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

                          E U R O P E

          Thursday, June 19, 2025, Vol. 26, No. 122

                           Headlines



G E R M A N Y

BENTELER INTERNATIONAL: S&P Rates New EUR600MM Secured Notes 'BB-'
LSF10 EDILIANS: S&P Rates Proposed EUR650MM Term Loan B 'B'
METRO AG: S&P Lowers ICR to 'BB+' on Business Challenges
ODYSSEY EUROPE: S&P Lowers LT ICR to 'CCC-', Outlook Negative


I R E L A N D

ION TRADING: S&P Upgrades ICR to 'B' on Improved Group Profile


I T A L Y

TEAMSYSTEM: S&P Affirms 'B-' ICR & Alters Outlook to Stable


L U X E M B O U R G

ORIFLAME INVESTMENT: S&P Lowers LongTerm ICR to 'SD'


N E T H E R L A N D S

AMMEGA GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
PENTA TECHNOLOGIES: S&P Assigns Prelim. 'B+' LongTerm ICR


P O L A N D

MBANK SA: S&P Rates Proposed Subordinated Tier 2 Notes 'BB+'


S P A I N

AEDAS HOMES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


S W E D E N

INTRUM AB: Fitch Affirms & Then Withdraws 'D' LongTerm IDR
POLESTAR AUTOMOTIVE: Director Changes Up for Vote at June 30 AGM


U N I T E D   K I N G D O M

A B DEVELOPMENTS: Leonard Curtis Named as Administrators
ALUFOLD DIRECT: Leonard Curtis Named as Administrators
ARTIS LOANCO 1: Grant Thornton Named as Administrators
ASDA (BELLIS FINCO): S&P Rates New EUR595MM Sr. Secured Notes 'B+'
B360 LIMITED: Begbies Traynor Named as Administrators

GERMAN SPECIALISTS: Begbies Traynor Named as Administrators
LCC THERAPEUTICS: Leonard Curtis Named as Administrators
ORBIT PRIVATE: Moody's Alters Outlook on 'B2' CFR to Positive
POWERRUN PIPE-MECH: Clough Corporate Named as Administrators
S & T AUDIO: Leonard Curtis Named as Administrators

THAME AND LONDON: Moody's Alters Outlook on 'B3' CFR to Stable
TOM DAVIES BESPOKE: Opus Restructuring Named as Administrators

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G E R M A N Y
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BENTELER INTERNATIONAL: S&P Rates New EUR600MM Secured Notes 'BB-'
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S&P Global Ratings assigned a 'BB-' issue rating, with a '3'
recovery rating on Benteler International AG's (Benteler;
BB-/Stable/--) proposed EUR600 million equivalent senior secured
notes due 2031. The '3' recovery rating indicates its expectation
of meaningful recovery (50%-70%, rounded estimate: 55%) in the
event of a default.

Benteler plans to use the proceeds of the proposed notes, together
with the proceeds of its new EUR1 billion term loan A, to repay its
whole capital structure. S&P understands that the proposed notes,
the company's new EUR1 billion term loan A, and the EUR400 million
revolving credit facility (RCF) will rank pari passu and will
benefit from the same guarantor and security packages.

S&P said, "Our 'BB-' long-term issuer credit rating on Benteler
with a stable outlook remains unchanged. We expect the proposed
transaction to be broadly leverage neutral and to result in
marginally lower cash interest burden. We forecast that Benteler
will generate revenue of EUR8.0 billion-EUR8.5 billion and an S&P
Global Ratings-adjusted EBITDA of about EUR580 million-EUR630
million in 2025, compared with revenue of EUR8.2 billion and
adjusted EBITDA of EUR578 million in 2024. We think that the
increased earnings of Benteler's steel tube business will mitigate
potential softness in the company's automotive divisions. We note
that Benteler has limited direct exposure to U.S. trade tariffs
thanks to its local-for-local approach. However, it remains
somewhat dependent on light vehicles auto production volumes.
Although Benteler's new financing package is more flexible to
distribute dividends to its shareholders, we expect that the
company will prudently balance capital allocation between debt
repayment and shareholder returns, remaining committed to its net
leverage target of 1.5x through the cycle."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's issue rating on the proposed EUR600 million senior
secured notes due in 2031 is 'BB-', in line with our 'BB-' issue
rating on the company's outstanding senior secured notes.

-- S&P said, "The recovery rating is '3', indicating our
expectation of meaningful recovery prospects (50%-70%; rounded
estimate 55%) in our hypothetical default scenario. We lower the
recovery prospects from 65% to 55% due to the higher quantum of
debt assumed at the hypothetical point of default since the company
increased its RCF to EUR400 million from EUR250 million."

-- The ratings are constrained by the presence of factoring lines
and a small amount of local credit facilities, which S&P considers
prior-ranking liabilities as per our methodology.

-- The recovery rating is supported by S&P's valuation of the
business as a going concern given its leading market position in
its key product lines, continued demand for Benteler's product
offering, and geographic diversification in its automotive
business.

-- The minimum guarantor coverage is 70% of group EBITDA or
assets. S&P regards the debt's security package as weak, including
only customary share pledges and intercompany loans.

-- S&P's hypothetical default scenario assumes a default from
significantly reduced profitability in adverse market conditions.
In the automotive divisions, this could involve lower production
volumes, delays in programs, higher price pressure from Benteler's
customers, or a loss of market share. In Benteler's steel tube
business, this could stem from a sharp decline in the company's oil
and gas or industrial end markets.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: Austria
-- Emergence EBITDA: EUR317 million
-- Maintenance capital expenditure: 2.0% of revenue
-- Cyclicality adjustment: 10%, which is standard for the sector
-- Operational adjustment: Negative 15%, reflecting the volatility
of Benteler's steel tube business.
-- Multiple: 5.0x

Simplified waterfall

-- Gross enterprise value at default: EUR1.6 billion

-- Net recovery value after administrative expense (5%): EUR1.5
billion

-- Priority debt claims: EUR0.6 billion

-- Net enterprise value for waterfall after administrative expense
and priority debt claims: EUR0.9 billion

-- Estimated senior secured debt claims: EUR1.6 billion

    --Recovery range: 50%-70% (rounded recovery estimate: 55%)

    --Recovery rating: '3'

All debt amounts include six months of prepetition interest. The
RCF is assumed to be 85% drawn on the path to default.


LSF10 EDILIANS: S&P Rates Proposed EUR650MM Term Loan B 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue and '3' recovery rating
to the EUR650 senior secured term loan B (TLB) to be issued by LSF
Edilians Investments S.a.r.l. (Edilians). S&P's 'B' issuer credit
rating, with a stable outlook, on the French clay roof tiles
manufacturer is unaffected by the transaction. The '3' recovery
rating on the company's proposed TLB indicates its expectation of
meaningful (50%-70%; rounded estimate: 65%) recovery in a default
scenario.

The rating on the proposed instruments is subject to S&P's review
of the final terms and conditions.

S&P said, "In our view, the proposed transaction would be credit
neutral. Edilians intends to use the proceeds from the loans, along
with EUR35 million of cash, to refinance its existing EUR685
million TLB due in 2028. This would yield a slight decrease in
gross debt. The transaction would extend the tenors of the TLB and
of the revolving credit facility (RCF) to March 2031 and September
2030, respectively, resulting in an improved maturity and liquidity
profile.

"Our base-case assumptions for Edilians' credit metrics over
2025-2026 are relatively unchanged. Edilians' 2024 performance was
severely affected by lower demand, especially in the new-build
residential end market, and continued merchant destocking made
matters worse. As a result, sales declined by about 16.0% and
EBITDA by 26.7%. The destocking trend has mostly leveled off, and
net sales started to recover in first-quarter 2025, increasing by
about 2.7% against first-quarter 2024. Nevertheless, we project
that market conditions will remain challenging and volatile in
2025, before improving in 2026. We forecast sales in 2025 to remain
at a similar level to 2024, at EUR450 million-EUR460 million,
followed by 2%-3% organic growth from 2026 onward. We also project
broadly stable profitability in 2025 before improvements in 2026,
thanks to better operating leverage and continued cost-saving
initiatives. This should lead to an S&P Global Ratings-adjusted
EBITDA margin of 32.5%-33.5% in 2025 and 33.0%-35.0% in 2026,
translating into projected S&P Global Ratings-adjusted EBITDA of
EUR150 million-EUR155 million in 2025 and EUR155 million-EUR165
million in 2026.

"Under our base case for 2025-2026, we expect Edilians will see a
slight decrease in S&P Global Ratings-adjusted debt to EBITDA to
about 5.0x, which is within the 5.0x-6.5x range commensurate with
the current rating. We also expect solid free operating cash flow
of EUR35 million-EUR55 million in 2025-2026."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The proposed EUR650 million senior secured first-lien TLB has
an issue rating of 'B' with a '3' recovery rating. S&P anticipates
recovery prospects of 50%-70% (rounded estimate: 65%).

-- The loans are guaranteed by group companies generating at least
80% of EBITDA and pledging their shares to secure the facilities.
The loans include customary incurrence covenants and exceptions.

-- S&P said, "We value Edilians as a going concern. We base this
on its leading position in the French clay roof tiles market, and
on a rationalized marketplace following the extensive operational
restructuring of some competitors during the last recession.
In our default scenario, we assume adverse macroeconomic trends
leading to a prolonged and sharp drop in demand. A default could
also stem from significant operational issues, which would weaken
its profitability and cash flow."

Simulated default assumptions

-- Year of default: 2028
-- Implied enterprise value multiple: 5.5x
-- Jurisdiction: France

Simplified waterfall

-- Gross enterprise value at default: about EUR632 million
-- Administrative costs: 5%
-- Net value available to debtors: EUR600 million
-- Priority claims: about EUR96 million
-- First-lien claims: EUR750 million
-- Recovery expectation: 65% (recovery rating: '3')


METRO AG: S&P Lowers ICR to 'BB+' on Business Challenges
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
wholesale food company Metro AG to 'BB+' from 'BBB-' and its
short-term issuer credit rating to 'B' from 'A-3'. S&P also lowered
the issue ratings on Metro's senior unsecured debt to 'BB+' from
'BBB-' and assigned a recovery rating of '3' (rounded estimate:
65%).

The positive outlook on Metro mirrors that on EP Group and reflects
Metro's strategically important status in the EP Group; S&P's
expectation that EP Group would support Metro; and the potential
diversification benefits EP Group will gain by integrating Metro
and its other acquisition, logistics and transport firm
International Distribution Services PLC (IDS).

In April 2025, EP Global Commerce GmbH (EPGC) acquired a majority
stake in Metro, comprising about 68% of the shares and there is a
shareholder agreement with minority shareholders covering about 93%
of the shares in Metro. EPGC's majority shareholder Daniel
Kretinsky aims to transfer his shares to EP Group, which thereby
becomes Metro's majority owner.

S&P said, "The takeover was financed with about EUR800 million in
debt raised at the EPGC level, which we include in our adjusted
debt for Metro; as a result, adjusted leverage (excluding Russia)
increased to an estimated 5.2x in 2025 and 4.2x in 2026. Given the
deterioration in Metro's business risk profile and the additional
leverage, we revised Metro's stand-alone credit profile (SACP) to
'bb' from 'bbb-'.

"We view Metro as strategically important to EP Group because it
represents one of the group's three strategic pillars. Because we
anticipate that EP Group would support Metro in most foreseeable
circumstances, the issuer credit rating benefits from one notch of
uplift."

EP Group took control of Metro through EPGC and the debt raised at
EPGC increases Metro's S&P Global Ratings-adjusted leverage
(excluding Russia) to 5.2x in 2025. As of April 23, 2025, and
following the public delisting and acquisition, EPGC held
approximately 68% of Metro's shares and 93% of the voting rights,
given the shareholder agreement with the Meridian Stiftung and
Beisheim companies. To fund the acquisition of Metro's shares, EPGC
raised about EUR800 million in financial debt. S&P said, "In line
with our criteria, we include this acquisition debt in Metro's
adjusted credit metrics, as we consider EPGC to be an intermediate
holding company with no assets other than its shares in Metro. This
results in Metro's debt to EBITDA (excluding Russia) increasing to
5.2x in fiscal 2025 and 4.2x in fiscal 2026. Although EP Group does
not guarantee this debt, it has provided letters of support that
would, in most circumstances, oblige it to service EPGC's debt if
Metro could not upstream dividends. We note that under certain
conditions, EP Group's legal commitment can fall away, which would
either leave Metro obliged to pay dividends or the parent to
voluntarily provide additional capital to service the interest and
principal payments that are due in 2029."

S&P said, "The volatility and deterioration of Metro's margins in
recent years cloud our view of its business risk. We believe that
Metro's business profile has weakened since we assigned our initial
ratings in 2017, due to an overall shift in business-to-business
customer shopping preferences and an elevated cost structure. As a
result, the company's S&P Global Ratings-adjusted EBITDA margins
have been volatile, and deteriorated to 3.5% in fiscal 2024 from
6.5% in fiscal 2019. Metro has continuously reiterated its focus on
its cost structure as part of its operating-efficiency program,
which we view as positive. However, Metro's operating model is
under stress, which caused us to revise the outlook to negative
earlier this year. Metro's low margins, combined with high annual
lease payments of about EUR550 million and capital expenditure
(capex) of about EUR550 million, exceeded its adjusted EBITDA in
fiscal 2024. Its free operating cash flow (FOCF) after leases has
been negative since fiscal 2021. Since our last review,
macroeconomic and geopolitical risks have increased, adding
uncertainty to both the company's turnaround plan and our forecast
that adjusted EBITDA would increase significantly to EUR1,447
million in fiscal 2027, from just EUR1,076 million in fiscal 2024.
Such an increase is required if Metro is to achieve structurally
positive reported FOCF after leases.

"We view Metro as strategically important to EP Group, resulting in
the issuer credit rating on Metro being one notch higher than its
stand-alone credit profile (SACP) of 'bb'. In the coming months, we
expect that Daniel Kretinsky will transfer his shares in EPGC and
Metro to EP Group. The transfer is subject to the ownership control
proceedings with the German Federal Financial Supervisory Authority
(BaFin). Assuming the transfer goes through, EP Group will hold 56%
+ 1 share in EPGC and the minority shareholder Mr. Tkac will hold
the remaining shares. We regard EPH, the main entity of EP Group,
as having core group status and have recently affirmed our ratings
on EP Group, after the takeover of IDS and Metro. The FOCF that EPH
generated in the past few years has allowed EP Group to diversify
into two new strategic areas: logistics (through the acquisition of
IDS) and food wholesale (through the acquisition of Metro). In
2025, we anticipate that Metro will represent about 15% of EP
Group's proportional EBITDA, taking into account minority interests
at EPGC and Metro. We therefore view Metro as strategically
important to EP Group, and we expect EP group to support it in most
foreseeable circumstances. This results in our issuer credit rating
on Metro being one notch higher than its stand-alone credit profile
(SACP) of 'bb' and the outlook being the same as that on its
parent. This takes into account Metro's relevance to EP Group's
long-term strategy, as well as EP Group's commitment to service
EPGC's debt if Metro is unable to pay dividends. Metro's group
status as strategically important differs from IDS' status as
highly strategic. This reflects IDS' greater contribution to EP
Group, particularly in terms of FOCF generation, and the
significant minority share, both at the EPGC level (44% - 1 share)
and the Metro (about 32%).

"Given Metro's strategically important group status, its SACP could
benefit from three notches of uplift, up to a cap of one notch
below EP Group's 'bbb-' group credit profile, which supports the
positive outlook. Under our group criteria, any future rating
actions on EP Group, positive or negative, will affect our issuer
credit ratings on Metro, which are currently primarily driven by
its group status with regard to EP Group. Consequently, at this
stage, only a significant improvement (to 'bbb-' or above) or
weakening (to 'b+' or below) in Metro's stand-alone
creditworthiness would have an impact on the issuer credit rating.
As a result of the group rating considerations, we align the
outlook of Metro AG to that of its parent EP Group.

"We expect EP Group to support Metro's operating efficiency plan,
and its strategy, but execution risks remain. Metro aims to reduce
costs by harnessing its scale, business services, purchasing, the
harmonization of IT systems, and the productivity of its workforce.
It aims to save about EUR300 million per year by fiscal 2028.
However, we expect Metro to incur one-off costs of about EUR140
million this year and EUR40 million in fiscal 2026. As part of its
strategy, Metro aims to increase its size and profitability
significantly, so that sales reach EUR40 billion and EBITDA reaches
EUR2 billion by 2030. This implies improved profitability and
revenue growth of 3%-7% per year, with the majority coming from the
food service distribution business. Revenue growth would require
the company to make further investments in its sales force to
support the onboarding of strategic customers. We believe that
Metro's shift toward food services answers long-market trends and
should sustain its revenue in the future. However, we consider
Metro's targets to be ambitious and subject to execution risks.
Specifically, Metro's limited margins reduce its leeway to absorb
further shocks or delays to its plan. In addition, the food
wholesale market is highly fragmented that could limit Metro's
ability to pass on cost increases. Execution risks could result in
volatile credit metrics or further underperformance compared with
our base case.

"Although the group continues to operate in Russia, we adjust our
leverage metric for Metro to exclude EBITDA from Russia. We believe
this more closely represents the group's ability to repay its debt
under the current circumstances. This is because, given the current
sanctions and geopolitical tensions, we assume the group cannot
rely on cash flows generated in Russia to service its debt. Without
our estimate of Russian EBITDA and Russian lease debt for 2025, our
calculation of adjusted leverage increases by about 0.7x in 2025.

"EP Group has publicly stated its intention to achieve
investment-grade ratings at Metro AG. Consistent with this
intention, we anticipate that Metro will pursue a relatively
prudent financial policy on acquisitions and capex under its new
ownership, to support a reduction in leverage. EPGC has also stated
that, for at least the next two years, no dividends will be
distributed.

"The positive outlook mirrors that on Metro's parent, EP Group, and
reflects the potential benefits to the EP Group's diversification
from the integration of IDS and Metro. The positive outlook also
incorporates the fact that Metro remains strategically important to
EP Group and that we expect EP Group to support Metro.

"We could take a negative rating action on Metro if we took a
similar action on its parent, EP Group.

"We could lower the ratings on Metro if we no longer considered it
to be strategically important to EP Group.

"Although it would not result in a downgrade, we could revise
Metro's 'bb' SACP downward if its adjusted debt to EBITDA,
excluding Russia, remained sustainably above 5.0x; its adjusted
funds from operations (FFO) to debt excluding Russia remained
sustainably below 12%; or its FOCF after leases remained
sustainably negative. A lower SACP could also result from the
company's inability to sustainably lift its margins and improve its
cash flow profile, thereby weaking our perception of its business
risk.

"We could raise the rating on Metro if we took a similar action on
its parent EP Group.

"Although it would not result in an upgrade, we could revise
Metro's 'bb' SACP upward if its adjusted debt-to-EBITDA, excluding
Russia, remained sustainably below 4.0x; its adjusted FFO to debt
excluding Russia remained sustainably above 20%; and its FOCF after
leases turned positive."


ODYSSEY EUROPE: S&P Lowers LT ICR to 'CCC-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Odyssey Europe Holdco S.a.r.l. (Odyssey) to 'CCC-' from 'CCC'. S&P
also lowered its issue rating on the group's EUR200 million senior
secured notes due December 2025 to 'CCC-' from 'CCC'.

The negative outlook reflects an increased likelihood of a default
in the next six months.

Odyssey, parent of Estonia-based gaming group Olympic Entertainment
Group AS (Olympic), faces a material refinancing risk over the next
six months, since its EUR200 million senior secured notes are due
on Dec. 31, 2025.

S&P said, "We forecast the pace and magnitude of Odyssey's
performance recovery as uncertain, amid challenging market
conditions and regulatory constraints. The group closed the first
quarter of 2025 with about EUR48 million cash on the balance sheet,
with no available committed credit lines. Therefore, we do not
expect the group's liquidity sources to repay its EUR200 million
debt at maturity, in the absence of a successful refinancing
process."

The 'CCC-' rating on Odyssey reflects the high likelihood of
payment default, in the absence of a successful refinancing. The
group's sole debt instrument, consisting of EUR200 million senior
secured notes, is due on Dec. 31, 2025. Given Odyssey's limited
liquidity, with only EUR48 million cash available as of March 31,
2025, and no available credit lines, the group will need to
refinance or amend its capital structure within the next six months
to avoid principal payment default. S&P said, "While the group
continues its refinancing discussions, initiated in January, we
note that there has been no concrete progress. Therefore, in our
view, the prolonged absence of execution, combined with a lack of
transparency on the process, significantly increases the risk of
default over the next six months. In absence of a successful
refinancing process, there is a high likelihood that the group
could pursue a transaction that we would view as distressed. This
could include a refinancing below par, a conventional nonpayment,
or a debt exchange that we would deem tantamount to default under
our criteria."

S&P said, "We continue to assess the group's liquidity as weak. As
of March 31, 2025, Odyssey's cash and liquid investments amounted
to EUR48 million, with no committed credit lines. We expect that
this will allow the group to service its interest obligations in
2025, including the EUR10 million interest payments paid in May.
However, liquidity sources are insufficient to fund its debt
maturity due in about six months. While we anticipate the group's
free operating cash flow after leases to remain positive over
2025-2026, we expect it to be minimal, at about EUR3 million
annually. Therefore, we do not expect Odyssey will generate
sufficient cash to cover its upcoming debt maturity. As such we see
an elevated risk that a conventional default or distressed debt
restructuring could occur over the next six months.

"We think that operating headwinds will continue in 2025 and
Odyssey's ability to return to revenue growth is uncertain. The
group's topline performance and profitability have been muted, due
to challenging market conditions, regulatory constraints and the
group's geographic proximity to Russia which affect gambling demand
and tourism. The effect was more pronounced in the land-based
segment where the group has closed its casinos in multiple
countries including Malta and Slovakia. To help offset recessionary
headwinds, Odyssey is expanding its margin-accretive online
business--where we expect revenue to increase by about 5%, compared
to 1% for land-based operations. As a result of casino closures, we
anticipate that the group's total revenue will decrease by about 2%
in 2025 while the EBITDA margin should remain at about 20%-21%. We
also expect adjusted leverage to reduce to about 4.6x in 2025, in
line with our previous forecasts.

"The negative outlook reflects our view that the group could face
potential default scenarios over the next six months, absent of
successful refinancing of the EUR200 million senior secured notes.
Specifically, this would happen if there was a refinancing below
par, a conventional nonpayment, or a debt exchange that we would
deem tantamount to default under our criteria.

"We could lower our ratings on Odyssey if the group is unable to
execute a refinancing such that we come to view a default or
distressed exchange as a virtual certainty or if the group
announces or undertakes a distressed restructuring that we could
consider equivalent to a default.

"We could take a positive rating action if the group successfully
refinances the maturity of its senior secured notes, such that we
no longer envision a specific default scenario within the next six
months."




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ION TRADING: S&P Upgrades ICR to 'B' on Improved Group Profile
--------------------------------------------------------------
S&P Global Ratings raised its ratings on Ion Trading Technologies
Ltd. (Ion Markets) to 'B' from 'B-' and removed its previous
CreditWatch placement with positive implications.

S&P said, "The stable outlook reflects our expectation that Ion
Markets' high leverage will with debt to EBITDA of above 8.0x but
sound free operating cash flow (FOCF) to debt of about 3% on a
stand-alone basis, and that its parent group's creditworthiness
will continue to uplift our ratings on Ion Markets by one notch."

Ion Group, the parent company of Ion Markets, Ion Corporates, and
Ion Analytics, has signed an agreement to merge the three entities.
S&P rates Ion Platform, the intermediate parent of the three
entities above, 'B+', supported by its expectation that the merger
will allow better alignment of its product suite and go-to-market
strategy to existing clients, which could lead to better
cross-selling opportunities and support enhanced organic growth.

S&P said, "Given its significant contribution to the Ion Group, we
consider that the overall group's creditworthiness will be closely
aligned to that of Ion Platform, and we therefore raised our view
of the group's credit profile to 'b+'. The improved group credit
profile allows for a one-notch group support uplift to our ratings
on Ion Markets, given our view of the subsidiary's importance in
the overall Ion Group (under parent company Ion Investment
Corporation), which remains the relevant parent for our analysis of
potential group support.

"The stable outlook reflects our view that ION Markets' stand-alone
credit profile will remain 'b-', reflecting the company's high
leverage with debt to EBITDA of above 8.0x and sound FOCF to debt
of about 3%. It also reflects our expectation that our group credit
profile on Ion Investment Corp. will remain 'b+', supported by its
enhanced integration and synergy potential, enabling a
fast-deleveraging profile to about 7.0x over the next two years."

S&P could lower its ratings on Ion Markets if:

-- S&P revised its group credit profile on Ion Investment Corp. to
'b' from 'b+', reflecting S&P Global Ratings-adjusted debt to
EBITDA remaining well above 7.0x (excluding payment-in-kind debt)
and FOCF to debt remaining well below 5% on a sustained basis; or

-- Ion Markets' stand-alone credit profile deteriorated because of
FOCF turning negative for a long period, or if the company
experienced liquidity pressures. This could happen if Ion Markets
loses key customers, due to increased competition and tough
macroeconomic conditions.

S&P could raise its rating on ION Markets if it commits to
deleveraging on a sustained basis on the back of EBITDA growth, and
if it limits its debt intake, leading to:

-- Adjusted leverage sustainably below 6.5x; and
-- FOCF to debt approaching 10%.

Although unlikely in the near term, S&P could alternatively raise
its ratings on ION Markets if the credit quality of its parent
group strengthens further.




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TEAMSYSTEM: S&P Affirms 'B-' ICR & Alters Outlook to Stable
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Italian software provider
TeamSystem to stable from positive. S&P also affirmed its 'B-'
long-term issuer credit and issue ratings on TeamSystem's senior
secured debt.

S&P said, "The stable outlook reflects our expectation that
TeamSystem's solid revenue growth and steady margin expansion,
underpinned by its fast-growing microsegment, will allow it to
deleverage to about 8.0x in 2026, with FOCF to debt remaining at
about 5%."

TeamSystem plans to issue EUR1.2 billion senior secured notes and a
EUR350 million payment-in-kind (PIK) facility to fund a EUR700
million shareholder dividend, repay EUR300 million existing debt,
and build its capacity for acquisitions.

This will elevate the company's S&P Global Ratings-adjusted debt to
EBITDA to more than 10.0x before decreasing to 9.2x by the end of
2025 and 8.1x in 2026.

S&P said, "The proposed dividend recapitalization will elevate
TeamSystem's leverage. After the transaction, we forecast the
company's S&P Global Ratings-adjusted leverage will exceed 10x
thanks to the debt-funded dividend payout. Although we anticipate
the company will deleverage toward 8x in 2026, underpinned by
double-digit revenue growth and steady margin expansion, we think
the transaction demonstrates the sponsor's willingness to tolerate
very high leverage, which is incommensurate with other 'B' rated
peers. On the other hand, our base case of a free operating cash
flow (FOCF) to debt ratio of close to 5% in 2026 could be
undermined by the company's opportunistic approach to pay cash
interest on its PIK instruments, despite these being designed to
preserve cash. Nevertheless, considering the company's improving
business strength and increased PIK, we have relaxed our upside
rating trigger to 8.5x from 8.0x."

TeamSystem's international expansion presents more opportunities
than risks. Since 2020, Italy-based TeamSystem has been steadily
expanding outside its home market, and as of March 2025 its
international revenue share increased to about 14%. S&P said, "We
think geographical diversification will reduce TeamSystem's
concentrated market and regulatory risks within Italy as well as
support the company's fast revenue growth in the next two-to-three
years. TeamSystem now has operations in Turkey, Spain, France, and
Israel. With a key focus on micro businesses in international
markets, the company's international business is growing more than
25% annually. During TeamSystem's international expansion, it was
able to control operational and development costs thanks to the
high scalability of its micro solutions. Together with AI
deployment in its customer services and operations, we forecast the
company's S&P Global Ratings-adjusted EBITDA margin will increase
by about 100 basis points per year till 2028. We think these
strengths will more than offset the company's execution and foreign
exchange risks in international markets."

S&P said, "TeamSystem has a strong cash flow. We forecast the
company's FOCF will exceed EUR150 million in 2025 and EUR180
million in 2026, compared with EUR119 million in 2024. The
company's cash flow benefits from strong revenue growth and margin
expansion and an increase in recurring revenue, which accounts for
about 85% of total revenue given that these revenue streams are
billed monthly. Furthermore, the company's rapidly growing
microsegment, which accounts for about 32% of total revenue, has
more favorable payment terms and is typically paid upfront. This
reduces working capital needs and strengthens cash flow. The
company also has limited capital expenditure (capex) needs, similar
to those of other software peers. Its opportunistic approach on PIK
interest payments will also boost cash flow considering the much
higher interest rate on these instruments compared with the senior
notes.

"The stable outlook reflects our expectation that TeamSystem's
solid revenue growth and steady margin expansion, underpinned by
its rapidly growing microsegment, will enable the company to
deleverage to about 8.0x in 2026, with FOCF to debt remaining at
about 5%.

"We see a negative rating action as unlikely given the company's
sound liquidity and cash flow. We could lower the rating if
TeamSystem's FOCF turns negative for an extended period, or if it
experiences liquidity pressure. This could happen if the company
loses customers due to increased competition and economic
volatility."

S&P could raise the rating if TeamSystem pursues a relatively
prudent financial policy, leading to:

-- Adjusted leverage falling below 8.5x; and

-- FOCF to debt staying higher than 5% on a sustained basis.




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

ORIFLAME INVESTMENT: S&P Lowers LongTerm ICR to 'SD'
----------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Oriflame Investment Holding to 'SD' (selective default) from 'CC,
and its issue rating on its $550 million and EUR250 million senior
secured notes to 'D' (default) from 'CC'.

S&P said, "Oriflame has opted to defer its interest payment and as
such, we view the missed payment as a default since creditors will
not receive what they were initially promised, regardless of their
consent to defer the payment. The rating action reflects Oriflame's
nonpayment of interest due May 15, 2025, within the earlier of, our
30-calendar day period (as defined by our criteria), and, the grace
period as stipulated in the debt documentation. The deferred
interest payment results from a consensual agreement with holders
of the notes agreed on May 27, 2025. The issuer credit rating on
Oriflame Investment Holding is 'SD' because we understand the
company remains current on its other obligations.

"We understand Oriflame has secured support from more than 91% of
bondholders for a lock-up agreement to implement the proposed debt
restructuring transaction, however, this is contingent upon
receiving approval from the revolving credit facility lenders,
which has not yet been secured. We expect to reassess our ratings
on the company, outlining the next steps in our analysis and
ratings once we have more information on the satisfaction of
conditions precedent regarding the lock-up agreement."




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

AMMEGA GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Ratings affirmed Ammega Group B.V. (Ammega)'s B3 long term
corporate family rating, its B3-PD probability of default rating
and B3 rating on its senior secured bank credit facilities. The
outlook changed to negative from stable.

RATINGS RATIONALE

The rating action reflects a balance between the following
factors:

-- Weak point-in-time credit metrics. As of March 2025,
Moody's-adjusted debt/EBITDA is approximately 10x (based on EBITDA
after one-off costs and excluding unrealized cost savings),
EBITA/Interest is 0.7x, and Free Cash Flow (FCF) is negative, with
FCF/Debt at -3%. These credit metrics are significantly outside the
expected range for the current rating category. Moody's estimates
that to achieve sustained, positive FCF under the current capital
structure (assuming debt levels remain unchanged), Ammega needs
Moody's-adjusted EBITDA above EUR180 million, compared to EUR145
million for the twelve months ending March 2025 (based on EBITDA
after one-off costs and excluding unrealized cost savings).

-- Limited direct impact on the company's earnings from trade
tariffs and global geopolitical uncertainties.  While a market
rebound in 2026 could further support performance, its timing and
magnitude remain uncertain. Moody's expects cost-saving efforts and
potential market recovery to gradually improve credit metrics,
though a return to B3-aligned levels is likely delayed until 2026.
Management's pro-active  cost-saving program launched in Q1-25 will
help to raise EBITDA margins, but brings execution risks, and
related implementation costs will weigh on 2025 earnings and FCF.
Moody's projects low single-digit revenue growth in 2025 and in
2026 and Moody's-adjusted EBITDA margins (based on EBITDA after
one-off costs and excluding unrealized cost savings) of 17% in 2025
(15% in LTM Mar-25) and 19% in 2026.

-- Adequate liquidity, with no significant debt maturities until
2028, provides time for Ammega's credit metrics to recover.
However, given the very weak credit metrics for the current rating
category, there is limited leeway for further underperformance
relative to Moody's expectations.

Ammega's B3 CFR reflects its strong market position in the
relatively fragmented segments of lightweight conveyor and
transmission belts, as well as its integrated business model, which
supports credit quality. The company benefits from a high share of
recurring revenue—replacement sales account for approximately 70%
of total revenue—and a diversified manufacturing base with global
sales reach. Moody's expects trade tariffs and global geopolitical
uncertainties to have a limited direct impact on the company's
earnings, given its diversified manufacturing footprint and ability
to adapt through sourcing and pricing initiatives. The broader
effects are more likely to be felt indirectly, through slower GDP
growth and reduced investment confidence.

However, the company's very high Moody's adjusted financial
leverage, weak free cash flow due to a significant interest burden,
and some execution risks related to ongoing cost-saving efforts,
constrain the rating. Additionally, there is limited visibility
into the timing and strength of end-market recovery, particularly
in light of the challenging macroeconomic environment and ongoing
trade policy uncertainties.

LIQUIDITY

Ammega's liquidity is adequate and benefits from the absence of
near term refinancing needs, with guaranteed senior secured first
lien revolving credit facility (RCF) and senior secured first lien
term loans due in June 2028 and December 2028, respectively. It is
supported by a cash balance of EUR35 million and the EUR151 million
of undrawn RCF of total size of EUR182 million as of the end of the
first quarter 2025. Moody's forecasts moderately negative to break
even FCF in the next 12-18 months. The RCF contains a springing
leverage financial covenant tested only when the facility is more
than 40% drawn, Moody's expects ample headroom under the covenant.
The company also has access to factoring lines, although these are
uncommitted.

STRUCTURAL CONSIDERATIONS

The senior secured first lien term loans and the RCF rank pari
passu and share the same security interest, including mainly share
pledges and intercompany receivables. The senior secured bank
credit facilities are rated B3 in line with the CFR because they
account for the large majority of debt.

OUTLOOK

The negative outlook reflects Moody's expectations that Ammega will
continue to exhibit weak credit metrics with Moody's-adjusted
debt/EBITDA around 8.0x-9.0x and break-even to slightly negative
free cash flow in 2025. The outlook may be revised to stable if
Ammega generates positive free cash flow and shows progress on
reduction of its Moody's-adjusted debt-to-EBITDA to below 7.0x.
Conversely, failure to improve credit metrics, as indicated by
Moody's-adjusted debt-to-EBITDA persistently above 7.0x and
persistent negative free cash flow, or deterioration in liquidity,
could lead to a rating downgrade.

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

Moody's could upgrade Ammega's ratings if (1) Moody's adjusted debt
/ EBITDA reduces below 6.0x on a sustained basis; and (2) the
company builds a track record of generating substantial positive
FCF; and (3) Moody's adjusted EBITA/interest cover towards 2.0x on
a sustained basis, while (4) the company maintains an adequate
liquidity profile.

Moody's could downgrade Ammega's ratings if (1) Moody's adjusted
debt / EBITDA is above 7.0x on a sustained basis; or (2) Moody's
adjusted EBITA/interest is sustainably below 1.25x; or (3) FCF is
negative on sustained basis; or (4) the liquidity profile weakens.

PRINCIPAL METHODOLOGY

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

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Headquartered in the Netherlands, Ammega is a global producer of
lightweight belt products. The company's activities include
manufacturing, fabrication, assembly, distribution, and servicing
of synthetic and modular conveyor belts, industrial power
transmission belts, and specialty belts and others. It serves a
variety of end markets, including industries such as food,
logistics and e-commerce, industrials, airports, elevators and
packaging.

The company has been owned by Partners Group since 2018 and
reported revenue of around EUR1.0 billion and management-adjusted
EBITDA of EUR197 million in the 12 months that ended March 2025.


PENTA TECHNOLOGIES: S&P Assigns Prelim. 'B+' LongTerm ICR
---------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating on Dutch technical service provider Penta
Technologies B.V. (Unica) and its preliminary 'B+' issue rating on
the proposed TLB. The '3' recovery rating reflects its expectations
of a meaningful recovery (50%-70%; rounded estimate 60%) in the
event of a default.

The stable outlook reflects S&P's view that Unica will report solid
earnings growth fueled by favorable industry trends in health,
safety, and sustainability supporting organic revenue growth of
5%-6% annually and bolt-on acquisitions. This will underpin
adjusted debt to EBITDA of 4.5x-4.0x (4.0x to 3.5x excluding the
vendor loan) and positive free operating cash flow (FOCF) of about
EUR25 million (excluding transaction costs) in 2025 increasing to
about EUR70 million in 2026.

Unica plans to refinance its existing capital structure and
distribute cash to shareholders. The company seeks to refinance
EUR247 million existing debt and EUR156 million as distribution to
shareholders by raising a senior secured EUR410 million TLB due
2032. Unica will also raise a EUR150 million RCF (undrawn at the
close of transaction) due 2032, and a EUR30 million guarantee
facility due 2032. S&P said, "We forecast Unica's adjusted debt to
EBITDA at 4.4x (4.0x excluding the vendor loan) in 2025 declining
to 4.2x (3.8x excluding the vendor loan), thanks to growth in
EBITDA. We note that financial sponsor Triton Partners, that has
owned the company since 2017, provided part of the equity in the
form of preference shares at an entity above Unica--which flows
down to Unica as common equity. We exclude this financing from our
financial analysis as we think the common equity financing and the
noncommon-equity financing are sufficiently aligned. We treat the
vendor loan provided by the minority shareholder (the Van Vliet
family) as debt."

Stable revenue growth due to a high contribution from maintenance
and renovation. Unica generates about two-thirds of its revenue
from maintenance and renovation, which are more resilient to the
level of economic activity compared to new build construction. This
is because maintenance (heating, ventilation, and air conditioning;
and sanitary systems) generally cannot be postponed. In addition,
increasing regulations around safety and implementation,
maintenance of advanced access, and security systems also support
recurring revenues (about 73% of revenues). Earnings stability and
customer retention can be seen through:

-- Direct negotiations contributing 75% of its contracts: 60% of
top 50 clients with a tenure of more than 10 years, and 84% of
clients with an average of more than a three-year relationship;

-- The declining contribution from more volatile generic large
project business, about 18% of revenue in 2024 compared to 33% in
2017;

-- About 50% of revenues stemming from less-cyclical semipublic
organizations e.g., schools and health care providers; and

-- No exposure to the relatively volatile residential sector.

The order book of EUR0.9 billion as of December 2024 and more than
60% of revenues being generated from contracts of more than one
year (compared to less than 50% for VDK Groep B.V. (VDK) support
revenue visibility.

Favorable industry trends underpin solid organic revenue growth.
Increasing from a smaller base, Unica's organic revenue growth was
6%-8% annually in 2018-2024, ahead of the about 4% market growth
and approximately 5% each for peers like VDK and TSM II LuxCo 21
Sarl (TSM). Our forecast of 5%-6% organic revenue growth in 2025
and 2026 is influenced by increasing focus on sustainability,
energy transition, and efficiency, safety, smart building solutions
(air quality, fire safety, and access and security), and
digitalization trends. The specialty services segment (fire safety,
energy solutions, building intelligence, ICT solutions, access and
security, datacenters, and industry solutions) complements building
services and the building project segments providing opportunities
for cross-selling particularly in the context of increasing
technological complexity of buildings. Unica is strategically
increasing its presence in specialty services (about 45% of revenue
in 2024 compared with 35% in 2017) both organically and through
mergers and acquisitions (M&As) as growth in this segment is fueled
by increasing regulations around safety, and sustainable buildings
technical installation.

Unica has a track record of successfully integrating bolt-on
acquisitions. Like its peers, Unica has pursued M&A to increase its
density and portfolio of services. The company operates a
decentralized business model with each cluster operating as an
independent business unit, maintaining local autonomy and in
certain cases, branding, and it has closed 21 acquisitions since
2019. The profitability of the acquisitions follows the J-curve
with a temporary increase in costs from uplifting local company's
management, staff, and functions to Unica's standard. S&P said,
"The company acquired MPL Group during the first quarter of 2025
and for the remaining year, we assume EUR30 million in acquisitions
(funded by cash on balance sheet) mainly in the building services
segment--including an earnout payment of EUR4.7 million. For 2026,
we assume an about EUR58 million (includes a EUR6.0 million earnout
payment) investment in acquisitions (partially debt-funded), mainly
in the higher margin specialty services segment."

Healthy EBITDA margins and modest capital expenditure (capex)
support healthy cash flow generation. Labor and materials are the
two most significant items in Unica's cost structure and based on
the indexation for both in most of their contracts and any
additional work on a cost-plus basis, reflects the company's
ability to pass on cost inflation. Continued gradual improvement in
EBITDA margins since 2021 demonstrate this. With an S&P Global
Ratings-adjusted EBITDA margin of 12%-13%, Unica is placed
favorably among facility management services providers like Apleona
Group GmbH, Assemblin Caverion Group AB, and TSM but behind its
direct peers VDK and Infragroup Bidco S.a.r.l. Unica benefits from
structurally negative working capital with upfront payments based
on milestones for large projects. However, this has also added
volatility in the recent years due to the timing of large projects.
S&P expects working capital to gradually normalize resulting in an
outflow of EUR38 million in 2025 and EUR3 million in 2026. The
company has modest capex requirements and plans to invest about
EUR20 million-EUR22 million (about 2% of revenues of which about
1.0%-1.3% is maintenance capex) including growth capex toward the
digitalization of the business. This, combined with a one-time
transaction-related cost of EUR10 million (funded from the proceeds
from the transaction), will drive FOCF of EUR15 million (EUR25
million excluding transaction costs) in 2025 and about EUR70
million in 2026.

Unica's small scale of operations, geographic concentration, and
operations in a highly fragmented market restrict our business risk
profile. Unica is one of the largest technical services providers
in the Netherlands but operates in a fragmented market where the
top 10 technical services providers accounted for a combined market
share of 35% in 2024. With EUR937 million of reported revenue and
EUR114 million of EBITDA in 2024 Unica's scale of operations has
increased significantly over the years. S&P said, "However, we view
Unica's scale of operations as small compared to larger facility
management companies like Apleona and Assemblin Caverion (both
generated about EUR4.0 billion in revenues). The company's
operations are predominantly in the Netherlands. In our view, this
makes Unica less resilient compared with larger, more
geographically diversified peers." While the company has moderate
client concentration with the top 10 clients contributing about 23%
of revenues, there is some concentration in subsegments e.g., the
top 10 clients in datacenters contribute 70% of revenues, the top
10 clients contribute 60% in industry solutions, and the top 10
clients contribute 50% of revenues in energy solutions.

S&P said, "Our rating on Unica is constrained by financial sponsor
ownership and policy. We forecast adjusted debt to EBITDA of 4.4x
(4.0x excluding the vendor loan) in 2025 declining to 4.2x (3.8x
excluding the vendor loan) in 2026 primarily due to EBITDA
expansion. We have not factored in any additional returns to
shareholders and assume that Unica will pursue three to five
bolt-on acquisitions annually, utilizing both cash and debt while
maintaining about EUR60 million cash on balance sheet. Our
financial risk assessment reflects our view of financial sponsor's
leverage tolerance. We note that the debt documentation allows the
company to raise meaningful additional debt up to reported 7.0x
total net leverage (compared to opening reported total net leverage
of 3.1x). We view the substantial equity (one-third) ownership by
the minority shareholder (the Van Vliet family and management), the
favorable forecast leverage compared with peers, and the solid cash
flow generation as partial mitigants to our opinion of the
company's financial policy."

The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. S&P said, "If we do not receive final documentation within
a reasonable time frame, or if final documentation departs from the
materials we reviewed, we reserve the right to withdraw or revise
our preliminary ratings. Potential changes include, but are not
limited to, the use of loan proceeds, maturity, size and conditions
of the loans, financial and other covenants, security, and
ranking."

S&P said, "The stable outlook reflects our view that Unica will
report solid earnings growth fueled by favorable industry trends in
health, safety, and sustainability supporting organic revenue
growth of 5%-6% annually and bolt-on acquisitions. This will
underpin adjusted debt to EBITDA of 4.5x-4.0x (4.0x to 3.5x
excluding the vendor loan); positive FOCF of about EUR25 million
(excluding transaction costs) in 2025 increasing to about EUR70
million in 2026."

S&P could lower the rating on Unica in the next 12 months if it
expects its S&P Global Ratings-adjusted leverage to increase and
remain above 5.0x or its FOCF to weaken, likely because of:

-- A more aggressive financial policy through shareholder returns
or significant debt-funded acquisitions that increase leverage
beyond our projections; or

-- Weaker operating performance due to a slowdown of the Dutch
technical services market and higher exceptional costs to integrate
bolt-on acquisitions.

Although unlikely, S&P could consider taking a positive rating
action if:

-- The financial sponsor commits to a clear financial policy that
targets maintaining leverage below 4.0x; and

-- The company enhances its scale and geographical
diversification, while improving margins and generating solid cash
flows.




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

MBANK SA: S&P Rates Proposed Subordinated Tier 2 Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
proposed euro-denominated Tier 2 subordinated notes that will be
issued by mBank S.A. (BBB+/Stable/A-2). The notes will be drawn
from the bank's EUR3 billion medium-term note program, and S&P
understands they will qualify as Tier 2 regulatory capital. This is
mBank's first issuance of Tier 2 capital notes in euro. The rating
is subject to our review of the notes' final documentation.

In accordance with S&P's criteria for hybrid capital instruments,
the 'BB+' issue rating reflects its analysis of the proposed
instrument and our assessment of mBank's 'bbb' stand-alone credit
profile (SACP).

The issue rating stands two notches below the SACP, due to the
following deductions:

-- One notch because of the notes' contractual subordination with
respect to the bank's senior obligations; and

-- One notch because the notes will be available to absorb losses
at the point of nonviability via statutory loss absorption or
conversion into equity.

Given the notes' lack of going-concern loss absorption, S&P does
not expect to include them in its calculation of the bank's total
adjusted capital.




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

AEDAS HOMES: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed AEDAS Homes, S.A.'s Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook, and its senior
secured rating at 'BB', with a Recovery Rating of 'RR3'. Fitch has
also affirmed the senior secured rating of AEDAS Homes OpCo SLU's
secured notes at 'BB' with 'RR3'. The notes are guaranteed by AEDAS
Homes.

The affirmation reflects AEDAS Homes' solid performance during FY25
(fiscal year-end March 2025) with revenue surpassing EUR1.1 billion
and EBITDA margin of about 15%. Its robust orderbook ensures high
sales for the next 24 months, supported by strong housing demand in
Spain. Fitch-calculated net debt/EBITDA ratio of 1.8x remains
stable and comfortably within its rating sensitivities for the
group. AEDAS Homes' complementary businesses provide expanding,
capital-light income from end-to-end development services.

Key Rating Drivers

Solid Operating Performance: AEDAS Homes focuses on mid-to-high
value apartments and single-family homes in Spain's high-demand
areas, with over 70% of sales to local owner-occupiers. The company
sold a record 3,070 units in FY25, up from 2,839 in FY24: 2,559
were build-to-sell (BTS) units, sold at an average price of
EUR366,000, while the remainder was build-to-rent (BTR) apartments
sold to investors.

Fitch expects BTS sales to remain the primary revenue source,
backed by a substantial landbank of 15,500 units or 20,249 units
including co-investments and managed projects. This land is fully
permitted, with about 70% in design, marketing or construction.

Diversified Revenue Streams: AEDAS Homes' services division
provides development services to institutional investors, family
offices and public entities, primarily coordinating new projects
using third-party capital. In most cases, it retains a 10%-30%
minority stake in a project until its sale and earns fees for
comprehensive project management. In FY25, this capital-light
activity generated fees of EUR13.1 million (FY24: EUR9.4 million),
offering attractive returns by using the group's in-house
expertise. BTR delivered 511 units across three projects,
generating EUR89 million in revenue.

The average selling price (ASP) of BTR units of EUR174,000 in FY24
was lower than that of BTS due to the smaller size and simpler
layout of the units, its bulk sales nature and a lack of sale
costs.

Expanding Orderbook: The group's BTS order book at FYE25 was
strong, ensuring strong visibility on deliveries over the next two
years. Pre-sales contracts for BTS units amounted to EUR1.4 billion
for 3,740 units. These pre-sales account for 76% of expected BTS
deliveries by FY26, and 39% for FY27, according to management
projections. Contract cancellations remain low, with less than 1%
terminated in the past three years. The ASP of homes reserved in
FY25 increased to EUR435,000, reflecting the location and the
project mix of these new developments, and price increases.

Stable Leverage Metrics: AEDAS Homes' net debt/EBITDA has been
below 2x over the past four years. The group has historically
limited capital deployment for turnkey BTR projects and minimised
the risk of end-purchase by selling them off-plan to professional
residential landlords. This strategy, alongside the cash flow
generated from its core BTS operations, helped to keep leverage
stable, despite investments in land. Fitch expects net debt/EBITDA
to remain comfortably within Fitch's rating sensitivities and
EBITDA net interest coverage above 5x over the next three years, in
the absence of unexpected, extraordinary shareholders distributions
and measured spending on land.

Pre-Sales Support Cash Flow: Construction of a BTS project
typically begins once 30%-35% of the units are sold. This threshold
is also a prerequisite for banks to provide developer loans, which
are repaid on project completion. Funding needs during the
development phase are partly offset by customer payments of a 10%
deposit, which can go up to 20% or 30% for secondary homes and in
selected regions. Subsequently, an additional 10% is paid during
the development period. The initial deposit is non-reimbursable if
the sale is cancelled by the client.

Robust Spanish Housing Market: Housing demand in Spain picked up in
2H24, spurred by declining interest rates, following a 10.2% drop
in residential sales in 2023. The number of transactions in 2024
rose by 10%, to 642,000 homes, the third highest level of the last
20 years, surpassed only by real estate peaks in 2007 and in 2022
after the Covid-19 pandemic. Robust growth in the past two quarters
suggests housing demand will remain strong in 2025.

Peer Analysis

AEDAS Homes' ASP of its BTS units is higher than that of its
domestic peers Via Celere Desarrollos Inmobiliarios, S.A.U.
(BB-/Stable; ASP: EUR312,000) and Neinor Homes, S.A (B+/Stable;
ASP: EUR332,000) and is expected to rise.

Spanish homebuilders and The Berkeley Group Holdings plc
(BBB-/Stable) primarily offer city apartments, with Berkeley
maintaining a higher ASP of GBP644,000 due to its focus on
London-centric developments. In contrast, Miller Homes Group
(Finco) PLC (B+/Stable) and Maison Bidco Limited (trading as
Keepmoat; BB-/Stable), UK-based peers, focus on affordable,
single-family homes outside London.

Spanish and UK homebuilders have similar funding profiles,
requiring upfront costs for land acquisition prior to marketing and
development. In Spain, landowners often offer deferred payment for
land acquisition, which reduces initial cash outflows. Conversely,
UK homebuilders can use option rights to mitigate upfront land
costs. Kaufman & Broad S.A. (BBB-/Stable) distinguishes itself in
France with a strong funding profile, benefiting from phased
customer payments and favourable land acquisition terms.

Under Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, the secured debt of a EMEA company with a 'BB-' IDR can
be rated up to two notches above its IDR with a Recovery Rating of
'RR2'. AEDAS Homes' secured debt has a one-notch uplift to 'BB' and
a Recovery Rating of 'RR3', reflecting the historical volatility of
collateral values in this asset class in Spain.

Key Assumptions

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

- A moderate reduction of units delivered in FY26 (about 2,000)
compared with FY25 (3,071), as no BTR schemes will be delivered

- Increasing ASP to above EUR400,000 per unit in FY26-FY27, in
accordance with the latest pre-sales and project mix

- Refinancing of the outstanding EUR255 million of senior secured
notes ahead of the August 2026 maturity

- Dividend payments to track free cash flow (FCF) generation and be
consistent with net debt/EBITDA at or below 2x

RATING SENSITIVITIES

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

- Net debt/EBITDA above 3.0x

- Negative FCF over a sustained period

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

- Net debt/EBITDA below 1.5x

- Consistently positive FCF

Liquidity and Debt Structure

AEDAS Homes had about EUR290 million of readily accessible cash at
FYE25. This figure excludes prepayments of EUR52.1 million
allocated to corresponding projects and EUR2.2 million pledged to
secure other obligations. The group also had EUR55 million in
undrawn committed credit lines that mature in May 2026.

In April 2024, the company used part of its cash reserves to
repurchase and cancel EUR70 million of its EUR325 million secured
notes maturing in August 2026. Its FYE25 outstanding debt includes
EUR223 million development financing, which AEDAS Homes uses to
support new developments and repays at the completion and sale of
the projects. It is actively looking to refinance its outstanding
senior secured notes.

Issuer Profile

AEDAS Homes is a Spain-based homebuilder with a focus on Madrid and
the country's largest conurbations.

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
   -----------               ------          --------   -----
AEDAS Homes OpCo SLU

   senior secured      LT      BB   Affirmed    RR3      BB

AEDAS Homes, S.A.      LT IDR  BB-  Affirmed             BB-

   senior secured      LT      BB   Affirmed    RR3      BB




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

INTRUM AB: Fitch Affirms & Then Withdraws 'D' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has affirmed Intrum AB (publ)'s Long-Term Issuer
Default Rating (IDR) at 'D' and senior unsecured debt rating at
'C'.

Fitch has subsequently withdrawn all ratings for commercial
reasons. Fitch will therefore no longer provide ratings or
analytical coverage on Intrum.

Key Rating Drivers

Prior to their withdrawal, Intrum's ratings reflected the company's
debt restructuring process under the US Chapter 11 and Swedish
reorganisation proceedings.

Intrum's debt restructuring should be completed in 2H25, following
the US Bankruptcy Court and Stockholm District Courts approval of
its reorganisation plan in April 2025.

RATING SENSITIVITIES

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

Rating sensitivities do not apply as the ratings have been
withdrawn.

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

Rating sensitivities do not apply as the ratings have been
withdrawn.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Fitch's criteria use bespoke recovery analysis for issuers with
Long-Term IDRs of 'B+' and below. The bespoke recovery analysis
assumed that Intrum would be considered a going concern in
bankruptcy and that the company would be reorganised rather than
liquidated. Its assumptions result in a 'RR4' Recovery Rating and
'C' long-term rating for its senior unsecured debt, despite
significant uncertainty about Intrum's future adjusted EBITDA and
gross debt levels.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Rating sensitivities do not apply as the ratings have been
withdrawn.

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
   -----------              ------         --------   -----
Intrum AB (publ)      LT IDR D  Affirmed              D
                      LT IDR WD Withdrawn
                      ST IDR D  Affirmed              D  
                      ST IDR WD Withdrawn

   senior unsecured   LT     C  Affirmed     RR4      C

   senior unsecured   LT     WD Withdrawn


POLESTAR AUTOMOTIVE: Director Changes Up for Vote at June 30 AGM
----------------------------------------------------------------
Polestar Automotive Holding UK PLC announced that in conjunction
with its Annual General Meeting (AGM) to be held in London on 30
June 2025, certain changes to the Company's Board of Directors are
being submitted for shareholder approval. Full details of the AGM
are available on the Company's Investor Relations website:
https://investors.polestar.com/corporate-governance/annual-general-meeting

Karen Francis' and Zhe (David) Wei's terms are ending at the
closing of this year's AGM and they have both announced that they
will not stand for re-election. Additionally, David Richter and
Donghui (Daniel) Li have announced their decisions to resign from
the Board, both effective at the closing of this year's AGM.

Francesca Gamboni and Laura Shen are standing for re-election at
the AGM. Additionally, two new Directors are proposed and
recommended for election: Cynthia Dubin and Quan (Joe) Zhang.

Winfried Vahland, Polestar Board Chair, says: "I want to thank
Karen Francis, David Richter, David Wei and Daniel Li for their
invaluable contributions to Polestar and the roles they played in
transforming it into a listed company. I'm pleased to welcome
Cynthia Dubin and Joe Zhang to the Board, whose valuable experience
will be of great benefit to Polestar."

Cynthia Dubin is an experienced Chief Financial Officer and Board
Director currently serving on the board of Ice Futures Europe, an
exchange for futures and options contracts for energy and emissions
products, interest rates, equity derivatives and soft commodities,
owned by Intercontinental Exchange, Inc. She is further on the
boards of Hurco Companies, Inc., a global machine tools
manufacturer listed on Nasdaq, and of the UK Competition and
Markets Authority.

Joe Zhang, Vice President and Chief Financial Officer of Zhejiang
Geely Holding Group, is proposed to succeed Daniel Li on the
Board.

                     About Polestar Automotive

Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.
Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 9, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
requires additional financing to support operating and development
activities that raise substantial doubt about its ability to
continue as a going concern.

As of Dec. 31, 2024, the Company had $4.1 billion in total assets,
$7.4 billion in total liabilities, and a total deficit of $3.3
billion.



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

A B DEVELOPMENTS: Leonard Curtis Named as Administrators
--------------------------------------------------------
A B Developments (Yorkshire) Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in the High Court of Justice Business and Property Courts in
Manchester, Company & Insolvency List (ChD), Court Number:
CR-2025-MAN-000830, and Sean Williams and Phil Deyes of Leonard
Curtis were appointed as administrators on June 6, 2025.  

A B Developments (Yorkshire) engaged in construction installation.

Its registered office is at Currently Boys Yard, Shawfield Road,
Carlton Industrial Estate, Barnsley, S71 3HS and will be changed to
9th Floor, 7 Park Row, Leeds, LS1 5HD

Its principal trading address is at Boys Yard Shawfield Road,
Carlton Industrial Estate, Barnsley, S71 3HS

The joint administrators can be reached at:

         Phil Deyes
         Sean Williams
         Leonard Curtis
         9th Floor, 7 Park Row
         Leeds LS1 5HD

For further details, contact:

         The Joint Administrators
         Tel No: 0113 323 8890

Alternative contact: Amelia Blythe


ALUFOLD DIRECT: Leonard Curtis Named as Administrators
------------------------------------------------------
Alufold Direct Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Court Number: CR-2025-003957, and Mark Hodgett
and Lewis Armstrong of FRP Advisory Trading Limiteds were appointed
as administrators on June 10, 2025.  

Alufold Direct is manufacturer of doors and windows of metal.

Its registered office is at Minerva, 29 East Parade, Leeds,
Yorkshire, LS1 5PS

Its principal trading address is at 6b Frontier Park, Frontier
Avenue, Blackburn, BB1 3AL

The joint administrators can be reached at:

         Mark Hodgett
         Allan Kelly
         FRP Advisory Trading Limited
         Minerva, 29 East Parade
         Leeds, LS1 5PS

For further details, contact:

         The Joint Administrators
         Tel No: 0113 831 3555
         Email: cp.leeds@frpadvisory.com

Alternative contact:

         Usman Khan
         Email: cp.leeds@frpadvisory.com


ARTIS LOANCO 1: Grant Thornton Named as Administrators
------------------------------------------------------
Artis Loanco 1 PLC was placed into administration proceedings in
the High Court Of Justice, Business & Property Courts of England &
Wales, Insolvency & Companies List (CHD), No 003926 of 2025, and
Chris M Laverty and Jarred H Erceg of Grant Thornton UK Advisory &
Tax LLP were appointed as administrators on June 10, 2025.  

Artis Loanco engaged in financial intermediation.

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

Its principal trading address is at Suite 2, 7th Floor, 50
Broadway, London, SW1H 0DB

The joint administrators can be reached at:

         Jarred H Erceg
         Chris M Laverty
         Grant Thornton UK Advisory & Tax LLP
         8 Finsbury Circus
         London EC2M 7EA
         Tel No: 020 7184 4300.

For further information, contact CMU Support:

         Grant Thornton UK Advisory & Tax LLP
         8 Finsbury Circus
         London, EC2M 7EA
         Email: cmusupport@uk.gt.com
         Tel No: 0161 953 6906


ASDA (BELLIS FINCO): S&P Rates New EUR595MM Sr. Secured Notes 'B+'
------------------------------------------------------------------
S&P Global Ratings has assigned a 'B+' issue rating to the proposed
EUR595 million senior secured notes to be issued by U.K. grocer
Asda's (Bellis Finco PLC's) subsidiary Bellis Acquisition Co. PLC.
The rating is in line with that of the senior secured debt of the
group. The recovery rating is '3', reflecting its expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of a hypothetical default scenario.

Asda is planning to issue a total of EUR595 million senior secured
notes, due in 2031. The proceeds, together with approximately
GBP300 million of cash on the balance sheet, will be used to repay
the GBP500 million senior notes maturing in February 2027 as well
as paying the amounts due under the 2026 senior secured notes.
Through this transaction, the group will be refinancing senior
unsecured debt with senior secured debt, diluting the recovery
prospects of existing senior secured lenders. S&P said, "In
addition to this, we expect the new debt to be issued at a higher
interest rate, given the current rating environment versus 2021,
thus adding at least GBP20 million of additional interest expense.
Despite this increase, we do not expect any other major deviations
to our existing base case."

S&P said, "Subject to the successful closing of this transaction,
we will review the estimated recovery for the existing senior
secured debt, that is, the EUR1.47 billion term loan B maturing in
2031; and the GBP1.75 billion senior secured notes maturing in
2030, to 60%. The issue and recovery ratings will remain at 'B+'
and '3', respectively.

"The issue and recovery ratings, as well as the estimated recovery,
are subject to our review of the final documentation."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The senior secured debt is rated 'B+', with the recovery rating
unchanged at '3'. The recovery rating indicates S&P's expectation
of meaningful recovery prospects (50%-70%; rounded estimate: 60%).
This represents a review of the recovery prospects to 60% from 65%
given the higher amount of senior secured debt following the
issuance of the proposed senior secured notes. Following the
proposed transaction including the prepayment of the debt maturing
in 2026, the rated senior secured debt will include: the EUR1.47
billion term loan B maturing in 2031; the GBP1.75 billion senior
secured notes maturing in 2030; and the proposed EUR595 million
senior secured notes maturing in 2031. The senior secured debt also
includes the GBP162 million term loan A, the GBP793 million largely
undrawn revolving credit facility (RCF), and GBP684 million related
to a private placement. The group also has a GBP400 million ground
rent facility.

-- S&P values the group as a going concern, underpinned by its
scale and market position as the third-largest grocer in the U.K.,
with its established brand and a network of more than 1,200 sites.

-- The security package for the secured debt comprises floating
charges on some real estate, including material real estate
properties of subsidiaries, as well as share pledges over the
borrower and guarantors.

While the large amount of freehold property supports the recovery
ratings, several factors constrain the expected recovery on the
rated first-lien debt: the prevalence of floating charges; generous
provisions in the senior secured debt documentation for asset
disposals, including large baskets for sale and leaseback; the
group's track record of disposals and subsequent leases of the
operating assets; and the high amount of senior secured debt.

In S&P's hypothetical default scenario, it assumes weak
macroeconomic conditions in the U.K., resulting in lower
discretionary consumer spending and continued intense competition,
exacerbated by increasing raw material and other costs, and
potential disruptions to the company's operations from tough
trading conditions and supply chain inefficiencies.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: U.K.

Simplified waterfall

-- Emergence EBITDA: GBP571 million
-- Multiple: 6.0x
-- Gross enterprise value: GBP3.4 billion
-- Net recovery value after administrative expenses (5%): GBP3.25
billion
-- Estimated senior secured debt claims: GBP5.1 billion*
-- Recovery rating: '3'
-- Recovery prospects: 50%-70% (rounded estimate: 60%)

*All debt amounts include six months' prepetition interest. S&P
assumes the RCF will be 85% drawn at the time of default.


B360 LIMITED: Begbies Traynor Named as Administrators
-----------------------------------------------------
B360 Limited was placed into administration proceedings in the High
Court of Justice Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD), Court Number: CR-2025-001998,
and Julie Anne Palmer and Andrew Hook of Begbies Traynor (Central)
LLP were appointed as administrators on June 11, 2025.  

B360 Limited is a supplier of stage lighting equipment.

Its registered office is at The Cubicle House, Gaddesden Home Farm
Business Centre, Bridens Camp, Hemel Hempstead, Hertfordshire, HP2
6EZ but shortly changing to C/o Begbies Traynor (Central) LLP,
Units 1-3 Hilltop Business Park, Devizes Road, Salisbury, SP3 4UF

The joint administrators can be reached at:

     Julie Anne Palmer
     Andrew Hook
     Begbies Traynor (Central) LLP
     Units 1-3 Hilltop Business Park
     Devizes Road, Salisbury
     Wiltshire SP3 4UF

Any person who requires further information may contact:

     Nabeelah Essa
     Begbies Traynor (Central) LLP
     Email: Nabeelah.Essa@btguk.com
     Tel No: on 01722 435 190


GERMAN SPECIALISTS: Begbies Traynor Named as Administrators
-----------------------------------------------------------
German Specialists Ltd. was placed into administration proceedings
in Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2025-000848, and Dean Watson
and Paul Stanley of Begbies Traynor (Central) LLP were appointed as
administrators on June 11, 2025.  

German Specialists engaged in Motor Trade.

Its registered office is at C/O Begbies Traynor (Central) LLP, 340
Deansgate, Manchester, M3 4LY.

The joint administrators can be reached at:

          Dean Watson
          Paul Stanley
          Begbies Traynor (Central) LLP
          340 Deansgate
          Manchester, M3 4LY

For further details contact:

          Sam Shaw
          Begbies Traynor (Central) LLP
          Email: Sam.Shaw@btguk.com
          Tel No: 0161 837 1700


LCC THERAPEUTICS: Leonard Curtis Named as Administrators
--------------------------------------------------------
LCC Therapeutics Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000834, and Andrew Poxon and Hilary Pascoe (IP No.
27590) both of Leonard Curtis were appointed as administrators on
June 10, 2025.  

LCC Therapeutics fka Liverpool Chirochem Limited engaged in
research and experimental development on biotechnology.

Its registered office is at The Heath Business and Technical Park,
The Heath Business & Technical Park, Runcorn, WA7 4QX

Its principal trading address is at The Heath Business and
Technical Park, Runcorn, WA7 4QX

The joint administrators can be reached at:

         Andrew Poxon
         Hilary Pascoe
         Leonard Curtis
         Riverside House
         Irwell Street
         Manchester M3 5EN

For further details, contact:

         The Joint Administrators
         Tel No: 0161 831 9999
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Nicola Carlton


ORBIT PRIVATE: Moody's Alters Outlook on 'B2' CFR to Positive
-------------------------------------------------------------
Moody's Ratings has affirmed Orbit Private Holdings I Ltd (Orbit)
B2 corporate family rating and the B2-PD probability of default
rating and changed the outlook on all entities to positive from
stable.

Concurrently, Moody's have affirmed the B1 instrument ratings of
the $1,211 million backed senior secured first-lien term loan due
in 2028 and $175 million backed senior secured first-lien revolving
credit facility (RCF) due in 2026 and the Caa1 instrument rating of
the $350 million guaranteed senior unsecured notes due 2029, all
issued by Armor Holdco, Inc. (AST). Moody's have also affirmed the
B1 instrument rating of the GBP200 million backed senior secured
first-lien term loan due in 2028 issued by Earth Private Holdings
Ltd.              

RATINGS RATIONALE

The affirmation of Orbit's B2 CFR and the outlook change to
positive from stable reflects the company's record of operating at
lower leverage levels compared to the time of the acquisition of
AST back in 2021. The company's leverage based on the
Moody's-adjusted Debt/EBITDA ratio has declined significantly to
3.8x in 2023 and 4.3x at the end of 2024, from over 8.0x when
Moody's first rated the company 2021.

Although the company continued to raise substantial amounts of
debt, with $250 million of incremental debt raised in 2024 for a
dividend recapitalisation and further $350 million of term loan
debt raised in April 2025 to fund the acquisition of US-based
investor relations and public relations solutions specialist
Notified, Orbit's leverage has remained in line with Moody's
guidelines for a rating upgrade.

For the year 2025, Moody's forecasts Moody's-adjusted leverage to
peak at about 5.0x before gradually decreasing again through EBITDA
growth. However, the company does not have a clearly defined
financial policy with a leverage target and Moody's understands
that debt-funded acquisitions and dividend distributions remain
part of the strategy of Orbit and its shareholder Siris.

The main driver for the rapid deleveraging over the past two years
was the substantial interest income that Orbit generated by
managing its clients' cash balances. This income has peaked at over
GBP200 million in 2024, accounting for about two thirds of the
company's core EBITDA before pro forma adjustments. Although
interest income is set to decline as central bank rates decrease,
Moody's forecasts Orbit's interest income to remain at least at
GBP180 million in 2025 and about GBP150 million p.a. in 2026 and
2027. This is supported by hedging and efficient management of
client balances. Moody's understands that hedging is in place
through 2027 but there is less visibility on the interest income
beyond 2027, as hedges run out and it could drop materially
thereafter.

In addition to the high interest income, Orbit's shareholder
services business has returned to good growth in 2024 and the first
quarter of 2025, after remaining broadly stable over the previous
two years, due to a lack of corporate activity and lower dividend
payments post the coronavirus pandemic. Growth in the core business
and further improvements in Orbit's EBITDA margin as a result of
realised cost synergies and productivity measures will help the
company offset the decline in interest income in the coming years.
Moody's therefore forecast Orbit's Moody's-adjusted EBITDA to
remain broadly stable at around GBP300 million in 2025, on a
like-for-like basis including the Notified acquisition, before
returning to growth in 2026 and 2027.

Orbit's cash generation has also improved in 2024, compared to
previous years which were constrained by large synergy cost and
high capital spending. The Moody's-adjusted free cash flow reached
GBP93 million last year, when excluding dividend payments
equivalent to about GBP220 million, and Moody's forecasts it will
reach over GBP100 million in 2025 and GBP150 million in 2026.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that Orbit will
at least sustain current revenue and EBITDA levels, offsetting the
anticipated gradual decline in interest income, helped by margin
improvements. The outlook further assumes that the company will
continue to adhere to a balanced financial policy.

The outlook could be changed to stable if Orbit's operating
performance deteriorates or more aggressive debt-funded M&A or
shareholder distributions lead to higher leverage levels compared
to recent years.

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

The rating could be upgraded if Orbit is able to organically grow
its revenue and EBITDA, offsetting declining interest income;
Moody's-adjusted Debt/EBITDA remains sustainably below 5.0x;
Moody's-adjusted Free Cash Flow/Debt increases sustainably to the
high-single-digits in percentage terms; and liquidity remains
good.

The rating is strongly positioned, as expressed by the positive
outlook, indicating that a rating downgrade is unlikely over the
next 12-18 months. However, the ratings could be downgraded if
Orbit fails to at least maintain its revenue and EBITDA at current
levels; Moody's-adjusted Debt/EBITDA sustainably increases above
6.0x; Free Cash Flow turns negative; or liquidity weakens.

LIQUIDITY

Moody's considers Orbit's liquidity to be good. On March 31, 2025,
the company had GBP111 million of cash on balance sheet, of which
around GBP15 million are considered as restricted for regulatory
purposes (Moody's estimates), and access to its $175 million
revolving credit facility (RCF) which was fully undrawn.

STRUCTURAL CONSIDERATIONS

The company's capital structure consists of senior secured term
loan due 2028, consisting of tranches of $1.2 billion and GBP200
million, a pari passu ranking $175 million RCF due 2026 and $350
million senior unsecured notes due 2029.

The senior secured facilities benefit from a security package that
includes substantially all of the group's tangible and intangible
assets as well as share pledges. The B1 instrument rating assigned
to the senior secured facilities is one notch above the B2 CFR and
reflects the priority position of the facilities ahead of the Caa1
rated senior unsecured notes and non-debt like liabilities as
leases and trade payables.

All instruments further benefit from guarantees by material
subsidiaries. The RCF is subject to a springing net first lien
leverage covenant, tested when drawn down for more than 35% and set
with an initial headroom of at least 35%.

PRINCIPAL METHODOLOGY

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

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Orbit is a leading provider of share registration and other complex
regulatory services and technology to private and public sector
clients with focus on the UK and US markets. The group's origins
trace back to 1836, but it was created in its current form
following a carve-out from Lloyds Banking Group plc (A3 stable) in
2007. The group is headquartered in the UK and, following the
completion of the take-private acquisition, is majority-owned by
private equity firm Siris.

Orbit offers a wide range of non-discretionary and critical
services to its customers across and manages over 27 million
shareholder accounts and serves around 6,000 clients globally.
During the 12 months period ended March 31, 2025, the group
generated revenue of GBP793 million and a company-adjusted EBITDA
of GBP297 million.


POWERRUN PIPE-MECH: Clough Corporate Named as Administrators
------------------------------------------------------------
Powerrun Pipe-Mech Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Leeds, Insolvency and Companies List (ChD), Court Number:
CR-2025-LDS-000581, and Christopher Wood and Steven George Hodgson
of Clough Corporate Solutions Limited were appointed as
administrators on June 11, 2025.  

Powerrun Pipe-Mech is a manufacturer of fabricated metal products.

Its registered office and principal trading address is at Crown
Works Business Centre, Sunderland Street, Keighley, West Yorkshire,
BD21 5LE.

The joint administrators can be reached at:

         Christopher Wood
         Steven George Hodgson
         Clough Corporate Solutions Limited
         2nd Floor, 11 Park Square East
         Leeds, LS1 2NG

For further details, contact:

         The Joint Administrators
         Email: admin@cloughcs.co.uk
         Tel No: 0333 456 0078

Alternative contact: David Paul Hodgson


S & T AUDIO: Leonard Curtis Named as Administrators
---------------------------------------------------
S & T Audio Limited was placed into administration proceedings In
the High Court of Justice Business and Property Courts in
Manchester Insolvency & Companies List (ChD), No
CR-2025-MAN-000839, and Richard John Harrison and Howard Smith of
Interpath Advisory were appointed as administrators on June 11,
2025.  

S & T Audio, trading as Play Music Today / PMT, engaged in the
retail sale of new goods in specialized stores (not commercial art
galleries and opticians).

Its registered office is at Interpath Ltd, 10th Floor, One Marsden
Street, Manchester, M2 1HW

Its principal trading address is at Venture Point West, 70-72 Evans
Road, Liverpool, L24 9PB

The administrators can be reached at:

     Richard John Harrison
     Interpath Advisory, Interpath Ltd
     10th Floor, One Marsden Street
     Manchester, M2 1HW

          -- and --

     Howard Smith
     Interpath Advisory, Interpath Ltd
     4th Floor, Tailors Corner,
     Thirsk Row, Leeds, LS1 4DP

For further details, contact:

     Ellie Underwood
     Email: pmtsuppliers@interpath.com


THAME AND LONDON: Moody's Alters Outlook on 'B3' CFR to Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating and B3-PD probability of default rating of Thame and London
Limited (Travelodge), the second largest hotel chain in the UK. At
the same time, Moody's have affirmed the B3 instrument ratings of
the backed senior secured notes issued by TVL Finance plc, a wholly
owned subsidiary of Travelodge. The outlook on both entities has
been changed to stable from positive.

RATINGS RATIONALE    

The changed outlook follows a decline in earnings in 2024, and
Moody's expects earnings to remain subdued for the next two years
due to a weakening macroeconomic environment and ongoing cost
pressures. In 2024 Travelodge reported flat revenues with new
openings offsetting the impact of lower occupancies and average
daily rates. Substantially higher operating costs, primarily due to
increased personnel expenses, led to a 6% decline in underlying
before-rent EBITDA. This decrease raised Moody's-adjusted gross
leverage, including leases, to 7.2x from 6.4x the previous year.
Moody's-adjusted free cash flow (FCF) was negative by GBP39 million
in 2024, factoring in GBP31 million in payments related to the
investor loan note that Moody's treats as equity to facilitate the
66-hotel property acquisition.

Moody's anticipates Travelodge's operating performance will weaken
further in 2025, as a more challenging operating environment
continues to depress revenue per available room (RevPAR) and
industry-wide cost pressures persist. However, the impact will be
partially mitigated by some new openings. Moody's projects
underlying before-rent EBITDA to decrease by 8% in 2025, falling to
approximately GBP430 million from GBP467 million, which will
increase leverage to 7.8x. As RevPAR begins to grow again and cost
pressures ease, underlying before-rent EBITDA is expected to
improve in 2026 to roughly GBP455 million, reducing leverage to
7.5x. While leverage remains elevated, it also reflects the
significant impact of lease obligations.

The ratings affirmation reflects Travelodge's prominent position as
a leading hotel operator in the UK, focusing on the budget segment
within the midscale and economy sector.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

The company is controlled by funds advised by GoldenTree Asset
Management LP and it has demonstrated a tolerance for high leverage
and a relatively aggressive financial policy.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook indicates Moody's expectations that the decline
in earnings in 2025 will be limited and before improving in 2026,
while Travelodge's liquidity remains adequate over the next two
years. This outlook also assumes the company will avoid substantial
shareholder distributions and refrain from pursuing an aggressive
expansion strategy.

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

Upward rating pressure could emerge if the company consistently
improves its performance and profitability, adopts a balanced
growth strategy, and avoids significant distributions to
shareholders. An upgrade would additionally necessitate a sustained
improvement on a Moody's-adjusted basis, including:

-- positive and meaningful free cash flow; and

-- gross leverage well below 7x and the EBITA/interest expense
ratio is over 1.25x; and

-- adequate liquidity

Negative rating pressure might arise if, on a Moody's-adjusted and
sustained basis, the company experiences any of the following:

-- persistently weak operating performance; or

-- EBITDA materially deteriorates from its level as of the last
twelve months to March 2025 ; or

-- gross leverage exceeds 8x and the EBITA/interest expense ratio
consistently below 1x; or

-- free cash flow is substantially negative; or

-- liquidity concerns arise.

LIQUIDITY

As of March 31, 2025, Travelodge possesses adequate liquidity, with
GBP203 million in cash on its balance sheet and a fully accessible
GBP50 million super senior revolving credit facility (SSRCF) due in
October 2027. Moody's projects cumulative free cash flow to be
negative by approximately GBP30 million over the next two years,
but primarily in 2025. Moody's do not anticipate the covenant being
tested before the end of 2026. Travelodge faces no debt maturities
until April 2028, when a total of GBP415 million in senior secured
notes will become due.

STRUCTURAL CONSIDERATIONS

The B3 rating of the backed senior secured notes issued by TVL
Finance plc is in line with the CFR. The capital structure includes
a GBP50 million super senior revolving credit facility (SSRCF)
issued by Full Moon Holdco 7 Limited, which ranks senior to the
notes and shares the same guarantors and securities. Additionally,
the wider structure includes a GBP145 million investor loan,
treated by us as equity, issued by Anchor Holdings S.C.A. This
entity resides above and outside the restricted group.

PRINCIPAL METHODOLOGY

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

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

PROFILE

Travelodge, founded in 1985, was the first budget hotel brand to
launch in the UK and currently ranks as the second largest hotel
brand in the country. In 2024, the company employed 1,872 full-time
equivalent staff monthly, primarily working at its hotels. As of
March 2025, Travelodge operated 47,263 rooms across 610 hotels,
mostly situated in the UK. During the last twelve-month period
ending in March 2025, the company generated GBP1,030 million in
revenue and reported GBP185 million in company-adjusted after-rent
EBITDA, with a post-IFRS 16 adjustment bringing EBITDA to GBP455
million. Travelodge is fully owned by funds advised by GoldenTree
Asset Management LP.


TOM DAVIES BESPOKE: Opus Restructuring Named as Administrators
--------------------------------------------------------------
Tom Davies Bespoke Eyewear Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2025-002902, and Trevor John Binyon and Colin
David Wilson of Opus Restructuring LLP were appointed as
administrators on June 10, 2025.  

Tom Davies Bespoke fka TD Tom Davies International Limited engaged
in retail sale by opticians.

Its registered office is at Unit 1, Great West Trading Estate, 983
Great West Road, Brentford, TW8 9DN

Its principal trading address is at External Unit 25, Royal
Exchange, London, EC3V 3LP

The joint administrators can be reached at:

         Jack Callow
         Colin David Wilson
         Opus Restructuring LLP
         1 Radian Court, Knowlhill
         Milton Keynes, Buckinghamshire
         MK5 8PJ

For further details, please contact:

         Theo Skipper
         Tel No; 01908 752944
         Email: theo.skipper@opusllp.com



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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