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

                          E U R O P E

          Thursday, April 10, 2025, Vol. 26, No. 72

                           Headlines



A U S T R I A

AMS-OSRAM AG: Moody's Lowers CFR to B3, Alters Outlook to Stable


B U L G A R I A

EASTERN EUROPEAN: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable


I R E L A N D

BLACK DIAMOND 2017-2: Moody's Ups Rating on EUR18MM E Notes to Ba2
CARLYLE 2013-1: Fitch Assigns 'B-(EXP)sf' Rating to Cl. E-R-R Notes
CVC CORDATUS III: S&P Assigns B- (sf) Rating to Class F-R Notes
PALMER SQUARE 2024-1: Fitch Assigns 'BB+sf' Rating to Cl. E-R Notes


I T A L Y

EOLO SPA: Moody's Affirms 'B3' CFR, Outlook Remains Stable
PACHELBEL BIDCO: Moody's Affirms 'B2' CFR, Alters Outlook to Stable


S P A I N

DEOLEO SA: Moody's Withdraws Caa1 CFR Following Debt Repayment


S W I T Z E R L A N D

VERISURE MIDHOLDING: S&P Affirms 'B+' ICR, Alters Outlook to Pos.


U N I T E D   K I N G D O M

AFTECH LIMITED: Path Business Named as Administrator
FORTUNE PROPERTY: Moore Kingston Named as Joint Administrators
HRC NEWCASTLE: FRP Advisory Named as Joint Administrators
HX HOLD CO: Fitch Assigns 'CCC' Long-Term IDR
INDUSTRIAL POLYTHENE: KRE Corporate Named as Joint Administrators

INEOS QUATTRO: Moody's Affirms B1 CFR, Alters Outlook to Negative
MOLTEX ENERGY: Azets Holdings Named as Joint Administrators
PAGODA SECURITY: KRE Corporate Named as Joint Administrators
PENNINE POWER: Inquesta Corporate Named as Administrator
SALUS NO. 33: S&P Places 'BB' Class C Notes Rating on Watch Neg.

VESALIUS (EU) LIMITED: Begbies Traynor Named as Administrators

                           - - - - -


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A U S T R I A
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AMS-OSRAM AG: Moody's Lowers CFR to B3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings downgraded ams-OSRAM AG's (ams-OSRAM or the
company) long-term corporate family rating to B3 from B2 and its
probability of default rating to B3-PD from B2-PD. Concurrently,
Moody's have downgraded the instrument rating to B3 from B2 of the
backed senior unsecured bonds issued by ams-OSRAM. The outlook
changed to stable from negative.

RATINGS RATIONALE

The rating action indicates that ams-OSRAM's current and forecast
credit metrics are not aligned with its previous B2 ratings,
reflecting a delay in improvements compared to Moody's previous
expectations, while the company faces approaching debt maturities,
with a revolving credit facility (RCF) due in September 2026 and a
convertible bond due in November 2027. Moody's expects the slower
trajectory of improvement to operating result in the face of
refinancing needs, together with the maturity of the relatively low
cost convertible bonds, which could lead to a significant increase
in interest expense.  ams-OSRAM has currently limited free cash
flow (FCF) to absorb the higher interest burden. The B3 rating
reflects Moody's expectations that the debt maturities will be
addressed at least 12 months before their maturity.

The trajectory of earnings improvement is slower than previously
expected, with demand weakness in automotive and industrial end
markets likely continuing through the first half of 2025.
Consequently, the company's financial profile is expected to remain
stretched through 2025. Moody's adjusted Debt/EBITDA is projected
at 6.6x in 2025 (7.0x in 2024, pro forma 2025 convertible repayment
from cash), with Moody's adjusted FCF/debt expected to be 1-2% in
2025 (-2.6% in 2024) and weak interest coverage, with Moody's
adjusted (EBITDA-capex)/Interest coverage around 1.0x in 2025 (0.0x
in 2024).

The company is working on a 1-year extension of the RCF due in
September 2026, and the B3 rating reflects Moody's expectations
that the RCF extension will be secured at least 12 months before
its maturity. The EUR800 million RCF due in September 2026 (with
EUR656 million available as of December-end 2024) supports the
potential exercise of the EUR585 million minority put option
expected in the second half of 2025.

The next maturity the company faces is EUR760 million of
convertible notes in November 2027. ams-OSRAM will need to address
this maturity next year, potentially facing higher interest
expenses if refinanced, which must be offset by sufficient
operating improvements given the currently weak FCF and interest
coverage.

ams-OSRAM is exploring ways to deleverage the balance sheet, but
due to uncertainties regarding the timing and potential disposal
proceeds, Moody's do not include this potential benefit in Moody's
current forecast. For instance, the transfer of the sale and
leaseback of its Malaysian factory related to the terminated
microLED project, to a new lessee could potentially result in a
0.9x lower Moody's adjusted gross leverage and approximately EUR40
million of annual savings on FCF due to lower lease payments and
operational costs.

In the event of more significant business disposals applied towards
debt reduction, the credit quality could potentially benefit from
the deleveraging but could result in a weaker business profile
given the reduced scale, diversification and earnings base.

Moody's forecasts 2025 revenues to be flat compared to EUR3.4
billion reported in 2024 (including EUR200 million in revenue from
non-core semiconductor business that was phased out by year-end
2024). Moody's expects subsequent mid-single digit revenue growth
from 2026 onwards, and Moody's adjusted EBITDA at EUR480 million in
2025, improving to around EUR620 million in 2026. The operational
savings should help improve EBITDA margins in 2025 and 2026, but
implementation costs will burden reported EBITDA, with EUR100
million one-off costs in 2025 and EUR50 million in 2026 (fully
included in Moody's adjusted EBITDA).

Cash burn reduced significantly in 2024 compared to 2023 (Moody's
adjusted FCF at EUR99 million negative in 2024 compared to EUR667
million negative in 2023) thanks to decreased capital expenditure
following the cancellation of the microLED project and a one-time
customer prepayment of EUR224 million received in 2024. Moody's
expects capital spending to decrease further in 2025 to around 7%
of sales, supported by government grants. As a result, Moody's
forecasts approximately EUR50 million of Moody's adjusted FCF in
2025 (after EUR44 million of principal lease payments and EUR29
million minority dividend), equivalent to company adjusted FCF of
above EUR100 million, in line with the company public guidance.
Moody's forecasts break-even FCF in 2026 despite anticipated
profitability improvements, because the unwinding of the customer
prepayment that will likely lead to working capital outflows of
EUR90 million in 2026.

Moody's adjusted Debt/EBITDA is estimated at 7.9x at year-end 2024
(7.0x pro forma, 2025 convertible bond repayment from cash in March
2025). Moody's adjusted EBITDA is derived from reported EBITDA,
with adjustments for capitalized development costs (EUR58 million)
and adds back one-time expenses related to the termination of the
microLED project (EUR85 million). Moody's adjusted gross debt stood
at EUR3.9 billion by the end of 2024 (EUR3.4 billion pro forma
repayment of 2025 convertible from cash), including adjustments for
pensions (EUR143 million), sale and leaseback, other leases (EUR623
million), a minority put option (EUR585 million), and factoring
(EUR13 million).

STABLE OUTLOOK

The stable outlook reflects Moody's expectations that ams-OSRAM
will see profitability improvements starting in the second half of
2025. Moody's specifically forecast low single-digit year-on-year
revenue growth in the second half 2025, leading to flat revenue
growth for the full year 2025 compared to EUR3.4 billion reported
in 2024 (including EUR200 million in revenue from non-core
semiconductor business that was phased out by year-end 2024), and
Moody's adjusted EBITDA margin at around 14%. This will result in a
progressive recovery of credit metrics, leading to positive Moody's
adjusted FCF generation, with Moody's adjusted FCF/Debt at 1-2% and
(EBITDA-capex)/Interest around 1.0x in 2025.

The stable outlook also incorporates Moody's expectations that the
company will maintain adequate liquidity, including Moody's
anticipations that the RCF maturity will be extended at least 12
months before it becomes due.

LIQUIDITY

ams-OSRAM's liquidity as adequate, factoring the expectation the
RCF extension will be secured at least 12 months before maturity.

Company had cash balance of EUR1,098 million as of December-end
2024 (or EUR650 million pro forma repayment of 2025 convertible
maturity of EUR447 million in Q1 2025 from available cash). Moody's
forecasts EUR50 million of positive Moodys adjusted FCF in 2025
comprising of EUR270 million in funds from operations (FFC), EUR80
million inflow from net working capital, EUR230 million in capital
expenditure (net of government grants), approximately EUR40 million
in lease payments, and EUR29 million for the minority dividend.

The company has access to EUR800 million RCF due in September 2026,
which was EUR144 million utilized for guarantees as of December-end
2024. The RCF backstops the potential exercise of the minority put
option (EUR585 million). The court decision is expected in the
second half of 2025, which could result in outflows related to
exercise of put option of up to EUR585 million in the stress case
scenario. The next maturity is EUR760 million convertible debt
maturing in November 2027.

Moody's expects sufficient headroom under covenants over next 12-18
months. ams-OSRAM covenant net leverage ratio stood at 2.6x as of
year-end 2024, compared to test level of 4.5x. The test level will
step down to 4.25x in March-end 2025, and to 4.0x from June-end
2025 and after. In the event of stress case of full put option
exercise in H2-25 (adding approximately 0.8x to leverage), Moody's
expects the company to maintain sufficient headroom.

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

Given the approaching debt maturities, an upgrade is unlikely at
present. Upward pressure on the rating may develop over time if
ams-OSRAM demonstrates sustained improvement in underlying revenue
and growing EBITDA, leading to an improvement in credit metrics,
such as: (1) sustainably positive Moodys adjusted FCF, with
FCF/Debt at mid single digits on a sustained basis, (2) Moodys
adjusted (EBITDA-capex)/ interest sustainably above 1.5x, (3)
Moody's adjusted Debt/EBITDA well below 6.0x on a sustained basis
and (4) adequate liquidity.

Downward pressure on the ratings could develop if operating
performance does not improve in line with Moody's expectations from
second half of 2025, or the company fails to show progressive
recovery of credit metrics, such Moody's-adjusted FCF remains
negative, Moody's adjusted (EBITDA-capex)/ Interest remains below
1.0x or if liquidity weakens. The rating could also be downgraded
if the company fails to refinance upcoming debt maturities at least
one year before they are due, or if Moody's believes the likelihood
of the company pursuing a transaction that would result in losses
for creditors increases.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ams-OSRAM AG (ams-OSRAM) is an Austria-based producer of
high-performance sensors for the consumer electronics, automotive
and healthcare industries, as well as lighting solutions primarily
for the automotive industry. In 2024, ams-OSRAM generated EUR3.4
billion revenues and reported approximately EUR575 million of
company adjusted EBITDA. The company is listed on Switzerland stock
exchange with market capitalization of approximately EUR770 million
as of April 01, 2025.



===============
B U L G A R I A
===============

EASTERN EUROPEAN: Fitch Assigns 'BB' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Eastern European Electric Company B.V.
(EEEC) a Long-Term Issuer Default Rating (IDR) of 'BB'. The Outlook
is Stable.

EEEC's rating is supported by its solid business profile, focusing
on regulated and predictable electricity distribution in Bulgaria,
along with a strong market position in supply and trade. The rating
also reflects the company's capex plan aimed at further
digitalisation of the grid with electric meters, enhancing
profitability through improved grid management and reduced
technological losses. Fitch expects EEEC's net leverage to remain
within its sensitivities for the 'BB' rating in 2025.

Key Rating Drivers

Regulated Income in Distribution: EEEC's credit profile benefits
from the high share of regulated electricity distribution in its
EBITDA, which has low business risk and greater cash flow
predictability than its supply and trade segment. Based on its
conservative assumptions, Fitch forecasts distribution EBITDA will
average about BGN170 million annually in 2025-2028, supported by a
higher projected rate of return and its ability to keep
technological losses below the level approved by the regulator.

Normalisation of Distribution Results: Distribution EBITDA was
BGN172 million in 2024, down from BGN222 million in 2023 when
results were supported by lower costs of network losses, which were
adjusted in 2024 through the Z-factor. The company managed to keep
technological losses below the level approved by the regulator
(5.94% in 2024 versus approved 7% in the seventh regulatory period
lasting until mid-2027). Fitch expects this good performance to
continue in the next four years.

New Distribution Regulatory Period: EEEC entered the seventh
regulatory period in July 2024, which remains broadly consistent
with its expectations. The return on the regulated asset base
increased to 7% from 5.74% but approved technological losses
decreased to 7% (from 7.5% under the previous period), reflecting
the regulator's push for efficiency.

Full Supply Liberalisation in 2026: Fitch projects EEEC's EBITDA in
supply and trade to average about BGN65 million annually in
2025-2028 with market liberalisation not immediately translating
into higher results. Under the first step of liberalisation from 1
July 2025, Fitch expects the company to realise a similar profit
margin as it has to date, when supply companies earn 7% profit
margin on sales.

Supply Segment Prone to Volatility: With full liberalisation from 1
January 2026, EEEC's profit margin is likely to gradually improve,
especially following the implementation of the company's
investments in grid digitalisation, supporting the company's
receivables collection rates.

Grid Digitalisation Capex: EEEC plans BGN620 million capex in
2025-2028, with BGN76 million financed from the Modernisation Fund.
The investments in digitalisation of the grid are likely to drive
revenue growth and operational savings. By enhancing grid
management and reducing manual meter checks, these investments
should lead to lower technological losses, remunerated under the
distribution tariff, as well as cost efficiencies, speeding up
identification of unauthorised connections to the grid. The ability
to quickly disconnect non-paying households should support debt
collection, particularly as market liberalisation could result in
higher household prices and increased receivables.

Stabilisation of Financial Results: Fitch expects the company's
EBITDA to normalise from 2025, averaging about BGN230 million
annually in 2025-2028 after an extraordinary 2023 and 2024
performance with BGN243 million of EBITDA in 2024. This will be
supported by predictable regulated distribution and the less
predictable supply segment following market liberalisation. EEEC is
also likely to benefit from its experience in trade activities on
the free energy market.

Moderate Leverage: Fitch expects EEEC's funds from operations (FFO)
net leverage to decline to 3.2x on average in 2026-2028, from 3.7x
in 2024 and 3.8x in 2025, based on its expectations of stable
EBITDA, average annual consolidated capex of BGN155 million in
2025-2028 and a 50% dividend pay-out ratio from 2026. Fitch
projects FFO interest coverage at 3.6x on average in 2025-2028.

Part of Eurohold Group: EEEC is fully owned by Eurohold Bulgaria AD
(B/Stable) through intermediate holding companies. Based on its
Parent-Subsidiary Linkage (PSL) Criteria, Fitch follows the
stronger subsidiary path and assess legal ringfencing as 'porous'
between EEEC and Eurohold, which is due to a dividend lock-up
covenant in EEEC's debt documentation in relation to 3.5x EBITDA
net leverage. EEEC's financial separation from its parent results
in 'porous' access and control.

Impact of Eurohold Ownership: 'Porous' legal ringfencing and access
and control mean that EEEC can be rated up to two notches above
Eurohold's consolidated profile (excluding the insurance business),
which Fitch assesses at 'BB-' as Eurohold's rating is notched down
twice below its consolidated profile due to its structural
subordination in the group. As a result, more than a one-notch
downward revision of Eurohold's consolidated credit profile would
lead to a downgrade of EEEC as its rating would be constrained.

Peer Analysis

EEEC's regional peer is Romania-based Societatea Energetica
Electrica S.A. (Electrica; BBB-/Stable), in which the Romanian
state owns a 49.8% stake. Electrica has higher debt capacity than
EEEC, largely due to its higher share of regulated EBITDA from
electricity distribution (at about 80%) than EEEC's.

Another peer is Czechia-based ENERGO-PRO a.s. (EPas, BB-/Stable),
which has operations in the Bulgarian electricity distribution and
supply market, but higher geographical diversification as it also
operates in Turkiye, Georgia, Spain and Brazil. EPas also owns
hydro power plants in several countries. EPas has slightly lower
debt capacity than EEEC.

EEEC is smaller than Poland's Energa S.A. (BBB+/Stable, Standalone
Credit Profile 'bbb-') and Bulgarian Energy Holding EAD
(BB+/Stable, Standalone Credit Profile 'bb'). It is focused on the
distribution of electricity and supply, while Energa and Bulgarian
Energy Holding are integrated utilities.

Key Assumptions

Fitch's Key Assumptions within its Rating Case for the Issuer

- EBITDA normalising at an average of about BGN230 million annually
in 2025-2028, after exceptionally good results in 2023-2024

- Cumulative capex in 2025-2028 of about BGN620 million, focusing
on network infrastructure development

- Dividends at 50% of net income in 2026-2028, when EBITDA net
leverage is below 3.5x

RATING SENSITIVITIES

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

- Lower profitability and cash generation leading to FFO net
leverage above 4.5x and FFO interest coverage below 3.4x on a
sustained basis

- Significant weakening of the business profile with lower
predictability of cash flows, which may lead to a tighter leverage
sensitivity or a downgrade

- A more than one-notch downward revision of Eurohold's
consolidated profile (excluding the insurance business), assuming
unchanged links with the parent

- Stronger links with the parent, reflected in open legal
ring-fencing or access and control under its PSL Rating Criteria

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

- FFO net leverage below 3.5x and FFO interest coverage above 4.4x
on a sustained basis

Liquidity and Debt Structure

Fitch estimates that EEEC's liquidity was BGN145 million at
end-2024, with BGN71 million of Fitch-projected positive FCF in the
next 12 months. This compares with BGN54 million of short-term debt
maturities.

Issuer Profile

EEEC is part of Eurohold Bulgaria, consolidating the group's energy
business in Bulgaria. EEEC has a leading market position in
Bulgaria with 40% market share in electricity distribution and a
strong market position in supply and trade.

Date of Relevant Committee

01 April 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating           
   -----------                ------           
Eastern European
Electric Company B.V.   LT IDR BB  New Rating



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

BLACK DIAMOND 2017-2: Moody's Ups Rating on EUR18MM E Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Black Diamond CLO 2017-2 Designated Activity Company:

EUR30,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Oct 18, 2024
Affirmed Aa3 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A3 (sf); previously on Oct 18, 2024
Affirmed Baa2 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba2 (sf); previously on Oct 18, 2024
Affirmed Ba3 (sf)

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

EUR142,000,000 (Current outstanding amount EUR19,412,329) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 18, 2024 Affirmed Aaa (sf)

USD55,800,000 (Current outstanding amount USD7,650,969) Class A-2
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 18, 2024 Affirmed Aaa (sf)

EUR30,000,000 (Current outstanding amount EUR4,101,196) Class A-3
Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 18, 2024 Affirmed Aaa (sf)

USD15,000,000 (Current outstanding amount USD2,056,712) Class A-4
Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 18, 2024 Affirmed Aaa (sf)

EUR56,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Oct 18, 2024 Affirmed Aaa (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Caa1 (sf); previously on Oct 18, 2024
Downgraded to Caa1 (sf)

Black Diamond CLO 2017-2 Designated Activity Company, issued in
December 2017, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Black Diamond CLO 2017-2
Adviser, L.L.C.. The transaction's reinvestment period ended in
January 2022.

RATINGS RATIONALE

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

The affirmations on the ratings on the Class A-1, A-2, A-3, A-4, B
and F notes are primarily a result of the expected losses on the
notes remaining consistent with their current rating levels, after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR43.2 million
and USD17.7 million (25% of Class A original balance) since the
last rating action in October 2024, and EUR148.5 million and
USD61.1 million (86% of Class A original balance) 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 208.40%, 154.63%,
129.72%, 115.19% and 107.13% compared to September 2024 [2] levels
of 163.94%, 135.54%, 120.05%, 110.20% and 104.44%, 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: EUR171.3m

Defaulted Securities: USD2.5m

Diversity Score: 31

Weighted Average Rating Factor (WARF): 3435

Weighted Average Life (WAL): 3.37 years

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

Weighted Average Recovery Rate (WARR): 45.91%

Par haircut in OC tests and interest diversion test:  1.03%

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 Moody's are analysing.

Moody's notes that the March 2025 trustee report was published at
the time Moody's were completing Moody's analysis of the February
2025 data. Key portfolio metrics such as WARF, diversity score,
weighted average spread and life, and OC ratios exhibit little or
no change between these dates.

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.

-- Around 4.4% of the collateral pool consists of debt obligations
whose credit quality Moody's have assessed by using credit
estimates.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

-- Foreign currency exposure: The deal has a significant exposure
to non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss of
rated tranches.

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 2013-1: Fitch Assigns 'B-(EXP)sf' Rating to Cl. E-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Carlyle Euro CLO 2013-1 DAC reset
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt        Rating           
   -----------        ------           
Carlyle Euro
CLO 2013-1 DAC

   A-1A           LT AAA(EXP)sf  Expected Rating
   A-1B           LT AAA(EXP)sf  Expected Rating
   A-2A           LT AA(EXP)sf   Expected Rating
   A-2B           LT AA(EXP)sf   Expected Rating
   B-R-R          LT A(EXP)sf    Expected Rating
   C-R-R          LT BBB-(EXP)sf Expected Rating
   D-R-R          LT BB-(EXP)sf  Expected Rating
   E-R-R          LT B-(EXP)sf   Expected Rating
   Sub Note       LT NR(EXP)sf   Expected Rating
   X              LT AAA(EXP)sf  Expected Rating

Transaction Summary

Carlyle Euro CLO 2013-1 DAC is a securitisation of mainly (at least
96%) senior secured obligations with a component of senior
unsecured, mezzanine, second lien loans and high-yield bonds. Note
proceeds will be used to redeem the existing notes (except the
subordinated notes) and to fund a portfolio with a target par of
EUR400 million.

The portfolio is actively managed by CELF Advisors LLP and the CLO
will have a reinvestment period of about 4.5 years and an 7.5-year
weighted average life (WAL) test at closing, which can be extended
one year after closing, subject to conditions.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.9%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a maximum
exposure to the three-largest Fitch-defined industries of 40%, and
a maximum fixed-rate obligation limit of 10% and a top 10 obligor
concentration limit of 15%. The manager will select these limits
based on the guidelines set under the Fitch test matrix. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

WAL Step-Up Feature (Neutral): From one year after closing, the
transaction can extend the WAL test by one year. The WAL extension
is at the option of the manager, but subject to conditions,
including passing the Fitch collateral quality tests and the
aggregate collateral balance with defaulted assets at their
collateral value being equal to or greater than the reinvestment
target par.

Portfolio Management (Neutral): The transaction will have a
reinvestment period of about 4.5 years and include reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of no more than one notch for
the class C-R-R notes, two notches for the class A-2A, A-2B, B-R-R
and D-R-R notes, to below 'B-sf' for the class E-R-R notes and have
no impact on the class A-1A and A-1B notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class A-2A, A-2B, C-R-R and D-R-R
notes each display a rating cushion of two notches, the class B-R-R
notes have a cushion of one notch, while the class A-1A, A-1B and
E-R-R notes have no cushion.

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Carlyle Euro CLO
2013-1 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.

CVC CORDATUS III: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund III DAC's class A-R Loan and class A-R, B-1-R, B-2-R, C-R,
D-R, E-R, and F-R notes. The issuer has unrated subordinated notes
outstanding from the existing transaction and, at closing, issued
an additional EUR37.00 million of subordinated notes.

This transaction is a reset of the already existing transaction,
which S&P did not rate.

The ratings assigned to the reset loan and notes reflect our
assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,993.87
  Default rate dispersion                                573.82
  Weighted-average life (years)                            4.18
  Weighted-average life extended to cover
  the length of the reinvestment period (years)            4.62
  Obligor diversity measure                              154.35
  Industry diversity measure                              20.68
  Regional diversity measure                               1.13

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.99
  Target 'AAA' weighted-average recovery (%)               35.86
  Target weighted-average spread (%)                        3.92
  Target weighted-average coupon (%)                        3.81

Liquidity facility

This transaction has a EUR1.5 million liquidity facility, provided
by The Bank of New York Mellon, with a maximum commitment period of
four years and an option to extend for a further one or two
additional one-year periods. The margin on the facility is 2.50%
and drawdowns are limited to the amounts due for payment under the
interest proceeds priority of payments. The liquidity facility is
repaid using interest proceeds in a senior position of the
waterfall or repaid directly from the interest account on a
business day earlier than the payment date. For S&P's cash flow
analysis, it assumes that the liquidity facility is fully drawn
throughout the six-year period and that the amount is repaid just
before the coverage tests breach.

Rating rationale

Under the transaction documents, the rated loan and notes pay
quarterly interest unless a frequency switch event occurs.
Following this, the loan and notes will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.62 years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the covenanted weighted-average spread (3.80%),
the covenanted weighted-average coupon (3.80%), and the identified
weighted-average recovery rates calculated in line with our CLO
criteria for all rating levels. Unidentified assets made up 18.16%
of the target portfolio at closing. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings assigned to
the class A-R notes and class A-R Loan are commensurate with the
available credit enhancement. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1-R
to C-R notes could withstand stresses commensurate with higher
rating levels than those we have assigned. However, as the CLO will
be in its reinvestment phase starting from closing, during which
the transaction's credit risk profile could deteriorate, we have
capped our ratings assigned to the notes.

"For the class F-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 F-R notes reflects several key
factors, including:

-- The class F-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 27.09% (for a portfolio with a weighted-average
life of 4.62 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.62 years, which would result
in a target default rate of 14.32%.
-- 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.

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

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that the assigned ratings are commensurate with
the available credit enhancement for all the rated classes of loan
and notes.

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

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

Environmental, social, and governance

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

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

  A-R     AAA (sf)    206.00   3/6-month EURIBOR + 1.20   38.00

  A-R Loan AAA (sf)   104.00   3/6-month EURIBOR + 1.20   38.00

  B-1-R   AA (sf)      37.00   3/6-month EURIBOR + 1.65   28.20

  B-2-R   AA (sf)      12.00   4.45                       28.20

  C-R     A (sf)       31.00   3/6-month EURIBOR + 2.10   22.00

  D-R     BBB- (sf)    38.00   3/6-month EURIBOR + 3.05   14.40

  E-R     BB- (sf)     24.50   3/6-month EURIBOR + 5.00    9.50

  F-R     B- (sf)      15.00   3/6-month EURIBOR + 8.25    6.50

  Sub     NR           84.90   N/A                          N/A

*The ratings assigned to the class A-R Loan and class A-R, B-1-R,
and B-2-R notes address timely interest and ultimate principal
payments. The ratings assigned to the class C-R, D-R, E-R, and F-R
notes address ultimate interest and principal payments. The payment
frequency switches to semiannual and the index switches to
six-month EURIBOR when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


PALMER SQUARE 2024-1: Fitch Assigns 'BB+sf' Rating to Cl. E-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Palmer Square European Loan Funding
2024-1 DAC's refinancing notes final ratings, as detailed below.

   Entity/Debt                  Rating               Prior
   -----------                  ------               -----
Palmer Square European
Loan Funding 2024-1 DAC

   Class A XS2775048981     LT PIFsf  Paid In Full   AAAsf
   Class A-R XS3040415013   LT AAAsf  New Rating
   Class B XS2775054013     LT PIFsf  Paid In Full   AAsf
   Class B-R XS3040415286   LT AAsf   New Rating
   Class C XS2775049286     LT PIFsf  Paid In Full   Asf
   Class C-R XS3040415443   LT Asf    New Rating
   Class D XS2775049443     LT PIFsf  Paid In Full   BBBsf
   Class D-R XS3040415799   LT BBB+sf New Rating
   Class E XS2775049526     LT PIFsf  Paid In Full   BBsf
   Class E-R XS3040415955   LT BB+sf  New Rating

Transaction Summary

Palmer Square European Loan Funding 2024-1 DAC is an arbitrage cash
flow CLO that is serviced by Palmer Square Europe Capital
Management LLC. Net proceeds from the notes have been used to
redeem the existing notes and purchase a static pool of primarily
secured senior loans and bonds, with an original target par of
EUR450 million.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors at 'B'/'B-'. The Fitch weighted average rating
factor (WARF) of the identified portfolio is 24.2.

High Recovery Expectations: The portfolio comprises 98.2% senior
secured obligations and first-lien loans. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the identified portfolio is 63.2%.

Diversified Portfolio Composition: The largest three industries
comprise 36.2% of the portfolio balance, the top 10 obligors
represent 11.0% of the portfolio balance and the largest obligor
represents 1.3% of the portfolio.

Static Portfolio: The transaction does not have a reinvestment
period and discretionary sales are not permitted. Fitch's analysis
is based on the identified portfolio, which it stressed by applying
a one-notch reduction to all obligors with a Negative Outlook
(floored at 'CCC-'), which is 9.9% of the identified portfolio.
After the adjustment for Negative Outlooks, the portfolio WARF
would be 24.8.

Deviation from MIR: The class B-R and C-R notes are rated one notch
below their model-implied ratings (MIRs) due to insufficient
break-even default-rate cushion within the Fitch-stressed portfolio
at their MIRs, given uncertain macro-economic conditions that
increase default risk.

RATING SENSITIVITIES

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

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

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

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

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

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

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

Palmer Square European Loan Funding 2024-1 DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Palmer Square
European Loan Funding 2024-1 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.



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

EOLO SPA: Moody's Affirms 'B3' CFR, Outlook Remains Stable
----------------------------------------------------------
Moody's Ratings has affirmed the B3 long term corporate family
rating and the B3-PD probability of default rating of EOLO S.p.A.
(EOLO or the company), a Fixed Wireless Access (FWA)
telecommunications service operator in Italy. Concurrently, Moody's
has affirmed the Caa1 rating on the EUR375 million senior secured
notes due in 2028 and issued by EOLO. The outlook remains stable.

"The affirmation reflects the steady profit growth and continued
shareholder support with two equity injections over the past 18
months which support the company's liquidity" says Pilar Anduiza, a
Moody's Ratings Associate Vice President and lead analyst for
EOLO.

"However, the ratings remain weakly positioned due to intense
competition and the ongoing negative free cash flow due to the high
capital expenditures " adds Ms Anduiza.

RATINGS RATIONALE      

EOLO's year-to-date December 2024 revenue grew by 5%, driven by
continued subscriber growth despite a decline in Average Revenue
Per User (ARPU). The company has consistently increased its
subscriber base by mid-single digits percentage-wise each quarter.
However, the inability to raise prices since last year highlights
the highly competitive nature of the Italian fixed broadband
market. Nonetheless, the company's EBITDA has been growing at a
higher rate, supported by operating leverage.

The FWA market in Italy continues to grow, with potential for
further expansion in underpenetrated rural and suburban areas.
However, Moody's expects competition to intensify, particularly due
to technological advancements by satellite operators such as
Starlink, which has entered the Italian market and are likely to
target a similar market as EOLO.

The risk of higher competition is partially offset by the time it
will take for Starlink to scale up its operations in the Italian
market, EOLO is positioned to offer improving speeds through its
agreement with Fastweb. This agreement provides EOLO access to the
26 GHz spectrum band, enabling the delivery of 1 Gb speeds
according to the company. However, EOLO will need to invest in new
equipment over the coming years, which will continue to exert
pressure on its cash flow generation.

Moody's expects that EOLO's revenue growth will moderate to
mid-to-low single digit per year in 2025-26, compared to the
mid-to-high digit range in 2023-24. Moody's also forecasts that
EOLO's Moody's adjusted EBITDA will grow at a slower pace and reach
EUR107 million by 2026 (EUR101 million in 2024), while Moody's
adjusted free cash flow after growth capex will remain negative at
around EUR30- EUR40 million each year over 2025-2026. Leverage (as
adjusted by Moody's) will remain around 6.0x over 2025-2026.

EOLO's ratings continues to reflect (1) the supportive fundamentals
of the Italian FWA market; (2) the company's strong market position
and technological leadership in this segment; (3) its well invested
infrastructure; and (4) its growing customer base. The ratings is
constrained by (1) the company's high Moody's adjusted leverage and
negative free cash flow generation after growth capex; (2) EOLO's
modest scale and niche business focus; (3) its exposure to
technology risk; (4) a more challenging competitive environment;
and (5) its high operating leverage owing to a high proportion of
fixed costs.

LIQUIDITY

As of December 2025, the company had cash of EUR17 million and
maintained access to the EUR140 million super senior revolving
credit facility ("SSRCF") maturing in April 2028, with no financial
covenants, of which EUR14 million were available.

Because of the significant growth capex, Moody's expects the
company to generate negative FCF of around EUR30- EUR40 million
each year over the next 12-18 months. Moody's acknowledges that a
large part of the investments includes growth (success-based)
capital spending that could be curtailed if needed.

Moody's positively note that last year, shareholders committed
EUR50 million in equity to address the cash shortfall. This year,
Partners Group have committed an additional EUR40 million to
support the upcoming investments.

STRUCTURAL CONSIDERATIONS

The Caa1 rating of the senior secured notes is one notch below the
CFR, reflecting its ranking behind the SSRCF, which has priority
over the proceeds in an enforcement scenario under the
Intercreditor Agreement.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that EOLO will
continue to grow its revenues and earnings overtime, mitigating the
intense competition through a solid customer service proposition
and ongoing technology upgrades. The outlook assumes leverage will
remain flattish at around 5.5x-6.0x.

The stable outlook takes into account the track record of support
from its shareholders and assumes that the company will raise
sufficient funds to accommodate its growth.

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

Upward rating pressure could develop if the company successfully
executes its growth plan, showing strong revenue growth as well as
a sustainable improvement in EBITDA margins that allows sustained
deleveraging. Quantitatively, that would require Moody's adjusted
debt/EBITDA to reduce towards 5.0x and Moody's adjusted free cash
flow (FCF) to at least break-even.

Downward pressure on the ratings could develop if operating
performance deteriorates, including sustained subscriber losses
leading to revenue and EBITDA declines, with Moody's adjusted
debt/EBITDA rising above 6.5x. In addition, downward rating
pressure could arise if EOLO's liquidity weakens because of
sustained negative free cash flow generation and the company is
unable to raise sufficient funds to fund its growth plan.

PRINCIPAL METHODLOGY

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

COMPANY PROFILE

Headquartered in Busto Arsizio, Italy, EOLO is a national
telecommunications operator and market leader in the supply of
ultrabroadband FWA services to the residential, business and
wholesale sectors in Italy. EOLO offers FWA services in rural and
suburban areas in Italy for residential and wholesale customers
with speeds ranging from 30 Mbps in the basic package to 300Mbps in
the premium package.

Reported revenue and company adjusted EBITDA for the fiscal year
ending March 2024 were EUR235 million and EUR131 million,
respectively.

PACHELBEL BIDCO: Moody's Affirms 'B2' CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed Pachelbel BidCo S.p.A.'s (Pachelbel)
B2 long term corporate family rating, B2-PD probability of default
rating, the B2 ratings on the EUR600 million senior secured
floating rate notes and the EUR500 million senior secured fixed
rate notes, both due in May 2031 and issued by Pachelbel, as well
as the EUR765 million senior secured floating rate notes due in
October 2028 and issued by Multiversity S.p.A. The outlook was
changed to stable from negative for both entities.

"The change in outlook to stable reflects Moody's expectations that
the company will maintain strong operating and financial
performance over the next 12-18 months, resulting in a significant
improvement in the company's key credit metrics to levels
commensurate with a B2 rating," says Víctor García Capdevila, a
Moody's Ratings Vice President-Senior Analyst and lead analyst for
Pachelbel.

RATINGS RATIONALE      

Multiversity's operating performance in 2024 was robust. Moody's
estimates that revenue increased by 27% to approximately EUR530
million, while its Moody's-adjusted EBITDA rose by 16% to around
EUR280 million. This growth was primarily driven by a significant
increase in total enrollments and the positive impact of the 30/60
CFU courses in postgraduate programs. Additionally, higher tuition
fees for new enrollments and increased non-tuition fee revenue from
a larger volume of undergraduate students contributed to this
performance. However, Moody's-adjusted EBITDA margin decreased to
52.8% in 2024 from 58.2% a year earlier, mainly due to higher
teaching costs related to the need to comply with new regulation,
Decree 1154/2021, requiring a higher ratio of professors per
student. Free cash flow generation remained very strong in 2024,
amounting to approximately EUR150 million.

Moody's estimates that the company's Moody's-adjusted gross
leverage increased to approximately 6.7x in 2024 from 3.3x in 2023.
This large increase in leverage is primarily due to the new capital
structure implemented in May 2024, which resulted from the
extension of CVC Capital Partners LTD (CVC) investment horizon in
Multiversity and the transfer of the company to a continuation
fund. The transaction was valued at EUR4 billion, or 13x 2023
annualized run-rate company adjusted EBITDA, and was funded through
a combination of EUR2.2 billion in equity, EUR765 million in
existing debt, and EUR1.1 billion in incremental debt.

Moody's base case scenario assumes revenue growth of 20% to around
EUR635 million in 2025, driven mainly by a combination of strong
growth in new enrollments of undergraduate students and price
increases. Moody's-adjusted EBITDA is estimated to grow by 19% to
around EUR330 million, with broadly stable Moody's-adjusted EBITDA
margins of around 51% in 2025. Moody's base case scenario assumes
that the implementation of the new Decree 773 will be broadly
credit neutral for Multiversity. While the new requirement for the
student-to-teacher ratio for telematic universities is less
demanding than Decree 1154, Moody's believes that these positive
effects will be largely offset by the new requirement to deliver at
least 20% of lessons synchronously.

Based on those assumptions, Moody's estimates that the company's
Moody's-adjusted gross leverage will reduce to 5.6x in 2025 from
6.7x in 2024 driven by strong EBITDA growth rather than a reduction
in debt.

Pachelbel's ratings reflect its leading position in the online
higher education segment in Italy; its good operational and
financial track record; the supportive industry dynamics from
increasing demand for online education; high revenue and earnings
visibility; and very high profitability margin and strong free cash
flow (FCF), which is driven by an asset-light business model with
low capital spending requirements and a very lean cost structure.

The rating also reflects Multiversity's still relatively small
scale of operations, the earnings concentration in the niche
education online segment in Italy, its exposure to regulatory risks
and its very high Moody's-adjusted gross leverage.

LIQUIDITY

Multiversity's liquidity is good, supported by its solid free cash
flow generation, high cash balance of EUR274 million by year-end
2024 and full availability under the EUR195 million revolving
credit facility (RCF) due in 2031 and which is not subject to
financial maintenance covenants.

Similar to other online universities, Multiversity operates with an
asset-light business model. Its capital expenditure requirements
are minimal, approximately 3% of total sales (as adjusted by us),
primarily allocated towards the enhancement of its IT platform and
the strengthening of cyber security. This enables a robust free
cash flow generation (FCF), projected to be around EUR125 million
in 2025. This equates to a FCF-to-debt ratio of approximately 7%.

STRUCTURAL CONSIDERATIONS

Pachelbel is the issuer of the EUR600 million senior secured
floating rate notes and the EUR500 million senior secured fixed
rate notes and it is the borrower under the company's EUR195
million RCF while Multiversity is the issuer of the EUR765 million
senior secured floating rate notes.

Pachelbel and Multiversity are expected to merge during the course
of 2025 through a reversed merger by which Multiversity will assume
the rights and obligations of Pachelbel with the former being the
top entity of the restricted group.

Pachelbel's probability of default rating is B2-PD based on an
expected family recovery rate of 50%.

The security and guarantee package of the notes is considered to be
weak, with no upstream guarantees from operating subsidiaries and
the security package comprising only share pledges. As a result,
the notes rank behind the trade payables, other operating company
obligations and the super senior RCF, which ranks ahead in an
enforcement scenario. Given the relatively small size of the RCF
and the operating company obligations, the notes are rated B2, at
the same level as the CFR.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectations that
Pachelbel will continue to achieve strong organic growth over the
next 12-18 months, resulting in a rapid reduction in leverage
towards 5.5x in 2025. The stable outlook does not factor in any
substantial debt-funded acquisition and incorporates Moody's
assumptions of adequate liquidity at all times.

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

Upward pressure on the ratings could arise if the company continues
to build up on its rapid and profitable growth trajectory and the
company commits to a financial policy commensurate with a B1
rating, equivalent to a sustainable Moody's-adjusted gross leverage
below 4.5x while solid free cash flow generation and good liquidity
are maintained.

Downward pressure on the ratings could arise if the company's
operating performance weakens or it engages in debt financed
acquisitions or dividend distributions such that Multiversity's
gross adjusted leverage does not reduce below 6.0x over the next
12-18 months. The ratings could also be downgraded if liquidity
deteriorates significantly; or changes in the accreditation and/or
regulatory landscape materially weaken the company's business
prospects.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Multiversity is the leading private higher education online
provider in Italy with more than 200,000 undergraduate students.
The group owns Università Telematica Pegaso, Università
Telematica San Raffaele Roma and is the majority shareholder (67%)
of Universitas Mercatorum. These universities are among the 11
online universities recognized by the Italian Ministry of Education
with their degrees having the same legal value as traditional ones.
Moody's estimates that the group generated around EUR530 million
revenues and Moody's-adjusted EBITDA of EUR280 million in 2024.



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

DEOLEO SA: Moody's Withdraws Caa1 CFR Following Debt Repayment
--------------------------------------------------------------
Moody's Ratings has withdrawn all the ratings of Deoleo S.A.
(Deoleo or the company), including the Caa1 long-term corporate
family rating, the Caa1-PD probability of default rating, the B3
rating on the EUR160 million senior secured term loan due June 2025
(EUR58 million outstanding as of December 2024) and the Caa3 rating
on the EUR82 million senior secured junior lien term loan due June
2026, both borrowed by Deoleo's indirect subsidiary Deoleo
Financial Ltd. At the time of withdrawal, the outlook of both
entities was negative.

RATINGS RATIONALE      

Moody's have withdrawn all ratings following the repayment of all
of the company's outstanding rated debt.

Deoleo S.A. is the leading producer of olive oil globally.



=====================
S W I T Z E R L A N D
=====================

VERISURE MIDHOLDING: S&P Affirms 'B+' ICR, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Verisure Midholding AB
(Verisure) to positive from stable and affirmed its 'B+' long-term
issuer credit rating on Verisure. S&P also affirmed its 'B+' issue
ratings on its senior secured debt and its 'B-' issue ratings on
its senior unsecured debt.

S&P said, "The positive outlook indicates a potential upgrade
within the next 12 months if the S&P Global Ratings-adjusted
debt-to-EBITDA ratio sustainably falls below 5.0x in line with our
base case, while maintaining an annual net subscriber and revenue
growth of approximately 10% and achieving an S&P Global
Ratings-adjusted EBITDA margin close to 45%, which we expect will
result in about breakeven free operating cash flow (FOCF).

"We expect deleveraging to below 5.0x during 2025, which stems from
an expanding EBITDA and is supported by its financial policy
targeting leverage below 4.5x (5.0x on an S&P Global
Ratings-adjusted basis). We expect Verisure to reach its leverage
target, which was announced in February 2024, during 2025. In our
view, releveraging is unlikely given the recent announcement of the
company's exploration of strategic options, including a potential
equity listing. Our view is further supported by the absence of
releveraging since 2021, despite its financial sponsor ownership,
which has led to a gradual deleveraging from 7.3x in 2021 toward
5.3x in 2024. We forecast that a net subscriber growth of just
below 10% will drive annual EBITDA growth of approximately 12% to
14%, allowing for deleveraging of about 0.5x annually even with a
stable debt level assuming breakeven FOCF.

"In our view, Verisure benefits from significant growth
opportunities and can largely dictate its annual growth rate.
Verisure has significant growth opportunities, benefiting from its
strong market position as the leader in 13 of its 17 markets and a
low penetration rate. The residential monitoring market in Europe
and Latin America only have a 4% penetration rate, compared to more
mature markets like the U.S., which stand at about 20%. We
anticipate that Verisure will continue to calibrate its growth rate
so that the company invests its entire cash flow in expanding its
subscriber base. This strategy should lead to a gross subscriber
growth of approximately 16%, equating to about 900,000 new
subscribers in 2025. After accounting for an attrition rate of
about 7.2%-7.5%, this translates to a net subscriber growth of
about 8% to 9% annually. We also expect revenue growth to be driven
by the company's ability to increase monthly recurring revenue from
existing customers by introducing new products and features. As a
result, we project that the average revenue per user (ARPU) will
rise by approximately 2%-3% per year. Overall, we expect this to
yield a revenue growth of about 10% per year.

"We expect that economies of scale will have a positive effect on
the S&P Global Ratings-adjusted EBITDA margin, which we expect will
reach 45% in 2025. Verisure has improved its S&P Global
Ratings-adjusted EBITDA margin from 37% in 2019 to 44% in 2024,
primarily because of Verisure's resilient portfolio of existing
customers, whereby it is able to raise prices while keeping costs
per customer constant as economies of scale balance inflationary
pressures. The EBITDA margin expansion can also be seen through the
level of geographical maturity, whereby more of Verisure's markets
can be considered as mature as they contribute significantly to
EBITDA and after time also to free cash flow and can thereby
contribute to growth in new markets.

"Operating cash flows will be spent on capital expenditures (capex)
and interest, leaving free cash flow at breakeven. We expect that
the net cost per acquisition will remain at about EUR1,400-EUR1,500
in 2025-2026 (EUR1,438 in 2024), as we estimate that cost increases
stemming from inflationary pressure on labor and hardware will be
balanced by benefits from economies of scale. The continued high
subscriber acquisition costs to support customer growth will
translate to annual capex of EUR650 million-EUR750 million in
2025-2026 and weigh on FOCF generation. We also expect capex of
about EUR300 million-EUR400 million annually to support investments
in IT, new innovations, and equipment upgrades to support the
transition from 2G and 3G to 4G and 5G networks. As a result, we
anticipate a total annual capex of about EUR1.0 billion-EUR1.1
billion, which--together with annual interest costs of about EUR450
million-EUR500 million in 2025-2026--will lead to an S&P Global
Ratings-adjusted FOCF of about breakeven in 2025-2026.

"The positive outlook indicates a potential upgrade within the next
12 months if the S&P Global Ratings-adjusted debt-to-EBITDA ratio
sustainably falls below 5.0x, while maintaining an annual net
subscriber and revenue growth of approximately 10% and achieving an
S&P Global Ratings- adjusted EBITDA margin close to 45%, which we
expect will result in about breakeven free operating cash flow
(FOCF).

"Although unlikely, we could revise the outlook to stable if
leverage remained above 5.0x. This could occur if Verisure
abandoned its financial policy and increased debt for large
dividends or acquisitions, or if its operating performance
deteriorated, for example, due to higher attrition or loss of
market share stemming from increased competition or unfavorable
technological shifts.

"We could raise the rating if S&P Global Ratings-adjusted leverage
declined and remained sustainably below 5.0x, supported by a
maintenance of the new financial policy while posting healthy
revenue and EBITDA growth in line with our base case."




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

AFTECH LIMITED: Path Business Named as Administrator
----------------------------------------------------
Aftech Limited was placed into administration proceedings in the
High Court of Justice, Court Number: CR2025MAN000408, and Gareth
Howarth of Path Business Recovery Limited was appointed as
administrator on March 21, 2025.  

Aftech Limited specialized in sheet metal engineering.

Its registered office is at 2nd Floor, 9 Portland Street,
Manchester, M1 3BE.

Its principal trading address is at Unit 5a Station Industrial
Estate, Sheppard Street, Swindon, SN1 5DE.

The administrators can be reached at:

              Gareth Howarth
              Path Business Recovery Limited
              2nd Floor, 9 Portland Street
              Manchester, M1 3BE
              Tel No: 0161 413 0999

For further information, contact:

               Daniel McNamee
               Path Business Recovery Limited
               2nd Floor, 9 Portland Street
               Manchester, M1 3BE
               Tel No: 0161 413 0999
               Email: daniel.mcnamee@pathbr.co.uk

FORTUNE PROPERTY: Moore Kingston Named as Joint Administrators
--------------------------------------------------------------
Fortune Property Management Ltd was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England & Wales, Insolvency and Companies List No 002105
of 2025, and Ian Robert and Brian Baker of Moore Kingston Smith &
Partners LLP, were appointed as joint administrators on March 26,
2025.  

Fortune Property specialized in the letting and operating of own or
leased real estate.

Its registered office is at Stirling House, 107 Stirling Road,
London, N22 5BN.

Its principal trading address is at 140 Park Lane, London, W1K
7AA.

The joint administrators can be reached at:

          Ian Robert
          Brian Baker
          Moore Kingston Smith & Partners LLP
          6th Floor, 9 Appold Street
          London, EC2A 2AP

Further details contact:

         Dino Burch-Humphrey
         Tel No: 020 7566 4020
         Email: DBurch-Humphrey@mks.co.uk

HRC NEWCASTLE: FRP Advisory Named as Joint Administrators
---------------------------------------------------------
HRC Newcastle Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in Newcastle
upon Tyne Court Number: CR-2025-NCL-000032, and Steven Philip Ross
and Antonya Allison of FRP Advisory Trading Limited, were appointed
as joint administrators on March 17, 2025.  

HRC Newcastle, trading as Hard Rock Cafe Newcastle, is a licensed
restaurant.

Its registered office is at Suite 5, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne, NE3 3LS.

Its principal trading address is at The Guildhall, Sandhill,
Newcastle Upon Tyne, NE1 3AF.

The joint administrators can be reached at:

               Steven Philip Ross
               Antonya Allison
               FRP Advisory Trading Limited
               Suite 5, 2nd Floor, Bulman House
               Regent Centre, Gosforth
               Newcastle upon Tyne, NE3 3LS

For further details, please contact
               
               The Joint Administrators
               Tel No: 0191 605 3737

Alternative contact:

                Sarah Dorkin
                Email: cp.newcastle@frpadvisory.com
   

HX HOLD CO: Fitch Assigns 'CCC' Long-Term IDR
---------------------------------------------
Fitch Ratings has assigned European premium expedition cruise
operator HX Hold Co Ltd (HX Expeditions) a Long-Term Issuer Default
Rating (IDR) of 'CCC'. Fitch has also assigned HX's EUR258 million
senior secured notes a 'B-' rating with a Recovery Rating of 'RR2'
and EUR100 million junior senior secured notes a 'CCC' rating with
a Recovery Rating of 'RR4'.

The 'CCC' IDR reflects significant risks related to the execution
of HX's business turnaround strategy and its ability to achieve
positive EBITDA, stabilise liquidity headroom and deleverage over
2026-2028. Fitch expects existing cash balances to be sufficient to
cover for projected cash burn over the next three years, but any
delays in EBITDA recovery against its rating case could lead to
liquidity issues and make future refinancing unavailable.

Key Rating Drivers

High Execution Risks: HX faces significant execution risks related
to its business turnaround. This involves brand repositioning to
ensure a more distinctive high-end expedition cruise proposition,
optimisation of its pricing strategy to reduce discounts,
distribution enhancements through an improved commission model with
travel agents, further penetration of the US market and
materialisation of cost efficiencies.

Fitch believes implementation of these initiatives will be
challenging but achievable. Fitch sees the greatest strategy
execution risks in relation to planned improvements in passenger
numbers and pricing for HX's largest vessels, which have materially
greater capacity than competitors. Fitch believes closing the yield
gap may be difficult in view of these structural differences.

EBITDA to Turn Positive: Fitch expects HX's EBITDA to remain
negative in 2025 as it navigates a period of financial strain.
However, Fitch sees potential for EBITDA to turn positive from
2026, as strategic initiatives drive higher occupancy and
commercial yield.

The evolution of these metrics and resulting revenue growth are
crucial for improving HX's profitability and will define the rating
trajectory as cruise operators have a high degree of operational
leverage and their profits are highly dependent on passenger
volumes and pricing. Its rating case assumes revenue growth at
around 15% CAGR over the next four years, leading to a 14% EBITDA
margin in 2028.

Heavily Leveraged Capital Structure: HX's capital structure is
heavily leveraged, and Fitch considers this a significant outlier
against sector and rated cruise operators. The rating case
indicates that HX will only be able to reduce its leverage to below
8x by 2028 despite recent debt restructuring and its assumption of
EBITDA growth. This long path to more sustainable leverage presents
a significant challenge to HX's financial flexibility and
constrains the rating at 'CCC'.

Tight Liquidity, Refinancing Risks: The rating reflects HX's tight
liquidity headroom, as Fitch projects negative free cash flow (FCF)
over 2025-2027 will erode its liquidity buffer. Fitch also assesses
its refinancing risk as excessive, despite the absence of material
debt maturities until 2030, as the company's future refinancing
will largely depend on its ability to execute a successful business
turnaround, driving deleveraging and cash flow generation by
2028-2029.

Niche Market Position: HX operates in a niche market of luxury
expedition cruises, strategically targeting affluent adventure
travellers, mostly aged 55 and older. This growing target
demographic has relatively more resilient finances and spending
profiles and has strong demand for luxury cruises, which should
support HX's revenue growth over the medium term.

Peer Analysis

HX is rated below cruise operators Carnival Corporation
(BB/Positive) and TUI Cruises GmbH (BB-/Stable) in view of its weak
business profile, high business turnaround execution risks and
constrained financial flexibility, with uncertain FCF generation.
Unlike HX, for which Fitch expects EBITDA to remain negative in
2025, all major cruise operators, including Carnival and TUI
Cruises, have had rapid post-pandemic recovery with occupancies
back to optimal levels and solid demand enabling margins close to
their historical levels. This supported their deleveraging and
improvement in credit profiles over the past three years.

Key Assumptions

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

- Revenue growing at around 15% CAGR over the next four years,
driven by commercial yield improvements and gradual increase in
occupancies to 79% in 2028 from 66% in 2024

- EBITDA margin at around 14% by 2028

- Average annual capex of EUR15 million

- Single digit cash inflows under working capital as revenue grows

- No dividend distribution

Recovery Analysis

The recovery analysis assumes that HX would be liquidated in a
bankruptcy rather than restructured on a going-concern basis as
Fitch considers asset-heavy nature of its business. In addition,
the company is generating negative EBITDA, and Fitch does not
expect a meaningful business turnaround until 2028.

Fitch has applied a 50% advance rate to the mid-point valuation of
vessels, which was performed by a third party as of September 2024.
The 50% advance rate is customary and in line with other
asset-heavy peers. Fitch has assumed a customary 10% administrative
claim on the resulting liquidation value.

The allocation of the value towards the debt waterfall according to
the application of proceeds from the enforcement of the security
package for each lender group under the intercreditor agreement
results in recoveries in the 'RR2' band for EUR258 million senior
secured notes, corresponding to a 'B-' instrument rating, and
recoveries in the 'RR4' band for EUR100 million junior senior
secured notes, corresponding to a 'CCC' instrument rating.

RATING SENSITIVITIES

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

- Weaker-than-expected business turnaround, leading to consistent
cash burn and tightening liquidity headroom

- EBITDA fixed charge coverage below 1x

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

- Business turnaround, demonstrated by consistent improvements in
occupancy and yield and EBITDA margin increasing above 10%

- EBITDAR leverage declining below 7.5x

- EBITDAR fixed charge coverage above 1x

- FCF trending towards neutral to positive

Liquidity and Debt Structure

Fitch projects HX's cash position to reduce to EUR63 million (after
adjusting for EUR4 million of cash needed for regulatory purposes
and EUR12 million of cash for maintaining normal business
operations) by end-2025 and continue diminishing until 2028.

This is because EBITDA improvements and inflows under working
capital will be insufficient to fund debt service and capex
requirements. Fitch believes achieving positive FCF generation in
the medium term is essential to avoid liquidity issues as the
company does not have access to any other liquidity sources, such
as a revolving credit facility,

Issuer Profile

HX is an expedition cruise operator. Its cruises are operated by
five vessels, of which three are owned, one is under financial
lease and one is operated under a charter agreement.

Date of Relevant Committee

02 April 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
HX Hold Co Ltd       LT IDR CCC New Rating

   senior secured    LT     B-  New Rating    RR2

   Senior Secured
   2nd Lien          LT     CCC New Rating    RR4

INDUSTRIAL POLYTHENE: KRE Corporate Named as Joint Administrators
-----------------------------------------------------------------
Industrial Polythene Limited was placed into administration
proceedings in the Royal Court of Justice Court Number:
CR-2025-0001857, and Paul Ellison and Chris Errington of KRE
Corporate Recovery Limited, were appointed as joint administrators
on March 21, 2025.  
       
Industrial Polythene specialized in packaging activities.
       
Its registered office is at Unit 8, The Aquarium, 1-7 King Street,
Reading, RG1 2AN.
       
Its principal trading address is at Unit 2 Stanley Court, Richard
Jones Road, Witney, OX29 0TB.
       
The joint administrators can be reached at:
       
                Paul Ellison
                Chris Errington
                KRE Corporate Recovery Limited
                Unit 8, The Aquarium, 1-7 King Street
                Reading, RG1 2AN
       
Further details contact:
       
                The Joint Administrators
                Email: info@krecr.co.uk
                Tel No: 01189 479090
       
       Alternative contact: Kelly Rumsam

INEOS QUATTRO: Moody's Affirms B1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed INEOS Quattro Holdings Ltd's (INEOS
Quattro or the company) B1 long-term corporate family rating as
well as its B1-PD probability of default rating, the company's B1
backed senior secured debt ratings (issued through subsidiaries).
The outlook on all entities was changed to negative from stable.

The rating action reflects:

-- Very high leverage of 9.3x as of December 31, 2024, and
increasing uncertainty about the ability of the company to reduce
leverage below 5.5x over the next two years.

-- Weak demand with low industrial and construction activity and
structural industry overcapacity with limited expected EBITDA
recovery for most chemical products.

-- Good liquidity with manageable debt maturities at least until
2028.


RATINGS RATIONALE      

The B1 long-term corporate family rating of INEOS Quattro Holdings
Ltd (formerly INEOS Styrolution) reflects the company's large size
and scope, with leading market positions globally in a variety of
chemical products; its good geographic and end-market
diversification; as well as a well-invested asset base which
requires relatively limited capital spending.

These positives are counterbalanced by i) the cyclical nature of
the commodity chemical industry, which has experienced a protracted
period of material market weakness; ii) an aggressive financial
policy with debt-funded returns to shareholders and acquisitions;
and iii) the high volatility of earnings from operating leverage
and exposure to feedstock costs, exacerbated by energy costs which
in Europe remain about twice as high as before the war in Ukraine.

INEOS Quattro has high exposure to Europe where economic growth is
forecast to be sluggish, with the Euro area growing by 1% in 2025
and 1.4% in 2026 based on Moody's recent global macro-outlook
published on February 26. Moreover INEOS Quattro produces commodity
chemicals which are mainly traded globally, with imports to Europe
from Asia, the US, and the Middle East which benefit from much
lower energy and feedstock costs. Competition from imports is
exacerbated by the continued addition of capacity in China, often
at a higher rate than demand growth, which is exerting constant
downward pressure on utilisation rates and therefore margins. The
potential for higher or new trade barriers adds significant
downside risks to Moody's recovery scenario.

However, as a low-cost producer benefitting from scale, vertical
integration, proprietary processes, and proximity to customers or
transportation hubs, INEOS Quattro is better positioned than most
of its competitors to weather the current challenging conditions
and to take advantage of the eventual capacity rationalisation that
will be taking place, notably in Europe. In addition, the company
has a sizable cash balance, equivalent to more than 25% of its
funded debt, and Moody's expects it to maintain good liquidity over
the next two years, with limited cash consumption.  

At the end of 2024, the company's Moody's-adjusted leverage stood
at 9.3x, compared with 2.6x as at end 2022, when the industry cycle
peaked, and 6.9x on a net debt basis. The material increase in
leverage has mostly been driven by a steep drop in earnings in
Moody's-adjusted EBITDA which Moody's currently estimate at around
EUR878 million for 2024 compared with EUR2.6 billion in 2022. The
sharply higher leverage is also, but to a lesser extent, due to an
aggressive financial policy which has led to a EUR1.2 billion
increase in funded debt for a Moody's-adjusted debt of EUR8.2
billion as at end December 2024 (EUR6.8 billion in 2022).

Although volumes have marginally recovered in the last 12 months,
margins and profits remain depressed from still weak demand,
particularly in Asia where supply capacity has increased, mainly
driven by China's economic policies, and where the company has a
significant presence.

As Moody's forecasts weak growth among the G-20 economies for the
next two years, the earnings recovery for INEOS Quattro will be
reasonably slow. Moody's currently expect Moody's-adjusted EBITDA
reaching about EUR900-950 million in 2025 and EUR1.1-1.2 billion in
2026, resulting in leverage of 8.7x and 7.0x, respectively. That
said, the company holds significant cash on balance sheet: Moody's
forecasts Moody's adjusted net leverage of 6.5x and 5.3x in 2025
and 2026, respectively.

INEOS Quattro's Moody's-adjusted free cash flow (FCF) was negative
by EUR175 million in 2024, although this was an improvement from
the previous year's outflow of EUR355 million. Moody's expects FCF
to be still negative by about EUR92 million in 2025 and broadly
breaking even in 2026, driven by improved earnings and a slight
further reduction in capex. The company's well-invested asset base
enables it to temporarily reduce its capital spending to preserve
cash while still operating adequately and safely.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

INEOS Quattro's leverage has been well above the company's public
"medium-term" leverage target of keeping unadjusted leverage below
3.0x through the cycle. The company has also paid a EUR500 million
debt-financed dividend to its shareholder in February 2023 and
debt-funded an acquisition of a plant in Texas in December 2023 for
total consideration of EUR445 million, when leverage was already
well above its target. In line with the broader chemicals sector,
INEOS Quattro has environmental and social risks related to the
production non-recyclable products, energy intensive processes, and
the use of hazardous feedstocks.

LIQUIDITY

INEOS Quattro's liquidity position is good. As at December 31,
2024, the group had unrestricted cash on balance sheet of EUR2.1
billion. Liquidity is further supported by access to undrawn trade
receivable securitisation programmes with total capacity of EUR600
million and EUR240 million, for a current total available drawdown
of EUR631 million, which expire in February and March 2027
respectively.

The next debt maturities are in 2027 when around EUR1 billion
equivalent of Senior Secured Notes and Term Loan B come due. The
company's term loans in aggregate amortise by EUR40 million
equivalent a year. Moody's note that despite weak earnings, INEOS
Quattro has to date been successful in accessing capital markets.

STRUCTURAL CONSIDERATIONS

The backed senior secured debt of INEOS Quattro (issued through
subsidiaries) is rated B1, at the same level as its CFR.

The senior secured instruments rank pari passu and benefit from
guarantees from subsidiaries that constitute at least 85% of group
EBITDA. The collateral includes substantially all assets of the
company, including cash, bank accounts, inventories and property,
plant & equipment (PP&E), but excludes receivables that are pledged
to asset securitisation programmes.

RATING OUTLOOK

The negative outlook reflects increasing uncertainties over the
ability of the company to reduce leverage in line with Moody's
expectations for the current rating but also, and more positively,
its good liquidity management, which gives it more time to address
its challenges.

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

Although unlikely in the near term, positive rating pressure would
occur if, on a sustained and Moody's-adjusted basis, gross
debt/EBITDA is below 4.5x, EBITDA/interest is above 3x, and free
cash flow/debt in the high single digits in percentage terms, while
maintaining good liquidity at all times.

Conversely, negative rating pressure could occur if, on a sustained
and Moody's-adjusted basis, gross debt/EBITDA remains above 5.5x,
EBITDA/interest reduces below 2x, or if free cash flow remains
negative or is in the low single digits as a percentage of debt.
Any significant negative deviation in performance relative to
Moody's current expectations, or deterioration in liquidity,
further debt-funded dividend payments or acquisitions, or failure
to address the 2027 debt maturities at least a year in advance
could also cause negative rating pressure.

LIST OF AFECTED RATINGS

Issuer: INEOS Quattro Holdings Ltd

Probability of Default Rating, Affirmed B1-PD

LT Corporate Family Rating, Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: INEOS Quattro Finance 2 Plc

Backed Senior Secured (Foreign Currency), Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: INEOS Quattro Holdings UK Ltd

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: INEOS US Petrochem LLC

Backed Senior Secured Bank Credit Facility (Local Currency),
Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: INEOS Styrolution Group GmbH

Senior Secured Bank Credit Facility (Local Currency), Affirmed B1

Senior Secured (Local Currency), Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Ineos Styrolution US Holding LLC

Senior Secured Bank Credit Facility (Local Currency), Affirmed B1

Outlook Actions:

Outlook, Changed To Negative From Stable

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

MOLTEX ENERGY: Azets Holdings Named as Joint Administrators
-----------------------------------------------------------
Moltex 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-2025-001821, and Jonathan Mark Amor and Richard Oddy of Azets
Holdings Limited, were appointed as joint administrators on March
17, 2025.  

Moltex Energy specialized in research and experimental development
on natural sciences and engineering.

Its registered office is at 13 The Courtyard, Timothys Bridge Road,
Stratford-Upon-Avon, Warwickshire, CV37 9NP.

Its principal trading address is at Rutherford House, Warrington
Road, Birchwood, WA3 6ZH.

The joint administrators can be reached at:

         Jonathan Mark Amor
         Richard Oddy
         Azets Holdings Limited
         12 King Street, Leeds, LS1 2HL

Further details contact:

          The Joint Administrators
          Tel No: 0161 245 1000

Alternative contact:

          Matthew Peters
          Email: Matthew.Peters@Azets.co.uk

PAGODA SECURITY: KRE Corporate Named as Joint Administrators
------------------------------------------------------------
Pagoda Security Training Limited was placed into administration
proceedings in the Royal Court of Justice Court Number:
CR-2025-001922, and Paul Ellison and Chris Errington of KRE
Corporate Recovery Limited, were appointed as joint administrators
on March 20, 2025.  
       
Pagoda Security offers security and security training services.
       
Its registered office is at c/o KRE Corporate Recovery Limited,
Unit 8, The Aquarium, 1-7 King Street, Reading, RG1 2AN.
       
Its principal trading address is at The Office Suite The King &
Queen, 13 - 17 Marlborough Place, Brighton, BN1 1UB.
       
The joint administrators can be reached at:
       
                Paul Ellison
                Chris Errington
                KRE Corporate Recovery Limited
                Unit 8, The Aquarium, 1-7 King Street
                Reading, RG1 2AN
       
Further details contact:
       
                The Joint Administrators
                Email: info@krecr.co.uk
                Tel No: 01189 479090
       
Alternative contact: Kelly Rumsam
       

PENNINE POWER: Inquesta Corporate Named as Administrator
--------------------------------------------------------
Pennine Power Engineering Ltd was placed into administration
proceedings in the High Court of Justice - Manchester No
CR-2025-MAN- of 000379, and Steven Wiseglass of Inquesta Corporate
Recovery & Insolvency, was appointed as administrator on March 25,
2025.  

Pennine Power operates in the engineering industry.

Its registered office is at c/o Inquesta Corporate Recovery &
Insolvency St John's Terrace 11-15 New Road Manchester M26 1LS.

Its principal trading address is at Unit 21 Golborne Enterprise
Park Golborne Warrington WA3 3DR.

The administrator can be reached at:

         Steven Wiseglass
         Inquesta Corporate Recovery & Insolvency
         St John's Terrace, 11-15 New Road
         Manchester, M26 1LS

Further details contact:

         Jeffrey Cheung
         Tel No: 03330050080
         Email: Jeffrey.Cheung@inquesta.co.uk


SALUS NO. 33: S&P Places 'BB' Class C Notes Rating on Watch Neg.
----------------------------------------------------------------
S&P Global Ratings placed on CreditWatch Negative its 'AA- (sf)',
'BBB+ (sf)','BB (sf)', and 'BB- (sf)' credit ratings on Salus
(European Loan Conduit No. 33) DAC's class A, B, C, and D notes,
respectively.

The downgrades follow the publication of the special notice,
confirming that the sponsor would like to extend the loan to
January 2028, which will decrease the tail period from four years
to one year. Additionally, one of the building's largest
occupiers—Simmons & Simons—has indicated that it will exercise
its break clause option in March 2030.

Transaction overview

The transaction is backed by a senior loan originated in November
2018 by Morgan Stanley Bank N.A. (Morgan Stanley).

The senior loan securing this transaction totals GBP363.3 million,
split into a GBP349.8 million term loan facility and a GBP13.5
million capital expenditures facility. There is also GBP91.9
million in mezzanine debt, which is fully subordinated to the
senior loan. This remains unchanged since our previous review.

The senior loan balance has decreased by GBP4.2 million since our
previous review, as a small retail property was sold, and the
proceeds from the sale were applied to the notes as of the January
2025 interest payment date.

The loan had an initial term of three years with two one-year
extension options. All loan extension options available under the
senior loan agreement were exercised and the loan was scheduled to
mature in January 2024.

A 12-month extension to the senior loan maturity date to Jan. 20,
2025, was granted, alongside amendments to the senior loan, to
allow the borrower to recapitalize the property by way of sale or
refinancing on or before the extended maturity date.

A sale or refinancing of the loan was not secured by the borrower
at the end of the 12-month period. The senior loan maturity was
further extended to April 20, 2025, subject to certain conditions,
to allow the borrower to continue trying to refinance the loan on
or before the extended maturity date on April 20, 2025.

S&P has received a special notice which states that the borrower
would like to extend the loan for an additional three years
revising the loan maturity date to Jan. 20, 2028. The loan maturity
date extension would be subject to certain conditions, including
the absence of financial covenants and the requirement for the
borrower to establish a cash trap account with an amount equal to
GBP8.5 million.

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date in January
2029.

"The proposed loan extension to January 2028 would reduce the
workout period, in the event of a loan default, from four years to
one year. We believe that the proposed tail period of one-year
would be insufficient to resolve the loan in a workout scenario,
despite the collateral being a well-located office property in
Central London.

"We believe that the proposed terms for the loan will have a
negative impact on the issuer's ability to repay the debt by the
legal final maturity of the notes.

"We also believe that the announcement by Simmons & Simmons to
vacate the property before its lease expiration in 2035, will
negatively impact the marketability of the building, as the tenant
accounts for 20% of the rental income. A potential purchaser will
need to find a new occupier, invest in upgrades, and possibly offer
a rent-free period to a new tenant.

"We therefore placed our ratings on the class A, B, C, and D notes
on CreditWatch negative, while we assess the impact of the
building's long-term ability to generate cashflow, as we believe
the ratings on the notes would be lowered if the proposal is
approved by the noteholders and implemented."

Salus (European Loan Conduit No. 33) DAC's is a U.K. CMBS
transaction secured by a single loan backed by CityPoint, an office
tower in Central London.


VESALIUS (EU) LIMITED: Begbies Traynor Named as Administrators
--------------------------------------------------------------
Vesalius (EU) Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD) Court Number:
CR-2025-001900, and Stephen Katz and Asher Miller of Begbies
Traynor (London) LLP, were appointed as administrators on March 19,
2025.  
       
Vesalius (EU) specialized in human health activities.
       
Its registered office is at Huddle-Rr Business 4th Floor, 3
Shortlands, London, England, W6 8DA.
       
The administrators can be reached at:
       
      Stephen Katz
      Asher Miller
      Begbies Traynor (London) LLP
      Pearl Assurance House
      319 Ballards Lane, London
      N12 8LY
       
Any person who requires further information may contact
       
      Will Jackson
      Begbies Traynor (London) LLP
      E-mail: MG-Team@btguk.com
      Tel No: 020 8343 5900


                           *********


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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