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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

          Monday, April 21, 2025, Vol. 26, No. 79

                           Headlines



F R A N C E

ILIAD HOLDING: Moody's Alters Outlook on 'Ba3' CFR to Positive


I R E L A N D

ANCHORAGE CAPITAL 1: S&P Assigns B- (sf) Rating to Class F-R Notes
CANYON EURO 2022-1: S&P Assigns B- (sf) Rating to Class F-R Notes
CVC CORDATUS XXXIV: S&P Assigns B- (sf) Rating to Class F Notes
DARTRY PARK: Moody's Affirms B3 Rating on EUR12MM Cl. E Notes
INVESCO EURO V: Moody's Affirms Ba3 Rating on EUR18.7MM E Notes

NAVIGATOR AIRCRAFT 2021-1: Moody's Ups Rating on C Notes from Ba1
RRE 7 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Cl. D-R Notes
RRE 7 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes
RRE 8 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Cl. D-R Notes
RRE 8 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes

RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D-R Notes
RRE 9 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes
SOUND POINT IV: S&P Assigns B- (sf) Rating to Class F-R Notes


R U S S I A

OCTOBANK JSC: S&P Assigns 'B-/B' ICRs, Outlook Stable


S P A I N

AEDAS HOMES: Moody's Withdraws 'Ba2' CFR and Stable Outlook


U N I T E D   K I N G D O M

DOVETAIL ENTERPRISES: Interpath Ltd Named as Joint Administrators
EQUALITY WORKS: Begbies Traynor Named as Administrators
PATTY & BUN: Leigh Consultancy Named as Administrator
STH WESTCO: BDO LLP Named as Joint Administrators
T&P REAL: BDO LLP Appointed as Replacement Joint Administrators


                           - - - - -


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F R A N C E
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ILIAD HOLDING: Moody's Alters Outlook on 'Ba3' CFR to Positive
--------------------------------------------------------------
Moody's Ratings has affirmed Iliad Holding S.A.S.'s (Iliad Holding)
Ba3 long-term corporate family rating, Ba3-PD probability of
default rating and the B2 rating on the existing backed senior
secured notes issued by Iliad Holding. Moody's have also affirmed
the Ba2 rating on the existing senior unsecured bonds issued by
Iliad S.A. (Iliad), the operating subsidiary of Iliad Holding.
Moody's have changed the outlook for both entities to positive from
stable.

"The outlook change to positive reflects the expected improvement
in credit metrics thanks to strong organic growth across its
markets and improved cash flow generation," says Ernesto Bisagno, a
Moody's Ratings Vice President - Senior Credit Officer and lead
analyst for Iliad Holding.

"The rating affirmation takes into account the company's large
scale and geographical diversification and its strong revenue
growth rates and margins, which remain above the industry average,"
adds Mr Bisagno.

RATINGS RATIONALE      

Iliad reported solid revenue growth of 8.5% in 2024, driven by
strong organic growth in all countries of operation.
Company-reported EBITDA (before lease expenses) increased by 11.8%,
driving a margin improvement.

Iliad Holding's Moody's-adjusted free cash flow (FCF) was
marginally positive at around EUR40 million, broadly in line with
2023. However, M&A activity and higher leases led to an increase in
its Moody's adjusted debt to EUR23.1 billion from EUR20.4 billion
in 2023, resulting in a Moody's adjusted leverage of 4.8x. However,
M&A activity improved geographic diversification and growth
opportunities.

Moody's expects Iliad's revenue and EBITDA to grow in the
mid-single digits over 2025-26, driven by good organic growth and
higher fibre contribution. However, because of the highly
competitive market conditions, Moody's expects volume growth in
France and Italy will flatten.

FCF (before spectrum payments and after shareholder distributions)
for Iliad Holding's restricted group will improve over 2025-26
towards an average of EUR400 million annually, supported by
stronger EBITDA and stable capital spending. As a result, Moody's
expects Moody's-adjusted debt/EBITDA for Iliad Holding's restricted
group to reduce towards 4.1x by 2026.

After the acquisition of Millicom International Cellular S.A.
(Millicom, Ba2 stable), the consolidation perimeter has changed,
and therefore Moody's will monitor the group's credit metrics based
on Iliad Holding's consolidated financials. Moody's anticipates
that the full consolidation of Millicom will result in a leverage
improvement of around 0.4x in 2025 compared to the leverage
calculation for Iliad Holding's restricted group, given that
Millicom is less levered than the rest of Iliad's group. As a
result, Moody's expects consolidated leverage to reach around 3.7x
in 2026.

Moody's notes that further reduction in leverage is more uncertain,
as the company is already operating below its target leverage (as
reported) of less than 4.0x for Illiad Holding's restricted group,
and it may continue to pursue acquisitions.

Iliad Holding's rating reflects the company's scale and
geographical diversification because of its presence in France,
Italy and Poland; its increased diversification into the Nordics
and Latin American markets; its strong positions in the French and
Polish telecom markets, with a growing market share in the Italian
mobile segment; its solid revenue growth rates and margins, which
remain above the industry average; its commitment to maintain
reported net leverage below 4.0x at Iliad Holdings' restricted
group level

The rating also reflects Iliad Holding's relatively high leverage;
its still modest free cash flow (FCF) generation relative to the
debt that the company carries, although it is expected to grow
through the forecasts; the highly competitive market conditions in
particular in the Italian market; and the event risk associated
with potential M&A within its footprint or in new countries.

LIQUIDITY

Iliad Holding has good liquidity, underpinned by cash of EUR1.1
billion as of December 31, 2024; expected improvement in FCF;
access to three revolving credit facilities, including a EUR2.0
billion line maturing in July 2029 (at Iliad and fully undrawn as
of December 31, 2024), a EUR428 million equivalent line maturing in
March 2026 (at Play and fully undrawn as of December 31, 2024) and
a EUR300 million line due in January 2028 (at Iliad Holding fully
undrawn as of December 31, 2024). In addition, the company has
access to a EUR300 million European Investment Bank (EIB) loan
(fully undrawn as of December 31, 2024) with average maturity for 8
years.

There are maintenance financial covenants on Iliad's and P4 Sp. z
o.o. (Play) revolving credit facilities set at 3.75x and 3.25x,
respectively. Iliad Holding's revolving credit facility includes a
springing leverage covenant of 7.0x, tested once drawings exceed
40%.

Iliad Holding has cumulative debt maturities of EUR2 billion over
2025-26 mainly including a combination of bonds and loans at Iliad
SA which are more than covered by the existing sources. In
addition, there are EUR1.750 billion equivalent loans at Play due
in 2026 which Moody's expects to be extended to 2030 in the coming
months.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to Iliad Holding's backed senior secured
notes is two notches below the CFR, reflecting its structural
subordination to the debt raised at Play and Iliad, and the
contractual subordination to the super senior revolving credit
facility at Iliad.

The Ba2 rating assigned to Iliad's senior unsecured notes is one
notch above the CFR and reflects their senior ranking in the
waterfall of liabilities, as the debt at the operating company
level is closer to the cash flow-generating assets.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that the company
will continue to generate steady earnings and cash flow growth
which, in absence of material debt funded M&A activity, will drive
deleveraging and credit metrics improvement.

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

Following the acquisition and consolidation of Millicom, Moody's
will monitor the company's credit metrics based on Iliad Holding's
consolidated financials. The consolidation of Millicom brings
artificial deleveraging of around 0.4x, because of the
consolidation of a less levered entity that sits outside Iliad
Holding's restricted group. This is partially offset by the
improved credit quality of the restricted group and the value of
the stake in Millicom. As a result, Moody's have only tightened the
leverage thresholds for Iliad Holding at the Ba3 rating by 0.25x,
based on the consolidated financials. This adjustment may be
subject to revision contingent upon the variance between the
leverage of the restricted group and the consolidated financials.

Upward pressure on the rating could develop if the company
continues to report strong and stable revenue growth and
sustainable EBITDA margins, such that its Moody's-adjusted
debt/EBITDA ratio reduces below 3.75x (from 4.0x, previously based
on Iliad Holding restricted group) and its Moody's-adjusted
retained cash flow (RCF)/net debt improves towards 20%.

Downward rating pressure could develop if Iliad Holding's operating
performance deteriorates or the company engages in large
debt-financed acquisitions or large shareholder distributions, such
that its Moody's-adjusted debt/EBITDA increases above 4.75x (from
5.0x, previously based on Iliad Holding restricted group); its
Moody's-adjusted RCF/net debt stays below 15%; or if the company
fails to address its refinancing needs on a timely manner.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Iliad Holding S.A.S. is the holding company owned by Xavier Niel,
which owns Iliad S.A. Headquartered in Paris, Iliad is a leading
telecommunications operator in France, Italy and Poland, with 50.5
million subscribers and more than 18,200 employees. In 2024, the
company reported revenue of EUR10 billion and EBITDA after leases
(EBITDAaL) of EUR3.9 billion.

In 2024, Iliad Holding acquired Atlas Investissement S.A.S. (Atlas)
from NJJ Holding S.A.S. (NJJ). NJJ is an investment holding company
owned by Xavier Niel, who also owns Iliad Holding. Atlas owns,
indirectly, around 42% of Millicom, a telecom services provider in
Latin America.

Iliad Holding fully consolidates Atlas and Millicom, while these
entities will be designated as "unrestricted subsidiaries" and
remain outside the restricted group.



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

ANCHORAGE CAPITAL 1: S&P Assigns B- (sf) Rating to Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Anchorage Capital
Europe CLO 1 DAC's class A-R to F-R European cash flow CLO notes.
At closing, the issuer also issued unrated subordinated notes.

This transaction is a reset of an existing transaction that
originally closed on July 26, 2018, which S&P did not rate. The
existing classes of notes will be fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date.

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

The portfolio's reinvestment period ends approximately five years
after closing, and its noncall period ends 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 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    2814.14
  Default rate dispersion                                520.56
  Weighted-average life (years)                            4.46
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           5.00
  Obligor diversity measure                              128.96
  Industry diversity measure                              18.98
  Regional diversity measure                               1.20

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.97
  Target 'AAA' weighted-average recovery (%)              36.61
  Target weighted-average spread (net of floors; %)        3.76
  Target weighted-average coupon (%)                       4.44

Rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.50%), and the targeted
weighted-average recovery rates at all rating levels. We applied a
0.25% haircut at rating levels 'AAA' to 'BB', as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to E-R notes benefits from
break-even default rate (BDR) and scenario default rate cushions
that we would typically consider commensurate with higher ratings
than those assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes. The class A-R notes can withstand stresses commensurate
with the assigned ratings.

"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 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 BDR at the 'B-' rating level of 26.81%
(for a portfolio with a weighted-average life of 5.0 years), versus
if we were to consider a long-term sustainable default rate of 3.1%
for 5.0 years, which would result in a target default rate of
15.50%.

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

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

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

S&P said, "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."

Following the end of the reinvestment period, certain assets can be
substituted as long as they meet the reinvestment criteria.

S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings as of the closing date.

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

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

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

"Following the application of our 'CCC' rating criteria, we
consider that the available credit enhancement for the class F-R
notes is commensurate with the assigned rating.

"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 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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and it will be managed by Anchorage CLO
ECM, LLC.

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, including, obligors deriving revenue from
certain industries like production of palm oil, affecting animal
welfare etc. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

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

  A-R     AAA (sf)   242.00    3mE +1.25%      39.50
  B-1-R   AA (sf)     39.00    3mE +1.85%      27.25
  B-2-R   AA (sf)     10.00    4.50%           27.25
  C-R     A (sf)      21.00    3mE +2.30%      22.00
  D-R     BBB- (sf)   28.00    3mE +3.60%      15.00
  E-R     BB- (sf)    21.00    3mE +6.00%       9.75
  F-R     B- (sf)     13.00    3mE +8.82%       6.50
  Sub     NR          50.50    N/A               N/A

*The ratings assigned to the 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 to F-R notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month EURIBOR.


CANYON EURO 2022-1: S&P Assigns B- (sf) Rating to Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Canyon Euro CLO
2022-1 DAC's class A-R to F-R European cash flow CLO notes, and
class A-R loan. The issuer also issued unrated class Z notes and
subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes and loan on the reset
date. The ratings on the original notes have been withdrawn.

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

The portfolio's reinvestment period will end 5.0 years after
closing, while the noncall period will end 2.0 years after
closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds 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    2,778.91
  Default rate dispersion                                 560.86
  Weighted-average life (years)                              4.5
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             5.0
  Obligor diversity measure                               110.74
  Industry diversity measure                               20.78
  Regional diversity measure                                1.30

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.61
  Actual 'AAA' weighted-average recovery (%)               37.15
  Actual weighted-average spread (net of floors; %)         3.74

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.74%), the target
weighted-average coupon (4.07%), and the target portfolio
weighted-average recovery rates for the class A-R loan and all
rated notes. We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

"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 and loan. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"Our credit and cash flow analysis show that the class B-R, C-R,
D-1, D-2-R, and E-R notes benefit from break-even default rate and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes. The class A-R notes and class A-R loan
can withstand stresses commensurate with the assigned ratings.

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

"In addition to our standard analysis, 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-R to E-R notes and class
A-R 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-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
                    Amount     Credit
  Class   Rating*  (mil. EUR)  enhancement (%)   Interest rate§

  A-R     AAA (sf)    190.00    39.50   Three/six-month EURIBOR
                                        plus 1.24%

  A-R loan  AAA (sf)   52.00    39.50   Three/six-month EURIBOR
                                        plus 1.24%

  B-R     AA (sf)      50.00    27.00   Three/six-month EURIBOR
                                        plus 1.80%

  C-R     A (sf)       22.00    21.50   Three/six-month EURIBOR
                                        plus 2.50%

  D-1-R   BBB (sf)     26.00    15.00   Three/six-month EURIBOR
                                        plus 3.60%

  D-2-R   BBB- (sf)     4.00    14.00   Three/six-month EURIBOR
                                        plus 4.75%

  E-R     BB- (sf)     18.00     9.50   Three/six-month EURIBOR
                                        plus 5.85%

  F-R     B- (sf)      12.00     6.50   Three/six-month EURIBOR
                                        plus 8.43%

  Z       NR           10.00     N/A    N/A

  Sub. Notes  NR       39.50     N/A    N/A

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

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

CVC CORDATUS XXXIV: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund XXXIV DAC's class A, B, C, D, E, and F notes.

The ratings assigned to the notes reflect S&P's 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 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    2,902.61
  Default rate dispersion                                 539.33
  Weighted-average life (years)                             4.65
  Obligor diversity measure                               139.94
  Industry diversity measure                               22.43
  Regional diversity measure                                1.18

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.03
  Target 'AAA' weighted-average recovery (%)               36.30
  Actual weighted-average spread (%)                        3.94
  Actual weighted-average coupon (%)                        4.56

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 24 months. The
margin on the facility is 2.50% and drawdowns are limited to the
amount of accrued but unpaid interest on collateral debt
obligations. 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 notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

S&P said, "At closing, we expect the portfolio to be
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 (3.94%), the actual
weighted-average coupon (4.56%), and the target weighted-average
recovery rates calculated in line with our CLO criteria for all
classes of 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.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E 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. The class A and F notes can withstand stresses
commensurate with the assigned ratings.

"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
notes.

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

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

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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and will be managed CVC Credit Partners
Investment Management Ltd.

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

  A      AAA (sf)   289.75   3/6-month EURIBOR + 1.20   39.00

  B      AA (sf)    59.375   3/6-month EURIBOR + 1.70   26.50

  C      A (sf)     26.125   3/6-month EURIBOR + 1.95   21.00

  D      BBB- (sf)   33.25   3/6-month EURIBOR + 2.70   14.00

  E      BB- (sf)    22.55   3/6-month EURIBOR + 4.75    9.25

  F      B- (sf)     14.25   3/6-month EURIBOR + 7.84    6.25

  Sub    NR          36.90   N/A                          N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, 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.

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


DARTRY PARK: Moody's Affirms B3 Rating on EUR12MM Cl. E Notes
-------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Dartry Park CLO Designated Activity Company:

EUR35,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Mar 16, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR26,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Mar 16, 2021
Definitive Rating Assigned A2 (sf)

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

EUR248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Mar 16, 2021 Definitive
Rating Assigned Aaa (sf)

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Mar 16, 2021
Definitive Rating Assigned Baa3 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Mar 16, 2021
Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Mar 16, 2021
Definitive Rating Assigned B3 (sf)

Dartry Park CLO Designated Activity Company, issued in March 2015
and refinanced twice: in July 2017 and March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Blackstone Ireland Limited. The transaction's
reinvestment period ends in April 2025.

RATINGS RATIONALE

The rating actions on the Class A-2 and Class B notes are primarily
a result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in April 2025.

The affirmations on the ratings on the Class A-1, Class C, Class D
and Class E 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 its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR398,677,340

Defaulted Securities: EUR2,280,110

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3063

Weighted Average Life (WAL): 4.29 years

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

Weighted Average Coupon (WAC): 3.17%

Weighted Average Recovery Rate (WARR): 44.4%

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 its 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 and swap providers,
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:

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

-- 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
Collateral Administrator-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
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

INVESCO EURO V: Moody's Affirms Ba3 Rating on EUR18.7MM E Notes
---------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive rating to refinancing notes/debt issued by Invesco Euro
CLO V DAC (the "Issuer"):

EUR183,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR16,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Affirmed Aa1 (sf); previously on Mar 21, 2025 Upgraded to Aa1
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Affirmed Aa1 (sf); previously on Mar 21, 2025 Upgraded to Aa1 (sf)

EUR20,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A1 (sf); previously on Mar 21, 2025
Upgraded to A1 (sf)

EUR21,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa2 (sf); previously on Mar 21, 2025
Upgraded to Baa2 (sf)

EUR18,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Mar 21, 2025
Affirmed Ba3 (sf)

EUR6,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Affirmed Caa1 (sf); previously on Mar 21, 2025 Downgraded
to Caa1 (sf)

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

The rating affirmation of the Class B-1 Notes, Class B-2 Notes,
Class C Notes, Class D Notes, Class E Notes and Class F Notes are a
result of the refinancing, which has no impact on the ratings of
the notes.

As part of this refinancing, the Issuer has extended the weighted
average life covenant by 12 months. It has also amended minor
features.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio comprises predominantly corporate
loans to obligors domiciled in Western Europe.

"Invesco European RR L.P. ("Invesco") will continue to manage the
CLO. Following the end of the reinvestment period in January 2025,
Invesco is permitted, subject to certain restrictions, to make
purchases using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations."

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Performing par and principal proceeds balance: EUR291.9 million

Defaulted Par: EUR6.8m as of March 18, 2025

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3073

Weighted Average Spread (WAS): 4.1%

Weighted Average Coupon (WAC): 4.2%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 4.1 years

NAVIGATOR AIRCRAFT 2021-1: Moody's Ups Rating on C Notes from Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded three notes issued by Navigator
Aircraft ABS Limited / Navigator Aircraft ABS LLC, Series 2021-1
(Navigator 2021-1). The notes are backed by a portfolio of aircraft
and their related initial and future leases. Dubai Aerospace
Enterprise (DAE) Ltd. (DAE, Baa2 Stable) is the servicer of the
underlying assets.

The complete rating actions are as follows:

Series 2021-1 A Fixed Rate Notes, Upgraded to Aa3 (sf); previously
on Nov 17, 2021 Definitive Rating Assigned A1 (sf)

Series 2021-1 B Fixed Rate Notes, Upgraded to A3 (sf); previously
on Jun 28, 2024 Upgraded to Baa1 (sf)

Series 2021-1 C Fixed Rate Notes, Upgraded to Baa3 (sf); previously
on Jun 28, 2024 Upgraded to Ba1 (sf)

RATINGS RATIONALE

The rating actions are primarily driven by bond deleveraging due to
scheduled paydown of the notes as well as stable performance of the
transaction.  The series A, series B and series C notes have paid
down by 23.7%, 23.1% and 46.5%, respectively, since closing and as
a result, the Moody's assumed cumulative loan-to-value (CLTV) ratio
of the notes excluding projected end of lease (EOL) payments have
improved significantly. The series A notes CLTV is 66.6%, the
series B notes CLTV is 79.6%, and the series C notes CLTV is 82.5%,
based on Moody's assumed value (MAV) of approximately $653 million,
as of the March 2025 payment date. Additionally, Debt Service
Coverage Ratio (DSCR) is currently at 1.51, which is above cash
trap trigger of 1.2 and rapid amortization trigger of 1.15, and it
has never breached the triggers since transaction closed.

Moody's also took into account structural features such as credit
enhancement to the rated notes, available security deposits,
liquidity facilities, and reserve funds, as applicable, as well as
the increased likelihood that certain notes could be locked out of
receiving future payments due to the priority of payments waterfall
upon occurrence of a rapid amortization trigger. Additionally,
qualitative considerations such as the servicer's broad flexibility
in managing the aircraft portfolio, and legal factors were
considered.

Moody's also considered a number of sensitivity scenarios to
address risks related to future lessee downgrades and future
economic downturns. In particular, Moody's considered stress
scenarios on aircraft MAV to address uncertainties related to
future volatility of aircraft values arising from aging aircraft
portfolio, potential unforeseen market or geopolitical risks.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Securities Backed by Aircraft and Associated
Leases" published in June 2024.

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

Up

Factors that could lead to an upgrade of the ratings on the notes
are (1) collateral cash flows that are significantly greater than
Moody's initial expectations and (2) significant improvement in the
credit quality of the airlines leasing the aircraft. Moody's
updated expectations of collateral cash flows may be better than
its original expectations because of lower frequency of lessee
defaults, lower than expected depreciation in the value of the
aircraft that secure the lessees' promise of payment under the
leases owing to stronger global air travel demand, higher than
expected aircraft disposition proceeds and higher than expected EOL
payments received at lease expiry that are used to prepay the
notes. As the primary drivers of performance, positive changes in
the condition of the global commercial aviation industry could also
affect the ratings.

Down

Factors that could lead to a downgrade of the ratings on the notes
are (1) collateral cash flows that are materially below Moody's
initial expectations and (2) a significant decline in the credit
quality of the airlines leasing the aircraft. Other reasons for
worse-than-expected transaction performance could include poor
servicing of the assets, for example aircraft sales disadvantageous
to noteholders, or error on the part of transaction parties.
Moody's updated expectations of collateral cash flows may be worse
than its original expectations because of a higher frequency of
lessee defaults, greater than expected depreciation in the value of
the aircraft that secure the lessees' promise of payment under the
leases owing to weaker global air travel demand, credit drift as
the pool composition changes, lower than expected aircraft
disposition proceeds, and lower than expected EOL payments received
at lease expiry. Transaction performance also depends greatly on
the strength of the global commercial aviation industry.

RRE 7 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Cl. D-R Notes
-----------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to refinancing debt issued by RRE 7 Loan
Management DAC (the "Issuer"):

EUR227,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2038, Assigned Aaa (sf)

EUR80,500,000 Class A-1-R Senior Secured Floating Rate Loan due
2038, Assigned Aaa (sf)

EUR22,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2038, Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

As part of this reset, the Issuer has extended the reinvestment
period to 5 years and the weighted average life covenant to 9
years. It has also amended certain concentration limits,
definitions and minor features. In addition, the Issuer has amended
the base matrix and modifiers that Moody's have taken into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 5% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
underlying portfolio is expected to be fully ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will
continue manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's five-year reinvestment period. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations and credit improved
obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.

In addition to the three classes of debt rated by us, the Issuer
has issued four classes of the refinance notes, performance notes,
preferred return notes and has increased the Subordinated Notes
which were originally issued to a total of Euro 60,530,000 which
are not rated.

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.

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

The rated debt's performance is subject to uncertainty. The debt's
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 debt's
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR500,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.0 years

Moody's have addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

RRE 7 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 7 Loan
Management DAC's class A-1-R loan and class A-1-R to D-R notes. The
issuer also issued unrated performance, preferred return, and
subordinated notes.

This transaction is a reset of the already existing transaction
that closed in September 2021. The existing notes will be fully
redeemed with the proceeds from the issuance of the replacement
loan and notes on the reset date.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
Redding Ridge Asset Management (UK) LLP manages the transaction.

The ratings assigned to RRE 7 Loan Management DAC's notes and loan
reflect our 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
our counterparty rating framework.

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

The portfolio's reinvestment period will end approximately 5 years
after closing, and the portfolio's maximum average maturity date is
approximately 13.5 years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,711.11
  Default rate dispersion 592.92
  Weighted-average life (years) 4.57
  Weighted-average life including reinvestment (years) 5.00
  Obligor diversity measure 117.03
  Industry diversity measure 20.86
  Regional diversity measure 1.17

  Transaction key metrics

  Total par amount (mil. EUR) 500.00
  Defaulted assets (mil. EUR) 0.00
  Number of performing obligors 161
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator B
   'CCC' category rated assets (%) 1.93
  Actual 'AAA' weighted-average recovery (%) 37.11
  Actual portfolio weighted-average spread (%) 3.60
  Actual portfolio weighted-average coupon (%) 3.14

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any class of notes
in this transaction."

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the actual weighted-average spread (3.60%), and
the actual weighted-average coupon (3.14%) as indicated by the
collateral manager. We assumed weighted-average recovery rates in
line with those of the actual portfolio presented to us. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2-R, B-R, C-1-R, C-2-R, and D-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
the assigned ratings. The class A-1-R loan and class A-1-R notes
can withstand stresses commensurate with the assigned ratings.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1-R loan and class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R
notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1-R loan and class A-1-R
to D-R notes to four hypothetical scenarios."

Environmental, social, and governance factors

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 industries. 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."

RRE 7 Loan Management DAC is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. Redding Ridge Asset Management (UK) LLP manages
the transaction.

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

  A-1-R   AAA (sf)    227.00   38.50   Three/six-month EURIBOR
                                       plus 1.25%

  A-1-R Loan AAA (sf)  80.50   38.50   Three/six-month EURIBOR
                                       plus 1.25%

  A-2-R   AA (sf)      52.50   28.00   Three/six-month EURIBOR
                                       plus 1.70%

  B-R     A (sf)       35.00   21.00   Three/six-month EURIBOR
                                       plus 2.30%

  C-1-R   BBB (sf)     30.00   15.00   Three/six-month EURIBOR
                                       plus 3.05%

  C-2-R   BBB- (sf)     5.00   14.00   Three/six-month EURIBOR
                                       plus 4.10%

  D-R     BB- (sf)     22.50    9.50   Three/six-month EURIBOR
                                       plus 5.75%

  Performance
  Notes         NR      1.00    N/A          N/A

  Preferred
  return
  notes         NR      0.25    N/A          N/A

  Sub notes     NR      60.53   N/A          N/A

*The ratings assigned to the class A-1-R loan, class A-1-R, and
A-2-R notes address timely interest and ultimate principal
payments. The ratings assigned to the class B-R, C-1-R, C-2-R, and
D-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.


RRE 8 LOAN: Moody's Assigns Ba3 Rating to EUR22.5MM Cl. D-R Notes
-----------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to refinancing notes issued by RRE 8 Loan
Management DAC (the "Issuer"):

EUR307,500,000 Class A-1-R Senior Secured Floating Rate Notes due
2040, Assigned Aaa (sf)

EUR22,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2040, Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

As part of this reset, the Issuer has extended the reinvestment
period to 5 years and the weighted average life covenant to 9
years. It has also amended certain concentration limits,
definitions and minor features. In addition, the Issuer has amended
the base matrix and modifiers that Moody's have taken into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 5% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
underlying portfolio is expected to be fully ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge ") will
continue manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's five-year reinvestment period. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations and credit improved
obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

In addition to the two classes of notes rated by us, the Issuer has
issued four classes of the refinance notes, performance notes,
preferred return notes and has increased the Subordinated Notes
which were originally issued to a total of EUR61,570,000 which are
not rated.

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.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR500,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.0 years

Moody's have addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

RRE 8 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 8 Loan
Management DAC's class A-1-R to D-R notes. The issuer also issued
unrated performance, preferred return, and subordinated notes.

This transaction is a reset of the already existing transaction
that closed in September 2021. The existing notes will be fully
redeemed with the proceeds from the issuance of the replacement
loan and notes on the reset date.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
Redding Ridge Asset Management (UK) LLP manages the transaction.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

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

The portfolio's reinvestment period will end approximately 5 years
after closing, and the portfolio's maximum average maturity date is
approximately 15 years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,725.91
  Default rate dispersion                                 577.41
  Weighted-average life (years)                             4.58
  Weighted-average life including reinvestment(years)       5.00
  Obligor diversity measure                               119.00
  Industry diversity measure                               21.43
  Regional diversity measure                                1.18

  Transaction key metrics

  Total par amount (mil. EUR)                             500.00
  Defaulted assets (mil. EUR)                               0.00
  Number of performing obligors                              163
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.16
  Actual 'AAA' weighted-average recovery (%)               37.07
  Actual portfolio weighted-average spread (%)              3.63
  Actual portfolio weighted-average coupon (%)              3.03

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. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any class of notes
in this transaction.

"In our cash flow analysis, we used the EUR500 million target par
amount, the actual weighted-average spread (3.63%), and the actual
weighted-average coupon (3.03%) as indicated by the collateral
manager. We assumed weighted-average recovery rates in line with
those of the actual portfolio presented to us. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2-R, B-R, C-1-R, C-2-R, and D-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
the assigned ratings. The class A-1-R notes can withstand stresses
commensurate with the assigned ratings.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1-R to D-R notes to four
hypothetical scenarios."

Environmental, social, and governance factors

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 industries. 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."

RRE 8 Loan Management DAC is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. Redding Ridge Asset Management (UK) LLP manages
the transaction.

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

  A-1-R   AAA (sf)   307.50    38.50    Three/six-month EURIBOR    
    
                                        plus 1.25%

  A-2-R   AA (sf)     52.50    28.00    Three/six-month EURIBOR
                                        plus 1.70%

  B-R     A (sf)      35.00    21.00    Three/six-month EURIBOR
                                        plus 2.30%

  C-1-R   BBB (sf)    30.00    15.00    Three/six-month EURIBOR
                                        plus 3.05%

  C-2-R   BBB- (sf)    5.00    14.00    Three/six-month EURIBOR
                                        plus 4.10%

  D-R     BB- (sf)    22.50     9.50    Three/six-month EURIBOR
                                        plus 5.75%

  Performance
  Notes         NR     1.00      N/A    N/A

  Preferred
  return notes  NR     0.25      N/A    N/A

  Sub notes     NR    61.57      N/A    N/A

*The ratings assigned to the class A-1-R and A-2-R notes address
timely interest and ultimate principal payments. The ratings
assigned to the class B-R, C-1-R, C-2-R, and D-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.


RRE 9 LOAN: Moody's Assigns Ba3 Rating to EUR18MM Class D-R Notes
-----------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to refinancing notes issued by RRE 9 Loan
Management Designated Activity Company (the "Issuer"):

EUR246,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2040, Assigned Aaa (sf)

EUR18,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2040, Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

As part of this reset, the Issuer has extended the reinvestment
period to 5 years and the weighted average life covenant to 9
years. It has also amended certain concentration limits,
definitions and minor features. In addition, the Issuer has amended
the base matrix and modifiers that Moody's have taken into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 5% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
underlying portfolio is expected to be fully ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge ") will
continue manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's five-year reinvestment period. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations and credit improved
obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

In addition to the two classes of notes rated by us, the Issuer has
issued four classes of refinanced notes which are not rated by us.
Also, the issuer originally issued performance notes and preferred
return notes which remain outstanding and are not rated and has
increased the originally issued Subordinated Notes to a total of
EUR51,730,000 which are not rated as well.

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.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.0 years

Moody's have addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

RRE 9 LOAN: S&P Assigns BB- (sf) Rating to Class D-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 9 Loan
Management DAC's class A-1-R to D-R notes. The issuer also issued
unrated performance, preferred return, and subordinated notes.

This transaction is a reset of the already existing transaction
that closed in October 2021. The existing notes will be fully
redeemed with the proceeds from the issuance of the replacement
loan and notes on the reset date.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
Redding Ridge Asset Management (UK) LLP manages the transaction.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

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

The portfolio's reinvestment period will end approximately 5 years
after closing, and the portfolio's maximum average maturity date is
approximately 15 years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,741.58
  Default rate dispersion                                  570.96
  Weighted-average life (years)                              4.59
  Weighted-average life including reinvestment(years)        5.00
  Obligor diversity measure                                115.48
  Industry diversity measure                                21.69
  Regional diversity measure                                 1.16

  Transaction key metrics

  Total par amount (mil. EUR)                              400.00
  Defaulted assets (mil. EUR)                                0.00
  Number of performing obligors                               154
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            2.33
  Actual 'AAA' weighted-average recovery (%)                36.98
  Actual portfolio weighted-average spread (%)               3.65
  Actual portfolio weighted-average coupon (%)               3.13

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any class of notes
in this transaction."

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the actual weighted-average spread (3.65%), and
the actual weighted-average coupon (3.13%) as indicated by the
collateral manager. We assumed weighted-average recovery rates in
line with those of the actual portfolio presented to us. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2-R, B-R, C-1-R, C-2-R, and D-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
the assigned ratings. The class A-1-R notes can withstand stresses
commensurate with the assigned ratings.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1-R to D-R notes to four
hypothetical scenarios."

Environmental, social, and governance factors

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 industries. 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."

RRE 9 Loan Management DAC is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. Redding Ridge Asset Management (UK) LLP manages
the transaction.

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

  A-1-R   AAA (sf)    246.00   38.00    Three/six-month EURIBOR
                                        plus 1.25%

  A-2-R   AA (sf)      42.00   28.00    Three/six-month EURIBOR
                                         plus 1.70%

  B-R     A (sf)       28.00   21.00    Three/six-month EURIBOR
                                        plus 2.30%

  C-1-R   BBB (sf)     24.00   15.00    Three/six-month EURIBOR
                                        plus 3.05%

  C-2-R   BBB- (sf)     4.00   14.00    Three/six-month EURIBOR
                                        plus 4.10%

  D-R     BB- (sf)     18.00    9.50    Three/six-month EURIBOR
                                        plus 5.75%

  Performance
  Notes         NR      1.00    N/A     N/A

  Preferred
  return notes  NR      0.25    N/A     N/A

  Sub notes     NR     51.73    N/A     N/A

*The ratings assigned to the class A-1-R and A-2-R notes address
timely interest and ultimate principal payments. The ratings
assigned to the class B-R, C-1-R, C-2-R, and D-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.


SOUND POINT IV: S&P Assigns B- (sf) Rating to Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sound Point Euro
CLO IV Funding DAC's class X-R to F-R European cash flow CLO notes.
The issuer also had unrated subordinated notes outstanding from the
existing transaction.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date and
the ratings on the original notes were withdrawn.

Under the transaction documents, the rated notes 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 five
years after closing, while the non-call period will end two years
after closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated 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    2,832.82
  Default rate dispersion                                 547.60
  Weighted-average life (years)                             3.99
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.00
  Obligor diversity measure                               146.55
  Industry diversity measure                               19.87
  Regional diversity measure                                1.29

  Transaction key metrics

  Portfolio weighted-average rating derived
  from S&P's CDO evaluator                                     B
  'CCC' category rated assets (%)                           2.85
  Target 'AAA' weighted-average recovery (%)               36.82
  Target weighted-average spread (net of floors; %)         3.79

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 EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (5.00%), and the target
portfolio weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"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 compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

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

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

"Our credit and cash flow analysis shows that the class B-R, C-R,
D-1-R, and E-R notes benefit from break-even default rate and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes. The class X-R, A-R, D-2-R, and F-R notes
can withstand stresses commensurate with the assigned rating.

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class X-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

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

  X-R     AAA (sf)     3.00    N/A      Three/six-month EURIBOR
                                        plus 1.05%

  A-R     AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                        plus 1.18%

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

  C-R     A (sf)      24.00    20.50    Three/six-month EURIBOR
                                        plus 2.20%

  D-1-R   BBB (sf)    26.00    14.00    Three/six-month EURIBOR
                                        plus 3.10%

  D-2-R   BBB- (sf)    4.00    13.00    Three/six-month EURIBOR
                                        plus 3.75%

  E-R     BB- (sf)    15.00     9.25    Three/six-month EURIBOR
                                        plus 5.45%

  F-R     B- (sf)     11.00     6.50    Three/six-month EURIBOR
                                        plus 8.25%

  Sub     NR          26.50      N/A    N/A

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

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




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

OCTOBANK JSC: S&P Assigns 'B-/B' ICRs, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B-/B' long- and short-term issuer
credit ratings to Uzbekistan-based JSC Octobank. The outlook is
stable.

S&P said, "The ratings on Octobank primarily reflect our
expectation that it will be able to implement its newly developed
growth strategy.   The bank is very small with a limited local
franchise. Its new strategy aims to widen its footprint, including
opening new branches across the country in addition to its
historical office in Tashkent, and growing its lending. The bank
believes growth of lending to corporate and retail clients will
help establish it as a universal bank. We consider this goal to be
challenging, considering that the bank's current very small size
and its strategy to achieve very strong lending growth in a very
competitive market where all banks are essentially focusing on the
same customers, including small businesses and retail customers.
Many banks in Uzbekistan already enjoy strong market positions,
good brand recognition, and strong business generation. Octobank
essentially will need to find a suitable niche for itself. It is
yet to be seen how successful the management team is in
implementing the ambitious growth strategy that was developed in
2024."

Supported by the main shareholder's capital injections in 2024, the
bank's capitalization will likely remain strong, with a forecast
risk-adjusted capital (RAC) ratio of 10%-15% over the next 12-18
months (10.4% at year-end 2023).   This forecast incorporates the
following assumptions:

-- Ambitious loan book growth of about 50%-80% over the next two
years.

-- Net interest margins will likely remain stable at 4.0%-4.2%,
reflecting the generally supportive environment.

Following capital injections in 2024, the bank is fully compliant
with absolute capital requirements and its capitalization is
sufficient to support planned aggressive lending growth.

S&P said, "In our view, the risk profile will remain a relative
weakness for the rating over the next one to two years.   This
reflects the bank's lack of track record of new lending after the
previously very aggressive risk-taking resulted in an extremely
weak asset quality that required the regulator's involvement to
address the legacy problem loans. We understand a change of
ownership and a sale of a legacy problem loans portfolio was
implemented in 2023-2024 as a result of an agreement with the
regulator in an attempt to turn the bank around. But the bank has
yet to demonstrate that it has managed to materially improve its
underwriting standards and risk management systems." That would
include, but is not limited to, the following:

-- Its newly originated loans are of a good quality and the credit
risks management standards and procedures allow the bank to
adequately assess its exposure, price it, and create sufficient
provisions against potential losses;

-- The bank is able to grow its lending commensurate to its
capital base to ensure capital buffers are sufficient against
potential deterioration of the portfolio quality;

-- The bank brings its standards of corporate governance closer to
best banking practices; and

-- The bank is able to assess and successfully manage not only the
credit risks, but also operational risks and risks related to
international sanctions and implement efficient anti-money
laundering standards and procedures.

S&P said, "We expect a stable funding base and liquidity buffers
over the next 12 months.   The bank's funding metrics are stronger
than those of domestic peers, reflecting a material capital
injection from the shareholder in 2024. These, however, are going
to gradually weaken while the bank increases its lending. We also
note that the bank's deposit base is rather concentrated with the
20 top depositors accounting for 84% of total deposits. About 32%
of total deposits are term deposits, and majority of those have
maturity below one year, which reflects the underdeveloped nature
of the domestic funding market. Similar to other small domestic
peers, the bank doesn't have access to international capital
markets.

"In our view, Octobank's new controlling shareholder demonstrated
his commitment to supporting the bank via capital injections in
2024.   However, we cannot confirm whether the shareholder will be
able to provide additional capital to support further growth of the
bank. When a change of ownership structure was implemented in 2023,
its long-term CEO, Iskandar Tursunov, became a new controlling
shareholder of the bank who directly controls 96.6% of its capital.
In our opinion, combining the roles of a main shareholder and CEO
of the bank does not comply with the best banking practices because
it could lead to a conflict of interest.

"The stable outlook reflects our view that Octobank will likely be
able to meet its financial commitments on its obligations, despite
the uncertainties related to implementation of its recently
developed growth strategy in a market with actively growing
competition largely supported by its currently solid capital
position over the next 12 months. As part of its transformation
following the change of ownership structure, the bank needs to
demonstrate that it is able to evolve into a universal banking
institution with a more balanced revenue base and risk profile,
similar to its domestic and regional peers.

"We could lower the rating over the next 12 months if we see that
the bank's new growth strategy incurs materially higher risks than
the market average.

"We could also downgrade the bank if we saw pronounced funding and
liquidity pressures, taking into account concentrations in its
funding base. This could happen, for example, if the counterparties
or the regulator develop concerns regarding the ability of the bank
to improve its corporate governance and demonstrate its ability to
adequately manage the risks including those related to sanctions
and anti-money laundering practices.

"We currently see a limited potential for a positive rating action
on the bank."

Environmental, Social, And Governance

S&P said, "In general, we consider governance and transparency in
the Uzbekistani banking system to be weak in a global context. We
view governance factors as a negative consideration in our credit
rating analysis of Octobank. This is because the bank's corporate
governance standards are still far from the best banking practices.
The bank has yet to demonstrate its ability to adhere to best risk
management standards, including managing the risks related to
international sanctions and implementing solid anti-money
laundering standards and procedures.

"We consider that Octobank's exposure to environmental risks is
limited given the nature of its very small lending book. Also,
environment-led legislation and norms are less developed in
Uzbekistan than in Europe or the U.S., which means transition risks
for banks, although real, are more long term."



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

AEDAS HOMES: Moody's Withdraws 'Ba2' CFR and Stable Outlook
-----------------------------------------------------------
Moody's Ratings has withdrawn the Ba2 long term corporate family
rating, and Ba2-PD probability of default rating of the Spanish
home developer company AEDAS Homes, S.A. (AEDAS), and Ba2 backed
senior secured rating issued by AEDAS HOMES OPCO, S.L.U. The
outlook for both entities prior to the withdrawal was stable.

RATINGS RATIONALE

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

COMPANY PROFILE

AEDAS Homes, S.A. is a leading Spanish homebuilder. The company
delivered 2,839 units in the fiscal year that ended March 31, 2024
(fiscal 23/24), reporting EUR1,145 million in revenue and EUR173
million in company-adjusted EBITDA. The company targets the
delivery of 3,000 units per year on a run rate basis to reach EUR1
billion in revenue.

AEDAS began operations in 2016 as a wholly owned subsidiary of a
portfolio company owned by funds managed by Castlelake, L.P. (the
majority shareholder, with a 79% stake), which, in mid-2014,
purchased the first large-scale land package from SAREB. SAREB was
established in 2013 to sell the nonperforming real estate assets of
Spanish banks. Castlelake, L.P. contributed these land assets in
kind before AEDAS' IPO and listing on the Madrid, Barcelona, Bilbao
and Valencia stock exchanges in October 2017. AEDAS had a market
capitalisation of around EUR1.15 billion as of April 15, 2025.



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

DOVETAIL ENTERPRISES: Interpath Ltd Named as Joint Administrators
-----------------------------------------------------------------
Dovetail Enterprises (1993) Limited was placed into administration
proceedings in the Court of Session No P311 of 2025, Geoffrey Isaac
Jacobs and Alistair McAlinden of Interpath Advisory, Interpath Ltd,
were appointed as joint administrators on March 28, 2025.  

Dovetail Enterprises is a furniture manufacturer.

Its registered office is at c/o Interpath Ltd, 5th Floor, 130 St
Vincent Street, Glasgow, G2 5HF.

Its principal trading address is at Dunsinane Industrial Estate,
Dunsinane Avenue, Dundee, Angus, DD2 3QN.

The joint administrators can be reached at:

              Geoffrey Isaac Jacobs
              Alistair McAlinden
              Interpath Advisory, Interpath Ltd
              5th Floor, 130 St Vincent Street
              Glasgow, G2 5HF

Further Details Contact:

               Jamie Wilson
               Tel No: 0141 648 4281
               Email: Jamie.Wilson@interpath.com

EQUALITY WORKS: Begbies Traynor Named as Administrators
-------------------------------------------------------
Equality Works Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in Leeds,
Insolvency & Companies List (ChD) Court Number: CR-2025-000288, and
Andrew Little and Gillian Margaret Sayburn of Begbies Traynor
(Central) LLP, were appointed as administrators on March 26, 2025.


Equality Works offered business and professional services.

Its registered office is at 9 Apollo Court Koppers Way, Monkton
Business Park South, Hebburn, NE31 2ES.

The administrators can be reached at:

         Andrew Little
         Gillian Margaret Sayburn
         Begbies Traynor (Central) LLP
         Ground Floor, Portland House
         54 New Bridge Street West
         Newcastle upon Tyne, NE1 8AP

Any person who requires further information may contact

           Charlene Heslop
           Begbies Traynor (Central) LLP
           Ground Floor, Portland House
           54 New Bridge Street West
           Newcastle upon Tyne, NE1 8AP
           E-mail: Charlene.heslop@btguk.com
           Tel No: 0191 2699820


PATTY & BUN: Leigh Consultancy Named as Administrator
-----------------------------------------------------
Patty & Bun Ltd was placed into administration proceedings in the
High Court of Justice, the Business & Property Courts of England &
Wales, Insolvency and Companies List (ChD), Court Number:
CR-2025-001785, and Daniel Leigh of Leigh Consultancy Limited, was
appointed as administrators on March 25, 2025.  

Patty & Bun operated restaurants and cafes.

Its registered office is at 101 New Cavendish Street, 1st Floor
South, London, W1W 6XH.

Its principal trading address is at 30 Binney St, London, W1K 5BW.

The administrator can be reached at:

              Daniel Leigh
              Leigh Consultancy Limited
              9 Brickfield Cottages
              Borehamwood Enterprise Centre
              Theobald Street, Borehamwood
              WD6 4SD

For further details contact:

              Megan Marrie
              Tel No: 02084556611

STH WESTCO: BDO LLP Named as Joint Administrators
-------------------------------------------------
STH Westco Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in
Manchester Court Number: CR-2025-MAN-000434, and James Stephen and
Kerry Bailey of BDO LLP were appointed as joint administrators on
March 27, 2025.  

STH Westco specialized in the wholesale of hardware, plumbing and
heating equipment and supplies.

Its registered office is at Unit C6 William Way, Moss Industrial
Estate, Leigh, Lancashire, WN7 3PT to be changed to C/O BDO LLP, 5
Temple Square, Temple Street, Liverpool, L2 5RH.

The joint administrators can be reached at:

             Kerry Bailey
             BDO LLP
             Eden Building
             Irwell Street
             Salford, M3 5EN

             -- and --

              James Stephen
              BDO LLP
              2 Atlantic Square
              31 York Street, Glasgow
              G2 8NJ

Further Details Contact:

              Alex Convery
              Tel No: +44 (0)744 2798412
              Email: BRCMTNorthandScotland@bdo.co.uk

T&P REAL: BDO LLP Appointed as Replacement Joint Administrators
---------------------------------------------------------------
T&P Real Estate Ltd was placed into administration proceedings in
the High Court of Justice, Business & Property Courts of England &
Wales Court Number: CR-2025-000281.

The Company entered administration on January 16, 2025 with
Nicholas Simmonds and Christopher Newell of Quantuma Advisory
Limited appointed as joint administrators.  Malcolm Cohen and
Kirsty McMahon, both of BDO LLP, were appointed replacement joint
administrators on March 25, 2025.

T&P Real Estate specialized in the buying and selling of own real
estate.

Its registered office is at 55 Baker Street, London, W1U 7EU.

Its principal trading address is at 1st Floor, 21 Station Road,
Watford, WD17 1AP.

The replacement joint administrators can be reached at:

             Malcolm Cohen
             Kirsty McMahon
             BDO LLP
             55 Baker Street
             London, W1U 7EU

For further details contact:

             Ben Wightman
             Email: BRCMTLondonandSouthEast@bdo.co.uk



                           *********


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

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

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

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