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

                          E U R O P E

          Tuesday, June 24, 2025, Vol. 26, No. 125

                           Headlines



F R A N C E

CUBE HEALTHCARE: S&P Upgrades ICR to 'B' on Resilient Performance


G R E E C E

OPTIMA BANK: Moody's Gives B1 Rating on Subordinated Tier 2 Notes


I R E L A N D

CVC CORDATUS XXIX: S&P Assigns Prelim. B-(sf) Rating on F-R Notes


I T A L Y

ALLWYN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Negative
CERVED GROUP: S&P Upgrades ICR to 'B', Outlook Stable
OPAP SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Negative
QUIMPER AB: S&P Affirms 'B+' ICR & Alters Outlook to Negative


N E T H E R L A N D S

CIDRON OLLOPA: S&P Withdraws 'B' LongTerm Issuer Credit Rating
KETER GROUP: Moody's Withdraws 'B3' Corporate Family Rating
UNITED GROUP: S&P Affirms 'B' ICR & Alters Outlook to Stable


S P A I N

AEDAS HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Positive
NEINOR HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Positive


U N I T E D   K I N G D O M

APPLIANCE HOUSE: Leonard Curtis Named as Administrators
CIRCADIAN IMPORTS: Currie Young Named as Administrators
IMMERSE LEARNING: LA Business Named as Administrators
LEVIATHAN NEWCO 3: Buchler Phillips Named as Administrators
MORTON YOUNG: Interpath Ltd Named as Administrators

NICOL & ANDREW: Buchler Phillips Named as Administrators
PHARMANOVIA BIDCO: Moody's Alters Outlook on 'B3' CFR to Negative
SM GLOBAL: FRP Advisory Named as Administrators
SPECTRUM HEALTHCARE: Begbies Traynor Named as Administrators
[] UK: Kroll Sees Distress Across Retail, Hospitality Sectors


                           - - - - -


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CUBE HEALTHCARE: S&P Upgrades ICR to 'B' on Resilient Performance
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S&P Global Ratings raised its long-term issuer credit rating on
Cube Healthcare Europe Bidco (Domidep) to 'B' from 'B-' and raised
its issue rating on the term loan B to 'B' from 'B-'.

The stable outlook reflects S&P's view that Domidep's operating
performance and credit metrics will remain resilient, with adjusted
debt to EBITDA below 7.0x and fixed-charge coverage ratio above
1.5x.

Domidep continues to demonstrate resilient operating performance
and credit metrics. After a strong 2024, when revenue grew by 13.9%
and the S&P Global Ratings-adjusted EBITDAR margin reached 24.5%
(23.0% in 2023), Domidep's performance remained sound in
first-quarter 2025, with revenues growing 16.4% year on year and a
reported EBITDAR margin of 24.3%.

S&P said, "We now project Domidep to report higher-than-expected
revenue of about 8%-10% for full-year 2025 due to continuing
favorable trends across geographies such as higher accommodation
daily rates (ADR), efficient cost management, contribution from
recent acquisitions, and a ramp-up of German operations.

"Our upgrade reflects Domidep's continuous strengthening of its
credit metrics, with adjusted leverage decreasing toward 6.5x in
the next 12-18 months. France-based nursing home operator Domidep
posted EUR654.9 million in revenue in 2024, a 13.9% increase on the
previous year, in line with our expectations." Revenue growth was
mostly organic, supported by increasing ADRs across geographies
thanks to regulated accommodation prices in France set at 3.21%,
and increasing care allowances in Belgium and Germany. Resilient
ADRs offset a slight decrease in occupancy rates to 89.1% in 2024,
from 91.3% in the previous year. Domidep's S&P Global
Ratings-adjusted EBITDAR landed at EUR160.5 million, resulting in
an increased EBITDAR margin of 24.5% (up 1.5 percentage points).
Profitability mostly improved due to higher tariffs coupled with
efficient cost management, particularly regarding staffing and
rents. Domidep's S&P Global Ratings-adjusted debt to EBITDA
decreased significantly to 7.0x in 2024, compared with 8.2x in
2023.

The company's strong performance continued in the first quarter of
2025 when Domidep posted revenues of EUR176.9 million, up 16.4%
compared with 2024, and reported EBITDAR of about EUR42.9 million,
up 17.4%. Top-line performance continues to be underpinned by the
price effect, driven by the reevaluations in France, Belgium, and
Germany. The price effect will continue to support margins across
geographies, along with contributions from recent acquisitions,
staff cost management, and operational turnaround in Germany. S&P
said, "Over the next 12-18 months, we anticipate leverage will
decrease to 6.5x and the fixed-charge coverage ratio will increase
to about 1.7x-2.0x, supported by forecast EBITDA growth of 6.5x,
from 7.0x in 2024. We think the company will continue deleveraging,
albeit more moderately."

Domidep's solid operating performance will be supported by
favorable top-line momentum and efficient cost management. S&P
said, "We expect Domidep's revenues to grow by 8.0%-10.0%, mostly
fueled by favorable pricing dynamics that will increase average
daily rates (ADRs) across geographies. Domidep will continue to
benefit from France's reevaluation index, while the increased
financial support for care allowances in Germany and Belgium and
the company's new commercial strategy will boost ADR growth. We
anticipate a gradual improvement in occupancy rates, driven by
Domidep's commercial initiatives, which aim to progressively
restore levels to pre-pandemic figures that the sector has yet to
achieve. Additionally, we believe that the effects of Domidep's
recruitment in Germany will continue enabling having more qualified
nurses permanently such that the company will have the ability to
further increase its occupancy rates in Germany. Therefore, Domidep
will fully benefit from strong demand in the German market and
capture additional revenue. We also project an incremental
contribution from the 17 recently acquired nursing homes from
Medicharme in 2024, as well as the bolt-on acquisitions and newly
opened greenfield operations that will continue to ramp-up over the
next months."

S&P said, "We forecast the adjusted EBITDA margin will remain at
24.0%-24.5% over the next 12-18 months driven primarily by an
incremental revenue base but also by efficient cost management,
particularly in staffing, which will bolster profitability. For
example, Domidep's recruitment strategy in Germany to reduce
reliance on costly temporary contracts in favor of more permanent
qualified nurses will increase occupancy rates and allow the
company to fully benefit from strong market demand, further
supporting margin growth. Furthermore, we expect the company to
contain cost inflation by streamlining other operational costs such
as energy and rents. We positively view Domidep's balance of
leasehold and freehold model. The company's real estate ownership
levels are above those of peers, reducing pressure on rental
spending."

Domidep's FOCF after leases should remain positive and improve over
the forecast period, helping to sustain deleveraging. FOCF after
leases increased to EUR15.9 million in 2024, compared with EUR6.7
million in the previous year. S&P said, "In our view, Domidep's
improving EBITDA base will enable the group to post FOCF after
leases of about EUR15 million-EUR25 million in 2025 and 2026,
underlying a working capital evolution at negative EUR0
million-EUR5 million over the next 12-18 months. We anticipate
capital expenditure (capex) levels in 2025 and 2026 to be about
EUR30 million-EUR35 million to support some real estate
modernization, refurbishment programs, and maintenance."

S&P said, "We think Domidep will likely continue looking for
potential opportunistic bolt-on acquisitions and maintain a
debt-to-EBITDA ratio below 7.0x, commensurate with the 'B' rating.
We understand there are currently inorganic investment
opportunities across Domidep's operating countries, particularly in
Germany. We view Domidep's commitment to high standards of care
favorably since its strong reputation within the sector and among
regulatory authorities could facilitate the approval of new asset
acquisitions. Notably, the company has already acquired a nursing
home in France in February 2025, and we expect the group will
continue to consolidate its market position, especially since some
operators face significant operational challenges. This puts
Domidep in a good position to potentially execute multiple bolt-on
acquisitions during the forecast period while maintaining its
leverage levels below 7.0x.

"The stable outlook reflects our view that over the next 12 months
Domidep's operating performance should remain resilient at about
24.0%-24.5%, supporting resilient credit metrics and increasing
FOCF after leases of about EUR20 million. We forecast S&P Global
Ratings-adjusted debt to EBITDA to remain below 7.0x and maintain
an adjusted fixed-charge coverage ratio comfortably above 1.5x.

"We could lower the rating if Domidep's performance deviates from
our current expectations for 2025 and 2026, leading to adjusted
debt leverage increasing above 7.0x and a fixed-charge coverage
ratio falling below 1.5x.

"This could arise if its operating performance deteriorates well
below our base-case projections due to weaker industry key
performance indicators--such as occupancy rates and fees--that
pressure margins, together with operating cost inflation given the
high fixed-cost base. This could also occur if the group pursues
additional debt-financed acquisitions or is unable to generate
positive free cash flow after leases, preventing deleveraging.

"We consider a positive rating action unlikely over the next 12
months because we project Domidep's credit metrics will likely
remain commensurate with a highly leveraged financial risk profile.
However, we could raise the rating if Domidep's profitability and
FOCF after leases are materially above our base case; if it uses
internally generated cash to reduce adjusted debt to EBITDA
sustainably below 5.0x and commits to maintain this level; if it
maintains a conservative financial policy; and if fixed-charge
coverage stabilizes at or above 2.2x. We think this is unlikely as
the industry continues to return to pre-pandemic performance
levels."




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OPTIMA BANK: Moody's Gives B1 Rating on Subordinated Tier 2 Notes
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Moody's Ratings has assigned B1 long-term rating to Optima Bank
S.A.'s (Optima Bank) subordinated Tier 2 notes, which have 10.25
years maturity and are callable by the issuer after 5.25 years. The
bank is aiming to raise EUR150 million of such notes in order to
optimize its capital structure, fund its future growth as well as
meet its revised overall capital requirement.

RATING(S) RATIONALE

The B1 long-term subordinated debt rating of Optima Bank is
positioned one notch below its ba3 Baseline Credit Assessment
(BCA), driven by Moody's Advanced Loss Given Failure (LGF) analysis
indicating modest losses for Tier 2 creditors in a potential bank
resolution scenario. The bank’s liability structure mainly
consists of customer deposits and accordingly has relatively low
loss-absorbing subordinated buffer available on its balance sheet,
given that Optima Bank is not considered a systemically important
financial institution and has no Minimum Requirement for own funds
and Eligible Liabilities (MREL) in place.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING(S)

Optima Bank's Tier 2 rating could be downgraded in the event of a
BCA downgrade in view of a sharp increase in its NPEs, without any
significant improvement in its deposit granularity, combined with
potential capital pressure. Any deterioration in the operating
environment in Greece will also exert downward pressure on the
bank's BCA.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING(S)

An upgrade on Optima Bank’s Tier 2 rating is contingent on its
BCA upgrade, which could be possible if it is able to maintain
strong earnings performance without any material deterioration in
its asset quality, combined with improved diversification in its
loans and deposits. In addition, a longer track-record with proven
strong fundamentals and financial performance with a more
normalized loan growth rate, could also exert upward pressure on
the bank’s BCA. The bank’s Tier 2 rating could also be upgraded
in case it builds more junior subordinated liabilities, which could
further moderate losses for its Tier 2 creditors under Moody's LGF
analysis.

METHODOLOGY

The primary methodology(ies) used in these ratings was/were:

Optima Bank's 'Assigned BCA' score of ba3 is set six notches below
the 'Financial Profile initial score' of a3 to reflect potential
downside risks stemming from the bank's rapid loan growth, capital
management challenges and relatively low deposit granularity, as
well as corporate governance related risks.




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CVC CORDATUS XXIX: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
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S&P Global Ratings assigned its preliminary credit ratings to CVC
Cordatus Loan Fund XXIX DAC's class A-R, B-R, C-R, D-R, E-R, and
F-R notes. The issuer has unrated subordinated notes outstanding
from the existing transaction and the issuer has also issued an
additional EUR8.25 million of subordinated notes.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,891.04
  Default rate dispersion                                 512.75
  Weighted-average life (years)                             4.41
  Weighted-average life extended to cover
  the length of the   reinvestment period (years)           4.54
  Obligor diversity measure                               106.03
  Industry diversity measure                               18.37
  Regional diversity measure                                1.16

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.33
  Target 'AAA' weighted-average recovery (%)               35.55
  Target weighted-average spread (%)                        3.87
  Target weighted-average coupon (%)                        4.91

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR425 million target par
amount, the target weighted-average spread (3.87%), the target
weighted-average coupon (4.91%), and the target weighted-average
recovery rates calculated in line with our CLO criteria for all
rating levels. We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

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

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to D-R notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
assigned to the notes.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that the assigned preliminary ratings are
commensurate with the available credit enhancement for all the
rated classes of notes.

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

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

Environmental, social, and governance

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and will be managed CVC Credit Partners
Investment Management Ltd.

  Ratings list

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

  A-R     AAA (sf)   259.250   3/6-month EURIBOR + 1.33%   39.00
  B-R     AA (sf)     48.875   3/6-month EURIBOR + 1.90%   27.50
  C-R     A (sf)      25.500   3/6-month EURIBOR + 2.35%   21.50
  D-R     BBB- (sf)   29.750   3/6-month EURIBOR + 3.25%   14.50
  E-R     BB- (sf)    21.250   3/6-month EURIBOR + 5.75%    9.50
  F-R     B- (sf)     12.750   3/6-month EURIBOR + 8.50%    6.50
  Sub     NR          35.050   N/A                           N/A

*The preliminary ratings assigned to the class A-R and B-R notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C-R, D-R, E-R, and F-R
notes address ultimate interest and principal payments.
§Solely for modeling purposes as the actual spreads may vary at
pricing. The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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




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ALLWYN INTERNATIONAL: S&P Affirms 'BB' ICR, Outlook Negative
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit and issue
ratings on Allwyn International AG (Allwyn) and its senior secured
debt.

The negative outlook reflects our view that Allwyn has no headroom
under its credit metrics to absorb higher-than-expected pressures
on operating performance leading to a deviation from the
deleveraging trajectory we currently anticipate. Specifically, this
could happen due to additional headwinds on the UKNL, significant
hurdles on the integration of its recent acquisitions, or
higher-than-expected operating investments at Allwyn's level.

On May 19, 2025, Allwyn International AG (Allwyn) announced that
its associate Lottoitalia had received exclusive rights to continue
operating the Italian Lotto through November 2034. Lottoitalia will
pay EUR2.23 billion of license fees to the Italian government by
the end of 2026, to which Allwyn will contribute commensurately for
the 32.5% stake it holds in Lottoitalia.

In addition, Allwyn's recent merger and acquisition (M&A) activity
and the strong organic performance of its operating segments
significantly improve Allwyn's scale, product and geographic
diversity, and resilience against adverse developments for gaming
operators in different geographies.

Allwyn's increased scale and product and geographic diversity
through recent awarding of national lottery licenses and M&A
transactions improves business resiliency and overall market
position. Allwyn's S&P Global Ratings-reported revenue increased to
EUR8.8 billion in 2024, up from EUR3.9 billion in 2022. The group
has gained significant scale and diversification through bidding
for lottery licenses and external growth initiatives. Allwyn won
long-term lottery licenses in the U.K. in 2022 and Italy in 2025,
both expiring in 2034. S&P said, "We acknowledge the highly
competitive nature of the tender process in Italy, leading to
higher-than-expected cash outflow of EUR2.23 billion, versus the
minimum bid initially fixed by the Italian government at EUR1
billion, while dividend received by Allwyn from its 32.5% stake in
Lottoitalia is broadly unchanged. However, we positively evaluate
the group's ability to retain its presence in Italy, as the country
is among the biggest lottery markets in Europe and complements
Allwyn's presence in the European lottery space alongside Greece,
Austria, and the Czech Republic. Allwyn derives about 70% of its
consolidated gross gaming revenue (GGR) from the lottery segment,
which we see as more resilient than other segments of the gaming
industry, given they are protected by legal monopolies (except for
in the Czech Republic) and are associated with higher cash
conversion owing to the relative asset-light nature of the product.
In addition, Allwyn's scale and product diversification has been
supported by the dynamic M&A activity carried out by the group in
the global gaming industry in recent years. In 2023, Allwyn entered
the U.S. with the acquisition of Allwyn LS Group (formerly Camelot
LS Group), which operates the Illinois state lottery under a
private management agreement in addition to supplying content to
gaming operators in the country. It has further increased its
exposure to the North American business-to-business space with the
2024 acquisition of a majority stake in IWG, a supplier of digital
e-instant and instant win games to lottery organizations. Finally,
Allwyn acquired a minority stake in Betano in 2022 and plans to
acquire a controlling 51% stake in Novibet in the second half of
2025. Both companies operate as online sports-betting companies in
various geographies, diversifying the group's product offering and
presence in the online segments (about 35% of consolidated GGR),
while improving its resilience against any adverse development for
gaming operators in a particular market, such as tax regime changes
or unfavorable license renewal terms. Consequently, we revised up
our business risk profile on Allwyn to satisfactory from fair."

S&P said, "We expect Allwyn's adjusted EBITDA margin to temporarily
decline on the back of delayed profitability turnaround of the UKNL
and higher corporate operating investments to support future
growth. High operating costs due to a more arduous technology
transition for the UKNL are challenging the profitability of the
group. Higher gaming taxes in 2025 will also weigh on CASAG's
profitability, although we expect the impact to be partially
mitigated by cost-saving measures. In addition, operating costs
sustained at the Allwyn International AG (holdco) level will
significantly increase from 2025, owing in part to the incurrence
of operating expenses previously sustained by its parent company
Allwyn AG (prior to the domiciliation of Allwyn International AG to
Switzerland), as well as other costs relating to Allwyn's growth
strategies. Therefore, we expect S&P Global Ratings-adjusted EBITDA
margin to decline to 11%, down 80 basis points from 2024, although
we consider this a temporary headwind. We expect the UKNL to become
profitable by year-end 2026 and, while we consider that some
execution risks remain, we expect the group's track record of
successfully integrating new acquisitions to partly mitigate these
risks. Therefore, we expect S&P Global Ratings-adjusted EBITDA
margin to improve to about 13% in 2026.

"High capital expenditure (capex), license fees, and outflow linked
to acquisitions will push S&P Global Ratings-adjusted leverage
above 5x in 2025, but we expect the group to swiftly deleverage in
2026. Allwyn's cash generation in 2025 is challenged by high
adjusted capex of about EUR250 million primarily to support
investments in the U.K. and Greece and at the holdco level to
support the technology development of the group and its operating
subsidiaries, which we expect to normalize from 2026 at about
EUR200 million per year. In addition, we acknowledge the group must
finance about EUR725 million license fees linked to the Lottoitalia
license award, of which about EUR270 million is due in 2025 and the
remaining portion in 2026; and the acquisition of Novibet, for
which the company will pay about EUR220 million before year-end
2025, in addition to potential earnouts. Therefore S&P Global
Ratings-adjusted debt is expected to increase to EUR4.5 billion in
2025, up from EUR3.5 billion in 2024 as we believe the company will
finance these expenses through a material increase in external
debt. Consequently, S&P Global Ratings-adjusted leverage will spike
to about 5.7x in 2025. That said, we believe that the higher
profitability that we anticipate for 2026, the integration of its
recent acquisition, and the large predictable cash flow emanating
from the lottery segments will allow Allwyn to grow into its
capital structure and absorb its higher level of financial debt.
Therefore, we expect the company to deleverage below 5x and S&P
Global Ratings-adjusted FOCF to debt to improve above 5% in 2026.

"The negative outlook reflects our view that the group's increased
indebtedness to fund its recent acquisitions and the upcoming
payments of Lottoitalia's license fees leaves Allwyn with no
headroom to absorb higher operating expenses associated with the
slower-than-expected technology transformation of the UKNL and
higher corporate investments. This will cause a spike in Allwyn's
"S&P Global Ratings-adjusted leverage to about 5.7x in 2025, up
from 4.3x in 2024, and FOCF to debt below 5%. That said, we believe
that the improved scale, product, and geographic diversification
from the recent acquisitions, combined with proactive cost
management measures, should support EBITDA growth in 2026,
alleviating some pressure on the credit metrics."

S&P could lower the rating on Allwyn over the next 12-18 months
if:

-- Adjusted debt to EBITDA remains above 5x; and

-- Adjusted FOCF to debt remains below 5% for a prolonged period.

This could happen due to weaker-than-expected operating
performance, for instance due to higher impact from changes in
regulatory regimes, failure to turn around the profitability of the
UKNL or higher-than-expected integration costs from Allwyn's recent
acquisitions. Additional pressures could arise if the group pursued
material debt-financed acquisitions.

S&P said, "We could revise the outlook to stable over the next
12-18 months if Allwyn's adjusted debt to EBITDA improves to below
5x and FOCF to debt above 5%. This would happen if Allwyn
demonstrated a clear path to deleveraging at least in line with our
base case, as it smoothly integrates its recent acquisitions while
maintaining its largely predictable cash flows from the lottery
segment."


CERVED GROUP: S&P Upgrades ICR to 'B', Outlook Stable
-----------------------------------------------------
S&P Global Ratings raised its ratings on Cerved Group SpA (Cerved)
to 'B' from 'B-' and removed the ratings from CreditWatch with
positive implications.

S&P said, "The stable outlook reflects our view that Cerved's
stand-alone credit profile (SACP) will remain at 'b-', reflecting
leverage around 8x, while free operating cash flow (FOCF) remains
muted, and funds from operations (FFO) cash interest coverage stays
at about 1.5x. It also reflects our expectation that our group
credit profile on Ion Group will remain 'b+', supported by its
enhanced integration and synergy potential, enabling a
fast-deleveraging profile toward 7.0x over the next two years.

"Ion Group, the parent company of Ion Markets, Ion Corporates, and
Ion Analytics, has signed an agreement to merge the three entities.
We rate Ion Platform Investment Group, the new merged entity, at
'B+', supported by our expectation that the merger will allow
better alignment of Ion Group's product suite and go-to-market
strategy to existing clients, which could lead to better
cross-selling opportunities and support enhanced organic growth.

"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 (GCP) to 'b+'. The improved GCP allows for a
one-notch uplift to our ratings on Cerved for group support, given
our view of the subsidiary's importance in the overall Ion Group
(under parent company Ion Investment Corp.), which remains the
relevant parent for our analysis of the potential group support.

"The stable outlook reflects our view that Cerved's SACP will
remain 'b-', reflecting leverage around 8x, while FOCF remains
muted, and FFO cash interest coverage stays at about 1.5x. It also
reflects our expectation that our GCP on Ion Investment Corp. will
remain 'b+', supported by its enhanced integration and synergy
potential, enabling a fast deleveraging toward 7.0x over the next
two years."

S&P could lower its ratings on Cerved if:

-- S&P revised its GCP on Ion Investment Corp. to 'b' from 'b+',
reflecting S&P Global Ratings-adjusted debt to EBITDA remaining
well above 7x (excluding payment-in-kind debt) and FOCF to debt
remaining well below 5% on a sustained basis; or

-- Cerved's SACP deteriorated as a result of persistently negative
FOCF, such that S&P views the capital structure as unstainable.

Although unlikely, S&P could raise the ratings if:

-- Cerved's business plan yields increased sales, EBITDA growth,
sound FOCF generation, and margin improvement from synergies, as
well as an established track record of deleveraging.

-- S&P saw the credit quality of its parent group strengthen.


OPAP SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Negative
----------------------------------------------------------------
S&P, on June 19, 2025, affirmed its rating on OPAP S.A.'s parent
company Allwyn International AG (Allwyn) at 'BB', while maintaining
the negative outlook.

The action reflected S&P's concerns that, although Allwyn's
competitive position has improved following the award of the
Italian Lotto license and its recent acquisitions, Allwyn's
adjusted leverage remains elevated in 2025 due to the pressure on
profitability and cash generation.

At the same time, OPAP's ongoing solid operating performance and
track record of limited adjusted leverage below 1.5x led S&P to
revise OPAP's stand-alone credit profile (SACP) to 'bbb-' from
'bb+'.

S&P said, "However, as our rating on OPAP is constrained by that on
its parent, we affirmed our 'BB' long-term issuer credit rating on
OPAP.

"The negative outlook reflects our view that Allwyn has no headroom
under its credit metrics to absorb higher-than-expected pressures
on operating performance leading to a deviation from the
deleveraging trajectory we currently anticipate We expect OPAP to
continue to exhibit a solid stand-alone operating performance over
the next 12 months, supported by a solid balance sheet and cash
flow generation from a defensive business model.

"On June 19, 2025, we affirmed our 'BB' ratings on Allwyn and its
senior secured debt, while maintaining a negative outlook. The
negative outlook reflects our view that Allwyn has no headroom
under its credit metrics to absorb higher-than-expected pressures
on operating performance. This is due to increased group
indebtedness to fund recent acquisitions, upcoming license fee
payments, and higher-than-expected operating expenses. We
anticipate a temporary deterioration in Allwyn's credit metrics to
levels weaker than our previous estimates, with debt to EBITDA
expected to increase to about 5.7x in 2025. However, we recognize
Allwyn's competitive position has strengthened through significant
mergers and acquisitions and expansion into new geographies. We
would revise the outlook on Allwyn to stable if Allwyn's adjusted
debt to EBITDA improves below 5x and FOCF to debt above 5%. For
more details, please refer to "Allwyn International Affirmed At
'BB' On Italian Lottery License Award; Outlook Negative," published
June 19, 2025.

"We revised up our assessment of OPAP's stand-alone credit profile
(SACP) to 'bbb-' thanks to the company's improved business
position. This is because OPAP enjoys a dominant market position in
its home market, Greece, long-term licenses, and increased product
diversification. OPAP benefits from high barriers to entry in the
gaming market in Greece, having secured long-term licenses for most
of its gaming offerings, making it the first unchallenged gaming
operator in the country with more than 70% market share in retail
gaming and about 60% in online gaming. OPAP's next big license
renewals are in 2026 (for instant and passive lotteries), 2030
(lottery, betting, and online) and 2035 (video lottery terminals).
Given its status as the incumbent operator, we believe that OPAP
will be in a privileged position to renew its licenses on instant
and passive lotteries in 2026. The risks arising from the loss of
this license are limited, given that instant and passive lotteries
represent only about 5% of the group's gross gaming revenue (GGR).
In addition, the long-term tenure of its lottery and betting
license, accounting for about 35% of GGR provides enough visibility
on the revenue stream, although we acknowledge the uncertainties
surrounding its renewal process in 2030. In addition, OPAP has
continued to grow its customer base by increasing its product
offering over time, including its online offering (accounting for
about 30% of OPAP's GGR), resulting in a stronger product
diversification. Consequently, we revised our assessment of OPAP's
business risk profile to fair from weak, underpinning the one-notch
improvement of the SACP to 'bbb-' from 'bb+'."

Strong macroeconomic dynamics in Greece support OPAP's top-line
growth through 2026. Over the past two years, Greek GDP grew at
about 2% year on year, thanks to a strong tourism demand, public
investments propelled by the NextGenEU funds, and rising disposable
income on the back of a tight labor market, reflecting lower
unemployment rates and higher salaries. S&P said, "We believe that
the strong macroeconomic dynamics are supportive of OPAP's
operating performance as its GGR increased 8% year on year in 2023
and 10% in 2024. While we do not see a direct proportional
correlation between GDP growth and OPAP's top-line growth, we see
lotteries as more resilient against macroeconomic challenges, given
they are a relatively cheap form of entertainment. Additionally,
OPAP is an important tax contributor (about 1.5% of Greece's total
GDP), making it of strategic importance to the country. We believe
these dynamics are supportive for OPAP's top-line performance and
we forecast about 2% increase in 2025 and 4% in 2026."

OPAP continues to generate strong earnings and healthy free
operating cash flow (FOCF), sustaining strong leverage metrics with
ample cushion to finance acquisitions and license payments. S&P
said, "We expect OPAP's credit metrics to remain solid over the
next 12-24 months. We forecast an annual adjusted EBITDA of about
EUR820 million-EUR840 million over the next two years, supported by
the continued customer engagement to OPAP's offline and online
offering. This should offset the overall increase in operating
expenditure to support the growth in operations, such as higher
personnel costs and third-party technology providers' fees. This
results in an S&P Global Ratings-adjusted EBITDA margin of 35%,
above the 20%-30% level that we consider average for leisure
companies, although this is partially distorted by the terms and
conditions of the license extension obtained in 2011 with the Greek
government. According to the agreement, OPAP only pays about 5% of
cash gaming taxes on a monthly basis between 2020 and 2030, and
will be required to settle the differential between the amount due,
according to aa 30% GGR tax regime and the sums actually paid
(including 5% GGR over 2020-2030 period, EUR1.83 billion future
value of GGR tax prepayment occurred in 2011, and the higher
corporate income taxes paid as a result of the lower GGR). As of
end 2024, the estimated value of such payment is about EUR200
million. Although we forecast annual capital expenditure (capex) to
increase to about EUR60 million-EUR65 million in 2025-2026 to
support upgrades to the retail physical terminals and point of
sales renovation, as well as in digital platform underpinning
retail gaming, the group's asset-light business model will continue
to support its FOCF generation, and we expect OPAP to generate FOCF
after leases in excess of EUR600 million per year in 2025-2026.
Although the group may finance acquisitions and license payments
with external debt, we believe this will not have a material impact
on the group's credit metrics given the ample headroom based on our
adjusted credit metrics, although we do not exclude that OPAP could
distribute a substantial portion of its FOCF to shareholders. We
expect S&P Global Ratings-adjusted leverage to remain stable at
about 0.7x and FOCF to debt substantially above 40% in 2025-2026."

S&P said, "We cap our long-term issuer credit rating on OPAP at the
level of that on its parent, Allwyn International AG, which holds
about 51.8% of OPAP's share capital. Despite its sizable free
float, we do not see OPAP as insulated from Allwyn, considering the
latter's controlling majority shareholding position and that no
other shareholder, other than Allwyn-controlled entities, owns more
than 5% of OPAP's share capital. Allwyn relies heavily on OPAP's
cash flow, consolidates OPAP into its own audited accounts based on
its controlling position, and nominates representation to OPAP's
board of directors. This constrains our long-term rating on OPAP
due to the group credit profile cap, leading the issuer credit
rating to be 'BB', two notches lower than the SACP.

"The negative outlook reflects our expectations that S&P Global
Ratings-adjusted leverage at Allwyn will remain under pressure due
to higher indebtedness to fund its recent acquisitions and the
upcoming payments of license fees, coupled with higher operating
expenses associated with the slower-than-expected profitability
turnaround of the UKNL and higher corporate investments.

"On a stand-alone basis, we expect OPAP to continue to exhibit a
solid operating performance over the next 12 months. We forecast
S&P Global Ratings-adjusted leverage will remain comfortably below
1.5x, and FOCF to debt above 40% over our forecast horizon."

S&P could lower the rating on Allwyn over the next 12 to 18 months
if:

-- Adjusted debt to EBITDA remains above 5x; and

-- Adjusted FOCF to debt remains below 5% for a prolonged period.

This could happen due to weaker-than-expected operating
performance, for instance due to higher impact from changes in
regulatory regimes, failure to turn around the profitability of the
UKNL, or higher-than-expected integration costs from Allwyn's
recent acquisitions. Additional pressures could arise if S&P was to
observe the group pursuing material debt-financed acquisitions.

S&P said, "Although this would not result in a downgrade, we could
revise down our assessment of OPAP's SACP if its adjusted
debt-to-EBITDA ratio increased to above 2x and FOCF to debt
deteriorated to below 25%. This could happen, for example, if the
company funded significant acquisitions with external debt
following the change to a more aggressive financial policy, or if
structural changes in the Greek gaming regulation or
license-awarding procedures resulted in dramatically increased
license fee payments.

"We could revise the outlook to stable over the next 12-18 months
if Allwyn's adjusted debt to EBITDA improves to below 5x and FOCF
to debt above 5%. This would happen if Allwyn demonstrated a clear
path to deleveraging at least in line with our base case, as it
smoothly integrates its recent acquisitions while maintaining its
largely predictable cash flows from the lottery segment.

"Although this would not result in an upgrade and unlikely in the
medium term, we could revise up our assessment of OPAP's SACP if
the group were to increase meaningfully its scale and geographic
diversification, for example through acquisitions or being awarded
foreign licenses. This would need to be accompanied with a more
conservative financial policy to maintain robust credit metrics and
ample earning conversion to cash flow."


QUIMPER AB: S&P Affirms 'B+' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed the 'B+' long-term issuer credit rating on Nordic
installation product distributor Quimper AB. At the same time, S&P
affirmed its 'B+' rating on the company's debt, including the
proposed fungible add-on. The recovery rating remains at '3'
(55%).

S&P said, "The negative outlook reflects the elevated risk that we
could lower our issuer credit rating on Quimper in the next 6-12
months should clear deleveraging toward 5.0x, alongside a return to
substantial positive free operating cash flow (FOCF), not occur in
2026.

"We expect Quimper's adjusted debt to EBITDA will increase to about
5.8x-6.0x in 2025 from 5.1x at year-end 2024 after upsizing its
existing TLB. We consider that releveraging driven mainly by a
sizable repayment of shareholder loans puts significant pressure on
the rating. However, we expect the company to deleverage to about
5.1x-5.3x in 2026, driven mainly by EBITDA improvement. The
proposed transactions include an increase in the company's TLB by
EUR498 million, which is equivalent to about Swedish krona (SEK)
5.5 billion. Alongside SEK4.7 billion cash on balance sheet, the
increase will be used to fund committed M&A and the repayment of
shareholder loans of about SEK8.7 billion (about EUR790 million).

"We expect FOCF will drop to about SEK0.6 billion-SEK0.7 billion in
2025 before recovering to above SEK2.5 billion in 2026. We
anticipate a recovery in the underlying market in 2025 after
positive signs in the last quarter of 2024 and first quarter of
2025. We forecast that revenue will grow by 5.8%-6.2% in 2025,
largely bolstered by the recovery in the residential segment in
Sweden and Norway, as well as the nonresidential segment in Denmark
and Norway. The S&P Global Ratings-adjusted EBITDA margin should
improve slightly to about 11.2%-11.4% in 2025 from 11.1% in 2024,
following an improvement in gross revenue. Quimper's FOCF will
likely drop to about SEK0.6 billion-SEK0.7 billion in 2025 from
SEK2.6 billion at year-end 2024, due to a pick-up in capital
expenditure (capex) related mainly to automation of the company's
central warehouses.

"We believe 2025 will be a one-off year in terms of investments in
increased capacity and their effect on leverage and FOCF,
considering the company's track record. In recent years, S&P Global
Ratings-adjusted debt to EBITDA has stayed at or below 5.0x and
FOCF generation has remained very healthy at above SEK2.5 billion.
Following the issuance of an add-on to the existing TLB in November
2024, S&P Global Ratings-adjusted debt to EBITDA increased to 5.1x
at year-end 2024. As a result of the planned new add-on, we expect
adjusted debt to EBITDA will increase to about 5.8x-6.0x in 2025,
which will substantially exhaust the rating headroom. Moreover, the
planned increase in capex in 2025 will lead to a steep reduction in
FOCF to about SEK0.6 billion-SEK0.7 billion in 2025. Partly
mitigating this pressure, we expect Quimper will deleverage in 2026
to about to about 5.1x-5.3x, with FOCF above SEK 2.5 billion, which
we would view as more commensurate with the current 'B+' rating."

Quimper paid a dividend to shareholders in fiscal 2024 and 2025.
The company is owned by financial sponsor CVC Capital Partners,
which has demonstrated a prudent approach to leverage in the past
few years. Following the upsizing of the existing TLB in December
2024, the company's adjusted debt to EBITDA reached 5.1x. The
company used the proceeds from the add-on to repay loans from group
companies of about SEK3.0 billion in December 2024, having repaid
another SEK3.0 billion of the same liabilities in March 2024. S&P
said, "Based on the instruments' terms and conditions, as per our
criteria, we currently treat these liabilities to group companies
as equity (SEK8.8 billion at year-end 2024). Quimper plans to use
part of the current add-on for further shareholder remuneration of
about SEK8.7 billion. Despite the consecutive sizable distributions
in a relatively short period of time, we expect the company and its
shareholders to commit to a strong develeraging trend in order to
recover adequate rating headroom."

The negative outlook reflects the possibility that S&P could lower
its issuer credit rating on Quimper in the next 6-12 months if the
company is unable to deleverage toward 5.0x and generate FOCF above
SEK 2.5 billion in 2026.

S&P could lower the rating if:

-- Quimper undertook large debt-funded acquisitions or further
shareholder distributions, such that adjusted debt to EBITDA
increased above 5.0x.

-- Quimper experienced setbacks in integrating its recent
acquisitions in a difficult operating environment, so that the
EBITDA margin declined to below 9% and FOCF was significantly lower
for a sustained period. S&P views this scenario as unlikely, at
this stage.

S&P could revise the outlook to stable over the next6-12 months if
Quimper demonstrates deleveraging toward 5.0x and sustains solid
FCOF generation and margins at current levels.




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

CIDRON OLLOPA: S&P Withdraws 'B' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Cidron Ollopa Investment B.V. at the company's request. The
outlook was stable at the time of the withdrawal.

All debt issued or guaranteed by Cidron Ollopa Investment B.V. and
Cidron Ollopa Holding B.V. has been repaid. Our 'B' issuer credit
ratings on Ray Acquisition Ltd. (Sunrise Medical) and the 'B' rated
term loan B held at Ray Financing LLC are unaffected by this
withdrawal.


KETER GROUP: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Ratings has withdrawn Keter Group B.V.'s (Keter or the
company), B3 long-term corporate family rating, and B3-PD
probability of default rating. At the time of withdrawal, the
outlook was positive.

RATINGS RATIONALE      

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Keter Group B.V. is a producer of a variety of resin-based consumer
goods, including garden furniture and home storage solutions, with
sales coming primarily from Europe and North America. Since March
2024, senior lenders have taken full ownership of Keter, previously
majority owned by BC Partners.


UNITED GROUP: S&P Affirms 'B' ICR & Alters Outlook to Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook on United Group B.V. (UG)
to stable from positive and affirmed its 'B' long-term issuer
credit rating.

The stable outlook reflects S&P's expectation of 7% revenue decline
(5% organic revenue growth) and 35% EBITDA margin in 2025, leading
to S&P Global Ratings-adjusted debt to EBITDA of 6.5x and negative
FOCF after leases and before spectrum and investments in
nonrestricted subsidiaries.

In April 2025, UG completed the sale of its Serbian operations,
including SBB Serbia, sports broadcasting rights for the Western
Balkans, and NetTV Plus (about EUR180 million EBITDA) for EUR1.5
billion.

The company used EUR375 million of the proceeds for partial
repayment of the 2027 senior secured notes and kept the remainder
on the balance sheet, with no further debt repayment expected.

S&P said, "Despite early partial redemption of its 2027 notes, we
anticipate that UG's leverage will continue to exceed 6x in
2025-2026. In April 2025, UG successfully completed the sale of its
Serbian broadband provider, SBB Serbia, to e& PPF Telecom and the
sports broadcasting rights for the Western Balkans, together with
NetTV Plus business, to Telekom Srbija. These sales are in line
with UG's strategic objective of exiting and monetizing its non-EU
telecommunications operations. The net proceeds of EUR1.47 billion
(after transaction costs) were partially used to repay EUR375
million of its EUR550 million senior secured notes due 2027. While
this sale slightly reduces UG's adjusted debt, the divestments in
Serbia reduced adjusted EBITDA by about EUR120 million.
Consequently, we expect adjusted debt to EBITDA in 2025 to reach
6.5x. We see the potential for a decline of S&P Global
Ratings-adjusted leverage to around 6.2x in 2026 on 7% EBITDA
growth, provided that the group does not incur additional
debt-financed acquisitions.

"In our view, UG's financial policy is not primarily focused on
deleveraging. The company has allocated only about 25% of the
proceeds from its recent asset sales toward reducing its gross
debt, leading to an overall increase in leverage. We believe that
the remaining proceeds could be used primarily for dividend
distribution. Furthermore, the group actively engages in mergers
and acquisitions (M&A), often financed by debt, as a strategic
approach to expand its market presence and to increase and sustain
its market share in the various countries where it operates. The
sale of the Serbian business has no material impact on view of the
company's business strength, given that on the one hand, it
disposed a high margin successful business, but on the other hand,
the Serbian business was exposed to currency risk and had no clear
path to convergence.

"Despite solid organic revenue growth, we expect negative FOCF
generation in 2025. Our forecast 5% organic revenue growth in 2025
will be primarily driven by an increase in average revenue per user
(ARPU), cross-selling opportunities, and the ongoing trend of
fixed-mobile convergence. However, given the effect of the sale of
the high margin Serbian business and persistent high inflation on
operating expenses, we anticipate a decrease in the S&P Global
Ratings' EBITDA margin to around 35% in 2025 from 37% in 2024. We
expect this margin to rebound to 37% in 2026 as the company starts
to benefit from higher ARPUs and cost-efficiency initiatives taken.
In addition, we expect significant capital expenditure (capex)
initiatives this year, mainly related to the rollout of fixed
network infrastructure in Greece, as well as enhancements to the
mobile network. As a result, we project that the ratio of capex to
sales will remain high at 26% in 2025, and then decrease slightly
to around 25% in 2026. Consequently, we forecast negative FOCF
after leases generation in 2025, before turning neutral in 2026
supported by higher EBITDA and lower working capital outflows.

"The stable outlook reflects our expectation of 7% revenue decline
(5% organic revenue growth) and 35% EBITDA margin in 2025, leading
to S&P Global Ratings-adjusted debt to EBITDA of 6.5x and negative
FOCF after leases and before spectrum and investments in
nonrestricted subsidiaries.

"We could lower our rating if we expect adjusted leverage to weaken
sustainably above 7x or FOCF to remain sustainably negative. This
could occur as a result of increased competition or setbacks in the
operational performance. We could also lower the rating if the
financial policy became more aggressive, with large debt-funded
acquisitions and/dividend recapitalizations, leading to the
above-mentioned leverage.

"We could raise our rating if UG reduced S&P Global
Ratings-adjusted debt to EBITDA sustainably to below 6x and
maintained at least neutral FOCF after leases and before spectrum
and investments in nonrestricted subsidiaries. This could be driven
by strong organic revenue growth and improvement in its adjusted
EBITDA margin, while moving to a more conservative financial policy
that would support remaining at such leverage metrics."




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

AEDAS HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Positive
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Aedas Homes to positive
from stable -- and affirmed its 'B+' issuer credit rating and the
'BB-' issue rating. The recovery rating is unchanged at '2' with
85% recovery expected in the event of a payment default.

The positive outlook reflects that we could upgrade Aedas over the
next 12-18 months following a successful closing of the transaction
and integration of Aedas by Neinor, with gross debt to EBITDA of
the combined group declining to below 5x and EBITDA interest
coverage of well above 2x.

On June 16, 2025, Neinor Homes announced an offer to acquire its
direct peer Aedas Homes and entered into an irrevocable commitment
with Aedas' main shareholder, Castlelake, to accept this offer.

The transaction will mainly be financed through an already signed
EUR750 million debt facility provided by Apollo and EUR225 million
of equity issuance, and if completed successfully would
significantly strengthen the market position of the group with a
combined strategic gross asset value (GAV) portfolio of EUR3.5
billion.

Although the transaction will temporarily elevate the combined
group's leverage, S&P assumes S&P Global Ratings-adjusted debt to
EBITDA will return to about 5.0x and EBITDA interest coverage to
2.5x-2.7x by year-end 2026.

If the transaction closes successfully, the combined entity's scale
and market position would significantly expand. The Spanish real
estate developer market is currently quite fragmented, with the
four main players combining a market share of 10%, including Neinor
and Aedas. This consolidation will create a market leader with a
strategic and qualitative landbank in key areas in in Spain located
in the Madrid area of more than 40%, and a consolidated GAV of
EUR3.5 billion. The negotiated price represents an approximately
30% discount on net asset value. Although S&P understands that both
entities would remain legally separated, due to its control, Neinor
would fully consolidate Aedas in its financial statements prepared
under International Financial Reporting Standards and the group's
cash flow base would expand significantly.

S&P said, "We expect positive free operating cash flow (FOCF)
generation for the next 12-24 months, underpinned by a sound level
of deliveries, higher selling prices, and expected decrease in
working capital outflows. High pre-sale levels, with 76% total
expected deliveries in the financial year ending March 31, 2026
(FY2026) and 39% in FY2027 supports cash flow generation visibility
and predictability. Similarly, the recent acquisition of grupo
Priesa, as well as 2,800 units acquired from Habitat in FY2025,
supports the replenishment of Aedas Homes' land bank and reduced
further needs in the short term, which should contribute to cash
flow generation. We expect deliveries of around 2,100-2,200 units
in FY2026 of purely build-to-sell (BTS) units, which carry higher
margins than BTR or government subsidized construction under the
Plan Vive program. As a result, we expect Aedas to generate revenue
above EUR1 billion in FY2026 in line with FY2025 despite lower
expected deliveries compared to FY2025 when the company delivered a
total of 3,070 units (of which 2,559 BTS units and 511 BTR units).
Higher selling prices, as portrayed by the higher ASP of Aedas'
EUR1.66 billion BTS orderbook with an ASP of EUR444,000 points to
higher revenue generation and higher margins going forward. We
expect the consolidated entity will generate EBITDA of about EUR240
million in FY2026 as well as positive FOCF of about EUR50
million-EUR60 million.

"The transaction will significantly increase leverage, but we
understand that this will be temporary and the company is committed
to reducing gross debt within the next 18 months. The bulk of the
transaction price of EUR1,070 million (EUR934 million adjusted for
the July 2025 dividend distribution at the Aedas level) will be
financed through a EUR750 million amortizing debt facility provided
by Apollo with a maturity of four years and a EUR225 million
capital increase, which we understand is fully underwritten. We
also understand that Orion Capital Managers, Stoneshield Capital,
and Adar Capital Partners, indirect holders of 70.8% of Neinor's
share capital, have committed unconditionally and irrevocably to
subscribe the capital increase. As part of the transaction, Aedas'
currently outstanding senior secured bond of EUR255 million will be
repaid. As such, gross debt on a consolidated basis should reach
about EUR1.4 billion at year-end 2025 from EUR520 million at
year-end 2024, but should reduce gradually because the Apollo
financing amortization rate stands at 25% per year.

"Neinor also raised its dividend expectations with approx. EUR850
million to be distributed by 2027, an increase of about 44%. Of
this target, about EUR500 million remains pending to be distributed
over the next three years. That said, the company also committed to
a leverage target with loan-to-value to remain between 20%-30%
(excluding non-recourse debt). We therefore expect Neinor's debt to
EBITDA will stand well above 5.0x in 2025 (about 5.5x on an
annualized basis with full consolidation of Aedas' operations for
the year) before reducing to about 5.0x or below by year-end 2026.
We assume average cost of interest to be around 6.0% for the
consolidated entity. Hence, we forecast that the consolidated group
will maintain moderate EBITDA interest coverage of well above 2x by
year-end 2026."

As part of the transaction, Neinor will set up a bidco to acquire
Aedas, providing a ring-fenced structure. Although S&P Global
Ratings will fully consolidate Aedas' debt as well as assets at the
Neinor level, the EUR750 million financing by Apollo, issued at the
new bidco, as well as Aedas' developer loans, is expected to be
nonrecourse to Neinor's assets. This shields recovery prospects
from a potential collateralization of unencumbered assets on
additional indebtedness for Neinor's bondholders.

S&P said, "We expect Aedas to maintain comfortable liquidity
headroom. We anticipate the company will preserve a liquidity
profile consistent with the rating level. We understand the funding
for Aedas' acquisition is fully secured by the debt facility
provided by Apollo, as well as an underwritten equity issuance, and
covers the upcoming August 2026 senior secured notes' EUR255
million maturity. Once the transaction is complete, we will review
our liquidity approach to the consolidated group, taking into
account the final corporate structure and review of funding
documentation. We further expect the group's covenant headroom to
remain adequate (at least 10%) on all existing instruments, as well
as new instruments. We note that the covenant calculations differ
from S&P Global Ratings-adjusted ratio calculation.

"The positive outlook indicates that we could raise the rating
within the next 12 months following a successful closing and
integration of the transaction, with gross debt to EBITDA declining
below 5x and EBITDA interest coverage well above 2x."

S&P could revise the outlook to stable if:

-- Debt to EBITDA remains above 5x;
-- EBITDA interest coverage fails to remain well above 2x; and
-- FOCF turns negative.

S&P would also revise the outlook to stable if the transaction does
not close successfully.

A positive rating action would hinge on Neinor's ability to
successfully close the acquisition of Aedas and for the combined
entity to perform in line with S&P's base case. This would mean, on
a prolonged basis:

-- Debt to EBITDA reduces to below 5x over our forecast horizon
through 2026;

-- EBITDA interest coverage remains well above 2x; and

-- FOCF remains positive.


NEINOR HOMES: S&P Affirms 'B+' ICR & Alters Outlook to Positive
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Neinor Homes to positive
from stable and affirmed the 'B+' issuer credit rating and the
'BB-' issue rating. The recovery rating remains at '2' with 85%
recovery expected in the event of a payment default.

The positive outlook reflects our view that we could upgrade the
company over the next 12-18 months following a successful closing
of the transaction and integration of Aedas, with debt to EBITDA
declining to below 5x and EBITDA interest coverage of well above
2x.

On June 16, 2025, Neinor Homes announced an offer to acquire its
direct peer Aedas Homes, and entered into an irrevocable commitment
with Aedas' main shareholder, Castelake with a stake of 79%, to
accept this offer.

The transaction will mainly be financed through an already signed
EUR750 million debt facility provided by Apollo and EUR225 million
of equity issuance, and if completed successfully would
significantly strengthen Neinor's market position with a combined
strategic gross asset value (GAV) portfolio of EUR3.5 billion.

Although the transaction will temporarily elevate Neinor's
leverage, S&P assumes S&P Global Ratings-adjusted debt to EBITDA
will return to about 5.0x and EBITDA interest coverage to 2.5x-2.7x
by year-end 2026.

If the transaction closes successfully, the combined entity's scale
and market position would significantly expand. The Spanish real
estate developer market is currently quite fragmented, with four
main players combining a market share of 10%, including Neinor and
Aedas. This consolidation will generate a market leader with a
strategic and qualitative landbank in key areas in Spain located in
the Madrid area of more than 40% and a consolidated GAV of EUR3.5
billion. The negotiated price represents an approximately 30%
discount on net asset value. Although S&P understands that both
entities would remain legally separated and the debt at Aedas level
is ring-fenced (including Apollo facility), due to its control,
Neinor would fully consolidate Aedas in its financial statements
prepared under International Financial Reporting Standards and the
group's cash flow base would expand significantly.

S&P said, "We expect positive free operating cash flow (FOCF)
generation for the next 12-24 months, supported by a sound level of
deliveries and working capital inflows. Neinor is implementing its
strategy of refocusing on its core build-to-sell offering, thereby
reducing the average number of units delivered to 2,000-2,200 from
a high of nearly 3,200 units in 2021. At the Aedas level, we expect
deliveries to be 2,000-3,500 units a year depending on the
pipeline. Considering the considerable land bank secured, we expect
land purchases to sharply reduce for the next few years, which
should translate into positive working capital inflows. Combined
with high presales and strong demand for Neinor's properties, this
should translate into S&P Global Ratings-adjusted FOCF of about
EUR50 million-EUR60 million in 2025 (Aedas contributing 25% of
operations) and close to EUR250 million in 2026 on a fully
consolidated basis and FOCF to debt of 4%-5% and approximately 20%
respectively. Neinor's EBITDA generation level should expand
materially to exceed EUR240 million a year from 2026 onward, from
EUR76.5 million reported at FY2024.

"The transaction will significantly increase leverage, but we
understand that this will be temporary and the company is committed
to reducing gross debt within the next 18 months. The bulk of the
transaction price of EUR1,070 million will be financed through a
EUR750 million amortizing debt facility provided by Apollo with a
maturity of four years and a EUR225 million capital increase, which
we understand is fully underwritten by Neinor's three largest
shareholders. We also understand that Orion Capital Managers,
Stoneshield Capital, and Adar Capital Partners, indirect holders of
70.8% of Neinor's share capital, have committed unconditionally and
irrevocably to subscribe the capital increase. As part of the
transaction, Aedas' currently outstanding senior secured bond of
EUR258 million will be repaid. As such, gross debt on a
consolidated basis should reach aboutEUR1.4 billion at year-end
2025 from EUR520 million at year-end 2024, but should reduce
gradually because the Apollo financing amortization rate stands at
25% per year. Neinor also upgraded its dividend expectations with
about EUR850 million to be distributed by 2027, an increase of
about 44%. Of this target, about EUR500 million remain pending to
be distributed over the next three years. That being said, the
company also committed to a leverage target with loan-to-value to
remain between 20%-30%. We therefore expect Neinor's debt to EBITDA
will stand well above 5.0x in 2025 (about 5.5x on an annualized
basis with full consolidation of Aedas' operations for the year)
before reducing to about 5.0x or below by year-end 2026. We assume
the average cost of interest to be about 6.0% for the consolidated
entity. Hence, we forecast that the consolidated group will
maintain moderate EBITDA interest coverage of well above 2x by
year-end 2026.

"As part of the transaction, Neinor will set up a bidco to acquire
Aedas, providing a ring-fenced structure. Although Aedas' debt will
be fully consolidated at the Neinor level, the EUR750 million
financing by Apollo, issued at the new bidco, as well as Aedas'
developer loans, is expected to be nonrecourse to Neinor's assets.
This shields recovery prospects from a potential collateralization
of unencumbered assets on additional indebtedness for Neinor's
bondholders. We continue to expect substantial recovery prospects,
and we affirmed the 'BB-'issue rating on Neinor's EUR325 million
senior secured bond and maintained the '2' recovery rating (85%
recovery prospects).

"We expect Neinor to maintain comfortable liquidity headroom. We
expect the company to preserve a liquidity profile consistent with
the rating level. We understand the funding for Aedas' acquisition
is fully secured by the debt facility provided by Apollo, as well
as an underwritten equity issuance. Once the transaction is
complete, we will review our liquidity approach to the consolidated
group, taking into account the final corporate structure and review
of funding documentation. We further expect the group's covenant
headroom to remain adequate (at least 10%) on all existing
instruments, as well as new instruments. We note that the covenant
calculations differ from S&P Global Ratings-adjusted ratio
calculations.

"The positive outlook indicates that we could raise the rating
within the next 12 months following a successful closing and
integration of the transaction, with debt to EBITDA declining below
5x and EBITDA interest coverage well above 2x."

S&P could revise the outlook to stable if:

-- Debt to EBITDA remains above 5x;

-- EBITDA interest coverage fails to remain well above 2x; and

-- FOCF turns negative.

S&P would also move the outlook to stable if the transaction does
not close successfully.

A positive rating action would hinge on Neinor's ability to
successfully close the acquisition of Aedas and for the combined
entity to perform in line with S&P's base case. This would mean, on
a prolonged basis:

-- Debt to EBITDA reduces to below 5x over our forecast horizon
through 2026;

-- EBITDA interest coverage remains well above 2x; and

-- FOCF remains positive.




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

APPLIANCE HOUSE: Leonard Curtis Named as Administrators
-------------------------------------------------------
Appliance House 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-000854, and Mark Colman and Megan Singleton of Leonard
Curtis were appointed as administrators on June 12, 2025.  

Appliance House engaged in the retail sale of electrical household
appliances.

Its registered office is at 112-114 Whitegate Drive, Blackpool,
Lancashire, FY3 9XH

Its principal trading address is at Setantii Building, Amy Johnson
Way, Blackpool, Lancashire FY4 2RP

The joint administrators can be reached at:

     Mark Colman
     Megan Singleton
     Leonard Curtis
     20 Roundhouse Court
     South Rings Business Park
     Bamber Bridge
     Preston, PR5 6DA

For further details contact:

     The Joint Administrators
     Tel: 01772 646180
     Email: recovery@leonardcurtis.co.uk

Alternative contact:

     Aaminah Dadabhoy


CIRCADIAN IMPORTS: Currie Young Named as Administrators
-------------------------------------------------------
Circadian Imports Ltd was placed into administration proceedings in
the Business & Property Courts in Manchester, Insolvency &
Companies List (ChD), No 772 of 2025, and Steven John Currie and
Sophie Leigh Murcott of Currie Young Limited were appointed as
administrators on June 12, 2025.  

Circadian Imports engaged in the wholesale of plants & flowers.

Its registered office and principal trading address is at
Brookfield Business Center, Brookfield Drive, Liverpool, L9 7AS.

The joint administrators can be reached at:

         John Currie
         Sophie Leigh Murcott
         Currie Young Limited
         Riverside 2
         No.3, Campbell Road
         Stoke on Trent, ST4 4RJ

For further details, contact:

         Evie Currie
         Email: evie.currie@currieyoung.com
         Tel No: 01782 394500


IMMERSE LEARNING: LA Business Named as Administrators
-----------------------------------------------------
Immerse Learning Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, No CR-2025-003935, and Virgil H Levy of LA
Business Recovery Limited was appointed as administrators on June
10, 2025.  

Immerse Learning engaged in software publishing.

Its registered office is at 1 Beasley's Yard, 126 High Street,
Uxbridge, Middlesex, UB8 1JT

Its principal trading address is at 124 City Road, London, England,
EC1V 2NX

The joint administrators can be reached at:

     Virgil H Levy
     LA Business Recovery
     1 Beasley's Yard, 126 High Street
     Uxbridge, Middlesex, UB8 1JT

For further details, contact:

     Kay Newman
     Email: kay@labr.co.uk
     Tel No: 01895 819460


LEVIATHAN NEWCO 3: Buchler Phillips Named as Administrators
-----------------------------------------------------------
Leviathan Newco 3 Limited was placed into administration
proceedings in the Business and Property Courts of England and
Wales Insolvency and Companies List (ChD), No 004058 of 2025, and
Joanne Miller and David Bulcher of Buchler Phillips Limited of
Leonard Curtis were appointed as administrators on June 13, 2025.


Leviathan Newco engaged in engineering activities.

Its registered office and principal trading address is at 28 Speed
House, Barbican, London, Barbican, London, England, EC2Y 8AT.

The joint administrators can be reached at:

         Joanne Miller
         David Bulcher
         Buchler Phillips Limited
         64 North Row
         London W1K 7DA

For further details, contact:

         Guy Poulter
         Email: guy.poulter@buchlerphillips.com


MORTON YOUNG: Interpath Ltd Named as Administrators
---------------------------------------------------
Morton Young & Borland Limited was placed into administration
proceedings in the Court of Session, No P590 of 2025, and Alistair
McAlinden and James Alexander Dewar of Interpath Ltd were appointed
as administrators on June 16, 2025.  

Morton Young specialized in Textiles manufacturer.

Its registered office is c/o Interpath, 130 St Vincent Street,
Glasgow, G2 5HF.

The joint administrators can be reached at:

     James Alexander Dewar
     Alistair McAlinden
     Interpath Ltd
     5th Floor, 130 St Vincent Street
     Glasgow, G2 5HF

For further details, contact:

     Connor Griffin
     Email: connor.griffin@interpath.com
     Tel No: 0131 385 7922


NICOL & ANDREW: Buchler Phillips Named as Administrators
--------------------------------------------------------
Nicol & Andrew Limited was placed into administration proceedings
in the Business and Property Courts of England and Wales,
Insolvency and Companies List (Chd), No 004057 of 2025, and David
Buchler and Joanne Milner of Buchler Phillips Limited were
appointed as administrators on June 13, 2025.  

Nicol & Andrew engaged in machinery repair.

Its registered office is at 28 Speed House Barbican, London,
England, EC2Y 8AT

Its principal trading address is at Mayday House, Oakridge Road,
High Wycombe, Bucks, HP11 2PF

The administrators can be reached at:

           David Buchler
           Joanne Milner
           Buchler Phillips Limited
           64 North Row, Mayfair
           London, W1K 7DA

Contact information for Administrators:

           guy.poulter@buchlerphillip.com


PHARMANOVIA BIDCO: Moody's Alters Outlook on 'B3' CFR to Negative
-----------------------------------------------------------------
Moody's Ratings has changed the outlook on Pharmanovia Bidco
Limited (Pharmanovia or the company) to negative from stable.
Concurrently, Moody's also affirmed the long term corporate family
rating of B3, probability of default rating of B3-PD and B3 ratings
on the company's senior secured bank credit facilities.

RATINGS RATIONALE    

The rating action reflects Pharmanovia's weak fiscal Q4 (to March
2025) performance including a 40% drop in company-adjusted EBITDA
(66% on a reported basis) and expectation that performance will
only gradually improve in fiscal 2026. As a result,
Moody's-adjusted debt/EBITDA for fiscal 2025 (to March 2025) at
around 10x (8.6x on a company-adjusted basis) and for fiscal 2026
expected around 9x (8x on a company-adjusted basis) is outside the
expectation for the B3 rating. Accordingly, the company is weakly
positioned and it remains uncertain when metrics return to the
levels more commensurate with a B3 rating.

Pharmanovia has been impacted by a range of supply chain, inventory
and regulatory issues, especially around its key drug Rocaltrol,
that has led to weaker sales and profits. While these challenges
appear to be isolated and short term in nature, with some already
resolved, others will still take a few quarters with performance
likely to improve from the second half of the fiscal year 2026.
However, any improvement will also depend on no further issues
arising and some recovery for Rocaltrol and other impacted drugs.
Moody's expects the company to focus on improving performance over
acquisitions activity at this stage. Cash flow generation has been
more resilient thanks to reduced capex and a focus on working
capital management.

The ratings continue to reflect the company's: (1) relatively small
product portfolio and overall size; (2) degree of product
concentration with its largest drug Rocaltrol; and (3) significant
volatility in quarterly earnings with potential for organic revenue
decline given its mature portfolio. Pharmanovia's ratings also
continue to reflect its: (1) diversification by geography and
therapeutic area; (2) asset-light business model resulting in high
Moody's-adjusted EBITDA margins; (3) adequate cash flow generation
and sufficient liquidity.

LIQUIDITY

Pharmanovia's liquidity remains adequate. As of March 2025, the
company held cash of EUR24 million and EUR20 million was drawn
under its senior secured first lien revolving credit facilities
(RCF) of EUR203 million. Absent further weakening in performance
liquidity should remain broadly stable on the back of cash flow
generation that should cover deferred consideration payments. The
RCF is subject to a springing covenant once 40% drawn, or around
$81 million, which the company would not have met as of fiscal
2025. However, the RCF also has carve outs for RCF usage
specifically to fund capital expenses and M&A activity of up to
$110 million. Earliest debt maturities (RCF) are in 2029.

STRUCTURAL CONSIDERATIONS

The B3 ratings on the senior secured first lien term loan B3 and
pari passu ranking senior secured first lien RCF are in line with
the CFR, reflecting the fact that they are the only financial
instruments in the capital structure.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Pharmanovia's exposure to environmental risks primarily reflects
the fact that the company does not have any of its own
manufacturing and has no direct environmental liabilities. The
company does not have a history of material litigation and product
liability risks are limited because it largely markets older
molecules with a very well-established safety profile. Governance
considerations include Pharmanovia's relatively aggressive
financial policy with high leverage and a track record of
substantial acquisitions partially financed by debt and which
constrain the pace of deleveraging. It has a poor track record of
adherence to budget expectations over the last two years. In April
2025, the company appointed new joint CEOs, amongst them
Pharmanovia's founder, and a new CFO.

OUTLOOK

The negative outlook reflects that current leverage is outside the
expectations for the B3 rating and the magnitude and timing of
future improvements are uncertain at this stage. This includes the
fact that the company is still working through some of the
challenges, with performance potentially to remain weak in the next
two quarters, and recovery thereafter also depending on recovery in
Rocaltrol sales that have been underperforming for several
quarters. Accordingly, an inability to stabilize and improve EBITDA
in the coming quarters would likely result in a downgrade.

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

The ratings could be upgraded if Pharmanovia (1) delivers a period
of solid trading performance including positive organic revenue and
EBITDA growth and execution, with no material supply chain and
distribution issues or other operating challenges; and (2) reduces
its Moody's-adjusted gross debt/EBITDA towards 5.5x on a
sustainable basis; and (3) achieves Moody's-adjusted FCF/gross debt
sustainably towards 5%; and (4) maintains at least adequate
liquidity.

The ratings could be downgraded if (1) there are further operating
issues or identified issues are not resolved; or (2) there is an
inability to stabilize and improve organic EBITDA; (3) the
company's Moody's-adjusted gross debt/EBITDA remains above 7x on a
sustainable basis; or (4) Moody's-adjusted FCF becomes sustainably
negative; or (5) the liquidity position deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
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.

CORPORATE PROFILE

Pharmanovia, headquartered in Basildon, UK, is a global sales and
marketing organisation focused on off-patent, branded and
prescription drugs, which outsources production and distribution.
The group is active in the following therapeutic areas:
cardiovascular, endocrinology, neurology and oncology. Pharmanovia
currently markets a portfolio of over 20 medicines across more than
160 countries. In fiscal 2025 (ended March 31, 2025) the company
reported revenue of EUR355 million and company-adjusted adjusted
EBITDA of EUR117 million (before exceptional items).


SM GLOBAL: FRP Advisory Named as Administrators
-----------------------------------------------
SM Global Consultancy Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-004006, and Emma Priest and Glyn Mummery of FRP Advisory
Trading Limited were appointed as administrators on June 12, 2025.


SM Global Consultancy, trading as Staffing Match, is an employment
placement agency.

Its registered office is at Bradleys Business Centre 1st Floor,
Central Way, North Feltham Trading Estate, Feltham TW14 0XQ in the
process of changing to Jupiter House, Warley Hill Business Park,
The Drive, Brentwood, Essex CM13 3BE

Its principal trading address is at Bradleys Business Centre, 1st
Floor Central Way, North Feltham Trading Estate, Feltham, TW14 0XQ

The joint administrators can be reached at:

          Emma Priest
          Glyn Mummery
          FRP Advisory Trading Limited
          Jupiter House
          Warley Hill Business Park
          The Drive, Brentwood
          Essex CM13 3BE

For further details, contact:

           The Joint Administrators
           Email: cp.brentwood@frpadvisory.com
           Tel No: 01277 50 33 33

Alternative contact:

            Elizabeth Heggs
            Email: cp.brentwood@frpadvisory.com


SPECTRUM HEALTHCARE: Begbies Traynor Named as Administrators
------------------------------------------------------------
Spectrum Healthcare Domiciliary Care Limited was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts, Companies and Insolvency List, No
CR-2025-003942, and Huw Powell and Sandra McAlister of Begbies
Traynor (Central) LLP, were appointed as administrators on June 16,
2025.  

Spectrum Healthcare is into care homes.

Its registered office is at Unit 2a, Lockett Road, South Lancashire
Industrial Estate, Wigan, Lancashire, WN4 8DE.

The joint administrators can be reached at:

               Huw Powell
               Begbies Traynor (Central) LLP
               Ground Floor, 16 Columbus Walk
               Brigantine Place
               Cardiff CF10 4BY

               -- and --
        
               Sandra McAlister
               Begbies Traynor (Central) LLP
               10 St Helens Road
               Swansea SA1 4AW

Any person who requires further information :

               Nadine Romanick
               Email: nadine.romanick@btguk
               Tel No: 029 2089 4270


[] UK: Kroll Sees Distress Across Retail, Hospitality Sectors
-------------------------------------------------------------
Responding to the latest Company Insolvency statistics covering May
2025 published on June 20 by the Insolvency Service, Benjamin
Wiles, Managing Director at Kroll, says:

"In spite of the economic challenges and concerns over business
health, as yet we are not seeing higher numbers of company
administrations, the market appears to be relatively stable.

"Perhaps what would concern me is that we are seeing weak levels of
growth, if any at all. Business surveys continue to highlight weak
confidence and many companies pausing on investment or hiring
activity. This will also explain the higher levels of Creditors’
Voluntary Liquidations (CVLs), which generally affect smaller
businesses and increased steeply last month.

"What we can see is notable distress across both retail and
hospitality & leisure sectors. There have almost been as many
retail administrations this year as the entirety of 2024 and we've
seen high profile issues regarding debt refinance in the pub sector
too.

"While we haven't necessarily seen many failures across mid-sized
and larger corporates, there has been a notable pick up in
restructuring activity since the start of the year. The spur in
this may have been as a result of the NICs hikes, but it is
interesting that it's leading to high profile M&A in areas like
financial services or the proposed Hovis Kingsmill merger. It is
definitely something to keep an eye on."

Sector

Construction

Jan – May 2024: 77
Jan – May 2025: 60
Run rate 2024-2025 PR: -8.3%

Manufacturing

Jan – May 2024: 85
Jan – May 2025: 60
Run rate 2024-2025 PR: -19.6%

Retail

Jan – May 2024: 54
Jan – May 2025: 59
Run rate 2024-2025 PR: 23.1%

Real Estate

Jan – May 2024: 57
Jan – May 2025: 56
Run rate 2024-2025 PR: 3.4%

Leisure & Hospitality

Jan – May 2024: 31
Jan – May 2025: 45
Run rate 2024-2025 PR: 3.8%

Media & Tech

Jan – May 2024: 64
Jan – May 2025: 42
Run rate 2024-2025 PR: -26.4%

Energy & Industrial

Jan – May 2024: 30
Jan – May 2025: 28
Run rate 2024-2025 PR: -4.0%

Recruitment

Jan – May 2024: 18
Jan – May 2025: 23
Run rate 2024-2025 PR: 6.2%

Automotive

Jan – May 2024: 13
Jan – May 2025: 21
Run rate 2024-2025 PR: -34.2%

Professional Practices

Jan – May 2024: 12
Jan – May 2025: 21
Run rate 2024-2025 PR: -6.7%

Total (inc. other sectors)

Jan – May 2025: 551
Jan – May 2025: 521
Run rate 2024-2025 PR: -6.0%

*The run rate refers to the percentage change in administrations if
rates were to continue at their current trajectory.

Administrations are a formal insolvency process designed to rescue
business and maximise returns for creditors. Administrations are
typically utilised for larger companies where a restructure is
needed to save parts or all the business and tend to be a better
barometer on the health of the economy, whereas company
liquidations represent small and microbusinesses, with very few
assets and debts.

                          About Kroll

Kroll - http://www.kroll.com- is an independent provider of risk
and financial advisory solutions. Kroll's team of more than 6,500
professionals worldwide continues the firm's 100-year history of
trusted expertise spanning risk, governance, transactions and
valuation. Its advanced solutions and intelligence provide clients
the foresight they need to create an enduring competitive
advantage.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
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                * * * End of Transmission * * *