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

                          E U R O P E

          Tuesday, June 3, 2025, Vol. 26, No. 110

                           Headlines



G R E E C E

EUROBANK ERGASIAS: Moody's Assigns 'Ba3(hyb)' Rating to AT1 Notes


I T A L Y

DEDALUS SPA: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
DEDALUS SPA: Moody's Affirms B3 LongTerm CFR, Outlook Stable


L U X E M B O U R G

ACCORINVEST GROUP: Fitch Assigns BB Final Rating on Sr. Unsec. Debt


S P A I N

AUTONORIA SPAIN 2025: Fitch Assigns B+(EXP)sf Rating on Cl. F Notes
SANTANDER CONSUMO 8: Fitch Assigns B+sf Final Rating on Cl. E Notes
TAGUS STC: Fitch Assigns 'BB+sf' Final Rating on Class E Notes
VITAL I FTA: Moody's Ups Rating on EUR3.8MM Class D Notes to Ba2


U N I T E D   K I N G D O M

AGFORM LIMITED: Begbies Traynor Named as Administrators
ALGAL OMEGA 3: Interpath Advisory Named as Administrators
DULSON LTD: FRP Advisory Named as Administrators
ELEMENTO (HAMILTON LODGE): FRP Advisory Named as Administrators
ENDEAVOUR MINING: Fitch Rates USD500MM Unsec. Notes Due 2030 'BB'

FOXTAIL HOLIDAY: FRP Advisory Named as Administrators
LIGHTSKY GROUP: Begbies Traynor Named as Administrators
MULTIPAY GLOBAL: FRP Advisory Named as Administrators
WHEEL BIDCO: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR

                           - - - - -


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G R E E C E
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EUROBANK ERGASIAS: Moody's Assigns 'Ba3(hyb)' Rating to AT1 Notes
-----------------------------------------------------------------
Moody's Ratings has assigned Ba3(hyb) rating to Eurobank Ergasias
Services and Holdings S.A.'s proposed Euro-denominated Additional
Tier 1 (AT1) perpetual capital instrument with non-viability loss
absorption features. The instruments include a call option for the
issuer after six years and the principal will be written down
should the bank's Common Equity Tier 1 (CET1) ratio fall below
5.125%. Distributions may be cancelled in full or in part on a
non-cumulative basis at the issuer's discretion or mandatorily in
the case of insufficient "available distributable items".

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's have reviewed.

RATINGS RATIONALE

The expected EUR500 million of AT1 notes that Moody's expects
Eurobank Ergasias Services and Holdings S.A. to issue, will enhance
the banking group's fully-loaded Tier 1 ratio and capital adequacy
ratio (CAR) by around 100 basis points to an approximate pro-forma
of 16.5% and 19.9% respectively, compared to its pro-forma Tier 1
ratio of 15.5% in March 2025.

The AT1 securities are contractual non-viability preferred
securities, and are available to absorb losses based on the
European Union's BRRD (Bank Recovery and Resolution Directive)
framework. In a bank resolution they rank senior only to the most
junior obligations, including ordinary shares and common equity
Tier 1 capital. Coupons are cancelled on a non-cumulative basis at
the bank's discretion, and on a mandatory basis subject to
availability of distributable funds and breach of applicable
regulatory capital requirements. The securities form part of the
banking group's capital enhancement actions and funding plans as
part of its MREL (Minimum Requirement for own funds and Eligible
Liabilities).

The assigned Ba3(hyb) rating reflects: (1) the operating bank's
(Eurobank S.A.) Baseline Credit Assessment (BCA) and Adjusted BCA
of baa3; (2) Moody's Advanced Loss Given Failure (LGF) analysis,
resulting in a position that is three notches below the operating
bank's Adjusted BCA of baa3; and (3) Moody's assumptions of a low
probability of government support for loss-absorbing instruments,
resulting in no rating uplift. This positioning takes into account
the elevated credit risks associated to this type of subordinated
debt class, given the relatively low cushion available for
absorbing losses before the AT1 creditors are impacted in a
resolution scenario.

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

Over time, upward AT1 rating pressure could arise for the bank
following further improvements of the country's macro-economic
environment, which could trigger a sovereign rating upgrade. This
in turn combined with sustained resilient profitability and asset
quality for the bank, could exert upward pressure on its standalone
credit profile and BCA.

Conversely, Eurobank's AT1 rating could be downgraded in the event
that there is any significant deterioration in NPE levels or
recurring profitability. Any material weakening in the operating
environment and in funding conditions could also have a negative
effect on the bank's BCA and AT1 rating.

Eurobank Ergasias Services and Holdings S.A. is headquartered in
Athens, Greece, with a total consolidated assets of around EUR100.4
billion at the end of March 2025.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2024.




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I T A L Y
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DEDALUS SPA: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Dedalus SpA's Long-Term
Issuer Default Rating (IDR) to Stable from Negative and affirmed
the IDR at 'B-'. Fitch has affirmed Dedalus Finance GmbH's EUR1,225
million senior secured term loan B (TLB) at 'B'. The Recovery
Rating is 'RR3'.

The revision of the Outlook reflects significant deleveraging
progress in 2024-1Q25 and continuing robust revenue and EBITDA
growth. Fitch expects Dedalus's EBITDA leverage to decline to below
8x by end-2025, which is consistent with the 'B-' rating. Dedalus
benefits from low churn and a good industry growth outlook.

The contemplated amend and extend (A&E) transaction on the TLB and
revolving credit facility (RCF) provides additional financial
flexibility to enable management to execute its business strategy.
The A&E would extend debt maturities to 2029-2030.

Key Rating Drivers

High But Improving Leverage: Fitch expects significant deleveraging
in 2025, primarily driven by stronger EBITDA generation due to
robust revenue growth and profitability improvement, but also
reduced RCF use. Fitch forecasts EBITDA leverage to decline to
below 8x by end-2025, and likely further improve to below 7x in
2026 (Fitch estimates this metric at 9.6x at end-2024).

Order Intake Supports Growth: Fitch sees Dedalus's strong order
intake as a short-term indicator of a robust growth outlook for
2025 but also a testament of the company's product strategy. Order
intake increased by 16% yoy in 1Q25, and the company estimated that
above 90% of its budgeted 2025 revenue was supported by its order
backlog at end-April 2024. Dedalus's medium-term market positions
and growth outlook are helped by larger competitors SAP and Oracle
Cerner discontinuing support for some of their key legacy products
in Europe, effectively ceding opportunities to dedicated healthcare
IT providers.

Supportive Industry Fundamentals: Dedalus benefits from increasing
expenditure on healthcare and rising sector digitalisation in
Europe and globally, including through government-sponsored
initiatives such as the Hospital Future Act in Germany and 'Segur
de la sante' in France. Some industry experts (such as Grand View
Research and Data Bridge Market Research) estimate a double-digit
CAGR in global healthcare information systems and pharmacy
information systems markets in 2024-2030. Fitch believes at least
mid-to-high single-digit revenue growth should be achievable in the
short to medium term.

Positive Cost-cutting Results: Dedalus has realised most of its
cost-cutting and efficiency improvement initiatives, which should
reduce its non-recurring costs (company definition) with positive
margin implications from 2025. Management has made significant
efforts to streamline the internal reporting structure, relocate
some positions to lower-cost jurisdictions, patch infrastructure
legacy issues dating back to the Agfa and DXC acquisitions, and
exit non-core markets, including China and the US. Fitch therefore
projects non-recurring costs to decline to below EUR15 million in
2025, from close to EUR40 million on average in 2021-2024.

R&D Stabilisation: Dedalus's profitability and cash flows will
benefit from broadly stable research and development (R&D)
investments in absolute terms that may start declining as a
percentage of revenues, a key benefit of larger scale. The company
has rearranged its product portfolio with a focus on new products
and reduced investment in solutions that are approaching their end
of life. The new management believes it has successfully addressed
legacy underinvestment. Dedalus's R&D spend was broadly in line
with equally sized peers, equal to 22% of its 2024 revenues.

Enduring Customer Relationships: Dedalus benefits from low
single-digit customer churn and a high share of recurring revenues
(64% in 2024), leading to good cash flow visibility and stability.
The critical nature of healthcare software products, combined with
significant barriers to entry including high switching costs, large
initial R&D, rigorous medical regulations, the long-term nature of
contracts (three to six years), and low technological risk underpin
strong customer-base sustainability.

Strong Position in Fragmented Markets: Dedalus has strong positions
in its typically fragmented markets, with its share varying from
20% to 70% across key targeted sub-segments, with stronger
positions in the hospital information systems market. Its main
competitive advantages are a dedicated focus on the healthcare
industry, strong R&D capabilities and a reasonably large size that
allows it to offer and maintain a broad range of healthcare systems
in compliance with local regulation and international best
practice.

Declining Interest Payments: Fitch expects Dedalus to reduce its
interest payments, with savings of about EUR10 million in 2025 and
another EUR10 million in 2026 driven by available hedges and
declining interest rates. Dedalus's semi-annual coupon is based on
prior six months' EURIBOR, which effectively locks in expected
interest payments for 2025 as the July 2025 interest payment is
based on December 2024 EURIBOR. Fitch's Global Economic Outlook
expects the eurozone interest rate to be 1.5% at the end of 2025
and 2026, down from 3% at end-2024.

Cash Flow Turning Positive: Fitch expect Dedalus's cash flow to
turn slightly positive in 2025 on stronger EBITDA generation,
broadly stable capex and R&D, but also lower interest and
exceptional costs. Challenges include permanently higher taxes on
full utilisation of losses-carry-forward provisions and likely
negative working capital movements after completion of the dunning
process with fully restored billing capability. Fitch projects
Dedalus's cash flow generation to further improve in 2026 due to
revenue growth and improving operating leverage.

Peer Analysis

Dedalus's close Fitch-rated peers include providers of healthcare
revenue-cycle-management or other healthcare-IT related software
(HCIT) such as Waystar Technologies, Inc. (BB-/Positive) or
CompuGroup Medical. Broader peers include Oracle Corporation
(BBB/Stable), which also has a HCIT division but is significantly
more diversified, and European providers of enterprise resource
planning software such as Unit4 Group Holding B.V. (B/Stable) and
TeamSystem S.p.A. (B/Stable).

CompuGroup and Dedalus operate in broadly the same European markets
and are direct competitors while Waystar operates in the US.
Waystar benefits from much higher margins, lower leverage and
stronger cash flow generation, resulting in a significantly higher
rating. Dedalus, Unit4 and TeamSystem are all controlled by private
equity groups that typically load their investee companies with
significant debt.

Key Assumptions

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

- High-single-digit organic revenue growth in 2025-2028

-Fitch-defined EBITDA margin at 17% in 2024, gradually improving to
above 20% in the medium term

- Exceptional costs of EUR5 million a year treated as recurring and
deducted from EBITDA

- Negative cash flow from working capital in 2026-2028, with
slightly positive inflow in 2025

- Capex at below 2% of revenue to 2028

- Capitalised R&D treated as cash expenses and deducted from
EBITDA, with R&D costs equal to 6%-7% of revenues

- Factoring facility of EUR60 million used and treated as debt

- No acquisitions or dividends to 2028

Recovery Analysis

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

Fitch estimates that its post-restructuring EBITDA would be around
EUR135 million. Fitch expects a default would come from a fall in
revenue and EBITDA following software problems, unfavourable
changes in regulation, reputational damage or intensified
competition. The EUR135 million GC EBITDA is 18% lower than the
Fitch-defined 2025 EBITDA forecast.

Fitch applied an enterprise value (EV) multiple of 6x to the GC
EBITDA to calculate a post-reorganisation EV. The multiple is in
line with that of other similar software companies that have good
pre-dividend free cash flow (FCF), a high share of recurring
revenues and low customer churn.

Fitch deducts a 10% of administrative claim from the EV to account
for bankruptcy and associated costs.

Fitch estimates the total amount of secured debt for claims at
EUR1,385 million, which includes a EUR1,225 million senior secured
TLB, and assume that Dedalus's equally ranked EUR160 million RCF is
fully drawn.

Fitch does not include Dedalus's payment-in-kind notes in total
debt, as they are outside the scope of the restricted group. Fitch
treats them as equity, in line with its criteria. Similarly, Fitch
does not include factoring facilities in the total claims estimates
as Fitch believes the factoring programme will remain available
through bankruptcy.

Its analysis results in a senior secured debt rating of 'B', one
notch above the IDR with a Recovery Rating of RR3.

RATING SENSITIVITIES

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

- EBITDA leverage above 8.5x

- Cash from operations (CFO) less capex/gross debt persistently
negative

- EBITDA interest coverage persistently below 2x

- A weakening market position, evidenced by slowing revenue growth

- Eroding liquidity prompted by continuously weak or negative FCF
with the RCF constantly drawn by a significant amount

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

- EBITDA leverage below 6.5x

- CFO less capex/gross debt at above 5%

- Continued strong market leadership and strong FCF generation

- EBITDA interest coverage above 2.5x

Liquidity and Debt Structure

Dedalus estimated cash on balance sheet at around EUR40 million at
end-March 2025, supported by about EUR145 million remaining under
its EUR160 million RCF with maturity in November 2026. Management
expects to further reduce RCF utilisation to zero, with liquidity
supported by positive FCF generation, which Fitch estimates at
above EUR15 million in 2025. Dedalus's TLB is due in May 2027,
although if extended as envisaged, it would mature no earlier than
2030.

Issuer Profile

Dedalus is a leading pan-European provider in a fragmented
healthcare software market, formed in May 2020 from the merger of
Dedalus's operations in Italy and France and Aceso, a carve-out of
the healthcare software business from Agfa-Gevaert with operations
in Germany, Austria, Switzerland and France.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Dedalus SpA           LT IDR B- Affirmed              B-

Dedalus Finance
GmbH

   senior secured     LT     B  Affirmed     RR3      B


DEDALUS SPA: Moody's Affirms B3 LongTerm CFR, Outlook Stable
------------------------------------------------------------
Moody's Ratings assigned B3 instrument ratings to the EUR1225
million backed senior secured term loan B2 due 2030 and the EUR165
million backed senior secured revolving credit facility (RCF) due
2029, all issued by Dedalus Finance GmbH. The B3 long term
corporate family rating and the B3-PD probability of default rating
of Dedalus S.p.A. (Dedalus), the holding company of Dedalus Finance
GmbH, remain unaffected. The outlook on both entities is stable.

The proposed amend-and-extend transaction will be used to refinance
Dedalus Finance GmbH's existing EUR1225 million senior secured term
loan B due in 2027, EUR165 million senior secured RCF due in 2026,
and to pay associated expenses. The B3 rating on the existing
senior secured term loan B due in 2027 and the existing senior
secured RCF due in 2026 will be withdrawn on closing of the
refinancing.

RATINGS RATIONALE

The rating action reflects:

-- The extension of maturity profile with the proposed
leverage-neutral transaction, balanced by a likely moderate
increase in interest costs which will burden its Free Cash Flow
(FCF) generation and interest coverage.

-- Moody's-adjusted debt / EBITDA of 6.6x as of March 2025, with
Moody's expectations of de-leveraging to around 6.0x in next 12-18
months driven by earnings growth.

-- Positive but low FCF (after interest paid) generation with
FCF/Debt in low single digit percentages and interest coverage as
measured by Moody's adjusted (EBITDA -Capex) / Interest of around
1.5x-2.0x in Moody's forecast for 2025/2026.

Dedalus' leading market position with a highly stable customer base
in the healthcare segment and a high share of recurring revenues
and the currently ongoing market push by regulation and shift
towards technology support the B3 CFR. Evidence of progress
following the strategy review, including a pause in acquisitive
strategy and focus on higher governance and control structures
after the consortium led by PE-sponsor Ardian increased its equity
stake in the company by 19% to 93% and appointed a new CEO in
October 2023, also supports the B3 CFR.

Nevertheless, the company's high leverage of 6.6x Moodys adjusted
Debt / EBITDA as of March 2025 constrains the rating. Additionally,
the healthcare software sector is fragmented and typically has
lower profit margins than other software sectors due to the
complexity of implementation and specific product requirements.
However, this sector is expected to grow by at high single
digit-rate per annum, driven by the ongoing need to invest in
healthcare IT to reduce costs.

OUTLOOK

The stable outlook reflects Moody's expectations of improvement in
operating performance, such that FCF remains sustainably positive,
(EBITDA-Capex)/ Interest improves to above 1.25x and liquidity
remains adequate.

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

Positive rating pressure could arise if:

-- Track record and commitment to financial policies that maintain
Moody's-adjusted gross debt/EBITDA below 6.0x, and

-- Sustainably positive FCF generation, with Moody's-adjusted
FCF/Debt sustainably above 5%

Furthermore, upward pressure on the ratings is constrained by the
presence of the PIK instrument outside of the group and the risk
that it may be refinanced within the restricted group once Dedalus
develops sufficient financial flexibility.

Conversely, negative rating pressure could arise if:

-- The company's liquidity weakens, or

-- Moody's adjusted debt/EBITDA is above 7.5x or

-- FCF turns negative, or

-- Moody's adjusted (EBITDA-capex) / Interest sustainably below
1.25x.

LIQUIDITY

Dedalus has adequate liquidity. Liquidity sources consist of around
EUR42 million cash on balance sheet as of the end of March 2025 and
EUR150 million of availability under Dedalus Finance GmbH's EUR165
million RCF pro forma transaction, and Moody's expectation of
positive FCF generation in the next 12-18 months. However, the cash
flow is seasonal, with 40% of EBITDA generated in Q4. The liquidity
profile benefits from proposed maturity extension of RCF to 2029.
There will be one springing financial covenant at the defined net
leverage level at 8.3x (which compares to 4.8x as of March-2025),
only tested when the facility is drawn by more than 40%. Moody's
expects ample headroom under the covenant test level.

Dedalus uses factoring without recourse programs to support its
liquidity (around EUR55 million drawn out of EUR80 million as of
December 2024). These factoring facilities have short maturities of
up to 18 months and can lead to liquidity needs for the company if
not extended. Dedalus has consistently demonstrated its ability to
renew the factoring lines.

STRUCTURAL CONSIDERATIONS

The proposed backed senior secured RCF ranks pari passu to the
backed senior secured term loan B2, both issued by Dedalus Finance
GmbH, hence both instruments are rated B3 in line with the CFR.

COVENANTS

Moody's have reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated in UK,
France, Germany and. Only companies incorporated in those
jurisdictions are required to provide guarantees and security.
Security will be granted over key shares, bank accounts and
receivables.

Unlimited pari passu debt is permitted up to a senior secured
leverage ratio of 5.0x, and unlimited other debt is permitted
subject to a 6.25x total leverage ratio. Unlimited restricted
payments are permitted if total leverage is 3.50x or lower (3.75x
if funded from the available amount). 50% of asset sale proceeds
are required to be applied where total leverage is 4.5x or greater,
and none where leverage is 4.0x or lower.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 25% of consolidated EBITDA
and believed to be realisable within 24 months of the relevant
event.

The above are proposed terms, and the final terms may be materially
different.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Dedalus S.p.A. (Dedalus), which is based in Italy, provides
healthcare software solutions for the healthcare industry, serving
each actor in the healthcare ecosystem (including hospitals,
clinics, diagnostics centers, laboratories, national / regional
systems and life science organizations). The company's
self-developed software suite includes an electronic medical
record, patient administration system, diagnostic information
system for radiologists, laboratories, diagnostic centers,
anatomical pathologists (both in-vivo and in-vitro diagnostic), ERP
and Analytics. The group is owned and controlled by a consortium
led by Ardian. In 2024, Dedalus generated revenue of EUR938 million
and company-adjusted EBITDA of EUR234 million.




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L U X E M B O U R G
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ACCORINVEST GROUP: Fitch Assigns BB Final Rating on Sr. Unsec. Debt
-------------------------------------------------------------------
Fitch Ratings has assigned AccorInvest Group S.A.'s senior secured
term loans and bonds a 'BB' final rating with a Recovery Rating of
'RR1'.

The new debt issue completes the refinancing of AccorInvest's debt
incurred during its 2021 restructuring, enhancing the company's
financial and operational flexibility. The financing package
included an upsized EUR400 million revolving credit facility (RCF),
securing a stronger liquidity buffer, as the previous RCF, fully
drawn before refinancing, has been repaid.

Fitch considers there to be sufficient headroom under the 'B' IDR,
with deleveraging anticipated over 2026-2028. The rating remains
supported by the strength of AccorInvest's business profile and
neutral-to-positive free cash flow (FCF) from 2026.

Fitch has also withdrawn the ratings of senior secured term loans
due in 2027-2028 as the instruments were refinanced.

Key Rating Drivers

Expected Re-leveraging: Fitch expects AccorInvest's EBITDAR net
leverage to increase to 6.1x in 2025 from 5.8x in 2024, due to a
15% EBITDA contraction under Fitch rating case. The EBITDA decline
will be driven by business scale reduction from disposals, which
will more than offset revenue per available room (RevPAR) growth.
This re-leveraging will partially absorb rating headroom but
metrics should remain aligned with the 'B' rating. AccorInvest has
reduced its debt by about EUR900 million since end-2023, using
available cash and proceeds from asset disposals and preference
shares issuance (as a form of shareholder support, which Fitch
treats as non-debt).

Asset Disposals Part of Strategy: AccorInvest has been
rationalising its hotel portfolio since 2021 through divesting
assets outside its core region, or assets that do not meet its
profitability and return criteria. The disposal programme
accelerated in 2024, yielding EUR679 million net proceeds, after
having slowed in 2023 due to an unfavourable market environment.
However, Fitch still see execution risks for the remaining
divestments planned for 2025-2026, which aim to generate more than
EUR800 million in proceeds. Realisation of the disposal plan would
reduce execution risks and leverage.

Stable Underlying Performance: Fitch expects AccorInvest's
like-for-like RevPAR growth to moderate to 1%-1.5% in 2025 from
3.6% in 2024 as demand further stabilises. This might exert
pressure on underlying EBITDA margins, if cost inflation outpaces
revenue growth and is not offset by cost savings.

Structural Profitability Improvements: In 2024, the company
reported broadly unchanged EBITDA, despite substantial asset
divestments, and an EBITDA margin improved by 100bp. Fitch expects
the EBITDA margin to increase cumulatively by about 100bp by
end-2027, supported by AccorInvest's focus on disposing of assets
with lower profitability.

Positive FCF: AccorInvest generated positive FCF of EUR84 million
in 2024, which together with asset disposals facilitated
deleveraging. Fitch expects FCF to turn slightly negative as EBITDA
is reduced by asset disposals, but Fitch believes positive FCF from
2026 is possible due to strong cost monitoring and profitability
improvement. In addition, lower indebtedness will lead to reduced
cash debt service costs. AccorInvest has flexibility to reduce
capex, which may yield a minimum saving of EUR100 million a year.

Strong Business Profile: AccorInvest's business profile is strong
for the rating. It owns and operates one of the largest hotel
portfolios in Europe with about 92,000 rooms at end-2024 and is
well diversified within the region, with no major reliance on one
single country. It is also diversified, with a presence in the
economy and mid-scale segments. It owns 51% of its hotel portfolio,
which provides greater financial flexibility than peers that lease
their properties. However, the company lacks its own brands, as it
operates under the brands of Accor SA (BBB-/Positive), which is
also responsible for providing hotel management expertise and the
reservation system.

Peer Analysis

AccorInvest differs from other Fitch-rated hotel operators as it
does not own brands. It is more comparable with other asset-heavy
hotel operators, with Whitbread PLC (BBB/Negative) its closest
peer. Both companies operate a similar number of rooms and have
comparable business scale by EBITDAR. AccorInvest is more
diversified than Whitbread due to its footprint across 24
countries, while Whitbread operates predominantly in the UK and is
expanding into Germany.

AccorInvest also has better price diversification across economy
and mid-scale hotels, while Whitbread focuses on the economy
segment. However, the large rating differential is explained by
AccorInvest's materially weaker financial profile and more volatile
operating performance. Fitch also sees greater execution risks in
AccorInvest's strategy, which involves asset disposals.

AccorInvest's business profile is stronger than those of other
asset-heavy hotel operators (those who own and lease hotels), such
as Sani/Ikos Group Newco S.C.A. (B-/Stable), FIVE Holdings (BVI)
Limited (B+/Stable) and Motel One GmbH (B+/Negative). FIVE and
Motel One are rated higher than AccorInvest due to expected
stronger credit metrics and liquidity. AccorInvest is rated higher
than Sani Ikos Group on projected lower leverage and better FCF
generation.

Key Assumptions

- Revenue before disposals to increase 1%-1.5% a year to 2028

- Overall revenue to declining 18% in 2025 and 3% in 2026 due to
asset disposals

- EBITDA margin to increase by 100bp over 2025-2028 due to the
disposal of less profitable assets

- Capex at EUR230 million-255 million a year over 2025-2028

- Disposal proceeds of EUR300 million in 2025

- No change to the terms of hotel management agreement with Accor
following its potential sale of stake in AccorInvest

- No dividends

Recovery Analysis

Fitch believes AccorInvest would be liquidated in a bankruptcy
rather than restructured as a going concern, given its large
tangible asset base consisting of its hotels. The liquidation
estimate reflects Fitch's view that the company's hotel portfolio
(valued by external third parties as of December 2024) could be
realised in a liquidation and distributed to relevant creditors in
a default. Fitch has applied a 50% advance rate to the EUR7.8
billion AccorInvest gross asset value after deducting EUR374
million for assets secured by mortgages or under finance lease
contracts.

Fitch deducted 10% for administrative claims from the resulting
liquidation value.

Fitch assumed the new EUR400 million RCF to be fully drawn on
default. Fitch assumes new senior secured instruments totalling
EUR1.8 billion rank pari passu with existing 2029 and 2031 notes
and the RCF, and with one another. The total EUR3.6 billion
distressed debt under its waterfall-generated recovery computation
results in very high recoveries, yielding a Recovery Rating of
'RR1' and a 'BB' rating for the senior secured loans and notes,
three notches above the company's IDR of 'B'. As a result of the
refinancing, PGE (French state guaranteed loan prêts garantis par
l'État provided during the pandemic) is repaid, leaving no
prior-ranking debt in the capital structure.

RATING SENSITIVITIES

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

- EBITDAR gross leverage above 7.0x (net 6.5x) on a sustained
basis

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

- Negative FCF, reducing available liquidity

Developments that May, Individually or Collectively, Lead to
Positive Rating Action/Upgrade

- Successful realisation of the disposal plan, leading to a
build-up of liquidity and leading to profitability improvements

- EBITDAR gross leverage below 6.5x (net 6.0x) on a sustained
basis

- EBITDAR fixed-charge coverage above 1.7x on a sustained basis

- Positive FCF generation

Liquidity and Debt Structure

At end-2024, the company's liquidity was limited, with
Fitch-adjusted cash of EUR236 million (after restricting EUR200
million of cash for operating purposes), a fully drawn EUR250
million RCF and around EUR220 million of short-term debt. However,
the refinancing has improved liquidity, with a new upsized EUR400
million RCF, EUR100 million of which was outstanding after the
transaction closure.

Fitch assumes the outstanding amount of the RCF will be repaid in
2025 with asset disposal proceeds. Fitch also acknowledges the
extension of AccorInvest's debt maturity profile, with no scheduled
debt repayments over 2025-2027. Receipt of disposal proceeds in
2025 and projected positive FCF from 2026 will also help replenish
liquidity over the medium term.

Issuer Profile

AccorInvest is a France-based real estate hotel owner and
operator.

Date of Relevant Committee

02 May 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
AccorInvest Group S.A.

   senior secured        LT BB  New Rating    RR1

   senior secured        LT BB  New Rating    RR1      BB(EXP)

   senior secured        LT WD  Withdrawn              BB




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

AUTONORIA SPAIN 2025: Fitch Assigns B+(EXP)sf Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned AutoNoria Spain 2025, FT expected
ratings.

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

   Entity/Debt          Rating           
   -----------          ------           
AutoNoria Spain
2025 FT

   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
   G                LT NR(EXP)sf  Expected Rating

Transaction Summary

AutoNoria Spain 2025, FT is a revolving securitisation of a
portfolio of fully amortising auto loans originated in Spain by
Banco Cetelem S.A.U. (Cetelem; the seller). Cetelem is a specialist
lender fully owned by BNP Paribas SA (A+/Stable/F1).

KEY RATING DRIVERS

Asset Assumptions Reflect Mixed Portfolio: The portfolio will
include loans for the acquisition of cars (new and used),
motorcycles and recreational vehicles. Due to the differences in
product characteristics, Fitch has calibrated asset assumptions for
each product to reflect their performance expectations. Fitch has
assumed base-case lifetime default and recovery rates of 3.4% and
17.5%, respectively, for the blended portfolio, given the
historical data provided by Cetelem, Spain's economic outlook and
the originator's underwriting and servicing strategies.

Recovery Rate Expectations: The base case recovery rate expectation
is lower than for other Spanish auto ABS peers and reflects
information received from the originator that the recovery strategy
will be influenced by non-performing loan sales.

Short Revolving Period: The transaction will have a nine-month
revolving period. Fitch has not stressed the portfolio as Fitch
views the fairly short revolving period and tight replenishment
criteria as sufficient to limit any adverse migration of the pool.

Pro Rata Note Amortisation: After the end of the revolving period,
the class A to G notes will be repaid pro rata unless a sequential
amortisation event occurs, primarily linked to performance triggers
such as a principal deficiency ledger or cumulative defaults
exceeding certain thresholds. Fitch views these triggers as robust
enough to prevent the pro rata mechanism from continuing on early
signs of performance deterioration. Fitch believes the tail risk
posed by the pro rata paydown is mitigated by the mandatory switch
to sequential amortisation when the note balance falls below 10% of
the initial balance.

Servicing Disruption Risk Mitigated: Fitch views the liquidity
reserve as adequate to mitigate payment interruption risk in the
event of servicer disruption. It is available to cover senior
costs, net swap payments, if any, and interest for the rated notes
over three months, a period Fitch views as sufficient to implement
an alternative arrangement.

RATING SENSITIVITIES

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

For the class A notes, a downgrade to Spain's Long-Term Issuer
Default Rating (IDR) that could decrease the maximum achievable
rating for Spanish structured finance transactions as these notes
are rated at the maximum achievable rating, at six notches above
Spain's IDR.

For the class F notes, a combination of reduced excess spread and
the late receipt of recovery cash flows, particularly at the tail
of the life of the transaction due to the thin layer of credit
enhancement protection available to the class F notes.

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E)

Increase default rates by 10%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'

Increase default rates by 25%:
'AAsf'/'A+sf'/'BBB+sf'/'BBB-sf'/'B+sf'/'Bsf'

Increase default rates by 50%:
'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'/'CCCsf'

Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E)

Reduce recovery rates by 10%:
'AAAsf'/'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'

Reduce recovery rates by 25%:
'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B+sf'

Reduce recovery rates by 50%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'

Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/D/E)

Increase default rates by 10% and reduce recovery rates by 10%:
'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BB-sf'/'B+sf'

Increase default rates by 25% and reduce recovery rates by 25%:
'AAsf'/'Asf'/'BBB+sf'/'BB+sf'/'B+sf'/'B-sf'

Increase default rates by 50% and reduce recovery rates by 50%:
'A+sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'CCCsf'/not rated

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

The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded.

For the other notes, increasing credit enhancement ratios as the
transaction deleverages to fully compensate for the credit losses
and cash flow stresses commensurate with higher ratings.

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.


SANTANDER CONSUMO 8: Fitch Assigns B+sf Final Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Santander Consumo 8, FT's notes final
ratings.

The final ratings on the class B and E notes are one notch higher,
respectively, than the expected ratings. This has mainly been
driven by lower final coupon rates payable to noteholders and a
lower interest rate payable to the swap provider than initially
considered.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
Santander Consumo 8, FT

   Class A ES0305898001    LT AAsf   New Rating   AA(EXP)sf
   Class B ES0305898019    LT A+sf   New Rating   A(EXP)sf
   Class C ES0305898027    LT BBB+sf New Rating   BBB+(EXP)sf
   Class D ES0305898035    LT BB+sf  New Rating   BB+(EXP)sf
   Class E ES0305898043    LT B+sf   New Rating   B(EXP)sf
   Class F ES0305898050    LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Santander Consumo 8, FT is a securitisation of a EUR1,500 million
revolving portfolio of fully amortising, general purpose consumer
loans originated by Banco Santander S.A. (A/Stable/F1) for Spanish
residents. Around 86% of the portfolio balance is linked to
pre-approved loans underwritten for existing customers.

KEY RATING DRIVERS

Asset Assumptions Reflect Pool Profile: Fitch has set base-case
lifetime default and recovery rates of 4.25% and 25% for the
portfolio, reflecting the historical data provided by Santander,
Spain's economic outlook, pool features, and the originator's
underwriting and servicing strategies. For the 'AAsf' rating case,
the lifetime default and recovery rates are 17% and 15%,
respectively.

Short Revolving Period: The transaction has an 11-month revolving
period, during which time new receivables can be purchased by the
special purpose vehicle. Fitch considers any credit risk stemming
from the revolving period as sufficiently captured by the default
multiple, which Fitch increased to 5x, versus 4.75x in Santander
Consumo 7 (a deal that closed in late 2024 and was securitised by a
static portfolio). Fitch expects around 25% of the pool balance to
be replenished during the revolving period, assuming an annualised
prepayment rate of 10%, which Fitch determined using comparable
Spanish ABS.

Fitch has not assumed a stressed composition of the portfolio
towards the limits permitted by the transaction covenants (such as
the term to maturity limit) considering the short duration of the
revolving period, stressing only the weighted average interest rate
limit of the pool under its cash flow analysis.

Pro Rata Amortisation: The class A to E notes will be repaid pro
rata once the revolving period ends, unless a sequential
amortisation event occurs. These are primarily linked to
performance triggers such as the principal deficiency ledger and
cumulative defaults exceeding certain thresholds. These triggers
are robust enough to prevent the pro-rata mechanism from continuing
on early signs of performance deterioration. The tail risk is
mitigated by the mandatory switch to sequential amortisation
(defined as the pool factor trigger).

Interest Rate Hedge: An interest rate swap hedges the risk arising
from mismatches between the portfolio, which pays a fixed interest
rate for life, and the floating-rate notes. The swap notional
amount is the outstanding balance of non-defaulted receivables.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape, could lead to
downgrades.

For the class E notes, a combination of reduced excess spread and
the late receipt of recovery cash flows, particularly at the tail
of the life of the transaction, could result in downgrades. This
considers the thin layer of credit enhancement protection available
to the class E notes, which is only provided by a reserve fund.

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

Increasing credit enhancement ratios, as the transaction
deleverages to fully compensate for the credit losses and cash flow
stresses commensurate with higher ratings, may lead to upgrades.

The maximum achievable rating is 'AA+sf' due to the remedial
actions envisaged by the transaction documents for its transaction
account bank, Banco Santander S.A.

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.


TAGUS STC: Fitch Assigns 'BB+sf' Final Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned Tagus, STC S.A. / Silk Finance No. 6
final ratings.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Tagus, STC S.A. / Silk
Finance No. 6

   Class A PTTUSDOM0008   LT AAAsf  New Rating   AAA(EXP)sf
   Class B PTTUSEOM0007   LT AA-sf  New Rating   AA-(EXP)sf
   Class C PTTUSFOM0006   LT BBBsf  New Rating   BBB(EXP)sf
   Class D PTTUSGOM0005   LT BB+sf  New Rating   BB+(EXP)sf
   Class E PTTUSHOM0004   LT BB+sf  New Rating   BB+(EXP)sf
   Class R PTTUSIOM0003   LT NRsf   New Rating   NR(EXP)sf
   Class X PTTUSJOM0002   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Tagus, STC S.A. / Silk Finance No. 6 is a securitisation of a
EUR450 million revolving portfolio of auto loans and finance leases
originated by Santander Consumer Finance, S.A. Portuguese Branch
(SCFP) to Portuguese residents. Santander Consumer Finance, S.A. is
ultimately owned by Banco Santander, S.A. (A/Stable/F1).

KEY RATING DRIVERS

Asset Assumptions Reflect Mixed Portfolio: Fitch has calibrated
blended base-case default and recovery rate assumptions to the
stressed portfolio of 4.6% and 39.5%, considering the historical
data provided by SCFP, Portugal's economic outlook and the
originator's underwriting and servicing strategies. For the 'AAAsf'
rating case, Fitch has assumed 20.6% and 19.7% default and recovery
rates, respectively.

Short Revolving Period: The transaction features a revolving period
until December 2025. In its credit analysis of the portfolio, Fitch
has calibrated a stressed composition of the pool reflecting a
larger share of used car loans of up to 40% in volume terms (35.8%
in the final pool). Used car loans are linked to a higher default
rate than new car loans and leases.

Pro Rata Note Amortisation: After the end of the revolving period,
the class A notes will amortise sequentially until they reach
credit enhancement of 27% provided by tranche subordination.
Afterwards, the class A to D notes will be repaid pro rata unless a
sequential amortisation event occurs, primarily linked to
performance triggers such as a principal deficiency ledger or
cumulative defaults exceeding certain thresholds.

Fitch views these triggers as sufficiently robust to prevent the
pro rata mechanism from continuing on early signs of performance
deterioration. Fitch believes the tail risk posed by the pro rata
pay-down is mitigated by the mandatory switch to sequential
amortisation when the portfolio balance falls below 10% of the
initial balance.

Interest Rate Hedge: An interest rate swap hedges the risk arising
from mismatch between the portfolio, which pays a fixed interest
rate for life and the floating rate securitisation notes. The swap
notional is the collateralised note (class A to D) balances.

Liquidity Protection Mitigates Servicing Disruption: Servicing
disruption risk is mitigated by a dedicated cash reserve, which
covers senior costs, net swap payments and interest on the class A
to D notes for more than three months, providing sufficient time to
resume collections by a replacement servicer.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, business practices or the
legislative landscape.

For the class D notes, a combination of reduced excess spread and
the late receipt of recovery cash flows, particularly at the tail
of the life of the transaction. This considers the thin layer of
credit enhancement protection from subordination available to the
class D notes, which is only provided by the reserve fund.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E)

Increase default rates by 10%:
'AAAsf'/'A+sf'/'BBB-sf'/'BB+sf'/'BB+sf'

Increase default rates by 25%:
'AA+sf'/'Asf'/'BB+sf'/'BBsf'/'BB+sf'

Increase default rates by 50%: 'AAsf'/'A-sf'/'BBsf'/'BB-sf'/'BBsf'

Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E)

Reduce recovery rates by 10%:
'AAAsf'/'A+sf'/'BBBsf'/'BB+sf'/'BB+sf'

Reduce recovery rates by 25%:
'AAAsf'/'A+sf'/'BBB-sf'/'BB+sf'/'BB+sf'

Reduce recovery rates by 50%: 'AAAsf'/'Asf'/'BB+sf'/'BBsf'/'BB+sf'

Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/D/E)

Increase default rates by 10% and reduce recovery rates by 10%:
'AAAsf'/'A+sf'/'BBB-sf'/'BB+sf'/'BB+sf'

Increase default rates by 25% and reduce recovery rates by 25%:
'AA+sf'/'A-sf'/'BB+sf'/'BB-sf'/'BB+sf'

Increase default rates by 50% and reduce recovery rates by 50%:
'AA-sf'/'BBB-sf'/'Bsf'/'CCCsf'/'BB-sf'

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

Increasing credit enhancement ratios as the transaction deleverages
to fully compensate for the credit losses and cash flow stresses
commensurate with higher rating scenarios.

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

Fitch does not provide ESG relevance scores for Tagus, STC S.A. /
Silk Finance No. 6.

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.


VITAL I FTA: Moody's Ups Rating on EUR3.8MM Class D Notes to Ba2
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of mezzanine and junior
notes in AyT Colaterales Global Hipotecario Vital I, FTA and AyT
Colaterales Global Hipotecario Caja Cantabria I, two Spanish RMBS
transactions. The rating action reflects better than expected
collateral performance and the increased levels of credit
enhancement for the affected notes. For Class C and Class D notes
in AyT Colaterales Global Hipotecario Caja Cantabria I it also
reflects Moody's assessments of the very low likelihood of
prolonged interest shortfalls. Moody's affirmed the ratings of the
notes that had sufficient credit enhancement to maintain their
current ratings.

Issuer: AyT Colaterales Global Hipotecario Caja Cantabria I

EUR203.5M Class A Notes, Affirmed Aa1 (sf); previously on Jul 29,
2024 Affirmed Aa1 (sf)

EUR12.7M Class B Notes, Upgraded to Aa1 (sf); previously on Jul
29, 2024 Affirmed Aa2 (sf)

EUR10.3M Class C Notes, Upgraded to Aa2 (sf); previously on Jul
29, 2024 Upgraded to A3 (sf)

EUR3.5M Class D Notes, Upgraded to Aa3 (sf); previously on Jul 29,
2024 Upgraded to Baa1 (sf)

Issuer: AyT Colaterales Global Hipotecario Vital I, FTA

EUR175.3M Class A Notes, Affirmed Aa1 (sf); previously on Jul 29,
2024 Affirmed Aa1 (sf)

EUR12.6M Class B Notes, Upgraded to Aa1 (sf); previously on Jul
29, 2024 Affirmed Aa3 (sf)

EUR8.2M Class C Notes, Upgraded to Baa1 (sf); previously on Jul
29, 2024 Upgraded to Baa3 (sf)

EUR3.8M Class D Notes, Upgraded to Ba2 (sf); previously on Jul 29,
2024 Upgraded to B1 (sf)

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

RATINGS RATIONALE

The rating action is prompted by better than expected collateral
performance and the increased levels of credit enhancement for the
affected notes. For Class C and Class D notes in AyT Colaterales
Global Hipotecario Caja Cantabria I it also reflects Moody's
assessments of the very low likelihood of prolonged interest
shortfalls.

AyT Colaterales Global Hipotecario Caja Cantabria I

Revision of Key Collateral Assumptions

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

The performance of AyT Colaterales Global Hipotecario Caja
Cantabria I has improved over the last year. Total delinquencies
have decreased in the past year, with 90 days plus arrears
currently standing at around 0.62% of current pool balance.
Cumulative defaults currently stand at 4.43% of original pool
balance overall flat compared with a year earlier.

Moody's decreased the expected loss assumption to 2.37% from 2.75%
as a percentage of current pool balance due to better than expected
performance and higher expected future recoveries. The revised
expected loss assumption corresponds to 2.30% as a percentage of
original pool balance, down from 2.70%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have reduced the MILAN Stressed Loss
assumption to 7.80% from 9.40%.

Increase in Available Credit Enhancement

With the only exception of two payment dates in 2021, the
performance-related triggers on the mezzanine and junior notes have
been breached, forcing sequential amortisation. In particular, the
reserve fund was not fully funded. On the latest payment date in
March 2025, once reserve fund fully replenished and given no other
performance related triggers were breached, the issuer's available
funds were allocated to reach the Class A to D target ratios
(percentages of outstanding notes) contemplated in the
transactions' documentation which meant only Class C and Class D
principal were repaid.

In Moody's analysis Moody's took into consideration that the
amortization of the notes can switch from pro-rata to sequential
and vice versa in the coming payment dates until pool the pool
factor is lower than 10% (currently at 23.5%), depending on the
long-term delinquencies level at that time, or if the reserve fund
is drawn below the target amount.

Separately, Moody's note that the reserve fund performance-related
trigger is permanently breached given the cumulative defaults
(4.43% of original balance) have already exceeded the trigger level
(3.2%), preventing the reserve fund from amortising.

The credit enhancement for Classes C and D increased to 18% and
14.9% from 16.9% and 12.5% since the last rating action in July
2024. The credit enhancement for Class B slightly decreased from
30% as a result of the allocation of funds to meet target ratios,
but remains high at 27.9%.

Interest payments on the Class C and Class D notes have always been
paid timely. Moody's analysis considered the very low likelihood of
prolonged interest shortfalls on these notes in future.

AyT Colaterales Global Hipotecario Vital I, FTA

Revision of Key Collateral Assumptions

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

The performance of AyT Colaterales Global Hipotecario Vital I, FTA
has been overall stable over the last year. Total delinquencies
have decreased in the past year, but 90 days plus arrears increased
during latest payment date and currently stand at around 0.80% of
current pool balance. Cumulative defaults currently stand at 3.19%
of original pool balance overall flat compared with a year
earlier.

Moody's decreased the expected loss assumption to 2.72% from 3.24%
as a percentage of current pool balance due to stable performance
and higher expected future recoveries. The revised expected loss
assumption corresponds to 2.10% as a percentage of original pool
balance, down from 2.55%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have reduced the MILAN Stressed Loss
assumption to 8.80% from 10%.

Increase in Available Credit Enhancement

In recent payment dates, the amortization has switched several
times from pro-rata to sequential and vice versa, depending on the
long-term delinquencies level at that time. Should long-term
delinquencies increase, the tight performance-related triggers on
the notes could be breached again, switching back to sequential
amortization. Note that different classes have different trigger
levels. For instance, in the most recent payment date, increasing
long-term delinquencies of the pool led to the performance-related
triggers to be met only on the mezzanine notes, allowing for
pro-rata amortisation only among Class A, B and C notes.
Amortisation will switch to sequential if the reserve fund is drawn
below the target amount. Pro-rata amortization also stops and
changes to strictly sequential once the pool factor is lower than
10% (currently at 23.5%).  Moody's took this into consideration in
Moody's analysis.

As in the other transaction, Moody's notes that the reserve fund
performance-related trigger is permanently breached given the
cumulative defaults (3.19% of original balance) have already
exceeded the trigger level (2.50%), preventing the reserve fund
from amortising.

The credit enhancement for Classes B, C and D increased to 18.9%,
10.7% and 6.7% from 17.9%, 9.7% and 5.9% respectively since the
last rating action in July 2024.

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

The analysis undertaken by us 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 and (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.




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

AGFORM LIMITED: Begbies Traynor Named as Administrators
-------------------------------------------------------
Agform Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in the High
Court of Justice Business and Property Courts of England and Wales,
Court Number: CR-2025-003536, and Julian Pitts and Louise Longley
of Begbies Traynor (Central) LLP were appointed as administrators
on May 22, 2025.  

Agform Limited is a manufacturer of pesticides and other
agrochemical products.

Its registered office is at 7 Bell Yard, London, England, WC2A
2JR.

The joint administrators can be reached at:

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

For further details contact:

     Grace Sellars
     Begbies Traynor (Central) LLP
     Email: Grace.Sellars@btguk.com
     Tel No: 0113 521 0887


ALGAL OMEGA 3: Interpath Advisory Named as Administrators
---------------------------------------------------------
Algal Omega 3 Ltd was placed into administration proceedings in the
High Court of Justice In Northern Ireland Chancery Division
(Company Insolvency), No 2025/29564, and Stuart Irwin and Richard
Harrison of Interpath Advisory were appointed as administrators on
May 27, 2025.  

Algal Omega is a manufacturer of basic pharmaceutical products.

Its registered office is c/o Colemans Garden Centre Ltd, 6 Old
Ballyclare Road, Templepatrick, Antrim, Northern Ireland, BT39
0BJ.

The joint administrators can be reached at:

         Stuart Irwin
         Interpath Advisory
         Suite 402, The Kelvin
         17-25 College Square East
         Belfast BT1 6DH
         Tel No: +442890 021770

          -- and --

         Richard Harrison
         Interpath Advisory
         10th Floor, 1 Marsden Street
         Manchester M2 1HW
         Tel No: +441615299013


DULSON LTD: FRP Advisory Named as Administrators
------------------------------------------------
Dulson Ltd was placed into administration proceedings in the High
Court of Justice Business and Property Courts of Leeds, Court
Number: CR-2025-000515, and Anthony Collier and Philip David
Reynolds of FRP Advisory Trading Limited were appointed as
administrators on May 22, 2025.  

Dulson Ltd specialized in the development of building projects.

Its registered office is at Brook Buildings, Gobowen, Oswestry,
Shropshire, SY11 3JY to be changed to 2nd Floor, 110 Cannon Street,
London, EC4N 6EU

Its principal trading address is at Foxtail Holiday Park, Chirk,
Wrexham, LL14 5D

The joint administrators can be reached at:

     Anthony Collier
     Philip David Reynolds
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU
       
For further details contact:
       
     The Joint Administrators
     Tel No: 020 3005 4000
     Email: cp.london@frpadvisory.com
  

ELEMENTO (HAMILTON LODGE): FRP Advisory Named as Administrators
---------------------------------------------------------------
Elemento (Hamilton Lodge) Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-003540, and David Hudson and Philip David Reynolds of FRP
Advisory Trading Limited were appointed as administrators on May
22, 2025.  

Elemento (Hamilton Lodge) engaged in the development of building
projects.

Its registered office is at Swiss House, Beckingham Street,
Tolleshunt Major, Maldon, CM9 8LZ

Its principal trading address is at Floor 2, 110 Cannon Street,
London, EC4N 6EU

The joint administrators can be reached at:

     David Hudson
     Philip David Reynolds
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU
       
For further details, contact:
       
     The Joint Administrators
     Tel No: 020 3005 4000
       
Alternative contact:
       
     Lawrence Cormack
     Email: cp.london@frpadvisory.com


ENDEAVOUR MINING: Fitch Rates USD500MM Unsec. Notes Due 2030 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned west African gold mining company
Endeavour Mining plc's (BB/Stable) USD500 million 7% senior notes
due May 2030 a final senior unsecured rating of 'BB'. The Recovery
Rating is 'RR4'.

The proceeds will be used for a tender offer for Endeavour's
outstanding USD500 million senior unsecured notes, due October
2026. The notes will be guaranteed by intermediate holding
companies and rank pari passu with the group's revolving credit
facility (RCF).

Endeavour's rating balances its strong financial and business
profiles with a weaker operating environment, reflecting the
group's focus on west African countries.

The group's credit profile otherwise compares favourably with
higher-rated peers', with production guidance for 2025 of 1.11
million-1.26 million ounces and growth towards 1.5 million ounces
by 2030. It also benefits from all-in sustaining costs (AISC)
within the second quartile (on average, across mines globally), a
reserve life of 10.5 years for mines in operation, and a
conservative net debt/EBITDA target at or below 0.5x through the
cycle.

Key Rating Drivers

Strong Gold Demand Continues: Endeavour delivered strong earnings
in 1Q25 with a production of 341,000 oz and Fitch-adjusted EBITDA
of USD612 million. Fitch-adjusted net debt declined to USD387.8
million. Gold prices remain above USD3,000/oz, even though global
trade tensions seem to be easing. Fitch therefore believes EBITDA
for 2025 could expand towards USD2 billion. Fitch expects the
company to use higher free cash flow (FCF) generation over the
coming quarters for incremental debt reduction and higher
shareholder returns (including the USD52 million of share buybacks
disclosed in the 1Q25 results).

Conservative Financial Policy: Endeavour's financial policy aims
for net debt/EBITDA at below 0.5x through the cycle. The group may
exceed this target during capital-intensive growth as long as there
is a clear deleveraging path after the commissioning of those
assets.

Organic Growth in Focus: Endeavour spends around USD75 million on
exploration a year. At end-2024, the group declared 4.1 million oz
of maiden reserves for its Assafou greenfield project and is
working towards a final investment decision. Construction could
potentially start in 2H26. The drilling programme at the Ity mine
led to an addition of 1.2 million oz of reserves. The group also
has many smaller capital projects to optimise existing assets,
including schemes that contribute towards decarbonisation, such as
the USD55 million solar plant that was commissioned at
Sabodala-Massawa in early 2025.

Industry Costs on the Rise: Major gold producers have guided
towards higher AISC due to cost pressures, declining grades, and
higher royalties linked to rising gold prices. Endeavour reported
AISC of USD1,218/oz for 2024 and guides towards USD1,150-1,350/oz
for 2025, which remains competitive compared with the top 10 global
producers. It is broadly comparable with Agnico Eagle Mines
Limited's, and visibly stronger than Kinross Gold Corporation's or
AngloGold Ashanti plc's. Fitch expects Endeavour to remain in the
second cost quartile on average across mines worldwide. The most
recent benchmarking of global cost curves is not yet available.

Cote d'Ivoire Country Ceiling Applied: EBITDA from operations in
Cote d'Ivoire comfortably covers hard-currency gross interest
expense over the medium term. Therefore, Fitch applies Cote
d'Ivoire's Country Ceiling of 'BB' in line with Fitch's Corporate
Rating Criteria.

Peer Analysis

Endeavour's guided production of 1.11 million oz-1.26 million oz in
2025 is lower than Kinross Gold Corporation's (BBB/Stable) with 2
million gold-equivalent oz (gold and silver) or AngloGold Ashanti
plc's (AGA; BBB-/Stable) with a consolidated production of 2.6
million oz-2.9 million oz. Endeavour has a stronger cost position,
with AISC guidance for 2025 of USD1,150/oz-USD1,350/oz versus
Kinross's USD1,500/oz and AGA's USD1,600/oz-USD1,725/oz. Reserve
life is stronger for Endeavour, with 15.6 years based on total
reserves (10.5 years for operating mines), compared with 9.7 years
for AGA and 10.9 years for Kinross.

All three companies have conservative capital structures, while
Endeavour faces higher country risk. The weak operating environment
in west Africa, where all its assets are located, constrains the
rating. In comparison, Kinross derives close to 25% of production
from Mauritania in west Africa, 29% from Brazil, over 10% from
Chile, and more than 30% from the US, while AGA has over 50% of its
production based in Africa (diversified across various countries),
23% in Australia, and below 20% in South America.

Key Assumptions

- Gold prices in line with Fitch's price deck at USD2,400/oz in
2025, USD2,100/oz in 2026, USD2,000/oz in 2027, and USD1,800/oz in
2028

- Gold production in 2025 at the mid-point of the 1.11 million
oz-1.26 million oz guidance and at the higher end of this range in
subsequent years

- AISC for 2025 towards the lower end of management guidance of
USD1,150/oz-USD1,350/oz, flat in 2026, and incrementally lower for
2027 and 2028 (based on Fitch's price assumptions detailed above).
Royalties form part of AISC and vary according to gold price; if
prices remain at or above USD3,000/oz, actual reported AISC will be
higher, as royalties will be higher at that gold price

- Capex of USD515 million for 2025 and below USD500 million on
average in subsequent years, including capitalised exploration
expenditure and stripping costs

- Dividends of USD225 million and share buybacks of at or above
USD52 million in 2025; USD225 million of dividends in 2026 and
2027; and USD100 million in 2027 (linked to lower price deck
assumptions), given that the dividend policy is based on gold
prices at or above USD1,850/oz and the assumption of Endeavour's
robust financial position. Also, the current dividend policy has
been set for financial years 2024 and 2025

RATING SENSITIVITIES

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

- Negative rating action on Cote d'Ivoire's sovereign

- EBITDA margin below 30% on a sustained basis

- EBITDA gross leverage above 2.3x or net leverage above 2.0x on a
sustained basis

- EBITDA interest coverage below 7.0x on a sustained basis

- Political risks, labour disputes or other disruptions eroding
cash flow generation for an extended period

- Sustained negative FCF due to dividends or share buybacks

- Failure to address major refinancing needs at least nine months
in advance

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

- Assuming a majority of earnings in the rating case (based on
Fitch's gold price assumptions) are derived from Cote d'Ivoire over
the medium term, a positive rating action on Cote d'Ivoire that
leads to a higher applicable Country Ceiling together with

- Ability to maintain reserve life above 10 years and AISC
comfortably in the second quartile of the global cost curve

- EBITDA gross leverage below 1.3x or net leverage below 1.0x on a
sustained basis

- EBITDA interest coverage above 9.0x on a sustained basis

- EBITDA margin above 40% on a sustained basis and positive FCF
during times without material expansion capex

Liquidity and Debt Structure

As of end-March 2025, Endeavour held USD737.2 million of cash and
USD215 million of an undrawn RCF that is available until November
2028. Its short-term debt was USD40 million. Given that its major
expansion projects were concluded in 3Q24, the group will use
positive FCF to reduce net debt in 2025 and beyond until the next
greenfield project investment decision.

Issuer Profile

Endeavour is a major international gold producer, with annual
production of 1.1 million oz-1.3 million oz over the medium term,
and the largest in west Africa.

Date of Relevant Committee

27-Mar-2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Endeavour Mining plc

   senior unsecured     LT BB  New Rating    RR4      BB(EXP)

FOXTAIL HOLIDAY: FRP Advisory Named as Administrators
-----------------------------------------------------
Foxtail Holiday Park Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of Leeds, Court Number: CR-2025-000517, and Anthony Collier
and Philip David Reynolds of FRP Advisory Trading Limited,were
appointed as administrators on May 22, 2025.  
       
Foxtail Holiday, trading as Foxtail Holiday Park, is a holiday
park.

Its registered office is at the Yew Tree Inn, High Street,
Gresford, Wrexham, Wales LL12 8RF to be changed to 2nd Floor, 110
Cannon Street, London, EC4N 6EU.

Its principal trading address is at  Foxtail Holiday Park, Chirk,
Wrexham, LL14 5DG.

The joint administrators can be reached at:
       
     Anthony Collier
     Philip David Reynolds
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU
       
For further details contact:
       
     The Joint Administrators
     Tel No: 020 3005 4000
       
Alternative contact:
       
     Chloe Norris
     Email: cp.london@frpadvisory.com
    

LIGHTSKY GROUP: Begbies Traynor Named as Administrators
-------------------------------------------------------
Lightsky Group 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-2025-003350, and Paul Appleton and Paul Cooper of Begbies
Traynor (London) LLP were appointed as administrators on May 19,
2025.  

Lightsky Group, fka Bradbury House Limited, is into healthcare
homes.

Its registered office is at Lightsky Group, Bromley Road, First
Floor, Unit 1, Stanton Drew, Bristol, BS39 4DE.

The joint administrators can be reached at:

     Paul Appleton
     Paul Cooper
     Begbies Traynor (London) LLP
     31st Floor, 40 Bank Street,
     London, E14 5NR

Any person who requires further information may contact

     Alex Nekaj
     Begbies Traynor (London) LLP
     Email: Lightsky@btguk.com
     Tel No: 020 7400 7900


MULTIPAY GLOBAL: FRP Advisory Named as Administrators
-----------------------------------------------------
Multipay Global Solutions Limited was placed into administration
proceedings in the High Court of Justice in Manchester District
Registry, Court Number: CR-2025-MAN-000657, and David Acland and
Lila Thomas of FRP Advisory Trading Limited were appointed as
administrators on May 22, 2025.  

Multipay Global is a global payment service provider.

Its registered office is at Stonecross, Trumpington High Street,
Cambridge, CB2 9SU in the process of being changed to C/O FRP
Advisory Trading Limited, Derby House, 12 Winckley Square, Preston,
PR1 3JJ

Its principal trading address is at Waterfront House, 51-61 South
Street, Bishop's Stortford, Hertfordshire, CM23 3AL

The joint administrators can be reached at:

          David Acland
          Lila Thomas
          FRP Advisory Trading Limited
          Derby House
          12 Winckley Square
          Preston, PR1 3JJ

For further details, contact:

         The Joint Administrators
         Tel: 01772 440 700

Alternative contact: Joe Allen, Email: cp.preston@frpadvisory.com


WHEEL BIDCO: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR
--------------------------------------------------------------
Moody's Ratings has appended a limited default (LD) designation to
Wheel Bidco Limited's (PizzaExpress or the company) probability of
default rating, revising it to Caa1-PD/LD from Caa1-PD. The LD
designation will be in effect for three business days from the date
of this announcement. There are no changes to the company's Caa1
long-term corporate family rating and the ratings on its debt
instruments. The outlook is negative.

On May 28, PizzaExpress completed the restructuring of its capital
structure. The company redeemed GBP55 million of its GBP335 million
backed senior secured notes due July 2026, rated Caa1, at par, and
extended the maturity of the remaining GBP280 million to September
2029, with an increased coupon rate of 9.875%. Moody's classify
this transaction as a distressed exchange under Moody's
definitions, which is reflected in the LD designation.

PizzaExpress also plans to complete a private placement tap
offering to issue an additional GBP5 million in principal amount of
the extended notes to its shareholders, the proceeds of which will
be used to repay GBP5 million of the extended notes, excluding the
tap notes. Moody's expects this to be initiated upon transaction
closing and be finalised in early June.

PizzaExpress is among the largest operators in the UK casual dining
market by number of restaurants, with 360 locations in the UK and
Ireland, 24 directly operated international restaurants and 78
international franchise-operated restaurants. The company also
maintains a licensed retail business. In 2024, PizzaExpress
reported revenue of GBP442 million and EBITDA (pre-IFRS 16) of
GBP49 million. Founded in 1965, its three largest shareholders,
Bain Capital Credit, LP, Cyrus Capital Partners and Glendon
Opportunities, collectively own 61% of the company.



                           *********


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

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Editors.

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