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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

          Friday, June 27, 2025, Vol. 26, No. 128

                           Headlines



A U S T R I A

NOVATASTE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


C Z E C H   R E P U B L I C

CZECHOSLOVAK GROUP: S&P Assigns 'BB+' ICR, Outlook Stable


F R A N C E

CIRCET HOLDING: S&P Lowers ICR to 'B+' on Elevated Leverage
EURO ETHNIC FOODS: S&P Affirms 'B' ICR, Outlook Stable
TALBOT INT'L: S&P Assigns 'B' ICR, Outlook Stable


I R E L A N D

MADISON PARK VI: Moody's Affirms B3 Rating on EUR12.8MM F Notes
PALMER SQUARE 2025-2: Moody's Gives Ba3 Rating to EUR18.2MM E Notes


I T A L Y

DOLCETTO HOLDCO: S&P Assigns 'B' ICR, Outlook Stable
KEPLER SPA: S&P Rates Proposed EUR500MM Senior Secured Notes 'B-'
WEBUILD SPA: S&P Assigns 'BB' ICR on Proposed Unsecured Notes
X3G MERGECO: S&P Assigns 'B+' ICR Following Ion Platform Merger


L U X E M B O U R G

BCP V MODULAR: S&P Rates Proposed Incremental Term Loan B 'B'
MAXAM PRILL: S&P Assigns Prelim. 'B+' ICR, Outlook Stable
PLT VII FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable


N O R W A Y

HAUGESUND SPAREBANK: NCR Affirms BB+ Tier 1 Instrument Rating


R U S S I A

NAVOIURANUIM: S&P Rates New Sr. Unsecured Notes Due 2030 'BB-'


S P A I N

OBRASCON HUARTE: Moody's Lowers CFR to Caa1, Outlook Stable


U N I T E D   K I N G D O M

ARQIVA BROADCAST: S&P Assigns Prelim. 'B+' ICR, Outlook Stable
EXMOOR FUNDING 2025-1: S&P Assigns Prelim. 'CCC' Rating on X Notes
HERBERT RETAIL: FRP Advisory Named as Administrators
HOPS HILL NO. 5: S&P Assigns Prelim. B+ (sf) Rating on Cl. E Certs
INEOS GROUP: S&P Lowers ICR to 'BB-' on Sustained High Leverage

PB EDITIONS: WSM Marks Named as Administrators
PLM GLOBAL: RSM UK Named as Administrators
VITA BIDCO: S&P Affirms 'B+' LongTerm ICR on Debt-Funded Dividend


X X X X X X X X

[] BOOK REVIEW: Management Guide to Troubled Companies

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A U S T R I A
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NOVATASTE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Thyme HoldCo S.a.r.l., the holding company of NovaTaste, a
private equity owned food ingredients solutions manufacturer based
in Austria, and its 'B' issue and '3' recovery ratings (55%
recovery prospects) to the group's proposed senior secured term
loan B (TLB).

The stable outlook indicates S&P's view of NovaTaste's resilient
operational performance.

The 'B' rating mainly reflects NovaTaste's highly leveraged capital
structure under the ownership of private equity firm PAI partners.
Thyme HoldCo, holding company of NovaTaste, intends to issue a
EUR570 million TLB, maturing in 2032, to refinance all existing
debt, as well as cover deferred acquisition payment from past
transactions and transaction fees. S&P said, "The proposed capital
structure post-transaction includes a EUR100 million RCF, which we
forecast to be undrawn at closing. We estimate S&P Global
Ratings-adjusted debt of EUR590 million-EUR600 million in 2025 and
EUR620 million-EUR630 million in 2026, including the proposed TLB,
EUR15 million-EUR17 million lease liabilities, EUR5 million-EUR10
million of pension-related liabilities, and our assumption of EUR60
million-EUR70 million of acquisitions in 2026. Additionally, our
forecast credit metrics are in line with a 'B' rating, considering
S&P Global Ratings-adjusted debt to EBITDA of 6.5x-6.7x in 2025 and
6.0x-6.2x in 2026, as well as FFO cash interest of comfortably
between 2.0x and 2.5x over the same period. It seems unlikely that
the group would deleverage well below 6.0x given the appetite to
consolidate the EUR10 billion fragmented food ingredients sector
through acquisitions."

The group's FOCF should remain positive in the next years although
the cash cushion in 2025 remains modest. S&P said, "Under our base
case, we forecast FOCF of EUR10 million-EUR15 million in 2025
(EUR13 million in 2024) increasing to around EUR20 million in 2026,
underpinning the group's credit quality. Overall, we see the
business as low capex intensity and that working capital
seasonality is limited. We assume EUR18 million-EUR20 million of
capex annually, for maintenance, automation projects, IT, and to
support productivity improvements. We estimate limited expansion
capex given the available capacity in NovaTaste's owned
manufacturing sites to absorb an expected growth in volumes. We
assume EUR12 million-EUR15 million of annual working capital
requirement in 2025-2026 reflecting increasing inventories to
support revenue growth."

S&P thinks NovaTaste is building a good track record of integrating
acquisitions. The group has been formed through acquisitions--a
core strategy in its ambitions to consolidate the industry in
Europe and North America. The savory solutions market is very
fragmented with various acquisition opportunities. Since it's
carve-out from IFF's savory solution's business in 2023--an
integration completed in May 2024--NovaTaste has acquired three
businesses, notably U.S.-based ingredients producer McClancy in
December 2024. This improved its exposure to North America (now 37%
of sales) and provides growth opportunities thanks to the focus on
the dynamic food service channel (now 22% of sales). It has also
acquired Germany-based ingredients producer Eppers in April 2025
and Italy-based ingredients producer Tec-Al in May 2025. These last
two transactions stemmed from the group's interest in a stronger
market position in the DACH region in liquid solutions, and in
Italy. With a focus on bolt-ons, the group's deal pipeline should
incur limited integration risks, even if multiple transactions are
executed in a short time frame. This is on the back of NovaTaste's
selection of targets from categories in which it is already
experienced, such as plant-based, poultry, or snacks, and in
geographies where it has a presence, such as Europe and North
America.

NovaTaste's operations in the large and resilient savory solutions
sector in Europe and North America should give way to organic
revenue growth opportunities should it be able to execute its
commercial strategy. S&P said, "In our view, expansion will come
from a growing population and from a rising demand for plant-based
and healthy products, with less sugar or less salt, for example,
which may require additive to regain taste. We also estimate the
underlying food market to be resilient to economic cycles. Demand
for foodservice and for plant-based products may increase during
upcycles, while consumers tend to eat more often at home and
increase demand for processed food products during downcycles. We
consider that NovaTaste is well positioned to capture market growth
thanks to its exposure to the foodservice (22% of 2024 revenues)
and retail counters & butchers (10%) channels, which usually
benefit from economic growth, and to the consumer packaged goods
(CPG)/food processors (67%) channel, which is more resilient to
economic downturns. Furthermore, NovaTaste leads in key markets
including the DACH region and Italy, and holds the No. 2 position
in Poland and Ireland, making the group well placed to capture
local growth. We assume NovaTaste's market leadership stems from
track records of meeting client requirements and of
fast-deliveries, enabled by its efficient manufacturing network."
The company also has good market positions in Mexico (No. 3),
Canada (No. 4) and the U.S. (No. 5). That said, NovaTaste has
little exposure to emerging markets, where positive demographic
trends could fuel higher growth prospects."

NovaTaste's prioritization of expansion in fast-growing channels
like foodservice and in existing categories like liquid solutions
underpins our forecast of steadily increasing revenue over the next
years. This strategic focus includes increasing the group's
presence in ingredients for plant-based products, white meat, and
fish; in S&P's view, these categories benefit from high growth
prospects since consumers regard them as healthy options. The group
is also pursuing a deeper reach in the fast-growing foodservice
channel toward 27% of revenue by 2028, compared with 22% of revenue
in 2024. Revenue growth in this channel is supported by an
increasing penetration of international food, healthier menu
propositions, and growth of food delivery. NovaTaste plans to
achieve this through tailored product development with its existing
customers, strong relationships with growing
quick-service-restaurants, and targeted acquisitions. Reflecting
this approach, the acquisitions of Eppers and Tec-Al in 2025
bolstered NovaTaste presence in key categories, while the McClancy
deal in 2024 expanded its presence in the food service channel.

NovaTaste's local presence and agile product innovation give it a
competitive edge over larger competitors. The company's customer
base comprises many small and medium-sized companies in its main
geographies, with no concentration to a single client since its
top-10 customers represent 17% of revenue. Additionally, the
group's ability to innovate swiftly and respond to briefs has been
an essential to its success retaining customers. The group's
innovation capabilities, alongside manufacturing facilities located
close to customers in Europe, North America, and Thailand, have
supported quick and reliable delivery.

S&P said, "That said, we think NovaTaste could be more vulnerable
to external changes such as large competitors developing similar
products and technologies. The group has a modest business scale,
in our opinion, with projected adjusted EBITDA of EUR90 million in
2025. We consider NovaTaste's closest peer to be Solina Group
Holding (B/Stable/--), with larger EBITDA and FOCF but also
slightly weaker debt leverage of close to 7.0x. We also look at
ingredients' producer IRCA Group Luxembourg Midco 3 S.a r.l.
(B-/Stable/--), which has weaker credit metrics and has a larger
concentration of raw materials. To some extent, NovaTaste also
competes with global manufacturers like ingredients solutions firm
Kerry Group (BBB+/Stable/--) or flavor provider (seasonings and
spices) McCormick (BBB/Stable/--).

"The group's ability to pass-through operating cost inflation
combined with cost-saving initiatives support our forecast of
margin improvement. NovaTaste's client contracts usually cover six
or 12 months, with an option to renegotiate prices more frequently
when needed. We estimate that NovaTaste's clients are likely to
accept price increases in time of raw material cost inflations,
since its products usually represent about 2% of the end-product
cost and have high value-added. We also estimate that NovaTaste's
large raw materials base, which comprises more than 6,000 products,
and relationship with many suppliers of commodity ingredients
alleviate its exposure to the risk of price spike or supply
shortage of key materials. Furthermore, the group wants to improve
its profitability in procurement, pricing, salesforce
effectiveness, and manufacturing. This underpins our forecast of
S&P Global Ratings-adjusted EBITDA margin improving to 13.7%-13.9%
in 2025 and 14.0%-14.2% in 2026 (from 12.8% in 2024). We include in
our base case EUR5 million of annual exceptional costs in 2025-2026
(from EUR8 million in 2024) to achieve margin-improvements
initiatives.

"The stable outlook indicates our view that NovaTaste's operational
performance should remain resilient, supported by 5%-6% organic
growth thanks to strong demand for dry solutions in consumer
products and food service channels in Western Europe and North
America, S&P Global Ratings-adjusted EBITDA margin expanding toward
13.5%-14%, and the seamless integration of its small to midsize
acquisitions.

"We forecast the group to achieve FOCF of EUR10 million-EUR15
million in 2025 and of about EUR20 million in 2026. We also
forecast S&P Global Ratings-adjusted debt to EBITDA of 6.5x-6.7x in
2025 and 6.0x-6.2x in 2026.

"We could lower our rating if projected credit metrics deviate from
our base case, such as adjusted debt leverage at or above 7x in the
12 months after the transaction closes. This would also likely mean
a weaker FFO cash interest coverage ratio, dropping below 2.0x, and
neutral to negative FOCF.

"This could happen in case of softer-than-expected demand in main
consumer and food service markets like Germany in dry seasoning
combined with loss of market share due to intense competition with
underperformance on new contract wins and delivery of new volumes
to existing clients. We would also view negatively the group
struggling to integrate new acquisitions leading to weaker
profitability and cash flow versus our base-case.

"We could raise our rating on NovaTaste if its credit metrics
improve well above our base-case projections, such that S&P Global
Ratings-adjusted debt to EBITDA ratio decreases to below 5.0x on a
sustained basis." A higher rating would also depend on a clear
commitment from the company and its owner to maintain debt leverage
tolerance at this level at all times even after discretionary
spending.

Rating upside would also hinge on considerably
higher-than-projected FOCF.




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C Z E C H   R E P U B L I C
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CZECHOSLOVAK GROUP: S&P Assigns 'BB+' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issuer credit
rating and its 'BB+' issue rating to the proposed $500 million
senior secured notes and the EUR350 million senior secured notes on
Czech Republic-based Czechoslovak Group a.s. (CSG).

The recovery rating reflects S&P's expectation of meaningful
recovery (50%-70%; rounded estimate: 55%) in the event of a
default.

S&P said, "The stable outlook reflects our expectation that CSG
will successfully integrate The Kinetic Group resulting in about
66% revenue growth in 2025 including about 29% of organic growth
and up to 10% in 2026, and further develop its Land Systems
business. We expect CSG's S&P Global Ratings-adjusted
debt-to-EBITDA ratio to improve to about 1.0x, funds from
operations (FFO) to debt to improve to 60% in 2026, solid FOCF, and
S&P Global Ratings-adjusted EBITDA margins to remain in the 25%-26%
range in 2026."

CSG is issuing two new senior secured notes of approximately EUR812
million equivalent. The proposed transaction includes the issuance
of $500 million senior secured notes and EUR350 million senior
secured notes, both expected to mature in January 2031. The
proceeds will be used to: Repay the existing $750 million senior
secured floating rate notes maturing in December 2030; and pay
transaction fees of about EUR38 million. In addition, about EUR47
million of cash will be added to the balance sheet.

Leading market positions, a large production capacity, and an above
average profitability support the rating. CSG benefits from solid
niche market positions and is exposed to several defense market
segments, which are currently enjoying robust demand fundamentals.
The defense business (61% of revenues 2024 on a combined basis
compared with 31% in 2023) primarily encompasses Land Systems and
medium and large ammunition, which all benefit from exposure to end
markets that are exhibiting robust demand and growth prospects,
coupled with good contract visibility. S&P said, "We view CSG's
plans to increase its exposure to defense end-markets (of small
ammunition) by increasing contracts with U.S. government, which
should in turn bring recurrent and more stable revenues as
positive. Moreover, CSG's production capacity is a significant
asset, enabling it to address the heightened demand for ammunition
in Europe amid the ongoing conflict between Ukraine and Russia. We
think that there is still room for the group to increase its
factories utilization rate in both Europe and the U.S. We estimate
small ammunition at 75% the utilization capacity, with Land Systems
and medium and large ammunition at 85%-95% utilization. We also
recognize the group's strong profitability relative to peers. We
view CSG's S&P Global Ratings-adjusted EBITDA margins at 25%-26% as
above average compared to peers in the aerospace and defense (A&D)
industry (we define average margins as 10%-18% for the sector)."

The recent acquisition of The Kinetic Group has strengthened CSG's
footprint in the U.S. CSG acquired The Kinetic Group, a leading
North America-based small ammunition producer for about $2.2
billion. S&P said, "We consider this acquisition as transformative,
because CSG will diversify and strengthen its footprint, scale and
product offering. The Kinetic Group will improve the group's
previous revenue concentration in Europe (after the acquisition CSG
will generate approximately 68% of revenues from Europe compared
with about 76% before the acquisition) and the combined group will
be the market leading small ammunition supplier in the U.S. We also
view the high level of vertical integration in the ammunition
business as positive as it limits potential supply chain issues,
which is further strengthened by The Kinetic Group acquisition."

CSG exhibited a solid operating performance in 2024, and we expect
higher earnings for 2025 and 2026. CSG benefits from a rising
backlog, driven by the current secular trends in the wider defense
industry. CSG generated revenues of EUR4 billion in 2024 with a
record order backlog of EUR6 billion (fixed backlog), representing
about 1.5 years of revenue. S&P said, "We estimate the backlog
could further increase given the ongoing discussions in the sector.
We forecast revenue growth of about 66% in 2025, given the
integration of The Kinetic Group and up to 10% in 2026. In our
view, some costs inherent to management's extensive plans to
develop its products and the Land Systems business could slightly
weigh on our expected profitability forecast. However, the increase
in volumes, rising productivity, management's cost control
measures, and expected restructuring cost limitation will support
our forecast of S&P Global Ratings-adjusted EBITDA margins of
25%-26% in 2025 and 2026."

S&P said, "We expect CSG will exhibit positive FOCF generation over
our two-year forecast horizon. We expect capex to increase in 2025
and in 2026, driven by the expansion of its production capacity and
development of the medium and large ammunition and Land Systems
divisions. We expect capex in the small ammunition business to
remain stable. We estimate capex relative to revenues should remain
at about 4.5%-5.5%. We expect CSG's management will continue to
control working capital cash outflow in 2025 and in 2026 and limit
the use of factoring to our estimates of about EUR30 million. Given
the forecast for a strong volume increase, we expect to see an
increase in working capital spending to meet demand. However, we
think it will be offset by the increase in EBITDA and the group to
continue to generate positive S&P Global Ratings-adjusted FOCF in
2025 and 2026. We also note that the group has fully drawn its
EUR300 million revolving credit facility (RCF) to finance the
growth. Furthermore, we understood from management that up to EUR1
billion cash must remain available to support the ramp up of
production to fulfil a surge in orders. We reflect this requirement
our liquidity calculation, specifically as a potential intra-year
potential peak working capital need.

"We expect higher cash flow generation will result in gradually
reducing gross debt and strengthening credit metrics. As a result,
we forecast S&P Global Ratings-adjusted FFO to debt to be about
35%-40% in 2025 and 45%-50% in 2026, remaining above our 40%
trigger. In 2025, our S&P Global Ratings-adjusted debt calculation
includes about EUR5.0 billion of reported debt including the
proposed EUR830 million new issuances, EUR110 million of reported
lease liabilities, and EUR30 million of factoring. We deduct
surplus cash from debt, and we consider about EUR150 million of
cash as restricted for daily operations and debt repayment. We
expect leverage to trend toward 1.5x-2.0x in 2025 and 1.0x-1.5x in
2026 from about 1.9x in 2024.

"We consider CSG's 'BB+' ratings to be well positioned compared
with larger investment-grade peers. Our assessment also considers
the smaller size of CSG relative to rated peers from the same
industry. The group's product suite is more commoditized and less
technologically advanced than some products offered (by peers). CSG
also exhibits customer concentration, with its top 10 customer
representing about 53% of revenues. The small ammunitions business
(53% of combined group revenues) is mostly linked to the civil end
market, which can be more cyclical than other parts of the A&D
industry. In our view, the volatility of the ammunitions business
in the U.S. is tied to social factors and political cycles. We also
note that some higher rated peers in the A&D sector have more
established and stronger product/ service offerings in commercial
aerospace and the aftermarket. Finally, we note that CSG needs to
successfully integrate a transformative acquisition. Although we do
not include further transformative mergers and acquisitions (M&A)
in our base case, we note that CSG has an appetite for M&A and
hence CSG's operating perimeter, geographic footprint, and margins
could change if the group were to pursue more opportunistic
acquisitions.

"We recognize there are uncertainties due to the U.S. government
and tariff implementations. CSG generates about 26% of group
revenue from the U.S. and has set up a region-for-region production
and supplier network with no material exports from Europe to the
U.S. We understand that the group is present in the U.S. mainly
through The Kinetic Group. S&P Global Ratings believes there is a
high degree of unpredictability around policy implementation by the
U.S. administration and possible responses—specifically with
regard to tariffs—and the potential effect on economies, supply
chains, and credit conditions around the world. As a result, our
baseline forecasts carry a significant amount of uncertainty,
magnified by ongoing regional geopolitical conflicts. As situations
evolve, we will gauge the macro and credit materiality of potential
shifts and reassess our guidance accordingly.

"The stable outlook reflects our expectation that the group will
manage to integrate The Kinetic Group without major unexpected
one-off costs and benefit from increasing revenues in its defense
and small ammunitions business through 2025-2026, with adjusted
EBITDA margins above 24% at the same time. As a result, we expect
an improvement in S&P Global Ratings-adjusted FFO-to-debt ratio
toward 60% and adjusted leverage below 2.0x in the next two years.

"We could lower the ratings if the S&P Global Ratings-adjusted debt
to EBITDA was above 2.0x, there was pressure on FOCF, and S&P
Global Ratings-adjusted FFO-to-debt ratio was below 45% from 2026
on a sustainable basis." S&P thinks that this could happen if:

-- Demand for the group's products declined substantially, leading
to lower profitability and cash flows;

-- The group was unable to integrate The Kinetic Group, leading to
higher costs and a margin contraction; or

-- The group made more aggressive debt-financed acquisitions or
shareholder distributions.

S&P considers a further upgrade as unlikely in the next 12-24
months. Ratings upside would hinge on robust positive adjusted FOCF
generation alongside:

-- Maintained S&P Global Ratings-adjusted FFO to debt sustainably
above 60% with S&P Global Ratings-adjusted debt to EBITDA below
1.5x and sustained performance through various economic and
ammunition cycles;

-- Diversified end-markets and product offerings toward more
commoditized and technological products to balance its exposure to
the volatile ammunition segment that is sensitive to social factors
regarding safety and develop its aftermarket business leading to
more recurring revenues with higher margin; and

-- Strengthening the governance setup including the independence
and composition of the board of directors.




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F R A N C E
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CIRCET HOLDING: S&P Lowers ICR to 'B+' on Elevated Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on telecom infrastructure
provider Circet Holding SAS (Circet) and its senior secured debt to
'B+'.

S&P's stable outlook reflects its expectation that Circet's
leverage will sharply reduce to 5.0x-5.5x by 2026, while FOCF to
debt will stay above 5%.

Circet's credit metrics have deteriorated as operational challenges
across various geographies and inflationary pressures have not
fully been passed-on to customers, weighing on the company's
profitability.

S&P anticipates modest margin recovery after operational issues
across various geographies increasingly weighed on Circet's
profitability and leverage. Circet's adjusted leverage peaked at
6.2x in 2024, from 4.2x in 2022 as its adjusted EBITDA margin
reduced by about 310 basis points over two years, to 11.2% in 2024
on:

-- Entry in countries where margins are structurally lower than
the rest of the group;

-- Continued inflationary pressure not fully passed-on to
customers;

-- Certain telecom operators delaying investment programs due to
market consolidation or change, for example, in Spain with the
MasMovil/Orange merger and in Italy following the spin-off of
Telecom Italia SpA's fiber network; and

-- Execution challenges in Germany and the U.S. More specifically,
in Germany, Circet did not meet quality standards for various
projects, which led to about EUR40 million cost overruns in 2024.
In the U.S. declining customer spending combined with Circet's
limited scale compared to larger competitors led to revenue
contracting by about 27% in 2024 and weaker profitability.
S&P said, "We expect Circet's EBITDA margin to recover to 11.5% in
2025 and 12.2% in 2026. This improvement is underpinned by Circet
making progress on the resolution of the operational issues and
underperforming contracts identified in Germany, a rebound in the
U.S. market, and lower inflationary pressures, alleviating the
ongoing pressure on costs from 2025.

"Therefore, we expect leverage will steadily recover and fall in
line with our revised rating parameters by first half 2026 and
further improve thereafter. We forecast adjusted debt to EBITDA
will decrease to 5.6x in 2025, still slightly above our revised
5.5x maximum leverage commensurate for the rating, and to 5.1x in
2026. In our view, our more demanding triggers for the 'B+' rating,
revised from 6.0x to 5.5x, include Circet's business risk profile
being constrained by structurally weaker profitability than
previously anticipated amid expansion into less profitable
geographies, operational mismanagements, and an acute exposure to
price increases that have proved difficult to pass through to
customers. Our ratings are supported by Circet's business
diversification strategy, including entering new geographies to
benefit from the tailwinds of fiber-to-the-home (FTTH) deployment,
while expanding its market share in recurring telecommunications
services and strengthening the energy sector. This approach
supports our forecast of 2.0% to 4.5% organic revenue growth in
2025-2026 despite Circet's traditional core market in France having
reached maturity. Currently, about 50% of Circet's revenue is
recurring in mature markets such as France, where FTTH coverage has
reached 91% of homes built and about 75% of revenue is recurring.

"Working capital normalization supports FOCF recovery. We
anticipate that FOCF to debt will expand to about 6.2% in 2025,
from 5.5% in 2024 resulting from slightly stronger profitability
and a normalization of receivables collection from 2025. The change
of ownership of Telecom Italia's fiber network and corresponding
legal entities, led to a slowdown in receivables collections in
Italy. It therefore also led to a higher utilization of Circet's
factoring facility as of end 2024, which further weighed on the
company's adjusted leverage. We see these operational challenges as
one-offs elements, and thus expect slightly lower factoring
utilization from 2025 to further support adjusted FOCF growth, that
we adjust for factoring utilization changes.

"Our stable outlook reflects our expectation that Circet's leverage
will sharply reduce to 5.0x-5.5x by 2026, while FOCF to debt will
stay above 5%.

"We could lower our rating if the company fails to sufficiently
trim leverage in full year 2025 such that S&P Global Ratings
adjusted leverage is likely to stay above 5.5x or if its FOCF to
debt weakened below 5%. This could happen amid increased
competition that accentuates pressure on prices from customers or
subcontractors, with volume growth not materializing or the group
facing major contract or customer losses. It could also result from
a more aggressive financial policy than we anticipate in our
base-case scenario, for instance, through debt-financed
transformative mergers and acquisitions (M&A) or dividend
recapitalizations.

"We could raise our rating if S&P Global Ratings adjusted debt to
EBITDA decreased sustainably below 4.5.x while Circet articulates a
financial policy consistent with such level."


EURO ETHNIC FOODS: S&P Affirms 'B' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating and senior
secured debt rating on Euro Ethnic Foods Topco (EEF). S&P also
assigned a 'B' issue rating to the proposed EUR220 million term
loan B (TLB) add-on, in line with the existing TLB.

S&P said, "The stable outlook indicates our expectation that EEF's
strong revenue growth of about 9%-10% over fiscals 2026-2027, sound
profitability and cashflow generation will allow the group to
gradually absorb the higher gross debt burden following the
dividend recapitalization. Under our base case, we expect the
group's leverage will decline sustainably below 7.0x, including the
vendor loan, by fiscal 2027."

EEF plans to issue a EUR220 million TLB add-on and use cash on
balance sheet to finance a dividend distribution. The EUR290
million distribution and related transaction fees will be funded
through an incremental EUR220 million TLB add-on and EUR80 million
of cash on balance sheet. As part of the transaction, the group
will also extend the maturity of its EUR785 million TLB (including
the EUR220 million add-on) from March 2028 to March 2031. The
incremental issuance will bring the group's total S&P Global
Ratings-adjusted debt to close to EUR1.2 billion in fiscal 2026.
This figure comprises the EUR785 million TLB (including the
add-on), EUR70 million of local bank lines, EUR228 million in lease
liabilities, and a EUR70 million vendor loan that has now been
reclassified as debt following the publication of S&P's new
controlling shareholder financing criteria.

S&P said, "Despite EEF's solid EBITDA build-up, we project leverage
pro forma for the transaction will jump to 7.1x in fiscal 2026 from
5.9x in fiscal 2025, which is significantly higher than our
previous base case. In our view, this debt-funded dividend
distribution underlines the sponsor's aggressive financial policy,
particularly as it follows a prior dividend distribution in January
2024. The two consecutive dividend payments, largely debt-financed,
demonstrate the group's track record of prioritizing shareholder
return over debt reduction, which in our view, materially absorbs
the rating headroom."

EEF continues to deliver strong operating performance, despite
challenging market conditions. S&P expects the group will report
strong revenue growth of about 8% year-on-year for fiscal 2025,
ended March 31, 2025, and S&P Global Ratings-adjusted EBITDA of
about EUR157 million. This is driven by the group's strong
like-for-like growth (3.3%) and continuing store expansion, with up
to 20 openings per year. EEF's strong like-for-like growth is
supported by its attractive offering and compelling value
proposition of exclusive products at affordable prices. The group
focuses on product innovation, category expansion, and promotional
initiatives to enhance the in-store experience and increase market
penetration.

Additionally, Grand Frais' unique model of differentiated value
proposition compared with larger grocery peers continues to fuel
robust organic growth and market share gains in the highly
competitive French grocery market. As a result, we expect EEF will
continue to increase revenue by about 9% in fiscal 2026, resulting
in S&P Global Ratings-adjusted EBITDA of about EUR167 million. This
translates into an EBITDA margin of about 23%, the highest among
rated European food retailers. S&P understands EEF's strong
profitability is underpinned by the group's integrated supply chain
and continuing focus on cost efficiency. Additionally, the
nonperishable nature of the EEF's products allows effective
inventory and cost of goods management.

S&P said, "Despite higher EBITDA generation, we anticipate a slight
drop in FOCF after leases, as a result of increasing interest
expenses and the group's capital expenditure (capex) plans. We
anticipate a modest decline in free operating cash flow (FOCF)
after lease payments, driven by rising interest expenses and
increased capex under the group's strategic investment plans. Over
fiscal years 2026-2027, we expect FOCF after lease payments will be
EUR30 million-EUR35 million, below the EUR45 million we expect in
fiscal 2025. Our base case incorporates total annual capex of
approximately EUR35 million-EUR40 million, above historical levels
but aligned with the group's strategy to expand its retail
footprint and develop production capacity. Additionally, the
proposed transaction will raise the group's annual cash interest
burden to about EUR45 million, including lease-related interest.
Liquidity will also be tighter following the use of EUR80 million
in cash to fund the dividend, which will leave only about EUR5
million of cash on balance sheet after the transaction completes--a
level we view as limited in the context of the group's size and
investment plan.

"The stable outlook indicates our expectation that EEF's strong
revenue growth of about 9%-10% over fiscals 2026-2027, sound
profitability and cashflow generation will allow the group to
gradually absorb the higher gross debt burden following the
dividend recapitalization. Under our base case, we expect the
group's leverage will decline sustainably below 7.0x, including the
vendor loan, by fiscal 2027."

S&P could lower the rating over the next 12 months if the group
issues additional debt, or if it is unable to execute its growth
strategy and experiences operating setbacks, leading to weaker
EBITDA than in our base-case projection and jeopardizing
deleveraging prospects, such that:

-- Adjusted leverage does not sustainably decline below 7.0x by
fiscal 2027, including the vendor loan;

-- FOCF after leases deteriorates materially below our current
base case.

S&P sees rating upside as remote over the next 12 months because of
EEF's elevated leverage. A positive rating action would result from
a more conservative financial policy and sustained strong operating
performance, leading to S&P Global Ratings-adjusted debt to EBITDA
sustainably below 5.0x and FOCF to debt sustainably above 10%.


TALBOT INT'L: S&P Assigns 'B' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Talbot International (Trescal), a France-based calibration
services provider, and Talbot Participation, and its 'B' issue
rating and '3' recovery rating to the proposed senior secured TLB.

S&P said, "The stable outlook reflects our view that Trescal will
continue to deliver good revenue growth, both organically and from
acquisitions, that will support EBITDA increases in the next 12
months thanks to the recurring nature of calibration services and
the group's leading position and solid reputation. This will
support FOCF of at least EUR30 million (excluding refinancing costs
in 2025), FFO cash interest coverage above 2.0x, and gradual
deleveraging toward 7.0x over the next 12-18 months.

"Our 'B' rating captures the refinancing of Trescal's debt, with
continued support from financial sponsor EQT. Trescal intends to
raise a new EUR760 million senior secured TLB to refinance its
existing unitranche debt issued in 2023 as part of the financing
package supporting the acquisition of a majority stake in Trescal
by EQT. The debt package will also include a EUR95 million delayed
draw term loan and a EUR165 million RCF."

Trescal holds leading positions in the outsourced calibration
services market, where it benefits from barriers to entry. Although
the market is highly fragmented globally, Trescal has built a
robust international presence with a strong market position in key
regions, including France, Benelux, Spain, Italy, Korea, and the
U.K., where it holds the No. 1 position. In the U.S. and Germany,
Trescal holds the No. 2 position. Through strategic bolt-on
acquisitions, the group has expanded its global footprint, with
over 380 laboratories operating in 30 countries. This extensive
network, along with the mission-critical nature of calibration
services, and the need to secure accreditations to conduct
calibration activities, act as substantial barriers to entry. The
company has obtained over 1,100 different accreditations, enabling
it to service over 150,000 distinct instruments. Some of these
accreditations can take years to secure, which further limits
competitors entering the market.

Trescal's operations in a niche but defensive market, supported by
regulatory requirements, foster revenue growth and earnings
stability. The calibration market for test and measurement
equipment is governed by stringent regulatory standards that
require regular inspection and certification of such equipment,
ensuring steady demand for Trescal's services across diverse
industries, including aerospace, life science, and auto, and
limited exposure to economic cycles. The group benefits from a high
share of recurring revenue, as test and measurement equipment
typically needs to be calibrated at least once a year. Revenue
stability is also supported by long-term contracts ranging from
three-to-five years, and by significant integration between Trescal
and its clients, with the company holding proprietary products and
know-how resulting in relatively high switching costs. This
contributes to strong customer retention rates, with 98% of its top
50 clients agreeing to contract renewals in 2024. Trescal's global
footprint and ability to provide calibrations to a wide range of
instruments enable the group to maintain long-standing
relationships with large multinational blue-chip customers.

S&P's view of Trescal's business risk profile is further enhanced
by good diversification across regions and end markets, and
moderately low customer concentration. In 2024, the group generated
18% of pro forma revenue in France, 31% from Northern Europe
including the U.K., Germany, Belgium, the Netherlands, and
Luxembourg; 17% from Asia-Pacific; 15% from North America; and the
remaining balanced between Southern Europe and Brazil. Similarly,
the group exhibits good sector diversification, with the largest
exposure to aerospace (24% of revenue), life sciences (22%),
defence (10%), and auto and transport (10%), but also a significant
portion of revenue from other sectors such as manufacturing,
electronics, and energy and utilities. This supports the group's
resilience in case of adverse developments affecting one specific
sector. In addition, the group's top 10 client represent about 17%
of revenue with no single client accounting for more than 4% of
revenue. This is broadly in line with peers in the broader testing,
inspection, and certification (TIC) industry.

Trescal operates at a moderate scale despite its global reach. With
revenue of EUR568 million and S&P Global Ratings-adjusted EBITDA of
about EUR107 million in 2024, the group operates at a smaller total
scale than many of rated TIC providers. Although Trescal has
achieved significant growth recently and S&P projects revenue and
EBITDA to reach above EUR750 million and EUR150 million by 2027,
this remains at the lower end compared with peers such as Amber
Holdco (Applus; above EUR2.2 billion revenue and EUR365 million
EBITDA in 2023), Soco 1 (Socotec; EUR1.4 billion and EUR250
million, respectively) or EM Midco 2 Ltd. (Element; above EUR1.3
billion and EUR168 million).

Talent scarcity represents a challenge in Trescal's labor-intensive
industry. Given that skilled employees are a limited resource, the
company would have restricted flexibility to reduce costs during
economic downturns, making talent retention essential to
operations. Any workforce reduction in times of lower demand could
lead to a loss of expertise that would be challenging to recover
when business activity rebounds. Nevertheless, Trescal's global
footprint and strong reputation provides an advantage in attracting
and retaining talent over competitors. The company has increased
its full-time equivalent (FTE) employees to 5,700 while maintaining
a low churn rate of 7%-8%, despite competition from third-party
providers and direct clients.

Trescal faces typical regulatory and reputational risks associated
with the mission-critical nature of its operations. While the
company has a strong track record of delivering high-quality
services and has not faced significant legal liabilities or
reputational issues, the risks exist, and S&P factors that in its
business risk assessment. Any major incidents could severely impair
a business operating in calibration services, potentially harming
client relationships and leading to reduced retention rates and a
decline in organic growth. Unexpected events, such as the
cyberattack that affected Trescal's U.S. subsidiary in 2022, can
derail the group's ability to deliver timely certifications, and
result in clients turning to other providers to comply with their
regulatory requirement to get their equipment certified on time.

Trescal has enhanced profitability in recent years through improved
pricing discipline. The company's adjusted EBITDA margin of 18.9%
in 2024 positions it at the upper end among rated TIC peers.
Furthermore, S&P expects EBITDA margins to improve toward 20% in
2025 and 2026, having steadily improved from 14.4% in 2019. This
can be attributed to better pricing discipline across the
organization, the ability to pass through inflation costs,
operations automation, back-office efficiencies, reduced
subcontracting, and value-accretive acquisitions. Since 2022,
Trescal has increased the proportion of contracts that include
indexation clauses and has systematically applied price increases
on renewal for fixed-price contracts, resulting in strong margin
protection against inflation. In addition, the group's M&A strategy
supports profitable growth. Since 2021, the company has completed
46 acquisitions, which have contributed to its EBITDA. These
acquisitions not only add higher-margin contracts but also enhance
performance by providing geographic diversification that
facilitates organic growth. Additionally, management has
strategically targeted higher-margin sectors through acquisitions,
with a particular focus on the life sciences sector and expanding
geographic exposure in Korea and China.

S&P said, "Our financial risk profile assessment incorporates high
leverage, but also solid FOCF and funds from operations (FFO) cash
interest coverage. We forecast Trescal's adjusted debt to EBITDA at
7.4x at year-end 2025, decreasing to about 7.2x by the end of 2026,
driven by the EBITDA increase. Moderate capital expenditure (capex)
of 4.0%-4.5% of revenue and limited working capital requirements
support the group's cash flow profile. Excluding transaction costs
in 2025, we project positive FOCF of EUR30 million-EUR40 million
annually in 2025 and 2026. Also supportive is our projection that
FFO cash interest coverage will likely exceed 2.0x in 2025 and
2026. We have excluded from adjusted leverage and coverage
calculation the noncommon equity contributed by the sponsors,
because the terms of the instrument indicate that it will act as a
cushion to conserve cash and absorb any potential losses ahead of
the company's debt.

"The ratings are constrained by Trescal's financial sponsor
ownership and leverage tolerance. Considering leverage will exceed
7.0x at the transaction's closing, we expect it will remain high,
assuming the company will pursue further acquisitions under EQT's
ownership. We expect these will be funded by internal cash flow as
well as debt. Our ratings reflect our view that financial sponsors
are likely to prioritize shareholder friendly financial policy over
debt repayment.

"The stable outlook reflects our view that Trescal will continue to
deliver good revenue and EBITDA growth in the next 12 months,
driven by resilient organic market growth owing to the equipment
base growth, more stringent calibration standards, and a favorable
pricing effect driven by the rising complexity of equipment,
alongside the contribution from bolt-on acquisitions. This will
support continued positive FOCF, FFO cash interest coverage above
2.0x, and a reduction of S&P Global Ratings-adjusted leverage
toward 7.2x in 2026, from 7.4x in 2025.

"We could lower the rating if Trescal posted negative FOCF or the
EBITDA margin displayed volatility or sustained contraction,
triggered by unexpected adverse operating developments. Likewise,
tightening liquidity, FFO cash interest coverage declining
materially below 2.0x, or a more aggressive financial policy could
cause us to lower the ratings.

"We could raise the rating if shareholders committed to,
demonstrated, and sustained a more prudent financial policy,
leading to adjusted debt to EBITDA at or below 5x and FFO to debt
trending toward 12% sustainably. A positive rating action would
also hinge on continued sound operating performance and solid
FOCF."




=============
I R E L A N D
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MADISON PARK VI: Moody's Affirms B3 Rating on EUR12.8MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Madison Park Euro Funding VI DAC:

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A3 (sf); previously on Sep 26, 2022
Affirmed Baa1 (sf)

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

EUR237,300,000 (Current outstanding amount EUR234,584,619) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Sep 26, 2022 Affirmed Aaa (sf)

EUR34,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Sep 26, 2022 Upgraded to Aaa
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Sep 26, 2022 Upgraded to Aaa (sf)

EUR25,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Aa3 (sf); previously on Sep 26, 2022
Upgraded to Aa3 (sf)

EUR29,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Sep 26, 2022
Affirmed Ba2 (sf)

EUR12,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Sep 26, 2022
Affirmed B3 (sf)

Madison Park Euro Funding VI DAC, issued in June 2015 and
refinanced in April 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Credit Suisse Asset Management
Limited. The transaction's reinvestment period ended in October
2021.

RATINGS RATIONALE

The rating upgrade on the Class D notes is primarily a result of a
shorter weighted average life of the portfolio which reduces the
time the rated notes are exposed to the credit risk of the
underlying portfolio.

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

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

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

Performing par and principal proceeds balance: EUR379.58m

Defaulted Securities: EUR21.52m

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2762

Weighted Average Life (WAL): 3.62 years

Weighted Average Spread (WAS): 3.82%

Weighted Average Coupon (WAC): 4.43%

Weighted Average Recovery Rate (WARR): 43.27%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

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


PALMER SQUARE 2025-2: Moody's Gives Ba3 Rating to EUR18.2MM E Notes
-------------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to notes issued by Palmer Square European Loan
Funding 2025-2 Designated Activity Company (the "Issuer"):

EUR272,000,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR38,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aa1 (sf)

EUR20,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR20,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR18,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodologies.

The Issuer is a static cash flow CLO. The issued notes are
collateralized primarily by broadly syndicated senior secured
corporate loans. The portfolio is fully ramped up as of the closing
date and comprises of predominantly corporate loans to obligors
domiciled in Western Europe.

Palmer Square Europe Capital Management LLC ("Palmer Square") may
sell assets on behalf of the Issuer during the life of the
transaction. Reinvestment is not permitted and all sales and
principal proceeds received will be used to amortize the notes in
sequential order.

In addition to the five classes of notes rated by us, the Issuer
has issued EUR32.4m of Subordinated Notes which are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Moody's
methodologies.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,037,177

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2684

Weighted Average Spread (WAS): 3.61%

Weighted Average Coupon (WAC): 2.45%

Weighted Average Recovery Rate (WARR): 43.89%

Weighted Average Life (WAL): 4.63 years




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

DOLCETTO HOLDCO: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Dolcetto Holdco SpA and its 'B' issue rating to its proposed senior
secured bond. The recovery rating is '3' (recovery range: 50%-70%;
rounded estimate: 50%).

The stable outlook indicates that S&P expects group EBITDA to
continue to grow, supported by the ramp-up of new products,
expansion in over-the-counter (OTC) products, the launch of its
ophthalmology and cardiovascular ventures, and increasing use of
generic drugs in Italy. At the same time, S&P expects Dolcetto
Holdco to keep a tight grip on expenditure.

The rating reflects the relatively modest scale of the Doc Pharma
group's operations, its geographic concentration in Italy, and
potential future regulatory framework risk, offset by solid
profitability. The group has a stable market share in the
oligopolistic Italian generics market, and benefits from a
favorable regulatory framework that creates effective barriers to
entry and limits price competition. In addition, generic drugs
account for a rising share of the Italian market, the group has a
track record of rapid product launches, and its time to market is
typically short. That said, all of Doc Pharma's commercialization
and distribution efforts take place in Italy, where it is based,
which significantly increases the group's exposure to changes
affecting the Italian regulatory framework.

In S&P's view, the group's regulatory framework risk is limited, at
this stage. In Italy, the health care regulator AIFA sets the
reference prices on which the Italian generics market is based.
Reference prices for generics are updated monthly and represent a
discount of 45%-75% against the cost of reimbursable branded
products (the originator price). The national health service will
only pay a reimbursement amount equal to the cost of the
lowest-priced generic in the reference price list. Customers pay
the additional cost if they wish to use a more expensive generic
product.

However, if the originator price and the reference price are the
same, customers are fully reimbursed. Because the Italian generics
market is based on the price difference between the reference and
the originator price, there is therefore no incentive for generic
players to engage in price competition. Furthermore, AIFA has
banned generics players from offering pharmacies and wholesale
providers commercial discounts any larger than 8%. This limit on
the margin available to point-of-sale providers effectively
eliminates price competition between pharmaceutical companies at
the point of sale.

This system reinforces players' market positions and, in effect,
helps to maintain the existing five-company oligopoly. Within this
group, Doc Pharma has been able to increase its market share to
18.8% as of December 2024, from 16.2% in December 2017. S&P said,
"In addition, the current legislation supports Italy's budget by
ensuring that the Italian government automatically gains a saving
of 45%-75% on health care products when their patents expire.
Reference prices are already very low, and we do not expect the
government to lower them further. Doing so would create a strain
that could cause generic companies to exit the Italian market,
leading to product shortages. That said, we do not rule out future
regulatory changes. Any negative change to the regulatory
environment would have a material impact on Doc Pharma and this
constrains our assessment of its business risk."

Doc Pharma continues to roll out new products thanks to a strong
patent cliff pipeline, the ramp up of its ophthalmology business,
and the expansion of its OTC product line. S&P said, "Therefore, we
forecast that sales will grow by about 17% in 2025 and 8% in 2026.
The group has already secured EUR238 million in additional
unitranche debt in 2025, including drawings under its capital
expenditure (capex) facility. It used the proceeds to partially
finance the acquisitions of Muscoril (a well-known muscle relaxant
brand) and Geopharma (which has a portfolio of osteoarticular
nutraceutical treatments). Therefore, we anticipate that the full
impact of these acquisitions will be reflected in the 2025 sales
figures. The recent acquisitions should enable the group to expand
its OTC platform further. We consider the acquisition of Muscoril
to be a significant evolution because it means diversification
intro branded versus generics. Generics currently comprise 30% of
the Italian pharmaceutical market and this percentage is
increasing, which should also support the group's growth.
Nevertheless, we consider the group to be reliant on favorable
patent cliff dynamics for organic growth because its conservative
business strategy suggests that it is unlikely to engage in
cross-border activities or enter the difficult biosimilar market."

S&P said, "We consider Doc Pharma's profitability to be above
average and forecast that its S&P Global Ratings-adjusted EBITDA
margin will be stable at 41%-42%. The group focuses on the
marketing and selling of its drugs and outsources its manufacturing
to external contract development and manufacturing organizations
(CDMOs), on which is reliant. This enables it to benefit from an
asset-light business model, limited working capital and capex
needs, and quick time-to-market product launches. This is important
for companies operating in the Italian generic industry because
pharmacies tend to shortlist only three-to-four major generics
brands. First movers therefore benefit from a higher market share
for new generic products; we consider this advantage difficult for
competitors to contest at a later stage. A failure to maintain
timely new launches would depress Doc Pharma's market share and
weigh on the rating. Doc Pharma has long-standing relationships
with its suppliers and we consider its procurement processes to be
well managed. Its licensing contracts with developers typically
last five years and most include a pass-through mechanism, with a
floor price, and no minimum set volumes. That said, suppliers are
concentrated in Italy, which we view as further evidence of its
exposure to concentration risk in Italy.

"TPG acquired Doc Pharma from ICG in 2022 and we consider its
capital structure to be highly leveraged. The transaction was
funded via cash equity of over EUR800 million, combined with a
EUR735 million unitranche, a EUR75 million capex facility, and a
EUR70 million super senior RCF. In 2025, the group then secured
EUR238 million in additional unitranche debt, including drawings
under its capex facility. This was used to partially finance the
acquisitions of Muscoril and Geopharma. Doc Pharma is now planning
to refinance both the 2022 and the 2025 unitranche debt by issuing
a new EUR990 million senior secured high-yield bond, maturing in
2032. We forecast that, after the transaction completes, adjusted
debt to EBITDA will be about 7.0x, and that it will decrease to
close to 6.4x in 2026 as the company's EBITDA expands. Over
2025-2026, FOCF is forecast to be EUR61 million a year, supported
by low capex and low working capital requirements. Due to the
group's asset-light nature, capex represents only about 2% of
sales. It is mainly used to acquire dossiers of molecules, to be
launched after patent expiration; and to support the launch of the
new ophthalmology and cardiovascular ventures. We do not expect any
major debt-financed acquisitions or dividend recapitalizations over
the next 12-18 months.

"The stable outlook indicates that we expect Doc Pharma's EBITDA to
continue to grow, supported by the stability of the Italian
regulatory environment, the ramp-up of recently introduced
products, the launch of its ophthalmology and cardiovascular
ventures, and increasing generics penetration in Italy. This should
enable the group to sustain adjusted debt to EBITDA of about 7.0x
in 2025 and about 6.5x in 2026, while generating positive FOCF.

"We could lower the rating if Doc Pharma's performance deviates
materially from our base case, so that adjusted debt to EBITDA is
significantly above 7x or EBITDA interest coverage is below 3x for
a protracted period. We could also lower the rating if FOCF turned
negative because capex or working capital outflows are higher than
expected, or if the financial sponsors engaged in aggressive
dividend recapitalizations.

"We could raise the rating if the financial sponsors committed to
consistently supporting a reduction in leverage, such that the
group could comfortably sustain adjusted debt to EBITDA of 4x-5x,
bolstered by continued FOCF generation. We could also consider an
upgrade if the company markedly increased the scale and diversity
of its product offerings, but we do not expect this to occur in the
near term."


KEPLER SPA: S&P Rates Proposed EUR500MM Senior Secured Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating and '3' recovery
rating to the proposed EUR500 million senior secured notes due in
December 2029 to be issued by Kepler SpA, Italy-based contract
development and manufacturing organization (CDMO) specialized in
the development and production of nutraceuticals, medical devices
(as per the company's definition), and cosmetic products for
pharmaceutical and consumer health companies. Kepler's operating
company is Biofarma. It will use the proceeds of the issuance to
refinance existing debt facilities, including the full redemption
of EUR345 million floating rate notes, EUR101 million of other
senior secured debt and EUR40 million drawings under the existing
EUR104 million revolving credit facility (RCF). Biofarma will also
use the proceeds to cover for estimated transaction costs and place
additional cash funds on balance sheet. At the same time, Biofarma
is raising a new EUR135 million RCF with maturity in September 2029
and a EUR200 million equivalent capital spending (capex) facility
maturing in December 2029.

S&P's 'B-' rating and stable outlook on Biofarma are unaffected by
this transaction.

Issue Ratings--Recovery Analysis

Key analytical factors

-- The EUR500 million senior secured floating-rate notes due 2029
are rated 'B-', in line with the issuer credit rating. The recovery
rating is '3', reflecting S&P's expectation of meaningful recovery
in the event of a default (50%-70%; rounded estimate: 50%).

-- S&P's simulated default scenario contemplates a default in
2027, attributable to cash flow declines due to the potential loss
of key customers or weaker-than-expected EBITDA growth over the
next several years due to a more competitive environment, supply
chain disruptions, or an increase in input costs.

-- S&P values Biofarma as a going concern, given the essential
nature of CDMOs, its diverse customer base, and the quality of its
assets in Italy.

Simulated default assumptions

-- Year of default: 2027
-- Jurisdiction: Italy

Simplified waterfall

-- Emergence EBITDA: about EUR90.6 million

-- Maintenance capex: 5.5% of revenue

-- No cyclicality adjustment (standard for the sector)

    --Operational adjustment: 10%

    --Multiple: 6.0x, in line with peers

-- Gross recovery value: about EUR543.4 million

-- Net recovery value for waterfall after admin expenses (5%):
about EUR516.2 million

-- Estimated priority claims: EUR119.1 million

-- Estimated first-lien debt claims: Approximately EUR785.9
million

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

    --Recovery rating: 3

*All debt amounts include six months' prepetition interest.

  Ratings list

  New Rating

  Kepler SpA

  Senior Secured

   EUR500 mil nts due 12/31/2029    B-

   Recovery Rating                  3(50%)


WEBUILD SPA: S&P Assigns 'BB' ICR on Proposed Unsecured Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating and '4' recovery
rating to the proposed senior unsecured notes of up to EUR600
million to be issued by Italian construction company Webuild SpA
(BB/Positive/--). The '4' recovery rating reflects the proposed
notes' unsecured and unguaranteed nature, as well as their
structural subordination to prior-ranking claims. S&P estimates
recovery prospects at 40%.

The proposed notes will have a maturity of up to seven years and
will rank at the same seniority as Webuild's existing unsecured
senior debt. Webuild intends to use the proceeds to partially
refinance existing debt and for general corporate purposes. The
issue-level and recovery ratings on the proposed notes are based on
preliminary information and subject to the notes' successful
issuance and our satisfactory review of the final documentation.

S&P said, "We expect the documentation for the proposed notes will
be broadly in line with that for the existing notes. We understand
the documentation includes one incurrence covenant stipulating a
minimum consolidated interest coverage ratio of 2.5x, which limits
the company's ability to incur additional debt. There is also a
restricted-payment covenant as well as a limitation on the sale of
certain assets and transactions with affiliates. Moreover, the
documentation includes a EUR50 million cross-default threshold
provision.

"In our hypothetical default scenario, we assume a prolonged
economic downturn that affects the construction sector. We also
consider a delay in collecting payments for projects that would
result in severe margin contraction and negative operating cash
flow. In our view, this would weaken Webuild's ability to meet its
debt obligations, triggering a payment default in 2030.

"We value Webuild as a going concern, based on its strong brand
value, market position, and global presence."

Simulated default assumptions

-- Year of default: 2030
-- Jurisdiction: Italy
-- Emergence EBITDA (after recovery adjustments): EUR450 million
-- Multiple: 5x, in line with the standard assumption for the
construction sector

Simplified waterfall

-- Gross recovery value: EUR2.25 billion

-- Net recovery value after administrative expenses (5%): EUR2.14
billion

-- Estimated priority claims: EUR120 million

-- Value available to first-lien claims: EUR2.01 billion

-- Estimated first-lien claims: EUR450 million

-- Value available to unsecured claims: EUR1.57 billion

-- Unsecured debt claims: EUR3.52 billion

    --Recovery range: 30%-50% (rounded recovery estimate of 40%)

    --Recovery rating: 4


X3G MERGECO: S&P Assigns 'B+' ICR Following Ion Platform Merger
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' rating to X3G MergeCo SpA
(Prelios) following Ion Platform's merger, which was executed in
line with our expectations. S&P considers that the overall Ion
group's creditworthiness will be closely aligned to that of Ion
Platform, given the latter's significant contribution to the Ion
group. S&P therefore revised upward its group credit profile
assessment to 'b+' from 'b'.

S&P's previous preliminary issuer credit rating on X3G MergeCo SpA
-- whose creditworthiness is linked to that of the group--was
dependent on the merger and the resulting improvement of the Ion
group's creditworthiness.

Financial data and intelligence software company ION Platform
Investment Group Ltd. (Ion Platform) has executed the merger of ION
Trading Technologies Ltd., ION Corporates Solutions Finance Ltd.,
and I-Logic Technologies Bidco Ltd.

In S&P's view, the consolidation has strengthened the overall
group's creditworthiness.




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

BCP V MODULAR: S&P Rates Proposed Incremental Term Loan B 'B'
-------------------------------------------------------------
S&P Global Ratings has assigned its 'B' issue ratings to the
proposed incremental term loan B to be issued by Modulaire Group
Holdings Ltd. and to the other senior secured debt to be issued by
BCP V Modular Services Finance II PLC, both financing subsidiaries
under BCP V Modular Services Holdings III Ltd. (Modulaire;
B/Negative/--).

The company will use the proceeds of both issuances to repay the
existing term loan B worth EUR1.8 billion and to repay drawings of
about EUR100 million under its EUR350 million revolving credit
facility (RCF). The maturity date of the term loan B is proposed to
be extended to 2031. The existing 'B' issue rating on the existing
EUR1.03 billion-equivalent senior secured notes, and the 'CCC+'
rating on the EUR435 million senior unsecured notes remain
unchanged.

S&P said, "We recently revised the outlook on our rating on
Modulaire to negative, which reflects the difficult operating
environment across key end markets that has persisted from 2024
into the first quarter of 2025, and the expectation that a
significant improvement in credit metrics is unlikely.

"We currently expect Modulaire to post top-line growth of about
2%-3% in 2025, with an S&P Global Ratings-adjusted EBITDA margin of
about 30.5%-31.0%. We expect adjusted debt to EBITDA will remain at
about 7.5x and funds from operations cash interest coverage will
improve to about 2.0x this year from 1.7x in 2024."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's issue ratings on the proposed term loan B and other
senior secured debt are 'B', with a recovery rating of '3' (rounded
estimate: 50%). The issue rating on the existing EUR1.03
billion-equivalent senior secured notes remains at 'B', with a
recovery rating of '3' reflecting its expectation of a meaningful
recovery (rounded estimate: 50%) in the event of a payment
default.

-- The recovery rating on the senior secured facilities is
supported by the company's strong asset base but constrained by the
large amount of senior secured debt.

-- S&P's issue rating on the EUR435 million senior unsecured notes
due 2029 remains at 'CCC+'. The recovery rating of '6' reflects its
expectations of negligible (0%-10%, rounded estimate: 0%) recovery
in the event of a payment default, given the subordinated ranking
of the debt.

-- S&P values the company using a discrete asset valuation method
because we believe its enterprise value would be closely correlated
with the value of its assets.

-- S&P continues to view Modulaire as a going concern due to its
entrenched relationships with customers through long-term
contracts, geographic diversity, and a flexible cost structure. It
considers that Modulaire would be reorganized, rather than
liquidated, in the event of default.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: Luxembourg

Simplified waterfall

-- Estimated gross enterprise value: EUR1.95 billion

-- Estimated net value available (after 5% administrative costs):
EUR1.85 billion

-- Priority claims: EUR100 million

-- Estimated first-lien debt: EUR3.33 billion

-- Senior secured debt, recovery rating: '3' (50%-70%, rounded
estimate: 50%)

-- Estimated senior unsecured debt claims: EUR449 million

-- Unsecured claims, recovery rating: '6' (0%-10%, rounded
estimate: 0%)

Note: All debt amounts include six months of prepetition interest
accrued and an assumed 85% draw on the RCF.


MAXAM PRILL: S&P Assigns Prelim. 'B+' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'B+' preliminary local and foreign
currency ratings on commercial explosives services provider Maxam
Prill S.a r.l. (Maxam) and its proposed notes.

The stable outlook on Maxam reflects S&P's expectation that the
company will maintain its solid market position, and diverse and
efficient operations which should allow it to maintain FFO to debt
of 10%-14% and 4.0x-4.5x net debt to EBITDA.

Maxam is a holding company for Spain-based Maxamcorp Holding S.L.,
one of the global leaders in commercial explosives with EUR224
million of S&P adjusted EBITDA (S&P includes some one-off cash
costs in EBITDA calculation) ended August 2024.

Financial sponsor, Rhone Capital (Rhone) owns Maxam, resulting in
high leverage with funds from operations (FFO) to debt of 14.3% in
2024, which we expect to decline toward 10%-14% in the next few
years.

S&P said, "Our rating on Maxam is constrained by its aggressive
financial policies driven by its ownership by a financial sponsor,
Rhone. Rhone first invested in Maxam in 2019 with a 45% stake, with
its stake later increasing to 73%. Maxam has made large
distributions to shareholders through dividends and buybacks over
the last few years and we expect leverage to remain high with net
debt to EBITDA of about 4.0x-4.5x, roughly corresponding to FFO to
debt of 10%-14%, and which we consider to be aggressive. Being a
financial sponsor, there is a possibility that Rhone will divest
from its stake at some point with a new shareholder coming in,
which would translate in even more aggressive financial setup. We
therefore cap our assessment of Maxam's financial risk at highly
leveraged to reflect the currently aggressive and highly uncertain
future financial policy.

"Despite strong performance of Maxam's business, its leverage will
remain high in the coming years with FFO to debt of 10%-14% after
2025 releveraging. We expect revenue growth of up to 15% in 2025
and 5% in 2026. This reflects new customers in the pipeline (mainly
in Latin America and Africa), bigger revenues from existing
clients, and the expansion of mining operations. In our base case,
we anticipate the company to be able to retain its strong margins
of 20%-25% thanks to cost control initiatives and the ability to
pass-through the volatility of raw materials' prices. We anticipate
S&P Global Ratings-adjusted EBITDA of about EUR300 million in 2025
increasing to about EUR320 million (which includes our adjustment
for dividends received from joint ventures of about EUR15
million-EUR30 million) in 2026 from EUR224 million in 2024 (this
number includes EUR41.5 million costs related to the cancellation
of the old management incentive plan and EUR7.3 million of
restructuring costs). Its adjusted debt will increase materially in
2025 as a result of up EUR750 million of dividends to be paid in
total this year. This means leverage will remain high with FFO to
debt of 10%-14% in the coming years. We expect that deleveraging
will be possible through gradual EBITDA growth, but we do not
expect the company to reduce its gross debt in the coming years."

Maxam's business risk is supported by its position as one of the
leading companies globally in the commercial explosives and
explosives-related services. The company operates in more than 40
countries and has the leading market positions in its domestic
European market. It is also one of the top three companies in the
sector in Latin America, Africa, and Central Asia. The sector is
highly regulated, and regulations have tightened over time,
creating high barriers to entry. Maxam also has certain
technological advantages with its know-how products such as
Rioflex, which is adaptable to client's needs and allows for
optimized rock fragmentation. Given the company's focus on
retaining its technological advantages through research and
development processes and offering tailored integrated solutions,
S&P thinks it is well positioned to keep its solid market position
globally. Due to the inherent features of the business, client
retention in the medium term is high, and the company has a very
high rate of contract renewals with existing customers. As mining
complexity is increasing across the globe, demand for Maxam's
services is likely to increase.

The company focuses on the gold and copper mining sectors, which
provide for its advantageous positioning compared with direct
peers. Unlike Orica Ltd. (BBB/Stable/A-2) and Dyno Nobel Ltd.
(BBB/Stable/--), which is the new name for Incitec Pivot Ltd.,
Maxam has limited exposure to the coal mining industry which is
subject to energy transition risks. About 60% of Maxam's fiscal
2024 revenues were from the services, and the gold and copper
mining sectors. S&P thinks that the rising needs of energy
transition will support the related mining operations. The company
is proficient in the underwater blasting, tunneling, and
excavations services in the infrastructure segment--as evidenced by
the completion of the Tuas container terminal in
Singapore--generating about 22% of the company's revenues.

Following the disposal of noncore assets in 2023 and strong cost
control initiatives, Maxam has achieved leading margins in the
sector. In fiscal 2024, the company's S&P Global Ratings-adjusted
EBITDA margins reached 22%, higher than the average margin level
demonstrated previously of about 12%-17%. Maxam's profitability is
also now considerably stronger than that of Orica, which had EBITDA
margins of 12%-14% in the last three years, while Dyno Nobel's were
about 13% in 2023-2024. S&P said, "We note Maxam has a limited
track record of posting strong profitability. Given the ability to
pass-through raw material costs to its customers (stipulated by the
contracts' terms) and thanks to the unique business model with
installation of small modular portable explosive plants on customer
sites (reducing transport expenses), we think that the company can
protect its margins in the next two to three years."

Maxam is smaller than its direct peers. In fiscal 2024, Maxam
generated revenues of EUR1 billion with S&P Global Ratings-adjusted
EBITDA of EUR224 million. Orica's EBITDA is about 3.3x larger and
Dyno Nobel's EBITDA is approximately 1.9x larger than Maxam's.
However, the difference in EBIT, which takes into account capital
intensity of the business, is lower, due to peers' exposure to the
fertilizer business. In fiscal 2024, Orica generated about 2.4x and
Dyno Nobel about 1.5x EBIT than Maxam's EUR200m. Both
Australia-based peers have a very strong presence on their domestic
market and in North America. When compared to a wider selection of
peers in the specialty chemicals industry, the companies within the
satisfactory category tend to have a larger scale than Maxam. The
company has a 2024-2027 business plan to increase organically and
reach EUR1.5 billion turnover thanks to the supportive demand
mainly in the mining sector in Africa and Latin America. Maxam has
a more asset-light model than its direct peers and has certain
advantages to underpin its strategy. However, S&P still expects
competition from other global players to be strong, and a track
record of this material organic growth is yet to be established.

S&P said, "The stable outlook on Maxam reflects our expectation
that the company will maintain its solid market position, diverse
and efficient operations, and stable profitability over the next
12-24 months, which will allow it to deliver stronger EBITDA in the
coming years.

"Stronger EBITDA should support gradual deleveraging toward
4.0x-4.5x, which we consider commensurate with the current rating.

"We could lower the ratings if Maxam's market position and
profitability weakens, leading to EBITDA pressures and consequent
leverage materially above 5.0x." Aggressive actions of the
financial sponsor preventing deleveraging or leading to a leverage
increase could also trigger a downgrade.

Additional rating pressure could also materialize because of
deteriorating liquidity, resulting from the inability to refinance
upcoming maturities, adverse material working capital swings, or
insufficient covenant headroom.

S&P said, "We consider an upgrade to be unlikely over the next 12
months as it is constrained by the limited visibility of future
ownership and financial policy. An upside for the rating might
appear if the company's financial policy turns more conservative
with leverage targets of close to 3.0x, while increasing the scale
of operations. This could also occur if we expect its financial
sponsors to reduce their collective common equity ownership stakes
to below 50% in the intermediate term."


PLT VII FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed PLT VII Finance S.a.r.l.'s (Bite or
the company) B2 long-term corporate family rating and B2-PD
probability of default rating. Concurrently, Moody's have affirmed
the B2 instrument ratings of the EUR920 million guaranteed senior
secured global notes due 2031 issued by PLT VII Finance S.a.r.l.
The outlook remains stable.

Proceeds from the proposed EUR200 million tap to the existing
guaranteed senior secured notes, together with EUR38 million of
cash on balance sheet, will be used to make a EUR235 million
distribution to shareholders. Any additional cash generated until
the end of June will also be distributed.

"The transaction is credit negative because it increases Bite's
gross leverage by an estimated 1x by the end of 2025 and is the
second debt-funded shareholder distribution in two years" says
Pilar Anduiza, Moody's Ratings lead analyst for Bite.

"However, the affirmation of the CFR reflects the company's track
record of de-leveraging and the expectation that its Moody's
adjusted leverage will reduce towards 5.0x over the 12-18 months",
adds Ms Anduiza.

RATINGS RATIONALE      

The ratings affirmation reflects Moody's expectations that the
company's Moody's adjusted debt/EBITDA will reduce to 5.3x by 2026.
However, Moody's note that the ratings will be initially weakly
positioned as the transaction will increase the company's leverage
by around 1x.

Moody's understands that Bite remains committed to its company
reported net leverage target below 5.0x (this is equivalent to
around 5.75x on a Moody's adjusted basis after adjusting for
capitalized content costs).

Despite a slightly softer revenue and EBITDA growth in Q1 2025
Moody's expects the company will continue to report organic revenue
and EBITDA growth in the low-to-mid single digits over the next
12-18 months.

Bite's B2 CFR continues to reflect its strong position in the
mobile and TV segments in the Baltic region; its high-quality
mobile network and leading free-to-air TV channels and content;
Moody's expectations of continued growth in revenue and EBITDA;
successful track record of price increases; and its positive free
cash flow (FCF) generation capacity before dividends.

The ratings are constrained by Bite's high Moody's-adjusted gross
leverage; relatively modest scale and scope of operations; its
geographical concentration in the Baltic region, mainly in
Lithuania (A2 stable) and Latvia (A3 stable); and its exposure to
cyclical and volatile advertising revenue.

ESG CONSIDERATIONS

Governance was one of the key drivers of the rating action in
accordance with Moody's ESG framework because Moody's views the
releveraging transaction as reflective of an aggressive financial
policy. However, Moody's assumes Bite will continue to operate the
business with a company adjusted net leverage of below 5.0x.

LIQUIDITY

Bite's liquidity is good. Liquidity will deteriorate given the low
cash balance pro forma for the transaction, although it will be
supported by full availability under the EUR100 million committed
super senior revolving credit facility (SSRCF); and expected
positive FCF before dividends of around EUR35 million and EUR50
million in 2025 and 2026, respectively.

STRUCTURAL CONSIDERATIONS

Pro forma for the transaction Bite's capital structure will
comprise of EUR1,120 million guaranteed senior secured global notes
maturing in 2031 and a EUR100 million SSRCF maturing in 2030.

The B2-rated bonds and the unrated SSRCF benefit from the same
security and guarantee structure. Bite's bonds are secured against
share pledges, bank accounts and intercompany receivables of key
operating subsidiaries, and benefit from guarantees from operating
entities accounting for around 98% of group EBITDA (excluding
guarantors and non-guarantors with negative EBITDA) and over 85% of
group assets. The unrated SSRCF ranks ahead of the notes in an
enforcement scenario. Because of the relatively small size of the
SSRCF, the notes are rated B2 which is at the same level as the
CFR.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that Bite
will continue to report solid operating performance, with moderate
revenue growth and some margin improvement; it will maintain gross
leverage, as measured by Moody's-adjusted gross debt to EBITDA,
below 5.5x. The outlook assumes that Bite will not embark on any
large debt-funded acquisitions or shareholder distributions and
that it will manage its liquidity in a prudent manner.

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

The rating could be upgraded if Bite delivers on its business plan,
such that its Moody's-adjusted debt/EBITDA declines below 4.5x on a
sustained basis; generates positive FCF (after dividends) on a
sustained basis; and maintains a track record of prudent liquidity
management.

The rating could be downgraded if Bite's operating performance
weakens, or deb-funded M&A or shareholder distribution increases
its Moody's-adjusted debt/EBITDA above 5.5x. The rating could also
be downgraded if FCF before dividends deteriorates, weakening the
company's liquidity.

PRINCIPAL METHODOLOGY

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

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

Bite is a leading converged mobile, fixed broadband, pay-TV and
media company in the Baltics, with unique media content and strong
free-TV market shares. Bite is mostly owned by Providence Equity
Partners. The company generated pro forma revenue of EUR583 million
and company-adjusted EBITDA of EUR245 million in 2024.




===========
N O R W A Y
===========

HAUGESUND SPAREBANK: NCR Affirms BB+ Tier 1 Instrument Rating
-------------------------------------------------------------
Nordic Credit Rating has affirmed its long-term issuer ratings,
short-term issuer ratings, senior unsecured issue ratings, Tier 2
instrument ratings, and Additional Tier 1 instrument ratings for
four Norwegian savings banks, in accordance with its revised
financial institutions rating methodology. The banks are Haugesund
Sparebank, Odal Sparebank, Skudenes & Aakra Sparebank, and Voss
Veksel- og Landmansbank. The ratings on these banks are no longer
under criteria review.

NCR has reviewed its ratings and outlooks on the ratings on these
four banks following the revision of its methodology for assigning
ratings to financial institution.

NCR says, "We consider that our amendments to the methodology have
not had a material impact on our view of the four banks'
creditworthiness, and that there have not been significant changes
in their overall risk profiles. Consequently, we have affirmed our
ratings and maintained the stable outlook on the ratings on all
four banks."

Haugesund Sparebank

Long-term issuer rating - BBB+
Short-term issuer rating - N2
Senior unsecured issue rating - BBB+
Tier 2 instrument rating - BBB
Additional Tier 1 instrument rating - BB+
Outlook - Stable

Odal Sparebank

Long-term issuer rating - BBB+
Short-term issuer rating - N2
Senior unsecured issue rating - BBB+
Tier 2 instrument rating - BBB
Additional Tier 1 instrument rating - BB+
Outlook - Stable

Skudenes & Aakra Sparebank

Long-term issuer rating - A-
Short-term issuer rating - N2
Senior unsecured issue rating - A-
Tier 2 instrument rating - BBB+
Additional Tier 1 instrument rating BBB-
Outlook - Stable

Voss Veksel- og Landmansbank

Long-term issuer rating - BBB+
Short-term issuer rating - N2
Senior unsecured issue rating - BBB+
Additional Tier 1 instrument rating - BB+
Outlook - Stable




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

NAVOIURANUIM: S&P Rates New Sr. Unsecured Notes Due 2030 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating on state-owned
enterprise "Navoiuranuim" (Navoiuranuim)'s proposed senior
unsecured notes due 2030. S&P understands that Navoiuranuim will
use the proceeds for general corporate purposes including the
company's capital expenditure program, repayment or prepayment of
existing debt (including the loan from the National Bank For
Foreign Economic Activity Of The Republic Of Uzbekistan JSC; NBU),
working capital, or other operating expenses.

The new instrument will be one of two in the capital structure and
the notes will rank junior to the JSC loan from the NBU (about $26
million is drawn out of $60 million). S&P said, "Aside from this,
there is no other substantial priority debt that, in our view,
would create subordination risk for the senior unsecured debt. We
think that the government may intervene in the event of a
bankruptcy process. This is because we assess Navoiuranuim as one
of the most important state-owned corporations in Uzbekistan and
closely affiliated with the government, reflecting its role as the
sole uranium exporter of the country, and the third highest
taxpayer."

The issuance does not affect Navoiuranuim's credit metrics because
it is neutral to S&P's view of the company's overall financial risk
as the company has little debt, while it improves the company's
funding diversification and access to credit markets.




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

OBRASCON HUARTE: Moody's Lowers CFR to Caa1, Outlook Stable
-----------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Obrascon Huarte Lain S.A. ("OHLA") to Caa1 from B3 and the
probability of default rating to Caa1-PD from B3-PD. Concurrently,
Moody's downgraded the instrument rating on the existing backed
senior secured notes, issued by subsidiary OHL Operaciones S.A.U.,
to Caa1 from B3. The outlook on both entities is stable.
Previously, the CFR, PDR, and backed senior secured notes ratings
were placed on review for downgrade. This rating action concludes
the review for downgrade initiated on April 4, 2025.

RATINGS RATIONALE

OHLA's primary rating constraint continues to be its weak liquidity
at holding level. Despite net proceeds from total EUR150 cash
equity injections as of February 2025, EUR107.8 million cash
collateral release, and EUR31.7 million net proceeds from the
disposal of its 25% stake in CHUM, proceeds of which were used for
partial bond and ICO loan repayment, the company proceeded to a
third capital increase at EUR50 million to offset EUR39.6 million
cash outflow due to the enforcement of the unfavorable ruling on
the Jamal Abul Nasser street road project in Kuwait at the end of
March 2025. Going forward, Moody's expects the company's liquidity
to remain weak and vulnerable to intra-year working capital
fluctuations, unexpected losses from unfavorable legal rulings, and
unexpected cost overruns in case of heightened macroeconomic
uncertainties. In addition, while OHLA does not face an imminent
refinancing risk before December 31, 2029, it still faces a 5.1%
fixed cash coupon charge and an uptick in PIK interest component to
6.15% after December 2026 and further to 8.95% after December 2027
from the current 4.65% level, which can potentially weaken Moody's
free cash flow generation in the long run.

Despite the ongoing cyclical downturn in the construction
activities and mounting macroeconomic uncertainties driven by
geopolitical conflicts and trade tariffs concerns over labor
resources, project delays and cancellations, and potential cost
overruns due to raw material prices' volatility, OHLA posted solid
operating results in both 2024 and Q1 2025. The company maintains a
robust order backlog of EUR8.3 billion (excluding the Services
division), providing high topline visibility as it represents 23.7
months of sales. While 86% of OHLA's backlog stems from the
resilient construction division, which is highly exposed to the US
market (representing 42.4% of the construction backlog), the
company managed to increase its reported EBITDA margin for the
construction division to 5.0% in the last twelve months to March
2025 from 4.7% in 2024. The total reported EBITDA margin slightly
increased to 4.1% in LTM March 2025 from 3.9% in 2024 and 4.0% in
2023. Moody's expects OHLA to maintain its solid operating
performance in the next 12-18 months, with a company's reported
EBITDA margin in the range of 4.1% - 4.7% (Moody's estimates,
excluding the Services division) supported by the company's new
strategic plan focusing on cost optimization and rationalization of
operating divisions. Following the gross debt reduction that came
with the recent recapitalisation, Moody's expects the company to
maintain strong leverage and interest coverage in the next 12-18
months, with Moody's-adjusted debt/EBITDA of 2.5x and
Moody's-adjusted EBITA/Interest in the range of 2.5x – 3.0x

OHLA benefits from evident shareholder support, as demonstrated by
the EUR128 million cash equity injections from the Amodio family
over the period of May 2020 – May 2025 (including share purchase
considerations). The company has garnered substantial investor
interest with significant oversubscription in the last two rounds
of rights issues in February and May 2025. In response to recent
allegations of conflicts of interest and deficiencies in internal
control systems, OHLA has promptly restructured its Board of
Directors, now comprising 5 independent members out of a total of
10.

RATIONALE OF THE OUTLOOK

The stable outlook reflects Moody's expectations that OHLA will
maintain solid operating metrics over the next 12-18 months. It
also reflects Moody's expectations that the company will continue
its efforts to enhance liquidity and optimize working capital
management ahead of the PIK interest increase and will meet the
financial conditions required by banks for the maintenance and
renewal of bonding lines, which are crucial for business
continuity.

A negative rating action could be precipitated if there is a
significant deterioration in credit metrics, an unresolved breach
of financial conditions associated with bonding lines, or further
liquidity deterioration.

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

The ratings could be upgraded if OHLA enhances its liquidity
through consistent positive free cash generation and maintains
disciplined financial policies. This includes timely addressing the
maturity of backed senior secured notes and ensuring continued
access to bonding lines essential for ongoing operations by
adhering to the required terms and conditions for their maintenance
and extension.

Conversely, the ratings could be downgraded if the liquidity
materially deteriorates due to consistent negative free cash flow
or substantial investments in concessions. Additional negative
rating pressure could arise from a weakening of operating
performance or a failure to secure an extension of bonding lines.

LIQUIDITY

OHLA maintains weak liquidity, with a substantial portion of its
cash reserves (EUR303 million as of March 31, 2025, representing
57% of the total cash balance) held at joint venture level, which
is not readily accessible to offset losses from adverse legal
judgments or intra-year working capital fluctuations. The company
cured a breach in the minimum centralized cash balance mandated by
banks as of March 31, 2025, due to the enforcement of the
unfavorable ruling on the Jamal Abul Nasser street road project in
Kuwait, with a third rights issue that generated gross proceeds of
EUR50 million in May 2025. While Moody's expects OHLA will comply
with the minimum cash requirement at the end of each quarter over
the next 12 months, any substantial working capital swings or cash
outflows related to ongoing legal disputes will necessitate
additional liquidity support through further shareholder
contributions, external financing, or asset disposals.

OHLA does not have access to a committed revolving credit facility,
but it is permitted to incur up to EUR50 million in additional
indebtedness through revolving credit facilities to manage working
capital fluctuations. OHLA faces no significant debt maturities
prior to December 2029, when OHL Operaciones S.A.U.'s backed senior
secured notes are due.

STRUCTURAL CONSIDERATIONS

OHLA's capital structure consists of EUR319 million outstanding
backed senior secured notes due in December 2029, issued by OHL
Operaciones S.A.U., an indirect wholly subsidiary of OHLA. The
backed senior secured notes are rated in line with the CFR. OHLA's
PDR of Caa1-PD remains in line with its CFR, reflecting Moody's
standard assumptions of 50% family recovery rate.

The backed senior secured notes are guaranteed by relevant
subsidiaries from different jurisdictions. The security package is
limited to customary pledge over shares in certain subsidiaries,
certain bank accounts, and intercompany receivables. Hence, in
Moody's Loss Given Default for Speculative-Grade Companies (LGD)
waterfall, they rank pari passu with unsecured trade payables,
short-term lease liabilities, and other bank debt at the level of
the operating entities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
published in April 2025.

OHLA's Caa1 rating is three notches below the scorecard-indicated
outcome of B1, reflecting liquidity constraints and potential event
risks from governance conflicts and unfavorable legal rulings.
These challenges are balanced by the company's solid operating
performance and ongoing efforts to enhance governance and
transparency measures.

CORPORATE PROFILE

Headquartered in Madrid, Obrascon Huarte Lain S.A. (OHLA) is one of
Spain's leading construction groups. The group's activities include
its core engineering and construction business (including the
industrial division); and the development of concessions in
identified core markets in Europe, North America and Latin America.
In the last twelve months ending on March 31, 2025, OHLA generated
around EUR3.6 billion in sales and EUR149 million in
company-reported EBITDA (both excluding the Services division).

As of May 2025, OHLA's principal shareholders are the Mexican
Amodio family (22% stake) along with José Elias Navarro (9% stake)
and Andrés Holzer (8% stake). The remaining shares are in free
float, traded on the Spanish Stock Exchanges.




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

ARQIVA BROADCAST: S&P Assigns Prelim. 'B+' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to Arqiva Broadcast Finance PLC and its preliminary
'B' issue rating to its' proposed GBP500 million junior debt
notes.

S&P said, "The stable outlook indicates that we expect Arqiva
Broadcast Finance's ring-fenced financing group to maintain
adequate headroom under its covenants to avoid a dividend lockup,
so that the company receives the forecast dividends. In addition,
we anticipate that the holdco group outside the ring-fenced
financing group will sustain leverage below 4.75x, measured as
available cash flow to debt."

Arqiva Broadcast Finance PLC, a finance company within the Arqiva
holding company (holdco) group, is proposing to issue GBP500
million in debt and use the proceeds to refinance existing debt
held at Arqiva Finance No 2 Ltd., pay related expenses, and for
general corporate purposes.

Because Arqiva Broadcast Finance's main source of income is the
ring-fenced financing group, if the subsidiaries that own and
operate the assets within these groups underperform there is a risk
that a dividend lock up could prevent the company from receiving
payments.

The preliminary rating on Arqiva Broadcast Finance is based on the
quality of the incoming cash flow from its guarantors: Arqiva
Financing No 2 Ltd., Arqiva Broadcast Parent Ltd., and Arqiva
Broadcast Intermediate Ltd. The Arqiva Group is the U.K.'s national
provider of television and radio broadcast infrastructure and
end-to-end connectivity solutions in the media and utility
industries.

S&P Global Ratings rates Arqiva Broadcast Finance using its
criteria for holding companies that own corporate securitizations
and structurally enhanced debt transactions because its income
depends on distributions from its parent companies. These, in turn,
depend on dividends from operating subsidiaries within the
ring-fenced financing group (referred to as the senior financing
group). Thus, Arqiva Group Parent Ltd. (AGPL), which makes the
largest contribution to Arqiva Broadcast Finance's cash flow, is
parent to a group of ring-fenced operating subsidiaries that are
themselves subject to corporate securitization.

S&P considers AGPL and its subsidiaries (that is, the senior
financing group) to be insulated from Arqiva Broadcast Finance
because:

-- The senior financing group has an independent board director;

-- There are no cross-default provisions affecting entities
outside the senior financing group;

-- The senior financing group is prohibited from merging,
reorganizing, or changing its organizational documents;

-- All transactions with entities outside the senior financing
group must be completed on an arm's-length basis; and

-- Its creditors hold a security interest in the senior financing
group's assets.

S&P assigned its preliminary 'bb+' stand-alone credit profile
(SACP) to AGPL.

This reflects the group's leading market position in the TV and
radio broadcasting market, the predictability of its revenue and
cash flow, and its moderate leverage. AGPL's business risk profile
is underpinned by its regulated position as both the sole U.K.
national provider of transmission services for digital terrestrial
television (DTT) broadcasting and the only U.K. national provider
of radio broadcast transmission services. In radio, it has a 100%
national market share and covers both analogue and digital
services, through digital audio broadcast (DAB).

A high proportion of AGPL's revenue is tied to long-term contracts,
some of which are linked to retail price inflation (RPI). This
strengthens the predictability of its revenue and cash flows. The
group's business risk position is further strengthened by its
strong position in the commercial multiplex market, where it
provides network access to the U.K.'s leading TV and radio
broadcasters; and its diversification into network connectivity in
the water and energy smart utilities market.

The group's business risk position is constrained by its limited
geographic diversification and technology change. It principally
operates within the U.K. market. In addition, the economic
viability of competing technologies, in particular IP broadband,
could improve over time. S&P said, "We see an increasing risk that
new technology may emerge that could erode the group's market
position and offset its strengths. A recent study by U.K. regulator
Ofcom examined the future of TV distribution and outlined the
change in audience viewing habits. Specifically, it highlighted
that audiences increasingly view TV online, due to an improving
broadband uptake rate. We consider this to be the principal risk to
Arqiva's business model, although we acknowledge that high-speed
fixed broadband uptake is not uniform across sociodemographic and
socioeconomic groups, or across locations."

S&P said, "We expect the senior financing group to focus on
reducing leverage by improving profitability and paying down debt.
For the fiscal year ending June 30, 2025, we estimate that S&P
Global Ratings-adjusted leverage rose to 3.8x from 3.6x in fiscal
2024, largely because of the spike in exceptional costs related to
replacement of the Bilsdale mast (a transmission station in North
Yorkshire that was damaged by fire in 2021). That said, we forecast
that adjusted leverage will fall to about 3.0x in fiscal 2026 and
below 3.0x in fiscal 2027.

"Mandatory amortization under several outstanding facilities at the
senior financing group, as well as free operating cash flow
generation, will also help the group reduce its debt burden over
this period. The company won contracts for water network metering
in fiscal 2025 and maintained its focus on costs, which will
support ongoing EBITDA growth and thus help to reduce leverage,
especially from fiscal 2026. Adjusted leverage at the senior
financing group level is calculated on a gross basis because we
assume its entire cash balance will be used to cover debt service
obligations at the holdco group's level."

S&P assigned its 'B+' preliminary issuer credit rating to Arqiva
Broadcast Finance.

S&P said, "This is three notches below our preliminary 'bb+' SACP
on AGPL. The notching differential is based on the risks to which
the corporate structure exposes the holdco group. For example,
structural enhancements designed to reduce the risk of nonpayment
of scheduled debt service payments at the senior financing group
increase the risk of default at the holdco group level. They enable
cash flow payments to the holdco group from the senior financing
group to be stopped earlier and more easily than in a more-standard
corporate group structure. In determining the notching, we assess
the holdco group's cash flow interruption risk, refinancing,
foreign exchange and interest rate risk, and liquidity risk, as
well as its stand-alone financial ratios.

"We regard cash flow interruption risk as neutral for the rating
because we expect the holdco group would be able to withstand a 20%
drop in EBITDA. We also estimate that headroom is comfortable, at
more than 30%, under the senior financing group's dividend lock up
financial covenants."

Refinancing, foreign exchange, and interest rate risk are assessed
as neutral. Refinancing risk is neutral because there is no
concentration of debt maturities in any two-year period. Foreign
exchange risk is neutral because the debt at the holding company is
expected to be issued in the local currency. Interest risk is
neutral because we expect the group's liquidity assessment to
remain adequate under an interest-rate shock (defined as either
25%, or a 2% increase in the base interest rate, whichever is
higher). That said, S&P estimates that an interest rate shock of
either 50% or a 3% increase, whichever is higher, would weaken our
liquidity assessment to below adequate.

S&P said, "We believe that the company has sufficient dedicated
facilities and funds to cover 12-18 months of its debt service
obligations. This supports our assessment that liquidity risk is
neutral. The group plans to issue a new junior liquidity facility
of about GBP45 million alongside the planned issuance of new junior
debt. In our view, this, combined with the estimated cash balance
from the senior financing group, will provide sufficient liquidity
at the holding company level over the next 12 months.

"At the holdco level, debt to available cash flow is estimated to
be above 4.0x on a weighted-average basis for the next three fiscal
years. This in conjunction with the ratio of available cash flow to
holding company interest that is estimated to reach about 3.0x over
the same period, we regard the stand-alone financial ratios as
negative. Fiscal 2025 is likely to see especially weak stand-alone
financial ratios--holdco group debt to available cash flow could
reach about 8.0x and available cash flow to interest charges could
be about 1.0x. That said, gradual improvements in cash flow
generation at the senior financing group level could lead to
healthier available cash at the holdco level over the next two
fiscal years. As a result, we forecast stronger stand-alone
financial ratios, so that holding company debt to available cash
flow falls below 4.0x and available cash flow to interest charges
rises above 3.0x in fiscal 2027.

"We treat the shareholder loans issued by Arqiva Financing No 3 PLC
as equity-like instruments. This is because we do not consider them
to be subject to any debt-like provisions. Therefore, they could
serve as a cushion to conserve cash and absorb any potential losses
ahead of the group's debt. We exclude the shareholder loan
instruments from our adjusted financial metrics.

"The stable outlook indicates that we expect Arqiva Broadcast
Finance's ring-fenced financing group to maintain adequate headroom
under its covenants to avoid a dividend lockup, so that the company
receives the forecast dividends. In addition, we anticipate that
the holdco group outside the RFFGs will sustain leverage below
4.75x, measured as available cash flow to debt."

S&P could lower the rating on Arqiva Broadcast Finance if:

-- The covenant headroom at the senior financing group level
narrowed, so that S&P no longer considered it adequate;

-- The likelihood of a dividend lockup at the senior financing
group increased, for example, because the operating subsidiaries
within the senior financing group encountered operating
difficulties; or

-- The liquidity headroom narrows.

S&P said, "In addition, we monitor the regulatory environment for
DTT and audience viewing habits, especially in the group that
currently relies heavily on DTT. A material shift away from DTT,
combined with increasing uptake of broadband, could signify a
change in the senior financing group's business risk profile,
causing us to revise the SACP on this group downward. This could
trigger a negative rating action on the holding company because it
indicates that a dividend lock up is more likely to occur.

"We view an upgrade as unlikely in the next 12 months because of
the senior financing group's business risk positioning and Arqiva
Broadcast Finance's elevated leverage, combined with the
potentially volatile nature of the dividend payments from the
senior financing group."


EXMOOR FUNDING 2025-1: S&P Assigns Prelim. 'CCC' Rating on X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Exmoor Funding 2025-1 PLC's class A and B-Dfrd to X-Dfrd notes. At
closing, Exmoor Funding 2025-1 will also issue unrated residual
certificates.

This is an RMBS transaction that securitizes a portfolio of
retirement interest-only (RIO), term interest-only (TIO), and
repayment owner-occupied mortgage loans secured on U.K. properties.
The completed mortgage portfolio is approximately GBP197.8 million
as of May 31, 2025. LiveMore Capital Ltd. originated the loans.

The issuer will use the issuance proceeds to purchase the full
beneficial interest in the mortgage loans from the seller at
closing. It will grant security over all its assets in the security
trustee's favor.

S&P considers the collateral to be prime, based on the originator's
conservative lending criteria and that very few of the loans are in
arrears or related to borrowers with adverse credit history.

Compared to the issuer's previous transaction, Exmoor Funding
2024-1 PLC, the proportion of RIO loans is lower (28.80% vs.
63.75%), while the share of TIO and capital and interest loans is
higher. TIO loans now represent the largest portion, at 56.41%.

Another notable difference is the presence of prefunding of loans
of up to 8% of the collateralized notes' balance, which will take
place up to Sept. 15, 2025. If these loans are not purchased, any
unused prefunding amount will pay down the collateralized notes pro
rata.

Credit enhancement for the rated notes will comprise subordination
and excess spread.

Counterparty, operational, or structured finance sovereign risks do
not constrain the ratings. S&P considers the issuer to be
bankruptcy remote.

  Preliminary ratings

  Class     Prelim. Rating    Class size (%)

  A         AAA (sf)           91.0
  B-Dfrd    AA (sf)             4.3
  C-Dfrd    A (sf)              2.4
  D-Dfrd BBB- (sf)           0.8
  E-Dfrd BB (sf)             0.9
  F-Dfrd CCC+ (sf)           0.6
  X-Dfrd CCC (sf)            3.0
  Residual certs  NR            N/A

  NR--Not rated.
  N/A--Not applicable.


HERBERT RETAIL: FRP Advisory Named as Administrators
----------------------------------------------------
Herbert Retail 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-2025-003936, and Rajnesh Mittal (IP No. 15674) and Arvindar Jit
Singh of FRP Advisory Trading Limited were appointed as
administrators on June 23, 2025.  

Herbert Retail engaged in technological support services business
specialising in the retail sector.

Its registered office is at 18 Rookwood Way, Haverhill, Suffolk CB9
8PD (to be changed to FRP Advisory Trading Limited, 2nd Floor, 120
Colmore Row, Birmingham, B3 3BD)

Its principal trading address is at 18 Rookwood Way, Haverhill,
Suffolk CB9 8PD

The joint administrators can be reached at:

                Rajnesh Mittal
                Benjamin Neil Jones
                FRP Advisory Trading Limited
                2nd Floor, 120 Colmore Row
                Birmingham, B3 3BD

Any person who requires further information may contact:

                The Joint Administrators
                Tel No: 0121 710 1680

Alternative contact:

                Karen Webb
                Email: cp.birmingham@frpadvisory.com


HOPS HILL NO. 5: S&P Assigns Prelim. B+ (sf) Rating on Cl. E Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Hops
Hill No. 5 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes.
At closing, the issuer will issue unrated J-VFN notes and residual
certificates.

This is an RMBS transaction that securitizes a portfolio of
buy-to-let mortgage loans secured on properties in the U.K. The
provisional mortgage portfolio is approximately GBP296 million as
of June 3, 2025, plus a prefunding amount.

The issuer will use the issuance proceeds to purchase the full
beneficial interest in the mortgage loans from the seller at
closing, plus some prefunded loans up to the first interest payment
date. The issuer will grant security over all of its assets in the
security trustee's favor.

S&P considers the originator's lending criteria to be conservative,
given that there is a low level of loans in arrears and none of the
borrowers are currently under a bankruptcy proceeding.

Credit enhancement for the rated notes will consist of
subordination and excess spread.

A liquidity reserve will provide liquidity support to cover senior
fees, swap payments, and cure interest shortfalls on the class A
and B-Dfrd notes. Principal can be used to pay interest on the
class A and B-Dfrd through D-Dfrd notes, provided that, in the case
of the class B-Dfrd to D-Dfrd notes, they are the most senior class
outstanding or the outstanding principal deficiency ledger is less
than 10%.

S&P said, "There are no rating constraints in the transaction under
our operational risk or structured finance sovereign risk
criteria.

"We have received legal opinions intended to confirm that the sale
of receivables would withstand the seller's insolvency, but have
not yet completed our review.

"We have also not completed our review for the swap counterparty
nor received documentation that is in line with the counterparty
criteria. For this analysis, we assume final swap documentation
will be consistent with our criteria.

"For the purpose of this analysis, we assume final transaction
legal and swap documents will be consistent with our criteria.
However, we may revise our ratings in the future should risks
emerge under any of these areas."

  Preliminary ratings

  Class    Prelim. rating*     Amount (%)

  A              AAA (sf)      84.34
  B-Dfrd         AA- (sf)       8.45
  C-Dfrd         A- (sf)        4.50
  D-Dfrd         BBB- (sf)      2.00
  E-Dfrd         B+ (sf)        1.78
  J-VFN          NR              N/A
  Residual Certs NR              N/A

*S&P said, "Our preliminary ratings address timely payment of
interest and ultimate repayment of principal on the class A notes,
and the ultimate payment of interest and principal on all the other
rated notes. Our ratings also address timely payment of interest on
the class B–Dfrd to E-Dfrd notes when they become the most senior
outstanding and full immediate repayment of all previously deferred
interest."
NR--Not rated.
N/A--Not applicable.


INEOS GROUP: S&P Lowers ICR to 'BB-' on Sustained High Leverage
---------------------------------------------------------------
S&P Global Ratings lowered to 'BB-' from 'BB' its long-term issuer
credit and issue ratings on three petrochemical companies owned by
Ineos Ltd. (the Ineos group), namely Ineos Group Holdings S.A.,
Ineos Quattro Holdings Ltd., and Ineos Enterprises Holdings Ltd.

The outlook is stable.

This rating action reflects S&P's expectation that the
petrochemical sector's stagnation will continue in 2025, driven by
a combination of factors including weak demand growth and sustained
overcapacity. The former is partly attributed to trade tensions and
the resulting market volatility, which has worsened the outlook for
the global economy. S&P Global Ratings has again lowered its global
GDP growth forecasts for 2025 and 2026 to 2.7% and 2.6%,
respectively, from 3.0% each year previously. Lower economic growth
will translate into slower chemical demand as consumption of
chemicals typically correlates with GDP growth.

Weak industry conditions will translate into high leverage for the
related entities in 2025-2026. At the same time, Ineos group's
investment cycle increased its debt levels, after ramping up in
2023, including EUR4.5 billion to develop a new ethane cracker in
Antwerp, Project One, and sizable acquisitions for Ineos Group
Holdings and Ineos Energy. Our stand-alone credit profiles (SACPs)
for Ineos Group Holdings and Ineos Quattro--the larger
petrochemical entities in the group, accounting for well over half
of EBITDA--are already at 'bb-'. Ineos Enterprises is positioned
better following the disposal of its Composites business to KPS
Capital Partners LP, for about EUR1.7 billion, which reduced
adjusted debt-to-EBITDA to 1.5x-2.0x. While Ineos group benefits
from its diversification into the Energy business, which has
expanded in recent years following acquisitions of onshore and
offshore oil and gas assets in the U.S., S&P believes that the
contribution of this business (that has comparatively low adjusted
debt) is not sufficient to offset the weakness in the
petrochemicals business.

S&P took the following rating actions:

-- Ineos Group Holdings S.A.—S&P said, "We lowered the long-term
issuer credit rating to 'BB-' from 'BB', The outlook is stable. The
SACP remains 'bb'-. We also lowered our issue ratings on the
group's instruments to 'BB-' from 'BB', with unchanged recovery
ratings. Our rounded recovery estimate now stands at 60% (from 65%
previously), due to a higher amount of debt in the capital
structure."

-- Ineos Quattro Holdings Ltd.-- S&P said, "We lowered the
long-term issuer credit rating to 'BB-' from 'BB'. The outlook is
stable. The SACP remains 'bb'-. We also lowered our issue ratings
on the group's instruments to 'BB-' from 'BB', with unchanged
recovery ratings."

-- Ineos Enterprises Holdings Ltd.-- S&P said, "We lowered the
long-term issuer credit rating to 'BB-' from 'BB'. The outlook is
stable. The SACP remains 'bb'. We also lowered our issue ratings on
the group's instruments to 'BB-' from 'BB', with unchanged recovery
ratings."

Ineos Group Holdings S.A. (IGH)

S&P said, "We forecast IGH's EBITDA will stay broadly flat at about
EUR2.0 billion in 2025, compared with our previous expectation of
growth to about EUR2.3 billion. This reflects our revised
expectations as we expect tariff-induced uncertainty to hurt demand
in nearly every key end-market, leading to a slowdown in olefins
and polymer demand. We also factor in unplanned outages during
first-quarter 2025 (notably at the Gemini facility and Lavera) and
the planned turnaround in its Lavera cracker in late 2025. We
expect gradual, modest recovery in Europe, where Ineos' ethane
cracker in Rafnes maintains its cost leadership, as more industry
capacity is permanently shut. The progress of capacity
rationalization could support a recovery in European ethylene
prices and margins in 2026. In the U.S., ongoing tariff uncertainty
is reducing demand and introduces a high level of unpredictability
around the timing and pace of recovery. On the other hand, ethane
crackers located on the U.S. Gulf Coast, including IGH's Chocolate
Bayou cracker in Texas, remain the world's lowest-cost producers,
trailing only Middle Eastern producers. Finally, Asia continues to
face oversupply conditions due to the massive structural overhang
of capacity additions against slower GDP growth exacerbated by
trade tensions. Considered together, we expect that these factors
will contribute to lower-than-previously-anticipated earnings for
IGH. We expect that the company will restore its adjusted debt to
EBITDA to below 4.5x in 2027, when its Project One ethane cracker
in Antwerp becomes operational.

"Our forecast for IGH reflects our view that the petrochemical
sector will remain in a prolonged cyclical trough in 2025. The
unprecedented length of this downturn, which started in the second
half of 2022, is driven by a slew of new facilities that have
ramped up over the past five years. S&P Commodity Insights
estimates that an additional 45 million tons of global ethylene
capacity has come online during that period, with an additional 30
million tons of new capacity scheduled to come online by 2028,
primarily in China as it strives to meet its self-sufficiency
goals. Against this backdrop, sluggish economic growth and subdued
performance in manufacturing end markets hamper demand growth
resulting in oversupply conditions. The petrochemicals industry
tends to follow global economic growth, with S&P Global Ratings'
forecast global economic expansion to slow to 2.7% in 2025, from
3.3% in 2024. Meanwhile, demand growth for petrochemicals was below
overall economic growth in 2023 and 2024 since the service sector,
rather than industry, has driven GDP growth. In 2025 we anticipate
weak conditions, exacerbated by trade tensions, persisting in key
end markets while slower growth in key demand regions like
China--the largest consumer of chemicals globally--will likely lead
to trough-like conditions continuing."

Outlook

The stable outlook indicates that credit metrics at the wider Ineos
group will remain at 5.0x-5.5x in 2025.

S&P said, "In our base case, we expect that the challenging
macroeconomic environment, exacerbated by trade tensions, will
continue to depress demand for cyclical commodity chemicals, and
that oversupply conditions will persist in the remainder of 2025
and into 2026, due to new industry capacity. Accordingly, we
forecast IGH's S&P Global Ratings-adjusted EBITDA will stay broadly
flat at about EUR2.0 billion in 2025, leading to adjusted leverage
of 6.5x-7.0x (including project financing for Project One)."

Downside scenario

S&P said, "We could lower our rating on IGH if the creditworthiness
of the wider Ineos group weakens further, so that adjusted debt to
EBITDA exceeds 6.0x. This could occur if we see material
debt-funded acquisitions or substantial dividends while market
conditions remain weak."

Upside scenario

S&P said, "We could upgrade IGH to 'BB' if our view of the credit
quality of the wider Ineos group improves. This would be the case
if we saw a recovery across the market segments of the wider Ineos
family and improving credit metrics across IGH, Ineos Quattro, and
Ineos Enterprises so that adjusted debt to EBITDA reduces below
4.5x.

"For IGH in particular, we are keeping a close eye on the pace and
timing of recovery in demand for olefins and polyolefins, since
this would allow the company to improve its operating rates and
margins and reduce its adjusted leverage toward 4.5x."

  Key metrics

  Ineos Group Holdings--Forecast summary

  Period ending    Dec-31-2023    2024     2025    2026    2027  

  (Mil. EUR)             2023a    2024a    2025e   2026f   2027f

  EBITDA                 1,692    2,056    2,018   2,190  
3,420   

  Less:
  Cash interest paid      (943)  (1,088)   (962)   (947)  
(932)   
  
  Less:
  Cash taxes paid         (226)     (74)   (230)    (99)  
(326)   

  Funds from
  operations (FFO)         523      894      827   1,144  
2,163   

  Interest expense         775      948      986     972    
956   

  Cash flow from
  operations (CFO)         815    1,190    1,008   1,300   2,063
   
  Capital
  expenditure (capex)    1,396    1,631    2,177      877     577
   
  Free operating
  cash flow (FOCF)        (651)    (565)  (1,292)     300   1,363
   
  Dividends                250        0       0       200     200
   
  Discretionary
  cash flow (DCF)         (901)    (565)  (1,292)     100   1,163
   
  Debt (reported)        9,990   12,821   14,264   14,494  13,558
   
  Plus:
  Lease liabilities debt 1,070    1,030    1,030    1,030   1,030
   
  Plus: Pension and other
  postretirement debt      587      708      708      708     708
   
  Less: Accessible cash
  and liquid Investments (1,414)  (2,141) (2,183)  (2,770) (3,270)
   
  Plus/(less): Other        599      624       0        0      
0   
  Debt                   10,831   13,042   13,819  13,462
12,026   
  Adjusted ratios        

  Debt/EBITDA (x)           6.4      6.3      6.8     6.1    
3.5   

  EBITDA
  interest coverage (x)     2.2      2.2      2.2     2.3     3.6
   
  FOCF/debt (%)            (6.0)    (4.3)    (9.4)    2.2   
11.3   

  EBITDA margin (%)        11.4     12.7     12.1    12.6   
15.5   

All figures are adjusted by S&P Global Ratings, unless stated as
reported.
a--Actual.
e--Estimate.
f--Forecast.
EUR--Euro.        
Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P lowered the ratings on Ineos Group Holdings' senior secured
notes and senior secured term loans to 'BB-' from 'BB' with a
recovery rating of '3' (recovery range: 50%-70%; rounded estimate:
60%).

-- The recovery rating reflects S&P's view of the company's
substantial asset base and its fairly comprehensive security and
guarantee package.

-- However, this is balanced by the absence of maintenance
financial covenants and a substantial proportion of the company's
working capital assets being pledged in favor of a receivables
securitization facility.

-- The security package for the senior secured facilities
comprises pledges over all assets, shares, and guarantors that
represent at least 85% of EBITDA and assets.

-- S&P values IGH as a going concern, given the company's solid
market position, large-scale integrated petrochemicals sites across
the U.S. and Europe, and diversified end markets.

-- S&P's recovery analysis excludes the value of the Rain
facility, which is an obligation of Ineos China Holdings Ltd. that
is designated as an unrestricted subsidiary under the company's
senior secured term loans and senior secured notes. Senior secured
lenders of IGH do not have a claim over this asset. It excludes the
EBITDA contribution from this entity for our recovery analysis
purposes.

-- S&P assumes that the financing of Project One will be
ring-fenced and will not have a claim on other assets of IGH, while
senior secured lenders of IGH will not have a claim over Project
One.

Simulated default assumptions

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

Simplified waterfall

-- Emergence EBITDA: EUR1.3 billion

-- Capital expenditure: 3% of three-year annual average sales
(2022-2024)

-- Cyclicality adjustment: 10%, in line with the specific industry
subsegment

-- Multiple: 5.5x

-- Operational adjustment: +5% to reflect the company's large
scale, integrated, and cost-competitive asset base and expanded
perimeter following recent acquisitions.

-- Gross recovery value: EUR7.4 billion

-- Net recovery value for waterfall after administrative expenses
(5%): EUR7.0 billion

-- Estimated priority claims (mainly securitization program
outstanding): EUR0.6 billion*

-- Remaining recovery value: EUR6.4 billion

-- Estimated first-lien debt claim: EUR10.1 billion*

    --Recovery range: 50%-70% (rounded estimate: 60%)

    --Recovery rating: 3

-- *All debt amounts include six months of prepetition interest.
Securitization facility assumed 100% drawn at default.

  Ratings Score Snapshot

  Ineos Group Holdings S.A.

  Issuer Credit Rating                BB-/Stable/--
  Business risk:                      Satisfactory
  Country risk                        Very Low
  Industry risk                       Moderately High
  Competitive position                Satisfactory
  Financial risk:                     Highly Leveraged
  Cash flow/leverage                  Highly Leveraged
  Anchor                              b+
  Modifiers:
  Diversification/Portfolio effect    Neutral (no impact)
  Capital structure                   Neutral (no impact)
  Financial policy                    Neutral (no impact)
  Liquidity Strong                   (+1 notch)
  Management and governance           Moderately Negative
                                     (no impact)
  Comparable rating analysis          Neutral (no impact)
  Stand-alone credit profile:         bb-
  Group credit profile                bb-
  Entity status within group          Core

Ineos Quattro Holdings Ltd. (Ineos Quattro)

S&P said, "We anticipate subdued conditions in Ineos Quattro's end
markets will continue in 2025, with only moderate recovery in 2026.
Ineos Quattro's recovery curve is likely to be flatter compared
with other businesses of the group, in our view. Quattro is
strongly exposed to cyclical end user markets--like automotive,
construction, packaging, and paints and coatings--where
manufacturing activity remains volatile and upside price potential
from improvement of business conditions is absorbed by the excess
supply compared with demand. We also factor in the residual risks
from the dynamic but stabilizing tariff situation. This is partly
balanced by the extensive geographic footprint of Ineos Quattro,
which operates 45 production sites in 18 countries in Europe (44%
of 2024 revenues), North America (22%), and Asia (34%). Our updated
base case for Ineos Quattro assumes that any noticeable recovery in
the market would be observed only toward 2027. We now forecast that
Ineos Quattro's EBITDA will only marginally increase from around
EUR0.8 billion (in our estimates) in 2024 to around EUR1.0 billion
in 2025 and around EUR1.1 billion-EUR1.3 billion in 2026. As a
result, we now estimate adjusted debt to EBITDA 6.0x-7.0x in 2025,
improving to 5x-6x in 2026.

"Ineos Quattro's healthy cash balance of about EUR1.8 billion at
the end of March 2025 will help it navigate the difficult
conditions we foresee in 2025 and 2026. Ineos Quattro has built a
strong cash balance through a number of cash preservation measures
including control over capital expenditure (capex) and curtailing
dividends. Management decided to reduce capex to a maintenance
level of about EUR300 million and cancel any expansionary projects.
This has partly offset the impact of lower EBITDA. We forecast that
the ratio of FOCF (operating cash flow after interest and capex,
but before shareholder distributions) to debt will be moderately
negative in 2025-2026 and this will absorb part of Quattro's cash.
At the same time, we believe that dividend payout is unlikely in
2025 and 2026, given the cash preservation measures. In addition,
following the early repayment of around EUR150 million of 2026
maturities in January 2025, Ineos Quattro's next maturities of
around EUR1 billion in total are now due in 2027. We anticipate
that Ineos Quattro will continue its track record of prudently
managing its maturities well ahead of time."

Outlook

The stable outlook indicates that credit metrics at the wider Ineos
group will remain at 5.0x-5.5x in 2025.

Downside scenario

S&P said, "We could lower our rating on Quattro if the
creditworthiness of the wider Ineos group weakens further, so that
adjusted debt to EBITDA exceeds 6.0x. This could occur if we see
material debt-funded acquisitions or substantial dividends while
market conditions remain weak."

Upside scenario

S&P said, "We could upgrade Quattro to 'BB' if our view of the
credit quality of the wider Ineos group improves. This would be the
case if we saw a recovery across the market segments of the wider
Ineos family and improving credit metrics across IGH, Ineos
Quattro, and Ineos Enterprises so that adjusted debt to EBITDA
reduces below 4.5x."

For Ineos Quattro, a higher rating also hinges on a recovery across
its market segments so that its adjusted debt to EBITDA reduces
below 4.5x, combined with FOCF to debt above 5%.

  Key metrics

  Ineos Quattro Holdings Ltd.--Forecast summary

  Period ending  Dec-31-2023     2024     2025     2026     2027

  (Mil. EUR)            2023a    2024a    2025e    2026f   
2027f   

  EBITDA                903      772      1007     1235     1398
   
  Less:
  Cash interest paid   (524)    (639)    (687)    (652)    (634)
   
  Less:
  Cash taxes paid      (114)    (79)     (120)    (120)    (120)
  
  Funds from
  operations (FFO)      264      54       200      463      644
  
  Interest expense      458      624      692      657      640
  
  Cash flow from
  operations (CFO)      647      277      120      380      559
  
  Capital expenditure   611      318      300      400      600   

  (capex)   

  Free operating
  cash flow (FOCF)      36      (41)     (180)    (20)     (41)
  
  Dividends             524       0       0        500      500
  
  Discretionary
  cash flow (DCF)      (488)    (41)     (180)    (520)    (541)
   
  Debt (reported)       7,327    7,683    7,657    8,002   8,625
   
  Plus:
  Lease liabilities debt  307    287      287      287      287
  
  Plus: Pension and other
  postretirement debt     167    109      109      109      109
  
  Less: Accessible cash
  and liquid Investments (1,927) (2,131) (1,750) (1,492)  (1,492)
   
  Plus/(less): Other      63      31      93      60       60
  
  Debt                    5,937   5,979   6,397   6,965    7,588
   
  Adjusted ratios        
  Debt/EBITDA (x)  6.6   7.7   6.4   5.6    5.4   

  EBITDA interest
  coverage (x)           2.0      1.2      1.5    1.9      2.2
  
  FOCF/debt (%)          0.6     (0.7)    (2.8)   (0.3)   (0.5)   

  EBITDA margin (%)      7.3      6.1    7.7     9.0     10.1   

All figures are adjusted by S&P Global Ratings, unless stated as
reported.
a--Actual.
e--Estimate.
f--Forecast.
EUR--Euro.
      
  Ratings Score Snapshot

  Ineos Quattro Holdings Ltd.

  Issuer Credit Rating              BB-/Stable/--
  Business risk:                    Satisfactory
  Country risk                      Intermediate Risk
  Industry risk                     Moderately High Risk
  Competitive position              Satisfactory
  Financial risk:                   Highly Leveraged
  Cash flow/leverage                Highly Leveraged
  Anchor                            b+
  Modifiers:
  Diversification/Portfolio effect  Neutral (no impact)
  Capital structure                 Neutral (no impact)
  Financial policy                  Neutral (no impact)
  Liquidity                         Adequate (no impact)
  Management and governance         Moderately Negative
                                   (no impact)
  Comparable rating analysis        Positive (+1 notch)
  Stand-alone credit profile:       bb-
  Group credit profile              bb-
  Entity status within group        Core

Ineos Enterprises Holdings Ltd. (Ineos Enterprises)

Ineos Enterprises' ample rating headroom is constrained by the high
leverage of the parent. S&P said, "We use our group rating
methodology to assess our ratings on Ineos Enterprises (and the
related Ineos entities). This means that our rating on Ineos
Enterprises continues to reflect the creditworthiness of the wider
Ineos family. We view Ineos Enterprises as a moderately strategic
subsidiary of the Ineos Ltd. parent group. Since we do not consider
Ineos Enterprises as an insulated group member, its issuer credit
rating is constrained by the creditworthiness of the parent." This
is because, in a credit-stress scenario, the parent could draw
resources from Ineos Enterprises (for example through shareholder
loan repayments, dividends, or recapitalizations), thereby
weakening its creditworthiness.

In March 2025, Ineos Enterprises completed the disposal of its
Composites to KPS Capital Partners LP, for EUR1.7 billion.
Following the disposal, Ineos Enterprises repaid the majority of
its debt. Although the debt repayment and subsequent refinancing
could support a higher rating, the SACP is constrained by the
company's financial policy, which tolerates higher leverage.

Outlook

The stable outlook indicates that credit metrics at the wider Ineos
group will remain above 4.5x in 2025.

S&P said, "In our base-case scenario for Ineos Enterprises, we
anticipate S&P Global Ratings-adjusted debt to EBITDA will improve
to 1.5x-2.0x in 2025 as the company used the roughly EUR1.7 billion
proceeds from the sale of its composites business to repay the
majority of its debt."

Downside scenario

S&P said, "We could lower our rating on Ineos Enterprises if the
creditworthiness of the wider Ineos group weakens further, so that
adjusted debt to EBITDA exceeds 6.0x. This could occur if we see
material debt-funded acquisitions or substantial dividends while
market conditions remain weak."

Upside scenario

S&P said, "We could upgrade Ineos Enterprises to 'BB' if our view
of the credit quality of the wider Ineos group improves. This would
be the case if we saw a recovery across the market segments of the
wider Ineos family and improving credit metrics across IGH and
Ineos Quattro so that adjusted debt to EBITDA reduces to below
4.5x."

Key metrics

-- Adjusted EBITDA of EUR150 million-EUR170 million in 2025 and
about EUR180 million in 2026.

-- FOCF of EUR40 million-EUR50 million in 2025 and about EUR80
million in 2026.

-- Adjusted debt to EBITDA of 1.5x-2.0x in 2025 and 2026.

  Ratings Score Snapshot

  Ineos Enterprises Holdings Ltd.

  Issuer Credit Rating              BB-/Stable/--
  Business risk:                    Fair
  Country risk                      Low
  Industry risk                     Moderately High
  Competitive position              Fair
  Financial risk:                   Minimal
  Cash flow/leverage                Minimal
  Anchor                            bbb-
  Modifiers:
  Diversification/Portfolio effect  Neutral (no impact)
  Capital structure                 Neutral (no impact)
  Financial policy                  Negative (-2 notches)
  Liquidity                         Adequate (no impact)
  Management and governance         Moderately Negative
                                   (no impact)
  Comparable rating analysis        Neutral (no impact)
  Stand-alone credit profile:       bb
  Group credit profile              bb-
  Entity status within group        Moderately Strategic
  Entity status within group        Moderately Strategic

  Ratings list

  Downgraded; Outlook Action  
                                       To          From
  INEOS Enterprises Holdings Ltd.  

  Ineos Group Holdings S.A.  

  Ineos Holdings Ltd.  

  INEOS Quattro Holdings Ltd.  

  Issuer Credit Rating           BB-/Stable/--   BB/Negative/--

  Downgraded; Recovery Expectations Revised  
                                       To          From

  INEOS Finance PLC  

  INEOS US Finance LLC  

  Senior Secured                       BB-         BB
  Recovery Rating                     3(60%)     3(65%)
  
  Downgraded; Recovery Ratings Unchanged  
                                       To          From
  INEOS Quattro Holdings UK Ltd.  
  INEOS Enterprises Holdings II Ltd.  
  Ineos Enterprises Holdings Us Finco LLC  
  INEOS US Petrochem LLC  
  INEOS Styrolution Group GmbH  
  INEOS Quattro Finance 2 Plc

  Senior Secured                       BB-         BB
  Recovery Rating                    3(65%)      3(65%)

  Ratings Affirmed  

  INEOS Enterprises Holdings II Ltd.  
  INEOS Finance PLC  
  INEOS Quattro Holdings UK Ltd.  
  INEOS US Petrochem LLC  

  Senior Secured                        BB-


PB EDITIONS: WSM Marks Named as Administrators
----------------------------------------------
PB Editions Limited was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2025-004252, and Andrew
John Whelan of WSM Marks Bloom LLP were appointed as administrators
on June 18, 2025.  

PB Editions fka MN351 Limited is a manufacture of other parts and
accessories for motor vehicles.

Its registered office is at Unit 2 Spinnaker Court, 1C Becketts
Place, Hampton Wick, Kingston upon Thames, KT1 4EQ previously The
Vineyards Industrial Estate, Gloucester Road, Cheltenham,
Gloucestershire, GL51 8NH

Its principal trading address is at Unit 4 Middleton Close,
Banbury, Oxfordshire, OX16 4RS

The joint administrators can be reached at:

         Adam Solomon Nakar
         WSM Marks Bloom LLP
         Unit 2 Spinnaker Court
         1C Becketts Place, Hampton Wick
         Kingston upon Thames, KT1 4EQ

Further details contact: 020 8939 8240


PLM GLOBAL: RSM UK Named as Administrators
------------------------------------------
PLM Global Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in Leeds,
Insolvency & Companies List (ChD), Court Number: CR-2025-000622,
and Gordon Thomson and Damian Webb of RSM UK Restructuring Advisory
LLP, were appointed as administrators on June 20, 2025.  

PLM Global is a provider of hardware solutions.

Its registered office is C/O Dains Accountants, Cubo Standard
Court, Park Row, NG1 6GN

Its principal trading address is at 8 Morris Court, Private Road No
3, Colwick Industrial Estate, Nottingham, NG4 2JN

The joint administrators can be reached at:

            David Shambrook
            Damian Webb
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street, London
            EC4A 4AB

Correspondence address & contact details of case manager:

            Samir Akram
            RSM UK Restructuring Advisory LLP
            25 Farringdon Street
            London EC4A 4AB
            Tel: 0203 201 8118


VITA BIDCO: S&P Affirms 'B+' LongTerm ICR on Debt-Funded Dividend
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Vita Bidco S.a.r.l. (previously TSM II Luxco 21 S.a.r.l.),
Hanab's holding company.

Our 'B+' issue rating on the EUR590 million TLB and EUR100 million
revolving credit facility (RCF) are unchanged. The '3' recovery
rating reflects our expectations of a meaningful recovery (50%-70%;
rounded estimate 60%) in the event of a default.

S&P said, "The stable outlook reflects our view that Hanab will
generate strong revenue growth in 2025 and 2026, while maintaining
adjusted EBITDA margins above 8.5%. This should result in adjusted
leverage staying below 5.0x and positive FOCF of more than EUR60
million.

"We expect Hanab's leverage to increase following the issuance of
the debt to fund a dividend as well as a reduced cash balance. We
forecast S&P Global Ratings-adjusted leverage to increase to 4.9x
as of year-end 2025, and 4.4x by year-end 2026, compared with our
previous assumptions of 4.4x and 3.7x, respectively. We expect FFO
to debt of about 13% in 2025 and approximately 14% in 2026, and
EBITDA interest coverage of about 4.0x in both years, however
credit metrics will remain consummate with a 'B+' rating.

"In our view, the dividend is within Triton Partner's financial
policy framework. We view this dividend payment as a one off, given
the company has had stronger cash flow generation than anticipated
year to date, predominately due to stronger operating performance
and favorable working capital dynamics in the energy division. In
the absence of large acquisition targets, the company is using the
additional cash balance to partially fund the dividend. We forecast
that the company will make several bolt-on acquisitions, however,
with over EUR45 million of cash on balance sheet after the close of
this transaction and fully undrawn EUR100 million RCF Hanab will
have sufficient resources to invest. Therefore, we expect the
company to maintain leverage below 5.0x on an S&P Global
Ratings-adjusted basis, a financial policy we understand is
supported by Triton Partners.

"We anticipate that Hanab's strong operating performance and cash
flow generation will continue. We forecast organic revenue growth
of 12% in 2025, followed by total revenue growth of 8% in
2026--including about 2% from bolt-on acquisitions. We think that
the energy and utility division will be the primary growth driver,
benefitting from infrastructure investments in the Netherlands as
the country transitions from fossil fuels to renewable energy and
expands electrification. We expect the installation services
division to increase due to increased volumes in an expanding
market, supported by energy efficiency investments in buildings and
price increases aligned with inflation. Conversely, we forecast a
decline in revenue for the telecom and connectivity business
cluster due to decreased demand in the Netherlands for fiber to the
"x" (FTTx) services, as the nationwide rollout nears completion.
However, we expect greater demand for FTTx services in Germany and
revenue growth for connectivity services in the Netherlands to
partially compensate for this decline.

"We expect the group's strong operating performance during fiscal
2024 (ended Dec. 31) to continue on the back of favorable industry
tailwinds.

"The stable outlook reflects our view that Hanab will generate
strong revenue growth in 2025 and 2026, while maintaining adjusted
EBITDA margins above 8.5%. This should result in adjusted leverage
staying below 5.0x and positive FOCF of more than EUR60 million."

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

-- A more aggressive financial policy involving further
debt-funded shareholder returns or acquisitions;

-- Weaker trading performance; or

-- Integration missteps or higher-than-expected operating costs on
a stand-alone basis.

Although unlikely in the near term, S&P could consider taking a
positive rating action if:

-- Financial-sponsor ownership reduces, and the group maintains a
less aggressive approach to debt, such that S&P does not anticipate
a significant leveraging event over 4.0x; or

-- The company enhances its scale and diversity while operating
performance and margins improve.




===============
X X X X X X X X
===============

[] BOOK REVIEW: Management Guide to Troubled Companies
------------------------------------------------------
Taking Charge: Management Guide to Troubled Companies and
Turnarounds

Author: John O. Whitney
Publisher: Beard Books
Softcover: 283 Pages
List Price: $34.95
Order a copy today at:
http://beardbooks.com/beardbooks/taking_charge.html   

Review by Susan Pannell

Remember when Lee Iacocca was practically a national hero? He won
celebrity status by taking charge at a company so universally known
as troubled that humor columnists joked their kids grew up thinking
the corporate name was "Ayling Chrysler." Whatever else Iacocca may
have been, he was a leader, and leadership is crucial to a
successful turnaround, maintains the author.

Mediagenic names merit only passing references in Whitney's book,
however. The author's own considerable experience as a turnaround
pro has given him more than sufficient perspective and acumen to
guide managers through successful turnarounds without resorting to
name-dropping. While Whitney states that he "share[s] no personal
war stories" in this book, it was, nonetheless, written from inside
the "shoes, skin, and skull of a turnaround leader." That sense of
immediacy, of urgency and intensity, makes Taking Charge compelling
reading even for the executive who feels he or she has already
mastered the literature of turnarounds.

Whitney divides the work into two parts. Part I is succinctly
entitled "Survival," and sets out the rules for taking charge
within the crucial first 120 days. "The leader rarely succeeds who
is not clearly in charge by the end of his fourth month," Whitney
notes. Cash budgeting, the mainstay of a successful turnaround, is
given attention in almost every chapter. Woe to the inexperienced
manager who views accounts receivable management as "an arcane
activity 'handled over in accounting.'" Whitney sets out 50
questions concerning AR that the leader must deal with -- not
academic exercises, but requirements for survival.

Other internal sources for cash, including judiciously managed
accounts payable and inventory, asset restructuring, and expense
cuts, are discussed. External sources of cash, among them banks,
asset lenders, and venture capital funds; factoring receivables;
and the use of trust receipts and field warehousing, are handled in
detail. Although cash, cash, and more cash is the drumbeat of Part
I, Whitney does not slight other subjects requiring attention. Two
chapters, for example, help the turnaround manager assess how the
company got into the mess in the first place, and develop
strategies for getting out of it.

The critical subject of cash continues to resonate throughout Part
II, "Profit and Growth," although here the turnaround leader
consolidates his gains and looks ahead as the turnaround matures.
New financial, new organizational, and new marketing arrangements
are laid out in detail. Whitney also provides a checklist for the
leader to use in brainstorming strategic options for the future.

Whitney's underlying theme -- that a successful business requires
personal leadership as well as bricks and mortar, money and
machinery -- is summed up in a concluding chapter that analyzes the
qualities that make a leader. His advice is as relevant in this
1999 reprint edition as it was in 1987 when first published.

John O. Whitney had a long and distinguished career in academia and
industry. He served as the Lead Director of Church and Dwight Co.,
Inc. and on the Advisory Board of Newsbank Corp. He was Professor
of Management and Executive Director of the Deming Center for
Quality Management at Columbia Business School, which he joined in
1986.  He died in 2013.



                           *********


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

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

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

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

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

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


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