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

                          E U R O P E

          Wednesday, May 21, 2025, Vol. 26, No. 101

                           Headlines



B E L G I U M

ADB SAFEGATE: Fitch Assigns 'B+(EXP)' LongTerm IDR, Outlook Stable


F R A N C E

AIR FRANCE-KLM: S&P Rates Perpetual Deeply Sub. Hybrid Notes 'B+'
OPAL BIDCO: Fitch Assigns Final BB- Ratings on Sr. Secured Debt


G E R M A N Y

STANDARD PROFIL: S&P Lowers ICR to 'SD' on Distressed Exchange


I R E L A N D

ARES EUROPEAN XIII: Fitch Hikes Rating on Class F Notes to 'B+sf'
TRINITAS EURO IX: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes


I T A L Y

FLOS B&B: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
TIM SPA: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable


L U X E M B O U R G

FORESEA HOLDING: Moody's Affirms 'B2' CFR, Outlook Stable
OCEANIA ENGENHARIA: Fitch Lowers LongTerm IDR to 'B-'
SAPHILUX SARL: Moody's Hikes CFR to B2 & Alters Outlook to Stable


S P A I N

BAHIA DE LAS ISLETAS: S&P Lowers ICR to 'CCC', On Watch Negative


U N I T E D   K I N G D O M

ABERDEEN RETAIL 1: Azets Holding Named as Administrators
ABERDEEN RETAIL 2: Azets Holding Named as Administrators
BRACCAN MORTGAGE 2025-1: Moody's Assigns B1 Rating to Cl. X Notes
BRACCAN MORTGAGE 2025-1: S&P Assigns B-(sf) Rating on X Notes
EQUIANO LIMITED: Quantuma Advisory Named as Administrators

EUROSAIL-UK 2007-6: Fitch Affirms 'B-sf' Rating on Class C1a Notes
KING INDUSTRIES: Begbies Traynor Named as Administrators
LGC SCIENCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
LONDON BRIDGE 2025-1: S&P Assigns Prelim. B-(sf) Rating on X Notes
MANIFEST LONDON: Moorfields Named as Administrators

MHL2 LTD: Leonard Curtis Named as Administrators
PREMIER FOODS: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
RANGE CYLINDERS: FRP Advisory Named as Administrators

                           - - - - -


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B E L G I U M
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ADB SAFEGATE: Fitch Assigns 'B+(EXP)' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned ADB Safegate Luxembourg Finco (ADB) an
expected Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with a
Stable Outlook and the issuer's proposed EUR500 million term loan
B, due 2032, an expected instrument rating of 'B+(EXP)' with a
Recovery Rating 'RR4'.

The IDR is constrained by ADB's limited scale, narrow end-markets
and exposure to supply-chain risk, given its niche market position.
ADB's financial profile supports the rating, driven by a healthy
order backlog providing good revenue visibility, its expectation of
strong profitability on product leadership and cost control, and
the proposed capital structure that maintains EBITDA leverage below
5x.

The Stable Outlook reflects its expectation that key credit metrics
will remain within rating sensitivities, supported by a globally
diversified customer base with resilience to economic volatility.

The final rating is subject to the completion of the transaction
and the final documentation conforming with the drafts Fitch has
already received.

Key Rating Drivers

Stronger Capital Structure: Fitch expects EBITDA leverage to fall
to around 5x by YE2025, following the completion of the proposed
transaction, which includes a EUR284 million shareholder
contribution. Subsequently, Fitch forecasts EBITDA leverage to
trend down to below 4.0x over the forecast horizon on sustainably
high profitability and stable debt quantum, with cash flow
reinvested to support growth. This underpins the rating.

Limited Scale Constrains Rating: ADB's business profile is
constrained by its small size, with narrow end-markets and product
scope. Broad geographic diversification with product leadership and
exposure to long-term air-traffic trends rather than short-term
passenger-volume volatility support ADB's resilience and mitigate
its narrow scope.

Challenging Supply-Chain Management: Fitch believes ADB's
supply-chain position exposes it to high risks in working capital
management amid market volatility. Its niche position restricts its
negotiating power and ability to swiftly react to market
fluctuations. This impacts its supply chain, as exemplified by the
increased inventory lead times in 2022. ADB has invested in better
working capital management and some insourcing, but Fitch expects
these risks to remain.

Robust Profitability to Continue: Fitch expects an increase in the
Fitch-defined EBITDA margin to around 20% in 2026, from 17.2% in
2024, on an improved cost structure following the full absorption
of ADB's latest restructuring efforts - albeit Fitch views the
structure as still somewhat inflexible - and successful pricing
strategy. The profitable product-pricing mix is supported by ADB's
technological advantage over competitors and the low total cost of
its products in customer projects.

Positive FCF: Fitch expects the EBITDA margin to remain solid in
its rating case, driven by a high order backlog and enhanced cost
control. This, together with reduced interest expense, steady capex
and the absence of dividends (or large M&A) supports positive free
cash flow (FCF) generation.

Strong Position in Niche Market: Fitch views ADB's established
market leadership as a credit strength, reinforced by its
competitive edge in technological content and the customer appeal
of product reliability. This is evidenced by the issuer's long-term
customer relationships, with a 90% retention rate, and about 20% of
revenue stemming from aftermarket and services. Fitch believes ADB
is well-positioned to continue to benefit from regulation-driven
demand for its critical components in airport systems.

Peer Analysis

ADB's post-refinancing financial profile is characterised by
limited scale and is broadly similar to that of other 'B' category
rated industrial entities, such as Project Grand Bidco (UK) Limited
(B+/Stable) and Trench Group Holdings GmbH (BB-/Stable). ADB
generates EBITDA margins below that of INNIO Group Holding GmbH
(B+/Positive) and Trench, but above that of CEME S.p.A. (B/Stable)
and Dynamo Midco B.V. (Innomotics, B/Positive).

Fitch expects ADB's post-refinancing leverage, and likely
deleveraging profile, to be stronger than that of peers such as
CEME and Innomotics, justifying the one-notch rating difference,
albeit weaker than that of Trench and Radar Topco SARL (Swissport,
BB-/Stable). Similarly, its FCF margin, after the 2025 transition
period, will likely be higher than that of the peers', except INNIO
and Trench, contributing to the difference in ratings.

ADB's exposure to narrow end-markets and products is a limitation
compared to most of these companies. This is mitigated by its
strong market position in a steady market, similar to Swissport,
and broad geographic diversification. Its exposure to challenging
supply-chain management is similar to that of many diversified
manufacturing peers.

Key Assumptions

- Revenue to grow at about 6.5% over the forecast horizon of four
years on stabilised prices and current order book

- EBITDA margin of around 18% in 2025, improving to around 20%,
reflecting stronger trading on improved product pricing, driven by
digitalisation and recent cost restructuring

- Cash interest paid to decrease to an average EUR37 million
annually, following the finalisation of the transaction on a lower
debt quantum and shareholder contribution. Euribor interest rate to
follow Fitch's latest Global Economic Outlook

- Working capital outflow of between -2.4% and -3.2% of revenue

- Capex to increase to around 5.8% of revenue in 2025, then by
around 3.8%

- No M&A or dividend payments

Recovery Analysis

The recovery analysis assumes that ADB would be reorganised as a
going concern (GC) in a bankruptcy, rather than liquidated.

- Fitch assumes a 10% administrative claim.

- Fitch estimates GC EBITDA at EUR70 million. This reflects its
view of a sustainable, post-reorganisation EBITDA level on which
Fitch bases the enterprise valuation (EV).

- Fitch applies a multiple of 5.0x to GC EBITDA to calculate a
post-reorganization EV. This reflects ADB's business model as a
market leader in the resilient and regulated air-traffic market. It
is further supported by high customer retention, characterised by
long-term relationships on product reliability, competitive
advantage on innovation and relatively inelastic demand.

- The waterfall analysis is based on the proposed capital structure
and consists of super senior factoring, with the highest
outstanding amount of EUR7 million at end-2024. ADB's EUR100
million RCF and EUR85 million guarantee facility is fully drawn
post restructuring, alongside senior secured term loans B of EUR500
million. All instruments rank pari passu.

These assumptions result in a recovery rate for the senior secured
instrument within the 'RR4' range, resulting in the instrument
rating being equalised with the IDR at 'B+'.

RATING SENSITIVITIES

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

- FCF margins sustainably below 1%

- EBITDA leverage sustainably above 5x

- Cash flow from operations (CFO) less capex sustainably below 5%
of debt

- More aggressive financial policy

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

- EBITDA leverage sustainably below 4x

- CFO less capex sustainably above 10% of debt

- Improved product diversification and end-market mix

Liquidity and Debt Structure

ADB reported EUR28.8 million of available cash at end-2024, which
Fitch adjusts to EUR15.2 million assuming intra-year working
capital changes that restrict 2.5% of sales.

On completion of the proposed transaction, Fitch expects liquidity
to be supported by a prudent financial policy, including stable
capital expenditure, no dividends or large M&A, a fully undrawn
EUR100 million RCF and its expectation of positive FCF across the
rating case horizon on lower interest expense. ADB's short-term
debt requirements are limited to its ongoing factoring facilities,
which had a EUR7 million outstanding balance at YE2024, while the
proposed term-loan B due 2032 will form the bulk of debt.

Issuer Profile

ADB is the global leader in airside products, solutions and
services.

Date of Relevant Committee

13 May 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating                     Recovery   
   -----------             ------                     --------   
ADB SG SWE

   senior secured    LT     B+(EXP)  Expected Rating    RR4

ADB Safegate
Luxembourg Finco     LT IDR B+(EXP)  Expected Rating

   senior secured    LT     B+(EXP)  Expected Rating    RR4

ADB SG Americas 1

   senior secured    LT     B+(EXP)  Expected Rating    RR4




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F R A N C E
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AIR FRANCE-KLM: S&P Rates Perpetual Deeply Sub. Hybrid Notes 'B+'
-----------------------------------------------------------------
S&P Global Ratings has assigned its 'B+' issue rating to the
proposed perpetual deeply subordinated hybrid notes issued by Air
France-KLM S.A. (AFKLM; BB+/Stable/--).

The transaction's completion and size will be subject to market
conditions, but S&P anticipates a benchmark issuance of about
EUR500 million. AFKLM plans to use the proceeds to replace its
EUR497 million Apollo perpetual bond issued by the group's spare
engines subsidiary in 2022 and callable in July 2025, which has no
equity content.

The 'B+' rating on the proposed hybrid notes is three notches below
AFKLM's long-term issuer credit rating, reflecting the notes' deep
subordination (two notches for speculative-grade in Group A
jurisdiction) and optional interest deferability.

S&P said, "We classify the proposed notes as having intermediate
equity content until their first reset date occurring more than
five years after the issue date, because they meet our criteria in
terms of their subordination, availability to conserve cash and
absorb losses, and optional deferability during this period.
Consequently, in our calculation of AFKLM's credit ratios, we treat
50% of the principal outstanding and accrued interest on the
hybrids as equity rather than debt. We also treat 50% of the
related payments on these notes as equivalent to a common dividend.
After the transaction, we anticipate new hybrids with intermediate
equity content could equal 3%-4% of the company's adjusted
capitalization, while the remaining five hybrids--totaling EUR3.1
billion--have no equity content."

Although the proposed notes have no final maturity date, the issuer
may redeem them for cash on the first call date (occurring more
than five years after the issue date), and on each interest payment
date thereafter. The notes may be purchased in the open market, but
the issuer intends to redeem or repurchase the notes only to the
extent that they are replaced with instruments with equivalent
equity content. In addition, the notes may be called at any time
for tax, rating, and accounting events, or if 75% or more of the
notes have been redeemed. S&P deems those risks as external or
remote.

In addition, AFKLM can call the instrument any time before the
first call date at a make-whole premium (the make-whole
redemption). S&P said, "We understand the company does not intend
to redeem the instrument during this make-whole period and any such
redemption would occur well above par, and we do not consider that
this clause creates an expectation that the issue will be redeemed
in that time. Accordingly, we do not view it as a call feature in
our hybrid analysis, even if it is referred to as a make-whole
redemption clause in the documentation."

S&P said, "We understand that the interest on the proposed
securities will increase by 25 basis points (bps) five years after
the first reset date, then by an additional 75 bps at the second
step-up 15 years (20 years immediately and irrevocably in case our
rating on AFKLM is raised to the investment-grade category) after
the first reset date. We view any step-up above 25 bps as
presenting an incentive to redeem the instrument and therefore
treat the date of the second step-up as the instrument's effective
maturity."

In S&P's view, the option to defer payment on the proposed notes is
discretionary. This means that the issuer may elect not to pay
accrued interest, in whole or in part, on an interest payment date
and doing so is not an event of default. AFKLM retains the option
to defer interest throughout the life of the notes. However, any
deferred interest is cumulative and accrues, and will ultimately be
settled in cash if, for example, the issuer paid interest on the
next interest payment date or declared a dividend. This provision
is acceptable under our methodology, given that the issuer can
choose to defer on the next interest payment date after settling a
previously deferred amount.

The proposed notes (and coupons) would constitute unsecured and
deeply subordinated obligations of AFKLM and would rank senior only
to the issuer's ordinary shares or any other class of the issuer's
share capital (including preference shares).


OPAL BIDCO: Fitch Assigns Final BB- Ratings on Sr. Secured Debt
---------------------------------------------------------------
Fitch Ratings has assigned Opal Bidco SAS senior secured facilities
of USD1,100 million notes, EUR1,750 million loan, EUR1,250 million
notes and Opal US LLC's USD3,750 million term loan final ratings of
'BB-' with Recovery Ratings of 'RR3'. The debt is being issued to
support the acquisition of Opal Holdco 4 SAS (Opella).

The final rating is in line with the expected rating that Fitch
assigned on 24 March 2025

Opella's 'B+' rating reflects high initial financial leverage,
which Fitch estimates at 7x, and a very strong business profile. As
a leading global player in the consumer healthcare sector, the
company has a broad portfolio of global and local brands,
diversified across product categories, regions and distribution
channels.

The Stable Outlook is based on Opella's potential for deleveraging
towards 6.5x in 2026 and below 6.0x in 2027. Fitch expects healthy
organic revenue growth, improved profitability improvement, and
sizeable and growing FCF to support this progress.

Key Rating Drivers

Strong Consumer Health Positioning: Opella is the third-largest
global sector constituent in the highly fragmented over-the-counter
(OTC) drugs and vitamins, minerals, and supplement (VMS) markets,
with sizeable scale of Fitch-adjusted EBITDA of EUR1.1 billion. It
focuses on diverse categories including digestive wellness (29% of
2024 revenue), pain care (21%), allergy (15%), and cough and cold
(10%). Opella's revenue is well diversified globally, with 35% from
Europe, 26% from North America, 24% from Asia, Middle East and
Africa, and 15% from Latin America.

Opella's broad exposure to the emerging markets offers higher
growth potential compared with industry averages. Fitch expects the
company to continue its organic revenue growth at a CAGR of 3.5%
during 2025-2029, benefiting from resilient secular growth in the
consumer healthcare sector. Opella's sales grew at a CAGR of 4.4%
during 2019-2024, showing low cyclicality in economic downturns,
with the majority of sales from OTC products (2024: 77%).

High Starting Leverage Constrains Rating: Opella's rating is
constrained by its high opening financial leverage with
Fitch-estimated EBITDA leverage of 7x at end-2025, following the
company's ongoing carve-out from Sanofi. Fitch expects leverage to
drop to 6.5x in 2026 and below 6.0x in 2027, supported by gains
from operating efficiencies initiatives and restructuring costs
reduction.

Fitch assumes Opella will focus on organic growth through further
category penetration, innovation, geographic expansion and
e-commerce development, coupled with self-funded bolt-on
acquisitions. Failure to deleverage to 6.5x by end-2026 would
signal operational challenges or higher execution risks and would
considerably tighten the rating headroom.

Competitive Brand Portfolio: Opella's sizeable, diversified and
well-established brand portfolio of science-backed products
contributes to a strong business risk profile, materially
underpinning its overall credit profile. This supports higher debt
capacity commensurate with the high end of the 'B' rating category,
despite high opening leverage. Around 70% of Opella's revenue is
generated by six global leading brands and nine local brands that
rank in the top three of their respective categories or regions.

Critical Innovation Capability; Omni-Channel: Fitch estimates that
Opella spends 4% of its revenue on research and development (R&D)
annually with a focus on improving formulations, product efficacy
or adding new indications within the existing portfolio, with
limited execution risks. Opella's business profile is also
supported by a broad commercial footprint and well-diversified
distribution channels across pharmacies, retailers and e-commerce,
combining its own capabilities with third-party distributors in
smaller countries. Opella's portfolio is not at risk of medium-term
patent expiration.

Active Portfolio Management: Fitch expects Opella's efforts to
optimise its nearly 100-brand portfolio to ensure sustained
mid-single digit revenue growth and improve profitability. In the
US market, revenue growth in the next one to three years will be
also supported by Qunol VMS products, a US-based brand acquired in
2023. During 2020-2024, the company disposed of more than 150
brands that no longer fit into its strategy and added new
high-growth brands, reducing the revenue concentration risk on a
few mega-brands.

Cash Generative Operations: Fitch expects Opella to sustain
positive mid-single digit free cash flow (FCF) margins in 2025-2028
as EBITDA profitability gradually improves due to premium product
positioning, moderate working capital needs, and contained capex.
Fitch expects Opella's FCF margin to improve to mid-to-high single
digits in 2028, driven by Fitch-adjusted EBITDA margin expansion to
above 23% and the discontinuation of separation costs. Fitch
considers the consumer healthcare market inherently resilient and
predictable, with minimal price elasticity contributing to healthy
cash flows.

Limited Execution Risk on Separation: Opella's carve-out from
Sanofi is targeted for completion in 2Q25. Fitch views the process
as substantially complete with limited residual execution risk,
based on the progress achieved by the group to date since the
separation announcement in 2021. Opella is now operating
independently from Sanofi, which will remain a minority
shareholder, across multiple corporate functions including R&D,
distribution, and central office. The remaining separation costs,
mainly related to IT, are estimated at EUR100 million a year during
2025-2027. This is approximately half of the 2024 separation costs
each year for the next three years to complete the separation.

Resilient Market Fundamentals: Opella's rating is supported by the
attractive underlying long-term growth fundamentals of the global
consumer healthcare market. These include rising health and
wellbeing awareness, an aging population, a focus on prevention,
increasing interest in self-medication, and growing disposable
income across developed and developing economies. An increasing
online offering provides additional potential for market
penetration. Opella's business model is well placed to capitalise
on these supportive macro-economic sector trends.

Peer Analysis

Opella has a comparable business profile with Galderma Group AG
(BBB/Stable), a medical, aesthetic and consumer skin care producer.
Both companies enjoy strong market positions in their respective
segments, leading brand portfolios, wide sales geographical
diversification, a resilient product category and healthy growth
opportunities. However, Galderma has much lower leverage and more
stringent financial policies than Opella.

Opella is rated higher than Neopharmed Gentili S.p.A. (B/Stable), a
specialist pharmaceutical company with higher profitability and
slightly lower leverage, while Opella benefits from greater scale,
stronger brands and broader diversification. Opella is also rated
one notch higher than Cooper Consumer Health (B/Stable), which is
also focused on OTC consumer healthcare products, but its higher
margin is balanced by limited scale and weaker geographic
diversification.

Opella has a stronger business profile than THG PLC (B+/Stable), a
seller of wellness and beauty products with a mix of third-party
and own brands. Opella has bigger scale with a larger portfolio of
strong brands and a wider geographical reach. Opella's also
benefits from stronger operating margins, which are balanced by its
higher leverage and less conservative financial policy.

Within the packaged food sector, Opella's brand portfolio is as
similarly strong as Sigma Holdco BV's (Flora Food Group, B/Stable),
with both credit profiles benefitting from a global presence and
strong profitability. Both companies have high leverage, but Fitch
views secular market trends for Opella as more resilient and
providing higher growth opportunities than plant-based spreads,
including margarine, where Flora Foods operates.

Key Assumptions

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

- Revenue CAGR of 4.8% in 2025-2029, supported mainly by 3%-4% of
organic growth and bolt-on acquisitions.

- EBITDA margin to gradually improve toward 23% by 2028, mainly
driven by improved operating efficiencies and reducing
restructuring cost.

- Capex at 3%-3.5% of revenue a year during 2025-2028.

- EUR100 million of acquisitions in 2026 and EUR250 million a year
in 2027-2028, funded by internal cash.

- No dividends paid during 2025-2028.

Recovery Analysis

The recovery analysis assumes that Opella would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated.

Fitch estimates a post-restructuring GC EBITDA at around EUR900
million, on which Fitch bases the enterprise value (EV) to reflect
operational difficulties including a hypothetical significant drop
in market share and deterioration of profitability, which would
lead to an unsustainable capital structure.

Fitch assumes a distressed EV/EBITDA multiple of 6.5x, above the
5.0x-6.0x level applicable to most of Fitch-rated EMEA
non-investment grade consumer sector peers. This multiple reflects
Opella's strong global market position across a diversified branded
product portfolio with attractive underlying cash generative
properties.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR3' for the total senior secured debt of
EUR7.29 billion, indicating a 'BB-' instrument rating based on
current assumptions, one notch above the IDR. The senior secured
debt ranks pari passu with the EUR1.2 billion committed revolving
credit facility (RCF), which Fitch assumes to be fully drawn prior
to distress in line with its criteria.

RATING SENSITIVITIES

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

- Aggressive financial policy or operating underperformance leading
to a lack of deleveraging with EBITDA leverage above 7x

- Inability to generate positive FCF margins in the mid-single
digits, due to weakening performance or higher-than-expected
restructuring charges

- EBITDA interest coverage below 2x

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

- EBITDA leverage trending permanently below 6x together with more
clarity on the financial policy

- Steady profitability, with FCF in the mid-single digits, on a
sustained basis

- EBITDA interest coverage above 3.5x

Liquidity and Debt Structure

Fitch estimates Opella will have EUR265 million of freely available
cash on hand at end-2025, after excluding EUR150 million that Fitch
categorises as restricted for a minimum cash balance to meet its
global daily operations and not available for debt service.

The liquidity position is supported by Fitch's expectations of
strong FCF, sufficient to fund a limited amount of scheduled
amortised senior secured debt per year and potential bolt-on
acquisitions. Opella's financial flexibility is bolstered by its
access to EUR1,200 million RCF, which Fitch expects to remain
undrawn over the rating horizon. The debt structure is concentrated
but features long-dated maturities, with the RCF maturing in 2031,
and the senior secured debt maturing in 2032.

Issuer Profile

Opella is one of the leading players in the consumer health market
across more than 100 countries. Its diverse portfolio includes
about 100 global and local brands that hold leading market
positions in cough and cold, allergy, pain care and digestive in
the OTC and VMS segments.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt            Rating          Recovery   Prior
   -----------            ------          --------   -----
Opal Bidco SAS

   senior secured   LT     BB- New Rating   RR3

   senior secured   LT     BB- New Rating   RR3      BB-(EXP)

Opal Holdco 4 SAS   LT IDR B+  Affirmed              B+

Opal US LLC

   senior secured   LT     BB- New Rating   RR3      BB-(EXP)




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G E R M A N Y
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STANDARD PROFIL: S&P Lowers ICR to 'SD' on Distressed Exchange
--------------------------------------------------------------
S&P Global Ratings has lowered its long-term issuer credit rating
on Standard Profil Automotive GmbH (Standard Profil) to 'SD'
(selective default) from 'CCC-', and its issue rating on the
company's EUR275 million senior secured notes to 'D' (default).

Standard Profil secured a new super senior EUR43.5 million bridge
loan, maturing in September 2025, from an ad hoc group of lenders
representing about 60% of its EUR275 million senior secured notes.

In addition, the ad hoc group reached an agreement with the
previous lenders under the company's existing EUR30 million super
senior revolving credit facility (RCF) to become the new lenders of
the RCF while extending the RCF's maturity date to Sept. 30, 2025.

S&P Global Ratings views the issuance of the bridge facility as a
distressed exchange. S&P lowered its rating on Standard Profil to
'SD' following the issuance of a new EUR43.5 million bridge
facility that ranks structurally senior to the company's EUR275
million senior secured notes due in April 2026. The bridge
facility, provided by members of the ad hoc group of lenders, ranks
pari passu with the super senior RCF, and therefore ahead of the
senior secured notes in the capital structure. According to its
understanding, no compensation was offered to noteholders in
connection with these changes. The creation of new structurally
senior debt was implemented amid ongoing financial pressure.
Accordingly, S&P lowered the issue rating on the EUR275 million
senior secured notes to 'D' (default). On May 1, 2025, the company
amended and restated the existing EUR30 million RCF by converting
it into a term loan, extending its maturity to Sept. 30, 2025, and
aligning it with the bridge facility in terms of economic
treatment, while tightening certain undertakings. This amendment
was agreed with the new RCF lenders, who are also members of the ad
hoc group.

The EUR43.5 million bridge facility provides a meaningful
improvement to the company's liquidity position. The facility
offers some breathing room and supports near-term operations,
giving the company additional leeway as it works through its
financial restructuring. As of Dec. 31, 2024, Standard Profil had
EUR50.4 million of liquidity sources, consisting of EUR35.6 million
in cash and cash equivalents and EUR14.8 million available under
factoring facilities and local credit lines. S&P notes that the
company remains current on its interest and principal repayments at
this stage.

S&P said, "We think that Standard Profil's debt burden is
unsustainable relative to its current cash flow generation
capacity. In 2024, total revenue decreased by 7.1% year on year to
EUR461.1 million and the company's EBITDA normalized to EUR56.6
million, down 43.0% compared to EUR99.4 million in 2023.
Notwithstanding any unexpected improvement in the company's
operating prospects, we think the refinancing risk for its $275
million senior secured notes due in April 2026 remains high.

"We will re-evaluate our ratings in the short term once we have
more information on the future capital structure, or if the company
announces restructuring plans or a distressed exchange."




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

ARES EUROPEAN XIII: Fitch Hikes Rating on Class F Notes to 'B+sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded Ares European CLO XIII DAC's class B-1
to F notes and affirmed the class A notes. All notes are on a
Stable Outlook.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Ares European
CLO XIII DAC

   A XS2084071807      LT AAAsf  Affirmed   AAAsf
   B-1 XS2084072367    LT AAAsf  Upgrade    AAsf
   B-2 XS2084073092    LT AAAsf  Upgrade    AAsf
   C-1 XS2084073688    LT A+sf   Upgrade    Asf
   C-2 XS2084074140    LT A+sf   Upgrade    Asf
   D XS2084074900      LT BBB+sf Upgrade    BBBsf
   E XS2084075626      LT BB+sf  Upgrade    BBsf
   F XS2084076194      LT B+sf   Upgrade    Bsf

Transaction Summary

Ares European CLO XIII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio is actively managed by Ares European Loan Management LLP.
The transaction exited its reinvestment period in July 2024.

KEY RATING DRIVERS

Amortisation Benefits Senior Notes: The transaction has started
deleveraging, with about EUR9 million already repaid on the class A
notes since July 2024, and an additional EUR33 million anticipated
by the April payment date. This amortisation has led to increased
credit enhancement for all notes, driving the upgrade of the class
B-1 to F notes.

Cushions Support Stable Outlooks: All notes have substantial
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect sufficient credit protection to withstand potential
deterioration in the credit quality of the portfolio at their
associated stress scenarios.

Asset Performance Within Expectations: The transaction has
performed in line with Fitch's expectations. It is currently 0.1%
below the target par, with no defaults in the portfolio. Exposure
to assets with a Fitch-derived rating of 'CCC+' and below is 5.9%,
according to the April 2025 trustee report, versus a limit of 7.5%.
The transaction has limited near- and medium-term refinancing risk
with no assets maturing in 2025 and 5.7% of the portfolio set to
mature in 2026, according to Fitch's calculations.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor (WARF) of the current portfolio is 26.7, as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
99.4% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio was 61.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by the trustee, is 11.4%, and no
obligor represents more than 1.5% of the portfolio balance.
Exposure to the three largest Fitch-defined industries is 26.9% as
reported by the trustee. Fixed-rate assets reported by the trustee
are at 3% of the portfolio balance, below the current maximum of
5%.

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in July 2024, and the most senior notes have
recently begun deleveraging. The transaction is failing the maximum
WAL test and the minimum WAS test. However, reinvestment is still
possible provided these covenants are maintained or improved.

Given the manager's ability to reinvest, Fitch's analysis is based
on a stressed portfolio using its collateral quality matrices
outlined in the transaction documentation. Fitch applied a haircut
of 1.5% to the weighted average recovery rate as the calculation of
this metric in the transaction documentation is not in line with
its current CLO Criteria.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

RATING SENSITIVITIES

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

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed, due to unexpectedly high
levels of defaults and portfolio deterioration.

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Ares European CLO
XIII DAC.

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


TRINITAS EURO IX: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Trinitas Euro CLO IX DAC's notes final
ratings.

   Entity/Debt                     Rating             Prior
   -----------                     ------             -----
Trinitas Euro CLO IX DAC

   Class A XS3047455418        LT AAAsf  New Rating   AAA(EXP)sf
   Class B XS3047455764        LT AAsf   New Rating   AA(EXP)sf
   Class C XS3047455681        LT Asf    New Rating   A(EXP)sf
   Class D XS3047456143        LT BBB-sf New Rating   BBB-(EXP)sf
   Class E XS3047456226        LT BB-sf  New Rating   BB-(EXP)sf
   Class F XS3047456572        LT B-sf   New Rating   B-(EXP)sf
   Subordinated XS3047456739   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Trinitas Euro CLO IX DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds have been used to fund a portfolio with a target par
of EUR375 million. The portfolio is actively managed by Trinitas
Capital Management, LLC. The CLO has an approximately 4.5-year
reinvestment period and an 8.5-year weighted-average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch
weighted-average rating factor of the identified portfolio is
23.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch
weighted-average recovery rate of the identified portfolio is
64.1%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits, including a maximum exposure of 40% to the
three-largest Fitch-defined industries and a top 10 obligor
concentration at 20%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 7.5% and 12.5%;
and two at one year after closing with the same fixed-rate limits,
provided that the portfolio balance (defaults at Fitch-calculated
collateral value) is above target par. All four matrices are based
on a top 10 obligor concentration limit of 20%. The closing
matrices correspond to an 8.5-year WAL test, while the forward
matrices correspond to a 7.5-year WAL test.

The transaction has a reinvestment period of 4.5 years and includes
reinvestment criteria similar to those of other transactions in
Europe. Fitch's analysis is based on a stressed case portfolio with
the aim of testing the robustness of the deal structure against its
covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period, which
include passing the coverage tests, the 7.5% limit for the
combination of Fitch 'CCC' and defaulted obligations after
reinvestment, and a WAL covenant that progressively steps down
before and after the end of the reinvestment period. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR and a 25% rise in the RRR across
all ratings of the Fitch-stressed portfolio would lead to upgrades
of up to five notches, except for the 'AAAsf' rated notes. During
the reinvestment period, based on the Fitch-stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, enabling the notes to withstand
larger-than-expected losses for the transaction's remaining life.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Trinitas Euro CLO
IX DAC.

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




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

FLOS B&B: Fitch Alters Outlook on 'B' LongTerm IDR to Negative
--------------------------------------------------------------
Fitch Ratings has revised Flos B&B Italia S.p.A.'s (Flos) Outlook
to Negative from Stable, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B'. Fitch has also affirmed Flos's senior
secured debt at 'B', with a Recovery Rating of 'RR4'.

The Negative Outlook reflects its expectations that Flos's EBITDA
leverage will remain above 6x in 2025-2026 due to weaker consumer
demand in the US and EU markets leading to flat-to-contracting
revenues and EBITDA over the next 18 months. Fitch would downgrade
the rating to 'B-' if the deleveraging path is disrupted by
longer-than- anticipated operating underperformance.

The 'B' rating affirmation is supported by its expectation of
adequate liquidity over the medium term, sustained positive free
cash flow (FCF) and sufficient debt maturity headroom.

Key Rating Drivers

Pressure on Sales: The pressure on the rating stems from market
risks and, consequently, weak trading. Fitch expects revenues to
fall by 1.5% in 2025, against previously expected growth of 2.7%,
due to challenges in the US and EU markets, which account more than
70% of revenues. Specifically, 20% of Flos's revenue is generated
in the US, where consumer sentiment has weakened for premium
products.

The projected sales contraction follows a 2.1% decline in 2024,
primarily due to reduced volumes in the lighting and furniture
sectors across its core brands in the US and EU, which was not
fully offset by the expansion of its emerging brands and in Middle
Eastern and Asian markets. The contracts division reported weaker
sales in 2024 on the delayed phasing of projects, which the company
expects to recover in 2025.

Temporarily High Leverage: The Negative Outlook reflects
Fitch-projected leverage metrics to exceed the 6.0x negative rating
threshold until at least end-2026. Fitch projects Flos's EBITDA
leverage will remain high, at 6.7x, due to stagnating EBITDA and
weak revenues. A slower-than-anticipated recovery in revenue and
profitability from 2026 will put pressure on deleveraging capacity
and lead to a downgrade.

Stagnant Near-Term Profitability: Fitch projects that Flos's EBITDA
margin will remain flat, at 18.6%, in 2025 as persisting labour and
service cost inflation is only partially offset by selective and
limited pricing initiatives and internal efficiencies. Although the
company generates stronger-than-sector average profitability, an
EBITDA recovery to at least EUR160 million will be required to
align leverage metrics with a 'B' IDR. Fitch projects that EBITDA
will strengthen towards these levels by 2027, supported by its
expectations of normalising business volumes and the expansion of
the direct-to-customer channel, which allows greater control over
pricing and lower costs.

Positive and Growing FCF: Fitch expects FCF margins to remain
positive, at 3%-4%, between 2025 and 2028, as a result of strong
underlying profitability and structurally negative working capital.
This will allow Flos to absorb moderately high capex of 4%-5% of
revenue. For 2025, Fitch expects working capital inflow due to
inventory reduction while it continues to benefit from a largely
flexible cost base and strong supply chain management. Sustained
positive FCF is a major support to the IDR.

Flexible Cost Supports Margins: Flos benefits from a flexible cost
structure, given its large share of variable costs of about 70%,
which, combined with cost-optimisation measures and cost
pass-through, will help protect and support margins. The company's
pricing strategy has helped to preserve a gross margin of 60%,
despite weaker volumes.

Interest Coverage to Recover: Fitch expects Flos's interest
coverage will normalise at over 2x in 2025, from the low of 1.5x in
2004, when its debt service cost increased sharply. Easing interest
cover metrics will be supported by the reducing cost of debt amid
moderating base rates. This is further aided by the group's
proactive management of its liabilities, such as the prepayment of
EUR42.5 million of expensive debt in February 2025.

Peer Analysis

Flos's luxury peers are Capri Holdings Limited (BB/Negative), the
owner of Versace, Jimmy Choo, Michael Kors (USA), Inc., and
Tapestry Inc., the owner of Coach, Kate Spade and Stuart Weitzman.
Fitch sees higher fashion risk and a greater exposure to retail
distribution in Capri and Tapestry compared with Flos. However, the
comparability is limited as Flos is smaller and has a materially
different capital structure.

Within Fitch's leveraged buyout portfolio of branded consumer
goods, Flos shares similarities with Birkenstock Holding plc
(BB/Positive). The shoe producer's rating reflects its larger
scale, stronger brand recognition, better margins and lower
leverage than Flos's, especially after its initial public offering
in 2024 and partial debt prepayment.

Afflelou S.A.S. (B/Stable) has strong brand recognition and
customer loyalty, but with a wider exposure to retail distribution
than Flos. The optical and hearing aid product franchisor's retail
risks are mitigated by its healthcare characteristics and
constructive reimbursement policies for its products in the
company's core French market.

Key Assumptions

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

- Revenue decline of 1.5% in 2025, before returning to low-to-mid
single-digit expansion from 2026; revenue increases to be driven by
organic growth and bolt-on M&A

- EBITDA margins of 18.6% in 2025 and gradually rising to 20% by
2028

- Neutral working capital related cash flows between 2025 and 2028

- Capex at 4.5% of sales on average for the next four years

- M&A bolt-on acquisitions of about EUR30 million-40 million a year
in 2027 and 2028

Recovery Analysis

The recovery analysis assumes that Flos would be considered a going
concern in bankruptcy and that it would be reorganised rather than
liquidated, given its immaterial asset base and the inherent value
within its distinctive portfolio of brands. Additional value lies
in its retail network and wholesale and contract client portfolio.
Fitch has assumed a 10% administrative claim.

Fitch assesses going concern EBITDA at about EUR95 million,
following slower revenue increases due to weak expansion under
certain distribution channels and as weaker pricing leads to lower
margins. At the going concern EBITDA, Fitch estimates Flos would
face an unsustainable capital structure, making refinancing
extremely difficult, necessitating a debt restructuring.

Fitch used a 6.0x multiple, which is at the high end of its
distressed multiples for high-yield and leveraged finance credits.
Its choice of multiple is justified by the premium valuations in
the sector involving strong design and luxury brands. The security
package includes share pledges in the main operating subsidiaries.
No security is provided over the intellectual property rights,
access to which is, however, protected by negative pledges and
limitation-of-lien provisions.

Fitch assumes Flos's increased revolving credit facility (RCF) of
EUR145 million to be fully drawn on default. The RCF ranks super
senior, ahead of the senior secured notes. Fitch expects Flos's
factoring facilities, of about EUR6 million, to remain available in
bankruptcy, given its industry and client base. Its waterfall
analysis generates a ranked recovery for senior secured noteholders
in the 'RR4' category, leading to a 'B' instrument rating in line
with the IDR.

RATING SENSITIVITIES

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

- EBITDA leverage higher than 6.0x through the cycle, due to
debt-funded acquisitions, higher drawdowns under the RCF, or
persisting operating underperformance

- EBITDA interest coverage deteriorating towards 2x

- FCF margin lower than 2%

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

- EBITDA leverage below 5.0x on a sustained basis, including as a
result of a lower leverage target

- EBITDA interest coverage higher than 3.0x on a sustained basis

- FCF margin at 5% or higher due to successful pass-through of
input cost rises and strong retention of pricing power

Liquidity and Debt Structure

Flos's liquidity is satisfactory. Fitch expects available cash at
end-2025 to be about EUR93 million, with its RCF drawn down by an
estimated EUR35 million. Liquidity is further supported by its
expectations of positive FCF for 2025. Flos's debt maturity profile
improved after its refinancing in December 2024, when it extended
the maturity of its floating-rate notes to 2029; EUR383 million of
senior secured notes are due in November 2028.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                 Rating       Recovery   Prior
   -----------                 ------       --------   -----
Flos B&B Italia S.p.A.   LT IDR B  Affirmed            B

   senior secured        LT     B  Affirmed   RR4      B


TIM SPA: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings has upgraded to Ba2 from Ba3 the long term
corporate family rating, and to Ba2-PD from Ba3-PD the probability
of default rating of TIM S.p.A. (TIM or Telecom Italia or the
company), the leading telecommunications provider in Italy.
Concurrently, Moody's have upgraded to Ba2 from Ba3 the ratings on
the senior unsecured debt issued by Telecom Italia, the ratings on
the backed senior unsecured debt instruments issued by its
subsidiaries, Telecom Italia Capital S.A. and Telecom Italia
Finance, S.A. and to (P)Ba2 from (P)Ba3 the senior unsecured Euro
MTN program rating of Telecom Italia and the backed senior
unsecured MTN program rating of Telecom Italia Finance, S.A. The
outlook on all three entities was changed to stable from positive.

"The upgrade to Ba2 reflects the company's ongoing earnings
recovery and improved credit metrics. Moody's expects the company
to generate positive free cash flow over 2025-26, which, coupled
with debt repayment, will drive further deleveraging," says Ernesto
Bisagno, a Moody's Ratings Vice President - Senior Credit Officer
and lead analyst for Telecom Italia.

RATINGS RATIONALE      

The rating upgrade is primarily attributed to the strengthening of
Telecom Italia's financial profile. This reflects a combination of
strong earnings growth, with Moody's adjusted EBITDA rising by 7.4%
to EUR4.3 billion in 2024, and better-than-anticipated free cash
flow generation, due to lower interest expenses, reduced separation
costs, and diminished working capital needs.

Moody's expects steady EBITDA growth in the mid-single-digit
percentages each year over 2025-26. This EBITDA growth will be
driven by (1) strong growth in the Enterprise business owing to
end-to-end connectivity, cloud, security and IoT integrated
services catered to large corporates and public administrations;
(2) improving KPIs in the consumer segment with higher ARPUs in
fixed and reduced customer churn; and (3) the steady revenue growth
in Brazil.

Moody's anticipates Telecom Italia's Moody's adjusted free cash
flow, post-shareholder distributions, to average around EUR375
million annually over 2025-26 excluding proceeds from Sparkle
disposal and any related extraordinary dividends. This expectation
is supported by consistent earnings growth and a reduction in
capex. In addition, Moody's expects material cash inflows linked to
the monetization of the fee dispute related to the 1998 payment to
the state for fees licensing, and the disposal of its submarine
cable unit Sparkle for EUR700 million, with half of the proceeds
expected to be paid to shareholders while the remaining will
support deleveraging.

As a result, Moody's expects TIM's Moody's adjusted leverage will
decline towards 2.6x by 2026, thanks to repayment of the debt
maturing over 2025-26, which would leave the company well
positioned in the Ba2 rating category.

Telecom Italia's Ba2 rating primarily reflects the company's scale
and position as the incumbent service provider in Italy, with
strong market shares in both the fixed and mobile segments; its
international diversification in Brazil; and the company's
commitment to maintain a net leverage below 1.7x (equivalent to a
maximum Moody's adjusted leverage of 2.8x). The rating also takes
into account the challenging competitive environment in Italy; the
moderate free cash flow and modest interest coverage metrics.

LIQUIDITY

Telecom Italia's liquidity is good given its cash and cash
equivalents of EUR4.6 billion at December 2024. Moody's expects the
company to use most the existing cash to repay debt and maintain a
cash balance of approximately EUR2 billion. Moody's expects the
company to report positive FCF (after shareholder distributions).
In addition, the company currently has access to EUR3 billion
available under its revolving credit facility (RCF) due in 2030,
with no financial covenants.

Moody's also expects the company to receive approximately EUR1.7
billion over the next 12 months related to the monetization of the
fee dispute related to the 1998 payment to the state for fees
licensing, and the disposal of its submarine cable unit Sparkle.
Telecom Italia has cumulative debt maturities of EUR4.5 billion
over 2025-26, which are more than covered by the current liquidity
sources.

STRUCTURAL CONSIDERATIONS

Telecom Italia's probability of default rating of Ba2-PD reflects
the use of a 50% family recovery rate assumption, given that its
capital structure comprises both bank debt and bonds. All of
Telecom Italia's debt instruments are senior unsecured and have a
Ba2 rating, at the same level as Telecom Italia's Ba2 CFR. While
there is some external debt at TIM Brasil level, the absence of
contractual subordination and the fact that the credit quality of
the Italian and Brazilian business is broadly aligned, mean that
creditors at the Brazil level are not in a significantly more
favorable position relative to creditors at Telecom Italia level.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the company's steady operating
performance and Moody's expectations that Telecom Italia's credit
metrics will continue to improve over the next two years, supported
by ongoing earnings recovery and debt repayments.

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

Further upward pressure in the next 12-18 months could develop if
Telecom Italia's operating performance continues to strengthen,
such that its Moody's-adjusted debt/EBITDA ratio declines
consistently below 2.5x while the company demonstrates a continuous
improvement in FCF generation and interest coverage metrics.

Downward rating pressure in the next 12-18 months is unlikely but
could develop if operating performance weakens, such that its
Moody's-adjusted leverage increases above 3.0x on a sustained
basis, with persistent negative FCF and deterioration in the
interest coverage metrics.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Telecom Italia is the largest telecommunications provider in Italy.
The company provides a full range of services and products,
including telephony, data exchange, interactive content, and
information and communications technology solutions. In addition,
the group is one of the leading telecom companies in the Brazilian
mobile market, operating through its subsidiary, TIM S.A. Pro-forma
for the Netco disposal, in 2024 Telecom Italia generated net
revenue of EUR14.5 billion, and EBITDA of EUR4.3 billion.




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

FORESEA HOLDING: Moody's Affirms 'B2' CFR, Outlook Stable
---------------------------------------------------------
Moody's Ratings has affirmed FORESEA Holding S.A. (Foresea's) B2
corporate family rating. At the same time, Moody's affirmed the B2
rating of the $300 million backed Senior Secured Notes due 2030.
The outlook is stable.

RATINGS RATIONALE

Foresea's B2 rating is supported by its strong market position in
Brazil, long term relationship with customers and firm backlog of
contracts that provides cash flow visibility through the end of
2026. The company has about 16% of market share in Brazil, and a
track record that includes over 440 wells interventions and 704
thousand meters drilled as of 2024. The company currently has a
firm backlog of $1.7 billion, mostly concentrated in contracts with
Petroleo Brasileiro S.A. - PETROBRAS (Ba1 positive, 76%), Sepia
Consortium (23%) and PRIO S.A. (Ba3 positive, 1%). The positive
fundamentals for the offshore drilling industry, a result of tight
supply and high daily rates, and Foresea's good credit metrics and
adequate liquidity after its out-of-court reorganization also
support the rating.

The rating is constrained by Foresea's scale and concentration of
operations in five drilling units, in the oil and gas industry, in
a single country. Foresea is one of the largest pure-play operators
of ultra-deepwater rigs, focused on chartering and operations of
rigs in the Brazilian offshore oil and gas industry, but the
company has a smaller scale and a narrower diversification when
compared to global peers. Foresea's small scale and concentration
of operations introduce event risk, as the company's credit metrics
and cash generation would be materially affected in case of
operational disruptions in any of its drilling units. The
inherently cyclical nature of the offshore drilling industry and
the high level of volatility in oil and gas prices also constrain
Foresea's credit profile since those entail significant
re-contracting risks. Finally, the lack of track record in terms of
capital allocation after the out-of-court reorganization also
constrains the rating.

Foresea has low debt levels and adequate liquidity as a result of
the out-of-court reorganization made by Ocyan S.A. The current debt
level and related debt service can easily be accommodated in
Foresea's cash generation, especially when considering the current
high daily rates. Foresea's EBIT margin has historically hovered
around 30-40% and Moody's expects profitability to recover to these
levels in the future because of higher daily rates in its existing
contracts. Moody's expects Foresea's Moody's adjusted leverage to
hover at around 1x-1.3x in 2025-26, and interest coverage (measured
by EBITDA/Interest expense) to remain at around 8.5x-11x.

LIQUIDITY

Foresea has an adequate liquidity profile with $107 million in cash
and only one debt instrument maturing in 2030. Moody's expects the
company's cash flow from operations to amount to around $200
million per year, which is sufficient to cover investment
requirements in its fleet. Debt incurrence limitations in its bond
indentures limit additional debt issuances and the company has
financial covenants setting a maximum net leverage of 3.5x (1.0x
currently) and a minimum liquidity level of $50 million. Any
additional investments in fleet expansion will be done through
ring-fenced structures that protect existing bondholders. Moody's
expects the company to maintain a disciplined approach to capital
allocation, including dividend distributions, as it starts to
increase its cash from operations.

STRUCTURAL CONSIDERATIONS

The B2 rating of the $300 million senior secured notes due 2030
stands at the same level as the company's corporate family rating.
The notes represent the totality of Foresea's debt. The notes are
secured by a first priority lien on substantially all of Foresea's
material assets.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Foresea's
credit metrics and liquidity will remain adequate in the next 12-18
months, supported by the terms of the existing charter and service
contracts.

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

Foresea's ratings could be upgraded if the company achieves larger
scale with revenues above $750 million as well as longer duration
of contracts in a healthy industry environment, if the company
sustains a track record of strong profitability and maintains a
strong balance sheet with leverage below 1.5x, positive FCF
generation and prudent shareholder distributions. Further balance
sheet strengthening, with a high cash position or extremely low
leverage that mitigates its small size and narrow product offering
could also result in positive pressure on the rating.

Foresea's ratings could be downgraded if the company's earnings and
backlog deteriorate materially, leading to gross leverage
sustainedly in excess of 3.0x and EBITDA / Interest expense falls
below 3x, if FCF generation turns negative, as a result of weaker
operating performance or more aggressive than currently anticipated
financial policies, including dividend distributions or high
refinancing risk, or if its liquidity position weakens.

COMPANY PROFILE

Foresea is a Luxembourg-based company created in June 2023 after
the spin-off of Ocyan's drilling assets. The company owns 5
offshore drilling units (4 drillships and 1 semisubmersible)
focused on chartering and operations of rigs in the Brazilian
offshore oil and gas industry, and provides services to another
third-party semisubmersible. In 2024, the company generated $488
million in revenue and $180 million in Moody's adjusted EBITDA.

The principal methodology used in these ratings was Oilfield
Services published in January 2023.


OCEANIA ENGENHARIA: Fitch Lowers LongTerm IDR to 'B-'
-----------------------------------------------------
Fitch Ratings has downgraded Oceanica Engenharia e Consultoria
S.A.'s (Oceanica) Long-Term Issuer Default Rating (IDR) to 'B-'
from 'B' and Oceanica Lux's senior secured notes, backed by
Oceanica, to 'B-' with a Recovery Rating of 'RR4' from 'B'/'RR4'.
The ratings were placed on Rating Watch Negative (RWN).

The downgrade reflects the weaker than anticipated cash flow
generation and higher leverage. Oceanica's EBITDA performance in
2024 fell short of expectations due to delays in ramping up new
contracts, leading to elevated capital structure prolonging its
deleveraging path. The Rating Watch Negative reflects elevated
short-term refinancing risks due to the constrained global credit
environment, compounded by liquidity challenges from the delays.

Key Rating Drivers

RWN on Weak Liquidity: The RWN considers Oceanica challenging
liquidity situation, with upcoming debt maturities looming over the
next three months amid a tighter capital market environment. In
March, the company held BRL270 million in cash and marketable
securities, which is insufficient to meet short-term debt
maturities totaling BRL521 million, along with projected annual
interest expenses of BRL400 million over the next 12 months.

These expenses include semi-annual coupon payments for its senior
secured notes due in April, which was recently paid, and October.
To ease immediate liquidity pressures and regain financial
flexibility, it is vital for Oceanica to secure new financing in
the coming months.

Adjusting Forecasts Downward: Fitch has lowered its 2025 and 2026
EBITDA forecasts to BRL592 million and BRL731 million,
respectively, from previous estimates of BRL720 million and BRL780
million, according to the agency's methodology. Additional
mobilization costs in 2025 could also hinder Fitch's expectations.
Average margins have been adjusted to 36% from the earlier forecast
of 40%.

Free cash flow (FCF) is anticipated to be negative BRL133 million
in 2025 and positive BRL115 million in 2026, diverging from the
previous break-even expectation for 2025. The base case scenario
considers investments of around BRL350 million in 2025 and BRL160
million in 2026. Postponements in initiating new contracts may
impact EBITDA growth expectations.

Lower-than-Projected Deleveraging: Oceanica's cash flow generation
was impacted by a prolonged mobilization phase and unexpected
maintenance for two vessels in 2024, delaying its deleveraging
efforts. EBITDA net leverage reached 8.1x in 1Q25 LTM, according to
Fitch metrics. Net leverage is projected to decrease to 4.6x by YE
2025, which is unfavorable compared to prior expectations of 3.0x
and below by 2025 onwards.

Limited Scale and Client Concentration: Oceanica has a limited
business scale within the competitive offshore infrastructure
services sector, characterized by high capital intensity and
moderate entry barriers. Oceanica has significant revenue
concentration in the volatile oil and gas industry, particularly
with Petrobras, and is exposed to re-contracting risks. The sizable
BRL9.2 billion backlog, supported by take-or-pay contracts,
provides revenue visibility for the next four years, bolstered by
long-term client relationships, mainly with Petrobras.

Positive Outlook for the Sector: The maritime services sector is
expected to thrive in the coming years due to a shortage of ships
and ROVs needed to support oil production units (FPSOs), offshore
wind projects, and environmental services. In Brazil, the
deployment of around 20 FPSOs over the next five years, along with
the sale of mature fields to International Oil Companies (IOCs) and
junior oil companies, is likely to sustain strong demand for
support ships in the medium term.

Peer Analysis

Oceanica ratings are commensurate with technology and engineering
service provider Expleo Group (B-/Outlook Negative), which is
larger in scale and less leveraged, but operates with substantially
lower margins. The company is two notches below Ambipar
Participacoes e Empreendimentos S.A. (BB-/Outlook Positive), which
benefits from a larger scale, solid position in the environmental
services industry, growth potential and geographic revenue
diversification.

Oceanica is several notches below Australian service provider
Downer EDI Limited (BBB/Outlook Stable), which is even larger in
scale, with stronger operating environment and conservative
leverage that more than offsets its lower EBITDA margins.

Key Assumptions

- Number of operating vessels and work class ROVs: 16 in 2025 and
17 in 2026;

- Average occupancy rate of 82% in 2025 and 89% in 2026;

- Day rates as per contracts;

- Investments of BRL346 million in 2025 and BRL159 million in
2026;

- Dividends of 25% of net profits.

RATING SENSITIVITIES

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

- Inability to roll over short-term debt;

- Further delays in delivering vessels;

- Readily available cash below BRL100 million, sustainably.

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

- An upgrade of Oceanica's ratings is unlikely until the company
addresses its short-term refinancing needs and liquidity concerns.

Liquidity and Debt Structure

In March 2025, Oceanica had cash and marketable securities of
BRL270 million and total debt of BRL2.7 billion, of which BRL521
million was due in the short term. At the end of March 2025, total
debt was 80% composed of the USD375 million senior secured notes,
while the remaining 20% derives from commercial notes for working
capital purposes. Most of the company's debt is secured by some
type of collateral such as vessels, vehicles and contract
receivables. The company has unencumbered ships could be used as
collateral for new debt issuances. In early April, Oceanica
serviced the notes coupon of around BRL150 million.

Issuer Profile

Oceanica is a leading provider of prevention, contingency and
engineering services for offshore and subsea structures for
Brazil's renewable energy and oil and gas industries. As of March
2025, it operated a 17-vessel fleet, 55 ROVs, of which 13 are work
class, and held a BRL9.2 billion backlog.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
Oceanica Lux

   senior secured        LT        B-  Downgrade    RR4      B

Oceanica Engenharia e
Consultoria S.A.         LT IDR    B-  Downgrade             B
                         LC LT IDR B-  Downgrade             B


SAPHILUX SARL: Moody's Hikes CFR to B2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings upgraded Saphilux S.a.r.l.'s (IQ-EQ) long term
corporate family rating to B2 from B3 as well as its probability of
default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded
to B2 from B3 the company's instrument ratings to the senior
secured first lien term loan B (TLB) due 2028 and to the senior
secured multi-currency Revolving Credit Facility (RCF) due 2028,
all issued by Saphilux S.a.r.l. The outlook was changed to stable
from positive.

RATINGS RATIONALE      

The upgrade of IQ-EQ's CFR to B2 reflects the company's improved
operating performance in 2024 and Q1 2025, along with Moody's
expectations of prudent financial policy and a measured growth plan
in line with B2 rating level expectations.

IQ-EQ's topline increased by over 12% organically in 2024,
following two further years of double-digit organic growth in 2022
and 2023. This growth was driven by the strong industry trend of
outsourcing alternative asset funds' back and middle office
operations to specialized operators (over two-thirds of IQ-EQ's
revenues). Meanwhile, IQ-EQ's Moody's-adjusted EBITA margin
improved by 3% to around 27% in 2024, because restructuring costs
decreased by EUR15 million in 2024 following the completion of the
offshoring program, while company-adjusted margins remained stable.
This led to a decrease in Moody's-adjusted Debt/EBITDA to 6.0x in
2024 from 7.2x in 2023, in line with Moody's expectations (or to
6.5x from 8.1x without adjusting for any one-off items), as well as
free cash flow (FCF) generation turning positive to around 1% of
debt. Trading in Q1 2025 further improved, with Moody's-adjusted
gross leverage at 5.8x as of March 2025.

IQ-EQ signed a few bolt-on acquisitions in 2025 to expand customer
and geographic reach. For example, IQ-EQ entered the corporate
trust agency and loan servicing solutions market in Australia and
New Zealand through the acquisition of AMAL Group, announced in
April 2025. As FCF generation is still limited, Moody's expects
that these bolt-on acquisitions could be partly debt-funded. This
could increase IQ-EQ's gross leverage, however within Moody's
expectations for the rating level. These acquisitions often
increase leverage and reduce FCF generation in the short term due
to limited initial EBITDA impact, increased integration costs, and
often double-digit EV/EBITDA multiples in the funds administration
industry. For the B2 rating, Moody's expects measured growth and a
balanced M&A funding mix supported by IQ-EQ's improved free cash
flow generation capacity.

IQ-EQ's B2 CFR also reflects the company's resilient business
model, characterized by long-standing customer relationships and
high switching costs, resulting in a high level of recurring
revenue; significant exposure to the funds segment (over two-thirds
of revenue), which has strong mid-term growth prospects, reflected
in IQ-EQ's track record of solid organic growth; successful
integration of acquisitions; and high margins supported by
successful wage inflation pass-through.

However, IQ-EQ's elevated leverage, high interest burden,
historical slow pace of leverage reduction due to exceptional items
and M&A activity in an environment of relatively high valuation
multiples, risk of further debt-funded acquisitions, exposure to
legal and regulatory risks inherent to the industry, and low
historical FCF generation all constrain the B2 rating. Further
challenges include the risk of increased competition in the
consolidating industry or pricing pressure resulting in lower
margins and slowing macroeconomic growth in 2025.

STABLE OUTLOOK

Moody's expects IQ-EQ's solid operating performance to continue
over the next 12-18 months, driven by high organic topline growth
and structurally improved profitability due to the completed
offshoring platform and lower one-off expenses. This will result in
Moody's-adjusted Debt/EBITDA remaining around 6.0x or below and
positive FCF generation increasing towards mid-single-digit
percentage levels of debt.

Moody's also anticipates a financial policy with a measured growth
pace and balanced M&A funding mix. This includes that any bolt-on
re-leveraging will be limited and in line with Moody's gross
leverage expectations for the rating level.

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

Factors that could lead to an upgrade:

-- Strong topline and earnings growth or a shift to a more
conservative financial policy

-- Debt/EBITDA decreases sustainably towards 5.0x

-- EBITA/Interest being above 2.5x

-- FCF/Debt above mid-single digit percentage levels

Factors that could lead to a downgrade:

-- Structural margin deterioration from current levels signaling
losing market share, increased competition or service quality
issues

-- Debt/EBITDA increases above 6.5x without prospects of swift
deleveraging

-- EBITA/Interest remains below 2.0x on a sustained basis

-- Sustained reduction in free cash flow generation or
deteriorating liquidity

-- More aggressive financial policy or M&A activity

LIQUIDITY

IQ-EQ's liquidity is good. It is supported by a cash balance of
around EUR50 million (net of restricted cash) and EUR152 million
RCF (EUR132 million available for corporate purposes as of March
2025) as well as Moody's expectations of positive FCF in the next
12-18 months. There are no major debt maturities until 2028, when
the RCF and the TLB mature.

The RCF is subject to a springing first lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances. Moody's expects IQ-EQ to ensure consistent
compliance with this covenant at all times.

STRUCTURAL CONSIDERATIONS

The senior secured first lien term loan B (around EUR1.2 billion
equivalent in total) and the RCF (EUR152 million) rank pari passu
and share the same security interest, including mainly share
pledges and intercompany receivables. These instruments are rated
B2, in line with the CFR because they account for most of the debt.
IQ-EQ repaid the full amount of its previously outstanding second
lien debt in 2024.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Saphilux S.a.r.l. (IQ-EQ) is one of the largest independent fund
and corporate services providers globally. Headquartered in
Luxembourg, it has a strong market presence in North America, the
Netherlands, Mauritius, France, the UK and Ireland, the Crown
Dependencies, Singapore, and Hong Kong. IQ-EQ offers a
comprehensive range of value-added services and tailored solutions
for funds, companies, and private clients, with revenue of EUR0.7
billion and company-adjusted EBITDA of EUR238 million (IFRS) in
2024. The company is majority-owned by the private equity firm
Astorg Partners, which transferred IQ-EQ to a newly established
Continuation Fund in January 2022.




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

BAHIA DE LAS ISLETAS: S&P Lowers ICR to 'CCC', On Watch Negative
----------------------------------------------------------------
S&P Global Ratings downgraded Canary Island-based ferry operator
Bahia de las Isletas S.L. (Bahia) and its subsidiary Anarafe S.L.U.
to 'CCC' from 'CCC+' and placed the ratings on CreditWatch with
negative implications. S&P also downgraded the company's
outstanding 2026 notes to 'CCC' from 'B-'. S&P's recovery rating
was revised to '3' from '2', resulting from the deterioration in
collateral value available at a hypothetical point of default.

The negative CreditWatch placement reflects the possibility of a
further downgrade in the immediate term if the company does not
refinance its upcoming maturity or if it was to view the maturity
extension as distressed.

Bahia performed below S&P's expectations in 2024, and its
turnaround plan's execution appears to be delayed, which combined
led to a further deterioration of the company's already vulnerable
liquidity position.

S&P therefore thinks that the company might face a near-term
liquidity crisis without any positive developments in a view of its
super senior term loan, of which EUR46.8 million was outstanding on
Dec. 31, 2024, maturing on June 30, 2025.

Bahia might face a near-term liquidity crisis without any
unforeseen positive developments. The company's super senior term
loan (EUR46.8 million outstanding at year-end 2024) is due for
repayment on June 30, 2025. S&P estimates Bahia's further liquidity
needs comprise EUR25 million-EUR30 million for annual maintenance
capital expenditure and up to EUR5 million for regulatory and fleet
efficiency improvement investments over the next two years.
Furthermore, the company's business is inherently seasonal and
could see working capital swings of up to EUR15 million in the
summer months. In addition, Bahia's ongoing organizational
restructuring requires cash investments. This compares with a
readily available cash at year-end 2024 of about EUR16 million, of
which EUR10 million must be kept on balance sheet at all times to
comply with the minimum liquidity covenant under the notes'
documentation. The company also has access to factoring facilities
of EUR50 million, of which about EUR32 million is available for
drawing. S&P said, "Given that the first months of the calendar
year are generally considered low season, we do not expect Bahia's
year-to-date cash generation from operating activities to be
sufficient to cover the upcoming term loan maturity. In our view,
this makes Bahia dependent on its ability to refinance or extend
the maturing debt--which we understand Bahia's board of directors
approved in May 2025--or secure liquidity from external sources
(for example through a disposal of further noncore assets--which we
understand the company may be able to accelerate--after the sale of
four vessels in 2024) within a relatively short period of time that
should allow the company to avert any potential liquidity
shortfall. Furthermore, we might consider a potential extension of
the maturing term loan as distressed."

S&P said, "In a view of the next large maturity due 2026, we expect
Bahia will continue to be dependent upon favorable business,
financial, and economic conditions to meet its financial
commitments in full and on time as its turnaround plan, if executed
as envisaged, will yield results only gradually. Bahia's
organizational restructuring, that it embarked on after its debt
restructuring was competed in 2024, includes optimization of routes
and route frequencies and a more proactive pricing strategy to turn
the business around and return to positive cash flow generation. In
addition, it looks to implement stricter control over the supplier
base and enhance its corporate governance structures. We understand
some of these measures have already been implemented (such as
discontinuation of underperforming routes, disposal of some noncore
assets, and an introduction of a new governance structure),
contributing to the positive EBITDA generation momentum for Bahia
since its launch in 2024. We therefore think that Bahia's
performance could stabilize, and its adjusted leverage may fall to
a more-sustainable level in the medium term from S&P Global
Ratings-adjusted debt to EBITDA of about 14.0x in 2024, as the
company's ongoing implementation of wide-ranging operating
efficiency measures, commercial initiatives, and organizational
streamlining result in improving EBITDA from its 2024 of S&P Global
Ratings-adjusted EUR31 million. That is why we think that Bahia
will continue to depend on external circumstances including its
ability to sell assets if required to be able to honor its debt
obligations in the near-term future, including its senior secured
notes due in 2026 (EUR225.9 million outstanding on Dec. 31, 2024).
Bahia's debt structure at year-end 2024 primarily consisted of the
super senior term loan, the secured notes, other debt of EUR21.7
million and lease obligations of about EUR114 million."

The CreditWatch negative placement reflects a possibility of a
further downgrade in the immediate term if Bahia does not tackle
its upcoming debt maturity or if it were to undertake any debt
modifications that S&P considers distressed.

S&P could resolve the CreditWatch if Bahia addresses its upcoming
loan maturity in line with its imputed promise.




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

ABERDEEN RETAIL 1: Azets Holding Named as Administrators
--------------------------------------------------------
Aberdeen Retail 1 Limited was placed into administration
proceedings in the Court of Session No P388 of 2025, and Blair
Milne, James Fennessey, Colin Haig, and Matthew Richards of Azets
Holding Limited were appointed as administrators on May 6, 2025.  

Aberdeen Retail, fka Bon Accord Shopping Centre, is a shopping
center.

The Company's registered office is c/o Grant Thornton Limited, St
James Place, St James Street, St Peter Port, Guernsey, GY1 2NZ

Its principal trading address is at (Formerly) 25 George St,
Aberdeen, AB25 1HZ

The joint administrators can be reached at:

              Blair Milne
              James Fennessey
              Azets Holding Limited
              Titanium 1, King's Inch Place
              Renfrew, PA4 8WF

                 -- and --

              Colin Haig
              Matthew Richards
              2nd Floor Regis House
              45 King William Street
              London EC4R 9AN

For further details, contact:

              The Joint Administrators
              Tel No: 0141 886 6644

Alternative contact:

              Email: David.meldrum@azets.co.uk


ABERDEEN RETAIL 2: Azets Holding Named as Administrators
--------------------------------------------------------
Aberdeen Retail 2 Limited was placed into administration
proceedings in the Court of Session, Court Number: No P390 of 2025,
and Blair Milne, James Fennessey, Colin Haig, and Matthew Richards
of Azets Holding Limited were appointed as administrators on May 6,
2025.  

Aberdeen Retail, fka Bon Accord Shopping Centre, is a shopping
center.

The Company's registered office is c/o Grant Thornton Limited, St
James Place, St James Street, St Peter Port, Guernsey, GY1 2NZ

Its principal trading address is at (Formerly) 25 George St,
Aberdeen, AB25 1HZ

The joint administrators can be reached at:

              Blair Milne
              James Fennessey
              Azets Holding Limited
              Titanium 1, King's Inch Place
              Renfrew, PA4 8WF

                -- and --

              Colin Haig
              Matthew Richards
              2nd Floor Regis House
              45 King William Street
              London EC4R 9AN

For further details, contact:

              The Joint Administrators
              Tel No: 0141 886 6644

Alternative contact:

              Email: David.meldrum@azets.co.uk


BRACCAN MORTGAGE 2025-1: Moody's Assigns B1 Rating to Cl. X Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Braccan Mortgage Funding 2025-1 plc:

GBP493.35M Class A Mortgage Backed Floating Rate Notes due May
2067, Definitive Rating Assigned Aaa (sf)

GBP27.5M Class B Mortgage Backed Floating Rate Notes due May 2067,
Definitive Rating Assigned Aa2 (sf)

GBP17.325M Class C Mortgage Backed Floating Rate Notes due May
2067, Definitive Rating Assigned A1 (sf)

GBP11.825M Class D Mortgage Backed Floating Rate Notes due May
2067, Definitive Rating Assigned Baa1 (sf)

GBP11M Class X Floating Rate Notes due May 2067, Definitive Rating
Assigned B1 (sf)

Moody's have not assigned a rating to the GBP1.1M Class Z Notes due
May 2067.

RATINGS RATIONALE

The Notes are backed by a static portfolio of UK buy-to-let and UK
non-conforming residential mortgage loans originated by Paratus AMC
Limited ("Paratus" as originator and seller, NR). The securitized
portfolio consists of 1,947 mortgage loans with a current balance
of GBP438.4 million as of April 30, 2025 pool cut-off date. There
will be a pre-funding period between the issue date up to the first
interest payment date, which could see the pool increase up to
GBP550 million, in line with pre-funding criteria.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The transaction benefits from a non-amortising general reserve;
sized at 0.2% of the Classes A to D notes and a liquidity reserve
fund which is equal to 1.10% of the outstanding balance of Class A
and B and will amortise together with Class A and B. The general
reserve fund will be part of available revenue receipts while the
liquidity reserve fund will be available to cover senior fees and
costs, and Class A and B interest (in respect of the latter, if it
is the most senior class outstanding and otherwise subject to a PDL
condition).

Paratus is the servicer and US Bank Global Corporate Trust Limited
is the cash manager in the transaction. In order to mitigate the
operational risk, CSC Capital Markets UK Limited (Not rated) will
act as the back-up servicer facilitator. To ensure payment
continuity over the transaction's lifetime the transaction
documents incorporate estimation language whereby the cash manager
can use the three most recent servicer reports to determine the
cash allocation in case no servicer report is available.

Additionally, there is an interest rate risk mismatch between the
99.6% of loans in the pool that are fixed rate and revert to Bank
of England Base Rate (BBR) plus a margin, and the Notes which are
floating rate securities with reference to compounded daily SONIA.
To mitigate this mismatch there will be a fixed-floating scheduled
amortisation swap provided by Lloyds Bank Corporate Markets plc
(A1(cr) / P-1(cr)). The swap framework is in accordance with
Moody's guidelines. The collateral trigger is set at loss of A3(cr)
and the transfer trigger at loss of Baa3(cr). The collateral and
transfer trigger levels are in line with typical UK standalone RMBS
transactions and, given the current rating of the swap
counterparty, the level of the trigger and the other deviations
limit the achievable ratings of Class B notes and do not have a
negative impact on the rating of the other rated notes.

Moody's determined the portfolio lifetime expected loss of 1.2% and
MILAN Stressed Loss of 8.3% related to borrower receivables. The
expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expects the portfolio to suffer in
the event of a severe recession scenario. Expected losses and MILAN
Stressed Loss are parameters used by us to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 1.2%: This is in line with the UK
buy-to-let RMBS sector average and is based on Moody's assessments
of the lifetime loss expectation for the pool taking into account:
(1) the portfolio characteristics, including a weighted-average
current LTV of 69.3%; (2) the good performance of the seller's
precedent transactions as well as the historical performance of the
seller's loan book; (3) benchmarking with comparable transactions
in the UK RMBS market; and (4) the current macroeconomic
environment in the UK.

MILAN Stressed Loss of 8.3%: This is lower than the UK buy-to-let
RMBS sector average and follows Moody's assessments of the
loan-by-loan information taking into account the following key
drivers:  (1) the portfolio characteristics including the
weighted-average current LTV of 69.3% for the pool; (2) 69.6% of
the portfolio has BTL loans and 30.4% of the portfolio has owner
occupied loans with 77.0% interest-only and 8.1% HMO/MUFB loans;
and (3) benchmarking with comparable transactions in the UK RMBS
market as well as with the previous transactions of Paratus.

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 that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions; and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of the Notes.


BRACCAN MORTGAGE 2025-1: S&P Assigns B-(sf) Rating on X Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to Braccan Mortgage Funding
2025-1 PLC's (Braccan 2025-1) class A, B, C-Dfrd, D-Dfrd, and
X-Dfrd notes. At closing, the issuer also issued unrated class Z
notes and RC1 and RC2 residual certificates.

Braccan 2025-1 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) and owner-occupied mortgage loans secured on
properties in the U.K.

The loans in the pool were originated between 2015 and 2025, with
most originated in 2024, by Paratus AMC Ltd., a nonbank specialist
lender. The loans were originated under the Foundation Home Loans
(FHL) brand.

The collateral comprises first-lien U.K. BTL residential mortgage
loans (69.6%), and owner-occupied mortgages (30.4%) advanced to
complex income borrowers with limited credit impairments. There is
high exposure to self-employed borrowers and first-time buyers
within the owner-occupied proportion of the pool.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Ratings

  Class        Rating*    Class size (mil. EUR)

  A            AAA (sf)     493.350
  B            AA (sf)       27.500
  C-Dfrd       A (sf)        17.325
  D-Dfrd       BBB (sf)      11.825
  X-Dfrd       B- (sf)       11.000
  Z            NR             1.100
  RC1 Residual Certs   NR      N/A
  RC2 Residual Certs   NR      N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A and B notes, and the ultimate
payment of interest and principal on all the other rated notes. Its
ratings also address timely receipt of interest and full immediate
repayment of all previously deferred interest on the class
C–Dfrd, D-Dfrd, and X-Dfrd notes when they become the most senior
outstanding.
NR--Not rated.
N/A--Not applicable.


EQUIANO LIMITED: Quantuma Advisory Named as Administrators
----------------------------------------------------------
Equiano Limited fka Blue Acorn Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts of England and Wales, Insolvency & Companies
List (ChD), Court Number: CR-2025-003240, and Tom Parish and Terri
Mulgrew, and Andrew Andronikou of Quantuma Advisory Limited were
appointed as administrators on May 13, 2025.  

Equiano Limited, trading as Equiano Rum Company, engaged in the
distilling, rectifying and blending of spirits.

The Company's registered office is at Elsley Court, 20-22 Great
Titchfield Street, London, W1W 8BE (in the process of being changed
to C/O Quantuma Advisory Limited, 7th Floor, 20 St. Andrew Street,
London, EC4A 3AG

Its principal trading address is at 29 Pangbourne Ave, London, W10
6DJ

The joint administrators can be reached at:

         Tom Parish
         Terri Mulgrew
         Andrew Andronikou
         Quantuma Advisory Limited
         7th Floor, 20 St. Andrew Street
         London, EC4A 3AG
         
For further details, contact:

         Darren McEvoy
         Tel No: 020 3856 6720
         Email: darren.mcevoy@quantuma.com


EUROSAIL-UK 2007-6: Fitch Affirms 'B-sf' Rating on Class C1a Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Eurosail-UK 2007-2 NP Plc (ES07-2) and
Eurosail-UK 2007-6 NC Plc (ES07-6), while revising the Outlook for
ES07-2's class D1a and D1c notes to Negative from Stable.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Eurosail-UK 2007-6
NC Plc

   Class A3a 29881HAG0      LT AAAsf  Affirmed   AAAsf
   Class B1a 29881HAK1      LT BBB-sf Affirmed   BBB-sf
   Class C1a 29881HAN5      LT B-sf   Affirmed   B-sf
   Class D1a 29881HAR6      LT CCCsf  Affirmed   CCCsf

Eurosail-UK 2007-2
NP Plc

   Class B1a 29881AAN0      LT AAAsf  Affirmed   AAAsf
   Class B1c 29881AAQ3      LT AAAsf  Affirmed   AAAsf
   Class C1a 29881AAR1      LT AAAsf  Affirmed   AAAsf
   Class D1a 29881AAU4      LT A+sf   Affirmed   A+sf
   Class D1c 29881AAW0      LT A+sf   Affirmed   A+sf
   Class E1c XS0291443892   LT CCCsf  Affirmed   CCCsf
   Class M1a 29881AAK6      LT AAAsf  Affirmed   AAAsf
   Class M1c 29881AAM2      LT AAAsf  Affirmed   AAAsf

Transaction Summary

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited (formerly a
wholly-owned subsidiary of Lehman Brothers) and Preferred Mortgages
Limited.

KEY RATING DRIVERS

Greater-Than-Anticipated Loss Severities: The transactions'
reported lifetime loss severities of 25.7% and 25.0% for ES07-2 and
ES07-6, respectively, are higher than that projected by Fitch's
asset model in its base case. Continuously high loss severities may
lead to losses exceeding what the transactions can recover via
excess spread, and this drives the Outlook revision for ES07-2's
class D1a and D1c notes, the affirmation of ES07-6's B1a and C1a
notes at below their respective model-implied ratings.

Sequential Amortisation Supports Credit Enhancement: Credit
enhancement contniues to build up due to the transactions'
sequential amortisation, with ES07-2 amortising sequentially until
maturity due to an irreversible trigger breach. ES07-6 is currently
prevented from amortising pro-rata due to the breach of its
late-stage delinquencies trigger. The same triggers prevent the
transactions' reserve funds from amortising, further supporting the
build-up of credit enhancement. This supports the rating
affirmations.

Worsening Asset Performance: The proportion of loans in arrears for
one month or more for both transactions has increased since the
previous review. The share for ES07-2 has increased to 25.0% from
22.2% between March 2024 and March 2025. In the same period, this
figure for ES07-6 has risen to 37.6% from 35.1%. This is driven by
shrinking pool sizes and borrowers migrating to later-stage arrears
rather than new arrears.

Liquidity Coverage Mitigates PIR: ES07-2 has a static liquidity
facility, to which all outstanding notes have access, with all
classes other than the M1a and M1c notes subject to a 50% principal
deficiency ledger lock-out trigger. In Fitch's base case, the
lock-out trigger is not breached, and the liquidity facility
sufficiently mitigates payment interruption risk (PIR) for all
outstanding notes. ES07-6 also has a static liquidity reserve,
which provides adequate coverage to mitigate PIR for its class A3a
notes.

Floored Performance Adjustment Factor: In line with its criteria,
Fitch has floored the owner-occupied (OO) performance adjustment
factor for both transactions at 100%. This is due to the potential
back-loaded risk profiles associated with a high share of
interest-only OO loans in the pools and their deteriorating
performance. In addition, Fitch has maintained the buy-to-let
performance adjustment factor floors at 151% and 100% for ES07-2
and ES07-6, respectively, due to their deteriorating asset
performances.

High Senior Fees: The senior fees for both transactions have
remained high, driven by costs incurred due to the LIBOR transition
of the notes, and the replacement of the transaction
counterparties. Fitch may increase its base fee assumption in its
cash-flow modelling, which may lead to lower model-implied ratings,
if the fees remain high.

RATING SENSITIVITIES

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

The transactions' performance may be affected by adverse changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated with increasing delinquencies
and defaults that could reduce credit enhancement available to the
notes.

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch found that a 15% increase in the weighted average
foreclosure frequency and a 15% decrease in the weighted average
recovery rate would result in downgrades of up to five notches for
ES07-2's class D1a and D1c notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and,
potentially, upgrades.

Fitch found that a 15% decrease in the weighted average foreclosure
frequency and a 15% increase in the weighted average recovery rate
would result in upgrades of up to four notches for ES07-2's class
D1a and D1c notes, 13 notches for its E1c notes, and up to eight
and two notches for ES07-6's class B1a and C1a notes, respectively.
ES07-2's class M to C notes and ES07-6's class A notes are at the
highest achievable ratings on Fitch's scale and cannot be
upgraded.

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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

ESG Considerations

ES07-2 and ES07-6 have an ESG Relevance Score of '4' for human
rights, community relations, access & affordability due to a
significant proportion of the pool containing OO loans advanced
with limited affordability checks, which has a negative impact on
the credit profiles, and is relevant to the ratings in conjunction
with other factors.

ES07-2 and ES07-6 have an ESG Relevance Score of '4' for customer
welfare - fair messaging, privacy & data security due to the pool
exhibiting interest-only maturity concentration of legacy
non-conforming OO loans of greater than 20%, which has a negative
impact on the credit profiles, and is relevant to the ratings in
conjunction with other factors.

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


KING INDUSTRIES: Begbies Traynor Named as Administrators
--------------------------------------------------------
King Industries Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in Leeds
Insolvency and Companies List (Ch D), Court Number: 000478-2025,
and Robert Neil Dymond and Kris Anthony Wigfield of Begbies Traynor
(Central) LLP were appointed as administrators on May 13, 2025.  

King Industries was involved in building construction.

Its registered office is at Old Barn Farm, Welford Road,
Lutterworth, Leicestershire LE17 6JL.

The joint administrators can be reached at:

         Robert Neil Dymond
         Kris Anthony Wigfield
         Begbies Traynor (Central) LLP
         3rd Floor, Westfield House
         60 Charter Row, S1 3FZ

For further details, contact:

         Connor Roberts
         Tel No: 0114 2755033
         Email: Sheffield.North@btguk.com


LGC SCIENCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned LGC Science Group Holdings Limited's
amended and extended (A&E) term loan B (TLB) a final rating of 'B'
with a Recovery Rating of 'RR4'. The final TLB is split between
euro and US dollar tranches, at EUR1,080 million and USD1,000
million respectively.

Fitch has also affirmed LGC's Long-Term Issuer Default Rating (IDR)
at 'B' with a Stable Outlook. This follows the A&E of the TLB, with
the final terms in line with its expectations.

The ratings reflect LGC's weakened leverage and interest coverage
metrics, which are commensurate with the mid to low end of the 'b'
rating category. This is balanced by its robust business model. The
Stable Outlook reflects structural organic growth prospects for the
life science industries and its expectations that LGC will focus on
organic expansion, supporting gradual deleveraging.

Fitch has affirmed and withdrawn the 'B'/'RR4' rating on the
previous TLB as it is no longer relevant to the agency's coverage.

Key Rating Drivers

Recovering Operating Performance: LGC has returned to growth based
on FY25 (financial year end March) performance, which Fitch
believes will be sustained, supported by expansion across its
portfolio and target markets, particularly in molecular diagnostics
and oligonucleotide. Fitch views the company's underperformance in
FY24 as temporary, following the recovery of the broader life
science tools sector since end-2024.

Fitch therefore expects a gradual improvement in EBITDA to around
GBP265 million by FY27 and a corresponding margin recovery toward
30%. This will be driven by continued industry recovery,
cost-efficiency measures, and improved operating leverage.

Manageable Refinancing Risk: Fitch views LGC's refinancing risk as
manageable following the A&E of its TLB, with maturity extension to
January 2030 from April 2027, ahead of the maturity for its holding
company's payment-in kind facility. Its existing revolving credit
facility, reset following the A&E with the increased TLB, matures
in October 2029, providing ample liquidity headroom.

Volatile FCF Until 2027: Fitch forecasts negative free cash flow
(FCF) until FYE26, based on lower EBITDA forecasts and high growth
capex to support organic expansion in FY25-FY26. Excluding the
growth capex, Fitch projects the underlying FCF margins to turn
positive in FY27 and to remain in mid-single digits thereafter.
LGC's ability to return to positive FCF on completion of the large
expansion investment is a key driver of the 'B' IDR. A lack of
visibility on FCF turning positive by then would put its ratings
under pressure.

Increased Leverage: Fitch expects LGC's EBITDA leverage to remain
slightly above 7.5x in FY25 before decreasing toward 7.3x in FY26,
which supports the Stable Outlook. Deleveraging has been slower
than Fitch anticipated, but Fitch expects a gradual increase in
rating headroom at this lower level once biotech funding has
resumed and the newly invested capacity ramps up. This will support
higher profitability and an overall improvement in credit metrics.

Core Business Matures: As recent acquisitions mature, Fitch expects
LGC's underlying business to continue delivering defensive organic
growth. Fitch expects its genomics and quality assurance business
to have mid-single-digit to low double-digit constant-currency
organic growth in the medium term, driven by end-market growth
demand in the US and EMEA. Fitch assumes LGC will maintain its
near-term focus on organic growth to address growing demand in
specialist testing and clinical diagnostics.

Defensive Business Profile: LGC has a strong position in the
structurally growing routine and specialist life-science and
healthcare-testing markets, with longstanding customer
relationships supporting high recurring revenue. Fitch views these
strong and diverse customer relationships, the mission-critical
role of LGC's products in its clients' workflows, and the group's
focus on and reputation for quality as major barriers to entry
underpinning its robust business model.

Peer Analysis

Fitch rates LGC using its Medical Devices Navigator Framework.
LGC's rating is constrained by its modest size and high financial
leverage, particularly relative to that of larger US peers in the
life science and diagnostics sectors. Close peers are generally
rated within the 'BBB' rating category, including Eurofins
Scientific S.E. (BBB-/Stable), Revvity, Inc. (BBB/Stable), Agilent
Technologies, Inc. (BBB+/Stable), and Thermo Fisher Scientific Inc.
(A-/Stable).

LGC has a similar EBITDAR margin to its peers of around 30%,
reflecting its strong business model rooted in niche positions
underpinned by scientific excellence. LGC also has healthy organic
growth, supplemented by consolidation opportunities in the
fragmented global life-science tools market.

LGC's defensive business risk attributes are offset by its smaller
scale and higher leverage than investment-grade peers, which places
the group's rating firmly in the highly speculative 'B' category.
Its financial risk profile is more comparable to that of European
healthcare leveraged finance issuers such as Curium Bidco S.a r.l.
(B/Stable), Inovie Group (B/Negative), and Ephios Subco 3 S.a.r.l.
(B/Stable). All three speculative-grade issuers have defensive
business risk profiles and deploy financial leverage to accelerate
growth in a consolidating European market.

Key Assumptions

Fitch's Rating Case Assumptions:

- Revenue CAGR of 7% over FY25-FY27, driven by organic growth
benefiting from growing demand in specialist testing and clinical
diagnostics over the medium term

- Gross margin gradually recovering towards historical levels of
63% by FY27 from 62% in FY25

- Fitch-defined EBITDA margin gradually increasing to 30% in FY27
from 29% in FY25

- Changes in net working capital at 1%-1.5% of sales from FY25 to
support business growth

- Overall capex expected to remain high at about GBP100 million in
FY25-FY26 to allow the expansion of innovation capability and other
strategic projects to support growth

- Capex to normalise to around GBP65 million in FY27

- No acquisitions over the next three years

Recovery Analysis

- The recovery analysis assumes that LGC would remain a going
concern (GC) in the event of restructuring and that it would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

- Fitch assumes a post-restructuring GC EBITDA of GBP150 million,
on which Fitch bases the enterprise value. This reflects LGC's
niche but maturing business model with highly specialised
operational competencies, and a strong and diverse client base with
a high share of recurring revenues.

- Fitch assumes a distressed multiple of 6.5x, reflecting the
group's global presence in attractive high-growth sectors and
strong underlying profitability.

- Its waterfall analysis generates a ranked recovery for senior
creditors in the 'RR4' band, indicating a 'B' rating for the
group's senior secured facilities, in line with the IDR.

- Fitch assumes LGC's multi-currency revolving credit facility
would be fully drawn in a restructuring, ranking pari passu with
the rest of the senior secured debt. Fitch also views the US
dollar-denominated payment in kind as an equity instrument, sitting
outside the restricted group.

RATING SENSITIVITIES

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

- EBITDA leverage consistently above 7.5x

- EBITDA interest coverage below 2.0x for an extended period

- Lower organic growth due to market deterioration or reputational
issues, resulting in market share loss or EBITDA margins
consistently below 28%

- FCF margins to remain negative after completion of growth capex
by 2026, or deterioration in trading materially reducing cash
generation and liquidity beyond its expectations

- Aggressive financial policy hampering profitability and
deleveraging prospects

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

- EBITDA leverage below 5.5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

- Superior profitability with EBITDA margin remaining above 30% and
successful integration of accretive M&As

- FCF margins sustained above mid-single digits

Liquidity and Debt Structure

LGC has satisfactory liquidity, with available cash on its balance
sheet of about GBP89 million at end-2024 and a GBP265 million
revolving credit facility, of which GBP106 million has been drawn.
Fitch restricts GBP10 million of the balance-sheet cash as the
minimum needed to run the business.

Fitch expects liquidity to reduce, due to negative FCF generation
until FYE26, mainly driven by additional growth capex. Fitch
expects at least by GBP200 million of the revolving credit facility
will remain undrawn at capex peaks, while accounting for intra-year
working-capital swings of about GBP10 million. This will provide an
adequate liquidity buffer over the next three years as Fitch
expects freely available cash to be around EUR30 million on
average. LGC will have no debt maturity until October 2029.

Issuer Profile

LGC is a UK-based leading global life science tools company,
providing mission-critical components and solutions for high-growth
application areas across the human healthcare and applied market
segments.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Loire US Holdco 1,
Inc.

   senior secured     LT     B  Affirmed       RR4      B

   senior secured     LT     WD Withdrawn

   senior secured     LT     B  New Rating     RR4      B(EXP)

LGC Science Group
Holdings Limited      LT IDR B  Affirmed                B

   senior secured     LT     B  Affirmed       RR4      B

Loire Finco
Luxembourg S.a r.l.

   senior secured     LT     B  Affirmed       RR4      B

   senior secured     LT     WD Withdrawn

   senior secured     LT     B  New Rating     RR4      B(EXP)

Loire US Holdco 2, Inc.

   senior secured     LT     B  Affirmed       RR4      B

   senior secured     LT     WD Withdrawn

   senior secured     LT     B  New Rating     RR4      B(EXP)


LONDON BRIDGE 2025-1: S&P Assigns Prelim. B-(sf) Rating on X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
London Bridge Mortgages 2025-1 PLC's class A, B-Dfrd, C-Dfrd,
D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes. At closing, the issuer
will issue unrated residual certificates.

London Bridge Mortgages 2025-1 PLC is an RMBS transaction that
securitizes a portfolio of buy-to-let (BTL) and owner-occupied
mortgage loans secured on properties in the U.K. Vida Bank Ltd.
(VBL) originated the loans in the pool. The pool comprises 68.9%
BTL loans and 31.1% owner-occupied properties.

This will be VBL's (previously Belmont Green Finance Ltd.; BGFL)
first securitization since receiving Prudential Regulation
Authority (PRA) and Financial Conduct Authority (FCA) authorization
and becoming a fully licensed bank in November 2024.

VBL is a bank in the U.K., which was initially set up in 2015 as
BGFL, a nonbank specialist lender. It launched its lending business
later in 2016, through its brand Vida Homeloans.

The transaction comprises loans originated between 2017 and 2025,
with around 24% of the collateral being previously securitized in
prior Tower Bridge transactions that S&P rated. The loans were
acquired from the respective transactions by the seller either as
part of a call option being exercised or where loans were
repurchased because product switch limits were reached in the
transactions.

The collateral comprises loans to complex income borrowers with
limited credit impairments, and there is a high exposure to
self-employed borrowers (24.7%) and first-time buyers (23.9%).

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes, subject to various
conditions.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all its assets in the security
trustee's favor.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We expect the issuer to be bankruptcy remote at
closing."

At closing, Vida Bank Ltd. will be the mortgage administrator, with
servicing delegated to Homeloan Management Ltd., part of the
Computershare group.

  Preliminary ratings

  Class   Prelim. rating*   Amount (%)

  A          AAA (sf)        86.00
  B-Dfrd     AA (sf)          6.50
  C-Dfrd     A (sf)           3.50
  D-Dfrd     BBB+ (sf)        1.50
  E-Dfrd     BB+ (sf)         1.50
  F-Dfrd     B+ (sf)          1.00
  X-Dfrd     B- (sf)          3.00
  RC1 Residual Certs  NR       N/A
  RC2 Residual Certs  NR       N/A

*S&P's preliminary ratings address timely payment of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on all the other rated
notes. S&P's ratings also address timely payment of interest on the
class B–Dfrd to F-Dfrd notes when they become the most senior
outstanding and full immediate repayment of all previously deferred
interest.
NR--Not rated.
N/A--Not applicable.


MANIFEST LONDON: Moorfields Named as Administrators
---------------------------------------------------
Manifest London Ltd was placed into administration proceedings in
the The High Court of Justice Business & Property Courts of England
and Wales, Court Number: No 002857 of 2025, and Michael Solomons
and Andrew Pear of Moorfields were appointed as administrators on
May 8, 2025.  

Manifest London is an advertising agency.

Its registered office and principal trading address is at 8-14 Vine
Hill, London, EC1R 5DX.

The joint administrators can be reached at:

               Michael Solomons
               Andrew Pear
               Moorfields
               82 St John Street
               London EC1M 4JN
               Tel No: 020 7186 114

For further information, contact:

               Myran Patel
               Moorfields
               Tel No: 020 7186 1172
               Email: myran.patel@moorfieldscr.com
               82 St John Street
               London EC1M 4JN


MHL2 LTD: Leonard Curtis Named as Administrators
------------------------------------------------
MHL2 Ltd was placed into administration proceedings in the High
Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number: CR-2025-000680,
and Iain David Nairn and Sean Williams of Leonard Curtis, were
appointed as administrators on May 12, 2025.  

MHL2 Ltd, fka Thompson Power Tool Services UK Ltd, specialized in
the repair of other equipment, site preparation, other specialised
construction activities not elsewhere classified, renting and
leasing of other machinery equipment and tangible goods not
elsewhere classified.

Its registered office is at Unit 13, Kingsway House, Kingsway, Team
Valley Trading Estate, Gateshead NE11 0HW

Its principal trading address is at Innovation House Thompson
Business Court, 49 Coniston Road, Blyth, Northumberland, England,
NE24 4RF Formerly 5 Wincomblee Road, Walker Riverside, Newcastle
upon Tyne, Tyne and Wear, NE6 3PF

The joint administrators can be reached at:

         Iain David Nairn
         Sean Williams
         Leonard Curtis
         Unit 13, Kingsway House
         Kingsway Team Valley Trading Estate
         Gateshead, NE11 0HW

For further details, contact:

         Tel: 0191 933 1560
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Timothy Kendrick


PREMIER FOODS: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Premier Foods plc a Long-Term Issuer
Default Rating (IDR) of 'BB+' with a Stable Outlook; Fitch has also
assigned Premier Foods Finance plc's senior secured GBP330 million
notes due 2026 a senior secured rating of 'BBB-', with a Recovery
Rating of 'RR2'.

The IDR reflects Premier Foods' conservative capital structure,
with EBITDA leverage at below 2x, and solid position as one of the
UK's leading producers of packaged food, with a market-leading
brand portfolio and strong innovation capabilities, ensuring
resilient top-line growth and long-lasting customer relationships.
This is balanced by the group's moderate scale compared with
Fitch-rated packaged food peers and limited geographical
diversification.

The Stable Outlook reflects ample leverage headroom under the
rating, and its expectation of resilient top-line growth and EBITDA
profitability, translating into a healthy free cash flow (FCF)
margin over the rating horizon.

Key Rating Drivers

Strong Financial Profile: Premier Foods' rating reflects its
conservative financial profile, with Fitch-calculated EBITDA gross
leverage estimated at 1.7x as of end-FY25 (financial year ending
March 2025). Fitch projects leverage will be sustained under 2x
over FY26-FY29, supported by low-single digit organic revenue
growth and resilient profitability. The credit profile benefits
from a clear financial policy with target EBITDA net leverage of
below 1.5x (1HFY25: 1.1x). The company has ample leverage headroom
under the rating, allowing flexibility for potential bolt-on M&A
activity or deterioration in the market environment.

Rating Constrained by Scale, Diversification: Moderate scale and
limited geographic diversification are the major factors
constraining the rating to the 'BB' category, despite the group's
strong financial profile. Fitch estimates Fitch-adjusted EBITDA at
around GBP210 million in FY25 (FY24: GBP206 million), gradually
increasing towards GBP260 million by FY29, which is below the
USD500 million median for the 'BB' rating category according to
Fitch's Packaged Food Rating Navigator. The company's scale is also
smaller than other Fitch-rated packaged food producers in this
rating category.

Premier Foods generates more than 95% of its revenue in the UK,
with limited international presence in selected markets in
Australia, North America and EMEA. Fitch expects that despite the
faster, double digit annual growth Fitch projects for the group's
international operations, the UK will remain its largest market.

Leading Market Positions. Strong Brands: Premier Foods' credit
profile benefits from leading market positions in its core food
categories. These are ensured by a wide portfolio of leading UK
brands in major grocery products groups, including Oxo, Ambrosia,
Mr Kipling, Bisto and Batchelors, as well as third-party
international brands, such as the Soba Noodles brand from Nissin
Group. The company's own brand portfolio in flavourings,
seasonings, quick meals, snacks, cooking sauces, ambient desserts
and cakes is complemented by a private label offering (FY24: 16% of
sales), expanding its portfolio's price points and providing
additional resilience in economic downturns.

Strong FCF Generation: Fitch projects Premier Foods will generate a
healthy Fitch-adjusted EBITDA margin of around 18.5% over FY25-29,
which reflects its strong brands quality and results in FCF margins
sustainably above 5%. Fitch expects that strong internally
generated cash flows and savings from a suspension of pension
contributions agreed in March 2024 will allow the company to
increase capex toward 5% of revenue, compared with historical
averages of around 2.5%, as well as provide greater flexibility to
fund bolt-on M&A, part of the group's growth strategy. Fitch also
assumes dividend growth, towards GBP30 million by FY29 (FY24: GBP12
million).

Innovation Critical for Sales Growth: The resilience of Premier
Foods' growth and market positions in the mature and competitive UK
market largely depend on its innovation and marketing capabilities.
The group has a record of successful product innovation around its
established and recently acquired brands, supporting healthy
organic branded products sales growth in FY23-FY25. Fitch assumes
Premier Foods is well positioned to continue generating low to
mid-single digit organic revenue growth in its core UK market over
FY26-FY29, with reported revenue growth to be further strengthened
by faster growth in international markets and potential
acquisitions.

Market Aligned Customer Concentration: Premier Foods' customer
exposure is generally aligned with the structure of the UK food
retail market, but it creates some concentration with the four
largest retailers, Tesco PLC (BBB-/Stable), Bellis Finco plc (Asda;
B+/Stable), Sainsbury's and Market Holdco 3 Limited's (Morrisons;
B/Positive), together accounting for more than half of the group's
revenues. The large bargaining power of these retailers over
suppliers is to some extent mitigated for Premier Foods by its
leading market positions wide brand awareness, strengthened by the
breadth of product categories, ensuring long-lasting relationships
with retailers.

Peer Analysis

Premier Foods is smaller in size than Nomad Foods Limited
(BB/Stable), a frozen food producer, which also benefits from a
strong market position in its product categories but has wider
geographic diversification of operations. The one-notch
differential reflects Premier Foods' higher EBITDA and FCF margin
and significantly more conservative leverage.

Premier Foods is rated one notch above Ulker Biskuvi Sanayi A.S.
(BB/Stable), Turkiye's largest confectionery producer. Ulker has
bigger scale, wider geographic diversification and a comparable
EBITDA margin. This is balanced by Ulker's higher leverage, weaker
and more volatile FCF as well as material foreign-exchange risks
related to significant exposure in its home market, where it
generates around 65% of its revenue.

Premier Foods is somewhat smaller in scale than United Petfood
Group BV (BB-/Stable), producer of private label products and
third-party brands in the European pet food industry. United
Petfood has a higher EBITDA margin, of above 20%, and comparably
strong FCF margin, but the two-notch rating differential reflects
United Petfood's less conservative financial profile, with Fitch
expecting leverage to be sustained above 3.5x over the rating
horizon.

Premier Foods is larger in size and has wider geographic
diversification than Sammontana Italia S.p.A. (B+/Stable). The
rating differential is supported by Premier Foods' stronger
profitability and lower exposure to commodity price volatility, as
well as materially lower leverage compared with around 5x estimated
for the Italian company in 2025.

Key Assumptions

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

- Organic revenue growth of around 3% over FY25-FY29;

- EBITDA margin of 18.4% in FY25 (FY24: 18.1%), gradually
increasing to 18.6% in FY29;

- Capex at around 4% of revenue in FY25, growing to an average 6%
of revenue in FY26-FY28, before declining to around 4.5% of revenue
in FY29. Increased capex is driven by efficiency projects;

- M&A spending of around GBP50 million a year in FY26-FY29,
deferred consideration payments for previous acquisitions of GBP5.3
million in FY26 and GBP12.6 million in FY27; and

- Dividend payments growth of 20% a year, towards GBP30million in
FY29 (FY24: GBP12 million).

RATING SENSITIVITIES

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

- Weakening operating performance with declining revenue growth and
the EBITDA margin weakening towards 15%.

- FCF margin decline, to below 3% of sales.

- Changes in financial policy or aggressive M&A, leading to EBITDA
leverage sustained above 3.0x.

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

Fitch does not envisage an upgrade in the medium term. An upgrade
would require increasing operational scale and wider geographical
diversification with EBITDA trending towards GBP350 million,
combined with a conservative financial policy.

Liquidity and Debt Structure

Premier Foods had healthy liquidity at FYE24, with GBP102 million
cash balance. In May 2025, the group increased its revolving credit
facility to GBP282.5 million, from GBP227.5 million, with maturity
in July 2029. The liquidity profile is also supported by its
expectations of sustained positive FCF, supported by strong
profitability and a reduction in pension contributions. Refinancing
is due to be addressed with the senior secured notes maturing in
2026.

The one-notch uplift to the rating of the senior secured notes of
GBP330 million to 'BBB-' reflects its view of above average
recovery prospects for the instrument. This is supported by the
group's moderate leverage. The senior secured notes and the
revolving credit facility share the same collateral and rank
equally among themselves. The company also has access to
non-recourse factoring (GBP29.2 million used as of FYE24), which
Fitch treats as debt.

Issuer Profile

Premier Foods is one of the UK's largest food businesses, with
market leading brands across a range of grocery and sweet treats
product categories.

Date of Relevant Committee

02 May 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Premier Foods plc     LT IDR BB+  New Rating            WD

Premier Foods
Finance plc

   senior secured     LT     BBB- New Rating   RR2


RANGE CYLINDERS: FRP Advisory Named as Administrators
-----------------------------------------------------
Range Cylinders Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD) Court Number:
CR-2025-000679, and Anthony Collier and Simon Farr of FRP Advisory
Trading Limited were appointed as administrators on May 13, 2025.


Range Cylinders fka TLHWC Limited is a manufacturer of other tanks,
reservoirs and containers of metal.

Its registered office is at 4 Croft Court, Whitehills Business
Park, Blackpool, FY4 5PR -- to be changed to FRP Advisory Trading
Limited, 4th Floor, Abbey House, Booth Street, Manchester, M2 4AB

Its principal trading address is at The Villa Wrea Green, Moss Side
Lane, Wrea Green, Preston, Lancashire, PR4 2PE

The joint administrators can be reached at:

           Simon Farr
           Anthony Collier
           FRP Advisory Trading Limited
           4th Floor, Abbey House
           Booth Street,
           Manchester M2 4AB

For further information, contact:
           
           The Joint Administrators
           Tel No: 0161 833 3344

Alternative contact:

           Beth Megram
           Email: cp.manchester@frpadvisory.com



                           *********


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

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Editors.

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

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