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

                          E U R O P E

          Thursday, April 3, 2025, Vol. 26, No. 67

                           Headlines



C Z E C H   R E P U B L I C

ENERGO-PRO AS: S&P Downgrades ICR to 'B+', Outlook Stable


F R A N C E

STAN HOLDING: Fitch Keeps 'B' Long-Term IDR on Watch Negative


I R E L A N D

AQUEDUCT EUROPEAN 4: Fitch Assigns 'B-sf' Final Rating to F-R Notes
ARBOUR CLO XIV: Fitch Assigns 'B-sf' Final Rating to Class F Notes
ARINI EUROPEAN V: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
CAIRN CLO XVII: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes
CARLYLE GLOBAL 2014-1: S&P Assigns B- (sf) Rating on E-R-R Notes

DRYDEN 32 2014: Fitch Lowers Rating on Class F-R Notes to 'Bsf'
OCPE CLO 2023-7: S&P Assigns B- (sf) Rating to Cl. F-2-R Notes
PENTA CLO 2021-2: S&P Assigns B- (sf) Rating to Class F-R Notes
SCULPTOR EUROPEAN V: Fitch Affirms 'B-sf' Rating on Class F Notes
TORO EUROPEAN 10: S&P Assigns B- (sf) Rating to Class F Notes



R U S S I A

IPOTEKA-BANK: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable


S P A I N

HIPOCAT 10: Moody's Ups Rating on EUR51.8MM Class C Notes to Caa2


S W E D E N

NORION BANK: Fastighets Set to Offload Stake to Shareholders


U N I T E D   K I N G D O M

ASIMI FUNDING 2025-1: S&P Assigns Prelim B- (sf) Rating to X Notes
BLITZEN SECURITIES 1: Moody's Affirms Ba1 Rating on Class F Notes
CHERRY ORCHARD: Interpath Ltd Named as Joint Administrators
COLWIN CONSTRUCTION: Lewis Business Named as Joint Administrators
FOXCUT WATERJET: Keenan Corporate Named as Joint Administrators

JCA NINETY: KPMG Named as Administrators
KINVER CARE: Cowgills Limited Named as Joint Administrators
MILLER HOMES: S&P Assigns 'B' Rating to Proposed EUR465M FRN
ORCHARD STREET: Leonard Curtis Named as Joint Administrators
PRAESIDIAD GROUP: S&P Withdraws 'CCC+' LT Issuer Credit Rating


                           - - - - -


===========================
C Z E C H   R E P U B L I C
===========================

ENERGO-PRO AS: S&P Downgrades ICR to 'B+', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered the rating on Czech Republic-based
Energo-Pro a.s. (EPas) to 'B+' from 'BB-' to reflect the weaker
financials.

The stable outlook indicates that S&P expects EPas and its parent
DK Holding (DKHI) to operate with FFO to debt of about 12% in the
medium term.

S&P said, "On March 24, EPas announced its intention to acquire the
Brazil-based Baixo Iguacu HPP, which we consider to be a slight
credit positive for the company's business risk.   This is because
EPas will expand its footprint in Brazil through hydro generation
assets that benefit from long-term contracted purchase power
agreements (PPAs) beyond 20 years. The Baixo Iguacu power plant
will increase EPas' installed capacity by 350 megawatts (MW) of
which 172MW is assured energy. 84% of this, or 144.4MW, is secured
through PPAs granted through auctions. The first PPA auction
guarantees 121MW at about EUR42 per megawatt hour (/MWh) to August
2046. The second PPA auction secures 23.4MW at about EUR35/MWh to
December 2053. Both prices are adjusted annually based on Brazil's
Extended National Consumer Price Index. These agreements will
generate about EUR50 million in revenue and EUR35 million in EBITDA
annually. Baixo Iguacu has long-term debt estimated at Brazilian
real (R$) 562 million (about EUR97 million) as of year-end 2024,
divided into two tranches and maturing in 2035, which will amortize
by EUR14 million annually. Similar to the Brazilian acquisition in
November 2024, we anticipate revenue from the Brazilian operations
will fully fund the debt amortization. Consequently, EPas has
indicated it will not hedge the foreign exchange risk, which we
still see as a potential source of cash flow volatility.

"The announced acquisition was made amid weaker-than-expected
financial performance for 2025-2026 due to reduced global power
prices and lower tariffs in Bulgaria.   About 35%-40% of EPas'
EBITDA comes from electricity generation that is exposed to hydro
volume risk and sold on the spot market, which we view negatively
since it increases the company's vulnerability to power price
fluctuations. For example, we now expect electricity in Spain to
sell at EUR80/MWh from our previous expectation of
EUR110/MWh-EUR120/MWh. Similarly, in Turkiye we expect prices to be
$70/MWh from our previous expectation of $75-$80/MWh. Together,
these price changes could have a negative EUR15 million-EUR25
million impact on EPas' EBITDA. In the regulated sector, lower
tariffs in Bulgaria due to the Z-factor--a mechanism used in
regulatory frameworks to account for unexpected costs or changes in
circumstances that affect utility companies--will result in a EUR10
million decrease in EBITDA. However, these negative impacts are
offset by integrating Baixo Iguacu and the Turkish HPP Karakurt,
helping maintain EBITDA stability at EUR320 million-350 million
over 2025-2026."

The announced Baixo Iguacu acquisition comes after the Karakurt
integration in EPas from the parent company.  Karakurt operates
under feed-in tariffs from Yekdem (Turkiye's renewable energy
resources support scheme), which S&P views as supportive until
year-end 2030. Karakurt should receive a fixed tariff of $73 per
megawatt-hour (MWh) and benefits from a $23/MWh domestic content
bonus until year-end 2025. This will increase EPas' EBITDA by about
EUR20 million-EUR25 million annually over 2025-2030. Karakurt's
project finance debt was fully repaid at year-end 2024 through a
$26.0 million, 8% shareholder loan from DKHI due Dec. 13, 2031, and
a EUR41.5 million amortizing Czech Export Bank loan guaranteed by
EPas with a EUR4.8 million annual amortization until 2031.

The increased share of contracted revenues with high margins
improves S&P's view of EPas operating efficiency.   Since 2021,
EPas has been acquiring generation assets that benefit from good
hydrology levels. These assets are partially exposed to merchant
power prices (such as in Spain), as well as mid- to long-term
contracted earnings. S&P considers this a positive factor for its
business risk profile. For example:

-- In the Brazilian portfolio, 72% of installed capacity benefits
from long-term contracts maturing beyond 20 years; 8% is fully
regulated; 5% benefits from short-term (one- to two-year)
contracts; and the remaining 15% is merchant based. The Brazilian
portfolio has an average selling price of EUR40/MWh-EUR45/MWh.
In Spain, capacity is merchant based. Although power prices are
much higher in Spain than in Brazil and are expected to average
EUR80/MWh-EUR85/MWh over the forecast horizon, this is below S&P's
previous expectation of about 120EUR/MWh.

-- In Turkiye, both the Karakurt and Alpaslan-2 HPPs benefit from
feed-in tariffs of about $73/MWh until 2030, combined with a
domestic content bonus ending this year. Resadiye Hamzali sells on
the market benefiting from power prices of about $70/MWh.

-- In Georgia, 20%-30% of the capacity is regulated, with an
average price of EUR7/MWh until 2027 when all remaining generation
assets will be liberalized. S&P then expects the entire portfolio
to sell electricity at about EUR55/MWh on average, increasing
EBITDA by EUR30 million.

In addition, the diversified geographical footprint enables a
country with low hydro generation levels to be compensated by
another with higher levels. Generation assets also benefit from
high margins averaging 75%-80% over the portfolio, which emphasizes
asset efficiency. Since these assets are relatively new, they are
low maintenance, meaning EPas' capital expenditure (capex) is
mostly concentrated on networks rather than generation. S&P said,
"We still think the company's policy of not hedging exposure to
foreign currency (U.S. dollar and Brazilian real) may aggravate
cash flow volatility. We note, however, that the feed-in tariffs of
two Turkish HPPs are linked to the U.S. dollar, so they benefit
from a partial natural hedge."

S&P said, "We expect EPas to raise EUR250 million to finance the
announced Baixo Iguacu HPP acquisition.   Out of the EUR250 million
acquisition price, DK Holdings paid 10% in February 2025 and EPas
will pay the remaining 90% (about EUR230 million) when the
transaction closes, which we expect in June 2025. We think EPas
will raise up to EUR250 million to finance the acquisition before
end of June 2025, increasing its reported debt to EUR1.50-EUR1.60
billion--including foreign exchange movements--from EUR1.17 billion
expected at year-end 2024. At the same time, we expect cash
interest to increase by EUR40 million-50 million annually, leading
to FFO of about EUR150 million-EUR170 million over 2025-2026 before
growing to about EUR200 million. As a result, we now expect EPas's
FFO to debt to decrease to 11% on average over 2025-2026 from
21%-22% expected in 2024, before improving to above 12% from 2027.

"We continue to view EPas' acquisition strategy as aggressive,
which tightens our liquidity assessment.   We view EPas'
acquisition strategy as aggressive because it continues to purchase
midsize assets despite low headroom under the 20% threshold
assigned to the previous 'BB-' rating. The aggressive acquisition
strategy also tightens our view of the company's liquidity since
they consistently debt finance their acquisitions, which results in
our sources to uses ratio falling below 1.2x for up to three
months. However, we continue to view EPas' liquidity as adequate
based on its track record of successful issuances, despite high
prices, to finance acquisitions and refinance existing bonds. This
is demonstrated by the 11% coupon bond issued in 2023. Although we
expect EPas to focus on integrating the most recently acquired
assets into its business over 2025-2027, we will continue to
monitor its operations to ensure our liquidity ratio recovers above
1.2x.

"We now view EPas to be stronger than its parent DK Holding.   At
year-end 2024, DKHI issued a Czech koruna (CZK) 3.5 billion 7.5%
bond maturing at the end of 2029 to finance the EPas acquisition in
November 2024. This raised DKHI's reported debt to about EUR200
million higher than EPas', although FFO is similar at both
entities. We now anticipate DKHI's FFO to debt will fall to about
9% on average over our forecast period, 150 basis points-200 basis
points below that of EPas, before increasing to about 12% in 2027.

"We continue to view EPas as a core subsidiary of DKHI and link our
rating on it to DKHI's credit quality and the group credit profile
of 'b+'.   We expect EPas to contribute more than 95% of DKHI's
EBITDA over 2024-2026. The remaining EBITDA will come from two
Czech HPPs owned by DKHI. We understand EPas' dividends to DKHI
will fund debt service, although they could be restricted should
EPas breach its bond covenant of 4.5x net debt to EBITDA. Over our
forecast horizon, we expect EPas to remain in line with the 4.5x
net debt to EBITDA covenant.

"The stable outlook indicates that we expect EPas to successfully
integrate both Karakurt and Baixo Iguacu, increasing EBITDA from
2027 and stabilizing FFO to debt at about 12% on average over
2025-2027. We also expect DKHI's FFO to debt to recover to about
12% in 2027.

"We could downgrade EPas if the company's FFO to debt, or that of
its parent DKHI, fails to restore its metrics above 12% over the
medium term."

An upgrade could occur if EPas' financials increase beyond 18%.
This could stem from supportive power prices combined with
supportive tariffs in the regulated businesses and favorable
foreign exchange rates.




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

STAN HOLDING: Fitch Keeps 'B' Long-Term IDR on Watch Negative
-------------------------------------------------------------
Fitch Ratings has maintained Stan Holding SAS's (Voodoo) Long-Term
Issuer Default Rating (IDR) of 'B' and the senior secured EUR220
million term loan B (TLB), which is rated at 'B+', on Rating Watch
Negative (RWN). The Recovery Rating of the TLB is 'RR3'.

The RWN reflects high refinancing risk related to the TLB maturing
in November 2025. Fitch expects the company to be able to complete
the refinancing soon, supported by its improved operating
performance in 2024. If successful, this will likely result in a
rating affirmation. Lack of progress in addressing refinancing risk
could lead to a rating downgrade by at least one notch.

The ratings reflect Voodoo's evolving business model towards hybrid
and casual games that has resulted in improved revenue visibility,
which is balanced by its small scale, fierce competition, as well
as its limited platform and genre diversification. The ratings are
supported by structural growth drivers in mobile game consumption,
Voodoo's position in its niche market, and moderate Fitch-defined
leverage despite an aggressive financial policy.

Key Rating Drivers

High Refinancing Risks Remains: Fitch understands from management
that the company is pursuing multiple financing options and should
be able to meet its upcoming maturity. However, refinancing risk
remains high, given the short time to maturity and reduced free
cash flow (FCF) generation as Voodoo integrates BeReal.

Voodoo may decide not to extend the maturity of its EUR30 million
revolving credit facility (RCF) due in May 2025. However, Fitch
does not expect the RCF expiry to pressure liquidity, given the
company's available cash balance of EUR101 million at end-2024 and
forecast positive FCF generation for 2025-2027. Further, Voodoo is
not reliant on the RCF to fund its operations, as the facility has
remained undrawn historically.

Successful Turnaround: Voodoo has turned around its finances, with
its Fitch-defined EBITDA margin rebounding to an estimated 11% in
2024 from 0.8% in 2022, supported by higher revenue due to hybrid
hits, such as Mob Control, Collect Em All and Block Jam.

The company has diversified from hyper-casual to hybrid and casual
games after the tightening of Apple's privacy policy and slowing
growth in hyper games. This makes Voodoo less reliant on ads and
improves revenue visibility, with a higher share of in-app
purchases, at 45% of revenue in 2024, up from 1% in 2021. The
hyper-casual segment has shown more resilience than previously
expected with games, such as Hole.io and Paper.io 2, having
double-digit revenue growth in 2024.

Execution Risks from BeReal: The acquisition of BeReal carries
execution risks, given the social media application's limited
revenue generation. Efforts to monetise the platform will take time
and could encounter challenges if the user base continues to
decline. It also increases Voodoo's exposure to revenues from
advertising that are more volatile compared with in-app purchase
revenue streams. If successful, the newly acquired app will
contribute to Voodoo's revenue and EBITDA growth and improve
product diversification. Fitch assumes BeReal will be loss-making
in 2025-2026.

Improving Leverage: Fitch estimates Voodoo's EBITDA leverage to
have improved to 3.8x at end-2024 from 70x at end-2022, supported
by revenue growth and higher profitability. Voodoo demonstrates a
strong capacity to deleverage organically, with leverage expected
to remain below its negative sensitivity of 4.0x in 2025-2027. This
will primarily be driven by EBITDA growth with smaller negative
contribution from BeReal in its base case. The pace of deleveraging
will depend on the speed of BeReal's turnaround.

Positive FCF: Fitch expects Voodoo's FCF will remain positive at
3%-6% of revenue in 2025-2027, supported by increasing EBITDA and
low capex, which are partly offset by interest payments and working
capital outflows. Positive FCF supports the rating and will enable
the company to pay down debt.

Small Scale: The rating is constrained by Voodoo's small scale,
with an estimated Fitch-defined EBITDA of EUR71 million and FCF at
EUR17 million in 2024. The video game industry is inherently
hits-driven, which increases the volatility of cash flows. Voodoo
manages this risk with data analysis, which helps the company to
shift focus and efforts towards more successful projects. Its entry
into the hybrid casual games market has diversified its active user
base and generated additional revenue from in-app purchases.

Supportive Industry, Fierce Competition: The mobile gaming market
is fragmented and competitive due to low barriers to entry and
attractive growth. The market is expected to expand at mid-single
digits in 2025-2027, based on various market research data, and is
set to be the fastest growing subsector in consumer spend. Voodoo
is number three based on downloads, but the company's overall share
of the mobile gaming market is limited.

Dependence on Distribution Platforms: The tightening of Apple's
privacy policy highlights the risks of Voodoo's high dependence on
two major distribution platforms - Apple's App Store and Google
Play. As an experienced publisher, Voodoo can tackle newly
introduced changes and adapt better than smaller market
participants. Fitch believes that Apple's change in policy has a
structural impact on the mobile game subsector and expect higher
customer acquisition costs in the hyper-casual, hybrid and casual
subsectors.

Peer Analysis

Voodoo's peers in the broader gaming sector, such as Electronic
Arts Inc. (A-/Stable) and Activision Blizzard (acquired by
Microsoft Corporation in 2023), have far larger scale and more
robust portfolios of established gaming franchises. They benefit
from diversification by game console, PC and mobile revenues; low
leverage; and strong FCF generation.

Compared with similarly sized companies exposed to TV, video and
visual effects production, like Banijay S.A.S. (B+/Stable) and
Subcalidora 1 S.a.r.l. (Mediapro; B/Stable), Voodoo has higher
revenue growth prospects. However, Banijay, one of the largest
independent TV production companies, has more resilient income and
a more diversified revenue and distribution platform. Mediapro, the
Spanish-based vertically integrated sports and media group, has
stronger regional sector relevance, which is offset by limited
diversification leading to high contract renewal risk, and by
weaker FCF than Voodoo.

Voodoo's rating is also comparable with that of the wider
Fitch-rated technology group like IDEMIA Group S.A.S. (B/Stable),
TeamSystem S.p.A. (B/Stable), and Unit4 Group Holding B.V.
(B/Stable). Voodoo has lower revenue visibility than TeamSystem and
Unit4, while IDEMIA benefits from a larger global scale and higher
barriers to entry.

Key Assumptions

- Revenue growth of 16% in 2025 and 5%-7% a year in 2026-2027

- Fitch-defined EBITDA margin of 10% in 2025-2027

- Cash capex (excluding development costs, which are expensed by
Fitch) at 1% of revenue a year in 2026-2027

- Working capital outflows of 1.2%-2.3% of revenue a year between
2025 and 2027

- No dividend payments in 2025-2027

- M&A activity to be funded with FCF and equity

Recovery Analysis

Key Recovery Assumptions

The recovery analysis assumes that Voodoo would be considered a
going concern at default and would be reorganised rather than
liquidated.

Fitch has assumed a 10% administrative claim in the recovery
analysis.

Fitch estimates going-concern EBITDA at EUR38 million, reflecting
cost adjustments and a rehabilitation period after restructuring.

Fitch has applied a distressed enterprise value multiple of 5.0x to
the going-concern EBITDA. The multiple reflects the evolving
landscape around mobile ad-based revenues and profitability,
Voodoo's small scale, limited revenue visibility, and fierce
competition, balanced by the company's strong position in
high-growth key subsectors. The multiple is higher than Mediapro's
4.5x, but lower than Banijay's 5.5x and IDEMIA's 6.0x.

Fitch assume tshat Voodoo's EUR30 million RCF, ranking pari passu
with the EUR220 million TLB, would be fully drawn in a default. The
allocation of value in the liability waterfall analysis results in
a Recovery Rating corresponding to 'RR3' for the TLB. This
indicates a 'B+' instrument rating, based on current metrics and
assumptions.

RATING SENSITIVITIES

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

- Failure to refinance or extend TLB's maturity over the next two
to three months could result in the RWN being resolved with at
least a one-notch downgrade

- Aggressive M&A strategy leading to increased financial risk plus
weakening FCF and liquidity

- EBITDA leverage above 5.5x on a sustained basis

- EBITDA interest cover below 2.5x

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

- The RWN would be removed, and the ratings affirmed, if Voodoo
refinances or extends its existing maturities in the next two to
three months

- Continued successful diversification into the hybrid and casual
gaming subsectors, indicated by their increasing contribution to
revenue and EBITDA

- Sustained improvement of Fitch-defined EBITDA margin to above
12%

- Cash flow from operations less capex/total debt at 5%

- EBITDA leverage below 4.0x for an extended period

- EBITDA interest cover above 3.0x

Liquidity and Debt Structure

Voodoo's primary liquidity risk is the refinancing of its near-term
debt maturities. It had EUR101 million of cash at end-2024.
Liquidity is further supported by its expectation of positive FCF
in 2025-2027, subject to a successful refinancing. The company also
has an undrawn EUR30 million RCF expiring in May 2025; however,
Voodoo may not renew it.

Issuer Profile

Voodoo is a global mobile games publisher.

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

Voodoo has an ESG Relevance Score of '4' for Management Strategy
due to an aggressive M&A strategy with high execution risks, which
has a moderately 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
   -----------         ------                     --------   -----
Stan Holding
SAS              LT IDR B  Rating Watch Maintained           B

   senior
   secured       LT     B+ Rating Watch Maintained   RR3     B+



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

AQUEDUCT EUROPEAN 4: Fitch Assigns 'B-sf' Final Rating to F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European CLO 4 - 2019 DAC reset
notes final ratings, as detailed below.

   Entity/Debt              Rating               Prior
   -----------              ------               -----
Aqueduct European
CLO 4-2019 DAC

   A-R XS2387681443     LT PIFsf  Paid In Full   AAAsf

   A-RR Loan            LT AAAsf  New Rating

   A-RR XS3006428299    LT AAAsf  New Rating

   B-1-R XS2387682177   LT PIFsf  Paid In Full   AA+sf

   B-2-R XS2387682763   LT PIFsf  Paid In Full   AA+sf

   B-RR XS3006426913    LT AAsf   New Rating

   C-R XS2387683498     LT PIFsf  Paid In Full   A+sf

   C-RR XS3006427051    LT Asf    New Rating

   D-R XS2387683902     LT PIFsf  Paid In Full   BBB+sf

   D-RR XS3006428455    LT BBB-sf New Rating

   E XS2004874512       LT PIFsf  Paid In Full   BB+sf

   E-R XS3006427309     LT BB-sf  New Rating

   F XS2004875758       LT PIFsf  Paid In Full   B-sf

   F-R XS3006427481     LT B-sf   New Rating

   Subordinated Notes
   XS3006428885         LT NRsf   New Rating

   Z-1 XS3006428612     LT NRsf   New Rating

   Z-2 XS3006427721     LT NRsf   New Rating

   Z-3 XS3006427994     LT Rsf    New Rating

Transaction Summary

Aqueduct European CLO 4 - 2019 DAC reset is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR450 million. The portfolio is actively managed by
HPS Investment Partners CLO (UK) LLP. The CLO has a 4.6-year
reinvestment period and an 8.5-year weighted average life test
(WAL).

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.8%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices, two of which are effective at closing. All
matrices correspond to a top 10 obligor concentration limit of 20%,
fixed-rate obligation limits at 5% and 12.5%, and an 8.5-year WAL
covenant. It has two forward matrices corresponding to the same top
10 obligors and fixed-rate asset limits, and a and a 7.5-year WAL
covenant. The forward matrices are effective one year post closing
subject to the aggregate collateral balance (defaults at Fitch
collateral value) being at least at the reinvestment target par.

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

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

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, C, D and E notes each
display a rating cushion of two notches, the class F notes have a
cushion of four notches, while the class A notes have no rating
cushion.

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

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

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

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. After the end of the reinvestment
period, upgrades may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread 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 Aqueduct European
CLO 4 - 2019 DAC reset notes.

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.

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

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Arbour CLO XIV DAC

   Class A XS2995385247   LT AAAsf  New Rating   AAA(EXP)sf

   Class A-Loan           LT AAAsf  New Rating

   Class B XS2995376253   LT AAsf   New Rating   AA(EXP)sf

   Class C XS2995377657   LT Asf    New Rating   A(EXP)sf

   Class D XS2995385593   LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS2995376683   LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS2995377814   LT B-sf   New Rating   B-(EXP)sf

   Class M XS2995377061   LT NRsf   New Rating   NR(EXP)sf

   Class X XS2995377491   LT AAAsf  New Rating   AAA(EXP)sf

   Subordinated Notes
   XS2995385759           LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Arbour CLO XIV DAC is a securitisation of mainly senior secured
obligations (circa 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien last-out loans and
high-yield bonds. Note proceeds were used to fund a portfolio with
a target par of EUR450 million. The portfolio is managed by Oaktree
Capital Management (UK) LLP. The collateralised loan obligation
(CLO) has a five-year reinvestment period and a nine-year
weighted-average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.7%.

Diversified Portfolio (Positive): The transaction includes two
closing matrices corresponding to a nine-year WAL and two forward
matrices corresponding to an eight-year WAL. Each matrix set
corresponds to two different fixed-rate assets limits of 5% and
12.5%. All matrices are based on a top 10 obligor concentration
limit of 20%. The forward matricies can be selected by the manager
one year after the issue date, provided the aggregate collateral
amount (defaults calculated at Fitch collateral value) is at least
at the reinvestment target par balance and Fitch's collateral
quality tests are satisfied.

The transaction document stipulates various concentration limits in
the loan portfolio, including a maximum exposure to the three
largest (Fitch-defined) industries in the portfolio of 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

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

RATING SENSITIVITIES

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

An increase of the mean default rate (RDR) in the identified
portfolio by 25% and a decrease of the recovery rate (RRR) by 25%
at all ratings would lead to a downgrade of no more than one notch
on the class D and E notes, and to below 'B-sf' for the class F
notes. There is no impact on the class A to C notes ratings.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Owing to the
identified portfolio's better metrics and a shorter life than the
Fitch-stressed portfolio, the class B, C, D, E notes each display a
rating cushion of two notches, the class F notes have a cushion of
five notches, while the class A notes have no rating cushion.

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Abour CLO XIV 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.

ARINI EUROPEAN V: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Arini European CLO V DAC final ratings,
as detailed below.

   Entity/Debt                           Rating           
   -----------                           ------           
Arini European CLO V DAC

   A XS2996843855                    LT AAAsf  New Rating
   B XS2996844077                    LT AAsf   New Rating
   C XS2996844234                    LT Asf    New Rating
   D XS2996844408                    LT BBB-sf New Rating
   E XS2996844663                    LT BB-sf  New Rating
   F XS2996844820                    LT B-sf   New Rating
   Subordinated Notes XS2996845124   LT NRsf   New Rating

Transaction Summary

Arini European CLO V DAC is a securitisation of mainly (at least
90%) senior secured obligations with a component of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high-yield bonds. Net proceeds from the issuance of the notes have
been used to fund an identified portfolio with a target par of
EUR400 million. The portfolio is actively managed by Arini Capital
Management Limited. The CLO has a 4.6-year reinvestment period and
a 7.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor of the identified portfolio is
23.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.8%.

Diversified Portfolio (Positive): The transaction includes two
closing matrices corresponding to a 7.5-year WAL and two forward
matrices corresponding to a 6.5-year WAL. Each matrix set
corresponds to two different fixed-rate asset limits of 5% and 10%.
All matrices are based on a top 10 obligor concentration limit of
20%. The forward matrices can be selected by the manager one year
from issue date or two years after closing if the WAL step-up
occurs, provided the collateral principal amount (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target par balance and the Fitch collateral quality tests are
satisfied.

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on or after the step-up date, which is one year after
closing. The WAL extension is subject to the satisfaction of the
collateral quality tests, the portfolio profile tests and the
coverage tests, and the collateral principal amount (defaults at
Fitch-calculated collateral value) being at least equal to the
reinvestment target par balance. If the WAL extension occurs before
two years after closing, the manager will apply the closing
matrices and may switch to the forward matrices only after this
period.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis was reduced by 12 months. This is
to account for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period, which include passing
the coverage tests and the Fitch 'CCC' maximum limit, and a WAL
covenant that progressively steps down over time. In Fitch's
opinion, these conditions would reduce the effective risk horizon
of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D, E and F notes each
display a rating cushion of two notches and the class C notes have
a cushion of three notches. The class A notes are at the highest
achievable rating and therefore have no rating cushion.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
an upgrade of no more than three notches across the structure,
apart from the 'AAAsf' notes.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Arini European CLO
V 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.

CAIRN CLO XVII: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XVII DAC reset final ratings,
as detailed below.

   Entity/Debt                  Rating                Prior
   -----------                  ------                -----
Cairn CLO XVII DAC

   A- R XS3013058774        LT AAAsf  New Rating
   B-R XS3013058931         LT AAsf   New Rating
   C-R XS3013059152         LT Asf    New Rating
   Class A XS2650750537     LT PIFsf  Paid In Full    AAAsf
   Class B-1 XS2650750610   LT PIFsf  Paid In Full    AAsf
   Class B-2 XS2650751006   LT PIFsf  Paid In Full    AAsf
   Class C XS2650751188     LT PIFsf  Paid In Full    Asf
   Class D XS2650751857     LT PIFsf  Paid In Full    BBB-sf
   Class E XS2650751428     LT PIFsf  Paid In Full    BB-sf
   Class F XS2650751691     LT PIFsf  Paid In Full    B-sf
   D-R XS3013059582         LT BBB-sf New Rating
   E-R XS3013059822         LT BB-sf  New Rating
   F-R XS3013060838         LT B-sf   New Rating

Transaction Summary

Cairn CLO XVII DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. Note proceeds have been used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Cairn Loan Investments II LLP. The
transaction has an approximately 4.6-year reinvestment period and
an 8.5-year weighted-average life (WAL) test.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch
weighted-average recovery rate of the identified portfolio is
61.9%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices. Two are effective at closing, corresponding to an
8.5-year WAL, while two are effective one year after closing,
corresponding to a 7.5-year WAL with a target par condition at
EUR400 million. Each matrix set corresponds to two different
fixed-rate asset limits at 5% and 10%. All matrices are based on a
top 10 obligor concentration limit of 20%.

The transaction has a maximum exposure of 40% to the three largest
Fitch-defined industries in the portfolio, among others. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and stress portfolio analysis is 12 months less than the WAL
covenant at the issue date. This reduction to the risk horizon
accounts for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period.

These include, among others, passing both the coverage tests and
the Fitch 'CCC' bucket limitation test after reinvestment as well
as a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. This
ultimately reduces the maximum possible risk horizon of the
portfolio when combined with loan pre-payment expectations.

RATING SENSITIVITIES

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

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

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

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

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

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

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

Cairn CLO XVII DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Cairn CLO XVII 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.

CARLYLE GLOBAL 2014-1: S&P Assigns B- (sf) Rating on E-R-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Carlyle Global
Market Strategies Euro CLO 2014-1 DAC's class X, A-1, A-2, B, C,
D-R-R, and E-R-R notes, and A-1 loan. The unrated subordinated
notes are still outstanding since the original issuance.

This transaction is a reset of the already existing transaction,
which S&P did not rate. The existing debt were fully redeemed with
the proceeds from the issuance of the replacement debt on the reset
date.

The ratings assigned to the notes and loan 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 issuer'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   2,909.47
  Default rate dispersion                                437.13
  Weighted-average life (years)                            4.14
  Weighted-average life (years)
  extended to match reinvestment period                    4.54
  Obligor diversity measure                              129.09
  Industry diversity measure                              20.63
  Regional diversity measure                               1.29
  Weighted-average rating                                     B
  'CCC' category rated assets (%)                          1.34
  Actual 'AAA' weighted-average recovery rate (%)         35.87
  Actual weighted-average spread (net of floors; %)        3.74
  Actual weighted-average coupon (%)                       3.83

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

Rationale

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

"In our cash flow analysis, we modelled the EUR400 million target
par amount, the actual weighted-average spread of 3.74%, and the
covenanted weighted-average coupon of 3.82%. We have assumed a
covenanted weighted-average recovery rate of 34.87% at the 'AAA'
rating level and the actual weighted-average recovery rates at all
other rating levels, in line with the recovery rates of the actual
portfolio presented to us. 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 is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"The CLO is managed by CELF Advisors LLP. Under our operational
risk criteria, the maximum potential rating on the liabilities is
'AAA'."

Until the end of the reinvestment period on Oct. 15, 2029, the
collateral manager can substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes and loan. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager may, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

S&P said, "Our credit and cash flow analysis show that the class
A-2, B, and C notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our ratings on the notes."

The class X, A-1, D-R-R notes, and A-1 loan can withstand stresses
commensurate with the assigned ratings.

S&P said, "For the class E-R-R notes, our credit and cash analysis
indicate that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The ratings uplift for the class E-R-R notes reflects several key
factors, including:

-- The class E-R-R notes' available credit enhancement, which is
in the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 24.49%
(for a portfolio with a weighted-average life of 4.54 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 4.54 years, which would result in a target default rate
of 14.08%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class E-R-R notes is commensurate with
the assigned 'B- (sf)' rating.

"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 all classes
of notes and the loan.

"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 X to D-R-R
notes, and A-1 loan, 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 E-R-R notes."

Environmental, social, and governance

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

Carlyle Global Market Strategies Euro CLO 2014-1 DAC is a European
cash flow CLO securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. The transaction is
managed by CELF Advisors LLP.

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

  X       AAA (sf)       2.00    N/A      3M EURIBOR + 0.90%
  A-1     AAA (sf)     189.35    38.25    3M EURIBOR + 1.21%
  A-1 loan  AAA (sf)    57.65    38.25    3M EURIBOR + 1.21%
  A-2     AA (sf)       41.00    28.00    3M EURIBOR + 1.70%
  B       A (sf)        22.70    22.33    3M EURIBOR + 2.35%
  C       BBB- (sf)     30.50    14.70    3M EURIBOR + 3.50%
  D-R-R   BB- (sf)      19.40     9.85    3M EURIBOR + 5.65%
  E-R-R   B- (sf)       12.40     6.75   3M EURIBOR + 8.45%
  Sub. Notes  NR        40.00      N/A   N/A

*S&P ratings on the class X notes, A-1 notes, and A-1 loan address
timely payment of interest and ultimate payment of principal, while
its ratings on the class A-2 to E-R-R notes address the ultimate
payment of interest and principal.
§ The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event
occurs.
3M—Three-month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


DRYDEN 32 2014: Fitch Lowers Rating on Class F-R Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Dryden 32 Euro CLO 2014 DAC class C and
D notes, while downgrading the class F notes. The rest has been
affirmed.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Dryden 32 Euro
CLO 2014 DAC

   A-1-R XS1864488553   LT AAAsf  Affirmed    AAAsf
   A-2-R XS1864488801   LT AAAsf  Affirmed    AAAsf
   B-1-R XS1864489106   LT AAAsf  Affirmed    AAAsf
   B-2-R XS1864489445   LT AAAsf  Affirmed    AAAsf
   C-1-R XS1864489874   LT AAAsf  Upgrade     AA-sf
   C-2-R XS1864913196   LT AAAsf  Upgrade     AA-sf
   D-1-R XS1864490294   LT A+sf   Upgrade     BBB+sf
   D-2-R XS1864913519   LT A+sf   Upgrade     BBB+sf
   E-R XS1864490534     LT BB+sf  Affirmed    BB+sf
   F-R XS1864490617     LT Bsf    Downgrade   B+sf

Transaction Summary

Dryden 32 Euro CLO 2014 DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction closed in August 2018,
is actively managed by PGIM Limited, and exited its reinvestment
period in November 2022.

KEY RATING DRIVERS

Amortising Transaction: The class A-R notes are 76.4% paid down
since the transaction closed in August 2018, out of which EUR118.5
million has been repaid since the last review in June 2024. The
class C and D notes upgrades and the Stable Outlook on the class D
and E notes reflect increased credit enhancement (CE) resulting
from the repayment of the class A-R notes, and a larger break-even
default-rate cushions maintained since the last review.

Stable Performance: As the transaction is restricted from
reinvesting, the portfolio has become more concentrated. The
transaction is currently 5.9% below par (calculated as the current
par difference over the original target par), with no defaulted
assets in the portfolio and Fitch-derived rating of 'CCC+' and
below at 6.1%, according to the latest trustee report dated 28
February 2025. The total par loss exceeds its rating-case
assumptions, which leads to the downgrade of the class F notes. The
Negative Outlook on the class F notes reflects their limited
default rate cushion.

Cash Flow Modelling: The transaction is currently failing the
weighted average rating factor (WARF) test of another rating
agency, which needs to be satisfied after any reinvestment,
essentially preventing the manager from reinvesting. The manager
has not made any purchases since May 2024. Given the transaction is
restricted from reinvesting, Fitch's analysis is based on the
current portfolio, which Fitch stressed by downgrading obligors
that are on Negative Outlook by one notch (but floored at CCC-).
Fitch also floors the portfolio's WAL at four years when testing
for upgrades in line with its criteria.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 24.8.

High Recovery Expectations: The portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favorable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate, as calculated by Fitch,
is 58.4%.

Reduced Portfolio Diversification: The portfolio is diversified
across obligors, countries and industries. The top 10 obligor
concentration is 28.2% and the largest obligor represents 4.1% of
the portfolio balance, as calculated by Fitch. Exposure to the
three largest Fitch-defined industries is 28.4%, as calculated by
the trustee.

Deviation from MIRs: The class D notes are two notches below their
model-implied ratings (MIR). The deviation reflects limited
default-rate cushion at their MIRs.

RATING SENSITIVITIES

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

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

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher CE 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 Dryden 32 Euro CLO
2014 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 in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.

OCPE CLO 2023-7: S&P Assigns B- (sf) Rating to Cl. F-2-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to OCPE CLO 2023-7
DAC's class B-R, C-R, D-R, E-R, F-1-R, and F-2-R notes. At closing,
the issuer had unrated subordinated notes outstanding from the
existing transaction.

On March 31, 2025, OCPE CLO 2023-7 DAC refinanced the existing
class B, C, D, E, F-1, and F-2 notes (originally issued in
September 2023) through an optional redemption and issue
replacement notes.

The replacement debt is largely subject to the same terms and
conditions as the original debt, except that the replacement debt
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
than the original debt.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,856.97
  Default rate dispersion                                 646.98
  Weighted-average life (years)                             4.03
  Obligor diversity measure                               140.30
  Industry diversity measure                               21.31
  Regional diversity measure                                1.29

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.71
  Actual 'AA' weighted-average recovery (%)                46.51
  Covenanted weighted-average spread (net of floors; %)     3.70

Rating rationale

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

The portfolio's reinvestment period will end on April 25, 2028.

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

"In our cash flow analysis, we used a EUR350 million target par
collateral principal amount, the portfolio's actual
weighted-average spread (3.94%), actual weighted-average coupon
(3.28%), and actual weighted-average recovery rates at each rating
level.

"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 current counterparty criteria.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R, C-R, D-R, E-R and F-1-R notes
could withstand stresses commensurate 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 capped our assigned ratings on these refinanced
notes.

"For the class F-2-R notes, our credit and cash flow analysis
indicate that the available credit enhancement could withstand
stresses commensurate with the target rating.

"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
B-R, C-R, D-R, E-R, F-1-R, and F-2-R notes.

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

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."

  Ratings

                              Initial   Post step-up
                   Amount     interest  coupon            Credit
  Class  Rating*  (mil. EUR)  rate§     interest rate†
enhancement  
                                                           (%)

  B-R    AA (sf)    35.00    3mE + 1.55%   3mE + 2.325%    28.00

  C-R    A (sf)     19.30    3mE + 1.90%   3mE + 2.850%    22.49

  D-R    BBB- (sf)  23.40    3mE + 2.70%   3mE + 4.050%    15.80

  E-R    BB- (sf)   16.80    3mE + 3.85%   3mE + 5.775%    11.00

  F-1-R  B+ (sf)     5.20    3mE + 5.00%   3mE + 8.530%     9.51

  F-2-R  B- (sf)     5.30    3mE + 6.50%   3mE + 9.460%     8.00

*The rating assigned to the class B-R notes addresses timely
interest and ultimate principal payments. The ratings assigned to
the class C-R to F-2-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.

†The margins on the notes change after the Sept. 28, 2025,
step-up date.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


PENTA CLO 2021-2: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 2021-2
DAC's class A-1-R Loan and class A-1-R, A-2-R, B-R, C-R, D-R, E-R,
and F-R reset notes. The issuer has unrated subordinated notes
outstanding from the existing transaction and issued an additional
EUR3.348 million of subordinated notes.

This transaction is a reset of the already existing transaction
which we did not rate.

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

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

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,869.92
  Default rate dispersion                                 478.20
  Weighted-average life (years)                             4.58
  Weighted-average life including reinvestment (years)      5.04
  Obligor diversity measure                               136.64
  Industry diversity measure                               20.05
  Regional diversity measure                                1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.00
  Target 'AAA' weighted-average recovery (%)               36.59
  Target floating-rate assets (%)                          95.21
  Target weighted-average coupon (%)                        4.53
  Target weighted-average spread (net of floors; %)         3.86

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.80%),
and the covenanted weighted-average coupon (4.00%) as indicated by
the collateral manager. We have assumed the targeted
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class B-R to E-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-1-R Loan and class A-1-R, A-2-R, and F-R notes can
withstand stresses commensurate with the assigned ratings.

"Until the end of the reinvestment period on April 15, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the loan and notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-1-R Loan and A-1-R to F-R notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-1-R Loan and class A-1-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."

Penta CLO 2021-2 securitizes a portfolio of primarily senior
secured leveraged loans and bonds. Partners Group (UK) Management
Ltd. manages the transaction.

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 the following industries

"Accordingly, since the exclusion of assets from these industries
and areas 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
                       Balance   Credit
  Class     Rating*  (mil. EUR)  enhancement (%)  Interest rate§

  A-1-R     AAA (sf)    198.00   38.00   Three-month EURIBOR
                                         plus 1.17%

  A-1-R Loan  AAA (sf)   50.00   38.00   Three-month EURIBOR
                                         plus 1.17%

  A-2-R     AAA (sf)      5.00   36.75   Three-month EURIBOR
                                         plus 1.40%

  B-R       AA (sf)      39.00   27.00   Three-month EURIBOR
                                         plus 1.65%

  C-R       A (sf)       24.00   21.00   Three-month EURIBOR
                                         plus 2.10%

  D-R       BBB- (sf)    28.00   14.00   Three-month EURIBOR
                                         plus 3.05%

  E-R       BB- (sf)     19.00    9.25   Three-month EURIBOR
                                         plus 5.10%

  F-R       B- (sf)      12.00    6.25   Three-month EURIBOR
                                         plus 8.34%

  Add Sub.  NR           3.348     N/A   N/A

  Sub.      NR           27.90     N/A   N/A

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

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


SCULPTOR EUROPEAN V: Fitch Affirms 'B-sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded Sculptor European CLO V DAC's class C-R
notes and affirmed the others. The Outlooks are Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Sculptor European
CLO V DAC

   A-R XS2405128823     LT AAAsf  Affirmed   AAAsf
   B-1 XS1904642375     LT AA+sf  Affirmed   AA+sf
   B-2-R XS2405129631   LT AA+sf  Affirmed   AA+sf
   C-R XS2405130308     LT A+sf   Upgrade    Asf
   D-R XS2405131025     LT BBB+sf Affirmed   BBB+sf
   E XS1904643423       LT BB-sf  Affirmed   BB-sf
   F XS1904643340       LT B-sf   Affirmed   B-sf

Transaction Summary

Sculptor European CLO V DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
Sculptor Europe Loan Management Limited and exited its reinvestment
period in July 2023.

KEY RATING DRIVERS

Performance Better Than Expected Case: Since Fitch's last rating
action in May 2024, the portfolio's performance has been stable.
Based on the trustee report dated 18 February 2024, the transaction
was in breach of the weighted average life (WAL) test, but passing
all of its collateral-quality and portfolio-profile tests. Exposure
to assets with a Fitch-derived rating of 'CCC+' and below was 6.3%,
according to the trustee report, versus a limit of 7.5%. The
transaction is currently 0.3% above target par. In addition, the
class A notes have started amortising from February 2024, and EUR19
million has been repaid. This has led to an increase in credit
enhancement across the capital structure.

High Recovery Expectations: Senior secured obligations comprise
96.9% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 60.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 17%, and no obligor
represents more than 2.4% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 23.8% as calculated by
the trustee. Fixed-rate assets reported by the trustee are at 9% of
the portfolio balance, versus a limit of 10%.

Transaction Outside Reinvestment Period: Although the transaction
exited its reinvestment period in July 2023, the manager can
reinvest unscheduled principal proceeds and sale proceeds from
credit-risk obligations after the reinvestment period, subject to
compliance with the reinvestment criteria. Given the manager's
ability to reinvest, Fitch's analysis is derived from stressing the
portfolio's Fitch-calculated WAL, Fitch-calculated weighted average
rating factor, Fitch-calculated WARR, weighted average spread,
weighted average coupon, and the fixed-rate asset share to their
covenanted limits.

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.

Deviation from MIR: The class E notes are two notches below their
'BB+' model-implied rating (MIR), reflecting insufficient cushions
on the Fitch-stressed portfolio as indicated by its sensitivity
analysis on the recently downgraded Altice France assets.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Sculptor European
CLO V 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.

TORO EUROPEAN 10: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Toro European CLO 10
DAC's class A to F European cash flow CLO notes. At closing, the
issuer also issued unrated subordinated notes.

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

The portfolio's reinvestment period ends approximately 4.5 years
after closing, and its noncall period ends 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 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 weighted-average rating factor                 2,777.71
  Default rate dispersion                              635.35
  Weighted-average life (years)                          4.59
  Obligor diversity measure                            127.44
  Industry diversity measure                            22.38
  Regional diversity measure                             1.26

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                        2.00
  Target 'AAA' weighted-average recovery (%)            37.64
  Actual weighted-average spread (net of floors; %)      4.10
  Actual weighted-average coupon (%)                     5.06

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 as of the closing date,
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."

The issuer expects to purchase around 10% of the effective date
portfolio from a secured special-purpose vehicle (SPV) selling
institution. These assets are subject to participations. The
transaction documents require that the issuer and the secured SPV
use commercially reasonable efforts to elevate the participations
by transferring to the issuer the legal and beneficial interests in
such assets as soon as reasonably practicable. No further
participations may be entered into from the closing date.

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the actual weighted-average spread (4.10%), the
actual weighted-average coupon (5.06%), and the target
weighted-average recovery rates at all rating levels, as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes benefits from
break-even default rate and scenario default rate cushions that we
would typically consider commensurate 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 assigned to the notes. The
class A notes can withstand stresses commensurate with the assigned
rating.

"Until the end of the reinvestment period on Oct. 15, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Chenavari
Credit Partners LLP.

Environmental, social, and governance

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

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

  A       AAA (sf)    310.00    3mE +1.25%      38.00
  B       AA (sf)      52.50    3mE +1.85%      27.50
  C       A (sf)       28.75    3mE +2.35%      21.75
  D       BBB- (sf)    37.50    3mE +3.35%      14.25
  E       BB- (sf)     22.50    3mE +5.05%       9.75
  F       B- (sf)      15.00    3mE +8.42%       6.75
  Sub     NR           39.60    N/A               N/A

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

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




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

IPOTEKA-BANK: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Joint-Stock Commercial Mortgage Bank
Ipoteka-Bank's (Ipoteka) Long-Term (LT) Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB-' with Stable Outlooks. The
bank's Viability Rating (VR) has been affirmed at 'b'.

Key Rating Drivers

Ipoteka's IDRs are based on potential support from its parent bank,
OTP Bank Plc (OTP), as captured by its 'bb-' Shareholder Support
Rating (SSR). This view considers OTP's majority ownership and
inclusion of the bank into OTP's resolution group, high
reputational risks for OTP from a subsidiary's default, and the low
cost of support for the parent.

The bank's 'b' VR balances its weak asset quality, high reliance on
wholesale funding against recovered profitability, improving
capitalisation, strengthened risk management, and the anticipated
benefits of ordinary support from its parent bank.

IDRs Constrained by Country Ceiling: The bank's SSR and LT IDRs are
constrained by Uzbekistan's 'BB-' Country Ceiling, reflecting
potential transfer and convertibility restrictions, and the risk
that the subsidiary may not be able to benefit from parent support
to service its own foreign-currency obligations. The Stable
Outlooks on the bank's LT IDRs mirror those on Uzbekistan's
sovereign ratings.

Gradual Market Improvements, Structural Risks: Uzbekistan's banks
have benefitted from ongoing, but gradual, market reforms that have
fostered economic growth, lifted restrictions on lending, and
improved governance and risk-management practices. However, the
local banking sector remains highly concentrated and
state-dominated, despite privatisation plans. It is also exposed to
heightened credit and currency risks and is reliant on state and
external borrowings.

Leading Mortgage Bank, Commercial Focus: Ipoteka is the
fifth-largest bank in Uzbekistan, with leading positions in
mortgage lending (end-2024: 23% of sector mortgages). The bank is
developing its commercial lending, while legacy subsidised
exposures made up a sizeable 26% of gross loans at end-2024. Being
part of a large EU-based banking group benefits the bank's
governance quality and strategy execution.

Strengthened Risk-Management Framework: Since OTP's acquisition in
June 2023, Ipoteka has gradually aligned its risk-management
framework with the parent's, which should benefit the quality of
new loan originations. The bank's loan book was stable in 2024, as
retail loan growth was offset by write-offs and repayments in the
corporate segment. Fitch expects loan expansion to pick up to 15%
in 2025, led by retail lending. Loan dollarisation was an
acceptable 21% at end-2024.

Weak Asset Quality: At end-1H24, the bank's impaired loans peaked
at 23% of gross loans (end-2023: 18.7%), while Stage 2 loans
remained considerable at 16.8%. This was driven largely by the
seasoning of legacy corporate and SME loans. The specific reserve
coverage was a moderate 61% at end-1H24, reflecting reliance on
hard collateral. Fitch estimates the impaired loans ratio to have
remained slightly above 20% at end-2024, and Fitch expects it to
reduce gradually over 2025-2026, supported by write-offs and loan
growth.

Recovered Profitability: After a large net loss of UZS1.6 trillion
in 2023, caused by large impairment charges, Ipoteka reported
UZS540 billion in net income in 1H24. Fitch estimates the bank's
performance was healthy for the whole of 2024, with an operating
profit at 3% of risk-weighted assets (RWAs). Fitch projects it to
increase moderately in 2025-2026, underpinned by strong margins and
smaller credit losses.

Improving Capitalisation: At end-1H24, Ipoteka's Fitch core capital
(FCC) ratio was stable at 10.7% (end-2023: 10.5%), but capital
encumbrance by unreserved impaired loans rose to 28% (end-2023:
23%). Fitch estimates the bank's FCC ratio to have improved
reasonably in 2H24, due to profit retention. Fitch expects the FCC
ratio to exceed 12% at end-2025 and to stay above this level in
2026, underpinned by stronger internal capital generation and the
planned conversion of the International Finance Corporation's USD33
million loan into the bank's common equity.

State Funding; Reasonable Liquidity: State-related funds remain the
core funding source (end-2024: 42% of total liabilities). Market
borrowings decreased to 21% of total liabilities at end-2024
(end-2023: 27%), due to a high 57% non-state deposit growth. The
liquidity buffer was adequate at 18% of total assets end-2024,
while the bank can rely on OTP to obtain liquidity.

Rating Sensitivities

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

Ipoteka's IDRs and SSR could be downgraded following a downgrade of
Uzbekistan's Country Ceiling or if Fitch's assessment of OTP's
ability or propensity to provide support to the subsidiary
substantially weakens.

The VR could be downgraded on further asset-quality deterioration,
leading to continued loss-making performance and the FCC ratio
being consistently below 10%, or higher capital encumbrance by
unreserved impaired exposures. Pressure on capitalisation from
rapid lending growth and aggressive dividend payments could also be
credit-negative, although this is not its base case.

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

The IDRs and SSR could be upgraded if the Country Ceiling is
upgraded, provided Fitch's view that the ability or propensity of
OTP to provide support to the subsidiary remains the same or
improves.

An upgrade of the bank's VR would require a decisive resolution of
legacy impaired exposures along with higher capitalisation and a
sustainable record of stronger profitability than the historical
average. A notable improvement in the Uzbek operating environment
could also be credit-positive for the bank's VR.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Ipoteka's senior unsecured debt rating is in line with the bank's
'BB-' LT Foreign-Currency IDR.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The bank's senior unsecured debt rating is sensitive to changes to
its LT Foreign-Currency IDR.

Public Ratings with Credit Linkage to other ratings

Ipoteka's IDRs are driven by potential support from OTP.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', which
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
   -----------                           ------           -----
Joint-Stock
Commercial Mortgage
Bank Ipoteka-Bank      LT IDR              BB- Affirmed   BB-
                       ST IDR              B   Affirmed   B
                       LC LT IDR           BB- Affirmed   BB-
                       LC ST IDR           B   Affirmed   B
                       Viability           b   Affirmed   b
                       Shareholder Support bb- Affirmed   bb-

   senior unsecured    LT                  BB- Affirmed   BB-



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

HIPOCAT 10: Moody's Ups Rating on EUR51.8MM Class C Notes to Caa2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 5 notes in Hipocat 9,
FTA ("Hipocat 9"), Hipocat 10, FTA ("Hipocat 10") and Hipocat 11,
FTA ("Hipocat 11"). The rating actions reflect better than expected
collateral performance and the increased levels of credit
enhancement for the affected notes.

Issuer: HIPOCAT 9, FTA

EUR500M Class A2a Notes, Affirmed Aa1 (sf); previously on Jul 5,
2024 Affirmed Aa1 (sf)

EUR236.2M Class A2b Notes, Affirmed Aa1 (sf); previously on Jul 5,
2024 Affirmed Aa1 (sf)

EUR22M Class B Notes, Affirmed Aa1 (sf); previously on Jul 5, 2024
Affirmed Aa1 (sf)

EUR18.3M Class C Notes, Upgraded to Aa1 (sf); previously on Jul 5,
2024 Upgraded to A1 (sf)

EUR23.5M Class D Notes, Upgraded to Aa2 (sf); previously on Jul 5,
2024 Upgraded to A3 (sf)

EUR16M Class E Notes, Affirmed C (sf); previously on Jul 5, 2024
Affirmed C (sf)

Issuer: HIPOCAT 10, FTA

EUR733.4M Class A2 Notes, Affirmed Aa1 (sf); previously on Jul 5,
2024 Affirmed Aa1 (sf)

EUR54.8M Class B Notes, Upgraded to Baa1 (sf); previously on Jul
5, 2024 Upgraded to Ba1 (sf)

EUR51.8M Class C Notes, Upgraded to Caa2 (sf); previously on Jul
5, 2024 Affirmed C (sf)

EUR25.5M Class D Notes, Affirmed C (sf); previously on Jul 5, 2024
Affirmed C (sf)

Issuer: HIPOCAT 11, FTA

EUR1083.2M Class A2 Notes, Affirmed Aa1 (sf); previously on Jul 5,
2024 Upgraded to Aa1 (sf)

EUR52.8M Class B Notes, Upgraded to B1 (sf); previously on Jul 5,
2024 Upgraded to Ca (sf)

EUR64M Class C Notes, Affirmed C (sf); previously on Jul 5, 2024
Affirmed C (sf)

EUR28M Class D Notes, Affirmed C (sf); previously on Jul 5, 2024
Affirmed C (sf)

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings or because
their expected losses remain commensurate with their current
ratings.

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

RATINGS RATIONALE

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

Revision of Key Collateral Assumptions:

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

The collateral performance of the transactions has been better than
Moody's expectations since the last rating actions in July 2024.
The transactions have experienced low levels of new defaults and
hence stable levels of cumulative defaults.

For Hipocat 9, the 90+ days delinquencies are 0.40% of the current
pool balance having increased marginally from 0.39% in July 2024.
Cumulative defaults are unchanged at 11.17% of original pool
balance.

For Hipocat 10, the 90+ days delinquencies are 0.45% of the current
pool balance having increased marginally from 0.35% in July 2024.
Cumulative defaults are unchanged at 18.75% of original pool
balance.

For Hipocat 11, the 90+ days delinquencies are 1.51% of the current
pool balance having increased from 0.57% in July 2024. Cumulative
defaults are unchanged at 25.16% of original pool balance.

Moody's decreased the expected loss assumptions to 2.15%, 3.0% and
4.30%, as a percentage of current pool balance from 2.41%, 3.54%
and 6.05% for Hipocat 9, Hipocat 10 and Hipocat 11, respectively.
The revised expected loss assumptions correspond to 4.11%, 7.72%
and 10.40% expressed as a percentage of original pool balance down
from 5.19%, 9.53% and 14.09% for Hipocat 9, Hipocat 10 and Hipocat
11, respectively.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolios to incur in a severe economic
stress. As a result, Moody's have decreased the MILAN Stressed Loss
assumptions to 7.30%, 9.40% and 12.60% from 8.0%, 10.70% and 15.90%
for Hipocat 9, Hipocat 10 and Hipocat 11, respectively.

Increase in Available Credit Enhancement

For Hipocat 9, sequential amortization and the non-amortizing
reserve fund have led to the increase in the credit enhancement
available. For instance, the credit enhancement for Class D,
affected by the rating action, increased to 9.97% from 8.91% since
the last rating action.

For Hipocat 10, sequential amortization and the elimination of the
principal deficiency ledger (PDL) led to an increase in the credit
enhancement available. For instance, the credit enhancement of the
class B notes has increased to 43.84% from 38.47% since the last
rating action. The unpaid deferred interest has decreased to
EUR1.47 million from EUR3.67 million in the same period.

For Hipocat 11, sequential amortization and the reduction of the
principal deficiency ledger (PDL) led to an increase in the credit
enhancement. The unpaid PDL has decreased to EUR51.47 million from
EUR53.84 million. The credit enhancement for class B has increased
to 6.70% from 4.52% since the last rating action. The tranche
continues to accrue unpaid deferred interest which stands at EUR7.0
million as of January 2025.

Assessment of the likelihood of prolonged missed interests

For Hipocat 10, Moody's expects the class A2 notes to be redeemed
in full within the next three interest payment dates. The full
redemption of the class A2 notes will make class B senior ending
interest deferral. Based on Moody's analysis of expected collateral
performance and the transaction structure, Moody's believes the
interest deferrals will be ultimately recouped with interest on the
deferred interest for Class B. However, given Class B is still not
current on interest and has been deferring interest for more than
18 months, the rating of this note is capped at Baa1 (sf).

For Hipocat 11, the asset-backed classes B and C will continue to
defer interest because of the large unpaid PDL.

The three transactions benefit from a swap guaranteeing 0.65% of
spread over the notes coupon, on a notional equal to the
non-delinquent pool balance, therefore providing an additional
source of enhancement when there is no PDL or when PDL reduces.

For Hipocat 9 the Reserve Fund is fully funded. For Hipocat 10 and
11 the Reserve Funds are fully drawn and replenishments are
subordinated to the repayment of unpaid interest and interest on
interest on the asset-backed notes.

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

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

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

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

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



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

NORION BANK: Fastighets Set to Offload Stake to Shareholders
------------------------------------------------------------
Fastighets AB Balder, the largest owner of Norion Bank AB (publ),
on March 24 announced its preliminary decision to propose
distributing its entire stake in Norion Bank to its shareholders as
a dividend. Balder held 44.1% of the bank's shares at the end of
2024. The proposal will be discussed at a general meeting of
Balder's shareholders, but the date has not been disclosed. The
company's press release stated that the transaction would proceed
when Balder's credit metrics and credit rating would not be
negatively affected. Consequently, the timing of the transaction is
currently uncertain.

Erik Selin, through Erik Selin Fastigheter AB, held 33% of Balder's
capital at the end of 2024. He would receive 14.55% of Norion
Bank's shares in the transaction, increasing his direct stake in
Norion Bank to nearly 34%. A number of Balder's largest owners are
Nordic investment funds, some of which may look to divest the
Norion Bank shares they acquire.

Nordic Credit Rating says, "In our issuer rating on Norion Bank, we
do not adjust our view of its standalone creditworthiness due to
its ownership profile. The proposed distribution would increase
diversification among the direct ownership in the bank. However,
the future ownership profile is uncertain, as is timing of the
transaction and shareholder approval."

"We will monitor the proposal's progress and assess its long-term
effect on our view of the bank's ownership profile once it is
approved."

As reported by the Troubled Company Reporter-Europe on March 11,
2025, Nordic Credit Rating affirmed its 'BB+' long-term issuer
rating on Sweden-based Norion Bank AB (publ). The outlook is
stable. The 'N4' short-term issuer rating has also been affirmed,
as have the 'BB+' senior unsecured issue rating and the 'BB-' Tier
2 issuer rating.



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

ASIMI FUNDING 2025-1: S&P Assigns Prelim B- (sf) Rating to X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Asimi
Funding 2025-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
F-Dfrd, and X-Dfrd notes. At closing, the issuer will also issue
unrated class G notes, and Y and Z certificates.

Asimi Funding 2025-1 is the second public securitization of a
portfolio of unsecured consumer loans originated and serviced by
Plata Finance Ltd. (Plata) in the U.K.

As part of the transaction's prefunding mechanism, the issuer may
purchase additional loans by the first interest payment date, up to
a maximum amount of GBP52.4 million (21.4% of the potential maximum
portfolio).

The notes redeem pro rata (class A to G notes), subject to
sequential amortization triggers.

The class A notes benefit from a dedicated fully funded reserve
fund and the remaining rated notes benefit from a general reserve
fund. Both reserve funds are available to provide liquidity support
and pay interest (on specified notes) and expenses.

Plata will remain the initial servicer of the loans, with Equiniti
Gateway Ltd. (trading as Lenvi) acting as standby servicer.
Barclays Bank PLC acts as the interest rate swap provider.

S&P expects to assign ratings on the closing date subject to an
ongoing satisfactory review of the transaction documents and legal
opinions.

  Preliminary ratings

  Class   Prelim rating    Prelim class size (%)

  A           AAA (sf)       60.0
  B-Dfrd      AA (sf)         8.5
  C-Dfrd      A (sf)          9.5
  D-Dfrd      BBB (sf)        6.5
  E-Dfrd      BB (sf)         8.0
  F-Dfrd      B (sf)          4.0
  G           NR              3.5
  X-Dfrd§     B- (sf)         5.0
  Y Certs     NR              N/A
  Z Certs     NR              N/A

*S&P's preliminary rating on the class A notes addresses timely
payment of interest and ultimate repayment of principal. Its
ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and
X-Dfrd notes address the ultimate repayment of both interest and
principal, and consider the timely payment of interest, including
any previously deferred amounts, once the class is the most senior.

§The class X-Dfrd notes are not asset-backed. Their proceeds will
fund the reserve accounts and pay any issuance expenses.
Dfrd--Deferrable.
NR--Not rated.


BLITZEN SECURITIES 1: Moody's Affirms Ba1 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of three notes in Blitzen
Securities No.1 plc. The rating action reflects the better than
expected collateral performance and 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.

GBP484.7M Class A Notes, Affirmed Aaa (sf); previously on Jul 28,
2023 Affirmed Aaa (sf)

GBP25.7M Class B Notes, Affirmed Aaa (sf); previously on Jul 28,
2023 Upgraded to Aaa (sf)

GBP25.7M Class C Notes, Upgraded to Aaa (sf); previously on Jul
28, 2023 Upgraded to Aa2 (sf)

GBP17.1M Class D Notes, Upgraded to Aa1 (sf); previously on Jul
28, 2023 Upgraded to Aa3 (sf)

GBP11.4M Class E Notes, Upgraded to A2 (sf); previously on Jul 28,
2023 Upgraded to Baa1 (sf)

GBP5.7M Class F Notes, Affirmed Ba1 (sf); previously on Jul 28,
2023 Upgraded to Ba1 (sf)

RATINGS RATIONALE

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

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.

The performance of the transaction has continued to be stable, with
90 days plus arrears currently standing at 1.06% of current pool
balance and cumulative losses currently stand at 0.01% of original
pool balance.

Moody's decreased the expected loss assumption to 0.41% from 1.04%
as a percentage of original pool balance due to the improving
performance. The revised expected loss assumption corresponds to
1.07% as a percentage of current pool balance.

Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have decreased the MILAN Stressed Loss
assumption to 4.80% from 6.10%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the Classes C, D and E
affected by the rating action increased to 17.77%, 9.76% and 4.42%
from 9.40%, 5.46% and 2.84% respectively since the last rating
action.

Counterparty exposure

Moody's assessed the exposure to Banco Santander, S.A. (Spain)
((A2/P-1; A3(cr)/P-2(cr)) acting as swap counterparty. Moody's
analysis considered the risks of additional losses on the notes if
they were to become unhedged following a swap counterparty default
by using the CR assessment as reference point for swap
counterparties. Moody's concluded that the rating of the Class D
and E notes are constrained by the swap agreement entered between
the issuer and Banco Santander, S.A. (Spain).

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

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

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

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

CHERRY ORCHARD: Interpath Ltd Named as Joint Administrators
-----------------------------------------------------------
Cherry Orchard Homes and Villages Ltd was placed into
administration proceedings in the High Court of Justice, The
Business and Property Courts of England and Wales, Insolvency and
Companies list (ChD) Court Number: CR-2025-001897, and William
James Wright and Stephen John Absolom of Interpath Ltd. were
appointed as joint administrators on March 19, 2025.  

Cherry Orchard specialized in the construction of commercial
buildings.

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

Its principal trading address is at Cherry Orchard House, Cherry
Orchard Lane, Rochford, SS4 1PP.

The joint administrators can be reached at:

                William James Wright
                Stephen John Absolom
                Interpath Ltd, 10 Fleet Place
                London, EC4M 7RB

For further details, contact: 0203 307 4197

COLWIN CONSTRUCTION: Lewis Business Named as Joint Administrators
-----------------------------------------------------------------
Colwin Construction Limited was placed into administration
proceedings in the High Court of Justice, Business & Property
Courts in Leeds, Insolvency & Companies List (CHD), Court Number:
CR-2025-LDS-000235, and Gareth James Lewis and Matthew Russell of
Lewis Business Recovery & Insolvency were appointed as joint
administrators on March 19, 2025.  

Colwin Construction, formerly know as Colwin Developers Limited,
specialized in the development of building projects.

Its registered office is at Lakeview House, 4 Woodbrook Crescent,
Billericay, Essex, CM12 0EQ.

Its principal trading address is at The Gate House, 35 Robjohns
Road, Chelmsford, Essex, CM1 3AG.


The joint administrators can be reached at:

               Gareth James Lewis
               Matthew Russell
               Lewis Business Recovery & Insolvency
               Suite E10, Joseph's Well
               Westgate, Leeds
               LS3 1AB

For further details contact

              Jack Kimber
              Tel No: 0113 245 9444
              Email: jack@lewisbri.co.uk

FOXCUT WATERJET: Keenan Corporate Named as Joint Administrators
---------------------------------------------------------------
Foxcut Waterjet Cutting Services Ltd was placed into administration
proceedings in the High Court of Justice in Northern Ireland
Chancery Division (Company Insolvency), No 29323 of 2025, and Scott
Murray and Ian Davison of Keenan Corporate Finance Ltd, were
appointed as joint administrators on March 13, 2025.  

Its registered office is at Oakmont House, 2 Queens Road, Lisburn,
BT27 4TZ.

The joint administrators can be reached at:

              Scott Murray
              Ian Davison
              Keenan Corporate Finance Ltd
              10th Floor Victoria House
              15-17 Gloucester Street
              Belfast, BT1 4LS

Contact Information:

               Tel No: 028 9023 3023
               Email: mmclean@keenancf.com

JCA NINETY: KPMG Named as Administrators
----------------------------------------
JCA Ninety Eight Limited was placed into administration proceedings
in the High Court of Justice in Northern Ireland Chancery Division
(Company Insolvency) No 29381 of 2025, and James Neill and John
Donaldson of KPMG, were appointed as administrators on March 14,
2025.  

JCA Ninety specialized in construction installation.

Its registered office is at Unit 6 Antrimline Business Park, Sentry
Lane, Mallusk, Northern Ireland, BT36 4XX.

The administrators can be reached at:

         James Neill
         John Donaldson
         KPMG
         The Soloist Building
         1 Lanyon Place
         Belfast BT1 3LP
         Tel No: +44 28 9024 3377

KINVER CARE: Cowgills Limited Named as Joint Administrators
-----------------------------------------------------------
Kinver Care Ltd was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency and Comapnies List (ChD), No CR-2025-MAN, and Jason Mark
Elliott and Craig Johns of Cowgills Limited, were appointed as
joint administrators on March 17, 2025.  

Its registered office and principal trading address is at Townend
House, Wisemore, Walsall, WS1 1NS.

The joint administrators can be reached at:

         Jason Mark Elliott
         Craig Johns
         Cowgills Limited
         Fourth Floor Unit 5B
         The Parklands, Bolton
         BL6 4SD
         Tel No: 0161 827 1200

For further information, contact:

         Katie Parker
         Cowgills Limited
         Tel No: 0161 672 5763
         Email: Katie.Parker@cowgills.co.uk
         Fourth Floor Unit 5B
         The Parklands, Bolton, BL6 4SD

MILLER HOMES: S&P Assigns 'B' Rating to Proposed EUR465M FRN
------------------------------------------------------------
S&P Global Ratings affirmed the issue ratings on Miller Homes Group
(Finco) PLC's current outstanding GBP820 million senior secured
notes and assigned a 'B' issue rating on the proposed EUR465
million FRN. Following the increased portfolio size from acquiring
St. Modwen, S&P revised the recovery rating to '3' (50%-70%;
rounded estimate: 55%) from '4' (rounded estimate: 45%).

The stable outlook reflects S&P's view that Miller Homes will
achieve adjusted debt to EBITDA below 5.0x and that its EBITDA
interest coverage will remain above 2.0x over the next 12 months.

Miller Homes announced the launch of EUR465 million in senior
secured FRN to repay its existing EUR465 million FRN due in 2028.
Miller Homes' existing capital consist of EUR465 (GBP386) million
FRN due in 2028 and GBP425 million 7% senior secured notes due in
May 2029, if successful, the new FRN--which are expected to mature
in 2030--will extend the weighted average maturity by about one
year to 5.5 years. The company aims to achieve a lower margin than
its current three-month EURIBOR plus 525 bps, if successful, this
could help support the company's interest coverage ratio. S&P
assigns a new 'B' issue rating on the proposed FRNs with a recovery
rating of '3' (see recovery section for further details), the
recovery assumes successful completion of the transaction.

S&P said, "Following further analysis on the effect of Miller
Homes' recent acquisition of St. Modwen we have updated our base
case. In January 2025, the initial consideration of GBP65 million
was paid on completion, with the remaining noninterest-bearing
deferred consideration of GBP125 million due in July 2027, there is
a further contingent consideration (GBP20 million) subject to
certain trigger events. The transaction will add 16 live sites,
about 3,500 plots to the company's land bank, and a pipeline of
about 6,800 strategic land plots. This will increase Miller Homes'
volumes in the West Midlands, East Midlands, and South regions, and
expose the company to the South-West for the first time. As of Dec.
31, 2024, Miller Homes had 92 sites in its own landbank and its
land bank comprised 57,012 land plots, 22% of which it owns.

"We expect the transaction, in combination with Miller Homes'
organic rough increase the EBITDA in 2025 by about 34% compared to
2024. At the same time, and although we acknowledge the deferred
consideration should be funded out of cash flows generated by the
St. Modwen acquisition, we treat it as a debt-like item in our
ratios, accordingly we add approximately GBP110 million to our
adjusted debt in 2025. The result of the additional EBITDA,
alongside broadly flat financing costs and a slight increase in
debt, is that we now expect debt to EBITDA to be below 5.0x and
interest coverage to be above 2.0x for the next 12 months."

During 2024, Miller Homes' land bank stayed relatively flat
compared to 2023, however through the acquisition of St. Modwen,
the land bank has now increased by about 10,200, 35% of which are
owned. With the completion of the transaction at the end of January
2025, Miller Homes now has a total land bank of about 67,000, with
about 17,000 of which are owned or controlled. The owned and
controlled land bank covered 3.5 years of operations. Under our
base case, Miller Homes will continue to replenish its land bank.
S&P said, "We expect about GBP130 million-GBP140 million in annual
investment in working capital during 2025, with this easing to
about GBP70 million-GBP80 million during 2026, a significant
portion of which will be land investment. Even with these
investments and the acquisition of St. Modwen, we do not expect
Miller Homes to raise additional debt to fund land acquisition or
the St. Modwen acquisition given the strong cash position and
expectation the cash flows will fund the deferred payment of GBP125
million."

So far there have been some positive indicators in the first part
of 2025. During the first two months of 2025, Miller Homes has
experienced a private sales rate of about 8% ahead of 2024, which
was the first year since 2022 to surpass the 10-year average
private sales rate of 0.64x. The expectation for Miller Homes'
(stand-alone) sales completion is about 6.5% above 2024 levels,
this is broadly in line with the completion growth seen in 2024.
When considering the additional growth from St. Modwen, the company
forecasts a completion rate in 2025 of about 23% above the 2024
level. S&P said, "For 2026, we expect the number of completions to
moderate, however, we expect a slight increase in EBITDA margins as
St. Modwen continues to integrate and more synergies may be
realized. Overall, we anticipate an increase in the average selling
price of about 1.8% to 2.0% in both 2025 and 2026. There is a
growing housing agenda in Europe, including the U.K. government's
plan to build 1.5 million homes in five-years, by setting housing
targets for councils, streamlining planning, and incentivizing
homebuilders. However, the tough market conditions (namely elevated
interest rates and construction costs) and governments' tight
budgetary headroom remain important constraints in providing more
support to the sector. That being said, our current forecast puts
Miller Homes comfortably within its thresholds for the 'B'
rating."

Miller Homes' liquidity is adequate, given the lack of near-term
maturities, ample cash balance, and the undrawn revolving credit
facility (RCF). S&P said, "Miller Homes' capital structure
comprises about GBP820 million in senior secured bonds--consisting
of EUR465 million floating rate senior secured notes due in 2028
and GBP425 million 7% senior secured notes due in May 2029--and a
GBP194 million super senior RCF that we expect will remain undrawn.
Our assessment of Miller Homes' liquidity position is supported by
the lack of near-term maturities. We expect Miller Homes to not pay
any dividend distributions over 2025-2026. As of Dec. 31, 2024,
Miller's cash balance was about GBP230 million. Pro-forma closing
of the proposed transaction, we assume Miller Homes to have about
GBP169 million of cash on its balance sheet. The senior secured
bonds have financial incurrence covenants in the event additional
debt is being raised, including a fixed-charge coverage ratio of at
least 2.0x, a consolidated total debt ratio below 4.1x, and a
senior secured debt ratio below 3.6x. The company's RCF has a
maintenance covenant that is tested quarterly when at least 40% of
the RCF is drawn. The drawn balance on the RCF is limited to 50% of
net inventory.

S&P said, "The stable outlook reflects our view that Miller Homes'
adjusted debt to EBITDA will remain below 5.0x over the next 12
months while its interest coverage will be at least 2.0x over the
same period.

"We could lower the rating on Miller Homes if the company is not
able to achieve the expected financial metrics, such as debt to
EBITDA consistently being above 5.0x and interest coverage falling
below 2.0x. This could occur if the integration of St. Modwen does
not go according to management expectations, or operating
performance weakens on the back of a strong decline in demand for
its homes.

"We could also downgrade Miller Homes if it generates consistently
negative free operating cash flows leading to a debt increase, this
is not our current base case.

"We could upgrade Miller Homes if the company achieves adjusted
debt to EBITDA of close to or below 4.0x consistently and an EBITDA
interest coverage of more than 3.0x. This could happen if Miller
Homes is able to benefit from further synergies than expected from
St. Modwen as well as continued improved market conditions
supporting sales rates and increasing average sales prices."

ORCHARD STREET: Leonard Curtis Named as Joint Administrators
------------------------------------------------------------
The Orchard Street Business Centre Limited was placed into
administration proceedings in the High Court of Justice
Business and Property Courts in Newcastle-Upon-Tyne, Insolvency &
Companies List (ChD) Court Number: CR-2025-NCL-000045, and Iain
Nairn, Sean Williams and Sean Ward of Leonard Curtis, were
appointed as joint administrators on March 17, 2025.  

Orchard Street specialized in letting and operating of own or
leased real estate.

Its registered office is at Unit 13, Kingsway House, Kingsway, Team
Valley Trading Estate, Gateshead NE11 0HW.

Its principal trading address is at 13 and 14 Orchard St, Bristol
BS1 5EH.

The joint administrators can be reached at:

             Iain Nairn
             Sean Williams
             Sean Ward
             Leonard Curtis
             Unit 13, Kingsway House
             Kingsway Team Valley Trading Estate
             Gateshead, NE11 0HW

For further information, contact:

            The Joint Administrators
            Tel No: 0191 933 1560
            Email: recovery@leonardcurtis.co.uk

Alternative contact: Ryan Butler

PRAESIDIAD GROUP: S&P Withdraws 'CCC+' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
rating on Praesidiad Group Ltd. at the issuer's request. S&P also
withdrew its 'B-' issue rating on the EUR125 million term loan B 2,
due September 2027. At the time of the withdrawal, the outlook on
the long-term issuer credit rating was stable.



                           *********


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

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

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

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