---

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

                          E U R O P E

          Monday, June 2, 2025, Vol. 26, No. 109

                           Headlines



B E L G I U M

AZELIS GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


F R A N C E

EUTELSAT COMMUNICATIONS: Egan-Jones Cuts Sr. Unsec. Ratings to BB-


G E R M A N Y

NIDDA BONDCO: Moody's Hikes CFR to B2 & Alters Outlook to Stable


I R E L A N D

BARINGS EURO 2018-2: Moody's Affirms Ba2 Rating on EUR30MM E Notes
HARVEST CLO XXXVI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
HARVEST CLO XXXVI: S&P Gives Prelim. 'B-' Rating on Class F Notes
RIVER GREEN 2020: DBRS Confirms B(high) Rating on Class D Notes


I T A L Y

BRISCA SECURITIZATION: DBRS Confirms C Rating on Class B Notes
GENERALI: Egan-Jones Retains BB Senior Unsecured Ratings
GOLDEN BAR 2025-1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. F Notes
MAGGESE SRL: DBRS Confirms 'CC' Rating on Class A Notes
UNIPOL ASSICURAZIONI: Moody's Affirms 'Ba2(hyb)' Pref. Stock Rating



L U X E M B O U R G

ALTISOURCE PORTFOLIO: Nantahala Capital Holds 2.82% Stake
SAMSONITE GROUP: Moody's Alters Outlook on 'Ba2' CFR to Stable


N E T H E R L A N D S

BME GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
IMC GLOBAL: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
PEER HOLDING III: Moody's Raises CFR to 'Ba1', Outlook Stable


P O L A N D

CYFROWY POLSAT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


R O M A N I A

AUTONOM SERVICES: Fitch Alters Outlook on B+ LongTerm IDR to Stable


R U S S I A

ASIA INSURANCE: S&P Affirms 'B' ICR, Outlook Stable


S P A I N

SANTANDER 7: DBRS Confirms BB(high) Rating on Class B Notes
SANTANDER CONSUMO 8: DBRS Gives Prov. B(low) Rating on E Notes


T U R K E Y

EREGLI DEMIR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

A, R & S SHINGDIA: RSM UK Named as Administrators
AMPLIPHAE LIMITED: KPMG Named as Administrators
ASIMI FUNDING 2025-1: S&P Assigns 'CCC(sf)' Rating on G-Dfrd Notes
BRITISH TELECOMMUNICATIONS: Moody's Rates New Hybrid Notes 'Ba1'
BRITISH TELECOMMUNICATIONS: S&P Rates Jr. Hybrid Securities 'BB+'

C.DUGARD LIMITED: Begbies Traynor Named as Administrators
CANDID CO100: KBL Advisory Named as Administrators
CITADEL PLC 2024-1: Moody's Affirms Ba3 Rating on Class F Notes
EVIDENTIAL LTD: Leonard Curtis Named as Administrators
HACKNEY BREWERY: Marshall Peters Named as Administrators

HARROGATE ORGANICS: DFW Associates Named as Administrators
HERMITAGE 2025: Fitch Assigns 'BB+(EXP)sf' Rating on Class E Notes
LIBERTY GLOBAL: Egan-Jones Hikes Senior Unsecured Ratings to B+
SIG PLC: Moody's Lowers CFR to 'B3' & Alters Outlook to Stable
TRG SK4 BLOCK: FRP Advisory Named as Administrators

TRG SK4: FRP Advisory Named as Administrators
UK LABELS: Butcher Woods Named as Administrators
ZARIA PROPERTIES: Grant Thornton Named as Administrators

                           - - - - -


=============
B E L G I U M
=============

AZELIS GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Azelis Group NV's Long-Term Issuer
Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch also
affirmed Azelis Finance NV's senior unsecured rating at 'BB+'. The
Recovery Rating is 'RR4'.

Azelis' IDR reflects its position as a leading specialty chemical
distributor with strong diversification of suppliers, customers and
products, balanced by its high leverage due to recurring
acquisitions. It also captures the company's record of stable
profit margins and positive free cash flow (FCF), which supports
EBITDA-accretive bolt-on acquisitions.

The rating also reflects Fitch's expectation that the specialty
chemical distribution market will remain resilient during economic
downturns and benefit from structural long-term growth, allowing
Azelis to maintain EBITDA net leverage at below 3.5x in 2025-2028
despite an acquisitive strategy.

Key Rating Drivers

Resilient Business Model: Fitch forecasts organic revenue growth in
the low single digits in 2025-2028, despite weak chemical demand
and slowing economic growth, underlining the specialty chemical
distribution market's resilience. Organic sales fell a modest 1.1%
in 2024, in line with the broader specialty market, before rising
in 1Q25. Azelis' asset-light structure, strong diversification,
focus on life science markets and innovative offering support the
stability of its earnings. Fitch expects EBITDA margin to moderate
slightly to 10.5%-10.7% in 2025-2028, from 11% in 2024, as volumes
of lower-margin industrial chemicals return.

Global Specialty Distributor: Azelis is the second-largest pure
specialty chemical distributor by revenue behind IMCD N.V., and
fourth largest when considering Brenntag's and Windsor Holdings
III, LLC's (Univar Solutions) specialty segments. Its critical mass
in a fragmented industry allows Azelis to benefit from longstanding
exclusivity contracts with suppliers and thousands of customers
globally. Scale, technical and formulation expertise and
geographical breadth provide competitive advantages over smaller
peers in securing supply contracts with large chemical producers,
and in achieving synergies with acquired businesses.

M&A Keeps Leverage High: Fitch believes Azelis will continue an
aggressive acquisition strategy to consolidate a fragmented market.
Including all payments related to deferred considerations, M&A
spend has far exceeded Azelis' free cash flow (FCF), keeping EBITDA
net leverage above 3.0x, although the outflow reduced in 2024.
Fitch expects most FCF (after dividends) to be allocated to bolt on
acquisitions. This will keep EBITDA net leverage at 3.2x on average
in 2025-2028. Headroom for larger transactions is limited in the
short run, but Azelis can raise equity, as it did in 2023 with a
EUR200 million capital increase.

Structurally Positive FCF: Fitch forecasts FCF margin after
dividends to average 4.5% in 2025-2028, broadly in line with its
historical trend, despite its high leverage. This supports its
deleveraging capacity, especially should M&A spending slow.

Leverage Calculation; Financial Policy: Azelis' public financial
policy aims to maintain net leverage between 2.5x and 3.0x. The
company does not include deferred considerations or receivables
financing in the calculation of leverage, so this suggests its
EBITDA net leverage could breach Fitch's negative sensitivity for
the rating should Azelis operate at the upper band of its financial
policy.

Deferred Considerations May Affect Deleveraging: Fitch includes
deferred payments in its calculation of financial debt, which
resulted in Fitch-defined EBITDA net leverage at 3.3x for 2024,
higher than the 2.9x reported by Azelis. These liabilities are
reported on the balance sheet and represent delayed M&A outflows,
most of which are to be paid in 2025. Acquisitions also frequently
include earnouts and put options, which adds risk of further
outflows, although these payments are usually linked to
outperformance of the acquired companies. Nevertheless, this tends
to affect the deleveraging trend.

Peer Analysis

Azelis' closest Fitch-rated peer is IMCD N.V. (BBB-/Stable). Both
companies are pure specialty chemical distributors with
market-leading positions, share a similar growth strategy focused
on FCF-funded bolt-on acquisitions and comparable diversification
of suppliers and customers. Both companies have similar EBITDA
margins. Azelis' FCF margin is stronger, but IMCD has higher EBITDA
and lower leverage at 2x-2.2x.

Arrow Electronics, Inc. (BBB-/Stable) is a distributor of
electronic components and enterprise computing solutions. Its
EBITDA is greater than Azelis' but it operates in an industry with
lower switching costs and value-add for distributors, resulting in
lower EBITDA margins of 4%-5% and higher earnings volatility. Arrow
Electronics has lower EBITDA net leverage than Azelis, at or below
3.0x through the cycle.

Windsor Holdings III, LLC (Univar Solutions; B+/Stable) is the
second-largest global chemical distributor behind Brenntag and is
the largest North American chemical distributor in a fragmented
industry. Univar's financial structure is weaker than peers', with
an expected EBITDA leverage of 5.5x-6.5x, following its leveraged
take-private acquisition by affiliates of Apollo Global Management,
Inc. (A/Stable) in August 2023.

Fitch also compares Azelis with metals service centers Ryerson
Holding Corporation (BB/Stable), which is also acquisitive. Azelis'
EBITDA is significantly larger and its EBITDA and FCF margins are
stronger. Ryerson is also less diversified. However, its financial
structure is more conservative, with forecast EBITDA gross leverage
at or below 2.5x.

Key Assumptions

- Organic revenues growth in the low single digits in 2025-2028

- Gross profit margin of 24% in 2025-2028

- EBITDA margin (Fitch-calculated) of 11% in 2025-2028

- Capex at 0.3% of revenues to 2028

- M&A outflows (including deferred considerations payments) of
EUR305 million in 2025, EUR230 million in 2026, EUR200 million in
2027 and EUR200 million in 2028

- Dividends at 30% of prior-year net income

RATING SENSITIVITIES

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

- EBITDA net leverage at or above 3.5x on a sustained basis

- FCF margin below 2.5% for an extended period

- Capital allocation prioritising acquisitions and growth over a
prudent leverage management

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

- EBITDA net leverage below 2.5x on a sustained basis

- FCF margin consistently above 5%

- Conservative execution of the company's financial policy

Liquidity and Debt Structure

At end-2024, Azelis' liquidity was EUR804 million, comprising
EUR304 million in cash and an undrawn EUR500 million revolving
credit facility maturing in 2029. This will comfortably cover its
assumption of acquisitions and the payments of deferred
acquisition-related considerations in 2025, and will also
supplement FCF to fund its M&A strategy in the following three
years.

Azelis' funding is diversified across two bonds maturing in 2028
and 2029 and a term loan maturing in 2029. This results in a
concentration of maturities in 2029 at EUR1.2 billion.

Issuer Profile

Azelis is a global specialty chemical distributor headquartered in
Belgium.

Summary of Financial Adjustments

- Lease liabilities excluded from financial debt; amortisation of
right-of-use assets and lease-related interest expense reclassified
as cash operating costs

- Factoring added to financial debt and trade receivables increased
by the same amount. Cash flow statement adjusted to reflect changes
in factoring use in cash flows from financing activities rather
than cash flows from operating activities

- Amortised issuance costs added back to financial debt to reflect
debt amounts payable at maturity

- Deferred payments liabilities related to acquisitions added to
financial debt

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
   -----------              ------         --------   -----
Azelis Group NV       LT IDR BB+  Affirmed            BB+

Azelis Finance NV

   senior unsecured   LT     BB+  Affirmed   RR4      BB+




===========
F R A N C E
===========

EUTELSAT COMMUNICATIONS: Egan-Jones Cuts Sr. Unsec. Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company on May 12, 2025, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Eutelsat Communications SACA to BB- from BB. EJR also withdrew
its rating on commercial paper issued by the Company.

Headquartered in France, Eutelsat Communications SACA own and
operates satellites.




=============
G E R M A N Y
=============

NIDDA BONDCO: Moody's Hikes CFR to B2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has upgraded the long term corporate family rating
of Nidda BondCo GmbH (STADA or the company) to B2 from B3 and its
probability of default rating to B2-PD from B3-PD. At the same
time, Moody's have upgraded the backed senior secured and senior
secured bank credit facility ratings of Nidda Healthcare Holding
GMBH to B2 from B3. The outlook has been changed to stable from
positive for both entities.

RATINGS RATIONALE

The rating action reflects STADA's solid operating performance in
recent years, which has resulted in leverage reduction, and Moody's
expectations that it will continue to grow its earnings and cash
flow and further improve its credit metrics over the next 12-18
months. It also considers the company's proactive management of its
large debt maturities over the past couple of years and extension
of its debt maturity profile with the bulk of STADA's financial
debt now maturing in 2030.

STADA's leverage (Moody's-adjusted gross debt/EBITDA) has declined
to 6.7x in 2024 from 8.3x in 2022 (pro forma its Russian business
carve-out). While the carve-out of its Russian business in October
2023 temporarily weakened STADA's financial profile, it also
removed an ongoing overhang on its credit profile. Moody's projects
that STADA's revenue will grow in the mid-to high-single digits in
percentage terms annually in 2025-26 and maintain a
Moody's-adjusted EBITDA margin at around 22%-23%, which will drive
further reduction in leverage to below 6x within the next 12-18
months.

Moody's-adjusted free cash flow (FCF) amounted to negative EUR33
million in 2024, an improvement from negative EUR276 million in
2023 affected by inventory build-up and unfavorable tender rebates.
Moody's projects that Moody's-adjusted FCF will be at breakeven in
2025 and reach about EUR60 million in 2026. A significant portion
of STADA's capital expenditures (capex) are intangible capex, which
reflects the company's strategy of regularly acquiring or licensing
new products to fill its pipeline and support its growth.

STADA's B2 rating also reflects its presence in three business
segments with leading market positions in small molecule generics
and consumer healthcare in Europe; its good geographical
diversification within Europe; its increasing exposure to
biosimilars and niche specialty products which have strong organic
growth prospects and higher profitability; and favorable market
trends (e.g., aging population, growing number of drugs losing
exclusivity) which will continue to drive revenue growth.

On the other hand, the B2 rating also considers the company's
highly-leveraged capital structure with a Moody's-adjusted gross
leverage of 6.7x in 2024; the exposure of its generic drugs to
price erosion; large working capital requirements, which strain its
FCF generation; and a historic appetite for debt-funded
acquisitions which could delay deleveraging.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that STADA will
continue to have a strong operating performance over the next 12-18
months and further improve its credit metrics with leverage
declining below 6.5x and FCF improving in 2025. The stable outlook
also reflects Moody's expectations that STADA's M&A policy will
primarily focus on bolt-on acquisitions and in-licensing
transactions, funded with the company's internal cash generation.

LIQUIDITY

STADA has adequate liquidity, underpinned by a cash balance of
EUR244 million as of March 31, 2025 and access to a EUR365 million
senior secured revolving credit facility (RCF), under which EUR247
million was still available. Moody's projects breakeven FCF in 2025
and slightly positive FCF of about EUR60 million in 2026. The RCF
is subject to a total debt leverage covenant of 8.75x, tested
quarterly when more than 35% of the facility is drawn. Moody's
expects the company to maintain significant capacity under this
covenant.

STADA's financial debt matures in 2030, except its RCF which
currently expires on December 31, 2026. STADA has two extension
options which, if exercised, would extend the RCF maturity to
January 31, 2028.

STRUCTURAL CONSIDERATIONS

In light of the mixed capital structure, including both bank debt
and bonds, Moody's applies a recovery rate of 50% for the corporate
family, resulting in a B2-PD PDR, aligned with the B2 CFR.

STADA's debt structure primarily consists of a senior secured RCF,
term loans and notes which all rank pari passu and share the same
guarantors and security package primarily consisting of shares from
operating subsidiaries accounting for at least 80% of group EBITDA.
This results in the company's debt instruments being rated B2, in
line with the CFR.

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

Upward pressure could arise if STADA continues to deliver solid
operating performance, and it maintains conservative and
predictable financial policies, including visibility into M&A
strategy and shareholder distributions. Numerically, this would
translate into the company operating under a Moody's-adjusted gross
debt/EBITDA below 5.5x, a Moody's-adjusted EBITA/interest expense
towards 3x, and Moody's-adjusted cash flow from operations
(CFO)/debt above 10%, all on a sustained basis.

Conversely, downward pressure could develop if STADA's operating
performance deteriorates or its financial policy becomes more
aggressive, leading to its Moody's-adjusted gross debt/EBITDA
remaining above 6.5x, its EBITA/interest expense below 2x or its
Moody's-adjusted FCF remaining negative on a sustained basis.
Downward pressure could also arise if liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.

COMPANY PROFILE

STADA is a Germany-based pharmaceutical company specialised in the
production and marketing of small-molecule generics,
over-the-counter pharmaceutical products and specialties such as
biosimilars. In 2024, STADA generated revenue of EUR4.1 billion and
Moody's-adjusted EBITDA of EUR0.9 billion. The company's product
portfolio is reported under three divisions: generics; consumer
healthcare; and specialty, which includes biosimilars and
partnership licensing deals. The company is fully owned by funds
managed by Bain Capital Private Equity (Europe), LLP and Cinven
Partners LLP.




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

BARINGS EURO 2018-2: Moody's Affirms Ba2 Rating on EUR30MM E Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Barings Euro CLO 2018-2 Designated Activity Company:

EUR13,300,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Oct 25, 2024
Upgraded to Aa1 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Oct 25, 2024
Upgraded to Aa1 (sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa2 (sf); previously on Oct 25, 2024
Upgraded to A2 (sf)

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

EUR229,000,000 (Current outstanding amount EUR19,584,099) Class
A-1A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Oct 25, 2024 Affirmed Aaa (sf)

EUR5,000,000 (Current outstanding amount EUR427,600) Class A-1B
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 25, 2024 Affirmed Aaa (sf)

EUR14,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 25, 2024 Affirmed Aaa
(sf)

EUR8,000,000 Class B-1A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 25, 2024 Affirmed Aaa
(sf)

EUR10,000,000 Class B-1B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 25, 2024 Affirmed Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 25, 2024 Affirmed Aaa (sf)

EUR30,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 25, 2024
Affirmed Ba2 (sf)

EUR12,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Caa1 (sf); previously on Oct 25, 2024
Affirmed Caa1 (sf)

Barings Euro CLO 2018-2 Designated Activity Company, issued in
September 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Barings (U.K.) Limited. The transaction's
reinvestment period ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class C-1, C-2 and D notes are primarily
a result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in October 2024.

The affirmations on the ratings on the Class A-1A, A-1B, A-2, B-1A,
B-1B, B-2, E and F notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

The Class A-1A and A-1B notes have paid down by approximately
EUR58.3 million (24.9% of original balance) since the last rating
action in October 2024 and EUR214 million (91.5%) since closing. As
a result of the deleveraging, over-collateralisation (OC) has
increased. According to the trustee report dated April 2025[1] the
Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 203.4%, 156.0%, 135.9%, 111.8% and 104.2% compared to
October 2024[2] levels of 171.0%, 142.0%, 128.2%, 110.3% and
104.2%, respectively. Moody's notes that Class F OC is failing
marginally as of the trustee report dated April 2025[1] and the
April 2025 principal payments are not reflected in the reported OC
ratios.

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

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

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

Performing par and principal proceeds balance: EUR165.7 million

Defaulted Securities: EUR1.0 million

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3079

Weighted Average Life (WAL): 3.0 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%

Weighted Average Coupon (WAC): 3.9%

Weighted Average Recovery Rate (WARR): 41.7%

Par haircut in OC tests and interest diversion test:  1.6%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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


HARVEST CLO XXXVI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXXVI DAC expected ratings,
as detailed below. The assignment of final ratings is contingent on
the receipt of final documents conforming to information already
reviewed.

   Entity/Debt              Rating           
   -----------              ------           
Harvest CLO XXXVI DAC

   A                    LT AAA(EXP)sf  Expected Rating
   B                    LT AA(EXP)sf   Expected Rating
   C                    LT A(EXP)sf    Expected Rating
   D                    LT BBB-(EXP)sf Expected Rating
   E                    LT BB-(EXP)sf  Expected Rating
   F                    LT B-(EXP)sf   Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

Transaction Summary

Harvest CLO XXXVI DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien last-out loans and
high-yield bonds. Note proceeds will be used to fund a portfolio
with a target par of EUR450 million. The portfolio is managed by
Investcorp Credit Management EU Limited. The collateralised loan
obligation (CLO) has a 4.5-year reinvestment period and a 7.5-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors as in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.

High Recovery Expectations (Positive): At least 96% of the
portfolio will be senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.6%.

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

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

WAL Step-Up Feature (Neutral): The transaction could extend the
weighted average life test by one year from one year after closing
if the aggregate collateral balance (with defaulted obligations
calculated at the lower of Fitch and Standard & Poor's collateral
value) is at least at the reinvestment target par amount and the
transaction is passing all the tests.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant. This is to account for structural and
reinvestment conditions after the reinvestment period, including
the overcollateralisation tests and the Fitch 'CCC' limitation test
passing after reinvestment. Fitch believes these conditions will
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 two notches each for the
class B, C and E notes, one notch for the class D notes, to below
'B-sf' for the class F notes and have no impact on the class A
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 B and C notes each have a
one-notch cushion, the class D, E and F notes each have a two-notch
cushion, while the class A notes have no rating cushion.

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 for the class A to D notes, and to below 'B-sf' for the
class E and F notes.

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

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

During the reinvestment period, upgrades, based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than -expected losses for the
transaction's remaining life. After the end of the reinvestment
period, 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/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 in relation to Harvest
CLO XXXVI 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.

HARVEST CLO XXXVI: S&P Gives Prelim. 'B-' Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXXVI DAC's class A, B, C, D, E, and F notes. At closing, the
issuer will issue unrated subordinated notes.

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

The portfolio's reinvestment period ends 4.50 years after closing;
the non-call period ends 1.5 years after closing.

The preliminary ratings reflect our assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,790.15
  Default rate dispersion                                502.35
  Weighted-average life (years)                            5.00
  Obligor diversity measure                              114.18
  Industry diversity measure                              23.50
  Regional diversity measure                               1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.28
  Target 'AAA' weighted-average recovery (%)              36.87
  Target floating-rate assets (%)                         98.33
  Target weighted-average coupon                           3.27
  Target weighted-average spread (net of floors; %)        3.73

S&P said, "We understand that the portfolio will be
well-diversified at closing. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs. As of Jan. 20, 2025, the manager had
identified almost 88.59% of the assets in the portfolio, of which
16% has been ramped up in the portfolio.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted targeted weighted-average spread (3.58%),
and the covenanted targeted weighted-average coupon (3.25%), as
indicated by the collateral manager. We assumed the identified
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios, for each liability rating category.

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

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a preliminary 'B- (sf)' rating
on this class of notes.

The ratings uplift for the class F notes reflects several key
factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The preliminary portfolio's average credit quality, which is
similar to other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.43% (for a portfolio with a weighted-average
life of 5 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5 years, which would result in
a target default rate of 15.50%.

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

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

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

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

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

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

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

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

Environmental, social, and governance

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

  Ratings list

          Prelim.  Prelim. Balance  Credit        Indicative
  Class   rating*  (mil. EUR)   enhancement (%)  interest rate§

  A       AAA (sf)   274.50     39.00    Three/six-month EURIBOR
                                         plus 1.35%

  B       AA (sf)     54.00     27.00    Three/six-month EURIBOR
                                         plus 1.95%

  C       A (sf)      27.00     21.00    Three/six-month EURIBOR
                                         plus 2.35%

  D       BBB- (sf)   31.50     14.00    Three/six-month EURIBOR
                                         plus 3.35%

  E       BB- (sf)    20.25      9.50    Three/six-month EURIBOR
                                         plus 6.00%

  F       B- (sf)     13.50      6.50    Three/six-month EURIBOR
                                         plus 9.00%

  Sub.    NR          33.10      N/A     N/A

*The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§Solely for modeling purposes as the actual spreads may vary at
pricing. The payment frequency permanently switches to semiannual
and the index switches to six-month EURIBOR when a frequency switch
event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
Sub.--Subordinated.


RIVER GREEN 2020: DBRS Confirms B(high) Rating on Class D Notes
---------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
bonds issued by River Green Finance 2020 DAC (the Issuer):

-- Class A confirmed at A (high) (sf)
-- Class B confirmed at BBB (high) (sf)
-- Class C confirmed at BB (high) (sf)
-- Class D confirmed at B (high) (sf)

All trends remain Negative.

CREDIT RATING RATIONALE

The rating confirmation follows a full review of the transaction
based on the currently available information. The credit ratings
are supported by improved credit metrics following the deleveraging
considering the amendment of the loan in August 2024. However, the
dated property valuation (from January 2023) for the specially
serviced loan, combined with the lease negotiations with occupiers
are a source of uncertainty for both loan and CMBS transaction,
resulting in the continued negative trend. An updated property
valuation is expected to be available soon.

The transaction is the securitization of a floating-rate commercial
real estate loan that is split into two different facilities
(Facility A and Facility B), both advanced by Goldman Sachs
International Bank (GSIB) for the purpose of acquiring the River
Ouest office building by a group of investors led by LRC Real
Estate Limited (the Sponsors) from a consortium of sellers. The EUR
35.8 million Facility A was advanced to four ring-fenced
compartments of LRC RE-2, a Luxembourg-reserved alternative
investment fund with variable share capital (the Facility A
Borrowers), while facility B was advanced to a French Organisme de
Placement Collectif Immobilier, a real estate investment company
with variable capital (the Facility B Borrower). The Issuer
purchased the loan using the proceeds from the notes' issuance
(95.0% of the purchase price) and from an Issuer loan advanced by
GSIB (5.0% of the purchase price).

The senior loan is secured by River Ouest, a single campus-style
office property built by HRO Group in 2009 and located on the right
bank of the River Seine in the Bezons municipality in the western
suburb of Paris. It comprises a seven-storey office building and an
adjacent two-storey service/amenity building. A major business
district, La Défense, is approximately five kilometers southeast
of the asset. The property has served as global headquarters of a
French information technology service provider, Atos SE (Atos),
since its completion in 2009. Atos provided 82.8% of the property's
gross rental income (GRI) as of January 2025, with one other
tenant, EMC2, contributing to the remaining 13.7% of the GRI. Atos
faced significant financial challenges during 2024 and entered
accelerated safeguard proceedings in July 2024. The hearing took
place in December 2024 and was conclusive of a comprehensive
financial restructuring transaction.

The initial three-year loan was scheduled to mature on 15 January
2023, with two one-year extension options available to the
borrower. The second and last extension option was not exercised,
and the loan matured on 15 January 2024. As the borrower failed to
repay, the loan was transferred into special servicing on 16
January 2024. The special servicer has consented to certain
modifications to, and waivers of, the terms of the loan finance
documents. Loan amendments took effect on 6 August 2024. As part of
agreed modifications, the maturity date of the loan was extended to
the loan payment date falling in April 2026 with the possibility of
one further year extension to April 2027, provided that at such
time no loan default is continuing or would result from such
extension.

Morningstar DBRS' surveillance analysis concluded that the
modifications and waivers implemented by the special servicer were
credit neutral to the notes.

In November 2024, the servicer notified that conditions subsequent
in reference to certain amendments due to the French Trust
agreements were satisfied. These included a veto right and/or prior
consent of the French Trustee in respect of any amendments to an
occupational lease to the main tenant Atos, and the mechanism of
release of all or part of the EUR 10 million deposited in accounts
of the French Trustee.

There was no change in the priority of payments, with receipts
continuing to be applied sequentially to the notes. Class X
payments are diverted, and excess interest available funds are
applied to pay down the senior notes. Following the restructuring,
the loan is in cash sweep. The borrower prepaid EUR 7 million since
August 2024, and the outstanding loan amount stands at EUR 180.9
million as of the April 2025 interest payment date (IPD).

As part of the restructuring, the loan-to-value ratio (LTV)
covenant has been waived until April 2026, and the debt yield (DY)
financial covenant ceased to apply. Based on Morningstar DBRS'
calculation, the LTV stood at 58.9% on the April 2025 IPD (compared
with 60.9% in April 2024) and the DY ratio at 13.7% as of the
January 2025 IPD (compared with January 2024).

As of January 2025, the debt coverage ratio stood at 1.39 times
based on loan margin of 2.4%, a cap rate of 5%, and reported net
rental income (NRI) of EUR 25.1 million. NRI increased by 4.7% on a
year-over-year basis to EUR 25.1 million in January 2025 from EUR
24.0 million in January 2024. As of the January 2025 IPD, the
vacancy was 3.5%, stable since July 2024 when one tenant (Sophos)
vacated.

A hedging agreement with a strike rate of 5.0% per annum is in
place until April 2027.

The latest reported valuation conducted by CBRE Limited in January
2023 indicated a collateral value of EUR 307.0 million. A new
valuation has been mandated and is expected to be available soon.

Lease negotiations with the current tenants, Atos and EMC2, are
ongoing. As of January 2025, Atos has continued to pay rent at
contracted levels. However, in January 2025 the servicer reported
arrears carried forward for a total of EUR 3.9 million in relation
to Atos' portion of the building management expenses and service
charge. April 2025 reporting data on rent and occupancy are not yet
available; however, the special servicer is expecting Atos to
continue to fulfill current lease terms until the regear is agreed.
Atos' lease terminates on 31 July 2030, while EMC2's lease expired
in September 2023. EMC2 continues to pay rent as per the term of
the original lease terms.

Morningstar DBRS did not update its net cash flow assumption, which
was last revised in May 2024, with vacancy assumption increased to
17.2% from 15% and market rent assumption adjusted to incorporate
downward pressure on rental cash flow of the contracted rent.
However, additional market value stress was applied by increasing
the cap rate to 7.50% from 7.25%. According to Morningstar DBRS'
European CMBS Rating and Surveillance Methodology, the presence of
dated information, especially property valuations older than 12
months for not fully performing loans, can result in Morningstar
DBRS stressing its property value assumption, to reflect the
additional uncertainty.

Morningstar DBRS NCF currently stands at EUR 14.2 million and
Morningstar DBRS Value at EUR 188.8 million, representing a haircut
of 38.5% to the latest available valuation dated January 2023.

The transaction benefits from a liquidity reserve facility, which
totals EUR 10.1 million in April 2025 (EUR 11.3 million at
origination) and is provided by Crédit Agricole Corporate and
Investment Bank. The liquidity facility covers the Class A through
Class C notes as well as the issuer loan. Morningstar DBRS
estimates that the commitment amount as of the April 2025 IPD is
equivalent to approximately 13 months of coverage based on the 5.0%
strike rate.

The final legal maturity of the notes is on 22 January 2032,
reflecting a shorter tail period of under five years instead of the
seven years at issuance, considering the loan extension agreed in
August 2024.

Notes: All figures are in euros unless otherwise noted.




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

BRISCA SECURITIZATION: DBRS Confirms C Rating on Class B Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed the credit ratings on the notes issued
by Brisca Securitisation S.r.l. (the Issuer) as follows:

-- Class A Notes confirmed at CC (sf)
-- Class B Notes confirmed at C (sf)

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

As of closing in July 2017, the Notes were backed by a EUR 961
million portfolio, by gross book value, consisting of secured and
unsecured Italian nonperforming loans originated by Banca Carige
S.p.A., Banca Cesare Ponti S.p.A., and Banca del Monte di Lucca
S.p.A. The majority of loans in the portfolio defaulted between
2011 and 2016 and are in various stages of resolution.

Prelios Credit Servicing S.p.A. (Prelios or the Servicer) services
the receivables while Banca Finanziaria Internazionale S.p.A.
(Banca Finint; formerly Securitization Services S.p.A.) operates as
the backup servicer.

CREDIT RATING RATIONALE

The credit rating confirmations follow a review of the transaction
and are based on the following analytical considerations:

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

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

-- Portfolio characteristics: The loan pool composition as of
February 2025 and the evolution of its core features since
issuance.

-- Transaction liquidating structure: The order of priority, which
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes and the Class J Notes will amortize following
the repayment of the Class B Notes). Additionally, interest
payments on the Class B Notes become subordinated to principal
payments on the Class A Notes if the cumulative net collection
ratio or net present value cumulative profitability ratio are lower
than 90%. The interest subordination event was triggered on the
June 2022 interest payment date. According to the Servicer, the
cumulative net collection ratio and net present value cumulative
profitability ratio were 78.3% and 109.8% in June 2022,
respectively. In December 2024, those ratios were 66.1% and 101.8%,
respectively.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve, providing liquidity to the structure covering
potential interest shortfall on the Class A Notes and senior fees.
The cash reserve target amount is equal to 4% of the sum of the
Class A and Class B Notes' principal outstanding and is currently
fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from December 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 97.9 million, EUR 30.5 million, and EUR 11.8
million, respectively. As of the December 2024 payment date, the
balance of the Class A Notes had amortized by 63.4% since issuance
and the current aggregated transaction balance was EUR 140.2
million.

As of November 2024, the transaction was performing below the
Servicer's initial business plan expectations. The actual
cumulative gross collections equalled EUR 251.0 million whereas the
Servicer's initial business plan estimated cumulative gross
collections of EUR 380.6 million for the same period. Therefore, as
of November 2024, the transaction was underperforming by EUR 129.6
million (-34.1%) compared with the initial business plan
expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 311.6 million at the BBB
(high) (sf) stressed scenario and EUR 361.7 million at the B (low)
(sf) stressed scenario. Hence, the transaction is underperforming
Morningstar DBRS' initial stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in January 2025 the Servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections as of
November 2024, resulted in a total of EUR 303.5 million, which is
22.8% lower than the total gross disposition proceeds of EUR 393.0
million estimated in the initial business plan.

Excluding actual collections, the Servicer's expected future
collections from December 2024 onward account for EUR 52.5 million,
which is less than the current aggregated outstanding balance of
the Class A Notes, and they are expected to be realized over a
longer period of time. In Morningstar DBRS' CCC (sf) (and below)
stressed scenarios, the Servicer's updated forecast was only
adjusted in terms of actual collections to date and timing of
future expected collections. Considering senior costs and interest
due on the Notes, the full repayment of the Class A principal is
increasingly unlikely but, considering the transaction structure, a
payment default on the Notes would likely only occur a few years
from now. Given the characteristics of the Class B Notes, as
defined in the transaction documents, Morningstar DBRS notes that a
default would likely only be recognized at transaction maturity or
early termination.

The final maturity date of the transaction is in December 2037.

Morningstar DBRS' credit ratings on the rated notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. Where
applicable, a description of these financial obligations can be
found in the transactions' respective press releases at issuance.

Notes: All figures are in euros unless otherwise noted.

GENERALI: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on May 13, 2025, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Generali. EJR also withdrew its rating on commercial
paper issued by the Company.

Headquartered in Trieste, Italy, Generali provides insurance and
asset management services.


GOLDEN BAR 2025-1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Golden Bar (Securitisation) S.r.l. -
Series 2025-1 (GB 2025-1) notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt         Rating           
   -----------         ------           
Golden Bar
(Securitisation)
S.r.l. - Series
2025-1

   A1              LT AA(EXP)sf   Expected Rating
   A2              LT AA(EXP)sf   Expected Rating
   B               LT AA-(EXP)sf  Expected Rating
   C               LT A-(EXP)sf   Expected Rating
   D               LT BBB(EXP)sf  Expected Rating
   E               LT BBB-(EXP)sf Expected Rating
   F               LT BB+(EXP)sf  Expected Rating

Transaction Summary

GB 2025-1 will be a securitisation of unsecured consumer loans and
vehicles loans with standard and flexible amortisation or balloon
repayment granted to individuals ("persone fisiche") and individual
entrepreneur borrowers, by Santander Consumer Bank S.p.A. (SCB),
with a revolving period of six months. SCB is wholly owned by
Santander Consumer Finance, S.A. (SCF; A/Stable/F1), the consumer
credit arm of Banco Santander, S.A. (A/Stable/F1).

KEY RATING DRIVERS

Diverse Portfolio Composition: Fitch's base-case default
expectations are set at 6% for personal loans, 1.5% for new
vehicles, 3% for used vehicles and 1.25% for balloon loans. In
contrast to from previous transactions, the portfolio will also
include flexible auto loans, whose historical performance does not
materially differ from that of standard amortising loans. Fitch
assigned the same base case to flexible and standard auto loans.

Pro-Rata Subject to Triggers: The class A to E notes will repay pro
rata until a sequential redemption event occurs. In its base case
Fitch sees a switch to sequential amortisation as unlikely due to
the gap between its portfolio loss expectations and performance
triggers. The mandatory switch to sequential paydown when the
outstanding collateral balance falls below a certain threshold
successfully mitigates tail risk.

No Servicing Fees Modelled: The transaction envisages an amortising
replacement servicer fee reserve (RSFR) that will be funded on
certain triggers being breached. Fitch believes the reserve will be
adequate to cover its stressed servicer fees at the notes' maximum
achievable rating throughout the transaction's life. Therefore, no
servicing fees are modelled in Fitch's cash flow analysis,
resulting in higher excess spread being available to the
structure.

Excess Spread Notes Rating Cap: The class F - excess spread notes -
are not collateralised and their interest and principal are paid
from the available excess spread. The class F notes start
amortising from the issue date and during the six-month revolving
period. Fitch caps excess spread notes' ratings at 'BB+(EXP)sf'',
in line with its Global Structured Finance Rating Criteria.

'AAsf' Sovereign Cap: The class A notes are rated at their highest
achievable rating, six notches above the Italy's sovereign rating
(BBB/Positive/F2), which is the cap for Italian structured finance
and covered bonds. The Positive Outlook on the class A notes
reflects that of the sovereign.

RATING SENSITIVITIES

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

The class A notes' ratings are sensitive to changes to Italy's
Long-Term Issuer Default Rating (IDR). A downgrade of Italy's IDR
and the related rating cap for Italian structured finance
transactions, currently 'AAsf', could trigger a downgrade of the
class A notes' ratings.

Unexpected increases in the frequency of defaults or decreases in
recovery rates leading to larger losses than the base case could
result in negative rating action on the notes. For example, a
simultaneous increase in the default base case by 25% and a
decrease in the recovery base case by 25% would lead to up to a
two-notch downgrade each on the class B to E notes.

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

The class A notes' ratings are sensitive to changes to Italy's
Long-Term IDR. An upgrade of Italy's IDR and the related rating cap
for Italian structured finance transactions could trigger an
upgrade of the class A notes' ratings if the available credit
enhancement is sufficient to withstand stresses associated with
higher ratings.

An unexpected decrease in the frequency of defaults or an increase
in recovery rates leading to smaller losses than the base case
could result in positive rating action. For example, a simultaneous
decrease in the default base case by 25% and an increase in the
recovery base case by 25% would lead to up to a three-notch upgrade
each on the class B to E notes.

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 reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

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.


MAGGESE SRL: DBRS Confirms 'CC' Rating on Class A Notes
-------------------------------------------------------
DBRS Ratings GmbH confirmed its CC (sf) credit rating on the Class
A notes issued by Maggese S.r.l. (the Issuer).

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

At issuance, the notes were backed by a EUR 697 million portfolio
by gross book value consisting of a mixed pool of Italian
nonperforming residential, commercial, and unsecured loans
originated by Cassa di Risparmio di Asti S.p.A. and Cassa di
Risparmio di Biella e Vercelli - Biverbanca S.p.A.

Prelios Credit Servicing S.p.A. (Prelios; the servicer) services
the receivables, while Banca Finint S.p.A (formerly Securitization
Services S.p.A.) operates as backup servicer.

CREDIT RATING RATIONALE

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

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

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

-- Transaction liquidating structure: The order of priority, which
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative net collection
ratio (CCR) or net present value cumulative profitability ratio
(NPV ratio) is lower than 90%. These triggers have been breached
since the January 2021 interest payment date (IPD). The actual
figures for the CCR and NPV ratio were at 48.9% and 81.9% as of the
January 2025 IPD, respectively, according to the servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure and covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.0% of the Class A
notes' principal outstanding balance and the recovery expenses cash
reserve target amounts to EUR 150,000, both fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2025, the
outstanding principal amounts of the notes were EUR 96.2 million,
EUR 24.4 million, and EUR 11.4 million, respectively. As of January
2025, the balance of the Class A notes had amortized by 43.7% since
issuance, and the current aggregated transaction balance was EUR
132.0 million.

As of December 2024, the transaction was performing below the
servicer's business plan expectations. The actual cumulative gross
collections equalled EUR 115.5 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
231.2 million for the same period. Therefore, as of December 2024,
the transaction was underperforming by EUR 115.7 million (50%)
compared with the initial business plan expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 188.8 million at the BBB
(low) (sf) stressed scenario. Therefore, as of December 2024, the
transaction was performing below Morningstar DBRS' initial BBB
(low) (sf) scenario.

Pursuant to the requirements set out in the receivable servicing
agreement, in April 2025, the servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections of EUR 115.5
million as of December 2024, resulted in a total of EUR 173.4
million. This is 29.2% lower than the total gross disposition
proceeds of EUR 245.1 million estimated in the initial business
plan.

Excluding actual collections, the servicer's expected future
collections from January 2025 amount to EUR 57.9 million, which is
less than the current outstanding balance of the Class A notes. In
Morningstar DBRS' CCC (sf) (or below) scenarios, the servicer's
updated forecast was adjusted only in terms of actual collections
to the date and timing of future expected collections. Considering
senior costs and interest due on the notes, the full repayment of
Class A principal is unlikely based on the servicer's expectations,
but considering the transaction structure, a payment default on the
notes would likely occur only a few years from now.

The transaction's final maturity date is July 25, 2037.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Notes: All figures are in euros unless otherwise noted.


UNIPOL ASSICURAZIONI: Moody's Affirms 'Ba2(hyb)' Pref. Stock Rating
-------------------------------------------------------------------
Moody's Ratings has announced that it has affirmed Unipol
Assicurazioni S.p.A. (Unipol)'s Baa2 insurance financial strength
rating (IFSR) and changed the outlook to positive from stable.

At the same time, Moody's affirmed the Baa3 long-term issuer and
senior unsecured debt ratings, the (P)Baa3 senior unsecured MTN
program rating, the Ba1(hyb) subordinated debt ratings and the
Ba2(hyb) pref stock rating of Unipol, as well as the (P)Baa3 senior
unsecured MTN and (P)Ba1 subordinate MTN program ratings of
UnipolSai Assicurazioni S.p.A. The outlook on this entity was also
changed to positive from stable.

RATINGS RATIONALE

The change in outlook to positive from stable follows Moody's
change in outlook on the Government of Italy (Baa3) to positive
from stable.

Unipol's credit profile is partially constrained by the Italian
sovereign rating because of the group's concentration of assets and
liabilities in Italy, which impacts the group's asset quality,
capitalization and financial flexibility. An improvement in the
Italian sovereign credit quality therefore has a positive impact on
Unipol's credit quality.

Unipol's exposure to Italian government bonds slightly reduced in
2024, representing 30% of its investments and 181% of its
shareholders' equity as of YE2024.

Moody's currently rates Unipol's insurance financial strength one
notch above the Italian sovereign rating, to reflect the group's
strong business profile, characterized by its leading position in
the Italian non-life market, strong control of its distribution
thanks to its tied agent network, and a relatively low product risk
thanks to a focus on retail business and a low average guaranteed
rate in the life segment. Other strengths of the group include a
good profitability (RoC of 7.7% in 2024) and a very good
capitalisation, as evidenced by a consolidated Solvency II ratio of
212% at the end of December 2024.

In addition, following the merger of the group's top holding
company and its main operating company, Unipol announced its
intention not to replace outstanding senior bonds. EUR1billion of
senior debt matured in March 2025 and another EUR1.5 billion will
mature between 2027 and 2030. This will further reduce the group's
financial leverage which stood at 27% as of year-end 2024, and that
Moody's estimates at around 21% following the March redemption on a
proforma basis.

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

The ratings of Unipol could be upgraded (1) in case of improvement
in Italy's credit quality, as evidenced by an upgrade of the
sovereign rating, or (2) if Unipol continued to strengthen its
resilience to Italian assets, for example through consistently
higher Solvency II ratios.

Conversely, the ratings could be downgraded in case of a
deterioration in the credit quality of Italy, as evidenced by a
downgrade of Italy's sovereign rating. Downward pressure could also
result from (1) a significant weakening of the group's market
position, (2) a materially and sustained lower earnings, in
particular if this should be driven by lower property and casualty
underwriting performance and (3) lower capital adequacy.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Life Insurers
published in April 2024.




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

ALTISOURCE PORTFOLIO: Nantahala Capital Holds 2.82% Stake
---------------------------------------------------------
Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel
Mack disclosed in a Schedule 13G (Amendment No. 1) filed with the
U.S. Securities and Exchange Commission that as of March 31, 2025,
they beneficially owned 2,477,312 shares of Altisource Portfolio
Solutions S.A.'s common stock, $0.01 par value per share. These
shares are held by funds and separately managed accounts under the
control of Nantahala, and all three reporting persons share voting
and dispositive power over them. The shares represent approximately
2.82% of the class, based on the total number of shares
outstanding.

Nantahala Capital Management, LLC may be reached through:

     Taki Vasilakis / Chief Compliance Officer
     Nantahala Capital Management, LLC
     130 Main Street, 2nd Floor
     New Canaan, Connecticut 06840
     Tel: 203-404-1172

A full-text copy of Nantahala Capital's SEC report is available
at:

                  https://tinyurl.com/nkdrcune

                         About Altisource

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

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

                             *   *   *

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

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

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

SAMSONITE GROUP: Moody's Alters Outlook on 'Ba2' CFR to Stable
--------------------------------------------------------------
Moody's Ratings affirmed Samsonite Group S.A.'s Ba2 Corporate
Family Rating and Ba2-PD Probability of Default Rating. Moody's
also affirmed the Ba1 rating on Samsonite's senior secured first
lien revolving credit facility, the Ba1 ratings on Samsonite IP
Holdings S.ar.l's senior secured first lien term loan credit
facilities, and the B1 rating on Samsonite Finco S.ar.l's senior
unsecured bonds. Samsonite's SGL-1 speculative grade liquidity
rating is unchanged. The rating outlook was changed to stable from
positive for all issuers.

The change of the outlook to stable from positive accounts for the
softening demand for luggage, slowing consumer travel in the US,
and other macroeconomic headwinds all of which Moody's expects will
reduce the EBITDA margin and increase the gross leverage ratio.
Moody's anticipates consumers will economize spending as they
contend with higher prices as a result of tariffs as well as high
interest rates. Moody's projects Samsonite's debt-to-EBITDA will
increase to 3.2x in the next year (Moody's adjusted) from 2.9x for
the 12 months ended March 31, 2025. The outlook change also takes
into account increased shareholder returns are consuming cash,
including the resumption of the annual cash distributions to
shareholders and sizable share buybacks. Moody's believes the focus
on shareholder distributions has contributed to less debt repayment
and deleveraging than Moody's previously expected when the outlook
was positive. Samsonite is exposed to the highly discretionary and
cyclical travel end-markets that introduces volatility to earnings
and leverage. The company has strengthened its EBITDA margin since
2021 through cost reduction initiatives but will likely see some
weakening due to increased costs related to tariffs and as
consumers reduce discretionary spending.

Moody's affirmed the ratings because Samsonite's moderate leverage,
strong free cash flow exceeding $200 million, and very good
liquidity give the company flexibility to navigate earnings
pressure. The company's geographic diversification and strong
market position globally partially mitigates the impact of tariffs
as a large percentage of revenue is sourced outside of the US.
Relationships with over 200 tier 1 contract manufacturers along
with the company's own manufacturing facilities position Samsonite
to shift sourcing as needed to reduce the costs related to tariffs.
Moody's also expects the company will also be able to partially
offset the tariff impact through cost reduction initiatives and
cost sharing agreements with suppliers, product reengineering, and
pricing. Samsonite's very good liquidity, which is supported by
roughly $1.35 billion of available liquidity as of March 31, 2025,
including roughly $600 million in cash and approximately $744
million in availability on the revolving credit facility, provide
considerable flexibility to navigate current macroeconomic
headwinds and highly cyclical travel markets.

RATINGS RATIONALE

Samsonite Ba2 CFR reflects the company's market leading position in
luggage, brand strength and geographic diversification. Samsonite's
profitability is expected to remain strong despite ongoing
headwinds from consumers economizing spending and increased costs
related to tariffs. The company's focus on reducing fixed costs,
including streamlining the retail store base to lower lease expense
in recent years, has helped strengthen the Moody's adjusted EBITDA
margin compared to historical levels. The profitability positions
the company well to navigate current operational headwinds
including softening consumer demand and rising costs as a result of
tariffs. Moody's expects a modest decline in the EBITDA margin over
the next 12-18 months and debt-to-EBITDA increasing to roughly 3.2x
by year-end 2025 (Moody's adjusted) from 2.9x for the last twelve
months ended March 31, 2025.

Samsonite's products are discretionary and sensitive to declines in
the economic cycle as consumers reduce spending when household
income falls. Samsonite's focus on maintaining ample liquidity to
navigate market slowdowns supports the credit profile though it
does not fully mitigate earnings and leverage volatility. Financial
policy is supportive of maintaining sufficient liquidity to manage
through cycles as evidenced by the company suspending its cash
distribution to shareholders during the pandemic and the company's
2.0x net leverage target (based on the company's calculation; 1.8x
as of March 31, 2025). Samsonite has been operating below its net
leverage target creating some risk that leverage will increase over
the longer term. In 2024, Samsonite restarted its annual cash
distributions to shareholders and buying back shares at least
partly to reduce dilution ahead of a planned dual listing of the
shares in the U.S. Moody's expects leverage to increase above the
target level should Samsonite complete a large acquisition with the
company subsequently focused on reducing leverage. Moody's expects
solid annual free cash flow (after annual cash distributions to
shareholders and treating lease principal payments as an outflow
reclassified to capital expenditures from the IFRS presentation in
financing) at around $230 million.

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

Ratings may be upgraded if the travel sector returns to a period of
long-term stability. An upgrade would also require a stable EBITDA
margin, strong and consistent free cash flow, debt/EBITDA sustained
below 3.0x and very good liquidity. Greater clarity that the
company can withstand downturns in the travel cycle without
material deterioration in revenue, EBITDA margin, and leverage is
also necessary for an upgrade.

Ratings may be downgraded if there is a material decline in
profitability or operating performance such that free cash flow
falls below $80 million on a sustained basis as a result of factors
such as lower discretionary consumer spending, rising costs or
increased competition. The rating may also be downgraded if there
is a deterioration in liquidity or debt/EBITDA is sustained above
4.0x.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Samsonite is a designer, manufacturer and distributor of luggage,
travel accessories and bags worldwide. Samsonite offers luggage,
business, computer, outdoor and casual bags and travel accessories.
Major brands include Samsonite, American Tourister and Tumi.
Consolidated net sales for the 12 months ended March 31, 2025, were
$3.5 billion. Samsonite is a widely held public company with
listing in Hong Kong.




=====================
N E T H E R L A N D S
=====================

BME GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Ratings has affirmed BME Group Holding B.V. (BME)'s
ratings, including the B3 corporate family rating, the B3-PD
Probability of Default Rating, and the B3 ratings on the backed
senior secured first lien bank credit facilities, including the
outstanding EUR177 million term loan B (TLB) due October 2026,
EUR1,508 million term loan B2 (TLB2) due December 2029, and the
EUR195 million revolving credit facility (RCF) due September 2029.
The outlook has changed to negative from stable.

RATINGS RATIONALE

The change in outlook to negative from stable reflects BME's weak
credit metrics, driven by persistent challenging market conditions,
particularly in the DACH region where the company faces prolonged
pricing competition, declining volumes, and inflationary cost
pressures that fully offset earnings savings from its proactive
strategic initiatives. Despite positive recovery in the
Netherlands, Belgium, Spain, and Portugal, Moody's anticipates
continued adverse market conditions in the DACH region, leading to
still high Moody's-adjusted debt/EBITDA projected at around 10.0x
at the end of 2025, down from a peak level at 11.2x in 2024.
Moody's still have limited visibility on the magnitude and pace of
construction activity recovery in the DACH region in 2026, but
Moody's expects that upon stabilization of the DACH market, BME can
leverage its leading market position and strategic initiatives to
return to a normalized EBITDA margin (pre-IFRS 16) of around 4.1%
(Moody's estimate), resulting in a Moody's-adjusted debt/EBITDA
around 7.0x in 2026.

BME's B3 CFR is constrained by its history of aggressive financial
policies, evidenced by frequent TLB add-ons. Some of these add-ons
were used to partially fund bolt-on acquisitions and a dividend
distribution in 2021, at a time of strong operating performance
driven by higher demand for renovation activities in the
residential market. Moody's recognizes that the company's external
growth initiatives have enabled it to expand its scale and
diversify geographically, which has proven pertinent in this latest
cyclical downturn, and is a particularly crucial aspect for general
material distributors to maintain solid market share and close
proximity to a fragmented customer base. However, the company
accumulated a large debt burden over the years, as evidenced by
Moody's-adjusted debt increasing to EUR2.6 billion in 2024 from
EUR1.6 billion in 2020. Large outstanding debt (including lease
liabilities) coupled with recent earnings weakness resulted in
significantly high interest burden and weak interest coverage, with
cash interest paid (including interest on lease liabilities)
increasing to EUR185 million in 2024 from EUR81 million in 2020 and
Moody's-adjusted EBITA/interest coverage ratio falling to 0.2x in
2024, from 0.9x in 2023 and 2.6x in 2021. Looking ahead, Moody's
expects the company to observe a disciplined approach to bolt-on
acquisitions and distributions to preserve an adequate liquidity
and credit metrics commensurate with a B3 rating. Given the very
weak credit metrics for the current rating category, there is
limited leeway for underperformance relative to the company's
budget and Moody's expectations.

BME has a history of leveraging its leading market position across
different geographies, flexible and adaptable cost base, high
exposure to relatively resilient renovation activities, and
successful integration of acquisition targets to successfully
navigate multiple economic downturns. BME's B3 CFR continues to be
supported by favorable market drivers, including housing shortage,
aging housing stock, and urbanization trends that drive demand for
renovation and refurbishment of existing buildings. In addition,
stricter energy efficiency regulations and support from government
subsidies and programs promote sustainable and eco-friendly
renovation activities. Moody's expects trade tariffs and global
geopolitical uncertainties will have a limited impact, primarily
through fluctuations in GDP growth and dampened consumer
confidence.

RATIONALE OF THE OUTLOOK

The negative outlook reflects Moody's expectations that BME will
continue to exhibit weak credit metrics and negative free cash flow
in 2025. The outlook may be revised to stable if BME recovers
mid-single-digit normalized EBITDA margin, reduces its
debt-to-EBITDA below 7.0x, and generates positive free cash flow.
Conversely, failure to improve credit metrics, as indicated by
debt-to-EBITDA above 7.0x and persistent negative free cash flow,
or deterioration in liquidity, particularly due to aggressive
financial policies, could precipitate a rating downgrade.

LIQUIDITY

BME's liquidity profile is adequate. BME holds a cash balance of
EUR288 million and approximately EUR750 million in unencumbered
real estate assets, as of December 31, 2024. Moody's expects that
weak earnings and high interest payments, albeit partially
mitigated by positive working capital release, will be further
exacerbated by capital expenditures and significant principal lease
repayments. This is expected to result in a negative
Moody's-adjusted free cash flow of up to - EUR87million in 2025,
with a breakeven forecast for 2026. The current rating assumes that
the company will proactively address the upcoming maturity of its
outstanding EUR177 million TLB within this year.

Moody's expects that BME will maintain its EUR195 million committed
RCF fully undrawn, supported by access to a EUR290 million
committed non-recourse factoring program (with EUR244 million
outstanding as of December 31, 2024) to manage intra-year working
capital fluctuations. The senior secured RCF is subject to a
springing maintenance covenant, assessed quarterly if net RCF
utilization exceeds 45% of total commitments, imposing a maximum
net leverage ratio of 8.4x. As of December 2024, BME's net leverage
ratio stands at 10.6x, surpassing this threshold. Although Moody's
do not anticipate the covenant test condition being triggered,
Moody's expects weak earnings in 2025 to result in net leverage
ratios exceeding the covenant limit, before improving to an
adequate covenant headroom in 2026.

STRUCTURAL CONSIDERATIONS

BME's capital structure consists of outstanding EUR177 million TLB,
EUR1,508 million TLB2, and EUR195 million RCF. The instruments are
rated B3 in line with the CFR. The company's PDR of B3-PD also
remains in line with the CFR, reflecting Moody's standard
assumptions of 50% family recovery rate.

The TLB, TLB2 and RCF are guaranteed by operating subsidiaries that
generate at least 80% of the consolidated group's EBITDA, but their
security package is limited to customary share pledges, intragroup
receivables, and bank accounts. Hence, in Moody's Loss Given
Default for Speculative-Grade Companies (LGD) waterfall, they rank
pari passu among themselves and with unsecured trade payables,
short-term lease liabilities, and pension obligations at the level
of the operating entities.

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

Positive rating pressure could develop if:

-- BME delivers a consistent growth in revenues and earnings;

-- Moody's-adjusted debt/EBITDA declines below 6.0x on a sustained
basis;

-- Moody's-adjusted EBITA/Interest Expense improves above 1.5x on
a sustained basis; and

-- BME consistently generates positive free cash flow

Conversely, negative rating pressure would arise if:

-- BME's profitability fails to improve;

-- Moody's-adjusted debt/EBITDA remains above 6.5x on a sustained
basis;

-- Moody's-adjusted EBITA/Interest Expense fails to improves above
1.0x on a sustained basis; and

-- Liquidity deteriorates due to persistent negative free cash
flow, large debt-funded acquisitions, or dividend distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in December 2024.


CORPORATE PROFILE

Headquartered in Schiphol, Netherlands, BME is a leading European
business-to-business distributor of basic building materials and
sanitary, heating, and plumbing supplies. The company operates over
675 branches and distribution centers, 100 showrooms, and 80
Do-It-Yourself (DIY) stores across eight European countries,
including the Netherlands, Belgium, Germany, Austria, Switzerland,
France, Spain, and Portugal. The company derives around 60% of its
revenues in 2024 from repair, maintenance, and improvements
activities and around 75% revenues from the residential end market.
In 2024, BME generated EUR5 billion in revenue and EUR107 million
in company's normalized EBITDA (pre-IFRS 16).

Since its carve-out from global building materials group CRH plc
(Baa1 Stable) in October 2019, BME has been owned by private equity
funds managed by Blackstone.


IMC GLOBAL: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to IMC Global Holdings LLC (IMC), headquartered in the Netherlands.
The outlook is stable.

At the same time, S&P assigned its 'BB' issue credit rating to IMC
Financing LLC's senior secured issuance.

IMC is a well-established electronic market-making group with a
global presence, and strong market shares in the U.S., Europe and
Asia-Pacific.  The heart of the group's strategy is its options
business where it competes as one of the largest market makers in
the world. The group was built on a core strategy of high-frequency
options market making and is expanding its activities through new
strategies, including delta one, to broaden its revenue profile.
This competitive scope is narrower than that of some rated
electronic market making peers, including options market-making
peers such as Jane Street or Citadel, that have more diversified
strategies by product.

The group's performance has been robust this year despite sustained
market volatility.   As volatility surged in the U.S. options
complex on the back of rising policy and geopolitical uncertainty,
IMC experienced improved trading performance. The group achieved
record net trading income, up more than two-thirds year on year,
with net income accelerating at an even faster rate. The group
continued to invest in its trading technology and personnel, with
operating expenses rising at mid to high single digits year on
year. This ongoing investment and continued market dislocation
should support robust performance in 2025.

The group will use its inaugural debt issuance to support its
medium-term growth.   The issuance of $500 million term debt will
be used to diversify its earnings and accelerate the group's
ambitions in the next 18 months. S&P thinks this rapid growth will
test IMC's key ratings strengths of comfortable excess capital,
tight market risk control, and excess liquidity in its trading
book.

S&P said, "We rate the issuance 'BB' in line with the rating on the
holding company.   The issuance by IMC Financing is guaranteed
unconditionally and irrevocably by IMC Global Holdings, its
ultimate parent. When assigning the rating to the notes, we
therefore substitute the rating on IMC Global Holdings as if it
were the issuer.

"IMC has a solid capital position, even though its growth tempers
our forward-looking view of its capitalization.   Our view of the
group's capital position balances its risk-adjusted capital
position of 10.9% as of Dec. 31, 2024, and its brisk growth
outlook. As part of our capital and earnings assessment, we factor
in a cushion for medium-term growth in risk exposure. Under this
simplified assumption, we would expect IMC's point in time
risk-adjusted capital (RAC) ratio to remain comfortably above 10%
on a sustained basis.

"The group has a good track record of minimal losses from trading.
Its low-latency strategies and stringent market risk management
framework mean its market risk losses are well controlled. We think
the group's current market risk profile compares positively with
those of global high electronic market-making peers. For example,
Hudson River Trading, a leading global market maker in delta one
products, has previously reported periods of market risk volatility
materially above that seen at IMC. This strong market risk track
record is essential to our ratings on IMC.

"Tight market risk control is balanced by elevated operational risk
exposure.   For electronic market makers, we regard severe
operational risk events as the most acute tail risk, and this
weighs on our sector ratings. While rare, competitors' historical
operational risk events have included coding errors that led to the
rapid accumulation of undesired directional positions and
precipitated severe losses as positions were closed out. That said,
IMC has a robust and well-developed framework for mitigating these
risks, developing and deploying its algorithmic trading models with
numerous fail-safes to halt trading activity quickly when issues
arise.

"IMC's business model leaves it exposed to prime broker
concentration.   Given its options­focused business model, there
is only a narrow set of prime brokers capable of managing IMC's
global options trading book. Although its main prime brokerage
relationships are with highly rated banking counterparties, this
level of concentration is high compared to peers whose cash product
strategies allow for more diversified panels of clearers. Moreover,
while this broker concentration does lead to meaningful funding
benefits in terms of trading margin requirements--thereby
supporting the group's liquidity position, as measured by its S&P
Global Ratings-adjusted margin to trading capital consistently
sitting below 30%--this concentration remains high compared to most
peers.

"IMC's group credit profile is at the upper end of the global peer
set.   Our view of IMC's credit profile balances its solid presence
in global options market making, robust capital base, strong market
risk track record, and prudent capital management policy against
its narrower scope and scale, relatively weaker profitability, and
the risks to its rating foundations from its strong growth outlook.
These factors combine to achieve a group credit profile of 'bb+',
with IMC's broad ratings strengths positioning it at the upper end
of the peer set.

"We deduct a notch from the group credit profile on the IMC group
to derive our rating on IMC Global Holdings.   This is consistent
with the approach we apply to the structural subordination of
holding companies. This reflects some mitigation to structural
subordination from the significant cash balances and supportive
unregulated cash flows available to service liabilities at IMC
Global Holdings. As such, our long-term issuer credit rating on the
holding company is 'BB', one notch below the group credit profile
of 'bb+'.

"The stable outlook reflects our expectation that IMC's sustainable
profitability, disciplined trading performance, and cautious
capital and liquidity policy will support the rating over the next
12 months. Importantly, we anticipate the group's ongoing strategic
expansion will not lead to an erosion in these key rating
supports."

Downside scenario

S&P could lower the rating on IMC if:

-- S&P's forward-looking RAC ratio measure falls below 9% on a
sustained basis. Given the group's growth ambitions, this could
occur, for example, if IMC's year-end RAC ratio falls below 10%;
or

-- S&P's view of IMC's funding and liquidity were to weaken
materially. This could include margin to total trading capital
moving above 60% for an extended period of time, among other
factors.

Upside scenario

S&P views rating upside as remote in the next 12 months, based on
peer comparisons.


PEER HOLDING III: Moody's Raises CFR to 'Ba1', Outlook Stable
-------------------------------------------------------------
Moody's Ratings has upgraded Dutch retailer Peer Holding III B.V.'s
(Action or the company) corporate family rating to Ba1 from Ba2 and
its probability of default rating to Ba1-PD from Ba2-PD. At the
same time, Moody's upgraded the instrument ratings on the company's
EUR6.6 billion equivalent backed senior secured term loans B (TLB)
and EUR500 million senior secured first lien revolving credit
facility (RCF) to Ba1 from Ba2. The outlook has been changed to
stable from positive.

"Action has an outstanding multi-year track record of growth in
sales, earnings and operating cash flows, which has been sustained
across all macroeconomic conditions" says Guillaume Leglise, a
Moody's Ratings Vice President-Senior Analyst and lead analyst for
Action. "While the company does not have a published financial
policy, Action has since 2020, operated with more modest leverage
levels, notwithstanding periodic releveraging transactions
alongside its capacity to pay sizeable dividends from operating
cashflows. Moody's expects a continuation of these practices
together with sustained ongoing robust earnings growth and strong
operational execution, all of which were important considerations
behind Moody's decisions to upgrade the company's rating", adds Mr
Leglise.

RATINGS RATIONALE

The upgrade reflects Action's solid sales and earnings growth in
the last 12 months and strong credit metrics, which are well within
Moody's guidance for an upgrade to Ba1. Action has again recorded
very strong growth in 2024, with sales up 21.7% (10.3% on a
like-for-like basis) and EBITDA (pre-IFRS 16, as reported by the
company) of around EUR2.1 billion (+29%), and despite a high basis
comparison in 2023. During the first quarter of this year, Action
continued with a similar trading momentum, with sales and EBITDA
growth of 17.2% and 16.9% respectively. The company's leverage
(Moody's-adjusted gross debt to EBITDA) stood at 3.2x at
end-December 2024 and – absent any potential releveraging
transaction - Moody's expects it to trend below 3.0x in 2025,
driven by continued positive customer demand for the company's
value proposition across all geographies and continued store
expansion.

Action's Ba1 CFR reflects the company's (i) solid track record of
sales and earnings growth in the last decade, supported by a
well-executed store roll-out strategy; (ii) established position in
several European markets, such as France, Benelux, Germany, Poland,
Italy and Austria; (iii) increasing geographical diversification,
with a growing presence in Spain, Czechia, Slovakia, and Portugal;
(iv) successful business model, which supports strong like-for-like
(LFL) sales and earnings growth, and the high returns on investment
associated with new store openings; (v) solid operational cash flow
generation and good liquidity; and (vi) the positive trading
momentum experienced by the company, whose focus on delivering
outstanding value for money resonates well with customers,
especially in the current context of weak macroeconomic
fundamentals in Europe.

The Ba1 rating also reflects (i) Action's appetite for shareholder
distributions, which can result in temporary periods of higher
leverage, (ii) the company's exposure to the competitive and
fragmented discount retail segment, and (iii) the company's
sizeable number of new store openings, leading to execution risk in
terms of site selection and logistics risks.

Governance considerations were an important driver of the rating
action. Under the ownership of its controlling investment company,
3i Group plc (A3 stable), Action's has a track record of raising
debt to fund shareholder distributions and/or share buybacks. While
3i does not have a formal financial policy in respect to leverage
tolerance vis-à-vis Action, Moody's believes that the maintenance
of a more moderate leverage since 2020, including as part of recent
releveraging transactions, is evidence of a balanced financial
policy. Also, in light of the increased scale of Action, which
represented around 70% of 3i's total investment portfolio as of
March 2025, Moody's believes it is unlikely that future incremental
debt transactions would materially increase leverage, causing a
deterioration in the company's credit quality. In addition to any
potential incremental debt raises to fund further shareholder
distributions and/or share buybacks, Moody's expects Action to
continue paying cash dividends, via excess cash flows, as seen in
recent years.

RATIONALE FOR STABLE OUTLOOK

The stable outlook factors in Moody's expectations that Action's
product offering and value proposition will continue to appeal to
consumers, helping sustain the company's long track record of
strong financial performance. It also assumes that the company will
maintain good cash flow generation, strong liquidity, and will
maintain a prudent financial policy.

LIQUIDITY

Action's liquidity profile is very good, supported by a cash
balance of EUR347 million at end-March 2025 and strong operating
cash flows. The company can also count on its EUR500 million RCF,
which was undrawn at end-March 2025, with only EUR74 million used
for store rental guarantees and other similar uses. The first
quarter is usually the trough of the calendar year in terms of
liquidity, because of large trade payable payments. Also, the
company has paid two large dividends of EUR450 million each in
December 2024 and March 2025, which affected its liquidity. While
Moody's expects the company will continue to pay regular cash
dividends in the future, as seen in the last three years, Moody's
assumes it will keep sufficient liquid resources to cover working
capital and investment needs in the next 12-18 months.

Action has a long track record of solid FCF generation, with EUR0.9
billion of FCF (before dividends) in fiscal 2024 (EUR1.3 billion in
2023), and Moody's forecasts this will be sustained at a level of
at least EUR1 billion (before dividends) per year going forward.

The company's next debt maturity is in September 2028 when the
company's existing TLB-3B tranche of EUR580 million is due, while
the RCF facility is due in June 2028. The company's other TLB
tranches mature in 2030 and 2031.

The RCF is subject to a springing senior net leverage covenant,
with a limit of 8.21x, tested on a quarterly basis, only when the
RCF is drawn more than 40%, with ample capacity (net leverage of
2.65x as of December 2024).

STRUCTURAL CONSIDERATIONS

The CFR is assigned at Peer Holding III B.V., the top entity of the
group and main borrower.

Action's debt capital structure comprises backed senior secured
term loans B (TLBs), for a total of EUR6.6 billion and a EUR500
million backed senior secured RCF. The backed senior secured TLBs
and backed senior secured RCF benefit from the same maintenance
guarantor package, including upstream guarantees from guarantor
subsidiaries, representing 86% of the company's consolidated EBITDA
and 91% of consolidated gross assets at year-end 2024. However
there is a cap on the value of guarantee security provided by
Action Holding B.V. and its subsidiaries at EUR905 million. The Ba1
ratings assigned to Action's senior secured bank credit facilities
is in line with the CFR.

The probability of default rating (PDR) of Ba1-PD reflects the use
of a 50% family recovery rate resulting from a lightly covenanted
debt package.

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

Any further upgrade will be contingent on a continued good
execution of the company's store roll out strategy. Moody's would
expect the company to continue its solid organic growth performance
while maintaining stable or growing margins. An upgrade would also
require a track record of operating with a clearly articulated
prudent financial policy and a strong liquidity buffer.
Quantitatively, Moody's could upgrade the rating if in these
circumstances the company's Moody's-adjusted debt/EBITDA were to be
sustained below 2.5x and interest coverage (Moody's-adjusted EBITDA
minus capex to interest expense) were to be sustainably above
5.0x.

An upgrade to Baa3 would also require Action's capital structure to
evolve toward a typical investment-grade financing structure, with
a preponderance of unsecured and unguaranteed debt at the Holdco
level (Peer Holding III B.V.).

Moody's could downgrade the rating if Action is unable to maintain
good liquidity or if its operating performance deteriorates
materially (because of negative LFL sales growth or a material
decrease in profit margins). Moody's could also downgrade the
rating if Action's financial policy becomes more aggressive, such
that its Moody's-adjusted (gross) debt/EBITDA were to remain
sustainably above 3.5x or interest coverage (Moody's-adjusted
EBITDA minus capex to interest expense) were to approach 4.0x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Action, established in the Netherlands in 1993, is a non-food
discount retailer with revenues of around EUR13.8 billion and
operating EBITDA of EUR2.1 billion (company adjusted, before IFRS
16) in 2024. As of December 2024, Action operated 2,918 stores. The
company's wide product range includes branded and private-label
everyday items such as housekeeping and cleaning products; personal
care products; and more infrequently purchased items such as office
supplies, toys, clothing, multimedia and raw materials for DIY,
among others. The company facilitates a treasure-hunt type of
shopping experience by offering 150-200 new products per week.

3i Group plc (3i, A3 stable) and funds managed/advised by 3i have
been the majority shareholders of Action since 2011.




===========
P O L A N D
===========

CYFROWY POLSAT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Cyfrowy Polsat S.A.'s Long-Term Issuer
Default Rating (IDR) at 'BB'. The Outlook is Stable.

The rating reflects Polsat's steady telecommunications, media and
technology (TMT) operations in Poland, which account for the vast
share of its EBITDA. Polsat adopts an asset-light and
technology-agnostic approach to connectivity and converged
services, allowing it to benefit from increasing availability of
fibre connectivity from wholesale providers. This preserves free
cash flow (FCF) in exchange for narrower margins due to higher
wholesale access costs.

Fitch expects Polsat's leverage profile to deteriorate to above its
rating threshold in 2025. However, its base case shows scope for
leverage to fall in the following years upon the completion of
Polsat's renewable-energy segment development and network upgrades,
and further average revenue per user (ARPU) growth. The company has
limited rating headroom over the next two years; however, its base
case indicates that key financial metrics are likely to improve
mildly over time.

Key Rating Drivers

Elevated Leverage in 2025: Fitch expects Fitch-defined net leverage
to reach 4.3x by end-2025, up from 3.8x in 2024, exceeding the
rating downgrade threshold of 4.2x. This follows EBITDA margin
pressure in the TMT segment and high capex in the renewable-energy
segment and potential spectrum acquisitions costs of PLN1.1
billion. Fitch does not expect additional spectrum payments in
2026-2028, which will support leverage returning to within its
sensitivities in 2026 and gradually decline to 3.5x by 2028.

Fitch may tighten the leverage sensitivity to 4.0x if the
renewable-energy segment development is delayed, returns are lower
than planned or additional financing is required.

Slow TMT Margin Recovery: Fitch expects the TMT EBITDA margin to
remain constrained at 21.6% in 2025, based on the company's
reported performance in its business-to-consumer,
business-to-business and media segments. However, margins should
improve towards 22.0% by 2028. Margin pressure stems from expected
network investments in 2025 and 2026 and a high cost base due to
inflation in 2023 and 2024. This should be partially offset by ARPU
growth and savings on sports broadcasting rights, after Polsat
replaced its UEFA Champions League rights with a variety of other
sports rights.

Renewables Segment Development on Track: Fitch expects Polsat to
complete the development of the major part of its renewable-energy
segment by end-2025, when the Drzeżewo wind farm should be fully
operational. The company aims to reduce its production volume to
1.7 terawatt hours (TWh), from the initially planned 2.0TWh,
following a strategic shift to more efficient wind farms and
retreating from some of the photovoltaic projects. This should save
around PLN1.1 billion in capex, while maintaining Polsat's EBITDA
target of around PLN0.5 billion, which Fitch forecasts it will
achieve in 2026-2027.

Bundling Supports ARPU: Polsat has increased ARPU in Poland's
competitive TMT market through effective bundling of its services
and customer upselling. Revenue-generating units per customer
reached 2.32 by end-1Q25, from 2.27 in 1Q24, and ARPU rose to
PLN77.7, from PLN74.6. Fitch expects Polsat to continue to grow
ARPU through efficient bundling and migrating customers to higher
tariffs at contract renewal. There is potential for further price
increase, as mobile and broadband services in Poland are among the
cheapest in the EU.

Regulatory Scrutiny Constrains ARPU Growth: CPI-linked clauses in
customer contracts have faced regulatory scrutiny over the last
couple of years. Polish operators have been unable to exploit price
indexation clauses, even during high inflation, as the regulator
requires customers to know the exact monthly payment at contract
signing. Despite implementing provisions for automatic price
increases at contract renewal, the ability to respond to major cost
increases remains limited.

Weak Interest Cover to Improve: Fitch expects rate cuts, debt
repayment and gradual EBITDA improvement to push EBITDA interest
coverage above the 3.0x threshold for Polsat's 'BB' rating in 2026,
after facing further pressure in 2025. Interest payments are likely
to remain at around PLN1.1 billion in 2025, but fall to PLN960
million-970 million in 2026-2028. Interest payments weigh on FCF,
but do not compromise overall liquidity, which remains
satisfactory.

Longer-Term TMT Uncertainty: The deployment of fibre networks and
further development of Internet Protocol Television (IPTV) creates
long-term uncertainty for Polsat's TMT margin. The adoption of
converged offers over fibre could alter market share and/or
increase wholesale costs for Polsat, which has a significant
direct-to-home (DTH) subscriber base. However, about 40% of
Poland's population resides in non-dense rural areas where fiber
roll-out is slower, limiting major short- to medium-term impacts.

Focus on Organic Expansion: Fitch expects Polsat to prioritise
organic expansion via capex. The business plan is fully funded
until 2027 based on its projections, requiring limited market
access until meaningful debt maturities arise in 2028. Fitch views
M&A activities as opportunistic, focusing on operational fit, with
possible acquisitions of small fibre operators as well as wind and
solar farms. Polsat is likely to favour new ventures over dividend
payments, with no distributions assumed before 2027 under its base
case.

Risks to Deleveraging: Fitch views the renewable energy business as
broadly neutral for Polsat's long-term credit profile. New debt
puts some pressure on leverage metrics, but this is slightly
mitigated by expected increases in EBITDA as the investment
matures. However, any significant energy price decline may slow
deleveraging. Fitch deems the real estate segment as more
opportunistic and, consequently, as posing greater risk to the
profile due to potential working capital demands and fluctuations.
The construction phase of residential apartments demands
significant upfront investment, which, in its base case, is broadly
covered by customer prepayments.

Peer Analysis

Fitch regards Polsat's fully integrated TMT profile as a
distinguishing factor within its peer group of other single-market
telecom operators in Europe.

Polsat's volatile and less profitable media and advertising segment
constrains its margins below those of lower or similarly rated
peers, such as The Sunrise Holding Group (BB-/Positive), Telenet
Group Holding N.V (BB-/Stable) and VodafoneZiggo Group B.V.
(B+/Stable), despite Sunrise's and Telenet's comparable revenue.

Polsat's EBITDA net leverage is significantly above that of
higher-rated peers, such as Royal KPN N.V. (BBB/Stable), Telefonica
Deutschland Holding AG (BBB/Stable) and NOS, S.G.P.S., S.A.
(BBB/Stable), and is likely to temporarily increase further due to
its energy and network investments. However, leverage should remain
below that of the 'BB-' rated peers.

Key Assumptions

- Revenue to increase to PLN14.6 billion in 2025 and rise by
0.6%-2.5% per year over 2026-2028. Fitch assumes TMT segment
revenue increase to be driven by convergence-driven ARPU growth
offset by market competition

- Fitch-defined EBITDA margin of 20.2% in 2025, driven by network
upgrade investments and the cumulative impact of inflation from
2023-2024, then gradually improving to 21% by 2028, following the
completion of network investments and full operation of
green-energy facilities

- Capex, excluding spectrum payments, at 11.5% of revenue in 2025,
easing to 7%-8% in 2026-2028, as investments in renewable energy
soften. Fitch doesn't assume any spectrum payments in 2026-2028.
Fitch includes real-estate segment investments in working capital

- Fitch-defined net leverage to peak at 4.3x by end-2025, then
slowly declining towards 3.6x by end-2028

- Still high interest rates and EBITDA pressure driving EBITDA
interest coverage below 3.0x in 2025, with a return towards
3.1x-3.3x in 2026-2028

RATING SENSITIVITIES

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

- Fitch-defined EBITDA net leverage above 4.2x for a sustained
period

- EBITDA interest coverage falling below 3.0x for a sustained
period

- CFO less capex/debt below 7% for a sustained period

- A significant shift in business mix towards riskier operating
segments, such as real estate

- Major operational, execution, regulatory or financial risks
emerging from the development of the renewable energy and
real-estate segments; for example, investments in these segments
significantly exceeding its expectations on required investment and
debt or renewable energy significantly underperforming its EBITDA
synergy forecasts

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

Positive rating action is unlikely over the medium term, due to the
capital-intensive development projects in renewable energy and real
estate and a related loosening of financial policy. However, Fitch
could consider positive rating action if:

- Fitch-defined EBITDA net leverage moves below 3.3x on a sustained
basis

- FCF returns to positive levels

- Cash flow from operations less capex/debt moves above 9% on a
sustained basis

- EBITDA interest coverage trends above 4.0x on a sustained basis

Liquidity and Debt Structure

Polsat had PLN2.2 billion of cash at end-1Q25, supported by a fully
available PLN1 billion revolving credit facility maturing in April
2028.

The group has debt maturity peaks in 2028 and 2030. Remaining bonds
total PLN3.9 billion and are due in 2030. Polsat made a PLN681
million prepayment in 1Q25 under its end-2024 PLN6.9 billion
outstanding term-loan A balance, utilising funds from Asseco shares
disposal. Further instalments to total PLN718 million in 2026 and
PLN830 million in 2027, with PLN4.7 billion to be repaid at
maturity in 2028, together with a euro-denominated EUR506 million
term loan B. Project finance debt maturities are throughout
2025-2038.

Issuer Profile

Polsat is a fully converged Polish TMT company operating
predominantly in the domestic market. Its strategy includes
developing two additional business segments, renewable energy and
real estate. The majority shareholder is Mr. Zygmunt Solorz, a
Polish billionaire.

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          Prior
   -----------              ------          -----
Cyfrowy Polsat S.A.   LT IDR BB  Affirmed   BB




=============
R O M A N I A
=============

AUTONOM SERVICES: Fitch Alters Outlook on B+ LongTerm IDR to Stable
-------------------------------------------------------------------
Fitch Ratings has revised Autonom Services S.A.'s Outlook to Stable
from Positive, while affirming its Long-Term Issuer Default Rating
(IDR) at 'B+'. Fitch has also affirmed Autonom's senior unsecured
debt rating at 'B', with a Recovery Rating of 'RR5'.

Key Rating Drivers

Leverage Drives Outlook Revision: The Outlook revision reflects
Fitch's revised expectations that Autonom will not reduce its gross
debt/tangible equity ratio (5.5x at end-2024) sustainably below 5x
over the next 12-to-18 months. This is because the company remains
open to opportunistic and faster growth than planned, despite
Fitch's expectations that Autonom's internal capital generation
will remain sound and could support deleveraging.

Macroeconomic spillovers from Romania's ongoing political tensions
will weigh negatively on Autonom's profitability and on its
willingness to increase unsecured funding as share of total
funding. This will further limit upside for the Long-Term IDR in
the short term.

High Leverage Constrains Rating: Leverage is presently high and a
rating constraint in the short term, although Autonom's leverage
ratio declined to 5.5x at end-2024 from 5.7x at end-2023. Fitch
anticipates that the ratio may increase modestly in 2025, as the
company is open to growth opportunities in addition to its
communicated growth plan. Seasonal fleet volatility and some
appetite for inorganic growth further limit visibility on leverage,
but a bond covenant, which constrains Autonom's net debt/EBITDA at
below 4x, guides Autonom's leverage appetite.

Growing Franchise in Romania: Autonom's 'b+' Standalone Credit
Profile (SCP) underpins its Long-Term IDR. Autonom provides
long-term car rental to SMEs and short-term car rental to
corporates and tourists, making it the third-largest fleet lessor
(end-2024: 16,500 vehicles) in the small, but growing, Romanian
market. Autonom has consolidated its market share (20% in 2024)
through organic and inorganic growth in recent years, as reflected
in the upward revision of Fitch's assessment of its business
profile score to 'bb-' from 'b+'. However, Autonom remains small by
international standards.

Key Person Risk, Adequate Management: Autonom is a family-owned
company, founded and owned by brothers Marius and Dan Stefan who
remain the company's sole shareholders. A longstanding management
team, a well-articulated medium-term strategy, and the adoption of
managerial best practices mitigate the key-person risk in relation
to its founders and Autonom's less developed corporate governance
framework.

Resilient Business Model: Autonom's ratings reflect its adequate
profitability through the cycle, reasonable asset quality, and
experienced management team, with a sufficiently controlled
approach to leverage and liquidity. Swift repossession, low
concentration by counterparty, healthy yields, and the secured
nature of operating leasing help mitigate the higher credit risk of
Romanian SMEs.

Mainly Secured Funding: Autonom's share of unsecured funding
decreased to 25% at end-2024 from 27% at end-2023, as current
adverse market conditions have further delayed previously planned
debt issuance. A high share of secured debt and mostly encumbered
assets are rating weaknesses, which have also led Fitch to notch
down Autonom's senior unsecured debt rating from its Long-Term IDR.
Autonom aims to gradually increase the share of unsecured funding,
although the timetable remains uncertain. Liquidity management is
prudent for its rating.

RATING SENSITIVITIES

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

Gross debt above 6.5x tangible equity on a sustained basis, a
further increase in Autonom's related-party loans/ tangible equity
ratio or the use of funding for purposes other than acquiring
additional fleet could be negative for the rating.

Deterioration in asset quality and earnings, as underlined by
losses on disposals of used cars or by a pre-tax income/average
assets ratio below 2%, could also lead to negative rating action,
especially if such deterioration places pressure on Autonom's
EBITDA-based financial covenants.

Weaker funding flexibility or higher refinancing risk due to higher
asset encumbrance could lead to a downgrade.

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

An upgrade of Autonom's Long-Term IDR would require either a gross
debt/tangible-equity ratio sustainably below 5x or further
improvements of Autonom's funding profile, including especially a
higher share of unsecured debt. It would also require continuing
sound profitability, sustained franchise growth and a more
formalised governance structure, including contained related party
exposures.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt Notched Down: Fitch rates Autonom's senior
unsecured debt one notch below the company's Long-Term IDR,
reflecting below-average recoveries for senior unsecured creditors,
due to the large share of secured funding, to which senior
unsecured creditors are contractually subordinated.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is mainly sensitive to changes in
Autonom's Long-Term IDR. Therefore, an upgrade or downgrade of the
latter would be mirrored in a similar action on the unsecured debt
rating.

The senior unsecured debt rating could be upgraded following an
upward revision of recovery expectations, for example due to a
materially lower share of secured debt (significantly below 50%).
This would lead to an equalisation of the senior unsecured debt
rating with Autonom's Long-Term IDR. A materially higher share of
secured debt could lead to a downgrade of the senior unsecured debt
rating, reflecting lower recovery expectations.

ADJUSTMENTS

The 'b+' SCP is below the 'bb-' implied SCP due to the following
adjustment reason: weakest link - capitalisation & leverage
(negative).

The operating environment score of 'bb' is below the 'bbb' category
implied score due to the following adjustment reasons:
macroeconomic stability (negative), regulatory and legal framework
(negative).

The asset quality score of 'bb-' is below the 'bbb' category
implied score due to the following adjustment reason: loan
charge-offs, depreciation or impairment policy (negative).

ESG Considerations

Autonom has an ESG Relevance Score of '4' for Governance Structure
due to key person risk. The longstanding management team,
well-articulated medium-term strategy, and intention to adopt
managerial best practices mitigate key-person risk in relation to
its founders and less developed corporate governance, which is in
line with other privately held peers'. This has a negative impact
on the credit profile and is relevant to the rating in conjunction
with other rating factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
Autonom, either due to their nature or the way in which they are
being managed by Autonom. 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
   -----------                   ------       --------   -----
Autonom Services S.A.   LT IDR    B+ Affirmed            B+
                        ST IDR    B  Affirmed            B
                        LC LT IDR B+ Affirmed            B+
                        LC ST IDR B  Affirmed            B

   senior unsecured     LT        B  Affirmed   RR5      B




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

ASIA INSURANCE: S&P Affirms 'B' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its long-term financial strength rating
on Uzbekistan-based Asia Insurance Sug'urta Kompaniyasi JSC's (AI)
at 'B'. The outlook is stable.

AI's net technical performance in 2024 was weaker than S&P expected
because of lower direct insurance premiums and a high expense
ratio.

That said, AI's bottom line results improved in 2024 and its net
income increased by 1.77x to Uzbekistani sum (UZS) 6.5 billion
($0.5 million). The rise in net income resulted from AI's higher
investment income amid high interest rates and higher rent income,
as well as its lower interest expenses associated with debt
servicing, as the company repaid its bank loan. The notable 52%
increase in the company's gross premiums written (GPW) in 2024
mainly resulted from one big contract, of which 99.8% was
reinsured. At the same time, AI's NPW declined by 20% and its net
premiums earned (NPE) decreased by 4% on the back of a decline in
the direct insurance of a long-standing line that was not renewed
in 2024.

Moreover, repair works in its investment property increased AI's
expenses. Its expense ratio remained high at 79% over 2023-2024. As
a result, the company's net combined ratio was 116%, which exceeded
our previous expectation of 105% and the sector average of
100%-105% (a ratio exceeding 100% means a loss from operating
activity).

In 2025, AI expanded its partnerships with Uzbekistani banks on
credit and financial risk insurance, and with managing general
agents (MGAs) on international inward reinsurance.

This almost doubled AI's GPW in the first quarter of 2025. S&P
said, "We consider that the share of financial risks in AI's
portfolio could increase to 20% over 2025-2026, from about 4% in
2024. Similarly, the share of international inward reinsurance
could increase to 10%-15% of GPW, from 5% in 2024. We expect AI
will continue to follow its relatively cautious approach in the
selection of risks and partners, such as banks and MGAs."
Additionally, a gradually improving regulatory framework for
financial risk insurance in Uzbekistan can make this business line
less risky and more attractive.

Nevertheless, the outcome of this remains uncertain. In the first
quarter of 2025, AI reported a net loss of UZS2.4 billion, after an
increase in unearned premium reserve (UPR). The increase resulted
from Uzbekistan's regulation, which requires a 100% UPR for credit
and financial risk insurance lines. Additionally, MGAs often
require local insurers to hold a sizable interest free security
deposit as collateral for future claims payments, which might
reduce AI's investment income.

S&P anticipates that AI's capital adequacy will remain in line with
our 99.99% benchmark.

S&P said, "This indicates sufficient capital levels, based on our
risk-based capital model, although they are modest in absolute
terms. AI's capital adequacy, according to our capital model,
improved above the 99.99% confidence level in 2024. It benefited
from the retention of profits and an UZS3.4 billion capital
injection from shareholders. We expect it will remain at this level
over 2025-2026. Our forecast assumes net premium growth of up to
30%-35% and a net combined ratio of 105-110%, supported by an
expected decline in expenses.

"That said, we forecast higher losses associated with AI's
expansion into new insurance classes. We expect the company's
return on equity will be 14%-16% over 2025-2026, compared with 12%
in 2024, supported by investments and rent income. Our forecast
also assumes zero dividends over 2025-2026. Nevertheless, AI's
small absolute capital size below $10 million makes it susceptible
to single-event losses and caps our capital and earnings assessment
at the satisfactory level."

AI plans to increase its capital buffer further to meet tightening
regulatory capital requirements.

According to the Presidential Decree on Comprehensive Measures for
the Further Development of the Insurance Market, signed on March 1,
2024, the minimum size of insurers' authorized capital to perform
reinsurance operations is set to increase to UZS80 billion in the
second half of 2025, from UZS45 billion in in 2024. S&P expects the
company will meet these requirements.

The stable outlook reflects S&P's expectation that AI will maintain
its competitive standing and capital adequacy over the next 12
months.

S&P could consider a downgrade over the next 12 months if:

-- AI underperformed our base-case expectations for a prolonged
period, or if its market standing was exposed to increased risk,
for example due to a spike in competition;

-- The company's capital base deteriorated materially due to
weaker-than-expected operating performance and investment losses;

-- AI's regulatory solvency margin deteriorated due to
higher-than-expected growth or a lack of capital injections to meet
tightening regulatory requirements, resulting in an increased risk
of regulatory intervention--although S&P sees this as unlikely; or
Deficiencies materialized in management and governance, including
financial reporting or risk controls, that it views as detrimental
to AI's credit profile.

S&P said, "We could raise the rating over the next 12 months if
AI's competitive standing and operating performance improved,
supported by capital buildup in absolute and relative terms.

"For a positive rating action, we also expect no significant
deficiencies in management and governance, whether in financial
reporting standards or risk controls, including related-party
transactions."




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

SANTANDER 7: DBRS Confirms BB(high) Rating on Class B Notes
-----------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
bonds issued by FT RMBS Santander 6 (Santander 6) and FT RMBS
Santander 7 (Santander 7):

Santander 6

-- Class A notes confirmed at AAA (sf)
-- Class B notes upgraded to BBB (low) (sf) from BB (high) (sf)

Santander 7

-- Class A Notes confirmed at AA (high) (sf)
-- Class B Notes confirmed at BB (high) (sf)

The credit ratings on the Class A notes in both transactions
address the timely payment of interest and the ultimate repayment
of principal by the respective legal final maturity date in
December 2059 (Santander 6) and December 2063 (Santander 7). The
credit ratings on the Class B notes in both transactions address
the ultimate payment of interest and principal by the respective
legal final maturity dates.

CREDIT RATING RATIONALE

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

-- Portfolio performances, in terms of delinquencies, defaults,
and losses as of the respective latest payment dates (February 2025
for both transactions);

-- Updated portfolio default rates (PD), loss given default (LGD),
and expected loss assumptions on the remaining pools of
receivables; and

-- Current available credit enhancement to the rated notes in both
transactions to cover the expected losses at their respective
credit rating levels.

The transactions are securitizations of Spanish first-lien
residential mortgage loans originated by Banco Santander SA
(Santander), Banco Popular Español, S.A., and Banco Español de
Crédito, S.A. (Banesto). The mortgage loans are secured over
residential properties located in Spain. Santander acts as the
servicer of the portfolios of both transactions.

PORTFOLIO PERFORMANCE

Santander 6

As of the February 2025 payment date, loans two to three month in
arrears represented 0.3% of the outstanding portfolio balance, down
from 0.5% in May 2024. Loans more than 90 days in arrears
represented 1.5%, down from 1.7% in the same period, while the
cumulative default ratio increased to 4.5% from 3.8%.

Santander 7

As of the February 2025 payment date, loans two to three month in
arrears represented 0.3% of the outstanding portfolio balance, down
from 0.4% in May 2024. Loans more than 90 days in arrears
represented 1.2%, unchanged in the same period, while the
cumulative default ratio increased to 3.7% from 3.1%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pools of receivables in both transactions and updated its base case
PD and LGD assumptions to 5.4% and 34.5%, respectively, for
Santander 6, and to 5.2% and 30.8%, respectively, for Santander 7.

CREDIT ENHANCEMENT

In both transactions, the credit enhancement to the Class A notes
is provided through the subordination of the Class B notes and the
reserve fund. The credit enhancement to the Class B notes is
provided through the reserve fund.

As of the February 2025 payment date, the credit enhancements to
the Class A and Class B notes in Santander 6 were 35.1% and 6.8%,
respectively, up from 31.1% and 5.6%, respectively, in May 2024. As
of the February 2025 payment date, the credit enhancements to the
Class A and Class B notes in Santander 7 were 21.7% and 6.4%,
respectively, up from 18.9% and 4.9%, respectively, in May 2024.

The transactions benefit from reserve funds with a target level of
EUR 225 million (Santander 6) and EUR 265 million (Santander 7),
which are available to cover senior expenses as well as interest
and principal payments on the rated notes until they are paid in
full. The reserve funds in both transactions were funded at closing
via a subordinated loan and were scheduled to start amortizing
three years after closing, up to a floor of EUR 112.5 million and
EUR 132.5 million, respectively. The reserve funds do not amortize
if certain performance triggers are breached, if they were used on
any payment date and are under their target level, or until they
reach 10% of the outstanding balance of the Class A and Class B
notes in each transaction.

As of the February 2025 payment date, the reserve funds were at EUR
172.3 million for Santander 6 and EUR 220.8 million for Santander
7. Both reserve funds were below their respective target levels as
they were used to meet the respective Class A notes target
amortization amounts according to the transaction documents.

Santander acts as the account bank for both transactions. Based on
Santander's reference rating of AA (low), which is one notch below
Morningstar DBRS's Long Term Critical Obligations Rating of AA, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structures,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the credit ratings assigned
to the notes in both transactions, as described in Morningstar
DBRS's "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


SANTANDER CONSUMO 8: DBRS Gives Prov. B(low) Rating on E Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
following notes (the Rated Notes) to be issued by Santander Consumo
8 FT (the Issuer):

-- Class A Notes at (P) AA (sf)
-- Class B Notes at (P) AA (low) (sf)
-- Class C Notes at (P) A (sf)
-- Class D Notes at (P) BBB (high) (sf)
-- Class E Notes at (P) B (low) (sf)

Morningstar DBRS does not rate the Class F Notes (collectively with
the Rated Notes, the Notes) also expected to be issued in the
transaction.

The credit rating on the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the final maturity date. The credit ratings on the Class B, Class
C, and Class D Notes address the ultimate payment of interest
(timely when most senior) and the ultimate repayment of principal
by the final maturity date. The credit rating on the Class E Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

The transaction is a securitization of a portfolio of fixed-rate,
unsecured, amortizing personal loans granted without a specific
purpose to private individuals domiciled in Spain and serviced by
Banco Santander SA (Santander).

CREDIT RATING RATIONALE

Morningstar DBRS' provisional credit ratings are based on the
following analytical considerations:

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

-- The credit quality of the collateral, historical and projected
performance of Santander's portfolio, and Morningstar DBRS'
projected performance under various stress scenarios;

-- An operational risk review of Santander's capabilities with
regard to its originations, underwriting, servicing, and financial
strength;

-- The transaction parties' financial strength with regard to
their respective roles;

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

-- Morningstar DBRS' long-term sovereign credit rating on the
Kingdom of Spain, currently at A (high) with a Stable trend.

TRANSACTION STRUCTURE

The transaction includes a 12-month scheduled revolving period.
During the revolving period, the originator may offer additional
receivables that the Issuer will purchase, provided that the
eligibility criteria and concentration limits set out in the
transaction documents are satisfied. The revolving period may end
earlier than scheduled if certain events occur, such as the
originator's insolvency, the servicer's replacement, or the breach
of performance triggers.

The transaction allocates payments on a combined interest and
principal priority of payments and benefits from an amortizing cash
reserve equal to 1.5% of the Rated Notes outstanding balance,
subject to a floor of 0.5% of the initial Rated Notes amount. The
cash reserve is part of the interest funds available to cover
shortfalls in senior expenses, senior swap payments, and interest
on the Class A, Class B, Class C, and Class D Notes and, if not
deferred, the Class E Notes.

The repayment of the Rated Notes after the end of the revolving
period will be on a pro rata basis until a sequential amortization
event. Upon the occurrence of a subordination event, the repayment
of the Notes will switch to a nonreversible sequential basis. The
unrated Class F Notes will begin amortizing immediately after
transaction closing during the revolving period with a target
amortization equal to 10% of the initial balance on each payment
date. Interest and, if applicable, principal payments on the Notes
will be made quarterly.

At closing, the weighted-average portfolio yield is expected to be
at least 6.5%, which is one of the portfolio concentration limits
during the revolving period.

TRANSACTION COUNTERPARTIES

Santander is the account bank for the transaction. Based on
Morningstar DBRS' Long-Term Issuer Rating of A (high) on Santander,
the downgrade provisions outlined in the transaction documents, and
other mitigating factors in the transaction structure, Morningstar
DBRS considers the risk arising from the exposure to the account
bank to be consistent with the credit ratings assigned to the Rated
Notes.

Santander is also the swap counterparty for the transaction.
Morningstar DBRS' Long-Term Issuer Rating of A (high) on Santander
meets Morningstar DBRS' criteria with respect to its role. The
transaction also has downgrade provisions that are largely
consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

Morningstar DBRS established a lifetime expected default of 4.5%,
reflecting the historical performance of each loan type, standard
loans and preapproved loans. Morningstar DBRS also constructed a
portfolio expected recovery of 15.0% or a loss given default (LGD)
of 85.0%.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each class of the Rated Notes are the
related interest amounts and the initial principal amount
outstanding.

Notes: All figures are in euros unless otherwise noted.




===========
T U R K E Y
===========

EREGLI DEMIR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Eregli Demir ve Celik Fabrikalari
T.A.S.'s (Erdemir) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB-'. The Outlook on the IDR is Stable.

Erdemir's rating reflects its position as the largest steel company
in Turkiye with almost 10mt of crude steel capacity produced
through its basic oxygen furnaces (BOF), high capacity utilisation
and robust cost position, which support resilient performance
through the cycle. However, the company has low raw material
self-sufficiency and a high proportion of low-grade steel products
in total output.

Fitch expects Erdemir's leverage to rise from historically low
levels due to its large investment programme and therefore expect
negative free cash flow (FCF) over the next four years.
Nevertheless, Fitch forecasts EBITDA net leverage to remain below
3x.

Key Rating Drivers

Higher Capex; Negative FCF: Fitch expects capex to remain high at
around USD1.1 billion a year to support Erdemir's expansionary and
sustainability investments. It plans to add over 3.9 million tonne
(mt) capacity through its electric arc furnace (EAF) investments at
Eregli and Iskendurun plants by 2030. The group is making progress
with its modernisation investments at its existing solar power
plant and iron ore enrichment facility at Hasancelebi, to be
completed in 2026. It is also constructing a 3mt pelletising plant
at Bingol-Avnik, expected to be completed by 2027. Fitch forecasts
FCF to remain negative over 2025-2028, as robust operating cash
flow is offset by large capex.

Limited Leverage Headroom: EBITDA net leverage increased to 2.8x in
2024 from 2.1x in 2023 due to large capex and pressure on domestic
prices from imports. Fitch expects EBITDA net leverage to remain at
a similar level over 2025-2028, leaving low headroom relative to
its negative rating sensitivity of 3x. Fitch expects capex to
meaningfully start contributing towards earnings as investments are
completed. A recovery in profitability to mid-cycle levels of
USD130-USD140/tonne by 2027 and EBITDA accretion from capex will
support its leverage profile over the medium term.

Supportive Financial Policy: Erdemir's dividend policy is linked to
net income and has historically resulted in high payouts. However,
the board has shown willingness to maintain conservative leverage
metrics by suspending dividend payment in 2023 due to the February
earthquake and maintain only a modest payout of 13% of net income
in 2024. Fitch expects dividend payments to remain at 15%-25% in
2025-2027 to contain leverage while Erdemir undertakes large capex.
Fitch expects dividends to return to around 50% net income from
2027.

Net Zero Strategy: Erdemir will invest USD3.2 billion to cut
emissions by 25% by 2030 and 40% by 2040, from 2022 levels, and to
achieve net zero by 2050. Existing blast furnace capacities, which
were recently upgraded, will remain operational while the new
electric arc furnaces will add 3.9mt capacity once they are
completed by 2030. Erdemir's capex will keep its exports
competitive, after the implementation of the carbon border
adjustment mechanism in the EU from 2026, although this may be
delayed into 2027.

Export Markets Protection: Steel imports from Türkiye have been
subject to a 25% duty in the US since Section 232 was introduced in
2018. The unified tariff ensures fair competition while making
exports to the US profitable at high prices, although Fitch expects
no substantial exports. Europe remains the key export market,
accounting for around half of Erdemir's exports. All imports into
the EU are subject to quotas, which have been recently tightened,
but still allowing for sufficient volumes for exports from
Turkiye.

Leading Cost Position: Most recent data from CRU ranks Eregli and
Iskenderun plants at around the 50th percentile of the global cost
curve for HRC, but their production costs are among the most
competitive for delivery to Europe (after Russian finished steel
products were sanctioned). It sells 80%-85% of its production in
Turkiye, where it has the lowest domestic production costs and
benefits from lower transport costs than its international peers.

Turkish Economy Supportive: Demand for steel has been resilient
despite Turkiye's high inflation, rising interest rates and a
widening current account deficit, with finished steel consumption
up 0.9% yoy in 2024. Fitch expects Turkish GDP to grow 2.5% in 2025
and 3.5% in 2026. Erdemir stands to gain in this environment as
currency depreciation supports its export competitiveness or sales
to exporting companies that bill their products in hard currencies.
WorldSteel association forecasts steel demand in Turkiye to rise
1.7% in 2025. Erdemir's flat-focused product portfolio also
benefits from the supply deficit for flat steel in Turkiye.

Country Ceiling: Erdemir's IDR of 'BB-' is at the same level as
Turkiye's Country Ceiling. The IDR would be capped at the Country
Ceiling, if the latter is revised downwards, due to a high
concentration of sales on the domestic market and a low share of
EBITDA from direct export sales at 15%-20%.

Rating on a Standalone Basis: Erdemir is indirectly 49.3% owned by
Ordu Yardimlasma Kurumu (OYAK, BB-/Stable), a second-tier pension
fund for military personnel in Turkiye. Four per cent of Erdemir's
shares are treasury shares. Fitch rates Erdemir on a standalone
basis as Fitch views OYAK primarily as a financial investor.

Peer Analysis

Erdemir's peers include Usinas Siderurgicas de Minas Gerais S.A.
(Usiminas; BB/Stable) and Companhia Siderurgica Nacional (CSN;
BB/Stable), JSW Steel Limited (BB/Stable) and JSC Uzbek
Metallurgical Plant (UMK, B+/Stable; Standalone Credit Profile:
b).

Erdemir has higher capacity utilisation and margins than Usiminas
and CSN. Usiminas and CSN both produce higher value-added steel
products and benefit from over 100% self-sufficiency into iron ore.
All three companies have around a third of their respective
domestic steel markets and focus on domestic sales. Erdemir's
market position is also supported by the Turkish market's supply
deficit of flat steel, while the Brazilian market is in surplus.
Fitch expects Usiminas to maintain a low debt load with EBITDA net
leverage around 0.6x, while Erdemir's leverage is close to that of
CSN.

JSW is larger than Erdemir, has a lower cost position and higher
profit margins. The company is exposed to the fastest-growing
Indian market, where JSW invests to capture its growth. FCF is
therefore likely to remain negative over the next three years,
while Fitch projects EBITDA net leverage to remain above 3x.

UMK's credit profile is weaker than that of Erdemir due to its
smaller scale, decreasing self-sufficiency against growing capacity
and increasing costs. The company produces longs, although on the
commissioning of its casting and rolling complex, it will also
produce flat steel. Its production is concentrated on low
value-added steel. Its net leverage rose sharply to around 5x in
2023, due to delays in project implementation and pressures on the
domestic steel market.

Key Assumptions

- EBITDA at USD87/tonne in 2025 before recovering to almost
USD140/tonne by 2028

- Low single-digit growth in production volumes over 2025-2028

- Capex broadly in line with management guidance at around USD1.1
billion a year on average over 2025-2028

- Dividend payouts to reduce to USD45 million in 2025, before
rising to USD100 million in 2026 and USD200 million each year in
2027-2028

- US dollar to Turkish lira on average at 39.7 in 2025, 45.7 in
2026 and thereafter

RATING SENSITIVITIES

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

- Deterioration of the macro and financial environment in Turkiye
leading to a downward revision of the Country Ceiling

- Weakness of the steel market, inability to implement investment
programme and/or shareholder-friendly actions, resulting in EBITDA
net leverage above 3.0x on a sustained basis

- A deterioration in liquidity to fund operations and meet
short-term maturities

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

- An upward revision of Turkiye's Country Ceiling together with
sustained EBITDA net leverage below 2.0x and EBITDA margins
consistently above 16%

Liquidity and Debt Structure

At end-March 2025, Erdemir held USD1.9 billion of cash and cash
equivalents (USD1.6 billion at end-2024), against unchanged
short-term maturities of USD1 billion. Erdemir, like other Turkish
corporates, does not have committed credit facilities. Fitch
expects its facilities to be rolled over.

Fitch expects USD1.1 billion capex a year on average over the next
three years, resulting in negative FCF after dividends. Erdemir
successfully raised Eurobonds of USD950 million in the last 12
months to support is capex. It is also arranging funding for its
sustainability programme and plans to raise long-term facilities
from domestic and international banks. Its longstanding relations
with banks and export credit agencies are supportive of its
liquidity profile.

Issuer Profile

Erdemir is the largest steel producer in Turkiye with almost 10 mt
liquid steel and 8.4 mt flat steel capacity.

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
   -----------              ------         --------   -----
Eregli Demir ve
Celik Fabrikalari
T.A.S.                LT IDR BB-  Affirmed            BB-

   senior unsecured   LT     BB-  Affirmed   RR4      BB-




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

A, R & S SHINGDIA: RSM UK Named as Administrators
-------------------------------------------------
A, R & S Shingdia was placed into administration proceedings in the
High Court of Justice, The Business and Property Courts in Leeds,
Court Number: CR-2025-000522, and Christopher Ratten and Gareth
Harris of RSM UK Restructuring Advisory LLP were appointed as
administrators on May 23, 2025.  

A, R & S Shingdia engaged in packaging manufacturing.

Its registered office and principal trading address is at Pyke Rd,
Lincoln LN6 3QS.

The joint administrators can be reached at:

         Gareth Harris
         RSM UK Restructuring Advisory LLP
         Central Square, 5th Floor
         29 Wellington Street
         Leeds LS1 4DL

           -- and --

         Christopher Ratten
         RSM UK Restructuring Advisory LLP
         Landmark, St Peter's Square
         1 Oxford Street
         Manchester, M1 4PB

Correspondence address & contact details of case manager:

         Sam Thompson
         RSM Restructuring Advisory LLP
         Central Square, 5th Floor
         29 Wellington Street
         Leeds, LS1 4DL
         Tel No: 0113 285 5000

         Gareth Harris
         Tel No: 0113 285 5000

         Christopher Ratten
         Tel No: 0161 830 4000


AMPLIPHAE LIMITED: KPMG Named as Administrators
-----------------------------------------------
Ampliphae Limited was placed into administration proceedings in the
High Court Of Justice In Northern Ireland Chancery Division
(Company Insolvency), No 29562 of 2025, and James Neill and John
Donaldson of KPMG were appointed as administrators on May 22, 2025.


Ampliphae Limited engaged in information technology service
activities.

Its registered office is at Emerson House 14b Ballynahinch Road,
Carryduff, Belfast, Northern Ireland, BT8 8DN

The joint administrators can be reached at:

         James Neill
         John Donaldson
         KPMG
         The Soloist Building
         1 Lanyon Place
         Belfast BT1 3LP
         Tel No: +44 28 9024 3377

           -- and --

         John Donaldson
         KPMG
         The Soloist Building
         1 Lanyon Place
         Belfast BT1 3LP
         Tel No: +44 28 9024 3377


ASIMI FUNDING 2025-1: S&P Assigns 'CCC(sf)' Rating on G-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC (sf)' credit rating to Asimi
Funding 2025-1 PLC's class G-Dfrd notes.

At closing, on May 14, 2025, S&P assigned ratings to the class A,
B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes, and the
issuer also issued unrated Y and Z certificates.

Asimi Funding 2025-1 is the second public securitization of a
portfolio of unsecured consumer loans originated and serviced by
Plata Finance Ltd. (Plata) in the U.K.

As part of the transaction's prefunding mechanism, the issuer may
purchase additional loans by the first interest payment date, up to
a maximum amount of £52.4 million (21.4% of the potential maximum
portfolio).

The notes redeem pro rata (class A to G-Dfrd notes), subject to
sequential amortization triggers.

The class A to F-Dfrd notes benefit from one of two reserve funds.
Both reserve funds are available to provide liquidity support and
pay interest (on specified notes) and expenses.

S&P said, "The class G-Dfrd notes do not pass our 'B' cash flow
scenario, so we considered the application of our 'CCC' criteria.

"The class G-Dfrd notes do not pass any of our 'B' level of credit
and cash flow scenarios with reduced prepayment and fee stresses.
After applying our 'CCC' criteria, we believe this class is
vulnerable to nonpayment, and depends on favorable business,
financial, or economic conditions to be repaid. We therefore
assigned our 'CCC (sf)' rating."

Plata is the initial servicer of the loans, with Equiniti Gateway
Ltd. (trading as Lenvi) acting as standby servicer. Barclays Bank
PLC acts as the interest rate swap provider.


BRITISH TELECOMMUNICATIONS: Moody's Rates New Hybrid Notes 'Ba1'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba1 backed long-term rating to the
proposed subordinated GBP-denominated capital securities due 2055
(the hybrid securities) to be issued by British Telecommunications
Plc (BT or the company, a subsidiary of BT Group Plc) under its
EMTN Program. The outlook is stable.

RATINGS RATIONALE

The Ba1 rating assigned to the new hybrid debt is two notches below
BT's issuer and senior unsecured ratings of Baa2. This reflects the
instrument's deeply subordinated position relative to unsecured
obligations in the company's capital structure, as well as its pari
passu ranking with all existing hybrid instruments. Proceeds from
the issuance will be used to refinance the existing $500 million
hybrid instrument due 2081. The existing hybrid bond is first
callable from November 2026.

The proposed hybrid securities, which will be guaranteed by BT
Group Plc on a subordinated basis, are long-dated with a 30.5-year
maturity and they do not present any cross-default provisions. The
issuer can also opt to defer settlement of interest on the hybrid
securities on a cumulative and compounding basis.

The coupon skip option will be available for a period of maximum
five years. The interest on the proposed hybrid securities will
step-up by 25 basis points (bps) in December 2035, at least 10
years after the issuance, and an additional 75 bps in December
2050, 20 years after the first reset date.

The hybrid securities are deeply subordinated obligations ranking
senior only to common shares, pari passu with preference shares,
and junior to all senior and subordinated debt. They thus qualify
for "basket M", i.e. 50% equity treatment, for the purpose of
calculating Moody's credit ratios (please refer to Moody's
cross-sector rating methodology 'Hybrid Equity Credit methodology'
dated February 01, 2024).

The hybrid securities' rating is positioned relative to BT's senior
unsecured and issuer ratings. Thus a change in the company's issuer
and senior unsecured ratings or a re-evaluation of the relative
notching could impact the hybrid securities' rating.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook largely reflects Moody's expectations
that EBITDA will continue to grow, albeit slowly, through fiscal
2026 and 2027, ending in March, driven by cost-saving initiatives
despite revenue pressures. The outlook also reflects Moody's
expectations that the company's free cash flow generation will
improve meaningfully starting in fiscal 2027, as capital intensity
declines.

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

Moody's could upgrade BT's ratings if its: (1) underlying operating
performance and cash flow generation substantially improve, with
growing revenue and stronger key performance indicator (KPI) trends
leading to a sustainable EBITDA growth trajectory; (2)
Moody's-adjusted RCF/net debt remains above 22% on a sustained
basis; and (3) Moody's-adjusted debt/EBITDA falls below 2.8x on a
sustained basis.

Moody's could downgrade the ratings if BT's: (1) operating
performance weakens compared with Moody's current expectations, or
the risks arising from the pension deficit significantly increase
as a result of a widening in the deficit; (2) Moody's-adjusted
RCF/net debt remains consistently below 18%; and (3)
Moody's-adjusted debt/EBITDA exceeds 3.5x on a sustained basis.

The principal methodology used in this rating was
Telecommunications Service Providers published in November 2023.

COMPANY PROFILE

BT Group Plc is a leading UK telecommunications and network
operator and a leading provider of global communications services
and solutions. Over fiscal 2025, the company generated revenues and
company-adjusted EBITDA of GBP20.4 billion and GBP8.2 billion,
respectively.


BRITISH TELECOMMUNICATIONS: S&P Rates Jr. Hybrid Securities 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the junior
subordinated hybrid securities and 'BBB' issue rating to the senior
unsecured euro notes due in 2035 to be issued by British
Telecommunications PLC, a wholly owned subsidiary of U.K.-based
telecom operator BT Group PLC (BT; BBB/Stable/A-2).

S&P said, "The rating on the hybrid securities reflects our
notching for subordination and optional interest deferability. We
understand BT intends to maintain or replace these securities as a
long-term form of capital on its balance sheet. We also assume the
group will use proceeds primarily to refinance the $500 million
hybrid securities callable in November 2026. We estimate that
following the transaction, hybrid instruments will equal about 6%
of BT's adjusted capitalization, well below the 15% threshold under
our criteria.

"We assess the securities as having intermediate equity content
until the first reset date, and expect to reassess the $500 million
existing hybrids callable in November 2026 as having minimal equity
content.

"We consider the securities as having intermediate equity content
because they are subordinated to BT's senior debt, cannot be called
for at least 5.25 years, and are not subject to features that could
discourage or materially delay deferral."

S&P derives its 'BB+' rating on the securities by notching down
from its 'BBB' rating on BT. The two-notch difference reflects its
deducting:

-- One notch for subordination because S&P's long-term rating on
the group is 'BBB-' or above; and

-- An additional notch for payment flexibility, because the option
to defer interest stands with the issuer.

S&P said, "The notching indicates that we consider the issuer
relatively unlikely to defer interest. Should our view change, we
could increase the number of notches we deduct to derive the issue
rating.

"In addition, given our view of the proposed securities'
intermediate equity content, we allocate 50% of the related
payments on the security as a fixed charge and 50% as equivalent to
a common dividend. The 50% treatment of principal and accrued
interest also applies to our adjustment of debt."

Features of the Hybrid Instrument

S&P said, "We understand the proposed security and coupons are
intended to constitute the group's direct, unsecured, and deeply
subordinated obligations, ranking senior only to its common
shares.

"We understand the first interest reset date will be in December
2030, at least 5.5 years from the issue date. BT can redeem the
security for cash up to 90 days before the first reset date, and on
every coupon payment date thereafter. In addition, the company can
call the instrument before September 2030 through a make-whole
redemption option. We understand BT does not intend to redeem the
instrument before the redemption window of the first reset date,
and do not consider that this type of make-whole clause creates an
expectation that the issue will be redeemed before then.
Accordingly, we do not view it as a call feature in our hybrid
analysis, even if it is referred to as a make-whole option clause
in the documentation."

The securities mature 30.5 years after the issue date, but can be
called at any time for a tax, rating, accounting, or
change-of-control event. BT can also call the securities if a
cleanup event occurs. Should any of these happen, BT intends to
replace the hybrid, but is not obliged to do so. In S&P's view,
this statement of intent mitigates the issuer's ability to call or
repurchase the security.

The interest deferral doesn't constitute an event of default and
there are no cross defaults with the senior debt instruments. In
addition, the hybrid's terms allow BT to choose to defer interest
payment on the proposed securities for up to five years--it has no
obligation to pay accrued interest on an interest payment date.
Nevertheless, if BT declares or pays an equity dividend or interest
on equally ranking securities, or it redeems or repurchases shares
or equally ranking securities, it must settle any deferred interest
payment and the interest accrued thereafter in cash.

The interest on the proposed securities will increase 25 basis
points (bps) in December 2035, five years after the first reset
date, and a further 75 bps in December 2050, 20 years after the
first reset date. S&P said, "We consider the date of the second
step-up as the instrument's effective maturity date, because we
view the cumulative increase in interest of 100 bps to be material
under our criteria, providing BT with an incentive to redeem the
instrument in the first reset date. Therefore, we are unlikely to
recognize the instrument as having intermediate equity content
after its first reset date in December 2030, because its economic
maturity then falls below 20 years."

S&P said, "Until its first reset date, we expect to classify the
instrument as having intermediate equity content. We could revise
our assessment if we think that the issuer is likely to call the
instrument because it is about to lose the intermediate equity
content."


C.DUGARD LIMITED: Begbies Traynor Named as Administrators
---------------------------------------------------------
C.Dugard Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2025-003346, and Jonathan James Beard and
John Walters of Begbies Traynor (Central) LLP were appointed as
administrators on May 23, 2025.  

C.Dugard Limited engaged in agents involved in the sale of
machinery, industrial equipment, ships and aircraft.

Its registered office and principal trading address is at 75 Old
Shoreham Road, Hove, East Sussex, BN3 7BX.

The joint administrators can be reached at:

         Jonathan James Beard
         John Walters
         Begbies Traynor (Central) LLP
         26 Stroudley Road, Brighton
         East Sussex BN1 4BH

For further details, contact:

          Eleanor Freeman
          Begbies Traynor (Central) LLP
          E-mail: eleanor.freeman@btguk.com
          Tel No: 01273 322960


CANDID CO100: KBL Advisory Named as Administrators
--------------------------------------------------
Candid Co100 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-2025-000703,
and Richard Cole and Steve Kenny of KBL Advisory Limited were
appointed as administrators on May 27, 2025.  

Candid Co100 engaged in information technology service activities.

Its registered office and its principal trading address is at
Conavan Court, 12 Blackfriars Street, Manchester, England, M3 5BQ.

The joint administrators can be reached at:

                Richard Cole
                Steve Kenny
                KBL Advisory Limited
                Stamford House
                Northenden Road Sale
                Cheshire, M33 2DH

For further information, contact:

                 Richard Cole
                 Email: richard@kbl-advisory.com
                 Steve Kenny
                 Email: Steve@kbl-advisory.com

Alternative contact:

                 Cherry Yau
                 Email: cherry.yau@kbl-advisory.com
                 Tel: 0161 637 8100


CITADEL PLC 2024-1: Moody's Affirms Ba3 Rating on Class F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Class B notes and
Class X notes in Citadel 2024-1 PLC. For the Class B notes, the
rating action reflects the correction of a prior error in the
analysis of the swap counterparty risk. For the Class X notes, the
rating action reflects the shorter remaining weighted average life
and continued benefit from excess spread.

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

-- GBP202 million Class A Notes, Affirmed Aaa (sf); previously on
   Nov 11, 2024 Definitive Rating Assigned Aaa (sf)

-- GBP14.42 million Class B Notes, Upgraded to Aaa (sf);
   previously on Nov 11, 2024 Definitive Rating Assigned Aa1 (sf)

-- GBP14.42 million Class C Notes, Affirmed Aa2 (sf); previously
   on Nov 11, 2024 Definitive Rating Assigned Aa2 (sf)

-- GBP14.42 million Class D Notes, Affirmed A1 (sf); previously
   on Nov 11, 2024 Definitive Rating Assigned A1 (sf)

-- GBP13 million Class E Notes, Affirmed Baa2 (sf); previously
   on Nov 11, 2024 Definitive Rating Assigned Baa2 (sf)

-- GBP14.42 million Class F Notes, Affirmed Ba3 (sf);
   previously on Nov 11, 2024 Definitive Rating Assigned Ba3 (sf)

-- GBP12.98 million Class X Notes, Upgraded to Baa1 (sf);
   previously on Nov 11, 2024 Definitive Rating Assigned
   Baa2 (sf)

RATINGS RATIONALE

The rating action on the Class B Notes reflects the positive impact
of the correction of a prior error. The error relates to the input
into the Rate Risk Model used to assess the swap counterparty risk
in relation to the fixed floating swap provided by Banco Santander,
S.A. (Spain) (A2/P-1; A3(cr)/P-2(cr)) which led us to limit the
rating of the Class B notes to Aa1 (sf) at closing due to swap
counterparty exposure. At the assignment of the rating, the swap
tenor input was set to the bucket 3 to 5 years in line with the
average life of the swap exposure, whereas it should have been as
per Moody's Structured Finance Counterparty Risks methodology the
lower of 1) the swap exposure average life and 2) the weighted
average life of the notes ranking equal or senior to the notes
being assessed. In this case, the weighted average life of Class A
and B is expected to be shorter than 3 years, so the bucket 1 to 3
years should have been used. With the correct input, Class B is no
longer constraint by the swap counterparty exposure. The rating
action corrects this error.

The rating action on the Class X Notes reflects their shorter
remaining weighted average life compared to transaction closing and
continued benefit from excess spread.

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

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

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

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

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


EVIDENTIAL LTD: Leonard Curtis Named as Administrators
------------------------------------------------------
Evidential 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-2025-000656, and
Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as
administrators on May 23, 2025.  

Evidential Ltd specialized in Specialists in Electronic
Presentation of Evidence (EPE).

Its registered office and principal trading address is at The Sharp
Project (Office 148), Thorp Road, Manchester, M40 5BJ.

The joint administrators can be reached at:

                 Mike Dillon
                 Andrew Knowles
                 Leonard Curtis
                 Riverside House
                 Irwell Street
                 Manchester M3 5EN

For further details, contact:

                 The Joint Administrators
                 Tel: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Sidhra Qadoos


HACKNEY BREWERY: Marshall Peters Named as Administrators
--------------------------------------------------------
Hackney Brewery Ltd was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2025-000647, and Paul
Palmer of Marshall Peters, were appointed as administrators on May
1, 2025.  

Hackney Brewery is a beer manufacturer.

Its registered office and principal trading address is at Unit 10,
Lockwood Way, London, E17 5RB.

The joint administrators can be reached at:

         Paul Palmer
         Marshall Peters
         Heskin Hall Farm
         Wood Lane, Heskin
         Preston, PR7 5PA
         Tel No: 01257 452021

Further details, contact:

          Anna Johnson
          Marshall Peters
          Tel No: 01257 452021
          Email: anna.johnson@marshallpeters.co.uk
          Heskin Hall Farm
          Wood Lane Heskin
          Preston, PR7 5PA


HARROGATE ORGANICS: DFW Associates Named as Administrators
----------------------------------------------------------
The Harrogate Organics Company Ltd was placed into administration
proceedings in the High Court of Justice in the High Court of
Justice Business and Property Courts in Leeds, Insolvency &
Companies List (ChD), Court Number: CR-2025-LDS-000518, and David
Frederick Wilson of DFW Associates was appointed as administrators
on May 22, 2025.  

Harrogate Organics engaged in retail sale not in stalls, stores or
markets.

The Company's registered office and principal address is at 7
Market Place, Harrogate, HG1 1RP.

The joint administrators can be reached at:

               David Frederick Wilson
               DFW Associates
               29 Park Square West
               Leeds, LS1 2PQ

For further details, contact:

               The Administrator
               Email: info@dfwassociates.co.uk
               Tel No: 0113 390 7940

Alternative contact: Sam Booth


HERMITAGE 2025: Fitch Assigns 'BB+(EXP)sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Hermitage 2025 PLC expected ratings.

The assignment of final ratings is contingent on the receipt of
documentation conforming to information already reviewed.

   Entity/Debt           Rating           
   -----------           ------           
Hermitage 2025 PLC

   Class A           LT AAA(EXP)sf  Expected Rating
   Class B           LT AA+(EXP)sf  Expected Rating
   Class C           LT A(EXP)sf    Expected Rating
   Class D           LT BBB(EXP)sf  Expected Rating
   Class E           LT BB+(EXP)sf  Expected Rating
   Class F           LT NR(EXP)sf   Expected Rating

Transaction Summary

Hermitage 2025 PLC will be the third securitisation of equipment
finance receivables originated by Haydock Finance Limited (Haydock)
to SME borrowers in the UK. Affiliates of funds managed by Apollo
Global Management, Inc. acquired a majority stake in Haydock in
2018.

KEY RATING DRIVERS

Moderate Obligor Credit Risk: Fitch assumed a default base case of
8%, in line with the predecessor deal Hermitage 2024. Performance
has been fairly stable, despite a challenging operating environment
for SMEs. Haydock targets higher-risk borrowers than prime-only
lenders, resulting in higher interest rates and an increased focus
on asset recovery value. This is reflected in the moderately high
default base case, which also incorporates the increased
uncertainty for SMEs stemming from the potential imposition of
tariffs.

Revolving Period Risk Addressed: The addition of a nine-month
revolving period from closing will represent a change from
Hermitage 2024, which is static. The longer transaction horizon as
a result of the revolving period heightens the risk of changes in
origination standards and the risk of an economic downturn, but its
relatively short length limits the increases of credit risk. Fitch
has set the 'AAAsf' default multiple at 4.25x, resulting in a
'AAAsf' default rate of 34%.

Pro Rata Amortisation Increases Risk: The class A to E notes and
the unrated class F notes will amortise pro-rata with one another
until the breach of certain triggers. In Fitch's view, this
increases tail risk and makes the ratings more sensitive to default
timing and prepayment rates. Nevertheless, the transaction's
triggers have been analysed in its cash flow modelling and Fitch
believes they are adequate to mitigate the risk at the ratings.

Limited Portfolio Concentration: Obligor concentrations are higher
than in a typical EMEA ABS pool due to the commercial nature of the
borrowers and the presence of some high value assets. However, the
pool is still sufficiently granular for Fitch's Consumer ABS Rating
Criteria approach to apply. The largest obligor comprises 0.9% of
the total pool balance. There is wide diversification across
industries, asset types and geographies.

Heterogenous Equipment Collateral: The loans finance many asset
types, including heavy goods vehicles, light commercial vehicles,
prestige vehicles, industrial machinery and buses. Haydock focuses
on business-critical, high recovery and easily movable assets. This
supports strong recoveries. Fitch has assigned a recovery base case
of 60%. Fitch also applied a median 'AAAsf' recovery haircut of
50%. The secured nature of recoveries is a strength, but Fitch sees
volatility risk stemming from its exposure to larger, more
specialised and higher-value assets.

Servicing Continuity Risk Addressed: The credit risk of the
obligors and the heterogeneity of the financed equipment increases
the complexity of finding replacement servicers. However, Fitch
views the risk as adequately mitigated by the presence of a back-up
servicer and the availability of liquidity to ensure timely
payments on the notes during the transition period.

RATING SENSITIVITIES

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

Rating sensitivity to increased default rates:

Increase default rate by 10% / 25% / 50%

Class A: 'AAAsf' / 'AA+sf' / 'AAsf'

Class B: 'AAsf' / 'AA-sf' / 'A+sf'

Class C: 'A-sf' / 'BBB+sf' / 'BBBsf'

Class D: 'BBBsf' / 'BBB-sf' / 'BB+sf'

Class E: 'BB+sf' / 'BB+sf' / 'BBsf'

Rating sensitivity to reduced recovery rates:

Reduce recovery rate by 10% / 25% / 50%

Class A: 'AAAsf' / 'AA+sf' / 'AA+sf'

Class B: 'AAsf' / 'AA-sf' / 'A+sf'

Class C: 'A-sf' / 'BBB+sf' / 'BBBsf'

Class D: 'BBBsf' / 'BBB-sf' / 'BBsf'

Class E: 'BB+sf' / 'BBsf' / 'B+sf'

Rating sensitivity to increased default rates and reduced recovery
rates:

Increase default rate and reduce recovery rate each by 10% / 25% /
50%

Class A: 'AA+sf' / 'AAsf' / 'Asf'

Class B: 'AAsf' / 'A+sf' / 'BBB+sf'

Class C: 'BBB+sf' / 'BBB-sf' / 'BBsf'

Class D: 'BBB-sf' / 'BBsf' / 'B-sf'

Class E: 'BB+sf' / 'BB-sf' / 'NRsf'

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

Rating sensitivity to reduced default rates and increased recovery
rates:

Reduce default rate and increase recovery rate each by 10%

Class B: 'AA+sf'

Class C: 'A+sf'

Class D: 'A-sf'

Class E: 'BBBsf'

The class A notes are already rated at 'AAAsf', and therefore
cannot be upgraded further.

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 reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

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.


LIBERTY GLOBAL: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company on May 20, 2025, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Liberty Global Holdings Limited of the United Kingdom to B+ from
BB-. EJR also withdrew its rating on commercial paper issued by the
Company.

Headquartered in London, United Kingdom, Liberty Global Holdings
Limited of the United Kingdom, operates as a holding company.


SIG PLC: Moody's Lowers CFR to 'B3' & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Ratings has downgraded the long-term corporate family
rating of SIG plc (SIG or the company) to B3 from B2 and the
probability of default rating to B3-PD from B2-PD. Concurrently,
Moody's have downgraded the ratings of the company's backed senior
secured notes to Caa1 from B3. The outlook has been changed to
stable from negative.

RATINGS RATIONALE      

The rating action reflects SIG's weak operating performance amid
challenging market conditions marked by subdued construction and
refurbishment activities and heightened competitive pressures.
While Moody's anticipates a gradual recovery in SIG's key markets
in the second half of 2025 and into 2026, Moody's expects that high
interest expenses and lease payments will result in weak interest
coverage and sustained negative free cash flow over the next 12-18
months.

SIG's like-for-like revenue declined by 4% in 2024, due to lower
volume and price deflation in key segments, including UK Interiors,
France and Germany. The company's Moody's-adjusted EBITDA fell by
21% to GBP96 million and its Moody's-adjusted EBIT margin decreased
to 0.5% from 1.4% in 2023. Consequently, Moody's-adjusted
Debt/EBITDA rose to 6.6x from 5.4x and EBITA/Interest Expense fell
to 0.4x from 1.1x.

Moody's expects SIG's Moody's-adjusted EBITDA to increase by up to
20% over the next 12-18 months, driven by increased volumes and
margin improvements stemming from the company's restructuring and
cost-saving initiatives. Nevertheless, Moody's expects that
EBITA/Interest Expense will remain weak at 0.6x-0.9x. This is
attributable to higher interest expenses following the November
2024 refinancing, which raised the company's interest rate on the
bond to 9.75% from 5.25% previously, alongside higher interest on
lease liabilities.

SIG's Moody's-adjusted free cash flow generation significantly
weakened in 2024, with an outflow of GBP33 million, down from nil
in 2023 and GBP12 million in 2022, impacted by reduced operating
profit, net working capital outflows, substantial lease payments
and costs related to restructuring and refinancing. Moody's expects
free cash flow to remain negative until EBITDA significantly
recovers.

However, SIG's B3 CFR continues to be supported by its leading
position as a specialist building materials distribution company,
with a focus on the relatively resilient roofing and insulation
sectors; good geographic diversification and significant exposure
to the renovation market, which tends to be more stable than new
construction; adequate liquidity, although Moody's expects it to
weaken due to negative free cash flow generation; and a relatively
flexible cost structure and the countercyclical nature of its
working capital, which would partially offset the impact of a
slower-than-expected recovery.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations are relevant to SIG's credit quality.
Private equity firm Clayton, Dubilier & Rice, LLC (CD&R), which
owns 29% of SIG's shares, has two non-executive directors on the
board. Moody's expects CD&R, similar to other private equity
owners, to have a relatively higher appetite for
shareholder-friendly actions, although Moody's also expects that
SIG will aim to adhere to its publicly-stated financial policies.

LIQUIDITY

Moody's considers SIG's liquidity to be adequate. Liquidity is
supported by a cash balance of GBP87 million as of December 2024
and a fully undrawn GBP90 million revolving credit facility (RCF)
maturing in April 2029. Following the refinancing transaction in
November 2024, SIG faces no significant debt maturities until
2029.

The RCF is subject to a net leverage springing covenant set at 6.5x
until December 31, 2025, 5.5x between March 31, 2026 and December
31, 2026 and 5.0x from March 31, 2027. The covenant is tested only
when RCF drawdowns exceed 40% of the facility at quarter-end. SIG
also utilises approximately EUR40 million in factoring to expedite
receivables in its French operations.

STRUCTURAL CONSIDERATIONS

SIG's backed senior secured notes are rated Caa1, one notch below
the CFR. Despite having the same security package and guarantor
coverage as the GBP90 million super senior RCF, the notes are
subordinated to the RCF in the event of enforcement over the
collateral. The relatively large size of the RCF and trade
payables, compared to the notes, results in this notching. The
security package includes share pledges and a floating charge over
UK assets, with guarantees from material companies representing at
least 80% of revenue, gross assets and EBITDA.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations of a recovery in
market conditions starting in the second half of 2025 and
continuing into 2026, leading to a gradual improvement in
EBITA/Interest Expense towards 1.0x. The stable outlook is also
supported by the absence of significant debt maturities until
2029.

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

Upward pressure on the ratings could result from: a reduction in
Moody's-adjusted Debt/EBITDA to below 6.0x; an increase in
Moody's-adjusted EBITA/Interest Expense towards 1.5x; and the
maintenance of an adequate liquidity profile, alongside positive
free cash flow generation.

Downward pressure on the ratings could result from:
Moody's-adjusted Debt/EBITDA remaining above 6.5x; failure to
improve Moody's-adjusted EBITA/Interest Expense towards 1.0x;
debt-funded acquisitions or shareholder distributions that weaken
credit metrics; or a significant deterioration in liquidity due to
persistently negative free cash flow.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in December 2024.

CORPORATE PROFILE

Headquartered in Sheffield, England, SIG is a specialist building
materials distributor operating in the UK, France, Germany, Poland,
the Benelux and Ireland, with a primary focus on roofing products
and insulation. In 2024, SIG generated revenue of GBP2.6 billion,
with a company-adjusted EBITDA of GBP105 million.

SIG is publicly traded on the London Stock Exchange, with a market
capitalisation of GBP179 million as at May 23, 2025. The private
equity firm CD&R owns a 29% ownership stake in the company.


TRG SK4 BLOCK: FRP Advisory Named as Administrators
---------------------------------------------------
TRG SK4 Block B Limited was placed into administration proceedings
in Business and Property Courts in Manchester, Court Number:
CR-2025-000572, and Gary Hargreaves and Sarah Cook of FRP Advisory
Trading Limited were appointed as administrators on May 22, 2025.


TRG SK4 Block engaged in real estate.

Its registered office is at Piccadilly Business Centre, Blackett
Street, Manchester, M12 6AE -- to be  changed to C/O FRP Advisory
Trading Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ

Its principal trading address is at Ropemakers Yard, Stanbank
Street, Stockport, SK4 1DA

The joint administrators can be reached at:

         Gary Hargreaves
         Sarah Cook
         FRP Advisory Trading Limited
         Derby House
         12 Winckley Square
         Preston, PR1 3JJ

For further details contact:

         The Joint Administrators
         Tel No: 01772 440700

Alternative contact:

         Nicola McAvoy
         Email: cp.preston@frpadvisory.com


TRG SK4: FRP Advisory Named as Administrators
---------------------------------------------
TRG SK4 Limited was placed Business and Property Courts in
Manchester, Court Number: CR-2025-000571, and Gary Hargreaves and
Sarah Cook of FRP Advisory Trading Limited were appointed as
administrators on May 22, 2025.  

TRG SK4 Limited engaged in real estate.

Its registered office is at Piccadilly Business Centre, Blackett
Street, Manchester, M12 6AE (to be changed to C/O FRP Advisory
Trading Limited, Derby House, 12 Winckley Square, Preston, PR1
3JJ)

Its principal trading address is at Ropemakers Yard, Stanbank
Street, Stockport, SK4 1DA

The joint administrators can be reached at:

          Gary Hargreaves
          Sarah Cook
          FRP Advisory Trading Limited
          Derby House
          12 Winckley Square
          Preston, PR1 3JJ

For further details contact:

          The Joint Administrators
          Tel: 01772 440700

Alternative contact:

          Nicola McAvoy
          Email: cp.preston@frpadvisory.com


UK LABELS: Butcher Woods Named as Administrators
------------------------------------------------
UK Labels 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-2025-000242, and Richard Paul James Goodwin and Roderick Graham
Butcher of Butcher Woods were appointed as administrators on May
23, 2025.  

UK Labels is a manufacturer of paper stationery.

Its registered office is at UK Labels, Euro Business Park,
Summerton Road, Oldbury, B69 2EL

Its principal trading address is at Euro Business Park, Summerton
Road, Oldbury, B69 2EL

The joint administrators can be reached at:

            Richard Paul James Goodwin
            Roderick Graham Butcher
            Butcher Woods
            79 Caroline Street
            Birmingham B3 1UP

For further information, contact:

            James Stallard
            Email: james.stallard@butcher-woods.co.uk
            Tel No: 0121 236 6001


ZARIA PROPERTIES: Grant Thornton Named as Administrators
--------------------------------------------------------
Zaria Properties Limited was placed into administration proceedings
in the High Court Of Justice, Business And Property Courts In
Birmingham, Insolvency And Companies List, No 000253 of 2025, and
Oliver Haunch and Hina Patel of Grant Thornton UK Advisory & Tax
LLP were appointed as administrators on May 22, 2025.  

Zaria Properties engaged in the buying and selling of own real
estate.

Its registered office is c/o Grant Thornton UK Advisory & Tax LLP,
11th Floor, Landmark St Peter's Square, 1 Oxford St, Manchester, M1
4PB

Its principal trading address is at 54-58 Great Suffolk Street,
London, SE1 0BL

The joint administrators can be reached at:

             Oliver Haunch
             Hina Patel
             Grant Thornton UK Advisory & Tax LLP
             30 Finsbury Square
             London EC2A 1AG
             Tel: 020 7184 4300

For further details, contact:

              CMU Support
              Grant Thornton UK LLP
              Tel No: 0161 953 6906
              Email: cmusupport@uk.gt.com
              30 Finsbury Square
              London EC2A 1AG



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *