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

                          E U R O P E

          Thursday, May 15, 2025, Vol. 26, No. 97

                           Headlines



G E R M A N Y

OXEA LUX 3: Moody's Assigns 'B3' CFR, Outlook Stable
REVOCAR 2021-1: DBRS Hikes Class D Notes Rating to BB(high)


I R E L A N D

TRINITAS EURO 1: Moody's Ups Rating on EUR9.5MM Cl. F Notes to Ba2


I T A L Y

CERVED GROUP: S&P Places 'B-' ICR on CreditWatch Positive
ISEO SPV: DBRS Cuts Class A Notes Rating to BB(low)


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Reports Net Loss of $5.3 Million in Q1 FY25


S P A I N

AUTO ABS 2022-1: DBRS Hikes Class E Notes Rating to B(high)
BANCAJA 11: Moody's Raises Rating on EUR63MM Class B Notes to Ba1
PRPM FUNDIDO 2025-1 DAC: DBRS Finalizes BB(high) Rating on E Notes


S W I T Z E R L A N D

MATTERHORN TELECOM: Moody's Ups CFR to B1, Alters Outlook to Stable


U N I T E D   K I N G D O M

79TH GRP: Quantuma Advisory Named as Administrators
ACM COMMERCIAL: RSM UK Named as Administrators
ACM EDUCATION: RSM UK Named as Administrators
ACM LONDON: RSM UK Named as Administrators
ALBION HOLDCO: S&P Affirms 'BB-' LT ICR on Planned Refinancing

ATLAS FUNDING 2025-1: DBRS Finalizes BB(high) Rating on E Notes
BNKBL LTD: RG Insolvency Named as Administrators
BUSINESS AGENT: Begbies Traynor Named as Administrators
ION PLATFORM: Moody's Assigns 'B2' CFR, Outlook Stable
ION TRADING: S&P Puts 'B-' ICR on CreditWatch Positive

MOBICO GROUP: Moody's Puts 'Ba2' CFR Under Review for Downgrade
SEVENTY NINTH: Quantuma Advisory Named as Administrators

                           - - - - -


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G E R M A N Y
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OXEA LUX 3: Moody's Assigns 'B3' CFR, Outlook Stable
----------------------------------------------------
Moody's Ratings assigned a B3 corporate family rating and B3-PD
probability of default rating to Oxea Lux 3 S.a.r.l. (Oxea), an oxo
chemicals producer. At the same time, Moody's assigned a B3 rating
to the amended and extended backed senior secured term loan B1
(TL-B1) and term loan B2 (TL-B2) issued by its subsidiary OQ
Chemicals Holding Drei GmbH. In the same action Moody's have
withdrawn the Caa3 CFR from OQ Chemicals International Holding GmbH
and withdrawn the legacy B2 backed senior secured term loan ratings
and the Caa3 backed senior secured TL-B1 and TL-B2 ratings at OQ
Chemicals Holding Drei GmbH. The outlook on Oxea Lux 3 S.a.r.l. is
stable. The outlook on OQ Chemicals Holding Drei GmbH changed to
stable from positive and the outlook on OQ Chemicals International
Holding GmbH remains positive.

Moody's considered the restructuring and the amend and extend
transaction a distressed exchange. Moody's affirmed OQ Chemicals
International Holding GmbH's Caa3-PD PDR and appended the PDR with
a limited default (LD) designation, changing the PDR to Caa3-PD/LD,
signifying a default under Moody's definitions. The /LD indicator
will be removed in approximately three business days, at which time
OQ Chemicals International Holding GmbH's PDR will be withdrawn.

RATINGS RATIONALE

The rating action reflects the improved maturity profile, lower
gross debt load and potential to generate consistent free cash flow
following the company's change of ownership and debt restructuring.
The restructuring resulted in control of the company transferring
to two legacy lenders, SVP and Blantyre. As part of the
transaction, SVP and Blantyre equitised EUR239 million of their
legacy backed senior secured bank credit facility holdings. SVP and
Blantyre also contributed EUR133 million of new cash equity, which
was composed of: (1) EUR83 million to fully repay the existing
backed senior secured bank credit facilities issued by OQ Chemicals
Holding Drei GmbH, and (2) EUR50 million to be used for general
corporate purposes, including payment of agreed amounts of accrued
and unpaid cash interest. The transaction reduces gross debt by
approximately EUR385 million and reduces gross leverage by
approximately 2x debt-to-EBITDA (on a Moody's adjusted basis).

The remainder of the legacy TL-B1 and TL-B2 (approximately EUR728
million EUR equivalent) was amended and extended and now matures in
April 2031.

Pro forma for the new financing arrangement at December 31, 2024,
Moody's estimates Oxea's Moody's adjusted gross debt/EBITDA to be
around 5.0x and EBITDA/Interest to be around 2.9x. These metrics
incorporate Moody's standard debt adjustments for pensions and
securitization and also adds-back certain large unusual items such
as a critical supplier outage and restructuring advisory fees which
were incurred in 2024.

Moody's expects 2025 to remain a challenging year given ongoing
global trade tensions and the evolving tariff discussions and that
depending on end-market demand, revenue and EBITDA could decline
modestly from 2024 levels resulting in leverage at or above 5.5x.

Oxea's leading position in the European market for oxo chemicals
and its strong footprint in the US, its diversified customer base
and broad end-market exposure, and improved maturity profile and
lower gross debt following the restructuring all support its credit
quality. However, expectations for cyclical performance to
continue, the operational concentration at its Bay City and
Oberhausen plants, exposure to some cyclical end-markets
(automotive) and raw materials price variability, and lack of a
track record under new ownership with new senior executives, all
constrain the rating.

LIQUIDTY

Oxea's liquidity is adequate. Proforma for the restructuring
closing date in April, Moody's estimates the company had around
EUR147 million of cash on hand. The company's available cash is
lower due to certain cash being restricted or trapped (around EUR25
million).

The company does not have a revolving credit facility but intends
to put some type of revolving facility in place during the course
of 2025.

OUTLOOK

The stable outlook of Oxea is based on Moody's assumptions of
stable performance in 2025, lower levels of unusual charges, and
that the company establishes a revolving credit facility in the
coming months.

ESG CONSIDERATIONS

Governance was a key driver of the rating action, in particular the
lower gross debt load following the equitization of SVP and
Blantyre's legacy term loan debt and improved maturity profile.

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

Factors that could lead to an upgrade of Oxea's ratings include:
(i) Moody's-adjusted gross debt/EBITDA consistently and well below
5.5x with a lower level of unusual charges; (ii) Moody's-adjusted
EBITDA/Interest coverage above 2.0x; (iii) a track record of
sustained positive FCF; and (iv) maintenance of adequate or better
liquidity

Factors that could lead to a downgrade of Oxea's ratings include:
(i) A failure to grow EBITDA and for Moody's adjusted gross
debt/EBITDA to be above 6.5x; (ii) Moody's-adjusted EBITDA/Interest
coverage below 1.5x; (iii) FCF turns negative or (iv) liquidity
deteriorates.

COVENANTS

The following are notable terms of the TL-B1 and TL-B2
documentation.

Collateral coverage will be at least 85% of total assets and 85% of
EBITDA consolidated EBITDA (determined in accordance with the
agreement). Only entities incorporated in the US are required to
provide guarantees and security.

Unlimited pari passu debt is permitted up to EUR50 million and, in
addition, up to a first lien leverage ratio (SSNLR) of 2.0x; all of
which can be made available as an incremental facility.

Any restricted payment is permitted up to a SSNLR of 2.0x (with
step-downs if funded from the available amount).

Adjustments to consolidated EBITDA include cost savings and
synergies capped at 12.5% of consolidated adjusted EBITDA within 12
months.

STRUCTURAL CONSIDERATIONS

The B3 instrument ratings of the backed senior secured TL-B1 and
TL-B2 issued by OQ Chemicals Holding Drei GmbH is aligned with the
B3 CFR of Oxea. The company currently does not have a revolving
credit facility with the TL-B1 and TL-B2 therefore representing the
preponderance of the company's capital structure. The establishment
of any new more senior debt could modify Moody's views on the
relative ranking of the TL-B1 and TL-B2.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Germany, Oxea is a leading global producer of oxo
chemicals. For the twelve months ended December 31, 2024 Oxea had
revenue of EUR1.3 billion. The company is owned by SVP (75%) and
Blantyre (25%).

REVOCAR 2021-1: DBRS Hikes Class D Notes Rating to BB(high)
-----------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
rated notes issued by RevoCar 2021-1 UG (haftungsbeschrankt) (the
Issuer), following a transaction amendment (the Amendment):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to A (high) (sf) from A (sf)
-- Class C Notes upgraded to BBB (high) (sf) from BBB (sf)
-- Class D Notes upgraded to BB (high) (sf) from BB (sf)

As part of the Amendment, the trigger values related to the
principal deficiency events (PDE) for the Class C Notes, the Class
D Notes, and Class E Notes have been updated and the minimum
weighted average yield of the portfolio during the revolving period
has been increased. Morningstar DBRS also lowered its multiples in
the analysis considering the updated base case PD assumption.
Overall, the changes improved the cash flow analysis for the Class
B Notes, Class C Notes, and Class D Notes.

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate payment of principal on or before the
legal final maturity date. The credit rating on the Class B Notes
addresses the timely payment of interest while the senior-most
class outstanding, otherwise the ultimate payment of interest and
principal on or before the legal final maturity date; the credit
ratings on the Class C Notes and Class D Notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

CREDIT RATING RATIONALE

The credit rating actions follow a transaction review upon the
execution of the Amendment and is based on the following analytical
considerations:

-- The Amendment to the transaction executed on 23 April 2025;

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2025 payment date;

-- Updated probability of default (PD), loss given default (LGD),
and expected loss assumptions for the aggregate collateral pool;

-- Current available credit enhancement to the rated notes to
cover the expected losses at their respective credit rating levels;
and

-- No revolving period termination event have occurred to date.

The transaction is a securitization of German auto loan receivables
originated and serviced by Bank11 fur Privatkunden und Handel GmbH
(Bank11) and granted primarily to private clients for the purchase
of both new and used vehicles. The transaction closed in May 2021
with an initial portfolio of EUR 700.0 million. The transaction
included a 48-month revolving period which was expected to end in
May 2025. The revolving period has been extended by an addition
48-month in the context of this Amendment and will be expected to
end in May 2029.

THE AMENDMENT

The Amendment was executed on April 23, 2025 and is effective as of
May 26, 2025. The main changes are summarized below:

-- Extension of the revolving period to May 2029 from May 2025;

-- Extension of the legal maturity date until May 2042 payment
date from May 2038;

-- Amendment of early amortization events in line with the
extended revolving period;

-- Increase in the minimum weighted average portfolio yield to
2.9% from 2.6% during the revolving period; and

-- Amendment of the PDE trigger values for the Class C Notes,
Class D Notes, and Class E Notes as follows:

(1) decrease of the Class C PDE trigger value to EUR 5,000,000,
down from EUR 12,4000,000;

(2) decrease of the Class D PDE trigger value to EUR 4,000,000,
down from EUR 4,900,000; and

(3) increase of the Class E PDE trigger value to EUR 3,500,000, up
from EUR 2,700,000.

PORTFOLIO PERFORMANCE

As of the March 2025 payment date, loans that were one to two
months and two to three months in arrears represented 0.4% and 0.2%
of the outstanding portfolio balance, respectively, while loans
that were more than three months in arrears represented 0.6%. Gross
cumulative defaults amounted to 0.7% of the aggregate initial
collateral balance plus subsequent portfolios, with cumulative
recoveries of 47.5% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS received updated historical vintage data from the
originator and conducted a loan-by-loan analysis of the remaining
pool of receivables. Morningstar DBRS updated its base case PD and
LGD assumptions to 1.7% and 59.1%, respectively.
Due to the inclusion of a revolving period, Morningstar DBRS'
assumptions continue to be based on the potential portfolio
migration and the replenishment criteria set forth in the
transaction legal documents.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the March 2025 payment
date, credit enhancement to the rated notes remained unchanged
since closing due to the revolving period.

The credit enhancement available to the rated notes is as follows:

-- 8.2% for the Class A Notes;
-- 3.5% for the Class B Notes;
-- 2.3% for the Class C Notes; and
-- 1.3% for the Class D Notes.

The transaction benefits from a liquidity reserve, which will only
become available upon a servicer termination event, with a target
balance equal to 0.25% of the outstanding collateral balance. The
reserve is available to cover senior fees and expenses, and
interest payments on the Class A Notes only. As of the March 2025
payment date, the reserve was at its target balance of EUR 1.75
million.

Additionally, the transaction benefits from a commingling reserve
funded by Bank11 at closing to EUR 1.65 million. The reserve is
maintained at a balance equal to 15.0% of the scheduled collections
amount for the next collection period minus the commingling reserve
reduction amount. As of the March 2025 payment date, the reserve
was at its target balance of EUR 3.21 million.

The Bank of New York Mellon - Frankfurt Branch (BNYM-Frankfurt)
acts as the account bank for the transaction. Based on Morningstar
DBRS' private credit rating on BNYM-Frankfurt, the downgrade
provisions outlined in the transaction documents, and structural
mitigants inherent in the transaction structure, Morningstar DBRS
considers the risk arising from the exposure to the account bank to
be consistent with the credit ratings assigned to the notes, as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.



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I R E L A N D
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TRINITAS EURO 1: Moody's Ups Rating on EUR9.5MM Cl. F Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Trinitas EURO CLO 1 Designated Activity Company:

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Nov 27, 2024
Upgraded to Aa1 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Nov 27, 2024
Upgraded to Baa1 (sf)

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Nov 27, 2024
Affirmed Ba2 (sf)

EUR9,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Upgraded to Ba2 (sf); previously on Nov 27, 2024 Upgraded
to B1 (sf)

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

EUR217,000,000 (Current outstanding amount EUR28,761,196) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Nov 27, 2024 Affirmed Aaa (sf)

EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Nov 27, 2024 Upgraded to Aaa (sf)

Trinitas EURO CLO 1 Designated Activity Company, issued in November
2019, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by WhiteStar Asset Management LLC. The
transaction's reinvestment period ended in April 2024.

RATINGS RATIONALE

The rating upgrades on the Class C, D, E and F notes are primarily
a result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio due to high
prepayment rates since the last rating action in November 2024.

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

The Class A notes have paid down by approximately EUR114.2 million
(52.6% of its original balance) since the last rating action in
November 2024 and EUR188.2 million (86.7%) since closing. As a
result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated April 2025 [1], the Class A/B, Class C, Class D, Class
E and Class F OC ratios are reported at 174.08%, 150.07%, 129.27%,
117.63% and 112.15% compared to October 2024 [2] levels of 148.50%,
134.50%, 121.18%, 113.17% and 109.25%, respectively. Moody's notes
that the April 2025 principal payments are not reflected in the
reported OC ratios.

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

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

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

Performing par and principal proceeds balance: EUR161.0m

Defaulted Securities: none

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3080

Weighted Average Life (WAL): 3.26 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.89%

Weighted Average Coupon (WAC): 4.99%

Weighted Average Recovery Rate (WARR): 43.86%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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



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

CERVED GROUP: S&P Places 'B-' ICR on CreditWatch Positive
---------------------------------------------------------
S&P Global Ratings placed its 'B-' rating on Cerved Group SpA on
CreditWatch with positive implications to indicate that it could
upgrade it once the merger is completed, reflecting a one-notch
upward adjustment for group support.

S&P expects to resolve the CreditWatch placement once the Ion
Platform merger is fully executed; it understands that this is
expected to occur in June 2025.

Ion Group, the parent company of Cerved Group SpA, is pursuing a
merger of three of its subsidiaries, Ion Trading Technologies Ltd.
(Ion Markets), Ion Corporates Solutions Finance Ltd. (Ion
Corporates), and I-Logic Technologies Bidco Ltd. (Ion Analytics).
It plans to form a new company, named Ion Platform Investment Group
Ltd. (Ion Platform).

On May 8, 2025, we assigned a preliminary 'B+' issuer credit rating
to Ion Platform, with a stable outlook.

The CreditWatch placement follows the announcement by Ion Group,
parent to Cerved, that it will merge three of its subsidiaries--Ion
Markets, Ion Corporates, and Ion Analytics--to form a new company,
which it will name Ion Platform. S&P said, "We assigned a
preliminary rating of 'B+' to Ion Platform on May 8, 2025. In our
view, the merger will enable the group to achieve significant cost
savings, and allow it to align its product suite more closely with
its go-to-market strategy for existing clients; the latter could
improve cross-selling opportunities and support enhanced organic
growth."

S&P said, "If the proposed merger is executed as planned, it could
enhance our view of the creditworthiness of the overall group, and
so prompt us to upgrade Cerved, based on a one-notch adjustment for
group support. We consider that the credit profiles of Ion Platform
and Ion Group are closely aligned, given the scale of the new
entity relative to the other rated entities in the group, including
Cerved. Therefore, our view of the overall group's creditworthiness
would be enhanced when the proposed merger is completed, based on
its improved business strength. Given our view of Cerved's
strategic importance to the overall Ion Group, this could cause us
to raise our ratings on Cerved by one notch.

"We expect to resolve the CreditWatch placement once the Ion
Platform merger is fully executed. We understand that this is
expected to take place in June 2025."


ISEO SPV: DBRS Cuts Class A Notes Rating to BB(low)
---------------------------------------------------
DBRS Ratings GmbH downgraded its credit rating on the Class A notes
issued by ISEO SPV S.r.l. (the Issuer) to BB (low) (sf) from BB
(sf). The trend remains Negative.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The credit rating on the
Class A notes addresses the timely payment of interest and the
ultimate payment of principal on or before its final maturity date.
Morningstar DBRS does not rate the Class B notes or the Class J
notes.

As of the March 31, 2019 economic effective date, the Notes were
backed by a EUR 858 million portfolio by gross book value
consisting of secured and unsecured nonperforming loans originated
by Unione di Banche Italiane S.p.A.

Since the 4 December 2019 transfer date, doValue S.p.A. (the
servicer) has serviced the receivables and doNext S.p.A. (formerly
Italfondiario S.p.A.) has acted as master servicer. A backup
servicer, Banca Finanziaria Internazionale S.p.A. (Banca Finint;
formerly Securitization Services S.p.A.), was also appointed.

CREDIT RATING RATIONALE

The credit rating downgrade follows Morningstar DBRS' review of the
transaction and is based on the following analytical
considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of December 2024, focusing on (1) a comparison between actual
collections and the servicer's initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison between the current performance and Morningstar DBRS'
expectations.

-- Updated business plan: The servicer's updated business plan as
of December 2024, received in January 2025, and the comparison with
the initial collection expectations.

-- Transaction liquidating structure: The order of priority, which
entails a fully sequential amortization of the Notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative net collection
ratio (CCR) or net present value cumulative profitability ratio
(NPV ratio) is lower than 90%. These triggers were activated since
the first interest payment date (IPD) and cured in January 2023.
The unpaid interests on the Class B notes in previous periods were
all distributed in July 2023. The actual figures for the CCR and
NPV ratio were at 102.5% and 107.4% as of the January 2025 IPD,
respectively, according to the servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure and covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.0% of the Class A
notes' principal outstanding balance and the recovery expenses cash
reserve target amounts to EUR 250,000, both fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2025, the
outstanding principal amounts of the Notes were EUR 122.9 million,
EUR 25 million, and EUR 13.5 million, respectively. As of January
2025, the balance of the Class A notes had amortized by 63.3% since
issuance, and the current aggregated transaction balance was EUR
161.4 million.

As of December 2024, the transaction was performing above the
servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 274.3 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
258.1 million for the same period. Therefore, as of December 2024,
the transaction was overperforming by EUR 16.2 million (6.3%)
compared with the initial business plan expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 194.4 million at the BBB
(sf) stressed scenario. Therefore, as of December 2024, the
transaction was performing above Morningstar DBRS' initial stressed
scenarios.

Pursuant to the requirements set out in the receivable servicing
agreement, in January 2025, the servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections of EUR 274.3
million as of December 2024, resulted in a total of EUR 448
million. This is 13.4% lower than the total gross disposition
proceeds of EUR 517.2 million estimated in the initial business
plan. Considering the outperformance of initial expectations in
terms of CCR and NPV to date, future expectations have been revised
down substantially. Excluding actual collections, the servicer's
expected future collections from January 2025 equaled EUR 173.7
million. The updated Morningstar DBRS BB (low) (sf) credit rating
stress assumes a haircut of 10.5% to the servicer's updated
business plan, considering future expected collections.

Morningstar DBRS observed an improved performance trend in terms of
cumulative collection ratio and an increase in gross collections in
the updated business plan delivered in January 2025 compared with
the last business plan, however, the amortization of Class A notes
slows down due to decreasing actual collections, as well as the
Class B interest payments. Furthermore, the conversion ratio
between the early redemption of Class A notes and cumulative gross
collections has reduced to 77.3% from 79.2%, and Morningstar DBRS
expects it will follow a decreasing trend due to the continual
interest payments on Class B notes and increased GACS fees from the
next IPD.

In light of the above and given the downward revision of the
servicer's expectations for the remaining portfolio, Morningstar
DBRS does not deem the currently positive performance trend to be
sustainable and, considering the slowdown of the amortization of
Class A notes as well as the declining tendency of the conversion
ratio, Morningstar DBRS downgraded the credit rating on the Class A
notes to BB (low) (sf). The trend on the credit rating remains
Negative.

The transaction's final maturity date is July 29, 2039.

Notes: All figures are in euros unless otherwise noted.



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

ALTISOURCE PORTFOLIO: Reports Net Loss of $5.3 Million in Q1 FY25
-----------------------------------------------------------------
Altisource Portfolio Solutions S.A. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $5.3 million on $43.4 million of revenues for the
three months ended March 31, 2025, compared to a net loss of $9.2
million on $39.5 million of revenues for the three months ended
March 31, 2024.

As of March 31, 2025, the Company had $145.7 million in total
assets, $264.7 billion in total liabilities, and total
stockholders' deficit of $119 million.

Management Commentary:

"We are pleased with our first quarter performance as we continue
to drive year-over-year and sequential Service revenue and Adjusted
EBITDA(1) growth primarily from the ramp of our Renovation
Business, stronger foreclosure starts and sales wins. Compared to
the first quarter of last year, we grew total Company service
revenue by 11% to $40.9 million and Adjusted EBITDA(1) by 14% to
$5.3 million. Adjusted EBITDA(1) growth outpaced Service revenue
growth from scale benefits and favorable revenue mix. In February
2025, we closed on an exchange and maturity extension transaction
with our lenders, significantly strengthening our balance sheet and
reducing interest expense," said Chairman and Chief Executive
Officer William B. Shepro.

Mr. Shepro further commented, "To support longer term growth, we
are focusing on accelerating the growth of certain of our
businesses that we believe have tailwinds. Should loan
delinquencies, foreclosure starts and foreclosure sales increase,
we believe we are well positioned to benefit from stronger revenue
and Adjusted EBITDA(1) growth in our largest and most profitable
countercyclical businesses."

On February 19, 2025, the Company executed and closed an exchange
transaction with 100% of lenders under the Company's senior secured
term loans whereby the lenders exchanged the Company's senior
secured term loans with an outstanding balance of $232.8 million
for a $160 million new first lien loan and the issuance of
approximately 58.2 million common shares of Altisource; the new
first lien loan is comprised of a $110 million term loan and a $50
million non-interest bearing exit fee which is reduced on a
pro-rata basis with the repayment of the term loan. In connection
with the Debt Exchange Transaction, the Company expensed $3 million
relating to fees paid to advisors and others

In connection with the Debt Exchange Transaction, the Company
issued transferable warrants to holders as of February 14, 2025 of
the Company's:

     (i) common stock,
    (ii) restricted share units and
   (iii) outstanding penny warrants, to purchase approximately
114.5 million shares of Altisource common stock for $1.20 per
share; the Stakeholder Warrants provide the Stakeholders with the
ability to purchase approximately 3.25 shares of Altisource common
stock for each share of or right to common stock held(5)

On February 19, 2025, Altisource also executed and closed on a
$12.5 million super senior credit facility to fund transaction
costs related to the Debt Exchange Transaction and for general
corporate purposes.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/yvy75zv2

                         About Altisource

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. --
https://www.Altisource.com/ -- is an integrated service provider
and marketplace for the real estate and mortgage industries.
Combining operational excellence with a suite of innovative
services and technologies, Altisource helps solve the demands of
the ever-changing markets it serves.

                             *   *   *

In March 2025. S&P Global Ratings raised its Company credit rating
on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'.

S&P said, "We also assigned our 'B' issue-level rating and '1'
recovery rating to the new $12.5 million senior secured debt (super
senior facility), 'CCC-' issue-level rating and '6' recovery rating
to the new $160 million senior subordinated debt (new first lien
loan), and withdrew our ratings on the company's exchanged senior
secured term loan, which was rated 'D'.

"The stable outlook reflects our expectation that over the next 12
months, while we expect Altisource to generate positive cash flow
from operations, we believe its liquidity will remain constrained
and the company will remain dependent on favorable financial and
economic conditions to meet its financial commitments.



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

AUTO ABS 2022-1: DBRS Hikes Class E Notes Rating to B(high)
-----------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
bonds issued by Auto ABS Spanish Loans 2022-1 FT (the Issuer):

-- Class A Notes confirmed at AA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (high) (sf)
-- Class D Notes confirmed at BB (high) (sf)
-- Class E Notes upgraded to B (high) (sf) from B (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal by the legal
final maturity date in February 2032. The credit ratings on the
Class B, Class C, Class D, and Class E Notes (together with the
Class A Notes, the Notes) address the ultimate payment of interest
and the ultimate repayment of principal by the legal final maturity
date in February 2032.

CREDIT RATING RATIONALE

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2025 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the Notes to cover the
expected losses and residual value (RV) loss assumed at their
respective credit rating levels.

The transaction represents the issuance of notes backed by a
portfolio of approximately EUR 700 million fixed-rate receivables
related to amortizing and balloon auto loans granted by Stellantis
Financial Services Espana, E.F.C., S.A. (SFSE, formerly PSA
Financial Services Spain, E.F.C., S.A.; the originator) to private
individuals in Spain for the acquisition of new or used vehicles.
The originator also services the portfolio. The transaction also
features a cash reserve, which was funded by the Class F Notes. The
transaction closed in May 2022 and included a seven-month revolving
period that ended in December 2022.

Following the end of the revolving period, the Class A to Class E
Notes started amortizing on a pro rata basis, subject to certain
subordination events. Once a sequential event is triggered, the
principal repayment of the Notes will become sequential and is
nonreversible until the Notes are fully redeemed. As of the March
2025 payment date, no sequential event had occurred.

The transaction has exposure to RV risk arising from the balloon
loans, which have equal payment instalments during the tenure of
the loan and a final large balloon instalment on the last payment
date. On this date, the borrower has the option to return the
vehicle instead of paying the final balloon instalment. If the
proceeds of the vehicle sale are not sufficient to repay the loan
in full, the borrower is released from any further repayment
obligation, hence exposing the Issuer to RV risk.

Stellantis Espana S.A. (formerly PSAG Automoviles Comercial Espana
SA (PSA)) or the Manufacturer) mitigates the RV risk in this
transaction by undertaking to repurchase the vehicle at a price
equal to the balloon amount. Morningstar DBRS believes that the
undertaking mitigates but does not completely eliminate the
Issuer's RV risk, and its benefits are limited to the
manufacturer's credit standing and financial strength.

PORTFOLIO PERFORMANCE

As of the March 2025 payment date, loans that were one to two and
two to three months delinquent represented 0.3% and 0.1% of the
outstanding portfolio balance, respectively. Gross cumulative
defaults represented 0.7% of the aggregate original and subsequent
portfolios.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS updated its base case PD and LGD assumptions to
2.5% and 40.0% from 2.3% and 42.0%, respectively, based on updated
historical performance data submitted by SFSE, and the current
portfolio composition.

The RV loss estimates that Morningstar DBRS used were 26.9%,
20.9%,15.3%, 7.6% and 1.9% for the AA (sf), A (sf), BBB (high)
(sf), BB (high) (sf), and B (high) (sf) scenarios, respectively.

Credit enhancement is provided by the subordination of the junior
notes and excludes Class F. As of the March 2025 payment date,
credit enhancement available to the Class A, Class B, Class C,
Class D, and Class E notes was 21.3%, 15.5%, 10.2%, 3.4% and 0.0%
unchanged since closing.

The transaction benefits from an amortizing cash reserve, funded
through the subscription proceeds of the Class F Notes. The cash
reserve is available to cover senior costs and interest payments on
the Notes. As of the March 2025 payment date, the cash reserve was
at its target balance of EUR 2.98 million.

BNP Paribas S.A Sucursal en Espana (BNPSE) acts as the account bank
for the transaction. Based on Morningstar DBRS' private credit
rating on BNPSE, the downgrade provisions outlined in the
transaction documents, and structural mitigants inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to BNPSE to be consistent with the credit ratings
assigned to the Notes, as described in Morningstar DBRS' "Legal and
Derivative Criteria for European Structured Finance Transactions"
methodology.

Banco Santander SA (Santander) acts as the interest rate swap
agreement counterparty for the transaction. Morningstar DBRS'
Critical Obligations Rating of AA (low) on Santander is above the
first rating threshold, as described in Morningstar DBRS' "Legal
and Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.

BANCAJA 11: Moody's Raises Rating on EUR63MM Class B Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of four notes in BANCAJA
9, FTA and BANCAJA 11, FTA. The rating actions reflect increased
levels of credit enhancement for the affected notes in both
transactions. In the case of BANCAJA 9, FTA it also reflects better
than expected collateral performance. In the case of BANCAJA 11,
FTA it also reflects Moody's assessments of the likelihood of
prolonged missed interests.

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

Issuer: BANCAJA 9, FTA

EUR1700M Class A2 Notes, Affirmed Aa1 (sf); previously on Jul 9,
2024 Affirmed Aa1 (sf)

EUR52M Class B Notes, Affirmed Aa1 (sf); previously on Jul 9, 2024
Affirmed Aa1 (sf)

EUR25M Class C Notes, Upgraded to Aa1 (sf); previously on Jul 9,
2024 Upgraded to Aa3 (sf)

EUR23M Class D Notes, Upgraded to Baa1 (sf); previously on Jul 9,
2024 Upgraded to Baa3 (sf)

EUR22.6M Class E Notes, Affirmed C (sf); previously on Jul 9, 2024
Affirmed C (sf)

Issuer: BANCAJA 11, FTA

EUR440M Class A3 Notes, Affirmed Aa1 (sf); previously on Jun 25,
2024 Affirmed Aa1 (sf)

EUR63M Class B Notes, Upgraded to Ba1 (sf); previously on Jun 25,
2024 Upgraded to B3 (sf)

EUR24M Class C Notes, Upgraded to B1 (sf); previously on Jun 25,
2024 Upgraded to Caa3 (sf)

EUR20M Class D Notes, Affirmed C (sf); previously on Jun 25, 2024
Affirmed C (sf)

EUR22.9M Class E Notes, Affirmed C (sf); previously on Jun 25,
2024 Affirmed C (sf)

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

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches in both transactions. In the case of
BANCAJA 9, FTA, it is also prompted by decreased key collateral
assumptions, namely the Milan Stress Loss assumption. In the case
of BANCAJA 11, FTA it is also prompted by Moody's assessments of
the likelihood of prolonged missed interests in the affected
notes.

Increase in Available Credit Enhancement

A non-amortizing reserve fund in BANCAJA 9, FTA led to the increase
in the credit enhancement. The credit enhancement for the Class C
and Class D notes affected by the rating action increased to 24.6%
and 12.2% from 21.6% and 10.7% respectively since the last rating
action. The transaction includes a reserve fund amortization
trigger, which could lead to an amortization of the reserve fund to
its floor if 90 days plus arrears are below 1.0% of current pool
balance; Moody's have assessed the likelihood of this event and the
impact on the notes.

In BANCAJA 11, FTA, the reserve fund is fully depleted but the
sequential amortization led to the increase in the credit
enhancement for the Class B and Class C notes affected by the
rating action to 11.7% and 5.3% from 10.3% and 4.7% respectively
since the last rating action.

Revision of Key Collateral Assumptions:

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

The performance of BANCAJA 9, FTA has been stable since July 2024.
Total delinquencies have been stable in the past year, with 90 days
plus arrears currently standing at 1.09% of current pool balance
compared to 1.15% in March 2024. Cumulative defaults currently
stand at 8.12% of original pool balance compared to 8.10% a year
earlier.

The performance of BANCAJA 11, FTA has been stable since June 2024.
Total delinquencies have been stable in the past year, with 90 days
plus arrears currently standing at 1.53% of current pool balance
compared to 1.59% in April 2024. Cumulative defaults currently
stand at 13.47% of original pool balance compared to 13.39% a year
earlier.

For BANCAJA 9, FTA and BANCAJA 11, FTA, Moody's maintained the
expected loss assumptions at 1.95% and 3.32% as a percentage of
current pool balance respectively. These expected loss assumptions
correspond to 3.05% and 6.59% as a percentage of original pool
balance, down from 3.08% and 7.91% respectively.

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 reduced the MILAN Stressed Loss
assumption from 7.5% to 6.6% for BANCAJA 9, FTA, and maintained at
9.8% for BANCAJA 11, FTA.

Assessment of the likelihood of prolonged missed interests

The interest of Class B, Class C and Class D in BANCAJA 11, FTA
remain subordinated to principal due on Class A3 given the interest
deferral triggers are hit, however recoveries and excess spread if
any, are available to pay subordinated interest for Classes B and
C. The upgrade of Classes B and C in BANCAJA 11, FTA has taken into
account the permanent economic loss resulting from the 7.0 and 11.0
years respectively over which interest was deferred without
interest on deferred interest being due. Moody's analysis has also
considered potential future interest deferrals. While all interest
shortfalls have been recouped since the last rating action, the
transaction structure does not mandate interest-on-interest
following non-payment of interest. Moody's have limited Class B
ratings upgrade to Ba1 (sf) to reflect past and potential future
deferrals. The unpaid interest on Class D is still high at EUR5.7
million but decreasing since 2024.

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, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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

PRPM FUNDIDO 2025-1 DAC: DBRS Finalizes BB(high) Rating on E Notes
------------------------------------------------------------------
DBRS Ratings GmbH finalizes provisional credit ratings on the
following classes of notes issued by PRPM Fundido 2025-1 DAC (the
Issuer):

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

The 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 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 and RFN notes (together with the Rated
Notes, the Notes) also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The credit ratings are based on the following analytical
considerations:

The transaction entails the issuance of Class A, Class B, Class C,
Class D, Class E, Class F and Class RFN 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
Corporacion 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.

Notes: All figures are in euros unless otherwise noted.



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

MATTERHORN TELECOM: Moody's Ups CFR to B1, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has upgraded Matterhorn Telecom Holding SA's (Salt
or the company) corporate family rating to B1 from B2 and its
probability of default rating to B1-PD from B2-PD. Concurrently,
Moody's have also upgraded to B1 from B2 the instrument ratings on
the backed senior secured bank credit facilities and backed senior
secured notes issued by Matterhorn Telecom SA. The outlook has been
changed to stable from positive for both entities.

"The upgrade largely reflects the ongoing reduction in
Moody's-adjusted leverage towards 5x, as well as continued good
operating performance despite competitive pressures in the Swiss
telecom market. Salt's business profile is also improving thanks to
the continued growth of the broadband segment" says Luigi Bucci, a
Moody's Ratings Vice President and lead analyst for Salt.

"The rating action also underscores Moody's ongoing assumptions of
a more predictable and consistent financial policy for Salt
compared to the past and the ongoing progress towards the
refinancing of the 2026 maturities" adds Mr Bucci.  

RATINGS RATIONALE

The B1 CFR of Salt is supported by (1) the company's position as a
market challenger and the third-largest telecom operator in
Switzerland; (2) its sustained track record of positive revenue and
EBITDA growth; (3) its continued strong growth in the broadband
market; and (4) its adequate liquidity, supported by a large cash
balance and good underlying free cash flow (FCF) before dividends.

The rating also takes into consideration (1) the company's
still-high Moody's-adjusted debt/EBITDA leverage of 5.3x as of
December 2024; (2) its high shareholder distribution, which weakens
its Moody's-adjusted retained cash flow (RCF)/net debt; (3) its
modest size and still-high concentration in the mobile segment; and
(4) some uncertainty around the timing of the refinancing of the
2026 maturities despite progress made thus far.

Moody's forecasts Moody's-adjusted leverage will be 5.2x and 5.1x
in 2025 and 2026, respectively (2024: 5.3x). Modest leverage
reduction will be purely organic, driven by Moody's forecasts of
EBITDA growth over the period in the context of broadly stable debt
levels. Moody's estimates also assume a modest increase in IRU
liabilities over the same timeframe and a continued reduction in
supply chain financing. On a Moody's-adjusted net leverage basis,
overall levels will stand at around 4.7x benefitting from the large
cash balance of the company.

Moody's forecasts that Salt will continue to generate positive FCF
before dividends over 2025 and 2026. While EBITDA growth will
continue to support FCF over the period, Moody's expects capital
spending intensity as a percentage of sales to step up to 18%-19%
(2024: 17%). Additionally, Moody's forecasts an increase in
interest and taxes paid, which will largely offset the positive
impact of EBITDA improvement on cash flow generation. Working
capital will also represent a cash outflow over the period after
the one-off positive impact noted over 2024 because of the
implementation of the new upfront billing on receivables.

Moody's continues to expect all excess cash flow to be distributed
to shareholders. Moody's current assessments reflects that Salt's
dividend payout will remain in the CHF150 million-CHF180 million
range. Overall amounts will, however, largely depend on the future
FCF generation of the company and the rates it will ultimately
obtain to refinance its 2026 maturities. No dividend
recapitalization or shareholder distribution above these levels is
currently incorporated in Moody's estimates.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Salt's CIS-4 indicates that ESG considerations are material for the
rating. This largely reflects high governance risks stemming from
the company's concentrated shareholding structure, with NJJ Capital
having a majority representation on the board of directors, and a
financial policy characterized by tolerance for leverage and a
track record of high shareholder remunerations.

LIQUIDITY

Salt has adequate liquidity, supported by a cash balance of CHF361
million as of December 31, 2024 (CHF201 million pro forma for
dividend distribution of CHF160 million in the first quarter of
2025), access to a fully undrawn CHF60 million revolving credit
facility due 2029 and positive FCF before dividends. The facility
is subject to a springing financial covenant, tested only when
drawn by more than CHF35 million.

STRUCTURAL CONSIDERATIONS

Salt's B1-PD probability of default rating reflects Moody's
assumptions of a 50% family recovery rate typically used in
structures, including a mix of bank debt and bonds.

The senior secured term loan, the revolving credit facility and the
senior secured notes rank pari passu, and share the same guarantee
and security package, the latter comprising share pledges, bank
accounts and intercompany receivables. The B1 instrument rating on
these facilities is at the same level as the CFR, reflecting the
absence of any liabilities ranking ahead or behind.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Salt will
continue to report good operating performance, driven by growth in
postpaid mobile, business-to-business (B2B), and broadband. This
should lead to Moody's-adjusted leverage gradually reducing towards
5x over the next 12 to 18 months.

The stable outlook also incorporates Moody's expectations that
there will be no significant changes to the company's shareholder
remuneration policy (annual payout of CHF150 million to CHF180
million without using dividend recapitalizations) as well as the
outstanding 2026 debt maturities being refinanced in a timely
manner.

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

The ratings could be upgraded if the company's: (1) operating
performance continues to improve, including through sustained
revenue growth supported by subscriber net adds and/or improving
average revenue per user (ARPU); (2) exposure to the mobile segment
reduces; (3) Moody's-adjusted debt/EBITDA decreases towards 4.25x
on a sustained basis; (4) financial policy becomes more prudent;
and (5) liquidity improves.

The ratings could be downgraded if the company's: (1) operating
performance deteriorates; (2) financial policy becomes more
aggressive, as demonstrated by annual shareholder distributions in
excess of Moody's current expectations, and less predictable; (3)
Moody's-adjusted debt/EBITDA remains well above 5.25x, with no
expectation of improvement; and (4) liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Renens, Salt is the third-largest telecom operator
in Switzerland providing mobile, fixed line/broadband and TV
services. In 2024, the company generated revenue and
company-adjusted EBITDA (including the impact of IFRS 15 and IFRS
16) of CHF1,136 million and CHF571 million, respectively.

The company is owned by NJJ, Xavier Niel's private holding company,
which has stakes in a range of companies in Europe, including
eircom Holdings (Ireland) Limited (B1 stable).



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

79TH GRP: Quantuma Advisory Named as Administrators
---------------------------------------------------
79TH Grp Client Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Court Number: CR-2025-MAN-000594, and Jeremy Woodside
and Tracey Pye of Quantuma Advisory Limited were appointed as
administrators on May 6, 2025.  

79TH Grp engaged in the buy and sell of own real estate.

Its registered office is at Southport Business Park, Wight Moss
Way, Southport, PR8 4HQ and it is in the process of being changed
to c/o Quantuma Advisory Limited, The Lexicon, 10-12 Mount Street,
Manchester, M2 5NT

Its principal trading address is Southport Business Park, Wight
Moss Way, Southport, PR8 4HQ

The joint administrators can be reached at:

               Jeremy Woodside
               Tracey Pye
               Quantuma Advisory Limited
               The Lexicon,
               10 - 12 Mount Street
               Manchester, M2 5NT

For further details, please contact:

               Alex Holliday
               Tel No: 01616 949 144
               Email: alex.holliday@quantuma.com


ACM COMMERCIAL: RSM UK Named as Administrators
----------------------------------------------
ACM Commercial Limited was placed into administration proceedings
in the High Court of Justice, The Business & Property Courts of
England and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-003107, and David Shambrook and Gordon Thomson of RSM UK
Restructuring Advisory LLP, were appointed as administrators on
April 30, 2025.  

ACM Commercial engaged in technical and vocational secondary
education.

Its registered office and principal trading address is at Rodboro
Buildings, Bridge Street, Guildford, GU1 4SB.

The joint administrators can be reached at:

            David Shambrook
            Gordon Thomson
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street, London
            EC4A 4AB

Correspondence address & contact details of case manager:

            Samir Akram
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London, EC4A 4AB
            Tel No: 020 301 8000

Further details contact:

            The Joint Administrators
            Tel No: 020 3201 8000

ACM EDUCATION: RSM UK Named as Administrators
---------------------------------------------
ACM Education Limited was placed into administration proceedings in
the Business and Property Courts of England and Wales, Insolvency
and Companies List (ChD) Court Number: CR-2025-003108, and David
Shambrook and  Gordon Thomson of RSM UK Restructuring Advisory LLP
were appointed as administrators on May 6, 2025.  

ACM Education is a dormant company.

Its registered office and principal trading address is at Global
House, Bridge Street Guildford, GU1 4SB.

The joint administrators can be reached at:

            David Shambrook
            Gordon Thomson
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB

Correspondence address & contact details of case manager:

            Samir Akram
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London, EC4A 4AB
            Tel No: 020 3201 8118

For further details, contact:

            The Joint Administrators
            Tel No: 020 3201 8000


ACM LONDON: RSM UK Named as Administrators
------------------------------------------
ACM London Limited was placed into administration proceedings in
the Business and Property Courts of England and Wales, Insolvency
and Companies List (ChD) Court Number: CR-2025-003106, and David
Shambrook and  Gordon Thomson of RSM UK Restructuring Advisory LLP
were appointed as administrators on May 6, 2025.  

ACM London is engaged in business support service activities.

Its registered office is at Rodboro Buildings, Bridge Street,
Guildford, GU1 4SB

Its principal trading address is at 1-10 Bridge Street, Guildford,
GU1 4SB

The joint administrators can be reached at:

            David Shambrook
            Gordon Thomson
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB

Correspondence address & contact details of case manager:

            Samir Akram
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London, EC4A 4AB
            Tel No: 020 3201 8118

For further details contact:

            The Joint Administrators
            Tel No: 020 3201 8000


ALBION HOLDCO: S&P Affirms 'BB-' LT ICR on Planned Refinancing
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on modular power provider Albion Holdco Ltd. (Aggreko) and
its senior secured term loan B; revised to '4' its recovery rating
on the existing senior secured term loan B; and assigned its 'BB-'
issue rating and '4' recovery rating to the proposed senior secured
notes. Both recovery ratings have rounded recovery prospects of
40%.

The stable outlook indicates that Aggreko's revenue is expected to
increase by 13%-14% in 2025-2026, thanks to strong demand in key
end markets. Organic growth will likely be complemented by
additional bolt-on acquisitions. We anticipate that adjusted EBITDA
margins will exceed 37% in 2025-2026 (about 36.6% in 2024), which
implies that adjusted debt to EBITDA will remain close to or below
4.6x.

Aggreko plans to issue $2,265 million in senior secured notes due
2030 and upsize its revolving credit facility (RCF) to $980 million
and extend its maturity to 2030. It will use the proceeds to
refinance its existing senior secured notes, due May 2026, and its
senior unsecured notes, due May 2027, while also funding a dividend
of about $500 million to the group's shareholders and repaying $177
million in preference shares.

S&P said, "Although the transaction will increase Aggreko's gross
debt and its leverage, we anticipate that S&P Global
Ratings-adjusted debt to EBITDA will remain at 4.5x-4.6x in
2025-2026, given that we expect Aggreko's revenue and profitability
to grow significantly over that period.

"In our view, the additional funding to pay a shareholder dividend
signals a more-aggressive financial policy, especially given that
it is also significantly increasing investment spending. The
proposed dividend of about $500 million to shareholders TDR Capital
and I Squared Capital is the first since the two sponsors acquired
the group in 2021. Aggreko will also repay the $177 million in
preference shares held by Oaktree.

"That said, we do not anticipate that the new issuance will weigh
on Aggreko's credit quality at this time. The adjusted debt to
EBITDA is now forecast to be 4.5x-4.6x in 2025 and 2026, after
being 4.2x in 2024. We had previously forecast that adjusted debt
to EBITDA would fall to about 4.1x in 2025 and 3.9x in 2025.
Although leverage is now expected to reducing fall more slowly, it
has remained below 5.0x since 2023. We see as positive that Aggreko
is likely to keep it below that level while also maintaining funds
from operations (FFO) cash interest cover of about 3.0x in
2025-2026.

"In our base case, we assume that Aggreko could fund increased
capital expenditure (capex) and bolt-on acquisitions through
further incremental add-ons to its debt. Given the likely increase
in issuance and our view that the group will draw on its RCF to
fund rising capex and acquisitions, we anticipate that adjusted
debt will exceed $5.5 billion in 2025 ($4.3 billion in 2024). We
also expect that free operating cash flow (FOCF) will remain deeply
negative as Aggreko steps up its capital intensity to finance the
expected revenue growth. If the company does not achieve
significant revenue growth and modest margin expansion over
2025-2026 to offset the planned spending, the deeply negative FOCF
could significantly constrain the rating.

"Aggreko's investment spending, net of U.S. solar tax equity cash
receipts, is forecast to increase to over $1.1 billion in 2025 and
more than $1.35 billion in 2026, from about $715 million in 2024.
This implies that capex to sales will increase to 34.0%-36.5% over
the next two years, from 23.0%-25.0% in 2023 and 2024. More than
40% of this capex is viewed as discretionary. As a result of the
high investment spending, we expect FOCF will be significantly
negative in 2025, at about $500 million-$600 million, and more than
$600 million in 2026, compared with about negative $210 million
last year. Negative FOCF is typical for rental equipment issuers as
they grow fleet to capture higher volumes of demand and, given the
significant portion of the capex that is viewed as discretionary,
it can be reduced quickly to preserve liquidity in times of stress.
However, doing so would affect the rate of revenue growth. Because
of the ongoing investment in fleet inventory, we anticipate working
capital outflows for 2025 of more than $100 million.

"Aggreko's operational performance remains strong and end-market
conditions are supportive, suggesting that revenue and
profitability growth will be solid in 2025 and 2026. Given the need
for cleaner energy, we expect end-markets such as industrial
manufacturing, events, and data centers to represent areas of
growth for Aggreko, particularly given the need for cleaner
energy." The group has positioned itself as a provider across the
value chain, offering design, installation, and maintenance
services. It can offer complex solutions to customer needs and work
on short-term or seasonal projects, largescale events, or emergency
grid support. Rising demand linked to the energy transition is
likely to result in a power generation supply deficit, and a growth
opportunity for Aggreko. Its recent merger and acquisition (M&A)
activity shows that it has already started to take advantage of
this dynamic:

-- It significantly increased capacity in its European energy
solutions business by acquiring a solar park in Scotland in
September 2024;

-- It acquired a solar project in Texas through its energy
transition solutions division in February 2024; and

-- It integrated two providers of solar services--RenEnergy and
Infinity Energy--into its energy transition solutions division.

It also won new contracts through its events business, including a
recent global agreement to provide Formula 1 with temporary energy
solutions across operations through to at least 2027. Although some
of Aggreko's end-markets can be viewed as cyclical (for example,
construction) or volatile (oil and gas), S&P expects demand trends
for the group's key operations to remain supportive over the medium
term.

Aggreko's revenue growth in 2025 and 2026 will be fueled by new
contract wins in existing regions, complemented by additional
bolt-on acquisitions. S&P said, "We expect revenue to grow by
13.0%-14.0% in 2025, to above $3.2 billion. The percentage growth
will be similar in 2026, and was about 14% in 2024. Pricing impacts
and the mix across projects will continue to drive growth in 2025,
as it did in 2024, when it contributed about 5%. Aggreko continued
to demonstrate its ability to pass on higher costs to consumers,
and as it takes on more complex work, we expect it to benefit from
an increase in both services revenue and engineering revenue.
Revenue growth in North America and Europe is expected to remain
high during 2025, offset by continued contraction in Africa as
Aggreko shifts its portfolio away from the region to reduce project
execution risk. Revenue growth in all other regions is predicted to
be more than 10%. Given the long-term nature of projects, revenue
visibility in Latin America, Asia-Pacific, the Middle East, and
Africa is strong at more than 50% for 2025. We expect Aggreko to
make further bolt-on acquisitions as the market consolidates.
Acquisitions completed in 2023 and 2024 contributed $301 million of
revenue in 2024."

Profitability will be bolstered by pricing initiatives and product
mix changes, combined with accretive M&A. That said, S&P
anticipates that adjusted EBITDA margins will grow more slowly in
2025, at about 37.5%-38.0%, compared with 36.6% in 2024 and 33.3%
in 2023. Margin growth is bolstered by Aggreko's ability to pass on
higher costs to consumers, although there are some delays under
certain contracts; by its shift to higher-margin regions; and by
the change in its product mix, which is expected to include
more-complex engineering solutions in 2025. Aggreko has a record of
successfully integrating acquisitions that contribute to higher
margins--Resolute and Crestchic, which it acquired in 2023, both
operated at margins of over 38%.

At this stage, it is difficult to quantify how tariffs will affect
Aggreko's business. The group's U.S. business does not currently
import material supplies from Canada, Mexico, or China. Some
supplies are sourced from Europe and the U.K., and it remains
unclear whether and how large the U.S. tariffs on these regions
will be, or whether they will apply to Aggreko's inputs. S&P Global
Ratings believes there is a high degree of unpredictability around
policy implementation by the U.S. administration and
responses--specifically with regard to tariffs--and the potential
effect on economies, supply chains, and credit conditions around
the world. As a result, our baseline forecasts carry a significant
amount of uncertainty. As situations evolve, S&P will gauge the
macro and credit materiality of potential shifts and reassess its
guidance accordingly.

S&P said, "The stable outlook indicates that Aggreko's revenue is
expected to increase by 13%-14% in 2025-2026, thanks to strong
demand in key end markets. Organic growth will likely be
complemented by additional bolt-on acquisitions. We anticipate that
adjusted EBITDA margins will exceed 37% in 2025-2026 (about 36.6%
in 2024), which implies that adjusted debt to EBITDA will remain
close to or below 4.6x."

S&P could lower the ratings on Aggreko if it expects a mix of the
following factors:

-- A sustainable slowdown in revenue growth from the 13%-14%
increase forecast for 2025-2026, coupled with declining margins;
Debt to EBITDA to trend sustainably upward toward 5x;

-- FFO cash interest coverage to remain sustainably below 3x; and

-- FOCF generation to remain deeply negative beyond 2026, with no
recovery expected (potentially because of higher-than-predicted
replacement capex, lower earnings growth, or weak working capital
management).

S&P said, "A downgrade could occur if an economic downturn and
lower industrial production weaken the rental market by more than
we currently expect, or if Aggreko's M&A strategy causes debt to
increase significantly and weaken credit metrics for a prolonged
period.

"We see an upgrade as unlikely, given the company's acquisition
strategy and the likelihood of further bolt-ons. We could raise the
ratings on Aggreko if we considered that it had committed to a
substantial reduction in leverage, such that debt to EBITDA fell
below 4x and FFO to debt was well above 20%. An upgrade would also
depend on sustained positive FOCF generation and Aggreko's EBITDA
margin remaining above 35%."


ATLAS FUNDING 2025-1: DBRS Finalizes BB(high) Rating on E Notes
---------------------------------------------------------------
DBRS Ratings Limited finalized it provisional credit ratings on the
following classes of notes (the notes) issued by Atlas Funding
2025-1 Plc (the Issuer):

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

The 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 in July 2062. The credit ratings on
the Class B, Class C, Class D, and Class E notes address the timely
payment of interest once they are the senior-most class of notes
outstanding and until then the ultimate payment of interest and the
ultimate repayment of principal on or before the legal final
maturity date. The credit rating on the Class X notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date.

CREDIT RATING RATIONALE

The transaction represents the issuance of residential
mortgage-backed securities (RMBS) backed by first-lien, buy-to-let
(BTL) mortgage loans granted by Lendco Limited (Lendco; the seller
or the originator) in the UK.

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in the UK. Lendco is a UK specialist property finance
lender, which has been offering loans to customers in England and
Wales since 2018. Lendco's BTL business targets professional
portfolio landlords, often real estate companies or SPVs, which
they acquire through the broker marketplace.

This is Lendco's fifth securitization with the inaugural
transaction, Atlas Funding 2021-1, closing in January 2021,
followed by Atlas Funding 2022-1 in May 2022, Atlas Funding 2023-1
in May 2023, and Atlas Funding 2024-1 in May 2024.

Liquidity in the transaction is provided by the combination of a
liquidity facility (LF) available from closing and a liquidity
reserve fund (LRF) that will be funded through excess spread. The
LF shall cover senior costs and expenses, senior swap payments, and
interest shortfalls on the Class A notes only whereas the LRF shall
cover the same items plus interest shortfalls on the Class B notes.
In addition, principal borrowing is also envisaged under the
transaction documentation and can be used to cover senior costs and
expenses as well as interest shortfalls on the senior-most class of
notes outstanding but subject to some conditions for the Class B to
Class E notes.

Interest shortfalls on the Class B to Class E notes, as long as
they are not the senior-most class of notes outstanding, shall be
deferred and not be recorded as an event of default until the final
maturity date or such earlier date on which the notes are fully
redeemed.

The transaction also features two fixed-to-floating interest rate
swaps, given the presence of a large portion of fixed-rate loans
(with a compulsory reversion to floating in the future), while the
liabilities shall pay a coupon linked to Sonia.

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

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight
Methodology";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class X Notes according to the terms of the transaction
documents. Morningstar DBRS analyzed the transaction structure
using Intex DealMaker. Morningstar DBRS considered additional
sensitivity scenarios of 0% CPR;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland of AA with a Stable trend as
of the date of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology and the presence of
legal opinions that are expected to address the assignment of the
assets to the Issuer.

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 related Class Balances.

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

BNKBL LTD: RG Insolvency Named as Administrators
------------------------------------------------
BNKBL Ltd was placed into administration proceedings in the High
Court of Justice, Court Number: CR-2025-003082, and Michael
Goldstein, and Charlotte Jobling of RG Insolvency were appointed as
administrators on May 6, 2025.  

BNKBL Ltd is trading as BANKABLE.  BNKBL Ltd is involved in
information technology service activities.

Its registered office and principal trading address is at New Broad
Street House, 35 New Broad Street, London EC2M 1NH.

The joint administrators can be reached at:

            Michael Goldstein
            Charlotte Jobling
            RG Insolvency
            Devonshire House, Manor Way
            Borehamwood, Hertfordshire
            WD6 1QQ

For further information, contact:
           
            The Joint Administrators
            Tel No: 020 36037871

Alternative contact: Martina Alexandrou


BUSINESS AGENT: Begbies Traynor Named as Administrators
-------------------------------------------------------
Business Agent Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency and Companies List (ChD) Court Number:
CR-2025-MAN-000619, and Julian Pitts and Louise Longley of Begbies
Traynor (Central) LLP were appointed as administrators on May 8,
2025.  

Business Agent is involved in investment advice and arranging debt
and equity deals.

Its registered office is at The Townhouse, 114-116 Fore Street,
Hertford, Hertfordhsire, SG14 1AJ.

The joint administrators can be reached at:

         Julian Pitts
         Louise Longley
         Begbies Traynor (Central) LLP
         Floor 2, 10 Wellington Place
         Leeds, LS1 4AP

For further details, contact:

         Cameron Smith
         Begbies Traynor (Central) LLP
         Email: nextcrowd@btguk.com
         Tel No: 0113 285 8638


ION PLATFORM: Moody's Assigns 'B2' CFR, Outlook Stable
------------------------------------------------------
Moody's Ratings assigned B2 corporate family rating and B2-PD
probability of default rating to ION Platform Investment Group
Limited (ION Platform). The outlook on ION Platform is stable.

Moody's also placed ION Trading Technologies Limited's (ION Markets
or the company) B3 corporate family rating (CFR) and B3-PD
probability of default rating (PDR) on review for upgrade.
Concurrently, Moody's have placed the B3 ratings on the existing
backed senior secured instruments and B3 ratings on the senior
secured bank credit facilities, issued by ION Trading Technologies
S.a.r.l, on review for upgrade. Previously, the outlook on ION
Trading Technologies Limited and ION Trading Technologies S.a.r.l
was stable.

RATINGS RATIONALE

The rating action considers the recently announced merger of ION
Markets, ION Analytics (I-Logic Technologies Bidco Limited, B2
stable) and ION Corporates (Helios Software Holdings, Inc., B2
stable) into ION Platform Investment Group Limited (ION Platform),
a topco holding entity.

The enhanced business profile of the combined entity, ION Platform,
the potential for cost savings and operational leverage to improve
margins of the combined group, and its comparatively stronger
credit metrics, support the B2 CFR assigned to ION Platform. The B2
CFR also incorporates Moody's expectations, informed by the
company, that financial policy will become more prudent in coming
years compared with the historical pattern of regular debt
add-ons.

ION Platform's B2 CFR is supported by its established market
position as a provider of trading software across asset classes
(currently ION Markets), software and services for treasury risk
management, foreign exchange processing, and energy and commodity
trading risk management (E/CTRM) applications (currently ION
Corporates), and as a provider of data, content and other software
solutions to global capital markets participants (currently ION
Analytics). Compared to the individual businesses, ION Platform's
business profile would benefit from its larger scale, as well as a
more diversified product line, end-markets and customer base, while
maintaining high customer retention at around 98% and recurring
revenue above 80%. Additionally, Moody's expects growth in the
segments where it operates driven by continued digitalization of
its target customer base, as well as outsourcing trends.

ION Platform generated $2.3 billion revenue and $1.3 billion
Moody's-adjusted EBITDA during 2024. The combined company grew
revenue at a compound annual growth rate of over 3% over the last 3
years, relatively low compared to other software companies, which
Moody's believes is mostly due to comparatively more mature
markets. During the same period, Moody's-adjusted EBITDA (margin)
improved by around $200 million (426 bps), which reflects the
strong operational leverage of the company and ability to extract
synergies. Moody's estimates Moody's-adjusted gross leverage of
around 8.0x as of year-end 2024, pro forma the merger, and Moody's
expects gross leverage to improve towards 7.0x by end 2025.

Moody's have also placed ION Markets' B3 CFR on review for upgrade
due to expectation of improvement of credit profile of ION Markets
upon the closing of the merger. The review will focus on the
closing of the announced merger, as well as on any repayments or
amendments to current debt facilities that ensure all instruments
issued within ION Platform benefit from the same security and
guarantees and can thus be deemed to rank pari passu. Moody's
expects to withdraw ION Markets' ratings once the conditions
mentioned above are met.

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

Factors that could lead to an upgrade:

-- ION Platform continues to grow its revenue and EBITDA,
reflecting solid competitive position

-- Moody's-adjusted leverage improves to below 6.0x on a sustained
basis

-- Moody's-adjusted FCF/debt improves towards 10% on a sustained
basis

-- Moody's-adjusted (EBITDA – capital expenditures) / interest
expense improves above 2.0x on a sustained basis

-- A financial policy commitment to maintaining the stronger
credit metrics and at least adequate liquidity

Factors that could lead to a downgrade:

-- ION Platform's revenue and EBITDA growth is weaker than
expected

-- Continued aggressive financial policy decisions

-- Moody's no longer forecast Moody's-adjusted leverage (R&D
capitalised) to improve towards 7.0x on a sustained basis

-- Moody's-adjusted FCF before dividends / debt weakening below 3%
on a sustained basis

-- Moody's-adjusted FCF after dividends and other forms of cash
distributions to holding companies (incl. intra-group loans) is
negative on a sustained basis

-- Moody's-adjusted (EBITDA – capital expenditures)/ interest
expenses remaining below 1.5x on a sustained basis

-- Deterioration of liquidity

OUTLOOK

The stable outlook of ION Platform reflects Moody's expectations
that the ION Platform's credit metrics will improve to levels
commensurate with Moody's expectations for its B2 CFR over the next
12-18 months and remain there thereafter. The stable outlook does
not factor in further debt-funded distributions and acquisitions.

LIQUIDITY

ION Platform' liquidity is adequate, supported by pro forma
combined of three entities cash on balance of around $300 million,
and Moody's expectations of positive pre-dividend FCF in 2025 and
2026. Moody's expects the company's liquidity will be further
supported by a fully undrawn revolving credit facility (RCF).
Currently, the individual companies (ION Markets, ION Analytics and
ION Corporates) have, combined, fully undrawn revolvers of
approximately $310 million, and Moody's expects ION Platform would
have a similar amount of RCF.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's expectations, informed by the company, that financial
policy will become more prudent in coming years compared with the
historical pattern of regular debt add-ons was a key consideration
for the rating. In the past, ION Group's aggressive financial
strategy and risk management was highlighted by recurring debt
funded shareholder distributions. The recurring transactions among
ION Group companies pose risk related to cash leakage, and limited
disclosure relative to public companies and other private companies
also poses risk, although the merger could improve transparency.
ION Group's long-term investment strategy and track record of
achieving cost savings partially mitigates these risks.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

ION Platform is a provider of trading software across asset classes
(currently ION Markets), software and services for treasury risk
management, foreign exchange processing, and energy and commodity
trading risk management (E/CTRM) applications (currently ION
Corporates), and data, content and other software solutions to
global capital markets participants (currently ION Analytics). ION
Platform generated $2.3 billion revenue and $1.3 billion
Moody's-adjusted EBITDA during 2024.

ION TRADING: S&P Puts 'B-' ICR on CreditWatch Positive
------------------------------------------------------
S&P Global Ratings placed its 'B-' ratings on Ion Trading
Technologies Ltd. (Ion Markets) on CreditWatch with positive
implications.

The CreditWatch placement reflects S&P's expectation that it could
raise its ratings on Ion Markets upon the Ion Platform merger,
which is expected to close in June.

Ion Group, the parent company of Ion Markets, Ion Corporates, and
Ion Analytics, is seeking to merge the three entities. It plans to
name the new company ION Platform Investment Group.

S&P said, "We recently assigned our preliminary 'B+' issuer credit
rating and stable outlook to Ion Platform. Our preliminary ratings
on Ion Platform reflect our view that the merger will enable
significant cost synergies, and allow for better alignment of its
product suite and go-to-market strategy to existing clients, which
could lead to better cross-selling opportunities and support
enhanced organic growth.

"Given its significant contribution to the Ion Group, we consider
that the overall group's creditworthiness will be closely aligned
to that of Ion Platform, so we could raise our view of the group's
credit profile upon the merger's execution. A positive revision of
our group credit profile on Ion Investment Corporation would
therefore lead to a one-notch group support uplift for our ratings
on Ion Markets given our view of the subsidiary's importance in the
overall Ion Group (under parent company Ion Investment), which will
remain the relevant parent for our analysis of potential group
support.

"The CreditWatch placement reflects our expectation that we could
raise our ratings on Ion Markets one notch upon the execution of
its parent group's merger, which we expect to close in June."


MOBICO GROUP: Moody's Puts 'Ba2' CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Ratings has placed the Ba2 long term Corporate Family
Rating of Mobico Group PLC (Mobico or the company) and Ba2-PD
Probability of Default rating on review for downgrade. All the
ratings of the company have been placed on review for downgrade,
including the (P)Ba2 rating of the company's GBP1.5 billion backed
senior unsecured medium term-note (MTN) programme, the Ba2 ratings
of GBP250 million backed senior unsecured medium term notes due
2028, the EUR500 million backed senior unsecured medium term notes
due 2031 as well as the B1 rating of the GBP500 million perpetual
subordinated non-call fixed rate reset notes. Previously, the
outlook was stable.

The rating action reflects:

-- Weak credit metrics, with gross debt / EBITDA ratio standing at
an estimated 7.2x as at December 31, 2024 on a Moody's-adjusted
basis, interest coverage well below 1x and negative free cash
flow.

-- Lower than expected net proceeds from the disposal of the North
American School Bus business, which will limit the potential for
debt reduction.

-- Lingering uncertainties regards the renewal of the long haul
concession in Spain (due in 2027).

Moody's reviews will focus on the evaluation of forecast operating
trends including the regulatory environment, free cash flow
generation, and on financial policies and practices.

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

Mobico's credit profile is constrained by the company's (i) large
non-revenue-generating capital investments, which constrains cash
generation; (ii) growing dependence on the ALSA Spanish business,
which generated the bulk of company-adjusted underlying operating
profit before central functions in 2024; (iii) about 30% of
revenues derived from variable passenger demand; (iv) ongoing cost
pressures notably around wages; (v) weak prospects of earnings
growth elsewhere; and (vi) currently stretched credit metrics that
significantly deviate from the company's stated financial policy to
maintain company-defined leverage between 1.5x-2x.

More positively, Mobico's Ba2 long-term CFR rating also reflects
(i) a high proportion (over 70%) of contracted and concession
revenues independent of passenger demand; (ii) a range of material
support from various national and local governments demonstrated
during the pandemic and continuing in some markets with respect to
subsidies for converting the fleet to zero emission vehicles
(ZEVs), but offset by the difficulties in passing on inflationary
pressure through regulated price increases over the last two years;
(iii) diversified geographic presence, with significant operations
in North America, the UK, Spain, and Germany, although offset by
the increasing dependency of earnings on the profitability of the
Spanish operations; and (iv) a conservative financial policy.

The company's key credit metrics remain weak, and the net proceeds
from the sale of the US school bus business will not allow the
company to deleverage as much as Moody's previously expected. The
coverage of interest expenses (defined as Moody's adjusted
EBITDA-Capex to Interest expense) remained very weak and well below
1x in 2024, when Mobico also generated negative free cash flows.

Liquidity, however, remains adequate at this stage, with GBP245
million of cash on balance sheet at the end of last year, with
fully available revolving credit facilities totalling GBP600
million, with GBP29 million maturing in 2028 and GBP571 million in
2029.

Mobico has significant exposure to environmental risks, driven by
carbon transition and pollution risks related to its transportation
fleet (including higher capex), and to social risks in connection
with regulatory pricing pressure and rising personnel costs. In
terms of governance, the company has operated outside its stated
financial policy and stated last year that the timeline of its net
leverage reduction, to its target of 1.5x-2x from 3x at the moment
based on its covenant definition, has shifted to 2027 from 2024.

An upgrade is currently unlikely in view of the challenges that the
company faces and its high leverage.

Moody's reviews for downgrade, which could lead to a multi-notch
downgrade will include the evaluation of the current and forecasted
operating trends including the regulatory environment, and free
cash flow generation, and on financial policies and practices.

Before Moody's opened the review Moody's had stated the Ba2 rating
could be downgraded if the company's operating performance and debt
metrics fail to improve such that the company's Moody's-adjusted
gross debt/EBITDA, remains sustainably above 5x, (EBITDA – Capex)
to interest expense well below 3x, or if free cash flows to gross
debt below 5% of gross debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Railways and Bus Companies published in August 2024.

COMPANY PROFILE

Listed in the UK, Mobico is a provider of transit bus, school bus,
coach, shuttle, and other road transit services in the UK, Spain,
North America (mostly the US), Morocco, Switzerland, Portugal,
France, and Saudi Arabia, and an operator of railway services in
Germany. At the date of this publication the company had a market
capitalisation of around GBP200 million.

SEVENTY NINTH: Quantuma Advisory Named as Administrators
--------------------------------------------------------
Seventy Ninth Client Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Court Number: CR-2025-MAN-000605, and Jeremy Woodside
and Tracey Pye of Quantuma Advisory Limited were appointed as
administrators on May 7, 2025.  

Its registered office is at Southport Business Park, Wight Moss
Way, Southport, PR8 4HQ and it is in the process of being changed
to c/o Quantuma Advisory Limited, The Lexicon, 10-12 Mount Street,
Manchester, M2 5NT

Its principal trading address is Southport Business Park, Wight
Moss Way, Southport, PR8 4HQ

The joint administrators can be reached at:

               Jeremy Woodside
               Tracey Pye
               Quantuma Advisory Limited
               The Lexicon  
               10 - 12 Mount Street
               Manchester, M2 5NT

For further details, please contact

               Alex Holliday
               Tel No: 01616 949 144
               Email: alex.holliday@quantuma.com



                           *********


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