquidity weakens in the event of the proposed refinancing
transaction not concluding as we anticipate. Beyond the
refinancing, we could take a negative rating action if we have
concerns about the long-term sustainability of THG's capital
structure. This could happen if THG failed to improve its
profitability margins in line with our base case, or if it incurred
substantially higher exceptional costs or working capital
investments, resulting in structurally negative FOCF and/or weaker
liquidity." This could result from one or both of the beauty and
nutrition businesses facing continual declines in volumes or
profitability, or from its supply chain or logistics services being
disrupted because of problems at Ingenuity or geopolitical
reasons.

Rating upside would depend on a consistent track record of
management executing its profitable growth strategy and achieving
and sustaining stronger credit metrics, including adjusted leverage
toward 5.0x and consistently positive FOCF after lease payments.


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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