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

                          E U R O P E

          Wednesday, April 9, 2025, Vol. 26, No. 71

                           Headlines



C Z E C H   R E P U B L I C

E& PPF TELECOM: Moody's Withdraws 'Ba1' Corporate Family Rating


F R A N C E

LUNE SARL: S&P Downgrades ICR to 'CCC', Outlook Negative


G E R M A N Y

ADMIRAL BIDCO: Moody's Assigns First Time 'B2' CFR, Outlook Neg.
E-MAC DE 2005-I: Moody's Affirms Ca Rating on EUR3MM Cl. E Notes
IRIS HOLDCO: Moody's Lowers CFR to Caa1, Alters Outlook to Stable
PB DOMICILE 2006-1: Fitch Affirms 'Bsf' Rating on Class E Notes


I R E L A N D

BNPP IP 2015-1: Moody's Affirms B2 Rating on EUR9MM Class F Notes
CARLYLE EURO 2013-1: S&P Assigns Prelim 'B-' Rating to E-R-R Notes
CARLYLE GLOBAL 2014-3: Fitch Affirms 'B+sf' Rating on Cl. E-R Notes
EURO CLO 2018-3: Fitch Lowers Rating on Class F Notes to 'B-sf'
NEUBERGER BERMAN 7: S&P Assigns Prelim B- (sf) Rating to F Notes



L U X E M B O U R G

ALTISOURCE SARL: Moody's Affirms Caa2 CFR, Rates New Term Loan Caa2
PIOLIN II SARL: Moody's Affirms 'B3' CFR, Outlook Remains Stable


N E T H E R L A N D S

EMF-NL PRIME 2008-A: Fitch Cuts Rating on Cl. A2, A3 Notes to 'B-'
OCI NV: Moody's Lowers CFR to Ba2, On Review for Further Downgrade


P O R T U G A L

EDP SA: Moody's Upgrades Ratings on Five Hybrids from Ba1


T U R K E Y

FORD OTOMOTIV: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable


U N I T E D   K I N G D O M

CIDRON AIDA: Moody's Rates New EUR615MM Senior Secured Notes 'B2'
FONTWELL SECURITIES 2016: Fitch Affirms & Withdraws 'BB+sf' Rating
HOXTON SPIRITS: Forvis Mazars Named as Joint Administrators
LIPSYNC LLP: Oury Clark Named as Joint Administrators
ORIGINAL [KLM]: Leonard Curtis Named as Administrators

RIPPLE ENERGY: Begbies Traynor Named as Administrators
TALENT SUPPLY: FRP Advisory Named as Joint Administrators

                           - - - - -


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C Z E C H   R E P U B L I C
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E& PPF TELECOM: Moody's Withdraws 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Ratings has withdrawn e& PPF Telecom Group B.V.'s ("e& PPF
Telecom" or "the company") ratings, including its Ba1 corporate
family rating, its Ba1-PD probability of default rating and the Ba1
ratings on the company's EUR550 million senior unsecured notes due
in March 2026 and the EUR500 million senior unsecured notes due in
September 2027. The outlook prior to the withdrawal was stable.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

e& PPF Telecom is a leading telecommunications group in Central and
Eastern Europe with shareholdings in CETIN International N.V., and
four mobile operators in Slovakia, Hungary, Bulgaria and Serbia.
The group reported pro forma revenue of EUR2.1 billion and pro
forma EBITDA of EUR1.0 billion in 2024.

The company is ultimately controlled by e&, which owns 50% + 1
economic share, and by PPF Group (an investment company
headquartered in the Netherlands), which owns 50% - 1 economic
share.



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

LUNE SARL: S&P Downgrades ICR to 'CCC', Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered to 'CCC' from 'CCC+' its issuer credit
rating on France-based Kem One's intermediate parent company, Lune
S.a.r.l., and its issue-level rating on its EUR450 million senior
secured notes.

The negative outlook indicates S&P's view that Kem One's FOCF would
remain deeply negative in a continued depressed macroeconomic
environment, and that liquidity might become insufficient in
2025-2026.

Kem One, a European polyvinyl chloride (PVC) and caustic soda
manufacturer, recently secured a EUR200 million delayed draw term
loan (DDTL) in order to fully repay and cancel its EUR100 revolving
credit facility (RCF) and fund its operations in 2025.

Kem One's new external financing is giving the company a temporary
lifeline. In March 2025, Kem One secured a EUR200 million DDTL, of
which EUR120 million is funded at the close of the transaction and
the rest is drawable for the next 18 months. The proceeds from the
transaction are expected to fully repay and cancel the EUR100
million RCF, and to fund Kem One's operations and capital
expenditure (capex) projects. Given the RCF is fully repaid, Kem
One no longer has a springing covenant; instead, under its new
loan, it needs to comply with a EUR25 million minimum cash
covenant. In S&P's view, this transaction relieves the company's
liquidity pressure for the next few upcoming quarters.

However, S&P Global Ratings sees liquidity headroom still tight in
2025 with significant negative FOCF as Kem One completes the
funding of its major capex project. Recently, Kem One completed the
membrane conversion project at the company's Fos site (Elyse
project). Once ramped up, the company expects this project to
generate meaningful annual savings of EUR24 million-EUR30 million
through lower raw materials and energy requirements and increased
quality of caustic soda produced. S&P said, "We understand that Kem
One needs to fund the remaining part of this project in 2025, in
addition to its maintenance capex. We forecast capex of about
EUR100 million in 2025, reducing to EUR50 million-EUR60 million in
2026. We also note that the fees and interests linked with the new
DDTL are much higher than those of the previous RCF. As a result,
we estimate negative FOCF of about EUR100 million overall in 2025,
while FOCF was already negative by about EUR200 million in 2024. In
our view, Kem One has little liquidity headroom. In case of
underperformance or unexpected operational issues, we believe that
the company could face a liquidity shortfall or covenant breach
later in 2025 or in 2026."

S&P said, "We do not forecast a meaningful recovery in the PVC and
caustic soda markets until late 2025 at the earliest. In 2024, Kem
One's operating performance remained weak because of continued low
demand and selling prices for PVC and caustic soda. Revenue
declined by about 10% and the company reported EBITDA of about EUR9
million, from about EUR106 million in 2023. In addition, the
company had several exceptional events and items including the
turnaround plan at Fos site, salt shortages, and a disruption in
the supply of ethylene. We do not expect a swift recovery in 2025,
with selling prices remaining relatively low. In addition, recovery
prospects in the residential construction, Kem One's main
end-market, stay low in 2025. As a result, we forecast S&P Global
Rating adjusted debt to EBITDA to remain well above 12.0x in 2025.
We also factor in a continual challenging macro environment. While
we do not anticipate meaningful direct consequences from U.S.
tariffs, we believe that they could ultimately result in weaker
business and consumer sentiment, and lower demand for Kem One's
products. In our view, this brings downside risks to our base
case."

S&P Global Ratings believes there is a high degree of
unpredictability around policy implementation by the U.S.
administration and possible responses--specifically with regard to
tariffs--and the potential effect on economies, supply chains, and
credit conditions around the world. As a result, our baseline
forecasts carry a significant amount of uncertainty. As situations
evolve, S&P will gauge the macro and credit materiality of
potential and actual policy shifts and reassess our guidance
accordingly.

The negative outlook indicates S&P's view that Kem One's FOCF would
remain deeply negative in a continued depressed macroeconomic
environment, and that liquidity might become insufficient in
2025-2026.

S&P could lower the rating if:

-- To 'CCC-' if default, a distressed exchange, or redemption
appears to be inevitable within six months;

-- To 'CC' if the company announces its intention to undertake a
restructuring that we consider distressed; or

-- To 'SD' (selective default) if it completes a debt
restructuring S&P's consider distressed.

S&P could revise the outlook to stable or raise the rating if:

-- Kem One exceeds our performance projections and is able to
demonstrate a path to longer-term leverage reduction; and

-- FOCF and liquidity swiftly improve.




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

ADMIRAL BIDCO: Moody's Assigns First Time 'B2' CFR, Outlook Neg.
----------------------------------------------------------------
Moody's Ratings has assigned a B2 corporate family rating and a
B2-PD probability of default rating to Admiral Bidco GmbH (Apleona
or the company), which will become the owner of Apleona Group GmbH,
a leading technical and integrated facility management company.
Concurrently, Moody's assigned B2 ratings to the proposed EUR2.2
billion equivalent senior secured term loan B, the proposed EUR150
million senior secured delayed draw down term loan and the proposed
EUR250 million senior secured revolving credit facility (RCF), all
issued by Admiral Bidco GmbH. Moody's also withdrew the B2 CFR and
the B2-PD PDR of Apleona Group GmbH, the previous top entity of
Apleona's restricted group. Prior to the withdrawal, the outlook
was stable. The existing backed senior secured bank credit
facilities B2 ratings, including the term loans maturing in 2028,
the revolving credit facility and the bonding facility maturing in
2027, borrowed by Apleona Holding GmbH, are unaffected. The outlook
for Admiral Bidco GmbH is negative.

Bain Capital and other minority co-investors are acquiring the
company from PAI Partners for an undisclosed amount. Moody's will
withdraw the instruments ratings on the existing senior secured
facilities borrowed by Apleona Holding GmbH upon closing of the
proposed transaction.

"The B2 rating reflects Apleona's leading position in a fragmented
market and the track-record in generating positive organic growth"
says Sarah Nicolini, a Moody's Ratings Vice President – Senior
Analyst and the lead analyst for Apleona.

"The negative outlook reflects Moody's expectations that the
proposed debt issuance will increase leverage to above 7x and that
the company will take several quarters before reducing it to around
6x" added Ms Nicolini.

RATINGS RATIONALE

Apleona's B2 CFR is supported by its leading positioning in the
integrated facility management service market, its diversified
client based and long-established relationship with customers and
its strong track record of contract renewal.

At the same time, the CFR is constrained by the high financial
leverage resulting from the proposed transaction and higher
interests payment, its weaker than historical FCF generation
expected in the next 12-18 months and the competitive and
fragmented nature of the facility services market, constraining
margins.

Moody's expects that the proposed transaction will increase the
existing debt by an additional EUR600 million, to EUR2.4 billion on
a Moody's adjusted basis, thereby releveraging the company and
increasing its Moody's adjusted debt/EBITDA to slightly above 7.5x.
This is pro forma for the new capital structure and based on
Moody's 2024 expected Moody's adjusted EBITDA. Moody's anticipates
that Apleona's Moody's adjusted debt/EBITDA will take several
quarters before decreasing to around 6x, a more appropriate level
for the B2 rating.

The expected deleveraging is based on Moody's projections that the
company will improve its profit, driven by sustained growth in
prices and volumes, the integration of acquired businesses and
ongoing realization of synergies. Moody's anticipates this will
lead to Moody's adjusted EBITA margin increasing to 7% over the
next 12-18 months.

Moody's also anticipates that Apleona's Moody's adjusted FCF/debt
will be initially lower than historical levels, owing to higher
interest and taxes paid and higher cash expenses coming from
non-recurring items, and that it will progressively increase
towards 3% within the next 18 months, while Moody's adjusted EBITA/
interest will remain above 2x.

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

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

As a consequence of the high leverage, governance considerations
related to financial strategy and risk management were identified
as key rating drivers under Moody's ESG framework.

LIQUIDITY

Apleona's liquidity is adequate. The company had EUR200 million of
cash balance as of December 2024 and Moody's expects that at the
closing of the transaction, expected by June, the company will have
a cash balance of around EUR50 million.

Moody's expects the company to generate positive FCF over the next
12-18 months averaging around EUR70 million per year.

The proposed EUR250 million senior secured RCF, upsized from the
current EUR167 million, will be subject to a springing covenant on
net leverage, fixed at 9.5x and tested only if drawn when 40% or
more of the facility is drawn, after deducting cash and cash
equivalents. Moody's expects the covenant to be amply met.

Upon completion of the proposed debt issuance, Apleona will not
have any debt maturity before 2031 and 2032, when the RCF and the
term loans, including the delayed drawdown one, will respectively
mature.

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the proposed facilities, including the
senior secured term loan, the senior secured delayed draw down term
loan and the senior secured RCF, reflect their pari-passu ranking
at issuance and are in line with the CFR as these instruments
represent the only material class of debt in the capital structure.
The proposed facilities will be secured by pledges on share,
intercompany receivables and bank accounts. Moody's typically views
debt with this type of security package as akin to unsecured.

COVENANTS

Notable terms of the TLB documentation include the below. The
following are proposed terms, and the final terms may be materially
different.

Guarantor coverage will be at least 80% of cons. EBITDA (determined
in accordance with the agreement) and include wholly-owned
restricted subsidiaries representing 5% or more of cons. EBITDA.
Only companies incorporated in Australia, Canada, any member state
of the EU, Hong Kong, New Zealand, Norway, Singapore, Sweden,
Switzerland, the UK and the US are required to provide guarantees
and security. Security will be granted over key shares,
intercompany receivables and material bank accounts.

Incremental facilities are permitted up to the greater of EUR410
million and 100% of EBITDA. Unlimited pari passu debt is permitted
up to a senior secured net leverage ratio (SSNLR) of 5.5x.

Any restricted payment (RP) is permitted up to a SSNLR of 4.75x and
junior debt repayments are permitted if the SSNLR is 5.25x or lower
(in each case, with step-downs if funded from the available
amount). Permitted investments are allowed if (i) the SSNLR is 5.5x
or lower; (ii) the SSNLR is not made worse; (iii) the total secured
net leverage ratio (TSNLR) is 6.75x or lower; (iv) the TSNLR is not
made worse; or (v) if funded from the available amount. Asset sale
proceeds are only required to be applied in full where the SSNLR is
greater than 5.25x.

Adjustments to consolidated EBITDA include cost savings and
synergies capped at 25% of EBITDA from actions expected to be taken
within 24 months.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the high initial leverage of the
company following the proposed transaction and Moody's expectations
that it will take several quarters for the company to restore more
adequate credit metrics in line with the B2 rating and with
historical levels.

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

Positive pressure on the rating is unlikely to develop in the next
12-18 months but could arise if the company shows ability to
continuously generate strong organic growth and margins
improvements such that its Moody's adjusted debt/EBITDA reduces
well below 5x on a sustainable basis and its Moody's adjusted
FCF/debt ratio sustainably increases towards high single digits.
Positive pressure would also require Moody's adjusted
EBITA/interest sustainably increasing above 2.5x.

The company is weakly positioned in the rating category and further
downward pressure could develop if the company fails to improve
profit in line with Moody's expectations. Negative pressure could
arise if Moody's-adjusted debt/EBITDA remains above 6x, if
Moody's-adjusted FCF/debt turns negative, or if Moody's-adjusted
EBITA/interest approaches 1.7x for a prolonged period; or liquidity
weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Apleona was created from the carve-out of the building and
facilities division of Bilfinger SE in 2016. Headquartered in
Neu-Isenburg, Germany, Apleona is a major facility services
provider with a focus on non-residential properties. The company
generated around EUR3.8 billion of revenue in the last twelve
months ended September 2024.

E-MAC DE 2005-I: Moody's Affirms Ca Rating on EUR3MM Cl. E Notes
----------------------------------------------------------------
Moody's Ratings confirmed the ratings of 4 classes of notes issued
by 4 German E-MAC RMBS transactions, previously on review for
downgrade due to uncertainties regarding counter-indemnities that
may be claimed against the issuers in these transactions.

The 16 Dutch E-MAC transactions part of the former rating action on
March 06, 2025 remain under review for downgrade.

In the action Moody's also affirmed the ratings of the notes that
either have sufficient credit enhancement to maintain their current
ratings or have expected losses that remain commensurate with their
current ratings.

Issuer: E-MAC DE 2005-I B.V.

EUR9.9M Class C Notes, Confirmed at Baa2 (sf); previously on Mar
6, 2025 Baa2 (sf) Placed On Review for Downgrade

EUR9.3M Class D Notes, Affirmed Caa3 (sf); previously on Jul 29,
2024 Affirmed Caa3 (sf)

EUR3M Class E Notes, Affirmed Ca (sf); previously on Dec 4, 2013
Affirmed Ca (sf)

Issuer: E-MAC DE 2006-I B.V.

EUR27M Class B Notes, Confirmed at A3 (sf); previously on Mar 6,
2025 A3 (sf) Placed On Review for Downgrade

EUR17.5M Class C Notes, Affirmed Caa3 (sf); previously on Jul 16,
2021 Affirmed Caa3 (sf)

EUR11.5M Class D Notes, Affirmed Ca (sf); previously on Feb 13,
2017 Affirmed Ca (sf)

EUR7M Class E Notes, Affirmed C (sf); previously on Feb 13, 2017
Affirmed C (sf)

Issuer: E-MAC DE 2006-II B.V.

EUR24.5M Class C Notes, Confirmed at Ba1 (sf); previously on Mar
6, 2025 Ba1 (sf) Placed On Review for Downgrade

EUR14M Class D Notes, Affirmed Ca (sf); previously on Nov 7, 2014
Downgraded to Ca (sf)

EUR9.8M Class E Notes, Affirmed C (sf); previously on May 6, 2016
Downgraded to C (sf)

Issuer: E-MAC DE 2007-I B.V.

EUR39.1M Class B Notes, Confirmed at A2 (sf); previously on Mar 6,
2025 A2 (sf) Placed On Review for Downgrade

EUR33.5M Class C Notes, Affirmed Ca (sf); previously on Nov 7,
2014 Downgraded to Ca (sf)

EUR13.9M Class D Notes, Affirmed Ca (sf); previously on Dec 4,
2013 Affirmed Ca (sf)

EUR8.3M Class E Notes, Affirmed C (sf); previously on Aug 4, 2011
Downgraded to C (sf)

RATINGS RATIONALE

The rating action reflects Moody's assessments that only E-MAC DE
2006-II B.V. and E-MAC DE 2007-I B.V. have subordinated swap
amounts not paid by the transaction that may lead to possible
counter-indemnity claims in the future. According to CMIS
Investments B.V. Annual Report 2023[1], the mortgage payment
transaction (MPT) Provider of these transactions, the company had
recorded a claimed subrogation amount of EUR2,038,764 for E-MAC DE
2006-II B.V. and EUR202,318 for E-MAC DE 2007-I B.V.. Based on the
latest investors report[2] for E-MAC DE 2006-II B.V., this amount
has increased to EUR4,517,984 as of February 2025.

The rating action for E-MAC DE 2006-II B.V. reflects that the risk
of counter-indemnity claims by CMIS Investments B.V. against the
issuer, as well as the uncertainties related to those claims are
commensurate with the current ratings of the notes.

For E-MAC DE 2007-I B.V., the rating action reflects the relatively
low amount (EUR202,318) of the claimed subrogation amount.

For E-MAC DE 2005-I B.V. and E-MAC DE 2006-I B.V., the rating
action reflects Moody's understanding that there are no claimed
subrogation amounts as of the latest payment date in February
2025.

In the rating action, Moody's also took into account the sequential
payment structure of the notes and the time expected to full
repayment of the senior classes based on the amortization speed
observed to date.

Risk of counter-indemnity claims:

In a court ruling dated January 15, 2025, CMIS Nederland B.V. and
CMIS Investments B.V. (both together referred to as "CMIS") were
ordered to pay approximately EUR155 million to Natwest Markets N.V.
and Natwest Markets Plc (together, "NWM"), swap counterparties in
six of the Dutch E-MAC transactions and E-MAC DE 2006-II B.V., the
only one among the four transactions in this current rating action
that was part of the court ruling. This liability arises under
bilateral deeds of indemnity entered into between CMIS and NWM for
unpaid subordinated swap payments owed by the issuers to NWM. The
deeds of indemnity are not part of the contractual agreements under
the securitisations and the issuers are not parties to them.

For the German transaction, E-MAC DE 2006-II B.V., it is Moody's
understanding that CMIS Investments B.V. has substantially settled
the claim made by NWM against it. This claim was reduced from
EUR2,626,204 as of November 2024 (before the court judgement) to
EUR147,433 as of February 2025. Reciprocally, the claimed
subrogation amount by CMIS Investments B.V. against the issuer
increased from EUR2,038,764 as of November 2024 to EUR4,517,984 as
of February 2025, reflecting the settlement. Moody's note that the
lack of excess spread in this transaction has prevented the payment
of subordinated swap amounts owed by the issuer to the swap
counterparty since 2017, and may result in further unpaid
subordinated amounts not paid by the transaction in the future. For
E-MAC 2007-I B.V., the claimed subrogation amount is EUR202,318, a
relatively small amount compared to the current pool balance for
this transaction (EUR30.6 million as of February 2025).

During the court hearing, CMIS asserted that, if it were ordered to
make indemnity payments to NWM, then, following any such payments,
it would have corresponding counter-indemnity claims against the
issuers. CMIS also expressed its intention to pursue such
counter-indemnity claims.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectations for the portfolios reflecting the collateral
performance to date and the increased concentration risk.

Since the last review in June and July 2024, some transactions have
experienced higher-than-expected levels of arrears. Arrears are
especially volatile in these transactions given the high borrowers
concentration in the four outstanding portfolios, with
significantly low pool factors.

Moody's maintained the expected loss assumptions of 8.26%, 11.64%,
9.68% and 10.40%, as a percentage of original pool balance for
E-MAC DE 2005-I B.V., E-MAC DE 2006-I B.V., E-MAC DE 2006-II B.V.
and E-MAC DE 2007-I B.V., respectively. These assumptions
correspond to 13.53%, 17.94%, 15.23% and 11.80% expressed as a
percentage of current pool balance, increasing from 12.22%, 17.19%,
13.88% and 10.56% for E-MAC DE 2005-I B.V., E-MAC DE 2006-I B.V.,
E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V., 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 increased the MILAN Stressed Loss
assumptions to 31.6%, 39.7% and 34.6% from 28.3%, 34.8% and 30.3%
for E-MAC DE 2005-I B.V., E-MAC DE 2006-I B.V. and E-MAC DE 2006-II
B.V., respectively. Moody's have maintained the MILAN Stressed Loss
assumption of 25.8% for E-MAC DE 2007-I B.V..

Financial disruption risk

CMIS Nederland B.V. entered pre-insolvency proceedings on February
11, 2025. This entity is not a counterparty in any of the German
E-MAC transactions. In E-MAC DE transactions, the MPT Provider is
CMIS Investments B.V.. Servicing is performed by Adaxio AMC GmbH,
fully owned by CMIS Group. Special servicing is performed by Paulus
Westerwelle Rechtsanwaelte.

All four transactions have liquidity facilities with conditions for
the tranches to access them, mainly related to Principal Deficiency
Ledger (PDL). In three transactions, the liquidity facilities are
marginally drawn, while in E-MAC DE 2007-I B.V. a more material
amount is drawn, with these funds being used to cover senior fees
and notes interest payments (if PDL triggers are not hit).

In former rating actions, Moody's assessed how the liquidity
available in the transactions and other mitigants support
continuity of note payments, in case of servicer default. Moody's
considered that the current back-up servicing arrangements are
insufficient to support payments in the event of servicer
disruption.

In Moody's analysis, Moody's have assessed the combination of
increased servicing and potential legal fees incurred by E-MAC DE
issuers, also taking into account the level of excess spread
available in the transactions.

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.

IRIS HOLDCO: Moody's Lowers CFR to Caa1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has downgraded to Caa1 from B3 the long-term
corporate family rating and to Caa1-PD from B3-PD the probability
of default rating of Iris HoldCo GmbH (Rodenstock), the parent
company of German-based producer and distributor of ophthalmic
lenses Rodenstock. Concurrently, Moody's have downgraded to Caa1
from B3 the ratings of the EUR810 million backed senior secured
term-loan B (TLB) maturing in 2028 and of the EUR125 million backed
senior secured revolving credit facility (RCF) maturing in 2027,
borrowed by Rodenstock Group GmbH. The outlook on both entities has
been changed to stable from negative.

RATINGS RATIONALE      

The downgrade reflects Moody's expectations that Rodenstock will
face challenges in restoring a more sustainable capital structure
after 2025, which requires a Moody's adjusted debt / EBITDA
reducing below 7.5x and a materially positive Moody's adjusted free
cash flow (FCF). Following the termination of the contract with the
optical chain Grand Vision, Rodenstock started a restructuring plan
to reduce production overcapacity, increase efficiency and cut
costs. Moody's expects the company's sales to decline by only 4%-6%
in 2025, because additional volumes from new key customers will
offset the impact of the termination of the Grand Vision contract.
In addition, cost savings should allow to maintain or modestly grow
EBITDA. However, the one-off cost associated to the restructuring
plan of approximately EUR65 million (of which some EUR45 million in
2025) are straining the company's liquidity and will result in a
negative FCF of up to EUR30 million this year. Rodenstock will
cover this cash burn by drawing additional debt under its RCF as
well as new local facilities. As a result, leverage will remain
high in 2025 at above 9.0x and interest coverage will also remain
weak at below 1.0x.

In order to reduce leverage and restore a sustainable capital
structure beyond 2025, the company would need to maintain at least
an annual high single-digit revenue growth rate with further
improvement in profitability well above historical levels. However,
Moody's believes such an improvement to be very challenging in the
context of the current macroeconomic environment. The company plans
to grow sales by expanding into new markets, introducing new
products, such as myopia lenses, and continuing increase volumes
with key customers. Cost savings from the ongoing restructuring and
operating leverage should support margin expansion. Moody's
believes all these measures remain subject to substantial execution
risk, while the highly profitable core business of premiums lenses
sold through independent opticians could suffer because weak
consumers' sentiment and stretched purchasing power may result in
customers trading down to cheaper products.

In a more conservative scenario, assuming low to mid-single digit
growth rates from 2026 and EBITDA margin remaining at 23%-25%, the
company's credit metrics would remain weak, with leverage above
8.5x and interest coverage below 1.0x on a sustained basis, while
FCF would be barely positive.

Rodenstock's rating continues to factor in (1) its established
market position as the world's fourth-largest ophthalmic lens
producer and its strong position in core European markets; (2) its
comprehensive offering in both branded and private-label corrective
lenses with a focus on high-end progressive biometric lenses,
complemented by the sale of equipment and services for opticians;
and (3) favourable fundamental demand drivers for lenses, supported
by the increasing average age of lens wearers in the main European
markets and growing population in emerging markets.

Concurrently, Rodenstock's ratings continues to be constrained by
the company's smaller size than that of its direct peers and the
risk that further consolidation of distribution channels and the
emergence of discounters might strain margins over time.

LIQUIDITY

Rodenstock's liquidity remains adequate. The available cash of
EUR40 million as of December 2024, the EUR78 million availability
under its EUR125 million RCF and new EUR13 million local facilities
will be sufficient to cover the company's EUR30 million cash burn
expected for 2025 as well as seasonal working capital. The
long-dated maturity profile of its RCF due in 2027 and Term Loan B
due in 2028 supports the company's liquidity. However, Rodenstock
has limited room to underperform.

The RCF has a maximum net leverage springing covenant of 9.5x, to
be tested only if the RCF is drawn by at least 40%. Moody's expects
Rodenstock to maintain sufficient capacity under this covenant.

STRUCTURAL CONSIDERATIONS

The Caa1 ratings on the EUR810 million Term Loan B and the EUR125
million RCF borrowed by Rodenstock Group GmbH are at the same level
as the group's CFR and indicate that the senior secured facilities
represent most of the group's liabilities and rank pari passu among
themselves. The facilities are secured only by pledges on shares,
bank accounts and intercompany receivables of material subsidiaries
and guarantees by group companies representing a minimum of 80% of
the group's EBITDA. Some local facilities in Spain and Czech
Republic are secured against local assets (real estate and
equipment), but their size is small and do not create a
subordination issue for the RCF and TLB.

Moody's have assumed a 50% family recovery rate, as it is standard
for capital structures that include bank debt with a springing
covenant only.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Rodenstock's
underlying operating performance will moderately improve, leading
to a modest reduction in leverage from the current very high
levels. The outlook also assumes that the company will maintain an
adequate liquidity.

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

The ratings could be upgraded if Rodenstock's Moody's-adjusted
gross debt/EBITDA falls below 7.5x on a sustained basis and the
company demonstrates a solid track record of sustained profit
growth and positive FCF.

The ratings could be downgraded in case of deterioration in the
liquidity profile, FCF remaining negative beyond 2025, and failure
to maintain stable operating performance, restore a more
sustainable capital structure, and address debt maturities in a
timely manner.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Iris HoldCo GmbH (Rodenstock) is the parent company of Rodenstock,
an ophthalmic lens producer focusing primarily on the progressive
lenses segment. It has leading positions in its domestic German
market and other Western European markets, and a growing
international presence in emerging markets, mainly in Latin
America. In 2024, Rodenstock generated sales of EUR512 million and
company-reported EBITDA before one-off items of EUR129 million.
Since 2021, the company is controlled by private equity sponsor
Apax Partners.

PB DOMICILE 2006-1: Fitch Affirms 'Bsf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed PB Domicile 2006-1 plc's class E notes
as follows:

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
PB Domicile 2006-1 Plc

   Class E DE000A0GYFM9    LT Bsf  Affirmed    Bsf

Transaction Summary

The synthetic RMBS transaction references German mortgage loans.
The reference loans were originated by Deutsche Postbank AG and its
acquired entity, DSL Bank, which is now part of Deutsche Bank AG
(A-/Stable/F2).

The transaction was called in 2011, but in line with the
documentation, the class D and E notes equal to the balance of
reference claims that were overdue at the time of the call remained
outstanding (overdue reference claims, ORC). Since then, the class
D notes (now paid in full) and class E notes have amortised in line
with the ORC. In January 2025, EUR6.3 million of ORC remained
outstanding, while the total reference portfolio was EUR132.9
million. Excess spread for the benefit of the class E noteholders
is calculated on the basis of the total reference portfolio.

KEY RATING DRIVERS

Ratings Capped Due to Tail Risk: The excess spread of 57bp per year
is the only form of credit enhancement available to the class E
notes. Since the excess spread amounts diminish over time, the
timing of losses from the remaining portfolio is more important
than their amount. Fitch therefore continues to apply a rating cap
of 'Bsf' to the class E notes to address the tail risk, despite the
currently high excess spread amounts.

Reliance on Deutsche Bank AG: The notes' ratings were originally
capped at the rating of Deutsche Postbank AG as the payer of the
synthetic excess spread. Deutsche Postbank AG has now been merged
into Deutsche Bank AG, so the reliance is currently on Deutsche
Bank AG.

No New Losses; Off UCO: There have been no losses recorded since
November 2017. The main portfolio characteristics have remained
stable and developed in line with its expectations. The synthetic
excess spread provides a sufficient buffer over losses at the
notes' 'Bsf' rating under its updated European RMBS Rating Criteria
assumptions and Fitch has therefore removed it from Under Criteria
Observation.

RATING SENSITIVITIES

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

Substantially higher losses could lead to a downgrade.

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

The risk of late losses currently prevents any rating above the
applied cap of 'Bsf'.

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

PB Domicile 2006-1 Plc

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.

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

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

ESG Considerations

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



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

BNPP IP 2015-1: Moody's Affirms B2 Rating on EUR9MM Class F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by BNPP IP Euro CLO 2015-1 DAC:

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa1 (sf); previously on Jun 17, 2024
Upgraded to Aa3 (sf)

EUR16,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Jun 17, 2024
Affirmed Baa1 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Ba1 (sf); previously on Jun 17, 2024
Affirmed Ba2 (sf)

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

EUR185,000,000 (Current outstanding amount EUR89,360,082) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jun 17, 2024 Affirmed Aaa (sf)

EUR13,500,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Jun 17, 2024 Affirmed Aaa
(sf)

EUR12,632,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Jun 17, 2024 Affirmed Aaa (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes
2030, Affirmed B2 (sf); previously on Jun 17, 2024 Affirmed B2
(sf)

BNPP IP Euro CLO 2015-1 DAC, issued in April 2015 and refinanced in
April 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by BNP PARIBAS ASSET MANAGEMENT France SAS.
The transaction's reinvestment period ended in July 2022.

RATINGS RATIONALE

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

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

The Class A notes have paid down by approximately EUR56.8 million
(30.7%) since the last rating action in June 2024 and EUR95.6
million (51.7%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated February 2025 [1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 168.02%, 139.11%, 124.16%, 111.34% and 105.87% compared
to May 2024 [2] levels of 146.58%, 128.66%, 118.51% 109.28% and
105.18%, respectively.

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

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

Performing par and principal proceeds balance: EUR198.1m

Diversity Score: 41

Weighted Average Rating Factor (WARF): 3363

Weighted Average Life (WAL): 3.50 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.87%

Weighted Average Coupon (WAC): 5.09%

Weighted Average Recovery Rate (WARR): 45.57%

Par haircut in OC tests: 2.10%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

CARLYLE EURO 2013-1: S&P Assigns Prelim 'B-' Rating to E-R-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
X-R-R, A-1A-R-R, A-1B-R-R, A-2A-R-R, A-2B-R-R, B-R-R, C-R-R, D-R-R,
and E-R-R notes issued by Carlyle Euro CLO 2013-1 DAC. At closing,
the issuer will have EUR46.2 million unrated subordinated notes
outstanding from the existing transaction and will issue an
additional EUR65.8 million 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 will end approximately 4.5
years after closing and the non-call period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,894.95
  Default rate dispersion                                 423.20
  Weighted-average life (years)                             4.25
  Weighted-average life extended to cover
  the length of the reinvestment period (years)             4.50
  Obligor diversity measure                               131.77
  Industry diversity measure                               20.82
  Regional diversity measure                                1.33

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.85
  Actual 'AAA' weighted-average recovery (%)               35.88
  Actual weighted-average coupon (%)                        3.63
  Actual weighted-average spread (%)                        3.80

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.77%), the
covenanted weighted-average coupon (3.60%), the covenanted weighted
average recovery rate at the 'AAA' rating level, and the actual
weighted-average recovery rate at all other rating levels in line
with our CLO criteria. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis show that the class A-2A-R-R,
A-2B-R-R, B-R-R, C-R-R, and D-R-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 these classes of notes.
The class X-R-R, A-1A-R-R, and A-1B-R-R notes can withstand
stresses commensurate with the assigned preliminary ratings.

"For the class E-R-R notes, our credit and cash flow 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 we have 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 break-even default rate at the 'B-'
rating level of 22.74% (for a portfolio with a weighted-average
life of 4.25 years and a reinvestment period of 4.5 years), versus
if we were to consider a long-term sustainable default rate of 3.1%
for 4.5 years, which would result in a target default rate of
13.95%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

Until the end of the reinvestment period on Nov. 9, 2029, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the 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, if the initial ratings are
maintained.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned
preliminary ratings are commensurate with the available credit
enhancement for the class X-R-R to E-R-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 X-R-R to D-R-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 E-R-R notes."

Environmental, social, and governance

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

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets 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 S&P's rating
analysis to account for any ESG-related risks or opportunities.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and is managed by CELF Advisors LLP.

  Preliminary ratings

                     Prelim.
            Prelim.    amount       Indicative        Credit
  Class     rating*  (mil. EUR)  interest rate§  enhancement (%)

  X-R-R     AAA (sf)    4.00    Three-month EURIBOR     N/A
                                 plus 1.00%

  A-1A-R-R  AAA (sf)  244.00    Three-month EURIBOR   39.00
                                 plus 1.27%

  A-1B-R-R  AAA (sf)    4.00    Three-month EURIBOR   38.00
                                 plus 1.60%

  A-2A-R-R  AA (sf)    30.40    Three-month EURIBOR   27.90
                                 plus 1.90%  
         
  A-2B-R-R  AA (sf)    10.00    4.90%                 27.90

  B-R-R     A (sf)     24.00    Three-month EURIBOR   21.90
                                 plus 2.75%

  C-R-R     BBB- (sf)  28.40    Three-month EURIBOR   14.80
                                 plus 3.90%

  D-R-R     BB- (sf)   18.00    Three-month EURIBOR   10.30
                                 plus 6.00%

  E-R-R     B- (sf)    15.20    Three-month EURIBOR    6.50
                                 plus 8.75%

  Sub       NR        112.00    N/A                     N/A

The preliminary ratings assigned to the class X-R-R to A-2B-R-R
notes address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class B-R-R to E-R-R notes
address ultimate interest and principal payments.
§Solely for modeling purposes--the actual spreads may vary at the
time of pricing. 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.


CARLYLE GLOBAL 2014-3: Fitch Affirms 'B+sf' Rating on Cl. E-R Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded Carlyle Global Market Strategies Euro
CLO 2014-3 DAC 's class A-2A-R/A-2B-R and B-R notes, and affirmed
the others, as detailed below.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Carlyle Global Market
Strategies Euro
CLO 2014-3 DAC

   A-1A-R XS1751482305   LT AAAsf  Affirmed   AAAsf
   A-1B-R XS1751482644   LT AAAsf  Affirmed   AAAsf
   A-2A-R XS1751483022   LT AAAsf  Upgrade    AA+sf
   A-2B-R XS1751483451   LT AAAsf  Upgrade    AA+sf
   B-R XS1751483709      LT AA-sf  Upgrade    A+sf
   C-R XS1751484004      LT A-sf   Affirmed   A-sf
   D-R XS1751484699      LT BB+sf  Affirmed   BB+sf
   E-R XS1751484343      LT B+sf   Affirmed   B+sf

Transaction Summary

Carlyle Global Market Strategies Euro CLO 2014-3 DAC is a cash flow
CLO comprising mostly senior secured obligations. The transaction
closed in October 2014 and was reset in January 2018. It is
actively managed by CELF Advisors LLP and exited its reinvestment
period in July 2022.

KEY RATING DRIVERS

Deleveraging Transaction; Stable Performance: Since Fitch's last
review in April 2024, the transaction has deleveraged considerably,
with the class A-1A-R/A-1B-R notes repaying by EUR35.7 million from
prepayments and asset sales. This has notably increased credit
enhancement (CE) across all notes. The transaction also has EUR23.7
million in the principal cash account, according to the latest
trustee report date.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 4.2%, below the transaction's 7.5% limit, according to the
trustee. The portfolio has no reported defaulted assets. The
transaction is currently 2.3% below par (calculated as the current
par difference over the original target par), broadly unchanged
from the last review. This, along with the increase in CE,
supported the upgrade of class A-2A-R/A-2B-R and B-R notes.

Limited Refinancing Risk: The transaction has manageable near- and
medium-term refinancing risk, in view of the large default-rate
cushions for each class of notes. No portfolio assets mature in
2025, and 5.4% mature in 2026, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 25.7 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
100% 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 of the current portfolio is 62.5%.

Diversified Portfolio: The largest obligor represents 1.6% of the
portfolio balance, below the limit of 3%. Exposure to the three
largest Fitch-defined industries is 24%, as calculated by the
trustee. Fixed-rate assets reported by the trustee were 7.6% of the
portfolio balance, versus a limit of 10%

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in July 2022 and 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.

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 Carlyle Global
Market Strategies Euro CLO 2014-3 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.

EURO CLO 2018-3: Fitch Lowers Rating on Class F Notes to 'B-sf'
---------------------------------------------------------------
Fitch Ratings has upgraded Barings Euro CLO 2018-3 DAC class C
notes and downgraded the class F notes, as detailed below.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Barings Euro
CLO 2018-3 DAC

   A-1 XS1914503377    LT AAAsf  Affirmed    AAAsf
   A-2 XS1914504003    LT AAAsf  Affirmed    AAAsf
   B-1 XS1914504425    LT AAAsf  Affirmed    AAAsf
   B-2 XS1914505158    LT AAAsf  Affirmed    AAAsf
   C XS1914505745      LT AA+sf  Upgrade     A+sf
   D XS1914507014      LT BBB+sf Affirmed    BBB+sf
   E XS1914506800      LT BBsf   Affirmed    BBsf
   F XS1914507105      LT B-sf   Downgrade   Bsf

Transaction Summary

Barings Euro CLO 2018-3 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period on July 2023 and
has paid down 64.6% of its class A notes.

KEY RATING DRIVERS

Transaction Deleveraging: Since the last review in August 2024,
around EUR157.5 million of the class A notes have been repaid. This
deleveraging has resulted in increases in credit enhancement across
the class A to E notes. As of the latest trustee report dated 28
February 2025, the transaction had EUR 21.2 million cash in the
principal account, which Fitch expects will be used to further pay
down the class A notes. The upgrade of the class C note reflects
the current and expected increases in credit enhancement of the
senior notes.

Portfolio Deterioration: As of the latest trustee report, the
transaction was 9% below par with around EUR10.7 million defaulted
assets in the portfolio. The par loss is the reason for the
Negative Outlook on the class E and F notes, as the default rate
cushions have been further eroded since the last review, which also
led to the downgrade of the class F notes. The class F notes also
benefit from limited protection against new defaults, based on the
current market value of the assets in the portfolio. Any further
deterioration in the credit quality of the portfolio can therefore
lead to a downgrade of the class F notes to 'CCC+sf'.

Static Transaction: Following the CLO's exit from its reinvestment
period, the manager is unlikely to reinvest unscheduled principal
proceeds and sale proceeds from credit-risk and credit-improved
obligations. This is due to the breach of the weighted average life
(WAL) test, the weighted average rating factor (WARF) test from
another rating agency, the Fitch 'CCC' test and the failure of the
class F notes' over-collateralisation coverage test.

The manager has not been actively reinvesting since November 2023.
Consequently, Fitch has assessed the transaction based on the
current portfolio, notching down by one level all assets with
Negative Outlook on their Fitch-Derived Ratings (FDR). The
transaction WAL has also been extended to four years, in line with
its criteria, to account for refinancing risk.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The WARF as calculated by Fitch of the
current portfolio was 26.6 and for the Fitch-stressed portfolio was
28.1 as of 28 February 2025.

High Recovery Expectations: Senior secured obligations comprise
94.7% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) reported by the trustee for the
current portfolio was at 64.7% as of 28 February2025, versus the
covenanted minimum of 64.3%.

Deviation from MIRs: The class C and D notes are one notch below
their model-implied ratings (MIR), reflecting the limited
default-rate cushion at their MIRs.

Diversified Portfolio: The portfolio is diversified across
obligors, countries and industries. The top 10 obligor
concentration is 22.9%, as calculated by Fitch, and no single
obligor represents more than 3% of the portfolio balance.
Fixed-rate assets reported by the trustee were 25.6% of the
portfolio balance, which is above the current limit of 20%, and
exposure to the three-largest Fitch-defined industries is 23.6% as
calculated by the trustee.

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

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Barings Euro CLO
2018-3 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.

NEUBERGER BERMAN 7: S&P Assigns Prelim B- (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Neuberger Berman Loan Advisers Euro CLO 7 DAC's class A-1, A-2, B,
C, D, E, and F notes. The issuer will also issue unrated
subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.6 years after
closing, and the portfolio's maximum average maturity date is 7.5
years after closing.

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,721.96
  Default rate dispersion 464.20
  Weighted-average life (years) including reinvestment period 4.70
  Obligor diversity measure 138.69
  Industry diversity measure 22.80
  Regional diversity measure 1.21

  Transaction key metrics

  Total par amount (mil. EUR) 300
  Defaulted assets (mil. EUR) 0
  Number of performing obligors 162
  Portfolio weighted-average rating
  derived from our CDO evaluator B
  'CCC' category rated assets (%) 0.00
  'AAA' weighted-average recovery (%) on identified pool 37.34
  Actual weighted-average spread (no credit to floors [%]) 3.75

S&P said, "In our cash flow analysis, we modeled the EUR300 million
target par amount, the covenanted weighted-average spread of 3.60%,
the covenanted weighted-average coupon of 3.50%, and the covenanted
weighted-average recovery rate on the AAA level. For all other
rating levels, we used the target weighted-average recovery rates.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

"At closing, we expect the operational risk associated with key
transaction parties (such as the collateral manager) that provide
an essential service to the issuer to be in line with our
operational risk criteria.

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

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

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

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors 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. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

  Preliminary ratings

         Prelim.  Prelim. amount
  Class  rating* (mil. EUR)    Sub (%)     Interest rate§

  A-1    AAA (sf)    183.00     39.00%   Three/six-month EURIBOR
                                         plus 1.25%

  A-2    AAA (sf)      6.00     37.00%   Three/six-month EURIBOR
                                         plus 1.60%

  B      AA (sf)      30.00     27.00%   Three/six-month EURIBOR
                                         plus 1.80%

  C      A (sf)       18.00     21.00%   Three/six-month EURIBOR
                                         plus 2.30%

  D      BBB- (sf)    21.00     14.00%   Three/six-month EURIBOR
                                         plus 3.15%

  E      BB- (sf)     14.20      9.27%   Three/six-month EURIBOR
                                         plus 5.50%

  F      B- (sf)       8.30      6.50%   Three/six-month EURIBOR
                                         plus 8.45%

  Sub notes†   NR     26.13      NA      N/A

*S&P's preliminary ratings address payment of timely interest and
ultimate principal on the class A-1, A-2, and B notes and ultimate
interest and principal on the rest of the notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
†In addition to subordinated notes, the issuer will also issue
unrated senior preferred return notes, subordinated preferred
return notes, and performance notes on the issue date. The senior
preferred return notes are paid senior to the class A notes in the
interest priority of payments.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

ALTISOURCE SARL: Moody's Affirms Caa2 CFR, Rates New Term Loan Caa2
-------------------------------------------------------------------
Moody's Ratings has affirmed Altisource S.a.r.l.'s (Altisource)
Caa2 corporate family rating. In addition, Moody's have assigned a
Caa2 rating to Altisource's new long-term backed senior secured
first lien term loan as well as a B3 rating to the company's new
backed super senior secured first lien term loan. The outlook is
stable.

On February 20, 2025, Altisource completed an exchange with its
lenders of its $233 million SSTL for a $160 million first lien loan
due April 30, 2030. Moody's viewed the exchange to be a distressed
exchange and a default. In addition, Altisource established a new
$12.5 million super senior credit facility due February 19, 2029.

RATINGS RATIONALE

The affirmation of Altisource's Caa2 CFR reflects the company's
continued stressed financial profile.

Although foreclosure moratoriums ended in 2021, with unemployment
at low levels and home equity at record levels, foreclosure
activity remains at historically low levels, which negatively
impacts the demand for Altisource's servicing products that account
for around 80% of the company's revenues. Moody's expects interest
rates to remain elevated in 2025, leading to only a small rise in
originations to around $1.8 trillion this year, up from an
estimated $1.7 trillion in 2024, thereby only modestly benefiting
demand for Altisource's origination-related services products.

While market conditions will remain constrained, Moody's expects
that Altisource's profitability will continue to improve over the
next 12-18 months, but remain well below pre-pandemic levels. The
increase in profitability will be driven by an increase in revenues
from new and existing clients and a reduction in expenses because
of the company's cost-cutting efforts. In addition, the company
estimates that the reduction in debt outstanding as a result of the
exchange will reduce interest expense by around $18 million per
year.

The completion of the company's exchange offer is a modest credit
positive as it materially reduces debt outstanding, reduces annual
interest expense and extends the maturity of the term debt to 2030.
Nonetheless, the company's financial profile will remain
constrained due to the expected continued stressed operating
conditions for the company's current services.

The Caa2 long-term backed senior secured bank credit facility
rating and the B3 backed super senior secured bank credit facility
rating reflect each debt's priority of claim and strength of asset
coverage.

The stable outlook reflects that the potential loss to creditors is
in line with Altisource's current ratings. In addition, the stable
outlook reflects Moody's views that profitability will improve, but
only modestly, over the next 12-18 months due to the difficult
operating conditions and will remain below historical levels.

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

Altisource's ratings could be upgraded if profitability and
liquidity improve and leverage declines, such that the company
achieves and sustains debt to adjusted EBITDA of 8.0x or less and
adjusted EBITDA to cash interest of 1.0x or more.

Altisource's ratings could be downgraded if the company's financial
performance remains very weak. In particular, the ratings could be
downgraded if profitability, liquidity and leverage do not improve
over the next 12-18 months; for example, if annualized adjusted
EBITDA is expected to remain below $15 million or adjusted EBITDA
to cash interest is expected to remain below 0.75x.

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

PIOLIN II SARL: Moody's Affirms 'B3' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings has affirmed Piolin II S.a.r.l (Parques or the
company)'s B3 long term corporate family rating and its B3-PD
probability of default rating. Concurrently, Moody's also affirmed
the B3 rating on the EUR1,250 million backed senior secured term
loan B4 maturing in September 2029, the EUR45 million backed senior
secured revolving credit facility (RCF) maturing in March 2026 and
the EUR195 million backed senior secured revolving credit facility
(RCF) maturing in March 2029, borrowed by Piolin BidCo, S.A.U. The
outlook on both entities remains stable.

The rating action follows the company's March 19 announcement [1]
of the divestment of its US business, Palace Entertainment, to
Herschend Entertainment Company, LLC (Herschend, Ba3 Ratings on
Review for Downgrade) which owned over 20 entertainment venues, for
an undisclosed amount. The transaction is subject to customary
conditions and regulatory approvals and is expected to close in the
coming months.

"The rating action reflects Moody's expectations the company's
leading position in regional parks and the solid industry
fundamentals," says Fernando Galeote, a Moody's Ratings Analyst and
lead analyst for Parques.

"The expected debt reduction following the disposal of the US
operations will offset the weaker business profile", adds Mr
Galeote.                

RATINGS RATIONALE

Parques' rating reflects the company's leading market position in
regional parks with good portfolio diversification; solid industry
fundamentals; and high barriers to entry. Although the company is
susceptible to changes in discretionary consumer spending, it
exhibits a certain degree of resilience in weak macroeconomic
environment, as its parks offer a more cost-effective leisure
option compared to other holiday alternatives.

The rating also reflects company's high leverage, weak interest
coverage and limited historical free cash flow generation. The
rating also factors in the business' highly seasonal nature, which
necessitates substantial liquidity buffers to cover its operations
during the low season, although this has decreased after the sale
of the US assets. This seasonal aspect also exposes the company to
external factors such as weather conditions that can disrupt
operations.

In 2024, the US operations accounted for around EUR292 million and
EUR76 million of reported revenue and adjusted EBITDA,
respectively. Although the specific details of the transaction have
not been publicly disclosed, Moody's understands that the majority
of the funds will be used to repay debt resulting in some
improvement in the company's leverage.

Moody's base case scenario assumes a EV/ EBITDA multiple of around
9x which brings the total consideration to EUR660 million, of which
EUR620 million would be used to repay Parques' existing debt. In
Moody's calculations, pro forma for the transaction,
Moody's-adjusted debt/ EBITDA, would be around 0.5x lower in 2024.

The transaction will also reduce scale and geographical
diversification, a credit negative. Prior to the transaction, being
in two different and distant markets, helped the company to cope
with potential bad weather seasons and regulatory changes, as
issues in one market could be offset by stability in the other.

However, the sale of water parks will reduce seasonality, allowing
management to concentrate resources on European operations. It
remains to be seen whether the company will pursue new acquisitions
in Europe as part of its refined strategy. Moody's also views
positively that the company is reducing its exposure to zoos and
aquarium which are more exposed to regulatory constraints and
public scrutiny. While the EBITDA exposure to zoos and aquariums
remain in the mid-single digit, the group will significantly reduce
its exposure to cetaceans, such as whales and dolphins, which are
among the animals subject to the most public scrutiny.

In 2024 preliminary results, revenue increased by 3% to EUR858
million (2023: EUR830 million) and Moody's-adjusted EBITDA rose by
6% to EUR216 million (2023: EUR204 million). The company incurred
around EUR15 million in exceptional costs due to Marineland's
closure. Results were slightly below budget due to softer topline
growth from bad weather, particularly in the US due to Hurricane
Debbie. However, strategic cost rationalization efforts led to an
increase in Moody's-adjusted EBITDA margin to 25.2% (2023: 24.5%)
and a decrease in Moody's-adjusted gross debt/EBITDA to 7.8x (2023:
8.3x).

Moody's forecasts Parques' revenue will slightly decrease in 2025,
mainly due to the closure of Marineland Animal Park in France.
However, revenue is expected to grow by 3% in 2026, driven by
increases in both visitors and Per Capita Spending (PerCap).
Moody's-adjusted EBITDA margin is projected to improve to 27.9% in
2026, thanks to ongoing optimization initiatives in energy,
procurement, marketing, F&B, HQ costs, and reduced extraordinary
and one-off costs.

Based on that, Moody's expects its Moody's-adjusted gross debt/
EBITDA to remain below 7.0x and its Moody's-adjusted EBITA/
interest to improve to 1.2x in the next 12-18 months.

Additionally, a more muted growth investments will support the
liquidity profile with FCF improving towards less negative levels
over the next 12 to 18 months.

LIQUIDITY

Parques' liquidity is adequate, with EUR36 million available cash
on balance sheet as of December 31, 2024. The company has access to
EUR240 million backed senior secured revolving credit facilities,
which were drawn by EUR102 million as of December 31, 2024. Given
the high seasonality of the business, Parques requires substantial
liquidity buffers to support its operations during the low season
and Moody's expects significant RCF drawings towards the summer
months.

While Moody's views the overall liquidity position to be sufficient
to support the business over the next 12-18 months, a weaker than
expected FFO generation could negatively weigh on Parques' rating.

The company's debt has one springing net leverage covenant test of
8.46x, tested only when the drawn RCF (for purposes other than
capital expenditures) minus cash represents more than 40% of the
RCF commitment. Moody's expects the company to maintain sufficient
buffer under this covenant over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The B3 instrument ratings of the EUR1250 million backed senior
secured term loan B4 and EUR240 million backed senior secured
revolving credit facilities issued by Piolin BidCo, S.A.U. are in
line with the CFR. The B3-PD probability of default rating is in
line with the CFR, based on Moody's assumptions of a 50% family
recovery rate, considering the capital structure composed of senior
secured bank debt only with springing financial maintenance
covenants.

The facilities are guaranteed by material subsidiaries representing
at least 80% of consolidated EBITDA. The security package mainly
consists of share pledges, bank accounts and intercompany
receivables which position them alongside unsecured non-debt
liabilities at operating companies.

OUTLOOK

The stable outlook reflects Moody's expectations that Parques'
credit metrics will remain aligned with the B3 rating category over
the next 12-18 months. Additionally, Moody's anticipates that the
company will maintain adequate liquidity, with free cash flow
improving in 2025 and 2026 although still negative.

Moody's further assume the majority of the proceeds of the US unit
sale will be used to repay Parques' debt, any deviation from this
assumption could have a negative impact on company's rating
positioning.

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

Following the sale of the US operations, Moody's have tightened the
leverage thresholds by 0.5x, to reflect the weakened business
profile owing a lower scale and diversification.

Upward rating pressure could develop if (1) Moody's-adjusted
leverage falls below 6.0x (before 6.5x) on a sustained basis and
(2) Moody's-adjusted FCF turns materially positive while
maintaining a solid liquidity profile.

Downward rating pressure could develop if (1) Moody's-adjusted
leverage increases to above 7.5x (before 8.0x) on a sustained basis
and (2) Moody's-adjusted FCF does not improve towards breakeven
levels or the liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Parques is a global operator of regional amusement, animal and
water parks. The company operates over 30 parks leisure centers in
11 countries across three continents, which received around 19.6
million visitors in 2024. In 2024, Parques generated EUR858 million
in revenue and a company-adjusted EBITDA of EUR240 million.

Since December 2019, the company is owned by a consortium led by
EQT, the majority shareholder, Corporacion Financiera Alba (Alba)
and Groupe Bruxelles Lambert (GBL, A1 stable).



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

EMF-NL PRIME 2008-A: Fitch Cuts Rating on Cl. A2, A3 Notes to 'B-'
------------------------------------------------------------------
Fitch Ratings has downgraded EMF-NL Prime 2008-A B.V.'s class A2/A3
notes and affirmed the rest. Fitch has also affirmed Eurosail-NL
2007-1 B.V.'s and Eurosail-NL 2007-2 B.V.'s ratings, as listed
below. Fitch has revised the Outlook on Eurosail 2007-1 B.V's class
D notes to Positive from Stable, while all other tranches are on
Stable Outlook.

The rating actions follow the implementation of the Fitch's updated
European RMBS Rating Criteria. All notes have been removed from
Under Criteria Observation.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Eurosail-NL 2007-2 B.V.

   Class B 29879JAB1       LT B-sf  Affirmed    B-sf
   Class C 29879JAC9       LT CCCsf Affirmed    CCCsf
   Class D1 29879JAD7      LT CCsf  Affirmed    CCsf
   Class M 29879JAF2       LT A+sf  Affirmed    A+sf

Eurosail-NL 2007-1 B.V.
   
   Class A 298797AA9       LT A+sf  Affirmed    A+sf
   Class B 298797AB7       LT A+sf  Affirmed    A+sf
   Class C 298797AC5       LT A+sf  Affirmed    A+sf
   Class D 298797AD3       LT BB+sf Affirmed    BB+sf
   Class E1 XS0307265370   LT CCCsf Affirmed    CCCsf

EMF-NL Prime 2008-A B.V.

   Class A2 26868QAB4      LT B-sf  Downgrade   Bsf
   Class A3 26868QAC2      LT B-sf  Downgrade   Bsf
   Class B 26868QAD0       LT CCCsf Affirmed    CCCsf
   Class C 26868QAE8       LT CCsf  Affirmed    CCsf
   Class D XS0362466772    LT CCsf  Affirmed    CCsf

Transaction Summary

The transactions are securitisations of Dutch non-conforming
residential mortgages originated by ELQ Portefeuille I BV and
partially by Quion 50 (EMF only).

KEY RATING DRIVERS

Tail Risks Present for EMF: In the EMF transaction, non-servicing
related senior expenses have remained high over the past year and
higher than Fitch previously assumed. In the absence of liquidity
protection, principal borrowing or other mitigants, EMF depends
solely on interest collections to meet timely interest payments on
the class A2 and A3 notes. These may not be sufficient to ensure
timely payment of interest on the class A2 and A3 notes towards the
tail of the transaction in an environment with expected case
foreclosures and decreasing interest rates due to floating-rate
assets. This is the main driver of the downgrade of these notes to
'B-sf'.

Servicing Discontinuity Risk Limited: Fitch believes that the risk
of servicing discontinuity is limited despite the initiation of
private statutory pre-insolvency proceedings on 11 February 2025
for the debt restructuring of CMIS Nederland B.V., a subsidiary of
CMIS group to which Adaxio B.V., the servicer of all three
transactions, also belongs. This is based on its view that claims
from these proceedings cannot be extended to CMIS group or any
other group entity such as Adaxio B.V., the availability of
alternative servicers in the Dutch market, and in the case of the
Eurosail transactions, the liquidity facilities that provide
several quarters of liquidity coverage.

For EMF, the notes remain capped to the 'Bsf' category by
unmitigated payment interruption risk.

Asset Performance Stabilising: Portfolio performance data as of
December 2024 show delinquencies in all three transactions
stabilising but remaining at the high levels before the pandemic.
Late-stage arrears amount to 2.3% in Eurosail 2007-1, 4.1% in
Eurosail 2007-2, and 0.9% in EMF. Combined with high senior costs,
this continues to put pressure on available excess spread for EMF
and Eurosail 2007-2, leading to interest deferrals of the class D
notes and a reduction in the current reserve fund amount,
respectively.

Continued Deleveraging: All three transactions continue to amortise
sequentially, leading to increased credit enhancement (CE) for all
rated notes except EMF's class D notes. Fitch has revised the
Outlook for Eurosail 2007-1's class D notes to Positive, indicating
a potential upgrade if performance remains in line with current
expectations and sensitivity towards its weighted average recovery
rate assumption decreases.

Transaction Adjustment Widens Losses: Fitch has increased its
transaction adjustment to 4.2x to foreclosure frequencies (FF) for
all three transactions, from 3.5x, given the large portion of
borrowers with adverse credit characteristics. In its updated
European RMBS Rating Criteria, Fitch has lowered the representative
pool weighted-average FF of prime Dutch RMBS. The increased
transaction adjustment compensates for this reduction as Fitch does
not consider it adequate for these portfolios due to their
sub-standard credit quality and the weak performance reported since
closing compared with prime Dutch RMBS.

Eurosail Limited to 'Asf' Category: Fitch currently views the
Eurosail transactions' portfolio characteristics as incompatible
with high investment-grade categories (AAsf or higher), due to
residual uncertainty around high maturity concentrations of
interest-only loans plus the non-standard nature of the assets in
both portfolios. Consequently, Fitch has limited the transactions'
ratings to the 'Asf' rating category.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses and reduce available
revenue funds. Lower available revenue funds may jeopardise the
transactions' ability to meet timely or ultimate interest payment
obligations.

The notes can be called net of the principal deficiency ledger
(PDL), and so the occurrence of material PDLs in Fitch's cash flow
analysis over the life of the transactions may trigger negative
rating action.

Fitch found that a decrease in recoveries by 30% would result in a
downgrade of three notches for Eurosail 2007-1's class D notes,
while Eurosail 2007-2's class B notes would not pass a 'CCCsf'
scenario.

EMF-NL Prime 2008-A's class A2/A3 notes' ratings are particularly
vulnerable to a reduction in excess spread to meet timely interest
payments. A further reduction in excess spread driven by even
higher senior expenses towards the tail of the transaction,
combined with negative interest rates, may lead to a further
downgrade of the notes.

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

Stable to improved asset performance driven by low delinquencies
and defaults in combination with ongoing prepayments or repayments
of the assets would lead to further deleveraging of the notes and
may result in upgrades for Eurosail 2007-1's class D notes and
Eurosail 2007-2's class B notes.

An increase in excess spread driven by stable asset performance and
stable interest rates could lead to a replenishment of Eurosail
2007-2's and EMF's reserve funds and reduce the risk of non-timely
interest payments on EMF's class A notes. If EMF's reserve fund is
sustainably replenished, all else being equal, Fitch could lift the
'Bsf' category rating cap on the class A2 and A3 notes and upgrade
the notes.

CRITERIA VARIATION

The portfolios comprise over 90% of interest-only loans with
maturities clustered within a short two-year period, close to the
notes' legal final maturity. Combined with the adverse borrower
profile, this exposes the structures to more back-loaded losses
than typically assumed. In the scenarios analysed by Fitch, later
defaults and recoveries lead to later note principal amortisation,
which results in larger interest shortfalls being accumulated.

The issuers cannot borrow principal funds and so may not be able to
cover larger shortfalls by the legal final maturity date. To
account for this risk, Fitch applied a criteria variation by
changing the distribution of defaults for the back-loaded default
timing and extending the recovery timing for an additional 18
months across all ratings. The variation has had no direct impact
on ratings.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

EMF, Eurosail- 2007-1 and Eurosail-2007-2 have an ESG Relevance
Score of '4' for Transaction Parties & Operational Risk due to
weaker underwriting standards that have manifested in
weaker-than-market performance of the asset portfolio, which Fitch
has reflected in originator adjustments to foreclosure frequency.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

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

OCI NV: Moody's Lowers CFR to Ba2, On Review for Further Downgrade
------------------------------------------------------------------
Moody's Ratings downgraded OCI N.V.'s (OCI or the company)
long-term corporate family rating to Ba2 from Ba1 and probability
of default rating to Ba2-PD from Ba1-PD. Moody's also downgraded
the company's $2 billion backed senior unsecured medium term note
(MTN) programme to (P)Ba2 from (P)Ba1 and its backed senior
unsecured medium term notes due 2033 to Ba2 from Ba1. The ratings
remain on review for further downgrade.

RATINGS RATIONALE

The rating action reflects the Moody's views of the company's
greatly diminished business profile and unclear strategic direction
more than 15 months after it began a strategic review of its
business. OCI has disposed of most of its core assets and EBITDA
generation capacity and expects to close the sale of its Global
Methanol business during Q2 2025. On February 28, 2025, OCI's JV
partner Proman AG abandoned its legal challenge related to the
divestiture of their shared asset Natgasoline LLC (B3, positive).
Moody's views this development as paving the way for the Global
Methanol assets to close later in Q2, but it remains subject to
regulatory approval.

OCI has indicated a mid-cycle EBITDA of its RemainCo European
assets of around $150 million. The company expects that as European
natural gas prices normalize, the profitability of its European
Nitrogen operations will improve, potentially moving back towards
mid-cycle levels. Moody's remains skeptical of this view
materializing in the near term. Assuming a $125 million mid-cycle
EBITDA with the company's $600 million 2033 backed senior unsecured
bonds remaining outstanding and some modest lease and
securitization obligations (assumed around $100 million), the
company could potentially operate at with a mid-cycle Moody's
adjusted gross debt/EBITDA of around 5.5x. Moody's have not assumed
any reduction of the company's 2033 bonds, and based on these broad
assumptions, the company would have a high implied gross leverage
for the rating positioning. Nevertheless, the company would still
retain a large net cash position which could approach $2 billion,
resulting in negative net debt, and some reduction of its 2033
bonds could occur.

Moody's views the prospective large cash balance and overall net
cash position as a strong credit positive. Deployment of capital
for shareholder returns would reduce Moody's tolerance for the
estimated high Moody's adjusted leverage and would drive further
negative ratings pressure.

Governance considerations were a driver of the rating action as the
company has yet to determine the application of all the cash
proceeds, despite following a path of disposing of its core assets.
Additionally, the company has yet to define a go-forward financial
policy and strategic direction. Moody's do not rule out further
event risks which could impact the company's rating positioning.

LIQUIDITY

OCI's liquidity is very good and reflects the company's large net
cash position and unused $600 million revolving credit facility due
in April 2027. Moody's expects these sources along with free cash
flow and further divestiture proceeds will be sufficient to cover
working capital needs, capex plans and shareholder distributions.

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

Factors that could lead to an upgrade or downgrade of the ratings
will be updated once the review is completed.

The review will consider the ongoing disposals and business
profile, the evolving capital structure and financial policies,
uncertain strategic direction and yet to be communicated
application of the disposal proceeds.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in the Netherlands, OCI N.V. (OCI) was established on
January 02, 2013 as a public limited liability company incorporated
under Dutch law. The group is a global producer and distributor of
natural gas-based fertilisers and industrial chemicals (mainly
methanol).



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

EDP SA: Moody's Upgrades Ratings on Five Hybrids from Ba1
---------------------------------------------------------
Moody's Ratings has upgraded to Baa3 from Ba1 the ratings of five
Fixed to Reset Rate Junior Subordinated Instruments (the five
"hybrids") of EDP, S.A. ("EDP"). These instruments are the
September 2021 EUR750 million 2082 maturity hybrid callable in
December 2026, the September 2021 EUR500 million 2082 maturity
hybrid callable in June 2029, the January 2023 EUR1,000 million
2083 maturity hybrid callable in January 2028, the May 2024 EUR750
million 2054 maturity hybrid callable in February 2030, and the
September 2024 EUR1,000 million 2054 maturity hybrid callable in
December 2030. The outlook for EDP is stable.

The rating action follows the announcement by EDP on March 27, 2025
that the consent solicitation by which EDP proposed to change some
of the terms and conditions of each of the five hybrids was
successful. The rating action concludes the review for upgrade
which was initiated on March 03, 2025.

All other EDP ratings are unaffected by this rating action.

RATINGS RATIONALE

The Baa3 ratings of the five hybrids are now one notch below EDP's
Baa2 long-term issuer rating, instead of two notches below as
previously. This reflects the updated features of the hybrids.
These instruments (1) rank junior to all senior debt obligations,
but senior to all classes of share capital as well as two
outstanding hybrids (the EUR750 million hybrid issued in January
2020, and the EUR750 million hybrid issued in February 2021) which
were not subject to the consent solicitation; and (2) have a 5-year
limit to coupon deferability.

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

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

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

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

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that, in
the context of its capital investment plan and dividend policy, EDP
will maintain financial metrics consistent with guidance for a Baa2
rating, including funds from operations (FFO)/net debt at least in
the upper teens, and retained cash flow (RCF)/net debt at least in
the low teens, in percentage terms.

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

EDP's Baa2 long-term issuer rating could be upgraded if the company
makes progress on its strategy and investments while reducing
leverage. A sustainable and solid financial profile, including
FFO/net debt above 22%, and RCF/net debt at least in the mid-teens
(in percentage terms), would support an upgrade to Baa1.

The rating could be downgraded if (1) EDP's financial profile were
to weaken because of a downturn in the company's
operating/regulatory environment and performance, or because cash
flow generation was not to keep pace with debt-funded investment,
such that FFO/net debt and RCF/net debt appeared likely to fall
persistently below guidance for the current rating; or (2) credit
negative changes occur in EDP's corporate structure, such as a
significant increase in minority shareholdings, which could prompt
a tightening of guidance, or if subordination were to increase and
weaken the position of parent company senior unsecured creditors.

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

PRINCIPAL METHODOLOGY

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

EDP is a vertically integrated utility company, with consolidated
revenue of EUR14.9 billion and EBITDA of EUR5 billion in 2024. It
is the largest electric utility in Portugal.



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

FORD OTOMOTIV: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Ford Otomotiv Sanayi A.S.'s (Ford
Otosan) Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'BB+' with a Stable Outlook. Fitch has also affirmed its senior
unsecured ratings at 'BB+'.

The affirmation reflects its view that Ford Otosan's Standalone
Credit Profile (SCP) has weakened to 'bb' from 'bb+' on weaker
sales in export and domestic markets leading to higher than
expected leverage. The IDR benefits from a one-notch uplift
reflecting the application of its Parent and Subsidiary Linkage
(PSL) criteria, in particular the investment guarantee scheme
provided by Ford Motor Company (FMC, BBB-/Stable) to Ford Otosan to
recover capex over the product cycle.

The Stable Outlook reflects its expectation that Ford Otosan will
reduce EBITDA gross leverage to below 3.0x by end-2026 and that its
links with FMC are unchanged.

Key Rating Drivers

Higher Leverage, FMC Support: Fitch believes the uncertain market
conditions in Europe and Turkiye could pressure Ford Otosan's SCP
over the next 12-18 months after a weaker than expected performance
in 2024. Fitch forecasts its EBITDA net leverage will remain above
2.0x over the next 24 months, above the previous negative rating
sensitivity, driving the downward revision of the SCP. Ford
Otosan's IDR incorporates a one-notch uplift from the SCP because
Fitch sees medium operational and strategic incentives for FMC to
support Ford Otosan, despite the lack of debt guarantees or
cross-default clauses.

Investment Guarantee Scheme: As part of its contract manufacturing
agreement, FMC provides Ford Otosan with an investment guarantee
that secures the investment recovery on contractual volume
regardless of actual sales volumes and enables Ford Otosan to
recover upfront capex over the planned product cycle. The scheme
also entails a cost-plus pricing mechanism that incorporates full
pass-through of production expenses and a profit mark-up. The
investment guarantee scheme effectively serves as a floor for Ford
Otosan's revenue and earnings and offers some protection from a
market downturn, evidenced by the resilient performance throughout
the pandemic.

Cost Inflation in Turkiye: Fitch expects Ford Otosan to pass
through inflated production costs in Turkiye in relation to export
volumes, reflected in higher unit sale prices. However, it will
have to absorb the component from domestic sales and incremental
non-production associated expenses. Fitch expects an EBITDA margin
of 6.5% in 2025, down from its previously assumed 7.4%, reflecting
the spiraling non-production expense and domestic market stress,
but still comfortable for the rating.

Strategic Importance for Ford: Fitch believes that Ford Otosan is
strategically important for its joint venture (JV) parent FMC,
producing 76% of Ford's light commercial vehicle (LCV) unit sales
and one-third of passenger cars (PCs) in Europe, and providing a
material cost advantage largely due to cheaper labour in Turkiye
and Romania. Ford Otosan is likely to gain more importance as FMC
is reducing its manufacturing sites in Europe. Ford Otosan also
plays a pivotal role in FMC's global LCV and electrification
strategy. It will manufacture six of FMC's nine electric models,
including E-Transit and E-Custom. The flagship LCVs are set to be a
key pillar of its electric vehicle arm.

Intensified Competition in Domestic Market: The domestic auto
market in Turkiye has had excess stock and price cuts, reflecting
the effect of general security regulation since end-August 2024 and
Chinese new entrants. Although the competition from overseas brands
has moderated against the spiked tariffs imposed on imported cars
in the near term, Chinese automakers are actively exploring
opportunities to localise manufacturing capabilities. The lack of
auto loan credit and political turmoil in the Turkish market poses
additional downside risk on the demand side, which Fitch expects to
weigh on Ford Otosan's short-term profitability.

Resilient LCV Export Volume: Ford Otosan's van export reached
384,000 in 2024, up 24.7% from 308,000 in 2023. Although below its
prior expectation, this outperformed the broad European market,
which saw van registration growth of 6.5% while regional production
was down by 5%, demonstrating the leading position of Ford-branded
LCVs. The new Custom and Courier are the biggest contributors to
export volume growth, and Fitch expects average capacity
utilisation to remain above 70% over the forecast horizon.

Scale, Diversification Constrain Rating: Fitch considers Ford
Otosan small compared with European vehicle manufacturers including
Volkswagen AG (VW; A-/Stable) and Mercedes-Benz Group AG
(A/Stable), which feature much broader spectrums of vehicle types,
brands, and models and are well-diversified geographically. With
expected production capacity above 900,000 by 2025, Ford Otosan is
among the top producers compared with the LCV/van segments of
Renault, Stellantis N.V. (BBB/Stable), and VW.

Country Ceiling Not Limiting Factor: Ford Otosan's IDR is not
limited by a Country Ceiling because Fitch applies the Romanian
Country Ceiling of 'BBB+' instead of Turkiye's (BB-) where the
issuer is legally based, reflecting its multi-country operations.
This stems from its estimate that Romania-originated EBITDA in
euros from the contract manufacturing agreement with FMC
(euro-denominated export sales) is more than sufficient to cover
euro and US dollar interest expenses.

Peer Analysis

Ford Otosan's business profile is characterised by geographical and
product concentration. The size compares small to higher-rated
original equipment manufacturers (OEMs) but the LCV production
capacity matches or surpasses peers such as Mercedes-Benz Vans or
Renault's LCV segment.

The issuer has no exposure to Asia or the US. However, Fitch does
not consider this a major rating constraint. Its financial profile
is on par with low investment-grade rated LCV manufacturers and
passenger car OEMs. Fitch forecasts an EBIT margin of around 6% for
Ford Otosan in the medium term, which is strong for its rating and
similar to that of FMC and VW. The heavy investment cycle in new
models pushed EBITDA leverage to above 3.0x, which is higher than
peers and above investment-grade medians in its sector criteria.
Fitch expects leverage to improve with the production ramp-up.

Key Assumptions

- Annual export unit sales reaching 670,000 in 2025

- EBITDA margins trending down toward 7% by 2028 on production
growth

- Capex in line with investment guarantee scheme, down as share of
revenues compared to recent years

- 2025 net-working-capital unwinding driven by receivables
collection

- Dividend pay-out ratio at 50%

RATING SENSITIVITIES

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

- Negative rating action on FMC or adverse change to contractual
sales to FMC

- EBITDA margin sustained below 4%

- EBITDA gross leverage sustainably above 3.0x

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

- Strengthening of legal incentives for FMC to support Ford Otosan

- Fitch could revise the SCP up if EBITDA gross leverage was
sustained below 2.5x and EBITDA margin above 6%

Liquidity and Debt Structure

Ford Otosan had TRY7.3 billion of available cash as of end-2024,
after Fitch's adjustment for restricted cash. Management targets
maintaining cash and credit commitments to meet 21 days of working
capital outflows. The average receivable collection time at Turkish
and Romanian plants are 14 days and 30 days, respectively, with
export receivables solely from Ford Europe.

For domestic sales, a direct debit system is used for sales via
dealers to mitigate credit risk. Ford Otosan uses letters of credit
and trade lines for export sales and has a EUR100 million unused
committed line and EUR120 million factoring agreement available for
working capital needs. Fitch expects negative FCF over the rating
horizon, reflecting ongoing capex and dividend payments.

Ford Otosan's debt structure comprises term and syndicated loans
and a Eurobond. Most maturities fall between 2026 and 2029. 35% of
Ford Otosan's debt at end-2024 was short term, similar to many
corporates in Turkiye. Fitch expects short-term bank lines in
Turkiye to remain available despite the liquidity squeeze resulting
from the FX control, supported by resilient export volumes and
strong relationships with foreign and domestic banks. The high hard
currency receivable collection rates support euro-denominated
interest payments on international borrowings, mitigating
foreign-exchange risks.

Issuer Profile

Ford Otosan is a Turkish automotive manufacturing company that is
specialised in light vehicle production, with leading market shares
in Europe. The company is a JV between Koc Holding (41%) and FMC
(41%), the remaining shares are free float.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
Ford Otomotiv
Sanayi A.S.            LT IDR BB+  Affirmed            BB+

   senior unsecured    LT     BB+  Affirmed   RR4      BB+



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

CIDRON AIDA: Moody's Rates New EUR615MM Senior Secured Notes 'B2'
-----------------------------------------------------------------
Moody's Ratings has assigned B2 ratings to the EUR615 million and
GBP250 million backed senior secured notes due 2031 to be issued by
Cidron Aida Finco S.a r.l. (Cidron), a subsidiary of ADVANZ PHARMA
Holdco Limited (Advanz or the company).

The issuance is part of a leverage-neutral refinancing of the
company's debt structure. The proceeds will be applied, alongside a
EUR165 million add on to Cidron's senior secured term loan B, to
repay the existing EUR650 million and GBP335 million backed senior
secured notes due 2028.

The company's ratings are unaffected by the transaction, including
its B2 long-term corporate family rating (CFR), B2-PD probability
of default rating, the B2 ratings of the senior secured bank credit
facilities issued by Cidron, the B2 ratings of the existing backed
senior secured notes issued by Cidron, and the stable outlook.

RATINGS RATIONALE      

The B2 CFR reflects the company's: (1) good diversification by
therapeutic area and formulation; (2) expected positive organic
revenue growth excluding Ocaliva taking account of pipeline
launches; (3) relatively high profitability with Moody's-adjusted
EBITDA margin above 35%; (4) strong cash conversion before new
acquisition spending and high cash balances; and (5) good track
record of acquisition execution and deleveraging.

The ratings also reflect the company's: (1) substantial reduction
in Ocaliva revenue and EBITDA contribution following the revocation
of conditional marketing authorisation in the EEA in 2024; (2)
degree of geographic concentration in the UK; (3) levered capital
structure with Moody's-adjusted debt/EBITDA expected to be
sustained at around 5.5-6.0x over the next 12-18 months; (4)
acquisitions and investment in drug pipeline necessary to generate
growth; and (5) fines and potential damages relating to historic UK
Competition and Markets Authority (CMA) investigations.

Advanz has been impacted by two specific trading challenges which
are expected to lead to EBITDA reduction and increased leverage in
2025. The revocation of conditional marketing authorisation for
Ocaliva in European Economic Area (EEA) in 2024 was already
factored into Moody's credit assessment. However the decline will
be faster than expected, mainly during 2025 rather than spread over
two years, because there are tighter restrictions on the company's
ability to retain sales via named patient programmes.

In addition the company has suffered from constraints from one CMO
supplier relating to two drugs, Lanreotide and Paliperidone, which
will continue to adversely impact sales until around the second
half of 2025. Whilst the supplier is resolving technical and
capacity issues, Moody's note that in general these headwinds are
typical of the industry and have potential to recur. As a result
Moody's expects the company's Moody's-adjusted EBITDA to fall by
around 20-25% in 2025 (on an underlying basis after acquisitions
effects), with leverage peaking at slightly over 6x, compared to
5.1x at December 2024. Thereafter Moody's expects leverage to
reduce to around 5.5 – 6.0x, as the company starts to roll out
sales from a relatively strong pipeline of potential biosimilar
drug opportunities, partially offset by low single digit percentage
declines in the base portfolio. However, the timing and extent of
sales from new biosimilar drugs remains uncertain at this stage.

Leverage levels are partially mitigated by the company's high cash
balance of GBP328 million as at December 2024. However given recent
trading headwinds and high leverage the rating is currently weakly
positioned.

LIQUIDITY

Advanz has good liquidity. As of December 31, 2024, the company
held cash and cash equivalents of GBP328 million, and had undrawn
availability of GBP156 million under its GBP177.6 million
equivalent senior secured revolving credit facility (RCF). The RCF
is subject to a springing net leverage covenant, tested when the
facility is drawn for more than 40%, with ample headroom expected.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the new backed senior secured notes, the existing
backed senior secured notes, the senior secured first lien term
loan B and senior secured RCF are in line with the corporate family
rating, and reflect the company's all-senior debt structure and
their pari passu ranking.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Advanz's exposure to environmental risks is consistent with the low
risk exposure of the pharmaceuticals industry.

Advanz's exposure to social risks primarily reflects factors
pertaining to customer relations and demographic and societal
trends. The company faces a fine following the UK Competition and
Markets Authority investigation into historic infringement of
competition laws and pricing malpractice.

Advanz's exposure to governance risks reflects its levered
financial policy and lack of an independent board.

OUTLOOK

The stable outlook reflects Moody's expectations that growth from
the company's core portfolio and pipeline will partially offset
declines in Ocaliva, leading to leverage being maintained at around
5.5 – 6.0x over the next 12-18 months. It also assumes that the
company will continue to generate stable or growing organic
revenues. The outlook also assumes that there are no materially
releveraging transactions such as dividend capitalisations or
debt-funded acquisitions, and that the company will maintain at
least adequate liquidity.

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

The ratings could be upgraded if the company (1) maintains positive
organic revenue and EBITDA growth; and (2) reduces its
Moody's-adjusted leverage below 4.5x on a sustainable basis; and
(3) generates free cash flow (FCF) / debt above 10% on a
sustainable basis; and (4) maintains at least adequate liquidity.
An upgrade would also require the company to demonstrate adherence
to a financial policy consistent with the above metrics.

The ratings could be downgraded if (1) revenues or margins from the
company's drug portfolio excluding Ocaliva decline organically; or
(2) the company's Moody's-adjusted gross debt/EBITDA increases
sustainably above 5.5x; or (3) Moody's-adjusted FCF / debt reduces
below 5% on a sustained basis; or (4) liquidity concerns arise.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.

CORPORATE PROFILE

Headquartered in London, UK, Advanz is a pharmaceutical company
marketing a portfolio of more than 170 branded drugs and generics
in over 90 countries and across various therapeutic areas. In the
year ended December 2024, Advanz reported revenue of GBP668 million
and adjusted EBITDA (before exceptional items) of around GBP286
million. The company is owned by funds ultimately controlled and
advised by private equity firm Nordic Capital.

FONTWELL SECURITIES 2016: Fitch Affirms & Withdraws 'BB+sf' Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Fontwell Securities 2016 Limited's class
S notes at 'BB+sf' with a Stable Outlook and subsequently withdrawn
the rating.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Fontwell Securities
2016 Limited

   S                   LT BB+sf Affirmed     BB+sf
   S                   LT WDsf  Withdrawn

Transaction Summary

The transaction is a granular synthetic securitisation of partially
funded credit default swaps (CDS) referencing a static portfolio of
secured loans granted to UK borrowers in the farming and
agriculture sector. The loans were originated by AMC plc, a
fully-owned subsidiary of Lloyds Bank plc (AA-/Stable/F1+).

The rating addresses the likelihood of a claim being made by the
protection buyer under the CDS following the end of the protection
period in December 2024, in accordance with the documentation.

Fitch has chosen to withdraw the class S notes' rating for
commercial reasons and will no longer provide ratings or analytical
coverage for Fontwell Securities 2016 Limited.

KEY RATING DRIVERS

Low LTV Ratio: Since its last review in January 2025, the class Q
and R notes have been fully repaid. However, the class S notes are
still outstanding pending the final determination of losses of a
portfolio of non-performing loans (NPLs). The class T balance
reflects the adjustment of the initial loss for outstanding credit
events at 35%, and the balance can write up or down depending on
the ultimate verified loss. The NPL portfolio has a weighted
average loan-to-value (LTV) ratio of 22%. As a result, even with a
severe market value decline, the class S notes are are unlikely to
incur losses. Fitch notes that to date there have been no final
losses to the credit events that have completed the work-out in the
transaction.

Sub-investment Grade Rating Cap: Fitch has capped the rating at
sub-investment grade due to the idiosyncratic risk associated with
a small portfolio of non-performing loans secured by the UK
farmland with the largest obligor and top 10 obligors at 8.5% and
55.1%, respectively.

Repayment on the notes is dependent on the recoveries of the NPL,
which can be through the sale of farmland or based on an estimated
valuation of the farmland carried out by an independent valuer if
the workout is not completed by December 2026. This exposes the
notes to a significant market value risk element. This supports the
affirmation of the class S notes with a Stable Outlook.

RATING SENSITIVITIES

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

Not applicable as the rating has been withdrawn.

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

Not applicable as the rating has been withdrawn.

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

Fontwell Securities 2016 Limited

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

Prior to the transaction closing, Fitch sought to receive a third
party assessment conducted on the asset portfolio information, but
none was available for this transaction.

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

ESG Considerations

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

HOXTON SPIRITS: Forvis Mazars Named as Joint Administrators
-----------------------------------------------------------
Hoxton Spirits Operations Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales Insolvency and Companies Court Number:
CR-2025-001829, and Adam Harris and Patrick Lannagan of Forvis
Mazars LLP, were appointed as joint administrators on March 17,
2025.  

Hoxton Spirits specialized in distilling, rectifying and blending
of spirits; wholesale of wine, beer, spirits and other alcoholic
beverages.

Its registered office is at 30 Old Bailey, London, EC4M 7AU.

Its principal trading address is at 2-4 Holywell Lane 1st Floor,
London, England, EC2A 3ET.

The joint administrators can be reached at:

             Patrick Lannagan
             Forvis Mazars LLP
             One St Peter's Square, Manchester
             M2 3DE

             -- and --

             Adam Harris
             Forvis Mazars LLP
             30 Old Bailey, London
             EC4M 7AU

Further Details Contact:

             The Joint Administrators
             Email: Shaun.Ng@mazars.co.uk


LIPSYNC LLP: Oury Clark Named as Joint Administrators
-----------------------------------------------------
Lipsync LLP was placed into administration proceedings in the High
Court of Justice, Court Number: CR-2025-001924, and Nick Parsik and
Carrie James of Oury Clark Chartered Accountants, were appointed as
administrators on March 20, 2025.  

Lipsync LLP was a film/media investment vehicle.

Its registered office is at The Station House, 15 Station Road, St
Ives, Cambridgeshire, PE27 5BH.

The joint administrators can be reached at:

               Nick Parsk
               Carrie James
               Oury Clark Chartered Accountants
               Herschel House, 58 Herschel Street
               Slough, Berkshire, SL1 1PG

Further details contact:

               The Joint Administrators
               Email: IR@ouryclark.com

Alternative contact: Ben Briscoe

ORIGINAL [KLM]: Leonard Curtis Named as Administrators
------------------------------------------------------
The Original [KLM] Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD) Court Number:
CR-2025-000323, and Mike Dillon and Andrew Knowles of Leonard
Curtis, were appointed as joint administrators on March 18, 2025.


The Original [KLM] is a retailer of pet furniture, predominantly
beds and beddings.

Its registered office and principal trading address is at 4a J2
Business Park, Bridge Hall Lane, Bury, BL9 7PB.

The joint administrators can be reached at:

                 Mike Dillon
                 Andrew Knowles
                 Leonard Curtis
                 Riverside House
                 Irwell Street, Manchester
                 M3 5EN

Further details contact:

                 The Joint Administrators
                 Tel: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Nicola Carlton

RIPPLE ENERGY: Begbies Traynor Named as Administrators
------------------------------------------------------
Ripple Energy Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-001808, and Craig Povey and Gareth Prince of Begbies
Traynor (Central) LLP, were appointed as administrators on March
17, 2025.  

Ripple Energy specialized in production and trade of electricity.

Its registered office is at 85 Great Portland Street, First Floor,
London, W1W 7LT.

The administrators can be reached at:

                 Craig Povey
                 Gareth Prince
                 Begbies Traynor (Central) LLP
                 11th Floor, One Temple Row
                 Birmingham, B2 5LG

Any person who requires further information may contact:

                 Josh Lloyd
                 Begbies Traynor (Central) LLP
                 Email: Birmingham@btguk.com
                 Tel No: 0121 200 8150


TALENT SUPPLY: FRP Advisory Named as Joint Administrators
---------------------------------------------------------
Talent Supply Ltd was placed into administration proceedings in the
High Court of Justice, Business & Property Courts in Manchester,
Insolvency & Companies List (ChD) Court Number: CR-2025-MAN-000423,
and Kelly Burton and Emma Dowd of FRP Advisory Trading Limited,
were appointed as joint administrators on March 20, 2025.  

Talent Supply operated employment placement agencies.

Its registered office is at C/O Rpgcc, 40 Gracechurch Street,
London, EC3V 0BT to be changed to C/o FRP Advisory Trading Limited
The Manor House 260 Ecclesall Road South Sheffield S11 9PS.

Its principal trading address is at C/O Rpgcc, 40 Gracechurch
Street, London, EC3V 0BT.

The joint administrators can be reached at:

                Kelly Burton
                Emma Dowd  
                FRP Advisory Trading Limited
                The Manor House
                260 Ecclesall Road South
                Sheffield, S11 9PS

Further details contact:

                The Joint Administrators
                Tel No: 01142356780

Alternative contact:

                 Matt Thompson
                 Email: cp.sheffield@frpadvisory.com


                           *********


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

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