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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 28, 2025, Vol. 26, No. 84

                           Headlines



F R A N C E

LUNE HOLDING: Fitch Cuts LT IDR and Sr. Sec. Notes Rating to 'CCC-'


G E R M A N Y

FORTUNA CONSUMER 2025-1: DBRS Finalizes BB Rating on E Notes


G R E E C E

INTRALOT S.A: DBRS Confirms B Issuer Rating, Trend Stable


I R E L A N D

ARCANO EURO I: Fitch Assigns 'B-sf' Final Rating to Class F Notes
ARCANO EURO I: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
JUBILEE 2025-XXX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
JUBILEE CLO 2025-XXX: S&P Assigns B- (sf) Rating to Class F Notes
KINBANE 2025-RPL 1: S&P Assigns B- (sf) Rating to Class F Notes

MULCAIR SECURITIES NO. 4: S&P Assigns B- (sf) Rating on F Notes
PRPM FUNDIDO 2025-1: DBRS Gives Prov. BB(high) Rating to E Notes


L U X E M B O U R G

EPHIOS SUBCO 3: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable


R U S S I A

KYRGYZSTAN: Fitch Publishes 'B' LT FC IDR, Outlook Stable


U N I T E D   K I N G D O M

AMP 75: BV Corporate Named as Administrator
ATLAS FUNDING 2025-1: S&P Assigns BB (sf) Rating to Class E Notes
BARLEY HILL 2: Moody's Cuts Rating on GBP2.4MM Class E Notes to B1
BOARDLINK LIMITED: Interpath Advisory Named as Joint Administrators
BREYER GROUP: RSM UK Named as Joint Administrators

ELBERT WURLINGS: FRP Advisory Named as Joint Administrators
MILES KELLY: FRP Advisory Named as Joint Administrators
NEWDAY FUNDING 2025-1: DBRS Finalizes BB Rating on F Notes
ONE WORLD: FRP Advisory Named as Joint Administrators
ROC SEARCH: FRP Advisory Named as Joint Administrators

WILLIAMS NICOLSON: SFP Restructuring Named as Joint Administrators

                           - - - - -


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F R A N C E
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LUNE HOLDING: Fitch Cuts LT IDR and Sr. Sec. Notes Rating to 'CCC-'
-------------------------------------------------------------------
Fitch Ratings has downgraded Lune Holdings S.a r.l.'s (Kem One)
Long-Term Issuer Default Rating (IDR) and senior secured rating to
'CCC-' from 'CCC+'. The Recovery Rating is 'RR4'.

The downgrade reflects Kem One's exceptionally weak profitability
and cash flow generation due to operational issues at its plants
amid continued weak demand. Fitch believes liquidity may remain
under pressure unless Kem One improves its operational performance,
despite the recent refinancing of its revolving credit facility
(RCF) with a new EUR200 million loan, due to important capex in
2025.

Key Rating Drivers

New Funding: Kem One has secured a EUR200 million delayed draw term
loan, with EUR120 million available at closing and the remaining
funds accessible over 18 months in up to three draws. The proceeds
will be used to retire the existing RCF of EUR100 million and for
general corporate purposes. The loan term is 60 months, with a
EUR25 million minimum cash covenant. The refinancing is positive
for the credit profile as it removes short-term liquidity risk, but
Fitch believes the company's operational performance and cash flow
generation remain problematic, which may result in additional
liquidity needs.

Weak Results: In 2024, Kem One faced a challenging year with market
pressures, non-recurring events and substantial cash outflows from
strategic projects. The downturn was exacerbated by lower polyvinyl
chloride (PVC) output prices and several non-recurring production
issues, including major turnarounds at the Fos and Berre sites, and
raw material shortages. Kem One reported EBITDA of EUR9 million in
2024. Fitch understands from management that financial performance
also remained depressed in 1Q25.

High Capex: Key capex projects include the Fos cell conversion and
drilling of new brine doublets. Kem One recently completed the
conversion of the Fos cell rooms into advanced bi-polar membrane
technology, resulting in reduced CO2 emissions, increased chlorine
production, and better-quality output at higher sale prices. It
also aims to lower fixed costs and enhance overall operational
efficiency. The company plans to drill two new doublets, which are
set to become operational in October 2025 and February 2026,
ensuring continued brine supply for production needs and
maintaining efficient operations.

High Leverage: Fitch forecasts free cash flow (FCF) to remain
deeply negative in 2025 due to weak EBITDA generation and high
capex, which Kem One views as strategic and inflexible. Fitch
forecasts EBITDA gross leverage to remain high at 22x in 2025,
owing to continued pressure on earnings. Fitch expects leverage to
gradually decline to below 8.4x in 2026 as earnings benefit from
capex and an anticipated improvement of chemicals market
fundamentals. However, this is conditional on improved operational
performance.

Soft Chemical Market: European chemical demand is gradually
recovering from depressed levels in 2023 and 2024, but Fitch
expects the market to remain challenging in 2025. Fitch expects PVC
volumes to modestly benefit from the anti-dumping levy imposed by
the European Commission on imports from the US and Egypt. However,
weak prospects for European chemical companies mean Fitch projects
only a modest volume recovery for Kem One in 2025.

Peer Analysis

Kem One's EMEA chemical peers are Petkim Petrokimya Holdings A.S.
(CCC+), Nobian Holding 2 B.V. (B/Stable), Root Bidco S.a.r.l.
(B-/Stable), and Roehm Holding GmbH (B-/Stable).

Petkim shares Kem One's asset concentration and commodity focus.
The latter has smaller production scale and weaker end-market
diversification. However, it has a stronger market position and
benefits from a more stable economic environment.

Nobian operates within the same chlor-alkali value chain but is not
integrated into PVC production. Nobian's margins are significantly
higher and the company benefits from strong barriers to entry as it
is the leading European merchant of high-purity salt and supplies
chlorine by pipeline to a captive client base of large chemical
manufacturers. It has lower leverage, better earnings visibility
due to long-term contracts, backward integration and much larger
scale.

Root Bidco is a manufacturer of crop protection, bio-nutrition and
bio-control products. It generates higher margins, benefits from a
more diversified portfolio of products and raw materials, and
operates in fast-growing markets serving a resilient agriculture
industry.

Roehm is a partly integrated producer of methyl methacrylates
(MMA). It is larger, more geographically diversified and more
profitable than Kem One. However, it is also exposed to cyclical
end-markets, and to volatility in raw material and MMA prices.

Key Assumptions

- An average of 1 million tonnes of PVC and caustic soda sold each
year in 2025-2028

- EBITDA margin at 3.5% in 2025, gradually improving to 12% by
2028

- Capex at EUR120 million in 2025, followed by EUR65 million-70
million each year to 2028

- No dividends or M&As to 2028

Recovery Analysis

Its recovery analysis is based on the liquidation of Kem One in
bankruptcy, which yields a higher value than in a reorganisation as
a going concern (GC).

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidated
during a bankruptcy or insolvency proceedings and distributed to
creditors.

- Fitch has applied a 100% discount to cash held.

- Fitch has applied a 20% discount to account receivables based on
the analysis of Kem One's receivables portfolio and peer analysis.

- Fitch has applied a 50% discount to inventory in line with
peers.

- Fitch has applied a 50% discount to net property, plant and
equipment based on the quality of the company's assets and peer
analysis.

- After a deduction of 10% for administrative claims, its waterfall
analysis generated a waterfall-generated recovery computation in
the 'RR4' band, indicating a 'CCC-' instrument rating.

RATING SENSITIVITIES

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

- A material deterioration in liquidity position due to, among
other things, unprofitable operations or production interruptions,
leading to a default of some kind appearing probable.

- The proposal by the company of debt restructuring that Fitch
would qualify as a Distressed Debt Exchange (DDE)

- Failure to service debt obligations, the issuer entering into a
grace period, or a debt restructuring deemed a DDE by Fitch

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

- Significant improvement in liquidity

- A material improvement in financial performance

Liquidity and Debt Structure

At end-2024, Kem One's cash balance was EUR41 million. Following
the refinancing, it has EUR80 million available under the new
delayed drawn term loan. Fitch forecasts FCF to remain negative
over 2025-2027 due to weak earnings and high capex needs, leaving
little room for underperformance.

Issuer Profile

Kem One is an integrated producer of PVC, caustic soda and
chloromethanes based in France.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                   Rating          Recovery   Prior
   -----------                   ------          --------   -----
Lune Holdings S.a r.l.    LT IDR CCC- Downgrade             CCC+

   senior secured         LT     CCC- Downgrade    RR4      CCC+



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G E R M A N Y
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FORTUNA CONSUMER 2025-1: DBRS Finalizes BB Rating on E Notes
------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following classes of notes (collectively, the Rated Notes) issued
by Fortuna Consumer Loan ABS 2025-1 Designated Activity Company
(the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (high) (sf)
-- Class G Notes at B (high) (sf)

Morningstar DBRS did not assign a credit rating to the Class X
Notes also issued in this transaction.

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The credit ratings of
the Class C, Class D, Class E, Class F and Class G Notes address
the ultimate payment of interest (but timely when as the most
senior class outstanding) and the ultimate repayment of principal
by the legal final maturity date.

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings of the Rates Notes are based on
the following analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cashflow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued

-- The credit quality of auxmoney GmbH's (auxmoney) portfolio, the
diversification of the collateral, its historical performance and
Morningstar DBRS' projected performance under various stress
scenarios

-- Morningstar DBRS' operational risk review of auxmoney's
capabilities regarding origination and underwriting

-- The capabilities of CreditConnect GmbH (CreditConnect)
regarding servicing

-- The transaction parties' financial strength regarding their
respective roles

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology

-- Morningstar DBRS' long-term sovereign credit rating on the
Federal Republic of Germany, currently AAA with a Stable trend

TRANSACTION STRUCTURE

The transaction is a securitization of fixed-rate, unsecured,
amortizing consumer loans granted to individuals domiciled in
Germany and brokered through auxmoney in co-operation with
Süd-West-Kreditbank Finanzierung GmbH as the nominal originator
and payment services provider. CreditConnect, a fully owned
affiliate of auxmoney, is the servicer.

The transaction has a scheduled revolving period of 12 months with
separate interest and principal waterfalls for the available
distribution amount. After the end of the revolving period, the
Rated Notes (excluding the Class G Notes) will enter into a pro
rata redemption period prior to the occurrence of a sequential
amortization trigger event, for example, when the Class G principal
deficiency ledger (PDL) exceeds 0.25% of the initial principal
balance of the Rated Notes at closing or when the cumulative
default ratio is higher than predetermined thresholds. The pro rata
amortization amounts are based on the percentages of the
outstanding amount of each class of Rated Notes (excluding the
Class G Notes) minus the related class PDL divided by the aggregate
amount. After the breach of a sequential redemption trigger event,
the Rated Notes will be repaid sequentially.

On the other hand, the repayment of the Class G Notes begins
immediately after the transaction closing in the interest priority
of payments in 12 equal instalments, in addition to the
transaction's principal waterfalls after a sequential payment event
occurs.

The transaction benefits from an amortizing liquidity reserve fully
funded at closing by the Notes' issuance proceeds. The liquidity
reserve target amount is 1.5% of the outstanding Rated Notes
balance, subject to a floor of 0.5% of the initial principal
balance of the Rated Notes but is only available to the Issuer in
scenarios where the interest and principal collections are not
sufficient to cover the shortfalls in senior expenses, senior swap
payments and non-deferred interest payments on the Rated Notes.

The principal available funds may be used to cover certain senior
expenses and interest shortfalls that would be recorded in the
transaction's PDL in addition to the defaulted receivables. In
addition, the transaction includes in the interest waterfalls a
mechanism of PDL-debit curing and interest deferral triggers on the
subordinated classes of Notes (excluding the Class G and Class X
Notes), conditional on the PDL debit amount and the seniority of
the Notes.

The transaction has an interest rate swap to mitigate the interest
rate mismatch risk between the fixed-rate collateral and the
floating-rate Rated Notes. The swap notional amount is based on a
scheduled amount derived from certain prepayment assumptions on the
collateral.

TRANSACTION COUNTERPARTIES

Deutsche Bank AG is the account bank for the transaction.
Morningstar DBRS has a Long-Term Issuer Rating of "A" on Deutsche
Bank, which meets the Morningstar DBRS criteria to act in such
capacity. The transaction documents contain downgrade provisions
largely consistent with Morningstar DBRS' criteria.

BNP Paribas is the interest rate swap provider for the transaction.
Morningstar DBRS has a Long-Term Issuer Rating of AA (low) on BNP
Paribas, which meets the Morningstar DBRS' criteria to act in such
capacity. The transaction documents also contain downgrade
provisions largely consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

As the performance history of auxmoney's portfolio continues to
lengthen, Morningstar DBRS updated the expected defaults of some
score classes and constructed the portfolio expected gross default
for this transaction at 9.4% based on the estimated score class
compositions at the end of the scheduled revolving period. On the
other hand, Morningstar DBRS maintained the expected recovery
unchanged at 27.5% or the expected loss given default (LGD) at
72.5%.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the Initial Note Principal Amount.

Morningstar DBRS' credit ratings on the Rated Notes also address
the credit risk associated with the increased rate of interest
applicable to the Rated Notes if the Rated Notes are not redeemed
on the first optional redemption date as defined in and in
accordance with the applicable transaction documents.

NOTES: All figures are in euros unless otherwise noted.



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G R E E C E
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INTRALOT S.A: DBRS Confirms B Issuer Rating, Trend Stable
---------------------------------------------------------
DBRS Ratings GmbH confirmed its Issuer Rating on Intralot S.A.
(Intralot or the Issuer) at B with a Stable trend.

KEY CREDIT RATING CONSIDERATIONS

The credit rating confirmation reflects Intralot's relatively
stable performance in F2024 compared with F2023, with broadly
stable financial metrics year over year, and Morningstar DBRS'
expectation that, over the next few months, Intralot will come to a
refinancing agreement for its upcoming EUR 90 million in loans
maturing in January 2026 and USD 230 million in credit facilities
maturing in July 2026.

The announced termination of the Ohio State Lottery concession, one
of the largest among Intralot's 50 total contracts, by mid-2027
will have a material impact on profits as the concession
constituted around 13% of the Issuer's total revenue and 20% of
adjusted EBITDA as of F2024. Nevertheless, based on Intralot's
track record of securing new contracts from incumbent players in
the market, Morningstar DBRS expects the Issuer to win contracts in
the U.S. and Canada over the next two years to partially offset
missing profits from the Ohio State Lottery. The current credit
rating of B reflects the contract concentration risk and the
execution risk of Intralot's strategy

The credit rating also considers the material secured indebtedness
of Intralot's U.S. operating subsidiary group (the U.S. subgroup),
which accounted for about 55% of the Issuer's consolidated EBITDA
and around 45% of its consolidated financial debt in F2024.
Morningstar DBRS assesses that Intralot's current and future debt
obligations are structurally subordinate to the U.S. subgroup's
debt because of the standalone nature of the U.S. facilities and
the absence of an upstream guarantee from the U.S. subgroup to
Intralot. Furthermore, while a limited flow of dividends is
permitted from the U.S. subgroup, subject to certain covenant
requirements, Morningstar DBRS expects Intralot to retain the
majority of cash flow from its U.S. operations in the U.S. subgroup
to service debt obligations and fund growth capital expenditures
(capex), which may place some pressure on the cash flow available
to service Intralot's debt obligations.

CREDIT RATING DRIVERS

Morningstar DBRS may consider a positive credit rating action if,
all else equal, there is a sustainable improvement in the Issuer's
business risk profile, such as a noted reduction in
contract/customer concentration risk and a continued expansion of
profitability margins and ongoing debt repayments that improve key
financial metrics from current levels, including
debt-to-proportionate EBITDA of less than 4.0 times (x) on a
sustainable basis.

Morningstar DBRS may consider a negative credit rating action if,
all else equal, Intralot's credit metrics deteriorate below the
forecasted assumptions, such as adjusted cash flow-to-debt trending
below 10% and/or debt-to-proportionate EBITDA trending higher than
5.0x. Morningstar DBRS may also consider a negative credit rating
action if the Issuer takes on incremental debt and/or if negative
events affect its business risk profile, such as the loss of a
major customer contract or other adverse business developments.

EARNINGS OUTLOOK

Morningstar DBRS anticipates low single revenue growth in F2025 and
F2026 followed by a 3% drop in F2027 with the loss of the Ohio
State Lottery concession. Morningstar DBRS expects overall revenues
to reach EUR 426 million in F2026 from EUR 401 million in F2024
(Including income from rents from third parties). Morningstar DBRS
also expects Intralot to renew most of its existing concessions and
secure new ones in the U.S. and Canada over the next years. EBITDA
margins should remain stable in F2025 at around 30% compared with
30% in F2024, and subsequently grow toward 31% on the back of
improving scale and a mostly favorable contract mix.

FINANCIAL OUTLOOK

Intralot's consolidated results include the full contribution of
its 50.01% stakes in partnership subsidiaries in Turkey and
Argentina, which together represented 26% of the Issuer's
consolidated EBITDA in F2024, up from 22% in F2023. Because these
non-wholly owned subsidiaries are material to the overall business,
Morningstar DBRS calculates Intralot's key credit metrics using a
proportionate approach to better reflect this economic
relationship. Within the key credit metrics, adjusted proportionate
EBITDA of EUR 17.1 million in F2024 was net of EBITDA attributable
to noncontrolling interests in non-wholly owned subsidiaries while
adjusted cash flow from operations of EUR 5.9 million in F2024 was
net of dividends paid to noncontrolling interests in non-wholly
owned subsidiaries.

Morningstar DBRS expects Intralot's gross leverage to remain below
4.5x in F2025 and F2026 which, though slightly up from 4.3x in
F2024, remains consistent with the current credit rating. While
Morningstar DBRS expects total debt to increase by around EUR 40
million by F2026 to sustain capex related to new concessions with
higher investments in the first few years, Morningstar DBRS-
adjusted EBITDA growth to EUR 125 million by F2026 from EUR 103
million in F2024 should offset the debt increase.

CREDIT RATING RATIONALE

Comprehensive Business Risk Assessment: B

The credit rating reflects Intralot's credit strengths, including
(1) over 30 years of operating experience in a regulated industry
benefitting from high barriers to entry; (2) a proven ability to
win long-term contracts from incumbent market players and retain
clients with an 89% contract renewal rate; (3) a suite of
proprietary technology solutions, supported by 186 patents; and (4)
an increasing proportion of revenue and earnings in developed
markets from a largely institutional client base. Conversely, the
credit rating also reflects certain constraints, including (1) the
Issuer's relatively small size in comparison with larger market
players and the concentration risk arising from a limited number of
contracts; (2) a long sales cycle that is typical in the industry,
averaging 15 years and requiring upfront investment to support
growth; (3) potential execution risk and timing uncertainties
resulting from Intralot's growth strategy; and (4) foreign-exchange
risk exposure, given that the Issuer has global operations without
a formal hedging policy, particularly with respect to its 50.01%
stake in its partnership subsidiaries in Turkey and Argentina.

Comprehensive Financial Risk Assessment: BB

Intralot's financial metrics are consistent with a BB credit rating
range, and Morningstar DBRS expects them to remain at this level at
least for the next two years. Morningstar DBRS also expects that
gross debt will only increase slightly in F2026, and that the
Issuer will refinance upcoming EUR 90 million in loans maturing in
January 2026 and USD 230 million in credit facilities maturing in
July 2026 at similar amounts.

Intrinsic Assessment: BH

The Intrinsic Assessment (IA) is based on the Comprehensive
Business Risk Assessment and Comprehensive Financial Risk
Assessment. Taking into consideration peer comparisons, among other
factors, Morningstar DBRS placed the IA in the middle of the IA
Range.

Additional Considerations

Morningstar DBRS applied a one-notch negative adjustment for
Parent-Subsidiary Relationships because Intralot's financial
obligations are structurally subordinate to those of the U.S.
subgroup.

Notes: All figures are in euros unless otherwise noted.



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I R E L A N D
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ARCANO EURO I: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Arcano Euro CLO I DAC final ratings, as
detailed below.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
Arcano Euro CLO I DAC

   Class A XS3003278184    LT AAAsf  New Rating   AAA(EXP)sf

   Class B XS3003278341    LT AAsf   New Rating   AA(EXP)sf

   Class C XS3003278853    LT Asf    New Rating   A(EXP)sf

   Class D XS3003279075    LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS3003279232    LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS3003279406    LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3003279661            LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Arcano Euro CLO I DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to purchase a portfolio with a target par of EUR435
million. The portfolio is actively managed by Arcano Loan Advisors
S.L. and Arcano Capital SGIIC, S.A. The collateralised loan
obligation (CLO) has a five year reinvestment period and a
nine-year weighted average life test (WAL).

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.5%.

Diversified Portfolio (Positive): The transaction includes six
Fitch matrices. Two are effective at closing, corresponding to a
nine-year WAL, two are effective one year after closing,
corresponding to an eight-year WAL and the target par condition and
two matrices are effective two years after closing, corresponding
to a seven-year WAL and a target par condition at reinvestment
target par balance minus EUR2 million. Each of the three WAL is
accompanied by two fixed-rate asset limits of 5% and 10%.

All matrices are based on a top-10 obligor concentration limit at
20%. The transaction also includes various concentration limits,
including a maximum of 40% to the three largest Fitch-defined
industries. These covenants ensure the asset portfolio will not be
exposed to excessive concentration.

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

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

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded further.

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

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

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

DATA ADEQUACY

Arcano Euro CLO I DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Arcano Euro CLO I
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

ARCANO EURO I: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arcano Euro CLO I
DAC's class A, B, C, D, E, and F notes. The issuer also issued
unrated subordinated notes.

The ratings assigned to Arcano Euro CLO I DAC's 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.

  Portfolio benchmarks

  S&P weighted-average rating factor                    2,738.35
  Default rate dispersion                                 435.64
  Weighted-average life (years)                             4.96
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.00
  Obligor diversity measure                               112.15
  Industry diversity measure                               21.12
  Regional diversity measure                                1.07

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.00
  Target 'AAA' weighted-average recovery (%)               37.71
  Target weighted-average spread (net of floors; %)         3.72
  Target weighted-average coupon (%)                        3.85

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 5.00 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR435 million
target par amount, the actual weighted-average spread (3.72%), the
actual weighted-average coupon (3.85%), 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.

"Until the end of the reinvestment period on April 25, 2030, the
collateral manager may substitute assets in the portfolio as 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 counterparty criteria.

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

"The CLO is managed by Arcano Loan Advisors S.L., and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

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

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all the
rated classes of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A 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 transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings list

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

  A       AAA (sf)   261.00    Three/six-month EURIBOR    40.00
                               plus 1.26%

  B       AA (sf)     56.50    Three/six-month EURIBOR    27.01
                               plus 1.85%

  C       A (sf)      26.10    Three/six-month EURIBOR    21.01
                               plus 2.60%  

  D       BBB- (sf)   30.50    Three/six-month EURIBOR    14.00
                               plus 3.40%

  E       BB- (sf)    19.58    Three/six-month EURIBOR     9.50
                               plus 5.36%

  F       B- (sf)     13.00    Three/six-month EURIBOR     6.51
                               plus 8.15%

  Sub notes   NR      36.40        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.
EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not
applicable.


JUBILEE 2025-XXX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2025-XXX DAC notes final
ratings, as detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Jubilee CLO 2025-XXX DAC

   Class A-1 XS3006170420   LT AAAsf  New Rating   AAA(EXP)sf

   Class A-2 XS3006170693   LT AAAsf  New Rating   AAA(EXP)sf

   Class B-1 XS3006170776   LT AAsf   New Rating   AA(EXP)sf

   Class B-2 XS3006170859   LT AAsf   New Rating   AA(EXP)sf

   Class C XS3006170933     LT Asf    New Rating   A(EXP)sf

   Class D-1 XS3006171071   LT BBB-sf New Rating   BBB-(EXP)sf

   Class D-2 XS3006170008   LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS3006171238     LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS3006171311     LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3006171402             LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Jubilee CLO 2025-XXX DAC is a securitisation of mainly senior
secured obligations (at least 96%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to fund a portfolio with a target par of EUR579
million. The portfolio is actively managed by Alcentra Ltd. The
collateralised loan obligation (CLO) has about a 4.5-year
reinvestment period and a 7.5-year weighted average life (WAL) test
limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the identified portfolio at
'B'. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 23.9.

High Recovery ectations (Positive): At least 96% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the identified portfolio is 63.4%.

Diversified Asset Portfolio (Positive): The transaction has four
Fitch test matrices, two of which are effective at closing. Closing
matrices correspond to a top 10 obligor concentration limit of 20%,
fixed-rate obligation limits at 6% and 12.5%, and a 7.5-year WAL
covenant. It has two forward matrices corresponding to the same top
10 obligors and fixed-rate asset limits, and a seven-year WAL
covenant.

The forward matrices will be effective half a year after closing or
18 months after closing if the WAL step-up occurs, provided the
aggregate collateral balance (defaults at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance, among other things. The transaction also includes other
concentration limits, including a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date, which is one year
after closing. The WAL extension will be subject to conditions,
including satisfying the collateral quality tests and the aggregate
collateral balance (defaulted obligations at the lower of Fitch and
another rating agency's-calculated collateral value) being at least
equal to the reinvestment target par.

Cash Flow Modelling (Neutral): The WAL used for the Fitch-stressed
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of no more than one notch for
the class D-2 and E notes, while it would have no impact on the
rest.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B-1, B-2 and
D-2 notes each have a rating cushion of two notches, the class C,
D-1 and E-R notes each have a rating cushion of three notches, and
the class F notes have a cushion of four notches. The class A-1 and
A-2 notes have no rating cushion as they are already at the highest
achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches each for the class A-1 to D-2 notes, and to below 'Bsf' for
the class E and F notes.

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

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

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Jubilee CLO
2025-XXX DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

JUBILEE CLO 2025-XXX: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Jubilee CLO
2025-XXX DAC's class A-1, A-2, B-1, B-2, C, D-1, D-2, E, and F
notes. The issuer also issued unrated subordinated 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 is in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,753.36
  Default rate dispersion 627.06
  Weighted-average life (years) 4.83
  Obligor diversity measure 147.46
  Industry diversity measure 21.16
  Regional diversity measure 1.15

  Transaction key metrics

  Portfolio weighted-average rating derived from our CDO
evaluator B
  'CCC' category rated assets (%) 0
  Target 'AAA' weighted-average recovery (%) 36.80
  Target weighted-average spread (%) 3.90
  Target weighted-average coupon (%) 2.86

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end 4.5 years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR579 million
target par amount, the covenanted weighted-average spread (3.70%),
the covenanted weighted-average coupon (4.00%), 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, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"Until the end of the reinvestment period on Oct. 20, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the 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.

"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 indicate that the available
credit enhancement for the class B-1 to F 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.

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A-1 to E notes based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

Jubilee CLO 2025-XXX is a cash flow CLO securitizing a portfolio of
primarily European senior-secured leveraged loans and bonds.
Alcentra Ltd. manages the transaction.

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

  A-1    AAA (sf)    353.158   3mE + 1.195%     39.01
  A-2    AAA (sf)     10.264   3mE + 1.450%     37.23
  B-1    AA (sf)      46.316   3mE + 1.700%     26.51
  B-2    AA (sf)      15.790   4.500%           26.51
  C      A (sf)       34.737   3mE + 2.100%     20.51
  D-1    BBB (sf)     37.895   3mE + 3.000%     13.96
  D-2    BBB- (sf)     5.790   3mE + 3.500%     12.96
  E      BB- (sf)     20.000   3mE + 4.850%      9.51
  F      B- (sf)      17.369   3mE + 7.640%      6.51
  Sub    NR           52.106   N/A                N/A

*The ratings assigned to the class A-1, A-2, B-1, and B-2 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D-1, D-2, 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.
3mE--Three-month Euro Interbank Offered Rate.

KINBANE 2025-RPL 1: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Kinbane 2025-RPL
1 DAC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes.
At closing, Kinbane will also issue unrated class RFN, Z1-Dfrd,
Z2-Dfrd, and X notes.

S&P said, "Our ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes and the
ultimate payment of interest and principal on the other rated
notes. Our ratings on the class D-Dfrd, E-Dfrd, and F-Dfrd notes
also address the payment of interest based on the lower of the
stated coupon and the net weighted-average coupon."

The capital structure provides 29.86% of available credit
enhancement for the class A notes through subordination and the
non-liquidity reserve fund. A fully funded liquidity reserve fund
is available to meet revenue shortfalls on the class A notes, and
the non-liquidity reserve fund is available to meet revenue
shortfalls and provide credit enhancement to all rated notes.

Kinbane 2025-RPL 1 contains EUR417.583 million first-lien
residential mortgage loans located in Ireland. The loans were
originated by multiple lenders--primarily Permanent TSB PLC and GE
Capital Woodchester Home Loans Ltd. (GE Capital), which account for
about 80% of the pool. The pool comprises 78.53% owner-occupied
properties, 16.14% buy-to-let loans, and 5.33% commercial loans.

This transaction is a straight refinancing of Shamrock Residential
2022-2 DAC, which S&P rated. The assets in the transaction are
backed by four separate purchased portfolios, which were originated
by multiple lenders mainly between 2003 and 2009. The loans in the
Bass portfolio (24.19% of the pool) were originated by Permanent
TSB PLC and the loans in the Prodigal portfolio (25.53% of the
pool) were originated by GE Capital and Leeds Building Society. The
Cannes (40.11% of the pool) and Peacock (10.17% of the pool)
portfolios aggregate assets from nine different originators.

The administrators, Mars Capital Finance Ireland DAC and Pepper
Finance Corporation (Ireland) DAC, are experienced servicers with
well-established and fully integrated servicing systems and
policies.

The application of principal proceeds is fully sequential. Credit
enhancement can therefore build up over time for the rated notes,
enabling the capital structure to withstand performance shocks.

The structure incorporates an arrears provisioning mechanism rather
than being linked solely to the loans' loss status. S&P said, "We
view this positively, given that any excess spread is trapped as
soon as the loan is in arrears rather than waiting until the
recovery process is completed. We have considered this feature in
our cash flow analysis."

The interest rate cap hedges exposure to liquidity risks in a
rising interest rate scenario.

Within the provisional pool, 39.83% of the loans are currently at
least one month in arrears, with 31.46% of these borrowers being
more than three months in arrears. Additionally, 40.97% are
interest-only loans or part-and-part loans. S&P has accounted for
this in its analysis.

  Ratings

  Class     Rating*     Amount (mil.EUR)   Class size (%)

  A         AAA (sf)        294.30          70.50
  B-Dfrd    AA (sf)          25.00           6.00
  C-Dfrd    A (sf)           14.60           3.50
  D-Dfrd§   BBB (sf)         13.50           3.25
  E-Dfrd§   BB (sf)          12.50           3.00
  F-Dfrd§   B- (sf)          12.50           3.00
  RFN       NR                6.00           1.42
  Z1-Dfrd   NR               18.90           4.50
  Z2-Dfrd   NR                4.30           1.00
  X         NR                2.00           N/A
  Yield supplement
  overcollateralization
  (YSO)§    NR               21.90           5.25

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes and the ultimate
payment of interest and principal on the other rated notes. Its
ratings on the class D-Dfrd, E-Dfrd, and F-Dfrd notes also address
the payment of interest based on the lower of the stated coupon and
the net weighted-average coupon.

§The transaction will benefit from 5.25% overcollateralization at
closing that will support the available yield. The figures do not
show any credit that may accrue due to unused yield supplement
overcollateralization.
NR--Not rated.
N/A--Not applicable.
Dfrd--Deferrable.


MULCAIR SECURITIES NO. 4: S&P Assigns B- (sf) Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to Mulcair
Securities No. 4 DAC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes. At closing, Mulcair also issued unrated class Z and X
notes.

The pool contains EUR213.7 million first-lien residential mortgage
loans located in Ireland. The loans were originated by The Governor
and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank,
and ICS Building Society. The pool comprises 74.1% buy-to-let loans
and 25.9% owner-occupied properties. The assets were previously
securitized in the Mulcair Securities No. 3 DAC transaction that
closed in April 2022.

S&P said, "Our ratings address the timely payment of interest and
the ultimate payment of principal on the class A notes. Our credit
ratings on the class B-Dfrd to F-Dfrd interest-deferrable notes
address the ultimate payment of interest and principal. Our ratings
do not address the payment of additional note payment amounts on
the class D-Dfrd, E-Dfrd, and F-Dfrd notes.

"At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee. We consider the issuer to be a bankruptcy-remote entity,
and we have received legal opinions that indicate that the sale of
the assets would survive the seller's insolvency."

A fully funded senior reserve fund is available to meet senior
fees, class X payments, and revenue shortfalls on the class A
notes. A fully funded general reserve fund is available to meet
revenue shortfalls on the class B-Dfrd to F-Dfrd notes. The funds
will provide credit enhancement to the rated notes.

An interest rate cap hedges exposure to liquidity risks in a rising
interest rate scenario.

Almost all of the borrowers (98%) have had their loans restructured
in the past. In a stressed economic environment, there is increased
probability of these borrowers going back into arrears.
Additionally, 20.5% of the loans are currently at least one month
in arrears, with 11.8% of these borrowers being more than three
months in arrears.

Bank of Ireland acts as servicer for all of the loans in the
transaction. S&P has considered this in light of its operational
risk criteria, and it does not constrain our ratings.

There are no rating constraints in the transaction under our
structured finance sovereign risk criteria.

  Ratings

  Class     Rating     Class size (EUR)

  A         AAA (sf)    181,849,000
  B-Dfrd    AA (sf)       8,558,000
  C-Dfrd    A- (sf)       5,348,000
  D-Dfrd    BBB- (sf)     4,279,000
  E-Dfrd    BB (sf)       2,139,000
  F-Dfrd    B- (sf)       2,139,000
  Z         NR            9,627,000
  X         NR              100,000

  NR--Not rated.


PRPM FUNDIDO 2025-1: DBRS Gives Prov. BB(high) Rating to E Notes
----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following classes of notes to be issued by PRPM Fundido 2025-1 DAC
(the Issuer):

-- Class A notes at (P) AAA (sf)
-- Class B notes at (P) A (high) (sf)
-- Class C notes at (P) A (sf)
-- Class D notes at (P) BBB (high) (sf)
-- Class E notes at (P) BB (high) (sf)

The provisional credit rating on the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the legal final maturity date. The provisional credit
ratings on the Class B to Class E notes (together with the Class A
notes, the Rated Notes) address the ultimate payment of interest
and the ultimate repayment of principal on or before the final
maturity date. Morningstar DBRS does not rate the Class F notes
(together with the Rated Notes, the Notes) also expected to be
issued in this transaction.

CREDIT RATING RATIONALE

The provisional credit rating is based on the following analytical
considerations:

The transaction entails the issuance of Class A, Class B, Class C,
Class D, Class E and Class F Notes (collectively, the Notes)
ultimately backed by a portfolio of mainly reperforming Spanish
residential mortgage loans originated by Banco de Sabadell S.A
(Sabadell), Grupo Cooperativo Cajamar (Cajamar) and Abanca
Corporación Bancaria S.A (Abanca and, together with Sabadell and
Cajamar, the Original Sellers). The Issuer is a bankruptcy-remote
special-purpose vehicle (SPV) incorporated in Ireland. The Issuer
will use the proceeds from the issuance of the Notes to purchase
all the bonds (the Fondo de Titulizacion Bonds or FT Bonds) issued
by an SPV established in Spain, called FT Casa VI (the Fund). The
FT Bonds are backed by unitranche mortgage certificates
(participaciones hipotecarias or certificados de transmision de
hipoteca) issued by each of Sabadell, Cajamar and Abanca (the
Mortgage Certificates).

The seller is InSolve Europe SCA SICAV-RAIF (the Seller), an
investment company established in Luxembourg with a variable
capital reserved alternative investment fund which acquired the
mortgage certificates from the Original Sellers. The Seller
initially purchased the Mortgage Certificates in its own name and
then resold them to the Fund, which in turn issued the FT Bonds.

The Original Sellers will act as the primary servicers of the
portfolio, while Pepper Spanish Servicing, S.L.U. (Pepper) will act
as the master servicer. In addition, Pepper will act as special
servicer managing loans in arrears for more than 3, 62 and 150 days
for Sabadell, Cajamar and Abanca, respectively. Shellbrook
Investment, S.L. will perform the role of asset manager aiming at
increasing recovery from the underlying collateral, with oversight
from the master servicer.

Morningstar DBRS calculated credit enhancement for the Class A
notes at 44.5%, provided by the subordination of the Class B to
Class F notes. Credit enhancement for the Class B notes will be
35.5%, provided by the subordination of the Class C to Class F
notes. Credit enhancement for the Class C notes will be 32.5%,
provided by the subordination of the Class D to Class F notes.
Credit enhancement for the Class D notes will be 29.0%, provided by
the subordination of the Class E to Class F notes. Credit
enhancement for the Class E notes will be 23.5%, provided by the
subordination of the Class F notes.

The Rated Notes are paid sequentially up to a Target Amortization
Amount, equal to the sum of Class A to F Notes balance less the
Performing Collateral Balance (floored at zero), allowing for the
build-up in credit enhancement over time as the Rated Notes
amortize.

Furthermore, interest payable on the Class B to E Notes shall be
subordinated upon reaching the corresponding cumulative default
thresholds, being 50.0%, 40.0%, 35.0% and 30.0% for Class B, Class
C, Class D and Class E Notes respectively. The deferred interest
does not become due and payable immediately when the notes become
most senior. Any amounts of deferred interest in respect of these
notes shall not accrue interest.

The transaction will benefit from a Liquidity Reserve Fund (LRF),
funded at closing from the notes proceeds at 3.0% of the Class A
Notes balance, with floor at 0.75% of the original Class A notes
balance. The LRF will cover senior expenses and provide liquidity
support to the Class A Notes in case of interest shortfall, and to
Class B notes interest shortfall when the most senior. In addition,
the LRF will also be available to cover REOCo related operations as
well as for purchases of accelerated mortgage loans, in accordance
with the transaction documents.

The Rated Notes will pay interest linked to three-month Euribor on
a quarterly basis. Following the payment date in April 2028 (the
step-up date), the margins payable on the Rated Notes will
increase. Goldman Sachs International will provide an interest rate
cap with a strike rate of 2.3% and a notional that varies over
time. Morningstar DBRS concluded that Goldman Sachs International
meets its minimum criteria to act in such capacity. The transaction
contains downgrade provisions relating to the interest rate cap
provider. Morningstar DBRS's private rating on Goldman Sachs
International and downgrade provisions are consistent with
Morningstar DBRS' criteria, given the ratings assigned to the
notes.

Mortgage loan collections will be transferred by the Original
Sellers to an account in the Fund's name at Banco Santander, SA on
a frequent basis. On a monthly basis, before each Interest Payment
Date, such amounts will be paid to the Issuer Transaction Account
through repayment of the FT Bonds. Morningstar DBRS's rating on
Banco Santander and downgrade provisions are consistent with the
threshold for the account bank as outlined in Morningstar DBRS's
"Legal and Derivative Criteria for European Structured Finance
Transactions" methodology, given the ratings assigned to the Rated
Notes.

U.S. Bank Europe DAC (U.S. Bank) is the account bank, custodian,
and paying agent for this transaction. Morningstar DBRS's private
rating on U.S. Bank and downgrade provisions are consistent with
the threshold for the account bank as outlined in Morningstar
DBRS's "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology, given the ratings assigned to
the Rated Notes.

Morningstar DBRS was provided with a mortgage portfolio equal to
EUR 392.6 million as of 31 December 2024 (the cut-off date), which
consisted of 4,938 mortgage loans mainly granted to individuals. Of
the portfolio balance, 72.8% of the loans were restructured while,
as of the cut-off date, 33.5% were performing, 14.1% were no more
than one month in arrears, 14.1% were between one and three months
in arrears, 19.8% were between three and 12 months in arrears, and
18.5% were more than 12 months in arrears. Loans representing 6.3%
of the total amount are currently in their grace period, with
deferred principal payments, while 5.1% are loans whose borrowers
are under the Spanish code of good practices. Morningstar DBRS
considered these in its assessment. Morningstar DBRS assessed the
historical performance of the mortgage loans and selected a
portfolio score of "Low" in its European RMBS Insight Model.

The weighted-average (WA) seasoning of the portfolio as of the
cut-off date is 13.5 years whereas the WA remaining term is 18.1
years. The WA original loan-to-value (LTV) ratio stands at 80.1%,
while considering the updated valuations, the WA current LTV is
77.0%. Moreover, 87.6% of the portfolio comprises floating-rate
loans, mainly linked to 12-month Euribor or other Spanish indices.
The remaining portfolio comprises fixed-rate loans (8.3%) and mixed
loans (4.1%). The notes to be issued are floating rate linked to
three-month Euribor and any basis risk mismatch will remain
unhedged. Morningstar DBRS took basis risk into account in its cash
flow analysis.

The final maturity of the transaction is April 2075.

Morningstar DBRS' credit ratings on the Class A, Class B, Class C,
Class D and Class E notes address the credit risk associated with
the identified financial obligations in accordance with the
relevant transaction documents. The associated financial
obligations are the related Interest Payment Amounts and the
related Class Balances.

Morningstar DBRS' credit ratings on the Class A, Class B, Class C,
Class D and Class E notes also address the credit risk associated
with the increased rate of interest applicable to the Class A to E
notes on the step-up date in accordance with the applicable
transaction documents.

Notes: All figures are in euros unless otherwise noted.



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

EPHIOS SUBCO 3: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook of Ephios Subco 3 S.a.r.l's
(Synlab) Long-Term Issuer Default Rating (IDR) to Stable from
Positive and affirmed the IDR at 'B'. Fitch has also affirmed its
senior secured debt at 'B+' and senior unsecured rating of Synlab
Bondco PLC at 'CCC+'. The Recovery Ratings on the senior secured
debt and unsecured debt are 'RR3' and 'RR6', respectively.
Meanwhile, Fitch has removed Synlab's ratings from Under Criteria
Observation (UCO) related to its updated Lease Criteria.

The Outlook revision reflects Fitch's expectation of a continuation
in 2025-2026 of the structurally lower EBITDA margins experienced
since 2023, leading to EBITDAR leverage remaining above Fitch's
5.5x positive sensitivity and to slightly negative free cash flow
(FCF) until 2027.

Key Rating Drivers

High Leverage due to Debt Increase: EBITDAR leverage increased to
7.2x (6.0x net) from 5.0x in 2023 due to the take-private
transaction led by Cinven. Fitch expects EBITDAR leverage to fall
to 6.7x in 2025, despite its expectation of the purchase of the
remaining minority shareholders, including Elliot, for around
EUR300 million. Fitch expects this improvement to be driven by a
recovery of EBITDA margins to 10% and, to a lesser extent, by
around EUR200 million in proceeds from the disposal of businesses
including Spain and certain eastern European countries.

Fitch expects Synlab's EBITDAR leverage to gradually decrease over
2026-2028, supported by modest EBITDA margin recovery and
low-to-mid single digit organic growth. However, Fitch expects
EBITDAR leverage to remain above its 5.5x positive sensitivity in
2026 and, assuming only minor disposals, also in 2027. Positively,
the risk of re-leveraging has diminished, together with the
uncertainty over the premium that Cinven will have to pay to take
Synlab entirely private.

Financial Policy Key to Deleveraging: The application of its new
criteria on leases dating from 2024 has resulted in a reduction in
Fitch's lease-adjusted debt of around EUR250 million, as Fitch uses
the reported balance sheet amount, instead of the previous 8x
capitalisation multiple on leases related to real estate assets.
Without a leverage target for Synlab, further deleveraging will
depend on the financial policy taken by Cinven, including potential
divestments, alongside operating performance improvements.

Weak 2024 Margins to Improve: EBITDA margins declined to 7.6% in
2024 (9% pro-forma for a cyberattack and recent disposals), from an
already subdued 9.4% in 2023, due to a cyberattack and temporary
reimbursement pressure in France. Fitch forecasts a gradual margin
recovery to 10% in 2025, 11% in 2026 and towards 12.5% in 2028,
supported by cost management, easing inflation, active portfolio
management and resilient organic growth in the low-to-mid single
digits, as volume increases offset mild price declines. Fitch
expects France and the UK to be contributing to margin expansion.

Neutral to Positive FCF: Fitch forecasts slightly negative FCF
margins over 2025-2026, driven by high cash interest and soft yet
gradually improving profit margins. Stronger FCF generation would
depend on contained capex and margin improvement beyond its rating
case, which could be driven by further portfolio optimisation, cost
savings or better-than-forecast organic growth.

Defensive Sector with Reimbursement Pressure: Fitch regards
lab-testing as social infrastructure due to its defensive
non-cyclical nature. The sector benefits from steadily rising
demand as preventive and stratified medicine becomes more
prevalent. However, this is counter-balanced by price and
reimbursement pressures as national regulators seek to contain
rising healthcare costs. Larger sector constituents, such as
Synlab, are best placed to capitalise on positive long-term demand
fundamentals and extract additional value through scale-driven
efficiencies and market-share gains by displacing less efficient
and smaller, less-focused peers.

Diversification Mitigates Regulatory Pressures: Synlab operates in
multiple regulated healthcare markets, which are subject to
different pricing and reimbursement pressures. This geographical
diversification mitigates the effect of unexpected reimbursement
changes in an individual country. Synlab's largest markets are
France, Germany, Italy and the UK, which together represent around
two thirds of sales. It is also present in Latin America and across
central, north and eastern Europe. Some jurisdictions, like France,
are bound by tight price and volume agreements, while those in
north and east Europe have pricing flexibility under
inflation-indexed tariff frameworks.

Peer Analysis

Synlab is larger and much more geographically diversified than its
French medical diagnostic testing peers Laboratoire Eimer Selas
(B/Negative) and Inovie Group (B/Negative). Synlab also has a lower
leverage than these peers, but its EBITDA margins are lower due to
its geographic mix and a greater focus on lower-margin B2B
clients.

Compared with investment grade global medical diagnostic peers such
as Eurofins Scientific S.E. (BBB-/Stable) and Quest Diagnostics Inc
(BBB/Positive), Synlab is more concentrated in Europe (around 95%
of sales) and is more exposed to the routine lab-testing market. In
addition, Eurofins and Quest are, respectively, 2.5x and 4x larger
and more diversified across other diagnostic markets such as
environmental and food testing.

Key Assumptions

Fitch's Rating Case Assumptions:

- Organic sales growth of 2.5% for 2025-2028, as volume growth
offsets price declines.

- Disposal proceeds of EUR220 million in 2025 (mainly Spain and
certain eastern Europe countries) and EUR150 million in 2026.

- Annual acquisitions totalling EUR50 million in 2025, followed by
EUR100 million a year to 2028, at enterprise value/EBITDA multiple
of 10x.

- Revenue to decline 3.5% in 2025, due to disposals, before rising
4.5% on average over 2026-2028, supported by acquisitions.

- EBITDA margins (after IFRS16 lease expenses) to rise to 10% in
2025, and gradually improving towards 12.5% by 2028.

- Modest working capital inflow in 2025, followed by modest
outflows to 2028.

- Capex at 5% of sales in 2025, followed by 4.5% to 2028.

- Cash outflow of EUR300 million in 2025, related to the purchase
of minority shareholders.

- No common dividends paid over 2025-2028.

Recovery Analysis

The recovery analysis assumes that Synlab would be reorganised as a
going concern in bankruptcy rather than liquidated, given its
asset-light operations.

On completion of the takeover and refinancing, Fitch estimates a
distressed EBITDA of around EUR225 million, which is EUR10 million
lower than in the previous review reflecting recent and imminent
divestments. Distress may result from adverse regulatory changes, a
failure to improve margins, and an aggressive and poorly executed
M&A strategy leading to an unsustainable capital structure.

The distressed enterprise value/EBITDA of 6.0x reflects Synlab's
geographic breadth and scale as a leader in the European
lab-testing market and its cash-generative operations, in line with
its diversified peers such as Biogroup's.

Synlab's revolving credit facility (RCF) is assumed to be fully
drawn on default and ranks equally with senior secured debt under
the new capital structure. Fitch treats the existing EUR385 million
term loan B 4 (TLB4) issued by Synlab Bondco as senior unsecured
debt that is subordinated to senior secured debt, as it is not
guaranteed by operating subsidiaries despite being structurally
closer to the assets in the organizational structure.

The allocation of value in the liability waterfall results in a
Recovery Rating 'RR3' for the senior secured debt (EUR1,450
million) and the RCF (EUR500 million), indicating a 'B+' instrument
rating. Fitch expects the senior unsecured debt to be paid off once
the transaction is completed.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to a
Negative Action/Downgrade

- EBITDAR leverage above 7.5x on a sustained basis.

- EBITDAR fixed-charge coverage below 1.5x on a sustained basis.

- Negative or neutral FCF margins beyond 2026.

- Absence of like-for-like sales growth, inability to extract
synergies and integrate acquisitions, or other operational
challenges.

Factors That Could, Individually or Collectively, Lead to a
Positive Action/Upgrade

- A more conservative and clearly communicated financial policy
leading to EBITDAR leverage below 5.5x on a sustained basis.

- EBITDAR fixed-charge coverage above 2.0x on a sustained basis.

- Strengthening FCF margins in the low-single digits on a sustained
basis.

Liquidity and Debt Structure

Synlab's liquidity is reasonable, with Fitch-defined readily
available cash (net of restricted cash of EUR50 million for daily
operations) of EUR426 million at end-2024. This is reinforced by
EUR500 million available under a committed RCF maturing in April
2029.

Synlab's debt matures in 2030, with the exception of its EUR385
million legacy senior secured debt due in July 2027. Gradually
improving operating performance with moderate working-capital
outflows and capex should support internal FCF turning positive
from 2027.

Issuer Profile

Synlab is one of Europe's largest providers of medical diagnostic
testing services. It has operations in around 40 countries, with a
predominant focus on France, Germany, Italy and the UK.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Synlab has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to increased risks of tightening regulation that may
constrain its ability to maintain operating profitability and cash
flows. This has a negative impact on its credit profile and is
relevant to the rating in conjunction with other factors.

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

   Entity/Debt                 Rating         Recovery   Prior
   -----------                 ------         --------   -----
Ephios Subco 3 S.a.r.l   LT IDR B    Affirmed            B

   senior secured        LT     B+   Affirmed   RR3      B+

Synlab Bondco PLC

   senior unsecured      LT     CCC+ Affirmed   RR6      CCC+



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

KYRGYZSTAN: Fitch Publishes 'B' LT FC IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has published Kyrgyzstan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

Key Rating Drivers

Weak Structural Factors; Solid Fiscal Metrics: The ratings reflect
Kyrgyzstan's modest fiscal deficits, low government debt burden,
and strong growth prospects, driven by investments in the energy
and mining sectors. This is balanced by the country's small,
low-income economy, which is heavily reliant on Russia for
remittances and transit trade and susceptibility to regional
geopolitical influences. Governance metrics are well below the 'B'
median, despite political stability improving in recent years.

Strong Growth; High Exposure to Russia: The Kyrgyz economy
experienced robust GDP growth of 9% annually over 2022-2024, driven
by booming trade and capital inflows and investments in the
construction sector. The country has benefited significantly from
rerouted goods from China to Russia since 2022. Inflows from
remittances (estimated 14% of GDP) and capital (predominantly from
Russia) continue to bolster domestic consumption and expansion in
the construction sector. Gold mining, particularly from the Kumtor
mine, remains vital for exports earnings and fiscal revenues. Fitch
expects growth to slow and normalise to 6.5% in 2025 due to a
projected moderation in trade activity.

Prospective Investments: Fitch expects investments in energy and
mining, favourable demographic trends, and efforts to diversify and
formalise the economy to underpin medium- to long-term growth at
around 5%-5.5%. Kyrgyzstan plans to raise up to USD1.7 billion from
the international bond market over the coming years to finance
small and medium-sized hydropower plants. The government expects to
raise USD500 million or more in the first tranche this year,
depending on market conditions. In addition, preparations have
begun for the construction of two mega projects, the Kambarata-1
Hydropower Plant Project and the China-Kyrgyzstan-Uzbekistan
railway.

Solid Fiscal Performance: Kyrgyzstan has maintained a robust fiscal
position since 2021, keeping fiscal deficits below 1% of GDP and
achieving surpluses in 2023 and 2024. Fitch estimates that the
consolidated general government (including central and local
governments and social security funds) reached a surplus of 1.9% of
GDP in 2024. This was mainly driven by strong revenue collection,
particularly from VAT on imports, higher dividends and profits from
state-owned enterprises, including Kumtor, and efforts to integrate
the informal economy. Expenditure on public sector wages, interest
payments, and capital has risen alongside strong revenue
collection.

Modest Fiscal Deficits: Fitch forecasts moderate fiscal deficits of
2.8% of GDP in 2025 and around 3% of GDP in 2026. Fitch expects
revenues to moderate to 34% of GDP in 2025 and 33% in 2026,
compared with 35.3% in 2024, as trade-related income tapers off.
The tax base appears reasonably diversified, and collection
capacity is strong compared with 'B' category peers, despite a
sizeable informal economy. This forecast is subject to
uncertainties from potential shifts in regional trade patterns and
the economic outlook for Russia and the global economy.

Fitch anticipates an increase in capital and debt servicing
expenditure due to public investments in the energy sector. Ongoing
state-owned enterprises reforms, including a privatisation
strategy, could reduce budgetary support (averaging around 1% of
GDP) in the medium term.

Low Debt; Favourable Profile: Kyrgyzstan's general government debt
decreased to 37.5% of GDP at end-2024 from 63.6% in 2020 with
strong nominal GDP growth. Multilateral lenders represent 54% of
the 25.8% of GDP external debt, with the China Export-Import Bank
being the largest external creditor (36.6% of total external debt).
Before the Eurobond issuance, non-concessional debt (mainly from
the European Bank for Reconstruction and Development) constituted
only 1.4% of total external debt. The stock of local-currency debt
has risen in recent years and constituted around 30% of total debt
in 2024.

Debt to Grow: Fitch expects Kyrgyzstan's general government debt to
rise in 2025 and 2026 to around 43% of GDP before declining, driven
by the Eurobond issuance program and efforts to develop domestic
capital markets through government securities issuance. Fitch
projects interest payments to increase to 6.0% of revenue in 2026
from 3.4% in 2024, still significantly lower than the forecasted
'B' median of 12.6%. While publicly guaranteed debt is negligible,
more adoption of public private partnerships could increase
government guarantees. Contingent liability risks mainly stem from
loss-making energy companies. The government plans to gradually
raise electricity tariffs to cost-reflective levels by 2030 and
eliminate budgetary support.

External Imbalances: Kyrgyzstan runs a structural current deficit,
due to limited domestic production capacity and high demand
financed by remittances. While Kyrgyzstan has been a key transit
trade point in the region following its WTO accession in 1998 and
the Eurasian Economic Union (EAEU) membership since 2015,
re-exports of goods imported from China to Russia have surged
following international sanctions on Russia. The current account
deficit is estimated by Fitch at 35% of GDP in 2024. A large
portion of re-exports is not captured in official trade statistics
and its estimate, as trade within the EAEU is exempt from customs
declarations, distorting current account data.

Fitch expects the current account deficit to narrow to around 17%
of GDP in 2025 and 9% in 2026, reflecting normalisation of trade
flows and increased imports related to infrastructure projects. In
its view, the direct impact on Kyrgyzstan from US tariffs is
negligible and spillovers are also contained.

Gold Drives Surge in Reserves: International reserves reached
USD5.1 billion at end-2024, from USD3.2 billion at end-2023, as the
National Bank of the Kyrgyz Republic (NBKR) built up gold reserves
through the purchase of domestically produced gold and reduced net
sales of foreign currency during the year. Gold now comprises over
60% of international reserves. Fitch anticipates international
reserves to increase to US5.3 billion in 2025, bolstered by
Eurobond proceeds and higher gold prices.

Sustained Inflationary Pressures: Fitch expects inflation to
re-accelerate and average 7% in 2025, from 5% in 2024, which is
within the NBKR's target range of 5%-7%. Strong credit and wage
growth and fiscal expansion continue to exert inflationary
pressure. The NBKR cut its policy rate to 9% from 13% in May 2024.
However, monetary policy transmission remains limited amid excess
liquidity in the system and underdeveloped domestic capital
markets. The NBKR has injected local-currency liquidity with its
large gold purchases, which was then sterilised through NBKR notes
and foreign-exchange transactions.

Improved Political Stability: Kyrgyzstan has experienced three
revolutions in the past two decades. Political stability improved
after the 2021 presidential election, but indicators for voice and
accountability and rule of law have weakened. Kyrgyzstan ranks
lower than 'B' category peers in the World Bank Governance
Indicators (WBGI), with limited institutional capacity, corruption,
and policy uncertainty hindering long-term development. Key reforms
to reduce informality and combat corruption and organised crime are
expected to improve the business environment and governance
standards over time.

ESG - Governance: Kyrgyzstan has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the WBGI have in its
proprietary Sovereign Rating Model. Kyrgyzstan has a low WBGI
ranking at 21.2, reflecting repeated leadership changes, lagging
institutional capacity, uneven application of the rule of law and a
high level of corruption.

RATING SENSITIVITIES

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

- External Finances: A sustained decline in international reserves,
for example, as a result of reduced remittances, disruptions to
regional trade, and/or the inability to secure financing from
official and commercial creditors.

- Public Finances: A significant rise in the debt-to-GDP ratio in
the medium term, for example, due to sustained fiscal slippage or
large increase in contingent liabilities.

- Structural Features: Marked deterioration in political stability,
particularly if this leads to external financing strains and/or a
material weakening of medium-term growth prospects.

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

- External Finances: Reduction in external vulnerabilities, for
example, through significant accumulation of foreign-exchange
reserves and reductions in structural current account deficits.

- Public Finances: A material reduction in government debt, for
example, due to sustained revenue mobilisation.

- Structural Features/Macro: A sustained improvement in governance
standards and political stability that facilitate the
diversification of the economy, enabling substantial increase in
GDP per capita.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Kyrgyzstan a score equivalent to a
rating of 'B-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

- Structural: +1 notch, to adjust for the negative effect on the
SRM of Kyrgyzstan's take-up of the G20's debt service suspension
initiative, which prompted a reset of the "years since default or
restructuring event" variable (which can pertain both to official
and commercial debt). In this case, Fitch judged that the
deterioration in the model as a result of the reset does not signal
a weakening of the sovereign's capacity and willingness to meet its
obligations to private-sector creditors.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Kyrgyzstan is 'B', in line with the LT FC
IDR. This reflects no material constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of 0
notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

Date of Relevant Committee

11 April 2025

ESG Considerations

Kyrgyzstan has an ESG Relevance Score of '5' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As
Kyrgyzstan has a percentile rank below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

Kyrgyzstan has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Kyrgyzstan has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Kyrgyzstan has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Kyrgyzstan has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Kyrgyzstan has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Kyrgyzstan, as for all sovereigns. As
Kyrgyzstan has participated in the G20's Debt Service Suspension
Initiative in 2020, this has a negative impact on the credit
profile.

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

   Entity/Debt                   Rating           
   -----------                   ------           
Kyrgyzstan        LT IDR          B  Publish
                  ST IDR          B  Publish
                  LC LT IDR       B  Publish
                  LC ST IDR       B  Publish
                  Country Ceiling B  Publish



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

AMP 75: BV Corporate Named as Administrator
-------------------------------------------
AMP 75 Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD) Court Number: CR-2025-000494, and
Vincent A Simmons (IP No. 8898) of BV Corporate Recovery &
Insolvency Services Limited, was appointed as administrator on
April 2, 2025.  

AMP 75 specialized in the provision of recruitment and consultancy
services.

Its registered office and principal trading address is at 58
Wardour Street, London, W1D 4JQ.

The administrator can be reached at:

         Vincent A Simmons
         BV Corporate Recovery & Insolvency Services Limited
         7 St Petersgate, Stockport
         Cheshire, SK1 1EB

Further details contact:

          The Administrator
          Email: insolvency@bvllp.com
          Tel No: 0161 476 9000

Alternative contact: Julie Bridgett

ATLAS FUNDING 2025-1: S&P Assigns BB (sf) Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Atlas Funding 2025-1
PLC's class A and B-Dfrd to X-Dfrd notes. At closing, the issuer
also issued unrated residual certificates.

Atlas Funding 2025-1 is an RMBS transaction that securitizes a
portfolio of £317 million buy-to-let mortgage loans secured on
properties in England and Wales.

The loans in the pool were originated in 2024 and 2025 by Lendco
Ltd., a nonbank specialist lender.

The collateral comprises loans granted to experienced landlords.
More than 70% of the properties are based in London and southeast
England.

A liquidity facility and unfunded class A and B-Dfrd liquidity
reserve fund provide liquidity support to the class A and B-Dfrd
notes and cover senior fees and hedging costs.

Product switches are permitted under the transaction documentation,
until the step-up date, subject to certain conditions, including:

-- A limit of 10% of the aggregate amount of the portfolio's
balance at closing; and

-- Compliance with the respective eligibility criteria.

Credit enhancement for the rated notes comprises subordination and
excess spread at closing.

The transaction incorporates two swaps to hedge the mismatch
between the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA); and the loans, most of
which pay a fixed interest rate for a period and then revert to a
SONIA-based floating rate.

S&P said, "The weighted-average loss severity is lower than it was
when we assigned our preliminary ratings because we revised our
assessment of house price overvaluation in the U.K. As a result,
our rating on the class C-Dfrd notes is higher than the preliminary
rating we had previously assigned.

"Counterparty, operational risk, or sovereign risk do not constrain
our ratings. In addition, we assess the issuer as bankruptcy
remote, in accordance with our legal criteria."

  Ratings

  Class     Rating     Class size (£)

  A         AAA (sf)    271,601,000
  B-Dfrd    AA (sf)      21,380,000
  C-Dfrd    A+ (sf)      11,086,000
  D-Dfrd    BBB (sf)      7,919,000
  E-Dfrd    BB (sf)       4,752,000
  X-Dfrd    BBB (sf)      3,168,000
  Residual
  Certificates   NR           N/A

  NR--Not rated.
  N/A--Not applicable.


BARLEY HILL 2: Moody's Cuts Rating on GBP2.4MM Class E Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded the rating of one class and downgraded
the ratings of two classes of notes in Barley Hill No.2 PLC. The
rating action reflects the increased level of credit enhancement
for the upgrade and worse than expected collateral performance for
the downgrade of the affected notes.

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

GBP219.0M Class A Notes, Affirmed Aaa (sf); previously on Feb 24,
2022 Definitive Rating Assigned Aaa (sf)

GBP17.7M Class B Notes, Affirmed Aa2 (sf); previously on Feb 24,
2022 Definitive Rating Assigned Aa2 (sf)

GBP8.9M Class C Notes, Upgraded to Aa2 (sf); previously on Feb 24,
2022 Definitive Rating Assigned Aa3 (sf)

GBP6.3M Class D Notes, Affirmed Baa2 (sf); previously on Feb 24,
2022 Definitive Rating Assigned Baa2 (sf)

GBP2.4M Class E Notes, Downgraded to B1 (sf); previously on Feb
24, 2022 Definitive Rating Assigned Ba2 (sf)

GBP13.9M Class X Notes, Downgraded to Caa3 (sf); previously on Feb
24, 2022 Definitive Rating Assigned Caa2 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the upgraded tranches and increased key collateral assumptions,
namely the portfolio Expected Loss (EL) and MILAN Stressed Loss
assumptions, in combination with high reliance of affected notes on
available excess spread for the downgraded tranches.

For the class X notes, the downgrade considers the higher
probability of the non repayment in full of these notes before the
step-up date, when any proceeds to the class X notes will be
ranking below other notes in the waterfall and Moody's
loss-given-default expectation as a percentage of the original
balance.

Increase in Available Credit Enhancement

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

In particular, the credit enhancement for class C upgraded by the
rating action increased to 16.83% from 3.42% since closing.

On the other hand, the credit enhancement for class E downgraded by
the rating action remains 0%, which results in this tranche being
heavily dependent on excess spread available in the portolfio. The
excess spread is negatively impacted by increase in the proportion
of arrears in the pool as described below and by the approaching
step-up date (February 2026).

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date. Although 90 days plus arrears currently stand
at 17.94% of current pool balance, showing an increasing trend over
the past year, this is mainly due to the fast deleveraging of the
portfolio as the amount of arrears have remained stable. There have
been no losses reported since closing.

Moody's increased the expected loss assumption to 5.5% as a
percentage of current pool balance to reflect the higher
concentration of arrears loans in the portfolio. The revised
expected loss assumption corresponds to 1.12% as a percentage of
original pool balance decreased from 2.30%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have increased the MILAN Stressed Loss
assumption to 15.3% from 12.2%, considering the remaining
outstanding portfolio.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers. The rating of the class B and C notes are constrained by
operational risk.

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

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

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

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

BOARDLINK LIMITED: Interpath Advisory Named as Joint Administrators
-------------------------------------------------------------------
Boardlink Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of Birmingham,
Insolvency and Companies List (ChD), No CR-2025-BHM-000169, and
Richard John Harrison and James Richard Clark of Interpath
Advisory, Interpath Ltd, were appointed as joint administrators on
April 4, 2025.  

Boardlink Limited is a manufacturer of other articles of paper and
paperboard.

Its registered office and principal trading address is at Kus
Industrial Estate, Manor Lane, Hawarden, Flintshire, CH5 3PJ.

The joint administrators can be reached at:

               Richard John Harrison
               Interpath Advisory, Interpath Ltd
               10th Floor, One Marsden Street,
               Manchester, M2 1HW

               -- and --

               James Richard Clark
               Interpath Advisory
               Interpath Ltd, 4th Floor
               Tailors Corner, Thirsk Row
               Leeds, LS1 4DP

For further details contact:

               Hamish Johnson
               Tel No: 0113 521 8148
               Email: Boardlink@interpath.com

BREYER GROUP: RSM UK Named as Joint Administrators
--------------------------------------------------
Breyer Group Public Limited Company was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD)
Court Number: CR-2025-002289, and Glen Carter and Damian Webb of
RSM UK Restructuring Advisory LLP were appointed as joint
administrators on April 1, 2025.  

Breyer Group specialized in property refurbishment contractors.

Its registered office and principal trading address is at Faringdon
Avenue, Harold Hill, Romford, RM3 8ST.

The joint administrators can be reached at:

         Glen Carter
         RSM UK Restructuring Advisory LLP
         Highfield Court, Tollgate
         Chandlers Ford, Eastleigh
         SO53 3TY

         -- and --

         Damian Webb
         RSM UK Restructuring Advisory LLP
         25 Farringdon Street
         London, EC4A 4AB

Further details contact:

         Nick Talbot
         RSM UK Restructuring Advisory LLP
         Highfield Court, Tollgate
         Chandlers Ford, Eastleigh
         SO53 3TY
         Tel No: 023 8064 6464

Contact details for the Joint Administrators:

          Tel: 023 8064 6464
          (Glen Carter)

          -- and --

          Tel No: 020 3201 8000
          (Damian Webb)


ELBERT WURLINGS: FRP Advisory Named as Joint Administrators
-----------------------------------------------------------
Elbert Wurlings Properties Limited was placed into administration
proceedings in the High Court of Justice Court Number:
CR-2025-002404, and Philip James Watkins and Philip Lewis Armstrong
of FRP Advisory Trading Limited, were appointed as joint
administrators on April 7, 2025.

Elbert Wurlings specialized in the letting and operating of own or
leased real estate.

Its registered office is at 2nd Floor, 110 Cannon Street, London,
EC4N 6EU.

Its principal trading address is at 1 Fore St, Hertford, SG14 1DA.

The joint administrators can be reached at:

         Philip James Watkins
         Philip Lewis Armstrong
         FRP Advisory Trading Limited
         2nd Floor, 110 Cannon Street
         London, EC4N 6EU

Further details contact:

          The Joint Administrators
          Tel: 020 3005 4000

Alternative contact:

           Jake Gruenewald
           Email: Jake.Gruenewald@frpadvisory.com

MILES KELLY: FRP Advisory Named as Joint Administrators
-------------------------------------------------------
Miles Kelly Publishing Limited was placed into administration
proceedings in the High Court of Justice Court Number:
CR-2025-002213, and Martin Weller and Julie Humphrey of FRP
Advisory Trading Limited, were appointed as joint administrators on
March 28, 2025.  

Miles Kelly specialized in book publishing.

Its registered office is at Harding's Barn Bardfield End Green,
Thaxted, Dunmow, CM6 3PX to be changed to FRP Advisory Trading
Limited, Jupiter House, Warley Hill Business Park, The Drive,
Brentwood, CM13 3BE.

Its principal trading address is at Harding's Barn Bardfield End
Green, Thaxted, Dunmow, CM6 3PX.

The joint administrators can be reached at:

             Martin Weller
             Julie Humphrey
             FRP Advisory Trading Limited
             Jupiter House
             Warley Hill Business Park
             The Drive, Brentwood
             Essex, CM13 3BE

For further details, contact:
           
             The Joint Administrators
             Tel: 01277 50 33 33

Alternative contact:

             Alia Howland
             Email: cp.brentwood@frpadvisory.com

NEWDAY FUNDING 2025-1: DBRS Finalizes BB Rating on F Notes
----------------------------------------------------------
DBRS Ratings Limited finalized provisional credit ratings on the
following classes of notes (collectively, the Notes) issued by
NewDay Funding Master Issuer plc (the Issuer):

-- Series 2025-1, Class A Notes at AAA (sf)
-- Series 2025-1, Class B Notes at AA (sf)
-- Series 2025-1, Class C Notes at A (sf)
-- Series 2025-1, Class D Notes at BBB (sf)
-- Series 2025-1, Class E Notes at BB (high) (sf)
-- Series 2025-1, Class F Notes at BB (sf)

The credit ratings of the Notes address the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date.

The transaction is a securitization of near-prime credit cards
granted to individuals domiciled in the UK by NewDay Ltd. (NewDay)
and is issued out of the Issuer as part of the NewDay
Funding-related master issuance structure under the same
requirements regarding servicing, amortization events, priority of
distributions and eligible investments. NewDay Cards Ltd. (NewDay
Cards) is the initial servicer with Lenvi Servicing Limited (Lenvi)
in place as the backup servicer for the transaction.

CREDIT RATING RATIONALE

Morningstar DBRS based its credit ratings of the Notes on the
following analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Notes are issued

-- The credit quality of NewDay's portfolio, the characteristics
of the collateral, its historical performance and Morningstar DBRS'
expectation of the charge-off rate, monthly principal payment rate
(MPPR), and yield rate under various stress scenarios

-- Morningstar DBRS' operational risk review of NewDay and NewDay
Cards' capabilities regarding origination, underwriting, servicing,
position in the market and financial strength

-- Morningstar DBRS' operational risk review of NewDay Cards and
Lenvi regarding servicing

-- The transaction parties' financial strength regarding their
respective roles

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology

-- Morningstar DBRS' long-term sovereign credit rating on United
Kingdom of Great Britain and Northern Ireland, currently AA with a
Stable trend

TRANSACTION STRUCTURE

The transaction includes a scheduled revolving period. During this
period, additional receivables may be purchased and transferred to
the securitized pool, provided that the eligibility criteria set
out in the transaction documents are satisfied. The revolving
period may end earlier than scheduled if certain events occur, such
as the breach of performance triggers or servicer termination. The
servicer may extend the scheduled revolving period by up to 12
months. If the Notes are not fully redeemed at the end of the
scheduled revolving period, the transaction will enter into a rapid
amortization.

The transaction also includes a series-specific liquidity reserve
to cover shortfalls in senior expenses, senior swap payments (if
applicable) and interest on the Class A, Class B, Class C and Class
D Notes (collectively, Senior Classes) and would amortize to the
target amount of 2.2% of Senior Classes' outstanding balance,
subject to a floor of GBP 250,000.

As the Notes are denominated in GBP with floating-rate coupons
based on the daily compounded Sterling Overnight Index Average
(Sonia), there is an interest rate mismatch between the fixed-rate
collateral and the Sonia-based coupon rates. The potential interest
rate mismatch risk is to a certain degree mitigated by excess
spread and NewDay's ability to increase the credit card annual
percentage contractual rates.

COUNTERPARTIES

HSBC Bank plc is the account bank for the transaction. Based on
Morningstar DBRS' private credit rating on HSBC Bank and the
downgrade provisions outlined in the transaction documents,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be commensurate with the credit ratings
assigned.

PORTFOLIO ASSUMPTIONS

The most recent total yield from the February 2025 investor report
of the NewDay Funding-related eligible portfolio was 34.0%, up from
the record low of 26% in May 2020 because of the consistent
repricing by NewDay following the Bank of England base rate
increases since mid-2022. Nonetheless, the yield is expected to
follow the trend of the Bank of England base rate, which has been
declining since August 2024. After consideration of the observed
trends and the removal of spend-related fees, Morningstar DBRS
elected to maintain the expected yield at 27%.

For the charge-off rates, the eligible portfolio reported 12.9%
February 2025 after reaching a record high of 17.6% in April 2020.
Morningstar DBRS notes the levels have remained below 18% since
June 2020, albeit with some volatility, and elected to revise the
expected charge-off rate to 16% from 18% in light of the easing of
inflation, lower interest rates and Morningstar DBRS' improved
credit outlook for near prime borrowers.

The most recent total payment rate including the interest
collections of the eligible portfolio was 15.3% in February 2025
which remains above historical levels and the recent levels
continue to be resilient in the current economic environment and is
also reflected in Morningstar DBRS' improved credit outlook for
near prime borrowers. As such, Morningstar DBRS revised the
expected MPPR to 9% from 8% after removing the interest
collections.

Notes: All figures are in British pound sterling unless otherwise
noted.

ONE WORLD: FRP Advisory Named as Joint Administrators
-----------------------------------------------------
One World Express Inc. Limited was placed into administration
proceedings in the High Court of Justice Court Number:
CR-2025-001971, and Neville Side and Philip Harris of FRP Advisory
Trading Limited, were appointed as joint administrators on April 2,
2025.  

One World Express offered distribution services.

Its registered office is at One World House, Pump Lane, Hayes, UB3
3NB to be changed to Suite 2 2nd Floor, Phoenix House, 32 West
Street, Brighton, BN1 2RT.

Its principal trading address is at One World House, Pump Lane,
Hayes, UB3 3NB and One World House, Bell Heath Way, Birmingham, B32
3BZ.

The joint administrators can be reached at:

         Neville Side
         Philip Harris
         FRP Advisory Trading Limited
         Suite 2, 2nd Floor
         Phoenix House, 32 West Street
         Brighton, BN1 2RT

Further details contact:

         The Joint Administrators
         Tel No: 01273 916666
         Email: cp.brighton@frpadvisory.com

Alternative contact: Donna Kirby

ROC SEARCH: FRP Advisory Named as Joint Administrators
------------------------------------------------------
Roc Search Limited Ltd was placed into administration proceedings
in the High Court of Justice, the Business and Property Courts in
Birmingham Court Number: CR-2025-000137, and Rajnesh Mittal and
Benjamin Neil Jones of FRP Advisory Trading Limited, were appointed
as joint administrators on April 3, 2025.  

Roc Search Limited, trading as Roc Search, specialized in
activities of employment placement agencies.

Its registered office is at The White Building, 33 Kings Road,
Reading, RG1 3AR in the process of being changed to C/o FRP
Advisory Trading Limited, 2nd Floor, 120 Colmore Row, Birmingham,
B3 3BD.

Its principal trading address is at The White Building, 33 Kings
Road, Reading, RG1 3AR

The joint administrators can be reached at:

                Rajnesh Mittal
                Benjamin Neil Jones
                FRP Advisory Trading Limited
                2nd Floor, 120 Colmore Row
                Birmingham, B3 3BD

Further details contact

                The Joint Administrators
                Tel No: 0121 710 1680

Alternative contact:

                Monika Olajcova
                Email: cp.birmingham@frpadvisory.com

WILLIAMS NICOLSON: SFP Restructuring Named as Joint Administrators
------------------------------------------------------------------
Williams Nicolson Limited was placed into administration
proceedings in the High Court of Justice, Business & Property
Courts in Manchester Court Number: CR-2025-MAN-000507, and David
Kemp and Richard Hunt of SFP Restructuring Limited were appointed
as joint administrators on April 4, 2025.  

Williams Nicolson specialized in public relations and
communications activities.

Its registered office is at SFP, Warehouse W, 3 Western Gateway,
Royal Victoria Docks, London, E16 1BD.

Its principal trading address is at 10 York Road, London, England,
SE1 7ND.

The joint administrators can be reached at:

                 David Kemp
                 Richard Hunt
                 SFP Restructuring Limited
                 Warehouse W, 3 Western Gateway
                 Royal Victoria Docks, London
                 E16 1BD

Further details contact:

                 David Kemp
                 Tel No: 0207 538 2222



                           *********


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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
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.

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *