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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 17, 2025, Vol. 26, No. 120

                           Headlines



B U L G A R I A

BULGARIAN ENERGY: Fitch Gives BB+(EXP) Rating on EUR Bonds


G E R M A N Y

INEOS STYROLUTION: Fitch Lowers Senior Secured Debt to 'BB-'
WEPA HYGIENEPRODUKTE: S&P Upgrades ICR to 'BB', Outlook Stable


I C E L A N D

KVIKA BANKI: Moody's Puts '(P)Ba1' Rating on Review for Upgrade


I R E L A N D

AVOCA CLO XV: Fitch Assigns 'B-sf' Final Rating on Cl. F-R-R Notes
AVOCA CLO XV: S&P Assigns B-(sf) Rating on Class F-R-R Notes


L U X E M B O U R G

ALTICE INTERNATIONAL: Moody's Lowers CFR to Caa2, Outlook Negative
CPI PROPERTY: S&P Rates New Proposed Euro Sub. Hybrid Notes 'B+'
CURRENTA GROUP: S&P Assigns 'BB-' LongTerm ICR on Refinancing
FS LUXEMBOURG: Fitch Assigns BB Rating on New Unsec. Notes Due 2033


N E T H E R L A N D S

CME MEDIA: S&P Raises ICR to 'BB-' on Deleveraging, Outlook Stable


S W E D E N

OPTIGROUP BIDCO: Moody's Lowers CFR to B3, Outlook Negative


U N I T E D   K I N G D O M

AVENTIS SOLUTIONS: Leonard Curtis Named as Administrators
B TAYLOR & SONS: BDO LLP Named as Administrators
CMO GROUP: Interpath Advisory Named as Administrators
FNZ GROUP: Fitch Assigns 'B-' Final LongTerm IDR, Outlook Negative
INEOS QUATTRO: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable

JANS FINANCE: Keenan Corporate Named as Administrators
KETER GROUP: S&P Withdraws 'CCC+' Rating on EUR716MM PIK Notes

                           - - - - -


===============
B U L G A R I A
===============

BULGARIAN ENERGY: Fitch Gives BB+(EXP) Rating on EUR Bonds
----------------------------------------------------------
Fitch Ratings has assigned Bulgarian Energy Holding EAD's
euro-denominated bonds an expected senior unsecured rating of
'BB+(EXP)'. The bonds' rating is at the same level as BEH's
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB+',
which has a Stable Outlook, as they will constitute senior,
unsubordinated, unconditional and unsecured obligations of the
group.

BEH's Long-Term IDRs reflect a one-notch uplift from its 'bb'
Standalone Credit Profile (SCP) for support from the Bulgarian
sovereign (BBB/Positive), based on its "Government-Related Entities
Rating Criteria" (GRE criteria).

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

Key Rating Drivers

New Bond Leverage-Neutral: The bond issue is neutral to BEH's
leverage but improves the group's liquidity profile. BEH intends to
use the net proceeds from the bonds to repay its EUR600 million
bonds due in June 2025 and for general corporate purposes,
excluding coal-related activities. The bond documentation includes
a negative pledge, a change-of-control put option, redemption at
the issuer's option for tax reasons and cross-default to any
indebtedness of the issuer or any of its material subsidiaries with
a EUR25 million threshold.

Nuclear Project to Raise Leverage: Fitch assumes BEH's leverage
will rise when the main construction phase of two new nuclear units
(up to 1,200MW each) starts in 2029, unless considerable support is
provided for this project by the Bulgarian state, for example
through capital injections. BEH has started preparatory works for
the plants' construction, following the Bulgarian National
Assembly's approval at end-2023. Commissioning is likely in
2035-2038. The final investment decision is likely to be made in
mid-2026, following the engineering contract signed in November
2024 with a consortium of Westinghouse and Hyundai Engineering.

Benefits of Liberalisation: From July 2025, generators within BEH
Group will sell all their production on the free market. Fitch
therefore expects better performance of the nuclear power plant,
Kozloduy, which was previously selling 25% of its production at
unfavourable regulated prices. From July 2025, the subsidiary NEK
will no longer act as a public supplier but will focus its
operations on electricity generation from hydro power plants, which
should translate into better profitability.

Normalised EBITDA: Fitch expects EBITDA to normalise at BGN1.1
billion in 2025, from BGN1.5 billion in 2024 and after the peak of
BGN4.6 billion in 2022, and remain broadly flat in the medium term.
EBITDA will be supported by electricity and gas transmission and
transit, and electricity production sold at market prices following
liberalisation, but will be affected by its underperforming coal
mining business and its thermal power plant.

Rising Regulated Income: Fitch expects EBITDA contribution from
regulated gas and electricity transmission and transit to increase
under its rating case to about 65% over 2025-2028, from 43% in
2023. In particular, strategic investments enabled subsidiary,
Bulgartransgaz, to significantly increase gas transited volumes by
20% in 2024 to 175TWh and improve its results, with reported EBITDA
of about BGN725 million.

Reduced Profitability at Thermal Plant: Fitch expects profitability
at BEH's thermal power plant to be increasingly influenced by
neighbouring energy markets. The plants may face challenges in
fully covering production costs in the medium term due to the
energy transition and normalisation of energy prices. In 2024 its
adjusted EBITDA amounted to BGN28 million (BGN207 million in 2023)
and Fitch projects a limited contribution thereafter.

Weak Results at Lignite Mine: Fitch expects BEH's coal mine to
report negative EBITDA over the medium term due to reduced volumes
sold to thermal power plants in Maritsa-East. EBITDA was a negative
BGN170 million in 2024, driven by a 29% decrease in coal sales
volumes.

Moderate Leverage Before 2029 Spike: Fitch expects BEH's funds from
operations (FFO) net leverage to increase in 2025 to 3.6x, from
1.1x in 2024, and stabilise in 2026-2028. Leverage could increase
from 2029 when nuclear project construction is likely to start.
This is based on its expectations of average capex of BGN1 billion
annually in 2025-2028, with an additional BGN1.2 billion capex in
2025 for preparatory works at the nuclear project. Fitch assumed a
100% dividend payout ratio from BEH's consolidated accounts from
2025.

One-Notch Uplift for Support: Fitch has 'Strong Expectations' of
state support for BEH under its GRE criteria, backed by an overall
support score of 25 points out of a maximum 60, resulting in a
one-notch uplift for the IDR from the SCP.

Responsibility to Support: Fitch assesses decision-making and
oversight as 'Very Strong' because the Bulgarian state is BEH's
ultimate shareholder (100% of shares), approves its strategy and
business plan, and tightly controls BEHs' operations. Fitch views
the precedents of support as 'Strong', based on the government's
guarantees for 12.1% of BEH's debt at end-2024 (expected at around
10%-15% under Fitch's rating case), preferential state loans (also
for covering working-capital needs), and regulatory support.

Incentive to Support: Fitch assesses the preservation of government
policy role as 'Strong', given BEH's crucial role in the security
of gas supply in Bulgaria, implementing the state's strategy to
diversify gas supplies to Bulgaria, and key role in the national
green energy transformation, partly through the new nuclear plants.
Fitch does not expect material contagion risk, as a default by BEH
should not have material implications for the government's ability
to issue new debt or its cost of debt, particularly in view of the
group's low debt amount.

Peer Analysis

BEH's integrated business structure and strategic position in the
domestic market make it comparable with some of its central
European peers, such as MVM Zrt. (BBB/Stable) and PGE Polska Grupa
Energetyczna S.A. (BBB/Stable). The gradually rising share of
EBITDA from the regulated network business makes BEH more
comparable with these peers, increasing its cash flow
predictability and counterbalancing the higher merchant exposure of
its generation assets following the liberalisation of the Bulgarian
energy market.

The liberalisation, along with integration with neighbouring
countries' energy markets, should improve transparency and limit
potential market interference. However, BEH is a negative outlier
in the peer group in corporate governance.

BEH's rating includes a one-notch uplift from its SCP to reflect
links with the sovereign, which is not the case for MVM or PGE.

Key Assumptions

- Market liberalisation, with the elimination of production quotas
for nuclear and thermal power plants and abolition of NEK's role as
a public supplier from 1 July 2025; further retail market
liberalisation postponed beyond the previously planned 1 January
2026

- Price caps for electricity generators until end-2025, with no
major contributions paid by BEH's generating companies in view of
their selling prices remaining below the respective price caps

- Group EBITDA averaging BGN1.3 billion a year over 2025-2028

- Total capex of BGN5.1 billion over 2025-2028

- Dividends at 100% of net income during 2025-2028

RATING SENSITIVITIES

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

- Weaker SCP, for example due to FFO net leverage exceeding 4.5x on
a sustained basis, increased regulatory and political risk, or
insufficient liquidity

- Weaker links with the Bulgarian state

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

- Stronger SCP due to FFO net leverage falling below 3.5x on a
sustained basis, and supported by an internal corresponding
leverage target, lower regulatory and political risk, higher
earnings predictability, and better corporate governance

- Adequate visibility of the funding structure of the new nuclear
power units

- Further tangible government support to BEH, such as additional
state guarantees materially increasing the share of
state-guaranteed debt, or cash injections, which would link BEH's
credit profile more closely with Bulgaria's stronger credit
profile

- Upgrade of Bulgaria's IDR by two notches

Liquidity and Debt Structure

At end-2024, BEH had unrestricted cash and equivalents of BGN3,103
million, against BGN2,117 million of Fitch-projected negative FCF
in the next 12 months, EUR600 million bonds due in June 2025
(equivalent to about BGN 1,173 million), and a BGN800 million state
loan maturing in August 2025.

BEH aims to refinance the maturing bonds with the planned new bonds
but has secured a bridge loan of EUR600 million as a contingency in
case of any delay with the bond issue. Fitch expects the maturity
of the BGN800 million state loan to be extended beyond 2025, given
the close relations between the state and BEH.

Issuer Profile

BEH is a 100% state-owned, integrated utility operating in
Bulgaria. It is involved in electricity generation, electricity
transmission, public supply of electricity, gas transmission and
transit, public supply of gas and lignite mining.

Date of Relevant Committee

14 March 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

BEH has an ESG Relevance Score of '4' for Group Structure due to a
fairly complex group structure, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

BEH has an ESG Relevance Score of '4' for Financial Transparency
due to a qualified audit opinion and lower financial transparency
than EU peers', which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating                   Recovery   
   -----------             ------                   --------   
Bulgarian Energy
Holding EAD

   senior unsecured    LT BB+(EXP) Expected Rating    RR4




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

INEOS STYROLUTION: Fitch Lowers Senior Secured Debt to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded the senior secured rating for INEOS
Styrolution Group GmbH's senior secured debt to 'BB-' from 'BB+'.
The Recovery Rating is 'RR3'. The debt is guaranteed by INEOS
Quattro Holdings Limited (INEOS Quattro) and the downgrade follows
the same action on INEOS Quattro's Long-Term Issuer Default Rating
(IDR) to 'B+' from 'BB-'.

The downgrade reflects INEOS Quattro's high leverage and slower
deleveraging than Fitch previously anticipated due to persistent
oversupply and weak demand for chemicals. Heightened trade tensions
have raised uncertainty about a substantial recovery in EBITDA,
given their likely impact on global trade and economic activity.
The IDR is supported by the company's large scale, diversification
and leading market positions.

The Stable Outlook reflects INEOS Quattro's low refinancing risk,
supported by its strong liquidity, proactively refinanced debt with
long maturities, and its ability to contain negative free cash flow
(FCF) during an extended downturn.

Key Rating Drivers

High Leverage, Uncertain Recovery: Fitch has sharply reduced its
EBITDA forecasts for 2025-2028, reflecting INEOS Quattro's
continued weak performance since 2023, and risks to its recovery.
Its value chains remain oversupplied, with possible further
capacity additions, alongside disappointing demand and trade
tensions. Fitch expects EBITDA net leverage to rise to 7.4x in
2025, from 7.0x in 2024, based on Fitch-defined EBITDA (including
dividends from affiliates) of EUR783 million. Fitch assumes a
gradual EBITDA recovery to EUR1.5 billion by 2028, reducing EBITDA
net leverage to below 4x, assuming no dividends and contained
capex.

Measures to Preserve FCF: INEOS Quattro has taken steps to protect
its balance sheet by suspending dividends, reducing capex to strict
maintenance, controlling costs, and closing down some assets. Fitch
believes the company would not restore dividends as long as net
debt/EBITDA remains well above 3x. This mitigates the impact of
weak EBITDA, resulting in only a modest FCF outflow in 2025 and
2026 in its rating case, before turning positive from 2027.
However, its high interest burden of about EUR500 million
constrains its cash generation.

Oversupply Triggers Closures: The prolonged oversupply has led most
chemical producers, including INEOS Quattro, to announce asset
closures. Fitch expects further rationalisation, and delays or
cancellation of expansion projects in the next two to three years,
given that chemical margins are unsustainable for most companies.
The risk of meaningful new supply in 2026-2027 remains for
acrylonitrile butadiene styrene, purified terephthalic acid and
acetic acid, even though capacity additions have mostly ended for
products like polystyrene or paraxylene.

Better Prospects for INOVYN: INEOS Quattro is a leading producer of
polyvinyl chloride in Europe, where supply has decreased since the
ban on mercury cell electrolysers in 2017, and Fitch expects no new
capacity. Fitch expects INOVYN, its subsidiary, to restore strong
margins, once the European construction sector recovers, supported
by lower interest rates. In addition, polyvinyl chloride production
in the region has been recovering since the anti-dumping duties
imposed by the EU on imports from the US and Egypt. A third of
INOVYN's assets are located in countries benefiting from hydro or
nuclear power, which helps offset high energy costs in Europe.

Styrolution Adapts: Styrolution has announced closures of
underperforming assets that will save on future capex and is using
its global network to mitigate tariff risks and possible relocation
of customers' production sites. Closures of competitors in Europe
and North America will rebalance supply and support margins.
However, demand remains affected by weakness in durable goods
demand or auto production. Fitch expects the acrylonitrile
butadiene styrene market in Asia to remain very competitive, due to
capacity expansion projects constraining local margins.

Aromatics Break-Even: INEOS Quattro's aromatics assets are barely
breaking even, despite their sound regional cost positions. This
highlights the challenges in this oversupplied value chain
dominated by Asian production, despite high sales volumes. The US
assets face direct tariff risks as the paraxylene feedstock is
subject to tariffs, whereas polyester is not, which could make
local production of purified terephthalic acid less competitive.
Fitch expects weak EBITDA to continue in 2025-2026, before
recovering from 2027.

Acetyls Dividends Reduced: Fitch expects lower dividends from joint
ventures, which account for a large share of the acetyls division
since the mothballing of the Atlas methanol plant, which had been a
large contributor in recent years.

Diversified Global Leader: INEOS Quattro operates in four chemical
value chains and is a top three producer in North America and
Europe for some products but is mid-tier in the more fragmented
Asian market. Styrolution and INOVYN offer more value-added
products, leading to more pricing power, while the aromatics and
acetyls businesses produce pure commodity chemicals and have more
volatile earnings. The four businesses operate largely
independently, but INEOS Quattro continues to pursue operational
synergies.

Rated on Standalone Basis: INEOS Quattro is part of the wider INEOS
Limited group. Fitch rates the company on a standalone basis. It
operates as a restricted group with no cross-guarantees or
cross-default provisions with INEOS Limited or other entities
within the wider group.

Peer Analysis

INEOS Quattro's divisions operate in similar sectors as Olin
Corporation (BBB-/Stable), Westlake Corporation (BBB/Stable) or
Celanese Corp. (BBB-/Negative), but mid-cycle EBITDA margins are
stronger. Olin and Westlake operate with low leverage, with EBITDA
net leverage at or below 1x and 3x, respectively, in 2025-2027,
whereas Fitch forecasts Celanese's EBITDA leverage above 3x beyond
2026.

INEOS Quattro's business profile is comparable to INEOS Group
Holdings S.A.'s (IGH; BB/Negative), in scale, global reach and
business diversification. However, IGH has a cost advantage at its
US sites, and feedstock flexibility in Europe. Fitch forecasts IGH
and INEOS Quattro's leverage at broadly similar levels in 2025-2028
but expect IGH's FCF to recover more strongly once Project One
comes online.

H.B. Fuller Company (BB/Stable), a producer of adhesives, is
smaller and less diversified than Quattro. It has less volatile
EBITDA, higher EBITDA margins, and is less leveraged. Fitch expects
its EBITDA gross leverage to be 3.0x-4.0x over the medium term.

Synthos Spolka Akcyjna (BB/Negative) mainly manufactures synthetic
rubber and insulation materials, with operations concentrated in
central Europe. It is smaller and less diversified than INEOS
Quattro, has similar EBITDA margins in the mid-teens, but benefits
from strong vertical integration and maintains lower EBITDA net
leverage, which Fitch forecasts at or below 2.5x from 2026.

INEOS Enterprises Holdings Limited (BB-/Rating Watch Negative) is a
diversified chemical producer specialising in pigments, solvents
and other chemical intermediates. It is much smaller than IGH and
INEOS Quattro and is only a regional leader in niche chemical
markets. The Rating Watch Negative reflects uncertainty about its
future business profile and capital structure following the
disposal of its composites business.

Key Assumptions

- Revenues to decline 1% in 2025, grow 3% in 2026, 6% in 2027 and
2028

- EBITDA margin of 6% in 2025, growing to 7% in 2026, 8% in 2027
and 9.5% in 2028

- Capex at 2%-3% of sales

- No dividends in 2025-2028

- No acquisitions in 2025-2028

Recovery Analysis

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

The going concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level on which Fitch bases
its enterprise valuation.

The going concern EBITDA of EUR1 billion reflects a gradual
recovery of the market from its trough and corrective actions taken
by the company to reduce costs and close or dispose unprofitable
assets.

Fitch uses a multiple of 5.5x to calculate a going concern
enterprise value for INEOS Quattro, based on its global scale,
market leading positions, diversification and cost position.

Fitch assumes that the company will replace its EUR630 million
securitisation, corresponding to the highest amount available to be
drawn in the last 12 months, with an equivalent super-senior
facility when approaching distress.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation for the
first-lien senior secured debt in the 'RR3' band, indicating a
'BB-' instrument rating.

RATING SENSITIVITIES

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

- EBITDA net leverage above 5.5x on a sustained basis

- EBITDA gross leverage consistently above 6.0x

- EBITDA interest coverage below 2.5x for an extended period

- Deeply negative FCF leading to a material weakening of liquidity
and increasing refinancing risk

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

- EBITDA net leverage below 4.2x on a sustained basis

- EBITDA gross leverage consistently below 4.7x

- EBITDA interest coverage above 3.0x on a sustained basis

- Sustained recovery of market conditions

Liquidity and Debt Structure

INEOS Quattro maintains strong liquidity, with EUR1.8 billion of
cash and equivalents at end-March 2025, which fully covers changes
in working capital and debt amortisation until 2027, when about
EUR1 billion of debt comes due. In addition, it has undrawn
securitisation facilities that provide about EUR600 million in
additional short-term funding. Its rating case anticipates slightly
negative FCF in 2025-2026, before turning positive from 2027.
Fitch, therefore, forecasts robust liquidity throughout a
downturn.

The company has a prudent liquidity and debt management policy to
hold sizeable cash and to refinance debt well ahead of its maturity
through diversified capital markets. More than 80% of its debt is
due in 2029-2031.

However, INEOS Quattro is exposed to floating rates, with about 70%
of its debt is subject to variable rates. Fitch expects its
interest burden to slightly moderate to about EUR500 million a
year, in line with its assumptions of decreasing policy rates in
the eurozone and the US. The company's debt is now mostly composed
of senior secured debt following its repayment of its senior
unsecured debt.

Issuer Profile

INEOS Quattro is a diversified producer of chemical commodities and
intermediates. Its main products are styrenics, vinyls, aromatics
and acetyls.

Summary of Financial Adjustments

For 2024:

Fitch has reclassified EUR93.6 million right-of-use asset
depreciation and EUR14.3 million lease-related interest expense as
cash operating costs. Fitch excluded lease liabilities from
financial debt.

Fitch added back EUR118.9 million of amortised issue costs to
financial debt.

Restructuring, decommissioning and impairments charges were removed
from EBITDA.

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
   -----------            ------         --------   -----
INEOS Styrolution
Group GmbH

   senior secured     LT BB-  Downgrade    RR3      BB+


WEPA HYGIENEPRODUKTE: S&P Upgrades ICR to 'BB', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
German tissue manufacturer WEPA Hygieneprodukte GmbH (Wepa) to 'BB'
from 'BB-'. Similarly, S&P raised its issue ratings on the
company's EUR400 million fixed-rate notes maturing in 2027, as well
as on the EUR250 million fixed-rate notes maturing in 2031, to 'BB'
from 'BB-'. The recovery rating is unchanged at '3', with recovery
expectations of 50%-70% (rounded estimate: 60%).

S&P said, "The stable outlook reflects our expectation that Wepa
will continue to mitigate the inherent industry volatility linked
to fluctuations in input costs (notably for pulp and energy). This
is mainly thanks to Wepa's entrenched position with its customers,
which allows for frequent pricing negotiations and improves its
pass-through capabilities. We anticipate that Wepa's adjusted
leverage will remain around 2.0x over 2025-2026, supported by
adjusted EBITDA margins at or above 14.5% and solid annual FOCF
generation."

The upgrade reflects Wepa's continuous strengthening of its credit
metrics, with adjusted leverage remaining close to 2.0x over
2025-2026. S&P said, "In 2024, Wepa's performance was in line with
our expectations. The company posted EUR1.81 billion in revenue, a
1% decline compared to the previous year. This was due to a gradual
downward revision of sales prices on the back of declining pulp
costs. The decline in sales prices was partially offset by an
increase of 50,000 tons of volumes sold, with WEPA Professional UK
(Wepa UK), which Wepa acquired in January 2024, contributing 18,000
tons of additional volumes. In 2024, Wepa's adjusted EBITDA margins
remained resilient at 16.8%, with adjusted leverage slightly below
2.0x, an all-time-low for Wepa. Sound cash flow conversion
supported the deleveraging trend, with annual FOCF (before lease
capex) of about EUR230 million in 2024, up from around EUR213
million in 2023."

During the first quarter of 2025, the company's revenue increased
by 0.4%, mainly thanks to volume growth partially offsetting a
moderate price deflation. The latter was because of a carry-over
effect from a reduction in pulp prices in the second half of 2024.
Positively, despite the modest sales-price erosion and a recent
increase in input costs, Wepa reported EBITDA margins of around
14.5% in the first quarter of 2025, a level that S&P now believes
the company can structurally maintain.

S&P said, "In 2025, we expect Wepa to post revenue of EUR1.81
billion-EUR1.82 billion. In our base case, we assume that growth
will come primarily from increasing volumes, given the continuous
penetration of private-label hygiene products in Europe. We expect
further revenue growth in 2026, when we expect the group to
generate EUR1.85 billion-EUR1.86 billion, driven by a combination
of volume growth and upward sales-price adjustments. Over the
medium term, we anticipate that pulp prices will increase steadily.
Market analysis firm RISI forecasts that in 2026, prices of
northern bleached softwood kraft pulp and bleached hardwood kraft
pulp will increase by 19% and 34%, respectively. As a result, we
anticipate that Wepa will revise its sales prices. This, coupled
with hedging of input costs, will translate into adjusted EBITDA
margins of approximately 15.5%-16.0% in 2025.

"We believe that Wepa has improved its ability to pass through
swings in input costs. However, we still estimate that there is an
approximately six-month time lag to fully offset the effect of
volatility in raw-material prices on its profitability. As such, we
expect a 100 basis-point dip in Wepa's profitability in 2026,
before a gradual recovery in the following years. This level of
profitability will translate into leverage remaining close to 2.0x
on an adjusted basis.

"We anticipate that Wepa will generate positive FOCF, even with
capex peaking at 9% of sales in 2026. Following Wepa's restriction
of capex to 3%-5% of total sales over 2022-2024, we now anticipate
a pick-up in investments over 2025-2026. We expect that annual
capex will total EUR110 million-EUR115 million in 2025 (around
6.0%-6.5% of sales) and EUR165 million-EUR170 million in 2026
(9.0%), before declining in 2027.

"The increase in capex is linked to a new expansionary project,
Vesta UK, which will cost around EUR135 million, to be split over
2025-2027. This comprises a new paper machine with annual
production capacity of 70,000 tons in the U.K., and two new
converting lines, with the aim being to reduce the amount of water
and energy needed for paper production. We understand that the
project will further consolidate the company's presence in the
U.K., which currently accounts for approximately 14% of its total
sales. We see the continuous penetration of private-label tissue
products in the U.K., notably toilet paper and kitchen towels.

"Despite the increase in capex, we expect Wepa's adjusted FOCF
generation to remain positive, at EUR80 million-EUR90 million in
2025. In 2026, we include in our base case EUR60 million of
drawings under Wepa's EUR220 million ABS facility maturing in July
2027, up significantly from the EUR6 million we expect in 2025."
This will support the company's liquidity during the peak phase of
its expansionary capex and will translate into FOCF of EUR35
million-EUR45 million, adjusted for the EUR54 million year-on-year
increase in ABS facility drawings.

Wepa can rely on its position as a supplier of choice to mitigate
input-price movements despite the inherent volatility in the tissue
industry. Historically, fluctuations in pulp prices have greatly
affected Wepa's credit metrics. In the past, Wepa needed 12-15
months to adjust its sales prices to mitigate the impact of surging
raw-material costs on its EBITDA margins. However, from 2022, the
company has progressively shortened the length of its contracts to
approximately six months and these now account for 85% of its total
consumer product sales.

S&P said, "Additionally, in our view, Wepa has entrenched its
position as a supplier of choice for retailers, leveraging its
innovations from a sustainability point of view and its ability to
satisfy customers' orders in times of stress. Wepa also partners
with its customers to support them in the development of their
private-label offerings. This, in our view, translates into
retailers' perceptions of the higher value that Wepa's product
offerings add, enabling closer relationships and more frequent
pricing negotiations than in the past. As a result, we now view
Wepa as being in a better position to mitigate swings in input
costs than before.

"Our 'BB' rating provides headroom for a potential increase in
discretionary spending. Wepa's public financial policy states that
it will keep net leverage between 2x and 3x (according to the
company's calculation). In line with our methodology and including
drawings on the ABS facility, this translates into adjusted
leverage of 2.5x-3.5x. Having said that, we expect in our base case
that the company's adjusted debt-to-EBITDA will remain at about
2.0x in 2025-2026, below its leverage target.

"For this reason, Wepa might opportunistically increase its
discretionary spending. In our view, we could see more
consolidation in the market, because some players continue to face
liquidity pressures as they are unable to pass on swings in input
costs. We believe that Wepa might pursue in-fill mergers and
acquisitions (M&A) in the U.K., in Eastern Europe, or in the
professional business segment, as we understand that these are its
key areas of focus. We also consider that after completing the
Vesta UK project, which Wepa targets in 2026-2027, Wepa's
expansionary capex might increase again, as the company looks to
add production capacity.

"Currently, we do not expect any major changes in Wepa's
dividend-payout ratio, which is equivalent to one-third of net
income and corresponds to distributions in the range of EUR40
million-EUR45 million in 2025 and EUR45 million-EUR50 million in
2026. However, we cannot rule out higher shareholder remuneration
than we currently anticipate.

"The stable outlook reflects our expectation that Wepa will
continue to mitigate the inherent industry volatility linked to
fluctuations in input costs (notably for pulp and energy). This is
mainly thanks to Wepa's entrenched position with its customers,
which allows for frequent pricing negotiations and improves its
pass-through capabilities. We anticipate that adjusted leverage
will remain around 2.0x over 2025-2026, supported by adjusted
EBITDA margins at or above 14.5% and solid annual FOCF generation.

"We could lower the rating on Wepa if it significantly
underperformed our expectations, that is, if its EBITDA margins
significantly reduced, or if its capex or discretionary spending
turned more aggressive, leading to adjusted debt to EBITDA
approaching 4.0x. This could result from higher volatility in input
prices than we envision, with an inability to raise sales prices in
a timely manner, coupled with a loss of market share in key
countries and higher discretionary spending than we anticipate.

"We could raise our rating on Wepa if continued profitability
improvements and disciplined capex and working capital management
significantly increased its annual FOCF, leading to adjusted FOCF
to debt above 30% on a sustained basis. An upgrade would also
depend on a solid track record of adjusted debt to EBITDA remaining
sustainably below 2.0x, and an adherence to a financial policy in
line with these metrics."




=============
I C E L A N D
=============

KVIKA BANKI: Moody's Puts '(P)Ba1' Rating on Review for Upgrade
---------------------------------------------------------------
Moody's Ratings has placed Kvika Banki hf.'s (Kvika) long-term and
short-term deposit ratings of Baa1/P-2, the senior unsecured and
long-term issuer ratings of Baa2, and the Baseline Credit
Assessment (BCA) and Adjusted BCA of ba1 on review for upgrade.
Previously, the outlook on the long-term deposit, long-term issuer
and senior unsecured debt ratings was stable. The (P)Baa2 senior
unsecured Euro Medium Term Notes (EMTN) program ratings, the (P)Ba2
subordinated EMTN, and the junior senior unsecured EMTN program
ratings of (P)Ba1 were also placed on review for upgrade.

Kvika's long-term and short-term Counterparty Risk Ratings (CRR) of
Baa1/P-2 and the long-term and short-term Counterparty Risk
Assessments (CR Assessment) of Baa1(cr)/P-2(cr), were also placed
on review for upgrade.

The rating action follows the separate announcements from Arion
Banki hf. (Arion) and Islandsbanki that their respective board of
directors have proposed opening merger talks with the board of
directors of Kvika.

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

On May 27, 2025, Arion announced its intention to initiate merger
discussions with Kvika [1]. On May 28, 2025, Islandsbanki also
expressed an interest to merge with Kvika [2]. For a transaction to
proceed, the shareholders of Kvika alongside those of the acquiring
bank would need to endorse the terms of the potential merger. The
board of Kvika has yet to substantively respond to either of the
indicative offers.

Any transaction would be subject to a range of approvals from the
Icelandic Competition Authority and the Central Bank of Iceland.
The review for upgrade will focus on the extent to which Kvika's
BCA and ratings would benefit from becoming part of a much larger
banking group and likely be aligned with those of its acquirer
mitigating current considerations related to the complexity of its
legal structure, and operational risks.

Kvika's BCA currently includes one negative notch for opacity and
complexity reflecting the increased operational complexity given
its relative size. This is driven by the investment banking
operations of the group as well as the mergers and acquisitions in
the recent years which pose a significant operational risk. These
considerations represent key governance risks under Moody's ESG
framework.

At the conclusion of the review period Kvika's ratings could be
upgraded subject to successful receiving all necessary regulatory
approvals of the merger with either Islandsbanki or Arion.

Given the review for upgrade, Moody's are unlikely to downgrade
Kvika's ratings during the review period. However, failure to
proceed with the merger would result into Kvika's ratings to be
confirmed at current levels provided that the bank continues to
exhibit resilient financial performance.  

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2024.




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AVOCA CLO XV: Fitch Assigns 'B-sf' Final Rating on Cl. F-R-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XV DAC reset final ratings, as
detailed below.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Avoca CLO XV DAC

   A-1-R-R XS3079939610   LT AAAsf  New Rating   A AA(EXP)sf
   A-2-R-R XS3079939883   LT AAAsf  New Rating   AAA(EXP)sf
   B-R-R XS3079940113     LT AAsf   New Rating   AA(EXP)sf
   C-R-R XS3079940386     LT Asf    New Rating   A(EXP)sf  
   D-R-R XS3079940626     LT BBB-sf New Rating   BBB-(EXP)sf
   E-R-R XS3079940972     LT BB-sf  New Rating   BB-(EXP)sf
   F-R-R XS3079941434     LT B-sf   New Rating   B-(EXP)sf
   X-R XS3079939453       LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Avoca CLO XV DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR410
million.

The portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company. The CLO has a 4.6-year reinvestment period and a
7.5 year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 24.9.

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 60.3%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including 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 has two matrices
that are effective at closing and two that are effective 18 months
post-closing, all with fixed-rate limits of 5.0% and 12.5%. The
closing matrices correspond to a 7.5-year WAL test while the
forward matrices correspond to a 7.0-year WAL test. The transaction
has a reinvestment period of about 4.6 years and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The WAL test covenant can be
extended by one year from 18 months after closing if the aggregate
collateral balance (with defaulted obligations carried at the lower
of Fitch and another rating agency's collateral value) is at least
at the reinvestment target par amount and all tests are passing.

Cash-flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include, among others, passing both the coverage tests and
the Fitch 'CCC' limit post reinvestment as well as a WAL covenant
that progressively steps down over time, both before and after the
end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

An increase of the mean default rate (RDR) at all rating levels in
the current portfolio by 25% and a decrease of the recovery rate
(RRR) by 25% at all rating levels would have no impact on the class
X-R through A-2-R-R notes, lead to downgrades of one notch for the
class B-R-R to E-R-R notes and to below 'B-sf' for the class F-R-R
notes. Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-R-R, C-R-R, D-R-R
and E-R-R notes display rating cushions of two notches.

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

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.

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

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Avoca CLO XV 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.


AVOCA CLO XV: S&P Assigns B-(sf) Rating on Class F-R-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Avoca CLO XV DAC's class
X-R, A-1-R-R, A-2-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes.
At closing, the issuer had unrated subordinated notes outstanding
from the existing transaction.

This transaction is a reset of the already existing transaction,
that S&P did not rate. At closing, the existing classes of notes
were fully redeemed with the proceeds from the issuance of the
replacement notes on the reset date.

The ratings assigned to Avoca CLO XV's reset notes reflect S&P's
assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P weighted-average rating factor                   2,855.34
  Default rate dispersion                                444.68
  Weighted-average life (years)                            4.09
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           4.59
  Obligor diversity measure                              176.98
  Industry diversity measure                              23.46
  Regional diversity measure                               1.18

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          2.46
  Target 'AAA' weighted-average recovery (%)              37.05
  Target weighted-average spread (net of floors; %)        3.70
  Target weighted-average coupon (%)                       4.12

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.6 years after
closing.

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

S&P said, "In our cash flow analysis, we modeled a target par of
EUR410 million. Additionally, we modeled the covenanted
weighted-average spread (3.58%), the covenanted weighted-average
coupon (3.90%), and the target weighted-average recovery rates
calculated in line with our CLO criteria for all classes of notes.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

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

"The CLO is managed by KKR Credit Advisors (Ireland) Unlimited Co.,
and the maximum potential rating on the liabilities is 'AAA' under
our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class
X-R to E-R-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-R-R to E-R-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing--during which the
transaction's credit risk profile could deteriorate--we have capped
our ratings on the notes.

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

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

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

-- The 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 25.42% (for a portfolio with a weighted-average
life of 4.6 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.6 years, which would result
in a target default rate of 14.26%.

-- 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.

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

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

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

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

Avoca CLO XV DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO that is
managed by KKR Credit Advisors (Ireland) Unlimited Co.

Environmental, social, and governance

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


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

  X-R      AAA (sf)      4.10    Three/six-month EURIBOR   N/A
                                 plus 0.90%

  A-1-R-R  AAA (sf)    249.30    Three/six-month EURIBOR   39.20
                                 plus 1.35%

  A-2-R-R  AAA (sf)      7.10    Three/six-month EURIBOR   37.46
                                 plus 1.60%

  B-R-R    AA (sf)      38.60    Three/six-month EURIBOR   28.05
                                 plus 1.80%

  C-R-R    A (sf)       24.50    Three/six-month EURIBOR   22.07
                                 plus 2.15%

  D-R-R    BBB- (sf)    29.40    Three/six-month EURIBOR   14.90
                                 plus 3.15%

  E-R-R    BB- (sf)     18.30    Three/six-month EURIBOR   10.44
                                 plus 5.50%

  F-R-R    B- (sf)      16.20    Three/six-month EURIBOR    6.49
                                 plus 8.26%

  M-1      NR           24.60    N/A                        N/A

  M-2      NR           28.50    N/A                        N/A

*The ratings assigned to the class X-R, A-1-R-R, A-2-R-R, and B-R-R
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C-R-R, D-R-R, E-R-R, and F-R-R notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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




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

ALTICE INTERNATIONAL: Moody's Lowers CFR to Caa2, Outlook Negative
------------------------------------------------------------------
Moody's Ratings has downgraded to Caa2 from Caa1 the long-term
corporate family rating, and to Caa2-PD from Caa1-PD the
probability of default rating of Altice International S.a.r.l.
(Altice International), a telecoms operator with operations in
Portugal, Israel and the Dominican Republic. Concurrently, Moody's
have downgraded to Ca from Caa3 the backed senior unsecured
instrument rating of Altice Finco S.A. and to Caa2 from Caa1, the
backed senior secured and senior secured bank credit facility
instrument ratings of Altice Financing S.A. The outlook on all
entities remains negative.

"The downgrade to Caa2 reflects the increasing risk that the
capital structure will become unsustainable as a result of weaker
operating performance and rising funding costs," says Ernesto
Bisagno, a Moody's Ratings Vice President -- Senior Credit Officer
- and lead analyst for Altice International.

RATINGS RATIONALE    

The rating downgrade reflects the increasing risk of an
unsustainable capital structure as a result of weaker operating
performance and rising interest costs. Although there are moderate
refinancing needs over 2025-26, the company will face a refinancing
wall over 2027-28, which, at current funding rates, would require a
significant improvement in Altice International's earnings profile
for its capital structure to remain sustainable.

Moody's also expects that access to capital markets for Altice
International would likely be costlier and potentially more
challenging going forward, given that other credit pools controlled
by  French entrepreneur Patrick Drahi, such as Altice France
Holding S.A. (Caa3 negative) or CSC Holdings, LLC (Altice US, Caa2
negative), have also experienced a deterioration in credit
quality.

Altice International experienced a decrease in EBITDA, with figures
showing a 2.9% reduction for 2024 and a further 3.9% drop in the
first quarter of 2025. This decline was driven by lower equipment
revenues from Altice Labs, a plateau in growth within the
Portuguese market, and adverse market conditions in Israel. As a
result, the company's leverage remains high, reflected in a
pro-forma Moody's adjusted debt to EBITDA ratio of 6.4x as of
December 2024. The EUR600 million bond and the EUR436 million
revolving credit facility, both repaid in the first quarter of
2025, were excluded from the leverage calculation. The repayment of
the revolving credit facility was financed through the sale of a
53% stake in Teads, a media platform, resulting in $625 million in
total proceeds.

Moody's expects EBITDA for the full year 2025 to exhibit similar
trends. The pressure on EBITDA will be partially offset by lower
capex intensity. However, the company will continue to generate
negative free cash flow of approximately EUR180 million. Because of
the decline in EBITDA, Moody's expects the company's
Moody's-adjusted debt/EBITDA to remain around 7.0x over 2025-26.

In addition to the high leverage, Altice International's Caa2
rating continues to reflect the complexity of the group structure
given that the company fully consolidates its fibre network in
Portugal (Fastfiber) but only owns 50.01%; and its large
refinancing needs from 2027 onwards, which will likely have to be
refinanced at higher rates.

The rating also reflects the company's geographical diversification
and strong market position in the countries in which it operates;
its large scale; its well-invested fibre-rich infrastructure.

LIQUIDITY

Altice International's liquidity remains weak because of the
negative FCF. The upcoming debt maturities include an approximately
EUR170 million equivalent senior secured term loan issued by Altice
Financing S.A. due in July 2025, and approximately EUR169 million
equivalent due in January 2026. The company has a significant
refinancing wall from 2027 when most of its debt starts to mature.

As of March 2025, the company had cash of EUR240 million (including
EUR53 million restricted cash), plus EUR593 million fully undrawn
revolving credit facilities (RCFs) maturing in February 2027. The
RCF is subject to a springing net leverage covenant of 5.25x (for
drawings higher than 40%). Net leverage as of the end of Q1 2025
was 5.6x (L2QA), implying limited capacity under this covenant.

However, the company has additional flexibility to comply with this
covenant, given that the calculation excludes the debt under the
credit basket, which is equivalent to almost 1x of leverage.

STRUCTURAL CONSIDERATIONS

The ratings of Altice International group's senior secured notes
and secured term loans, which account for the bulk of the company's
financial debt incurred at its borrowing subsidiary Altice
Financing S.A., are in line with the Caa2 CFR.

The Ca rating of Altice International's senior notes, issued at its
borrowing vehicle Altice Finco S.A., reflects their unsecured
position compared with the Caa2-rated instruments in the capital
structure. Holding company guarantees for the Ca-rated instrument
are provided on a senior subordinated basis, and the instruments
share (on a second-ranking pledge basis) only a part of the
security package available to the senior secured lenders.

RATIONALE FOR NEGATIVE OUTLOOK

The negative rating outlook reflects the company's high leverage
and the negative free cash flow generation because of a combination
of weakened operating performance and rising interest costs.

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

Because of the negative outlook, there is limited upward pressure
on the rating. However, upward pressure could develop if the
company delivers a solid operating performance with sustainable
revenue and EBITDA growth that allows the company to afford higher
interest rates and leads to a more sustainable capital structure.

Altice International's rating could be downgraded if the risk of
default rises or Moody's assessments of recovery in a default
scenario deteriorates further.

PRINCIPAL METHODOLOGY

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

Altice International's Caa2 rating is three notches below the
scorecard-indicated outcome of B2, reflecting the company's
unsustainable capital structure and its weak liquidity.

COMPANY PROFILE

Altice International S.a.r.l. (Altice International) is a
multinational fibre, telecommunications, content and media company,
with a presence in three key markets: Portugal (MEO), Israel (HOT
brand) and the Dominican Republic (Alice Dominicana). The company's
direct corporate parent is Altice Luxembourg S.A. (Altice
Luxembourg), which is fully controlled by French entrepreneur
Patrick Drahi through financial vehicles.

As of December 31, 2024, Altice International provided broadband,
pay-TV and telephony services to three million B2C customers. The
company also provides B2B telephony services and had 10.3 million
B2C mobile subscribers. In 2024, the company generated revenue and
EBITDA of EUR4.3 billion and EUR1.6 billion, respectively.


CPI PROPERTY: S&P Rates New Proposed Euro Sub. Hybrid Notes 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating to the euro
subordinated hybrid notes that CPI Property Group S.A. has proposed
to exchange the existing Singapore dollar (S$) and euro hybrid
investors with upcoming first reset dates under the company's
exchange offer. S&P assesses the instruments as having intermediate
equity content as per its criteria.

Real estate company CPI Property Group has launched a public offer
to exchange its S$150 million non-call 2025 and EUR550 million
non-call 2025 perpetual subordinated notes, the first reset date of
which are July 2025 and October 2025, respectively, for a new
proposed hybrid bond including a 2.25% premium exchange to par and
a cash fee component. The portion of existing hybrid notes that
will not be exchanged is set to remain outstanding. S&P said,
"Following the exchange, and according to our criteria, we will
continue to assign intermediate equity content to any amount
remaining under the two existing hybrids because they have five
additional years of equity content following our lowering of the
issuer credit rating to speculative grade.

S&P understands the transaction does not contemplate any redemption
of the existing hybrid stack because the company remains committed
to maintaining hybrid instruments as an integral part of the
capital structure. If CPI achieves 100% acceptance of the proposed
exchange, the hybrid stack would increase by approximately EUR15
million as a result of the premium proposed to investors.

The proposed exchange offers bondholders a 2% cash fee incentive
and a 102.25% premium issuance included in the new notes. CPI
launched on June 12, 2025, an exchange offer aiming to refinance
the two existing hybrid bonds: the S$150 million 4.375% non-call
2025 (with a reset date of July 2025) and the EUR550 million 4.750%
noncall 2025 (reset date October 2025). The offer contemplates a 2%
cash consideration and an issuance premium, as existing bondholders
will receive 102.25% of the new proposed bond in exchange for their
100% holding of the existing bonds. Additionally, the new proposed
subordinated note issuance will carry a 7.5% coupon, which is
slightly higher than the expected reset rates of the existing
hybrids to be exchanged. S&P views the proposed exchange offer as
slightly more expensive than a noncall decision on the hybrids, but
understand the company aims to refinance hybrid instruments ahead
of the reset date given its commitment to hybrid instruments as
part of its capital structure, and its sustained access to capital
markets. Even if not material, the transaction will weigh
negatively on CPI's credit metrics given the premium offering, cash
fee incentive, and higher coupon associated with the new notes
compared with the reset rate.

S&P said, "We assess the proposed hybrid bonds as having
intermediate equity content. We rate the proposed perpetual
subordinated hybrid bonds 'B+', three notches below the 'BB+'
issuer credit rating on CPI, two for subordination and one for
deferability, and at the same level as the ratings on the company's
outstanding EUR1.65 billion hybrid bonds. The three-notch rating
difference reflects our notching methodology, which calls for
deducting two notches for subordination because our long-term
rating on CPI is speculative grade ('BB+' or lower); and an
additional notch for payment flexibility, because the option to
defer interest stands with the issuer. The proposed exchange offer
targets only two of the four outstanding hybrid bonds in the
capital structure; the EUR525 million 4.750% non-call 2026 (reset
date in November 2026) and EUR475 million 3.750% non-call 2028
(reset date in July 2028) are not involved in the exchange offer.
We assess the bond as having intermediate equity content until its
first reset date, which is set to be six years after issuance. This
is because the effective maturity would occur in 2046 and therefore
falls to 15 years at the first reset rate, which is our minimum
effective maturity requirement for assigning intermediate equity
content for 'BB' rated issuers. The instruments are subordinated to
the company's senior debt obligations, cannot be called for at
least five years, and are not subject to features that could
discourage or materially delay deferral. Overall, we consider that
the terms and conditions of the proposed hybrid bond are close to
those of the existing notes it would replace if accepted by
bondholders, with the incorporation of conversion beneficiary units
in an extreme financial stress scenario and the subordination of
the proposed hybrid notes to the existing hybrid subordinated notes
in the capital structure.

"Following the exchange offer completion, we will continue to
assign intermediate equity content to any remaining amount not
exchanged under the two existing hybrid bonds after the reset date,
for five additional years, in line with our hybrid criteria. We
will continue to assess any remaining amount not exchanged and not
called of the two existing non-call 2025 bonds targeted by the
exchange offer as having intermediate equity content, in line with
our hybrid methodology. As per our criteria, when an issuer credit
rating is lowered to the 'BB' category from the investment-grade
level ('BBB-' or higher), the residual maturity requirement for us
to assign intermediate equity content shortens to 15 years of
residual maturity before the maturity date from a minimum of 20
years, resulting in five additional years of equity content for
issuers in the 'BB' category versus issuers rated investment grade.
The hybrid methodology, reflecting the loss absorption and cash
preservation nature of hybrid instruments that are considered as
having intermediate equity content, reduces the residual maturity
requirement as the credit quality of an issuer deteriorates,
offering the issuer flexibility with regard to its hybrid
instruments to absorb losses and preserve cash in periods of
stress. As a result, the remaining amounts not exchanged of the
existing Singapore dollar non-call 2025 and euro non-call 2025
hybrid bonds will retain intermediate equity content for an
additional five years from their upcoming first reset date.

"Our outlook on CPI is negative and rating headroom remains
limited. The proposed exchange transaction will have a limited
impact on credit metrics. The proposed 2% cash fee consideration,
if the proposed exchange is accepted by 100% of the two targeted
hybrid bonds, will amount to a cash outflow of EUR13 million.
Similarly, the 102.25% issuance premium offered as part of the
exchange into the new proposed hybrid bond could result, if
acceptance rate is 100%, in an increase of the current EUR1.65
billion hybrid stack of about EUR15 million. Given CPI's overall
leverage levels with EUR10.2 billion of S&P Global Ratings-adjusted
net debt, the impact on leverage metrics remains limited compared
with our most recent expectations published on May 21, 2025 where
we expected S&P Global Ratings-adjusted debt to EBITDA to improve
slightly in 2025 to 14.0-15.0x from 15.1x at year-end 2024,
reducing further to 13.5x-14.5x in 2026 and adjusted debt to debt
plus equity improving toward 57.5%-58.5% in 2025 and further to
56.5%-57.5% in 2026 from 59.2% as of year-end 2024. That said the
company's interest coverage ratio has limited headroom, and while
the proposed transaction will have a limited impact compared with
the company's reset rate of the existing instruments compared with
the 7.5% proposed coupon of the new hybrid instrument, it will
marginally weigh on the company's interest burden. CPI reported a
net interest coverage ratio of 2.2x as of the end of the
first-quarter 2025, a further deterioration from 2.4x at year-end
2024 and closer to its covenant level of 1.9x. We expect S&P Global
Ratings-adjusted EBITDA interest coverage to remain low at around
1.6x-1.7x over 2025-2026 with limited headroom under its downside
threshold, especially in the context of subdued operating
performance, such as that seen in first-quarter 2025; net rental
income like-for-like growth was only 0.6%, below indexation, and
occupancy levels deteriorated to 91.6% from 92.1% as of year-end
2024. We will continue to monitor closely the company's operating
performance and disposal plan and the potential impact on CPI's
EBITDA interest coverage over the next couple of months. We will
update our analysis if CPI does not exhibit improvement in its
credit metrics."


CURRENTA GROUP: S&P Assigns 'BB-' LongTerm ICR on Refinancing
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue credit
ratings to Currenta's intermediate parent company, Currenta Group
Holding S.a.r.l, and a 'BB-' rating to the EUR1.0 billion senior
secured notes, with a '3' recovery rating (recovery range: 50%-70%;
rounded estimate: 55%).

Macquarie Asset Management refinanced the existing indebtedness of
Currenta, which it had acquired in 2019-2020. As part of the
transaction, Currenta raised senior secured notes to refinance the
existing capital structure, extend maturities, and fund a
shareholder payment.

S&P said, "We view the capital structure as highly leveraged, with
S&P Global Ratings-adjusted leverage of 5.6x-5.8x for year-end
2025.

"The stable outlook reflects that we expect gradual improvement in
EBITDA over the next 12-18 months, driven by stable revenue and
progress on the Fund2Run program. As a result, adjusted debt to
EBITDA should improve to 5.3x-5.5x in 2026. We also expect the
company to maintain EBITDA interest coverage above 2.0x, a
comfortable liquidity buffer with a long-dated maturity profile and
that shareholder remuneration via shareholder loan interest and
principal repayment will remain flexible and dependent on business
conditions."

Currenta is the largest independent operator of chemical parks in
Germany, with net sales (excluding passed-through sales) of about
EUR1.3 billion a year. The company operates and owns three
industrial sites located in Germany's chemical heartland of
North-Rhine Westphalia. The geographic proximity along the Rhine
and strategic transportation infrastructures allows its clients to
supply in a timely manner. The Rhine is one of the rare rivers
where it is permitted to transport ammoniac, which is used in the
production of dihydrogen (H2). Germany has ambitious plans to
develop its H2 sector to reach its carbon reduction's goal over the
next two decades and S&P expects Currenta to be well positioned to
benefit from this trend in the long term. Its position as the
largest independent operator of chemical parks gives Currenta a
clear advantage and favorable position over its direct
competitors.

Currenta has proven its resilience, despite challenging conditions.
Since 2020, it has gone through several crises: COVID-19 in 2020,
the Bürrig incident in 2021, and the energy crisis following the
invasion of Ukraine in 2022. Its reported EBITDA has remained
resilient, at EUR240 million-EUR294 million over the past five
years, with the reported adjusted EBITDA margin of about 23%. Its
revenue profile is composed of mandatory services, energy cost
pass-through mechanisms and take-or-pay contracts, allowing
Currenta to maintain stable margins despite the surge of energy
prices in Germany in 2021 and downturn in the chemicals sector due
to the destocking effect in 2023-2024.

Most of Currenta's revenue is secured by long-term contracts with
pass-through clauses. The company has very strong visibility on its
revenue and margins over the next 5-10 years and benefits from
contractual downside protection, thanks to long-term contracts for
most of its services, which contributes of about 75% of EBITDA.
Most contracts benefit from price escalation clauses that allow to
pass through inflation of underlying costs. For the business unit
Energy, production of electricity and steam works under a
consortium self-supply model with key clients (NEMo), Currenta acts
as the operator of this consortium with energy prices and volume
risks passed through to customers. The length of NEMo's contract is
typically 15 years. Currenta receives a pre-defined EBITDA based on
an agreed return on capital employed. The company is negotiating
with key clients to extend the consortium, and they expect to
receive full commitments from clients to progress toward
decarbonization and coal phase-out. For the business unit
Circularity, customers must use the services of Currenta for the
disposal of all waste produced in its chemical parks. The length of
contracts is usually at least five years for keys clients, and
revenue is formula driven to pass through the cost of energy and
includes take-or-pay clauses. Overall, 86% of net sales benefits
from costs passed through. The historical renewal rate is close to
100% for all services.

The company has a transformation program, Fund2Run, and aims for
EBITDA improvement of about EUR100 million. The Fund2Run program,
started in 2023, targets improvements in cost structure and
investments in new technologies, such as decarbonization and
digitalization. Cost optimization comes from workforce reduction,
through renegotiation of existing contracts, notably for energy
supply, logistics, or sewage contracts. Currenta is progressing
toward its decarbonization targets and aims to exit from coal by
2030. The company has five coal units, one will be fully
decommissioned by 2026, two will be replaced by electric boilers in
2026 and 2027 and the two remaining will be replaced by H2-ready
gas boilers by 2030. S&P said, "We expect a coal phase-out
investment plan of about EUR165 million between 2025 and 2028. We
understand that for most new investments, the company has long-term
commitments from key clients and negotiates predefined rates of
return on investments, translating into an expected improvement of
the EBITDA. As of end-2024, 75% of the program has been achieved
and the company is on track to deliver the expected EBITDA
improvement. We factor into our base case an increase in EBITDA of
about EUR50 million in 2025 compared with 2024."

Most of Currenta's customer end markets are cyclical. As an
operator of chemical parks, the company has no direct exposure to
the chemical sector, but the great majority of its customers are
chemical producers. It is indirectly affected if the chemicals
sector weakens, as this could hinder the operations of its clients,
and they may decide to reduce production or reduce capacity. This
would reduce volume of products and services provided by Currenta
and lower utilization of the utilities. Nevertheless, this risk is
partly mitigated by long-term contracts with take-or-pay clauses
and a material proportion of its services are mandatory for
companies operating in the chemical parks and the resilience
demonstrated.

Currenta has strong customers and geographic concentration. In
2024, 70% of the company's net sales came from three major clients:
Covestro Group (30.3% of net sales), Lanxess Group (23.9%), and
Bayer Group (15.8%). Their common history with Currenta and their
longstanding relationships are mitigating factors. S&P said,
"Nevertheless, we consider this concentration credit negative. We
cannot exclude that a client could decide to reduce its presence or
leave the park over the medium term. The overall competitiveness of
Europe and particularly of Germany could weaken, resulting in the
relocation of chemical facilities to lower-cost hubs, such as North
America or Asia. We understand that Currenta receives several
applications from companies to join the chemical parks and the
company has a strict screening process to ensure that the new
joiner will add value to the "Verbund" system." Nevertheless,
moving from one chemical park to another is time consuming and
complex, leading to vacancy and extra costs. Currenta is only
present in Germany and is exposed to local change in regulations,
energy transition, feedstock supply, or political turmoil for
instance.

The 'BB-' rating reflects the highly leveraged capital structure
following the transaction. S&P said, "We view Currenta's capital
structure as highly leveraged following the transaction in May
2025, with adjusted debt to EBITDA at about 5.6x-5.8x in 2025,
deleveraging to 5.3x-5.5x in 2026. We forecast a slight reduction
in 2025-2026, as EBITDA improves along with progress on the
Fund2Run program and cost optimization. We expect to see a
progressive strengthening in the following years, with S&P Global
Ratings-adjusted EBITDA margin reaching 14%-15% in 2026 and 15%-16%
in 2027. We expect the S&P Global Ratings-adjusted EBITDA to reach
EUR320 million-EUR330 million in 2025 and EUR345 million-EUR360
million in 2026, translating into an adjusted leverage of 5.6x-5.8x
and 5.3x-5.5x in 2025 and 2026. We expect Currenta to display a
strong EBITDA interest coverage of about 3.5x-4.0x in 2025. Our
adjusted debt calculation for 2024 includes adjustments for leases
(EUR60 million), factoring (EUR50 million), asset retirement
obligations (EUR100 million), and pension liabilities (EUR770
million), and cash is netted off where relevant."

S&P said, "We forecast Currenta will generate free operating cash
flow (FOCF) of EUR10 million-EUR15 million in 2025 but will remain
limited due to high capital expenditure (capex) in 2026 and 2027.
The company needs recurring maintenance capex of about EUR100
million to operate. In addition, it has special projects such as
exiting coal or a construction of a new fire station for about
EUR400 million between 2025 and 2029. We forecast total capex of
about EUR160 million in 2025 and EUR200 million in 2027. This,
combined with EUR50 million-EUR55 million of projected cash
interest payments and moderate working capital outflow of about
EUR30 million, result in our projected FOCF of EUR10 million-EUR15
million in 2025.

"We consider the financial policy neutral, given we view Macquarie
Asset Management as a long-term investor. We expect that
shareholder remuneration via the repayment of interest and
principal on the shareholder loan will remain flexible and depend
on business conditions. This is because we understand that
Currenta's shareholders remain committed to maintaining prudent
leverage. Covenants include a maximum consolidated net leverage
ratio of 3.25x after giving effect to any restricted payments as
defined by the issuer. We view the EUR1.025 billion shareholder
loan as equity under our criteria. The equity treatment reflects
our view of Macquarie Asset Management as an infrastructure fund
with a relatively long investment horizon, as well as certain
features of the loan: it matures three years later than the newly
issued senior secured notes; it is contractually subordinated to
any senior debt; and is not transferrable unless the company's
shares are sold. We also note that there are no events of default
or acceleration of repayment, which further supports equity
treatment. Finally, we anticipate that any repayment of the
shareholder loan will be subject to covenants.

"The stable outlook reflects our expectation of gradual improvement
in EBITDA over the next 12-18 months driven by stable revenue and
progress on the Fund2Run program. As a result, adjusted debt to
EBITDA should improve to 5.3x-5.5x in 2026. We also expect the
company to maintain EBITDA interest coverage above 2x, a
comfortable liquidity buffer with a long-dated maturity profile,
and we expect shareholder remuneration via shareholder loan
interest and principal repayment will remain flexible and dependent
on business conditions."

S&P could lower the rating if:

-- The company's adjusted debt to EBITDA deteriorates to above
6.5x, with no prospect for a swift improvement;

-- Currenta fails to achieve EBITDA and margin growth from the
transformation plan S&P includes in its base case;

-- FOCF turns negative and this leads to a weakening in liquidity;
or

-- The company's financial policy becomes more aggressive,
possibly due to debt-funded acquisitions or shareholder returns.

S&P could raise its ratings if:

-- Adjusted debt to EBITDA approaches to 5.0x on a sustainable
basis;

-- The company performs above our expectations;

-- It does not undertake additional debt-funded shareholder
returns or additional debt-funded acquisitions before improving its
credit metrics; and

-- Liquidity remains adequate.


FS LUXEMBOURG: Fitch Assigns BB Rating on New Unsec. Notes Due 2033
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the proposed senior
unsecured notes due in 2033 issued by FS Luxembourg S.a.r.l. (FS
Lux) and unconditionally and irrevocably guaranteed by FS Industria
de Combustiveis Ltda. (FS) and FS I Industria de Etanol S.A (FS
SA).

Proceeds will be used for tendering the 2031 notes, repay certain
outstanding indebtedness, fund eligible green projects, and capex
and opex related to the production of corn ethanol.

Fitch currently rates FS' Foreign Currency (FC) and Local Currency
(LC) Issuer Default Ratings (IDRs) 'BB-'/Stable. The ratings
incorporate FS' large-scale production in the volatile corn ethanol
industry, its ability to maintain satisfactory financial
flexibility. Additionally, the ratings reflect Fitch's expectation
that net leverage will decline to around 3.0x in fiscal 2027
(ending March 31), from 3.5x in fiscal 2025, as Fitch does not
expect major expansionary capex in the near term.

Key Rating Drivers

Large Ethanol Producer: FS benefits from a sizable production
capacity of approximately 2.5 billion liters of ethanol and a
robust corn supply from neighboring areas, allowing for price
discounts relative to Chicago Board of Trade (CBOT). Additionally,
animal nutrition products provide a partial hedge, as their prices
strongly correlate with regional corn and soybean prices. Fitch
expects revenues from these products to cover 44% of feedstock
costs in the long term. FS' industrial plants in Mato Grosso,
Brazil's largest corn producing state, mitigates corn origination
risks.

Weaker Corn and Ethanol Prices Correlation: FS faces price
volatility and low correlation between corn, its main raw material,
and ethanol, its main output. Corn prices adjust rapidly to global
supply and demand imbalances, while Brazilian ethanol prices
largely depend on local gasoline prices set by Petrobras, which are
influenced by the Brent crude prices in BRL. Ethanol prices are
also indirectly influenced by sugar prices, as about 80% of local
ethanol production comes from sugarcane. The base case assumes
international corn prices at USD4.60 per bushel in 2025 and 2026,
hydrous ethanol prices at BRL2.70/liter for fiscal YE 2026, and
average Brent prices at USD65/bbl in 2025.

Operating Cash Flow to Recover: Fitch expects EBITDA of BRL2.5
billion and cash flow from operations (CFFO) of BRL1.3 billion in
fiscal YE 2026. In line with the EBITDA of BRL2.5 billion and CFFO
of BRL824 million in fiscal YE 2025. The maintenance of current
ethanol prices and corn cost should support the deleveraging at the
company. Fitch projects positive FCF from fiscal YE 2026 onward, as
the main expansionary investments have been concluded. Fitch's base
case considers moderate expansionary capex and payment of
dividends.

Net Leverage Around 3.0x in fiscal YE 2027: Fitch projects that net
leverage will decrease to about 3.0x in fiscal YE 2027, with the
volumes from Primavera do Leste plant and maintenance of adequate
EBITDA margins due to current ethanol prices and corn costs. A
change in the current prices scenario for ethanol or for corn, or a
more aggressive capex plan or higher dividend payments, could
change the deleverage trajectory with impacts in the company's
current rating assessment.

Peer Analysis

FS' IDRs are four notches lower than Raizen S.A. and Raizen Energia
S.A. (collectively referred to as Raizen; BBB/Stable), reflecting
FS' smaller scale, higher exposure to commodity price risk compared
with sugarcane processors, and weaker liquidity and more leveraged
capital structure. Unlike FS, sugarcane processors benefit from a
market pricing mechanism that links sugarcane costs to commodity
prices.

FS' BB-/Stable IDR matches that of Ingenio Magdalena (IMSA,
BB-/Stable). While IMSA enjoys a more stable cash flow profile, FS
faces greater exposure to commodity price fluctuations in both raw
materials and product prices. However, IMSA has tight liquidity,
smaller scale in terms of revenues and EBITDA, and less financial
flexibility.

Key Assumptions

- Ethanol production capacity of 2.5 billion liters in fiscal YE
2026;

- Animal nutrition products providing around 44% coverage for total
corn costs;

- Ethanol prices to vary in tandem with a combination of oil prices
and the FX rate. Brent crude prices have been forecast to average
USD65/bbl in fiscal YE 2026;

- Average FX rate at BRL5.80/USD in in fiscal YE 2026;

- Total investments of BRL342 million in fiscal YE 2026;

- Dividends of BRL234 million in fiscal YE 2026.

RATING SENSITIVITIES

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

- Deterioration in liquidity and/or difficulties to refinance
short-term debt;

- EBITDA margins below 20% on a sustained basis;

- Net debt/EBITDA above 3.0x on a sustained basis.

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

- Longer track record in different cycles of ethanol and corn
prices;

- FCF consistently positive, with the maintenance of net
debt/EBITDA below 1.5x through the cycle.

Liquidity and Debt Structure

FS has satisfactory liquidity and financial flexibility. As of
March 31, 2025, the company reported cash and marketable securities
of BRL2.5 billion and total debt of BRL11.4 billion, including
reverse factoring transactions, guarantees provided to related
companies and net of FX and IRS derivatives. Excluding reverse
factoring, guarantees provided and derivatives, the company has
BRL804 million of debt maturing in the short term.

FS has satisfactory financial flexibility to address upcoming
maturities and diversified access to funding, banks and capital
markets. Readily marketable inventories (around BRL600 million in
corn) and offtake contracts with large fuel distributors improve
financial flexibility; inventories can be easily monetized, and
accounts receivables can be used as collateral under new credit
facilities, if required. Also, FS will use part of the new bond
proceeds to improve its liquidity and lengthen debt profile.

Issuer Profile

FS operates three plants in Mato Grosso, producing corn-based
ethanol, dried distillers' grains for animal nutrition, corn oil,
and energy. The plants have a total capacity to crush 5.1 million
tons of corn and produce 2.5 billion liters of ethanol.

Date of Relevant Committee

26-Sep-2024

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           
   -----------               ------           
FS Luxembourg S.a r.l.

   senior unsecured      LT BB- New Rating



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

CME MEDIA: S&P Raises ICR to 'BB-' on Deleveraging, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Central European broadcaster CME Media Enterprises B.V. (CME) to
'BB-' from 'B+'.

S&P said, "The stable outlook reflects our view that over the next
12 months, CME will achieve material growth in its subscription
revenue and that its linear TV operations' performance will remain
robust. Despite ongoing investments in its streaming offering, we
expect the company will maintain EBITDA margins around 25%,
adjusted leverage below 3.5x, and FOCF to debt above 10%.

"The upgrade reflects our view that in 2025-2026, CME will maintain
S&P Global Ratings-adjusted debt to EBITDA comfortably below 4.0x,
underpinned by sound operating performance and sizable FOCF
generation. We expect CME to post 3%-5% revenue growth on the back
of still-sound performance in TV advertising and an increasing
contribution from streaming and other revenue. This should allow it
to invest in content and its streaming and over-the-top (OTT)
platforms and only moderately reduce its S&P Global
Ratings-adjusted EBITDA margins in 2025-2026 to about 25%-26%, from
27% in 2024. At the same time, the company lowered its long-term
net leverage target to 2.75x from 3.25x, assuming no acquisitions,
which is commensurate with S&P Global Ratings-adjusted debt to
EBITDA of about 3.25x. We expect it will continue to proactively
repay debt and that its adjusted leverage will decline toward 3.0x
in 2025, from 3.3x in 2024, and reduce further in 2026; and its
FOCF to debt will improve toward 15% in 2026 from 13% in 2024."

CME will continue to expand its digital TV offering in 2025-2026 in
line with changing preferences of content consumption. S&P expects
the company to focus on widening its streaming offering operated
under the VOYO brand across five markets (Bulgaria, Romania,
Slovakia, Slovenia, and Croatia) and recently launched OTT platform
Oneplay in Czech Republic (which will replace VOYO in this market).
This will be supported primarily by subscriber growth because CME's
markets have still lower subscription streaming penetration than
Western European countries or the U.S. The company's popular local
content, including scripted and unscripted shows, will support
growth and will provide CME with a competitive advantage versus
global streaming platforms. In Czech Republic, CME's TV Nova
started a collaboration with a local telecom operator O2 (also
owned by PPF Group, CME's parent) and launched Oneplay, an OTT
platform. Oneplay will replace CME's VOYO streaming operations, and
its offering will include VOYO content paired with additional TV
channels, entertainment, and exclusive sports channels.

S&P said, "We expect CME's linear TV businesses to perform soundly
in 2025-2026, despite the secular trend of declining viewing. TV
advertising contributed 70% of CME's revenue in 2024, exposing its
revenue and earnings to the declining linear TV viewing, shift
toward on-demand viewing, and to the cyclicality and volatility of
TV advertising revenue. However, Central European markets show more
resilience in linear TV consumption than in Western Europe or the
U.S. due to a larger share of TV in total advertising and less
disruption by digital and lower smart TV and SVOD penetration.
CME's markets of operations remain less mature and have lower
household purchasing power, making them less appealing to global
streaming platforms. Preferences for local content and CME's strong
offering also support its linear TV viewership and strong market
positions and leading audience shares. CME holds leading market
position in four out of six TV markets, underpinned by its
attractive mix of international and local content such as
unscripted entertainment, reality, and scripted drama, as well as
news and sports, which translates into superior pricing for its
linear TV advertising. We also think the resilience in linear TV
advertising in CME's markets will benefit from continued robust
economic growth, especially in its largest markets, Czech Republic
and Romania (about 61% of CME's revenue)."

CME's financial policy and net leverage target of 2.75x supports
adjusted leverage levels commensurate with a 'BB-' rating. The
company has lowered its long-term net debt to EBITDA target to
2.75x from 3.25x, assuming no acquisitions, which is commensurate
with S&P Global Ratings-adjusted leverage of about 3.25x. S&P said,
"We expect CME's financial policy will continue to prioritize debt
reduction, with limited risk of debt-funded acquisitions or a
material increase of dividends, such that the company will maintain
adjusted leverage below 3.5x in the next two years. The company has
a positive track record of voluntarily reducing debt, and it repaid
EUR55 million in 2024, and EUR60 million in 2023. We anticipate
that CME will continue to generate sound FOCF and will voluntarily
repay about EUR55 million of debt (there are no mandatory debt
repayments until 2026 due to made prepayments), reducing reported
debt to EUR760 million by the end of 2025."

S&P said, "The stable outlook reflects our view that over the next
12 months, CME will achieve material growth in its subscription
revenue and its linear TV operations will remain robust. Despite
ongoing investments in its streaming offering, we expect the
company will maintain EBITDA margins of about 25%, adjusted debt to
EBITDA below 3.5x, and FOCF to debt above 10%."

S&P could lower its rating on CME if its operating performance is
weaker than it expects, translating into adjusted debt to EBITDA
above 4.0x and FOCF to debt below 10%. This could occur if:

-- Secular trends of declining linear TV viewing in CME's markets
accelerated, leading to a pronounced decline in TV advertising
revenue and hence its profitability; or

-- The group followed a more aggressive financial policy,
prioritizing debt-funded acquisitions or shareholder returns,
leading to an increase in leverage.

S&P is unlikely to take a positive rating action. Over the long
term S&P could raise its rating on CME if:

-- CME's linear TV viewing and advertising revenue proved to be
resilient, and rapidly growing streaming revenue supported overall
sustainable revenue and earnings growth and improving
profitability;

-- CME's scale and diversification improved materially, reducing
its dependence on the linear TV advertising revenues; and

-- CME's leverage declined well below 2.5x, supported by a tighter
financial policy and track record of maintaining such leverage
levels.




===========
S W E D E N
===========

OPTIGROUP BIDCO: Moody's Lowers CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Ratings has downgraded OptiGroup BidCo AB's (Optigroup or
the company) corporate family rating to B3 from B2, its probability
of default rating to B3-PD from B2-PD. Concurrently, the company's
instrument ratings on the first lien facilities, including the
EUR465 million senior secured term loan B (TLB) due 2029 and EUR60
million senior secured revolving credit facility (RCF) due 2028,
have been downgraded to B2 from B1. The outlook remains negative.

"The downgrade reflects Optigroup's weak trading performance in the
last 12 months and very weak credit metrics, with uncertain
recovery prospects in the next 12-18 months in the context of a
challenging macroeconomic backdrop in Europe", said Guillaume
Leglise, a Moody's Ratings Vice President - Senior Analyst and lead
analyst for the company.  "Moody's rating action also considers
corporate governance risks, including risks related to the high
management turnover at Optigroup over the past two years",
concludes Mr Leglise.

RATINGS RATIONALE

The rating action reflects Optigroup's deterioration in sales and
earnings in 2024, impacted by a difficult macroeconomic context,
characterized by weaker demand, pricing pressure due to commodity
deflation and cost inflation. In 2024, the company's sales and
EBITDA (as adjusted by the company) declined by 4.3% and 6%
respectively. The company's performance continued to deteriorate
during the first quarter, with sales and EBITDA declines of 3.2%
and 8.8% respectively. This has translated into very weak credit
metrics, with Optigroup's leverage (Moody's-adjusted gross debt to
EBITDA) estimated at 9.6x and its Moody's-adjusted EBITA to
interest expense at around 0.8x as at end-March 2025.  

Most European economies currently face weak economic growth
prospects, as uncertainty surrounding US administration's tariffs
and global economic policies will likely take a toll on consumer,
business and financial activity. The company also faces soft demand
in the packaging segment and structurally declining demand in the
traditional paper industry. As such, Moody's expects trading
conditions to remain difficult for Optigroup in the next 12-18
months, with no significant recovery in sales and earnings in the
short term. Moody's expects the company's leverage to remain above
9.0x in 2025, before declining to around 7.5x in 2026. While
Moody's acknowledges that the company's core businesses, notably
its Medical and Facility & Safety segments, are more resilient,
Optigroup's earnings have been particularly impacted by weak trends
in the Packaging and Paper segments, as well as cost restructuring
initiatives.

The CFR is also constrained by the company's acquisitive strategy
in recent years, which could hinder future deleveraging. That being
said, the company has adopted a more prudent M&A strategy in 2025
and will focus primarily on the turnaround of its operations.

Governance considerations related to management credibility and
track record were a driver of the rating action. This includes the
company's inconsistency with meeting financial guidance targets in
recent periods, and the high rate of turnover in senior management,
including the CEO and CFO, in the last two years. These multiple
management changes and the ongoing search of a CEO create
uncertainty over the company's ability to effectively manage
financial performance and strategic direction amid a downturn.

More positively, the B3 CFR considers the company's strong position
in the European B2B distribution of business essentials such as
cleaning, safety or packaging products, with leading market shares
and good product diversification in the Nordics and the
Netherlands. The rating also considers the company's asset-light
business model, with limited capital spending requirements and
track record of positive free cash flow (FCF) historically.
Optigroup's liquidity is still adequate, supported by an ample cash
balance and full availability under its RCF, and despite negative
FCF in recent periods and Moody's expectations of further cash burn
in 2025.

LIQUIDITY

Moody's views Optigroup's liquidity as adequate, supported by a
cash balance of EUR83 million and an RCF of EUR60 million fully
available as of March 31, 2025. The company also has access to an
asset-based credit facility of EUR14 million (Maske RCF), which was
fully available at end-March 2025.

While the company had a good track record of positive FCF
generation historically, Optigroup's FCF deteriorated significantly
in 2024, with a cash burn of EUR47 million. This was mostly due to
weaker earnings, but also because of adverse working capital
movements, higher taxes and restructuring charges. Absent any
meaningful recovery in earnings, Moody's expects the company's FCF
to be negative again in 2025, at around EUR20 million, before
returning to positive territory in 2026, on the back of earnings
recovery and lower restructuring charges. Despite the cash burn
expected this year, Moody's expects the company to maintain an
adequate liquidity profile. Moody's also expects the company to
adopt a more prudent approach towards acquisitions, which should
also support the maintenance of an adequate liquidity buffer in the
next 12 months.

The company's credit facilities contain a springing covenant
defined as a senior secured net leverage test fixed at 8.1x for the
life of the facilities, and tested every quarter. Moody's expects
the company will continue to have adequate headroom under this
covenant going forward (5.3x as of end-March 2025).

There is no material debt maturing before 2028, when the RCF
expires. The first lien term loans and second lien term loan mature
in 2029 and 2030 respectively.

STRUCTURAL CONSIDERATIONS

The CFR is assigned to OptiGroup BidCo AB, which is the top entity
of the restricted group and the borrower of the senior secured bank
credit facilities. In 2023, OptiGroup Holding AB, a holding company
above the restricted group, became the reporting entity of the
group.

The TLB and RCF are rated B2. The size of the second lien debt
relative to the total quantum of debt provides loss absorption to
the first lien debt, lifting the first lien instruments one notch
above the CFR. The first lien and second lien facilities benefit
from the same guarantor package, representing around 80% of the
company's consolidated EBITDA. They are also secured by share
pledges in the company and material bank accounts.

Optigroup's PDR is B3-PD, reflecting the use of a 50% family
recovery rate, consistent with a debt structure composed of first
lien and second lien debt.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Optigroup's currently weaker
operating performance in a difficult macroeconomic backdrop and
Moody's expectations that its credit metrics will remain weak for
its rating category over the next 12-18 months.

A stabilisation of the outlook will require Optigroup's operating
performance to recover in the next 12-18 months, resulting in a
return of its credit metrics to levels commensurate with the B3
rating, including a reduction in leverage to 7.0x or below and a
return to positive FCF, consistent with historical levels prior to
2024.

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

Upward pressure is unlikely in the short term given the negative
outlook. Positive pressure could arise over time if the company
displays sustained growth in sales and earnings; (i) its
Moody's-adjusted debt/EBITDA ratio falls sustainably below 6.0x;
(ii) its Moody's-adjusted EBITA/Interest Expense rises above 1.75x;
and (iii) its Moody's-adjusted FCF/debt increases to mid-single
digits (in percentage terms) on a sustainable basis. An upgrade
would also require Optigroup to demonstrate a balanced financial
policy and prudent liquidity management.

Conversely, negative pressure on the rating could materialise if
(i) the company's operating performance does not improve, such that
its Moody's-adjusted debt/EBITDA remains sustainably above 7.0x;
(ii) its Moody's-adjusted EBITA/Interest Expense remains
sustainably below 1.25x; (iii) it pursues other debt-funded
acquisitions; or (iv) its FCF fails to return to positive territory
within the next 12-18 months or liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

OptiGroup BidCo AB is a B2B distributor of business essential
services. Based in Mölndal, Sweden, the group is organised into
four business areas: Facility, Safety and Food Services (FSF);
Packaging; Paper and Business Supplies (PBS); and Medical.
Optigroup operates 41 brands in 17 European countries and serves
more than 105,000 customers. In 2024, Optigroup generated revenue
and company-adjusted EBITDA (pre-IFRS 16) of EUR1.4 billion and
EUR121 million, respectively.

At year-end 2024, private-equity company FSN Capital Partners (FSN)
held a 33% stake (but more than 50% of voting rights) in the
combined group, while a consortium of former owners own 51% and
management 15%.




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

AVENTIS SOLUTIONS: Leonard Curtis Named as Administrators
---------------------------------------------------------
Aventis Solutions Limited was placed into administration
proceedings In the High Court of Justice Business and Property
Courts in Manchester, Insolvency & Companies List (ChD), Court
Number: CR-2025-MAN-000723, and Mike Dillon and Andrew Knowles of
Leonard Curtis were appointed as administrators on June 6, 2025.  

Aventis Solutions engaged in wholesale of pharmaceutical goods and
other business support service activities.

The Company's registered office is at Suite 7 The Colony Wilmslow,
Altrincham Road, Wilmslow SK9 4LY

Its principal trading address is at Millbank House, Bollin Walk,
Wilmslow SK9 1BJ

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:  Zahidur Miah


B TAYLOR & SONS: BDO LLP Named as Administrators
------------------------------------------------
B Taylor & Sons Transport Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Court Number: 2025-BHM-000280, and Benjamin
Peterson and Danny Dartnaill of BDO LLP were appointed as
administrators on June 9, 2025.

B Taylor & Sons engaged in freight transport by road.

Its registered office is at Unit 3 Export Drive, Huthwaite,
Sutton-In-Ashfield, NG17 6AF to be changed to c/o BDO LLP, 5 Temple
Square, Temple Street, Liverpool, L2 5RH

Its joint Administrator is at Benjamin Peterson (IP number 25570)
of BDO LLP, Water Court, Ground Floor, Suite B, 116-118 Canal
Street, Nottingham, NG1 7HF.

The joint administrators can be reached at:

     Benjamin Peterson
     BDO LLP
     Water Court,

             Danny Dartnaill
             BDO LLP
             Ground Floor, Suite B, 116-118 Canal Street
             Nottingham, NG1 7HF

                -- and --

             Danny Dartnaill
             BDO LLP
             Thames Tower, Level 12
             Station Road
             Reading RG1 1LX

For further details, contact:

              Abby Lalor
              Tel No: +44 (0)151 237 2526
              Email: BRCMTNorthandScotland@bdo.co.uk


CMO GROUP: Interpath Advisory Named as Administrators
-----------------------------------------------------
CMO Group Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), No CR-2025-003867, and
Ryan Grant and Christopher Robert Pole of Interpath Advisory,
Interpath Ltd, were appointed as administrators on June 6, 2025.  

CMO Group engaged in activities of a holding company.

Its registered office is at Burrington Business Park, Burrington
Way, Plymouth, PL5 3LX

The joint administrators can be reached at:

         Ryan Grant
         Christopher Robert Pole
         Interpath Advisory, Interpath Ltd
         2nd Floor, 45 Church Street
         Birmingham, B3 2RT

For further details contact:

         Karen Croston
         Tel No: 0161 509 8604


FNZ GROUP: Fitch Assigns 'B-' Final LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has assigned FNZ Group Limited (FNZ) a final
Long-Term Issuer Default Rating (IDR) of 'B-' with a Negative
Outlook. The Rating Outlook previously assigned for the expected
IDR was Positive.

The Negative Outlook reflects various regulatory and operational
challenges resulting in poor results for 2024. Fitch expects
leverage to remain high over the next 12-18 months due to the
uncertain pace of recovery under the current business strategy.
Large investments in turning around operations might pressure
liquidity, necessitating further funding either from shareholders
or asset disposals.

The 'B-' rating is constrained by FNZ's negative free cash flow
(FCF) generation over 2025-2026, attributable to substantial
investments in partner resources, operational and technological
enhancements. Rating strengths are its leading position in the UK
wealth management market as provider of end-to-end platform
services, strong global growth prospects and increasing scale.

Key Rating Drivers

High Leverage: Fitch anticipates Fitch-defined EBITDA gross
leverage to be around 14x at end-2025 due to investments in turning
around operations alongside ongoing operational issues, which will
weigh on EBITDA and FCF, before gradually declining to more
sustainable levels by end-2027. The pace of deleveraging, however,
could slow in the event of client loss, further major delays in the
sales pipeline, extended delivery timelines or restrictions on the
company to win certain types of business in the UK because of
extension of the S166 review. Fitch sees no headroom under the
rating to accommodate further underperformance, as underlined in
the Negative Outlook.

Weak Profitability; Execution Risk: FNZ's underperformance in 2024
compared with its business plan is due to new business
opportunities not materialising as expected or deferred, and
platform migration delays. Restrictions to take on new clients in
the UK since 4Q24, pending the section 166 review by FCA also
contributed to the weak result. Legacy lift and shift (L&S)
contracts, which have low cash margins, continue to weigh on
EBITDA.

FNZ has conducted a strategic review that would result in heavy
investments across 2025 in headcount and infrastructure, to
strengthen service delivery. The strategic review and related
actions carry execution risks, even though they are positive for
the company's credit profile.

Contracting Liquidity Profile: Current liquidity is adequate
following the injection of USD500 million by institutional
investors, reflecting their confidence in FNZ's growth prospects
and financial stability. The proceeds of the preference shares were
used to fully repay its USD300 million revolving credit facility
(RCF), but Fitch projects that FNZ will have fully drawn on its RCF
by end-2025, leaving no margin for FCF underperformance. This
underscores the need for careful liquidity management to avert
potential financial strain.

Negative FCF: Several variables have weighed heavily on FNZ's FCF
over the last three years. The group has recently expanded into 10
new geographic locations and incurred one-off set up costs. FCF has
also been eroded by high interest costs, an aggressive client
acquisition strategy, settlement costs, a delay in customer
receipts for the implementation and enhancement projects and large
exceptional costs in 2024. Fitch does not expect the company to be
able to generate positive cash flows between 2025 and 2027.

Other Options to Boost Liquidity: FNZ is exploring alternative
sources of liquidity, including the disposal of non-core assets,
which could, to some extent, alleviate pressure on liquidity.
However, this represents a less liquid source than immediate cash
availability, therefore resulting in further execution risks.

Leading Position in Growing Market: FNZ serviced USD1.69 trillion
of assets under administrations (AuA) at end-2024, and has a
substantial market share in the UK, with a growing presence in
Europe, APAC and North America. It benefits from outsourcing trends
that Fitch believes will continue in the next four years. Banks and
other financial institutions rely on third-party technology
suppliers to streamline processes and reduce costs. Regional banks
are facing the most pressure to outsource as they try to keep pace
with the technology investments of the big banks and are falling
behind community banks that have already made the decision to
outsource.

Revenue Visibility: About 75% of FNZ's revenues are based on
recurring asset servicing fees with contract lengths varying from
five to 10 years, which provide some visibility. Fees from these
customers can fluctuate, based on the market value of AuA and the
number of transactions processed, making them susceptible to
cyclicality. The effects of market shocks have previously been
muted due to a balanced global portfolio and positive net flows
from onboarding new clients. FNZ has customer concentration, with
its top 10 customers accounting for about 40%-50% of revenues, but
churn levels are negligible.

Opportunities in North America: FNZ anticipates North America to
generate over a quarter of total revenues by 2027. The region is
highly competitive with established incumbents and start-ups, but
presents FNZ with new opportunities, particularly as the initial
rollout phase of its service platform has been completed. However,
the company faces execution risks and, potentially, margin
pressures if it fails to implement its sales strategy appropriately
or negotiate commercial terms that are mutually favourable.
Maintenance of adequate liquidity while it executes its growth
strategy is key for the rating.

Peer Analysis

FNZ competes with larger and better-capitalised peers, such as
Broadridge Financial Solutions, Inc. (BBB+/Stable), Temenos AG
(BBB/Stable) and SEI, which offer a mix of platform-as-a-service,
software-only, and asset administration-only solutions. Fitch also
compares FNZ with other 'B' category-rated service providers.

Apex Structured Intermediate Holdings Limited (B/Positive), a
leading independent global provider of financial services, delivers
a broad range of solutions to alternative asset managers, capital
markets, private clients and family offices. FNZ has tighter
leverage thresholds than Apex as FNZ is smaller in scale, has lower
revenue visibility, generates negative FCF (versus positive at Apex
starting from 2024), has lower profitability and is less
geographically diversified.

Vistra Holdings Limited (Thevelia, B+/Negative) is an investment
vehicle providing business, and provides corporate, investor and
other services to corporate customers across Asia. FNZ has tighter
leverage thresholds and is rated lower than Thevelia as FNZ has
smaller scale, negative FCF, lower profitability and is less
geographically diversified. FNZ, however, has better growth
prospects.

Key Assumptions

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

· Revenues to grow by 16% in 2025 and between 15% and 25% in
2026-2028

· Fitch-defined EBITDA margin 15% in 2025 and growing to 23% by
2028

· Negative working capital change at 9% of revenue in 2025,
decreasing gradually from 2026

· Fitch-defined non-operating and extraordinary items of USD260
million in 2025, declining every year to USD80 million in 2027

· Capex at 19% of revenue in 2025, decreasing to the mid-single
digits by 2027

· No dividends payments projected through 2028

Recovery Analysis

The recovery analysis assumes that FNZ would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. This is
underscored by the value of its intellectual property and software,
ongoing customer contracts and relationships, and would depend on
the operational viability of its business model. Fitch has assumed
a 10% administrative claim.

Its bespoke GC recovery analysis estimates post-restructuring GC
EBITDA available to creditors at around USD180 million in an
environment with limited growth and higher competitive intensity.
Fitch expects the company to generate neutral-to-mildly positive
FCF at this level of EBITDA and assume that a new capital structure
would be sustainable in the absence of growth investments.

An enterprise value multiple of 5.5x is applied to the GC EBITDA to
calculate a post-reorganisation enterprise value. The multiple is
below the average multiple of 6x of its main peers, reflecting
FNZ's smaller scale and weaker FCF.

Fitch includes in the debt waterfall FNZ's USD2,240 million
equivalent senior secured term loan, and an equally ranking RCF of
USD300 million, assumed fully drawn in the event of default. These
assumptions lead to an instrument rating of 'B-', within the 'RR4'
range.

RATING SENSITIVITIES

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

- Inability to reduce EBITDA leverage to sustainable levels (below
9x) two years ahead of earliest debt maturities

- A weakly-funded liquidity position due to ongoing negative FCF,
signs of weakening equity funding support or inability to raise
cash from non-core asset disposals

- Ineffective implementation of management actions to help improve
operating performance, resulting in inability to improve EBITDA
margin above 20% and a weakly-funded liquidity position

Factors That Could, Individually or Collectively, Lead to a
Revision to Stable Outlook

- Successful execution of the group's business strategy,
demonstrated by improvement in EBITDA margins (above 20%) leading
to break-even FCF generation

- Sustained EBITDA gross leverage below 7.5x

- Materially improved liquidity headroom generated organically or
through asset disposals or additional shareholder support

- EBITDA interest coverage consistently above 2.0x

Liquidity and Debt Structure

At end-2024, FNZ had USD341 million of unrestricted cash available
for corporate use (this excludes the USD276 million cash held
within FNZ Bank for its own use). The company also has a USD300
million RCF, which Fitch expects will have limited undrawn headroom
by end-2025. Maintaining adequate liquidity is essential given
projected negative FCF over the next 12-24 months. FNZ does not
have imminent debt repayments. Its RCF matures in 2029 and its term
loan is due in 2031.

Issuer Profile

FNZ is an end-to-end wealth management platform that provides
technology, infrastructure, and investment operations to help
companies create bespoke products and services.

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
   -----------              ------           --------   -----
FNZ USA Finco LLC

   senior secured     LT     B-  New Rating   RR4      B-(EXP)

FNZ NZ Finco Ltd

   senior secured     LT     B-  New Rating   RR4      B-(EXP)

FNZ Group Limited     LT IDR B-  New Rating            B-(EXP)


INEOS QUATTRO: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded INEOS Quattro Holdings Limited's
Long-Term Issuer Default Rating to 'B+' from 'BB-'. It has also
downgraded the senior secured ratings to 'BB-' from 'BB+'. The
Recovery Rating is 'RR3'.

The downgrade reflects INEOS Quattro's high leverage and slower
deleveraging than Fitch previously anticipated due to persistent
oversupply and weak demand for chemicals. Fitch believes heightened
trade tensions have increased uncertainty about a substantial
recovery in EBITDA, given their likely impact on global trade and
economic activity. The IDR is supported by INEOS Quattro's large
scale, diversification and leading market positions.

The Stable Outlook reflects INEOS Quattro's low refinancing risk,
supported by its strong liquidity, proactively refinanced debt with
long maturities, and its ability to contain negative free cash flow
(FCF) during an extended downturn.

Key Rating Drivers

High Leverage, Uncertain Recovery: Fitch has sharply reduced its
EBITDA forecasts for 2025-2028, reflecting INEOS Quattro's
continued weak performance since 2023, and risks to its recovery.
Its value chains remain oversupplied, with possible further
capacity additions, alongside disappointing demand and trade
tensions. Fitch expects EBITDA net leverage to rise to 7.4x in
2025, from 7.0x in 2024, based on Fitch-defined EBITDA (including
dividends from affiliates) of EUR783 million. Fitch assumes a
gradual EBITDA recovery to EUR1.5 billion by 2028, reducing EBITDA
net leverage to below 4x, assuming no dividends and contained
capex.

Measures to Preserve FCF: INEOS Quattro has taken steps to protect
its balance sheet by suspending dividends, reducing capex to strict
maintenance, controlling costs, and closing down some assets. Fitch
believes INEOS Quattro would not restore dividends as long as net
debt/EBITDA remains well above 3x. This mitigates the impact of
weak EBITDA, resulting in only a modest FCF outflow in 2025 and
2026 in its rating case, before turning positive from 2027.
However, its high interest burden of about EUR500 million
constrains its cash generation.

Oversupply Triggers Closures: The prolonged oversupply has led most
chemical producers, including INEOS Quattro, to announce asset
closures. Fitch expects further rationalisation, and delays or
cancellation of expansion projects in the next two to three years,
given that chemical margins are unsustainable for most companies.
The risk of meaningful new supply in 2026-2027 remains for
acrylonitrile-butadiene-styrene (ABS), purified terephthalic acid
(PTA) and acetic acid, even though capacity additions have mostly
ended for products like polystyrene or paraxylene.

Better Prospects for INOVYN: INEOS Quattro is a leading producer of
polyvinyl chloride (PVC) in Europe, where supply has decreased
since the ban on mercury cell electrolysers in 2017, and Fitch
expects no new capacity. Fitch expects its subsidiary, INOVYN, to
restore strong margins once the European construction sector
recovers, supported by lower interest rates. In addition, European
PVC production has been recovering since the anti-dumping duties
imposed by the EU on imports from the US and Egypt. A third of
INOVYN's assets are located in countries benefiting from hydro or
nuclear power, which helps offset high energy costs in Europe.

Styrolution Adapts: Styrolution has announced closures of
underperforming assets that will save on future capex, and is using
its global network to mitigate tariff risks and possible relocation
of customers' production sites. Closures of competitors in Europe
and North America will rebalance supply and support margins through
the cycle. However, demand remains affected by weakness in durable
goods demand or auto production. Fitch expects the ABS market in
Asia to remain very competitive, due to capacity expansion projects
constraining local margins.

Aromatics Break-Even: INEOS Quattro's aromatics assets are barely
breaking even, despite their sound regional cost positions. This
highlights the challenges in this oversupplied value chain
dominated by Asian production, despite high sales volumes. The US
assets face direct tariff risks as the paraxylene feedstock is
subject to tariffs, whereas polyester is not, which could make
local production of PTA less competitive. Fitch expects weak EBITDA
to continue in 2025-2026, before recovering from 2027.

Acetyls Dividends Reduced: Fitch expects lower dividends to be
received from joint ventures, which account for a large share of
the acetyls division since the mothballing of the Atlas methanol
plant, which had been a meaningful dividend contributor in recent
years.

Diversified Global Leader: INEOS Quattro operates in four chemical
value chains and is a top three producer in North America and
Europe for some products, but is more mid-tier in the more
fragmented Asian market. Styrolution and INOVYN offer more
value-added products, leading to more pricing power, while the
aromatics and acetyls businesses produce pure commodity chemicals
and have more volatile earnings. The four businesses operate
largely independently, but INEOS Quattro continues to pursue
operational synergies.

Rated on Standalone Basis: INEOS Quattro is part of the wider INEOS
Limited group. Fitch rates the company on a standalone basis. It
operates as a restricted group with no cross-guarantees or
cross-default provisions with INEOS Limited or other entities
within the wider group.

Peer Analysis

INEOS Quattro's divisions operate in similar sectors as Olin
Corporation (BBB-/Stable), Westlake Corporation (BBB/Stable) or
Celanese Corp. (BBB-/Negative), but their mid-cycle EBITDA margins
are stronger. Olin and Westlake operate with low leverage, with
EBITDA net leverage at or below 1x and 3x, respectively, in
2025-2027, whereas Fitch forecasts Celanese's EBITDA leverage above
3x beyond 2026.

INEOS Quattro's business profile is comparable to INEOS Group
Holdings S.A.'s (IGH; BB/Negative), in scale, global reach and
business diversification. However, IGH has a cost advantage at its
US sites, and feedstock flexibility in Europe. Fitch forecasts IGH
and INEOS Quattro's leverage at broadly similar levels in 2025-2028
but expect IGH's FCF to recover more strongly once Project One
comes online.

H.B. Fuller Company (BB/Stable), a producer of adhesives, is
smaller and less diversified than INEOS Quattro. However, it has
less volatile EBITDA, higher EBITDA margins, and is less leveraged.
Fitch expects its EBITDA gross leverage to be 3.0x-4.0x over the
medium term.

Synthos Spolka Akcyjna (BB/Negative) mainly manufactures synthetic
rubber and insulation materials, with operations concentrated in
central Europe. It is smaller and less diversified than INEOS
Quattro, has similar EBITDA margins in the mid-teens, but benefits
from strong vertical integration and maintains lower EBITDA net
leverage, which Fitch forecasts at or below 2.5x from 2026.

INEOS Enterprises Holdings Limited (BB-/Rating Watch Negative) is a
diversified chemical producer specialising in pigments, solvents
and other chemical intermediates. It is much smaller than IGH and
INEOS Quattro and is only a regional leader in niche chemical
markets. The Rating Watch Negative reflects uncertainty about its
future business profile and capital structure following the
disposal of its composites business.

Key Assumptions

- Revenues to decline 1% in 2025, grow 3% in 2026, 6% in 2027 and
2028

- EBITDA margin of 6% in 2025, growing to 7% in 2026, 8% in 2027
and 9.5% in 2028

- Capex at 2%-3% of sales

- No dividends in 2025-2028

- No acquisitions in 2025-2028

Recovery Analysis

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

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level on which Fitch bases its
enterprise valuation.

The GC EBITDA of EUR1 billion reflects a gradual recovery of the
market from its trough and corrective actions taken by the company
to reduce costs and close or dispose unprofitable assets.

Fitch uses a multiple of 5.5x to calculate a GC enterprise value
for INEOS Quattro based on its global scale, market leading
positions, diversification and cost position.

Fitch assumes that INEOS Quattro would replace its EUR630 million
securitisation, corresponding to the highest amount available to be
drawn in the last 12 months, with an equivalent super-senior
facility when approaching distress.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation for the
first-lien senior secured debt in the 'RR3' band, indicating a
'BB-' instrument rating.

RATING SENSITIVITIES

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

- EBITDA net leverage above 5.5x on a sustained basis

- EBITDA gross leverage consistently above 6.0x

- EBITDA interest coverage below 2.5x for an extended period

- Deeply negative FCF leading to a material weakening of liquidity
and increasing refinancing risk

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

- EBITDA net leverage below 4.2x on a sustained basis

- EBITDA gross leverage consistently below 4.7x

- EBITDA interest coverage above 3.0x on a sustained basis

- Sustained recovery of market conditions

Liquidity and Debt Structure

INEOS Quattro maintains strong liquidity, with EUR1.8 billion cash
and equivalents at end-March 2025, which fully covers changes in
working capital and debt amortisation until 2027, when about EUR1
billion debt comes due. In addition, it has undrawn securitisation
facilities that provide about EUR600 million in additional
short-term funding. Its rating case anticipates slightly negative
FCF in 2025-2026, before turning positive from 2027. Fitch
therefore forecasts robust liquidity throughout a downturn.

INEOS Quattro has a prudent liquidity and debt management policy to
hold sizeable cash and to refinance debt well ahead of its maturity
through diversified capital markets. More than 80% of INEOS
Quattro's debt is due in 2029-2031.

However, INEOS Quattro is exposed to floating rates, with about 70%
of its debt is subject to variable rates. Fitch expects its
interest burden to slightly moderate to about EUR500 million a
year, in line with its assumptions of decreasing policy rates in
the eurozone and the US. INEOS Quattro's debt is now mostly
composed of senior secured debt following its repayment of its
senior unsecured debt.

Issuer Profile

INEOS Quattro is a diversified producer of chemical commodities and
intermediates. Its main products are styrenics, vinyls, aromatics
and acetyls.

Summary of Financial Adjustments

For 2024:

Fitch has reclassified EUR93.6 million right-of-use asset
depreciation and EUR14.3 million lease-related interest expense as
cash operating costs. Fitch excludes lease liabilities from
financial debt.

Fitch added back EUR118.9 million of amortised issue costs to
financial debt.

Restructuring, decommissioning and impairments charges were removed
from EBITDA.

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
   -----------              ------          --------   -----
INEOS Quattro
Finance 2 Plc

   senior secured     LT     BB-  Downgrade   RR3      BB+

INEOS Styrolution
US Holding LLC

   senior secured     LT     BB-  Downgrade   RR3      BB+

INEOS Quattro
Holdings Limited      LT IDR B+   Downgrade            BB-

INEOS US
Petrochem LLC

   senior secured     LT     BB-  Downgrade   RR3      BB+

INEOS Quattro
Holdings UK Limited

   senior secured     LT     BB-  Downgrade   RR3      BB+

JANS FINANCE: Keenan Corporate Named as Administrators
------------------------------------------------------
Jans Finance (UK) Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies List, and
Scott Murray and Ian Davison of Keenan Corporate Finance Ltd were
appointed as administrators on June 10, 2025.  

Jans Finance (UK) engaged in financial leasing; renting and leasing
of cars and light motor vehicles; and renting and leasing of trucks
and other heavy vehicles.

The Company's registered office and principal trading address is at
South Staffs Freight Terminal Lynn Lane, Shenstone, Lichfield,
Staffordshire, England, WS14 0ED

The joint administrators can be reached at:

              Scott Murray
              Ian Davison
              Keenan Corporate Finance Ltd
              10th Floor Victoria House
              15-17 Gloucester Street
              Belfast, BT1 4LS

Contact Information:

               Tel No: 028 9023 3023
               Email:  info@keenancf.com


KETER GROUP: S&P Withdraws 'CCC+' Rating on EUR716MM PIK Notes
--------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' issue credit rating on the
EUR716 million payment-in-kind (PIK) notes due in 2029 issued by
Keter Group Holding Ltd., the holding company of Keter Group B.V.
(B/Stable/--). The rating on the PIK notes was withdrawn at the
issuer's request.



                           *********


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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