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

                          E U R O P E

          Wednesday, April 16, 2025, Vol. 26, No. 76

                           Headlines



F R A N C E

CONSTELLIUM SE: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
LSF10 EDILIANS: Moody's Hikes CFR to B1, Alters Outlook to Stable


I R E L A N D

AQUEDUCT EUROPEAN 13: S&P Assigns B- (sf) Rating to F-R-R Notes
BLUEMOUNTAIN EUR 2016-1: Moody's Ups Rating on F-R Notes to Ba2
BLUEMOUNTAIN FUJI III: Moody's Ups EUR10.5MM F Notes Rating to B1
EURO-GALAXY V CLO: Moody's Affirms B3 Rating on EUR11.5MM F Notes
MARGAY CLO III: S&P Assigns B- (sf) Rating to Class F Notes

NEWHAVEN II: Moody's Affirms B2 Rating on EUR13.2MM F-R Notes
SOUND POINT 14: S&P Assigns B- (sf) Rating to Class F Notes


S P A I N

TDA IBERCAJA 7: Moody's Ups Rating on EUR70MM Class C Notes to Ca


U N I T E D   K I N G D O M

HEDOINE LIMITED: KRE Corporate Named as Joint Administrators
KANWAL UK: Leonard Curtis Named as Joint Administrators
SATUS 2024-1: S&P Affirms 'BB (sf)' Rating on Cl. E-Dfrd Notes
SHEEN LANE: Quantuma Advisory Named as Administrators
SWAN STREET: Kroll Advisory Named as Administrators

VERY GROUP: Moody's Affirms 'B3' CFR, Alters Outlook to Stable

                           - - - - -


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F R A N C E
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CONSTELLIUM SE: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on aluminium commercial product manufacturer Constellium
SE.

The stable outlook reflects S&P's expectation for an improvement in
company reported EBITDA in 2025, despite the uncertainty posed by
U.S. tariffs on aluminum products and uncertain economic prospects
globally, and for a stabilization of S&P Global Ratings-adjusted
leverage at or below 4.0x in 2025, before an improvement toward
3.5x in 2026.

A few exceptional events as well as weakening demand across most
end markets except for packaging, and tightening scrap spreads in
North America, resulted in weaker EBITDA and higher-than-expected
leverage in 2024. In 2024, Constellium reported EBITDA of $568
million (compared with $754 million in 2023). The company faced
several unforeseen headwinds that attributed to the decline, which
are however unlikely to repeat in 2025. Unfavorable weather
conditions at their factory in Alabama led to higher operating
costs in the first quarter of 2024 and challenged production output
for the packaging business. In addition, floodings in the Valais
region suspended operations at two production facilities and led to
some production volumes being lost in two of the company's
operating segments. The company received an insurance pay-out that
covered a portion of the damage. However, the soft auto market,
notably in Europe, also weighed on demand, a trend that S&P thinks
will persist and potentially intensify in 2025 notably in the wake
of tariffs imposed by the U.S. administration.

Therefore, Constellium's reported net debt to EBITDA was 3.1x,
which is above the company's stated leverage target of 1.5x-2.5x
and translated into an S&P Global Ratings-adjusted debt to EBITDA
of 3.9x, higher than the 3.0x-3.5x expected level S&P forecasts in
November 2023 when we upgraded Constellium.

S&P said, "We expect moderate EBITDA growth in 2025, the weak
growth could affect demand and therefore we consider headroom under
the current rating level has reduced. Positively, we expect the
aerospace and transportation segment to perform, with resilience
supported by increased defence spending within the industry along
with some contract repricing and continued cost discipline at the
company's production facilities. In addition, in the packaging and
auto rolled products segments, we expect capacity growth will
support the steady demand in the industry for consumption of
sustainable aluminium cans. However, the auto structures and
industry segment is expected to continue to experience operational
weakness due to the muted demand in the end-market for automobiles
which underpins our assumption for "Constellium selling lower
volumes in this segment in 2025, notably in Europe. This segment
represents the key risk around the base-line for Constellium in
2025 and reflects the reduced headroom we see under the current
rating level.

"Our expectation for muted growth underpins our assumption for
reported EBITDA of $600 million-$620 million in 2025, only
moderately above the 2024 level. Our adjusted leverage should
remain elevated, at about 4.0x (approximately 2.9x net debt to
EBITDA, as reported by the company). Given the company's
containment of capital expenditure (capex) of about $330
million-$350 million annually, along with its continued
cost-cutting initiatives, should enable them to generate positive
free operating cash flow (FOCF) of above $120 million in 2025,
increasing to $200 million-$220 million in 2026. Capacity to
generate positive cash flow generation, even in weaker parts of the
cycle, is a credit strength underpinning the 'BB-' rating.

"Our rating affirmation and stable outlook reflects our expectation
that despite the forecast operational challenges in 2025, the
company should meet its financial policy outlined leverage targets
in 2026. We anticipate that in 2025 the company will likely face a
weak operating environment, notably due to the effect of U.S.
tariffs on global growth and the potential demand destruction for
some of Constellium products. We do not expect any notable
deleveraging activity in the next 12 months. We forecast net
leverage of between 2.8x-3.0x on a reported basis, compared with
3.1x in 2024, and above the company's target range for the second
year in a row. In 2026, we consider the longer-term demand dynamics
for Constellium's products as supportive, particularly the expected
resilience in the packaging and auto rolled products segment.
Increased defence spending in many parts of the globe underpins
demand trends in aerospace and transportation. Therefore, we assume
stronger EBITDA growth and deleveraging prospects in 2026, which
underpins our expectation for S&P Global Ratings-adjusted leverage
decreasing to about 3.5x in 2026 (which would correspond to the
upper end (2.5x) of the company's stated leverage target range). We
think that the company's commitment to reduce leverage is credible,
despite a weaker macro environment and uncertainties on demand. We
assume the company could reduce some of its capex in case of
weaker-than-expected cash flows, to improve its credit metrics."

There is a high degree of unpredictability around policy
implementation by the U.S administration and its effect on the
aluminium sector, global growth, and demand. Constellium operates
in the U.S. under a 'local for local' operating model, producing
local aluminium products for U.S businesses. Local operations could
even benefit from those tariffs, with U.S imports of aluminium
products becoming more expensive. In addition, Constellium's U.S
operations should benefit from higher prices (U.S. Midwest
aluminium premiums have been up substantially since early 2025).
Nonetheless, S&P considers the indirect impact of tariffs on
Constellium, notably the risk of demand destruction in the case of
global growth decelerates substantially, should not be overlooked,
notably for end-market demand for automotives in Europe.

S&P said, "The stable outlook reflects our expectation for an
improvement in company reported EBITDA in 2025, despite the
uncertainty posed by U.S. tariffs on aluminum products and
uncertain economic prospects globally, and for a stabilization of
S&P Global Ratings-adjusted leverage at or below 4.0x in 2025,
before an improvement toward 3.5x in 2026. We consider the headroom
under the current rating level is tight, and any further
deterioration beyond what we have outlined in our base-case
scenario, could rapidly exert downward pressure on the rating.

"Downward pressure on the rating on Constellium could occur in the
next 6-12 months, if EBITDA and cash flow does not increase in line
with our expectations, meaning that S&P Global Ratings-adjusted
leverage does not stabilize and increases above 4.0x in 2025.

"We see remote upward pressure on the rating in the next 12 months.
Longer term, we could upgrade the rating if Constellium managed to
bring S&P Global Ratings-adjusted leverage below 3.0x in a
sustainable way, which would broadly correspond to a reported net
debt to EBITDA below 2.0x. Such a scenario would imply a reported
EBITDA of about $ 800 million, assuming stable adjusted debt."


LSF10 EDILIANS: Moody's Hikes CFR to B1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded LSF10 Edilians Investments S.a r.l.'s
(Edilians) long-term corporate family rating to B1 from B2 and its
probability of default rating (to B1-PD from B2-PD. Concurrently,
Moody's have upgraded the senior secured bank credit facility
ratings on the existing senior secured first lien term loan B (TLB)
due 2028 and senior secured first lien revolving credit facility
(RCF) due 2027 to B1 from B2. The outlook has been changed to
stable from positive.

RATINGS RATIONALE

The ratings upgrade reflects Edilians' robust operating performance
in 2024, despite a prolonged cyclical downturn in construction
activities. Edilians consistently generates positive free cash flow
and adheres to relatively conservative financial policies. The
company capitalizes on its leading market position in strategic
geographical areas, particularly in the French clay tile market,
where it maintains a stable market share. Edilians has a strong
presence in the North and East of France, regions where prices are
structurally higher. In addition, Edilians successfully expanded
beyond the French market to Portugal in 2019 and Spain in 2021
using internal cash flows. These markets experienced an earlier
recovery in domestic construction activities starting in 2024 which
partially offsets weaker performance in France.

Edilians benefits from premium pricing power due to its market
leadership, fully integrated manufacturing process, and strong
barriers to entry in the clay tiles market. In addition, the
company also benefits from secured supply, with access to 21 fully
owned actives quarries of high-quality clay, with reserves
exceeding 30 years. Edilians' pricing power, combined with
efficient cost-saving measures, a leaner organizational structure,
and process automation, enables it to maintain best-in class
profitability among building materials peers, as evidenced by
Moody's-adjusted EBITDA margin of 32.8% at year-end 2024. Despite
Edilians' emphasis on relatively resilient renovation activities,
the company still experiences high volatility in earnings and
profitability due to the cyclical nature of the construction
market. It impacts all earnings-based metrics, as reflected in
Moody's-adjusted debt/EBITDA rising to 5.1x in 2024 from 3.9x in
2023 (debt adjusted for outstanding factoring and earn-out
considerations).

Edilians' credit rating remains supported by its good liquidity
profile and consistent track record of positive free cash flow
generation, with the exception of 2021 when the company repaid
outstanding Preferred Equity Certificates, treated as a dividend.
Moody's projections assume that the company will maintain this
track record and a solid cash balance even after small potential
cash-funded bolt-on acquisitions.

RATIONALE OF THE OUTLOOK

The stable outlook indicates Moody's expectations of a recovery in
construction activities starting in the second half of 2025,
leading to a reduction in Moody's-adjusted debt/EBITDA to a range
of 4.5x – 5.0x (including factoring and earn-out) in the next
12-18 months. It also reflects Moody's expectations of continued
positive free cash flow generation and conservative financial
policies.

LIQUIDITY

Moody's expects Edilians to maintain good liquidity in the next
12-18 months, underpinned by access to EUR69 million unrestricted
cash (as of December 31, 2024) and EUR90 million undrawn committed
RCF. In addition, the company has access to a committed factoring
program that supports management of intra-year working capital
swings. Together with funds from operations, Moody's expects the
company to have ample internal resources to address working capital
fluctuations and capital expenditure needs (including lease
principal repayment) resulting in positive free cash flow of
EUR40-55 million over this period. Moody's do not expect dividend
distributions or significant transformative acquisitions in the
next 12-18 months.

Edilians does not face significant debt maturities prior to March
2028, when the TLB comes due. The RCF is governed by a springing
maintenance covenant, which is tested quarterly if total RCF
drawings exceed 40% of total RCF commitments, with a net leverage
ratio cap of 9.17x. Moody's expects the company to maintain ample
capacity under this covenant, should it be tested.

STRUCTURAL CONSIDERATIONS

Edilians' capital structure consists of EUR685 million TLB and
EUR90 million RCF. The instruments are rated B1 in line with the
CFR. The company's PDR of B1-PD also remains in line with the CFR,
reflecting Moody's standard assumption of 50% family recovery
rate.

Both the TLB and RCF are guaranteed by operating subsidiaries that
generate at least 80% of the consolidated group's EBITDA, but their
security package is limited to customary share pledges, intragroup
receivables, and bank accounts. Hence, in Moody's Loss Given
Default for Speculative-Grade Companies (LGD) waterfall, they rank
pari passu among themselves and with unsecured trade payables,
short-term lease liabilities, and pension obligations at the level
of the operating entities.

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

Upward rating pressure could occur if:

-- Edilians maintains a stable operating margin with a broader
business profile;

-- Moody's-adjusted debt/EBITDA (including factoring and earn-out
considerations) declines below 4.0x on a sustained basis; and

-- The company maintains a good liquidity and conservative
financial policies.

Conversely, downward rating pressure could occur if:

-- The operating margin declines materially;

-- Moody's-adjusted debt/EBITDA (including factoring and earn-out
considerations) rises above 5.0x on a sustained basis; and

-- Liquidity deteriorates due to negative free cash flow or
aggressive financial policies such as large dividend distributions
or debt-funded acquisitions.

PRINCIPAL METHODOLOGY

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


CORPORATE PROFILE

Headquartered in Dardilly, France, Edilians is a leading
manufacturer of clay roofing products and accessories in France,
Spain, and Portugal. The company's business operations are
segmented into two divisions: premium clay roof tiles in France and
Iberia (71% and 20% of total revenues in 2024, respectively) and
components (9%). In 2024, the company generated EUR453 million
revenues and EUR151 million company adjusted EBITDA.

As of March 2025, Edilians is under the ownership of the private
equity firm Lone Star Funds.



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I R E L A N D
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AQUEDUCT EUROPEAN 13: S&P Assigns B- (sf) Rating to F-R-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Aqueduct European CLO
13 DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes.
The issuer has unrated subordinated and Z notes outstanding from
the existing transaction and has not issued additional subordinated
and Z notes.

This transaction is a reset of the already existing transaction,
Segovia European CLO 3-2017 DAC, that closed in July 2017 and
refinanced on March 2022. The issuance proceeds of the refinancing
debt were used to redeem the refinanced debt (the refinanced
transaction's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes, for which we withdrew our ratings at the same time), and pay
fees and expenses incurred in connection with the reset.

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

The portfolio's reinvestment period will end approximately 4.5
years after closing, while the noncall period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,906.44
  Default rate dispersion                                 505.58
  Weighted-average life (years)                             4.25
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.54
  Obligor diversity measure                               156.61
  Industry diversity measure                               20.69
  Regional diversity measure                                1.30

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.15
  Actual target 'AAA' weighted-average recovery (%)        36.61
  Actual target weighted-average spread (net of floors; %)  3.90

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

"In our cash flow analysis, we assumed a target par of EUR400.00
million, the covenanted weighted-average spread (3.80%), the
covenanted weighted-average coupon (3.40%), and the covenanted
weighted-average recovery rates provided by the arranger. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

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

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

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

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

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

Environmental, social, and governance

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

For this transaction, the documents prohibit assets from being
related to certain activities. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities.

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

  A-R-R  AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                       plus 1.24%

  B-R-R  AA (sf)     46.00    26.50    Three/six-month EURIBOR
                                       plus 1.70%

  C-R-R  A (sf)      22.00    21.00    Three/six-month EURIBOR
                                       plus 2.30%

  D-R-R  BBB- (sf)   27.00    14.25    Three/six-month EURIBOR
                                       plus 3.20%

  E-R-R  BB- (sf)    20.00     9.25    Three/six-month EURIBOR
                                       plus 4.75%

  F-R-R  B- (sf)     11.00     6.50    Three/six-month EURIBOR
                                       plus 8.34%

  Z-1    NR           0.10     N/A     N/A

  Z-2    NR           5.00     N/A     N/A

  Z-3    NR           0.10     N/A     N/A

  Sub. Notes   NR    55.70     N/A     N/A

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

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


BLUEMOUNTAIN EUR 2016-1: Moody's Ups Rating on F-R Notes to Ba2
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by BlueMountain EUR CLO 2016-1 Designated Activity Company:

EUR21,800,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2032, Upgraded to Aa1 (sf); previously on Sep 2, 2024 Upgraded
to A1 (sf)

EUR25,000,000 Class E-R Deferrable Junior Floating Rate Notes due
2032, Upgraded to Baa2 (sf); previously on Sep 2, 2024 Upgraded to
Ba1 (sf)

EUR11,200,000 Class F-R Deferrable Junior Floating Rate Notes due
2032, Upgraded to Ba2 (sf); previously on Sep 2, 2024 Affirmed B1
(sf)

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

EUR235,200,000 (Current outstanding amount EUR51,756,553) Class
A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 2, 2024 Affirmed Aaa (sf)

EUR50,000,000 Class B-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Sep 2, 2024 Affirmed Aaa
(sf)

EUR26,400,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2032, Affirmed Aaa (sf); previously on Sep 2, 2024 Upgraded to
Aaa (sf)

BlueMountain EUR CLO 2016-1 Designated Activity Company, issued in
April 2016 and later refinanced in April 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Sound
Point Capital Management, LP. The transaction's reinvestment period
ended in April 2022.

RATINGS RATIONALE

The rating upgrades on the Class D-R, E-R and F-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in September 2024.

The affirmations on the ratings on the Class A-R, B-R and C-R 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-R notes have paid down by approximately EUR52.4 million
(22.3% of original balance) since the last rating action in
September 2024 and EUR183.4 million (78.0%) 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 206.98%, 164.34%,
140.45%, 120.38% and 113.14% compared to August 2024 [2] levels of
170.73%, 145.77%, 130.07%, 115.77% and 110.34%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR213.2m

Defaulted Securities: 0

Diversity Score: 42

Weighted Average Rating Factor (WARF): 3212

Weighted Average Life (WAL): 3.18 years

Weighted Average Spread (WAS): 3.58%

Weighted Average Coupon (WAC): 4.34%

Weighted Average Recovery Rate (WARR): 43.45%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

BLUEMOUNTAIN FUJI III: Moody's Ups EUR10.5MM F Notes Rating to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by BlueMountain Fuji EUR CLO III DAC:

EUR23,100,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Feb 16, 2024 Upgraded to
Aa3 (sf)

EUR17,500,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A1 (sf); previously on Feb 16, 2024 Affirmed Baa1
(sf)

EUR24,500,000 Class E Deferrable Junior Floating Rate Notes due
2031, Upgraded to Ba1 (sf); previously on Feb 16, 2024 Affirmed Ba2
(sf)

EUR10,500,000 Class F Deferrable Junior Floating Rate Notes due
2031, Upgraded to B1 (sf); previously on Feb 16, 2024 Affirmed B2
(sf)

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

EUR207,000,000 (Current outstanding amount EUR120,966,760) Class
A-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Feb 16, 2024 Affirmed Aaa (sf)

EUR10,000,000 (Current outstanding amount EUR5,843,805) Class A-2
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on Feb 16, 2024 Affirmed Aaa (sf)

EUR32,900,000 Class B Senior Secured Floating Rate Notes due 2031,
Affirmed Aaa (sf); previously on Feb 16, 2024 Affirmed Aaa (sf)

BlueMountain Fuji EUR CLO III DAC, issued in September 2018 and
refinanced in May 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Sound Point Capital Management,
LP. The transaction's reinvestment period ended in July 2022.

RATINGS RATIONALE

The upgrades on the ratings on the Class C, D, E and F notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio over the last 12
months.

The affirmations on the ratings on the Class A-1, A-2 and B 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-1 and A-2 notes have paid down in total by
approximately EUR88.6 million (40.9% of original balance) over the
last 12 months and EUR90.2 million (41.6%) since closing. As a
result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated March 2025 [1], the Class A/B, Class C, Class D, Class
E and Class F OC ratios are reported at 162.6%, 142.0%, 129.6%,
115.5% and 110.3%, compared to March 2024 [2] levels of 139.9%,
128.0%, 120.3%, 110.9% and 107.3%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

Key model inputs:

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: EUR259.6m

Defaulted Securities: none

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3040

Weighted Average Life (WAL): 3.34 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.66%

Weighted Average Coupon (WAC): 3.07%

Weighted Average Recovery Rate (WARR): 43.83%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

EURO-GALAXY V CLO: Moody's Affirms B3 Rating on EUR11.5MM F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Euro-Galaxy V CLO Designated Activity Company:

EUR38,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Feb 10, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Feb 10, 2021
Definitive Rating Assigned A2 (sf)

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Feb 10, 2021 Definitive
Rating Assigned Aaa (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Feb 10, 2021
Definitive Rating Assigned Baa3 (sf)

EUR21,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Feb 10, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Feb 10, 2021
Definitive Rating Assigned B3 (sf)

Euro-Galaxy V CLO Designated Activity Company was initially issued
in November 2016 and refinanced in August 2019 and February 2021.
It is a collateralised loan obligation (CLO) backed by a portfolio
of mostly high-yield senior secured European loans. The portfolio
is managed by PineBridge Investments Europe Limited. The
transaction's reinvestment period ended in February 2025.

RATINGS RATIONALE

The rating upgrades on the Classes B and C notes are primarily a
result of the transaction having reached the end of the
reinvestment period in February 2025.

The affirmations on the ratings on the Class A, D, E 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.

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

The 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: EUR394.4m

Defaulted Securities: 8.3m

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2899

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS): 3.79%

Weighted Average Coupon (WAC): 4.13%

Weighted Average Recovery Rate (WARR): 43.8%

Par haircut in OC tests and interest diversion test: None

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in February 2025, the main source of
uncertainty in this transaction is the pace of amortisation of the
underlying portfolio, which can vary significantly depending on
market conditions and have a significant impact on the notes'
ratings. Amortisation could accelerate as a consequence of high
loan prepayment levels or collateral sales by the collateral
manager or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the ratings
of the notes beginning with the notes having the highest prepayment
priority.

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

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.

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

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

The portfolio's reinvestment period ends approximately 5 years
after closing, and its non-call period ends 2 years after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,566.62
  Default rate dispersion                                 627.35
  Weighted-average life (years)                             4.79
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.01
  Obligor diversity measure                               148.10
  Industry diversity measure                               21.38
  Regional diversity measure                                1.13

  Transaction key metrics

  Portfolio weighted-average rating derived
  from S&P's CDO evaluator                                     B
  'CCC' category rated assets (%)                           1.04
  Target actual 'AAA' weighted-average recovery (%)        37.21
  Target actual weighted-average spread (net of floors; %)  3.62
  Target actual weighted-average coupon (%)                 3.45

Rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.62%), the actual
weighted-average coupon (3.45%), and the actual weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

"The issuer is a special-purpose entity that meets our criteria for
bankruptcy remoteness.

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes benefits from
break-even default rate and scenario default rate cushions that we
would typically consider commensurate with higher ratings than
those assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to these notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X, A, B, C, D and E, and
class A loan based on four hypothetical scenarios.

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by M&G Investment
Management Ltd.

Environmental, social, and governance

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

  Ratings

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

  X      AAA (sf)      3.00   Three/six-month EURIBOR      N/A
                              plus 0.85%

  A      AAA (sf)    188.00   Three/six-month EURIBOR    38.00
                              plus 1.20%

  A loan AAA (sf)     60.00   Three/six-month EURIBOR    38.00
                              plus 1.20%

  B      AA (sf)      44.00   Three/six-month EURIBOR    27.00
                              plus 1.70%

  C      A (sf)       24.00   Three/six-month EURIBOR    21.00
                              plus 2.35%

  D      BBB- (sf)    28.00   Three/six-month EURIBOR    14.00
                              plus 2.75% 14.00

  E      BB- (sf)     18.00   Three/six-month EURIBOR     9.50
                              plus 4.70%

  F      B- (sf)      12.00   Three/six-month EURIBOR     6.50
                              plus 7.55%

  Sub notes   NR      29.45    N/A                         N/A

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

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


NEWHAVEN II: Moody's Affirms B2 Rating on EUR13.2MM F-R Notes
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Newhaven II CLO, Designated Activity Company:

EUR21,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Jan 31, 2024
Upgraded to Aa1 (sf)

EUR22,200,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jan 31, 2024
Upgraded to A2 (sf)

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

EUR198,750,000 (Current outstanding amount EUR67,611,243) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Jan 31, 2024 Affirmed Aaa (sf)

EUR36,850,000 (Current outstanding amount EUR12,535,720) Class
A-2-R Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jan 31, 2024 Affirmed Aaa (sf)

EUR41,470,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 31, 2024 Affirmed Aaa
(sf)

EUR10,530,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 31, 2024 Affirmed Aaa
(sf)

EUR29,200,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jan 31, 2024
Affirmed Ba2 (sf)

EUR13,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jan 31, 2024
Affirmed B2 (sf)

Newhaven II CLO, Designated Activity Company, originally issued in
January 2016 and reset in February 2018, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Bain Capital
Credit, Ltd. The transaction's reinvestment period ended in
February 2022.

RATINGS RATIONALE

The rating upgrades on the Class C-R and D-R notes are primarily a
result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in May 2024.

The affirmations on the ratings on the Class A-1-R, A-2-R, B-1-R,
-2-R, E-R and F-R 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-1-R and A-2-R notes have paid down by approximately
EUR82.2 million (34.9%) since the payment date in May 2024 and
EUR155.5 million (66.0%) since closing. As a result of the
deleveraging, over-collateralisation (OC) for senior and mezzanine
rated notes has increased. According to the trustee report dated
March 2025 [1], the Class A-R/B-R, Class C-R and Class D-R OC
ratios are reported at 166.97%, 144.07% and 125.83% compared to May
2024 [2] levels of 142.69%, 130.52% and 119.72%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR220.81m

Defaulted Securities: EUR15.79m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3160

Weighted Average Life (WAL): 3.48 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.71%

Weighted Average Coupon (WAC): 3.90%

Weighted Average Recovery Rate (WARR): 44.54%

Par haircut in OC tests and interest diversion test: 1.75%

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.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

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

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

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.

SOUND POINT 14: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sound Point Euro
CLO 14 Funding DAC's class A loan, B loan, and class A to F
European cash flow CLO notes. At closing, the issuer also issued
unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately 5.00
years after closing, while the noncall period will end two years
after closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated loans 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   2,855.25
  Default rate dispersion                                454.76
  Weighted-average life (years)                            4.92
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           5.03
  Obligor diversity measure                              138.69
  Industry diversity measure                              18.42
  Regional diversity measure                               1.20

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                         0.50
  Target 'AAA' weighted-average recovery (%)             36.28
  Target weighted-average spread (net of floors; %)       3.83

Rating rationale

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

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (3.80%), the
covenanted weighted-average coupon (5.00%), and the actual
portfolio weighted-average recovery rates for all rated loans and
notes . We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Until the end of the reinvestment period on April 20, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the loans and notes. As a result, until
the end of the reinvestment period, the collateral manager may
through trading deteriorate the transaction's current risk profile,
if the initial ratings are maintained.

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

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

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

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

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

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

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

Environmental, social, and governance

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

"For this transaction, the documents prohibit assets from being
related to certain activities. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

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

  A       AAA (sf)    258.00    38.00   Three/six-month EURIBOR
                                        plus 1.18%

  A Loan  AAA (sf)     52.00    38.00   Three/six-month EURIBOR
                                        plus 1.18%

  B       AA (sf)      37.50    26.50   Three/six-month EURIBOR
                                        plus 1.60%

  B Loan  AA (sf)      20.00    26.50   Three/six-month EURIBOR
                                        plus 1.60%

  C       A (sf)       30.00    20.50   Three/six-month EURIBOR
                                        plus 2.00%

  D       BBB- (sf)    33.75    13.75   Three/six-month EURIBOR
                                        plus 2.80%

  E       BB- (sf)     22.50     9.25   Three/six-month EURIBOR
                                        plus 4.60%

  F       B- (sf)      13.75     6.50   Three/six-month EURIBOR
                                        plus 7.50%

  Sub     NR          39.50       N/A N/A

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

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





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

TDA IBERCAJA 7: Moody's Ups Rating on EUR70MM Class C Notes to Ca
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of some notes in TDA
IBERCAJA 6, FTA and TDA IBERCAJA 7, FTA. The rating action reflects
the increased levels of credit enhancement for the affected notes.
In addition, for Class D in TDA IBERCAJA 6, FTA it reflects the
correction of an input error in Moody's cash flow modelling and the
low probability of breaching the interest deferral trigger. For the
Class B notes in TDA IBERCAJA 7, FTA it also reflects better than
expected collateral performance and for the Class C notes in the
same transaction, amortisation of the notes to date through the
release of the reserve fund overtime given better than expected
collateral performance.

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

Issuer: TDA IBERCAJA 6, FTA

EUR1440M Class A Notes, Affirmed Aa1 (sf); previously on Oct 26,
2023 Affirmed Aa1 (sf)

EUR30M Class B Notes, Affirmed Aa1 (sf); previously on Oct 26,
2023 Upgraded to Aa1 (sf)

EUR15M Class C Notes, Affirmed Aa3 (sf); previously on Oct 26,
2023 Upgraded to Aa3 (sf)

EUR15M Class D Notes, Upgraded to A2 (sf); previously on Oct 26,
2023 Upgraded to Baa2 (sf)

Issuer: TDA IBERCAJA 7, FTA

EUR1900M Class A Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)

EUR100M Class B Notes, Upgraded to Aa3 (sf); previously on Jun 29,
2018 Upgraded to A2 (sf)

EUR70M Class C Notes, Upgraded to Ca (sf); previously on Feb 24,
2011 Definitive Rating Assigned C (sf)

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

RATINGS RATIONALE

The rating action is prompted by the increased levels of credit
enhancement for the affected notes. In addition, for Class D in TDA
IBERCAJA 6, FTA it reflects the correction of an input error in
Moody's cash flow modelling and also the low probability of
breaching the interest deferral trigger. For the Class B notes in
TDA IBERCAJA 7, FTA it also reflects better than expected
collateral performance and for the Class C notes in the same
transaction, amortisation of the notes to date through the release
of the reserve fund overtime, given better than expected collateral
performance.

TDA IBERCAJA 6, FTA

Correction of an input Error

The rating action on Class D reflects in part the discovery of an
error in Moody's cash flow modelling related to the yield modelled
at the time of the last rating action in October 2023. In this deal
the issuer pays the interest actually received from the loans since
the previous payment date, while the swap provider pays an amount
resulting from a recalculation of the interest paid by the debtors
since the previous payment date: (i) at an annual interest rate
equal to the reference interest rate on the notes, plus 0.60%; and
(ii) on a notional equal to the outstanding amount of the
performing loans (not in arrears).

At the time of negative interest rates Moody's reduced in Moody's
modelling the guaranteed margin received to account for the impact
of negative Euribor on the swap mechanisms. In the last rating
action, Moody's kept the lower margin, despite the return to
positive levels of interest rates and Moody's did not give full
benefit to the guaranteed margin received under the swap
agreement.

Reflecting the correct yield leads to a positive impact on the
ratings of Class D.

Increase in Available Credit Enhancement

The transaction is currently repaying the notes based on a pro rata
allocation of principal. This is because the reserve fund is fully
funded at target floor and all asset performance triggers are met
due to good asset performance.

The non amortizing reserve fund led to the increase in credit
enhancement in this transaction. Furthermore, decreasing pool
factors towards ten percent of original balance will trigger
sequential amortization. Following a sequential amortization
trigger event, credit enhancement levels supporting the tranches
are expected to further increase. Pool factor is low at 17.8%.

The credit enhancement for the Class D notes affected by the rating
action increased to 6.56% from 5.70% since the last rating action.

The interest deferral trigger that allows interest on the Class D
notes to be subordinated is not expected to be breached, given the
good performance so far, and interest payments on the Class D notes
have always been paid timely. Moody's analysis considered the very
low likelihood of prolonged interest shortfalls on these notes in
future.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

The performance of TDA IBERCAJA 6, FTA has stabilized over the last
year. Total delinquencies have slightly decreased in the past year,
with 90 days plus arrears currently standing at around 0.50% of
current pool balance. Cumulative defaults currently stand at 3.67%
of original pool balance compared to 3.65% a year earlier.

Moody's maintained the expected loss assumption at 1.23% as a
percentage of current pool balance due to stable performance and
higher expected future recoveries. The revised expected loss
assumption corresponds to 1.50% as a percentage of original pool
balance, down from 1.88%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have maintained the MILAN Stressed Loss
assumption at 4.70%.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's assessed the exposure to Banco Santander, S.A. (Spain)
acting as swap counterparty. Moody's analysis considered the risks
of additional losses on the notes if they were to become unhedged
following a swap counterparty default by using the CR assessment as
reference point for swap counterparties. Moody's concluded that the
ratings of the Class C notes are constrained by the swap agreement
entered between the issuer and Banco Santander, S.A. (Spain).

TDA IBERCAJA 7, FTA

Increase in Available Credit Enhancement

The transaction is currently repaying the notes based on a pro rata
allocation of principal. This is because the reserve fund is fully
funded at target and all asset performance triggers are met due to
good asset performance. However it paid sequentially for a certain
amount of time until February 2020.

The sequential amortization occurred in the past led to an increase
in credit enhancement for the Class B notes to 7.00% from 6.18%
since the last rating action in June 2018.

In rating Moody's also factored in amortization on the Class C
notes through the release of the reserve fund up to the latest
payment date, given better than expected collateral performance.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

The performance of TDA IBERCAJA 7, FTA has improved over the last
year. Total delinquencies have decreased in the past year, with 90
days plus arrears currently standing at around 0.50% of current
pool balance. Cumulative defaults currently stand at 1.90% of
original pool balance compared to 1.88% a year earlier.

Moody's decreased the expected loss assumption to 1.46% from 1.79%
as a percentage of current pool balance due to better than expected
performance and higher expected future recoveries. The revised
expected loss assumption corresponds to 1.15% as a percentage of
original pool balance, down from 1.55%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's reduced the MILAN Stressed Loss assumption to
5.30% from 6.0%.

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

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

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

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

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



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

HEDOINE LIMITED: KRE Corporate Named as Joint Administrators
------------------------------------------------------------
Hedoine Limited was placed into administration proceedings in the
Royal Courts of Justice, Court Number: CR-2025-2027, and Paul
Ellison and David Taylor of KRE Corporate Recovery Limited, were
appointed as joint administrators on March 24, 2025.  
       
Hedoine Limited specialized in the wholesale of clothing and
footwear, retail sale of clothing in specialized stores and retail
sale via mail order houses or via Internet.

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 Hedoine Limited, 28 Old
Brompton Road, Suite 223, London, SW7 3SS.
       
The joint administrators can be reached at:
       
                Paul Ellison
                David Taylor
                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: Alison Young
       

KANWAL UK: Leonard Curtis Named as Joint Administrators
-------------------------------------------------------
Kanwal UK Industries Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales Court Number: CR-2025-001047, and Neil Bennett
and Alex Cadwallader of Leonard Curtis, were appointed as joint
administrators on March 28, 2025.  

Kanwal UK is a manufacturer of rubber products.

Its registered office is at 5th Floor, Grove House, 248a Marylebone
Road, London, NW1 6BB.

The joint administrators can be reached at:

         Neil Bennett
         Alex Cadwallader
         Leonard Curtis
         5th Floor, Grove House
         248a Marylebone Road
         London, NW1 6BB

Further details contact:

         The Joint Administrators
         Tel No: 020 7535 7000
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Toby Cooper

SATUS 2024-1: S&P Affirms 'BB (sf)' Rating on Cl. E-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A (sf)',
'BBB (sf)', and 'BB (sf)' credit ratings on Satus 2024-1 PLC's
class A, B, C-Dfrd, D-Dfrd, and E-Dfrd, respectively.

S&P said, "The rating actions follow our review of the
transaction's performance and the application of our current
criteria and reflect our assessment of the payment structure
according to the transaction documents.

"We analyzed the transaction's credit risk under our global auto
asset-backed securities (ABS) criteria."

The transaction has amortized sequentially since closing in April
2024. This has resulted in increased credit enhancement for the
outstanding notes, with the exception of the class E-Dfrd notes.

Available credit enhancement comprises subordination and a
replenishable cash reserve, with a senior liquidity reserve fund
and a junior liquidity reserve fund.

As of the February 2025 servicer report, the pool factor had
declined to 66.7% (for non-defaulted receivables), and the
available credit enhancement for the class A, B, C-Dfrd, and D-Dfrd
notes had increased to 38.2%, 21.7%, 8.3%, and 3.8%, respectively,
compared with 26.4%, 15.6%, 6.7%, and 3.7% at closing.

Reported gross losses have risen to 5.02%, which is higher than
anticipated at closing. S&P said, "We therefore increased our
hostile termination base case assumption to 13.5% from 12.0%. We
also maintained all other assumptions at their closing levels,
including voluntary termination base case, loss multiples, recovery
rate base case, recovery haircuts and residual value loss rates."

S&P said, "We performed our cash flow analysis to test the effect
of the increased hostile termination base case and deleveraging in
the structure.

"Our cash flow analysis indicates that the available credit
enhancement for the class A and B notes is sufficient to withstand
the credit and cash flow stresses that we apply at the 'AAA' and
'AA' rating levels, respectively. We therefore affirmed our 'AAA'
rating on the class A notes and our 'AA' rating on the class B
notes.

"The class C-Dfrd notes recorded negligible failures in the high
prepayment with falling interest rates scenarios when applying our
credit and cashflow stresses at the 'A' rating level. The notes
passed at the same rating level when we lowered our prepayment
assumption to 20%, which is the level most recently reported in the
transaction. Our forward-looking view is the notes will continue to
benefit from increasing credit enhancement, we therefore affirmed
our 'A' rating on the class C-Dfrd notes.

"The class D-Dfrd notes' cashflow simulations returned failures to
pay ultimate interest at the 'BBB' rating level. Our cash analysis
also returned failures to pay timely interest at the 'BB' rating
level once the class E-Dfrd notes became the most senior class of
notes outstanding. However, both failures were sufficiently small
that a downgrade of these ratings was not warranted. We therefore
affirmed our 'BBB' and 'BB' ratings on the class D-Dfrd and E-Dfrd
notes, respectively.

"Sovereign, counterparty, and operational risks do not constrain
the ratings. Legal risks continue to be adequately mitigated, in
our view."

Satus 2024-1 PLC securitizes a portfolio of auto loan receivables
originated by Startline Motor Finance Ltd.


SHEEN LANE: Quantuma Advisory Named as Administrators
-----------------------------------------------------
Sheen Lane Developments 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-2025-2089, and Brian Burke and Elias Paourou of
Quantuma Advisory Limited, were appointed as administrators on
March 26, 2025.  

Sheen Lane specialized in the construction of domestic buildings.

Its registered office is at 107 Bell Street, London, NW1 6TL (in
the process of being changed to 3rd Floor, 37 Frederick Place,
Brighton, BN1 4EA).

Its principal trading address is at Greyfriars Studios, 25e The
Quadrant, Richmond, TW9 1DJ.

The administrators can be reached at:

         Brian Burke
         Elias Paourou
         Quantuma Advisory Limited
         3rd Floor, 37 Frederick Place
         Brighton, BN1 4EA

Further details contact:

         Jamie Balding
         Tel No: 01273 322400
         Email at Jamie.Balding@quantuma.com

SWAN STREET: Kroll Advisory Named as Administrators
---------------------------------------------------
Swan Street Firehouse Ltd 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-2025-001502, and Benjamin John Wiles and Philip
Dakin of Kroll Advisory Ltd, were appointed as administrators on
March 28, 2025.  

Swan Street, trading as Swan Street Firehouse; Ramona, operated
licensed restaurants, take-away food shops and mobile food stands
and event catering.

Its registered office is at 3 Greengate Cardale Park, Harrogate,
North Yorkshire, England, HG3 1GY.

Its Principal trading address is at 40 Swan St, Manchester M4 5JG.

The joint administrators can be reached at:

                 Benjamin John Wiles
                 Philip Dakin
                 Kroll Advisory Ltd
                 The Shard, 32 London Bridge Street
                 London, SE1 9SG

Further details contact:

                  Keith Leung
                  Email: Keith.Leung@Kroll.com
                  Tel: +44 (0) 207 029 5465

VERY GROUP: Moody's Affirms 'B3' CFR, Alters Outlook to Stable
--------------------------------------------------------------
Moody's Ratings affirmed the B3 long-term Corporate Family Rating
of The Very Group Limited (TVG or the company) and the company's
B2-PD Probability of Default Rating. Moody's have also affirmed the
GBP575 million B3 backed senior secured rating issued by The Very
Group Funding plc, a subsidiary of the company. These notes will be
withdrawn. Moody's also assigned a B3 rating to the new GBP598
million backed senior secured notes due August 2027 issued by The
Very Group Funding plc. The outlook on both entities was changed to
stable from negative.

The rating action reflects:

-- Moody's expectations of the successful completion of the
proposed one year extension of the maturity for the new backed
senior secured notes and the revolving credit facility (RCF).

-- The company's improved operating performance in the first six
months of fiscal 2025 ending June 30 and Moody's expectations for
further strengthening of its key debt metrics over the next 12-18
months.

RATINGS RATIONALE      

Governance considerations were a key driver of the rating action.
The affirmation of the CFR at B3 and the change to stable outlook
reflects the removal of near term refinancing risks as a
consequence of the proposed extended maturity of the company's
notes and RCF. The extension of the maturity of the notes to August
2027 will provide the company with the time to effect a Change of
Control (CoC). The various proposed amendments to current
documentation also include a mechanism for a further three year
maturity extension and a debt reduction of at least GBP150 million
to be effected at or shortly after the CoC. That would be credit
positive as it would give the company additional time to implement
ongoing marketing and cost reduction measures and further improve
its key credit metrics.

More broadly, TVG's B3 CFR reflects its highly leveraged capital
structure and a history of negative free cash flows, with limited
room for underperformance against Moody's Base Case forecasts. In
absolute scale, TVG is one of the smaller retailers Moody's rate
and the company faces competition from larger and smaller players,
generalists and specialists. At the same time, the rating is
supported by evidence of recovery in the company's performance and
its key credit metrics. The rating also reflects TVG's long history
of offering credit to customers, its diverse product range and wide
supplier base.

The sustainability of the capital structure has slightly improved
in the second quarter of fiscal 2025, with the EBITDA-Capex to
interest ratio at 1.0x in December 2024 (including PIK interest)
based on preliminary financials, up from 0.8x in September. Moody's
expects further operating improvements over the next 12-18 months,
driven by i) changes in product offering (including 500 new
brands), ii) an ongoing cost reduction plan, and iii) a
strengthened credit proposition (improved sophistication of credit
approval process increasing yield and decreasing bad debts).

On this basis, Moody's projects an interest cover of around 1.1x in
2026 as defined by Moody's adjusted (EBITDA-Capex)/Interest expense
(or 1.3x excluding PIK interest). Historically, free cash flow has
been negative but will likely improve close to break even in fiscal
2025 and move into positive territory in fiscal 2026.

TVG's Moody's-adjusted leverage, in particular, will remain high -
as of December 2024 it was 9.2x because of a large (GBP1.4 billion)
securitisation facility, which Moody's considers as debt and not as
operating debt. Moody's projects leverage at 8.5x in fiscal 2026
including and at 5.4x excluding the securitisation facility.

LIQUIDITY

Moody's expects TVG's liquidity will remain limited but adequate
over the forecast period, as supported by i) the 1-year extension
of the backed senior secured notes maturity to August 2027, ii) a
12 month extension of the existing GBP150 million revolving credit
facility to February 2027, and iii) a committed facility provided
investment firms Carlyle Global Credit and International Media
Investments (IMI) with the same maturity as the revolving credit
facility. Free cash flow generation is expected in Moody's base
case to improve and turn marginally positive in fiscal 2025.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

Governance considerations were among the primary drivers of this
rating action, reflecting the fact that TVG has addressed its
refinancing risk in a timely manner through the envisaged
transaction. Moody's also note that following a CoC with either a
third-party buyer (through the M&A process being undertaken) or
with Carlyle/IMI, a deleveraging event could be triggered which
will include a reduction of at least GBP150 million in TVG's gross
debt.

Other governance considerations are also material to TVG's ratings
and include the relatively aggressive financial policy reflected in
high leverage, as well as a board of directors that is effectively
controlled by management and the owning family, even though partly
mitigated by a significant component of independent directors.

STRUCTURAL CONSIDERATIONS

Moody's assumes a 35% recovery rate for in Moody's Loss Given
Default for Speculative-Grade Companies methodology. This is driven
by Moody's assumptionz that in the event of a default the
securitisation facilities (which are not included in Moody's LGD
waterfall due to their self-liquidating nature) would benefit from
a high recovery rate and therefore result in a lower recovery rate
for the remaining debt facilities than the 50% Moody's typical
assume for LGD purposes.

Moody's LGD approach results in a probability of default rating
(PDR) one notch higher than the CFR at B2-PD. The backed senior
secured notes are rated in line with the CFR at B3. The notes are
contractually subordinated to a GBP150 million super senior
revolving credit facility. Moody's understand that the Carlyle/IMI
debt facility shares the same security package of the outstanding
notes (the maturity of this facility has not been publicly
disclosed). The security consists in the equity of the company as
TVG has no brick and mortar assets and the debtor book is pledged
to the securitisation banks.

OUTLOOK

The stable outlook reflects Moody's expectations that that a
Reverse Springing Maturity of the GBP598 million notes will be
triggered after a CoC and that the company's key debt metrics will
continue to improve.

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

Moody's could upgrade the ratings if the company's financial
performance improves, as evidenced by Moody's-adjusted gross
leverage sustainably below 7.5x, and material positive free cash
flow (excluding increased securitisation borrowings driven by
growth in revenues). An upgrade would also require a further
extension of the maturity of the outstanding debt beyond well
beyond the envisaged August 2027.

Moody's could downgrade the rating if the company's operating
performance deteriorates with Moody's-adjusted gross debt/EBITDA
remaining 9.0x, (EBITDA-CAPEX) / Interest Expense fails to improve
well above 1.0x remains and free cash flow remains negligible. A
material deterioration of the liquidity would also pressure the
ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

PROFILE

TVG has a history dating back over 120 years and much of that
included both physical stores and home shopping, via mail order
catalogues printed and distributed twice a year. The company is a
pure-play online retailer, with an integrated retail and financial
services model delivered via two core (multi-category digital)
brands: Very and Littlewoods. The business has been owned by the
trusts of the Barclay family since 2002.


                           *********


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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Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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