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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

          Wednesday, July 2, 2025, Vol. 26, No. 131

                           Headlines



B E L G I U M

MANUCHAR GROUP: S&P Affirms 'B' ICR & Alters Outlook to Negative


F R A N C E

CMA CGM: S&P Rates New Unsecured Notes Due 2031 'BB+'
EUROPCAR MOBILITY:S&P Cuts ICR to 'B-' on Profitability Challenges
ILIAD HOLDING: S&P Affirms 'BB' ICR & Alters Outlook to Positive
KI KNIGHT: S&P Assigns Preliminary 'B' ICR, Outlook Stable


I R E L A N D

ADAGIO X EUR: S&P Assigns B-(sf) Rating on Class F-R-R Notes
AQUEDUCT EUROPEAN 11: S&P Assigns B-(sf) Rating on Class F Notes
DRYDEN 124 EURO 2024: S&P Assigns B-(sf) Rating on Class F Notes
MALLINCKRODT PLC: Scheme Sanction Hearing Scheduled for July 17
TULLY PARK: S&P Assigns B-(sf) Rating on Class F Notes



I T A L Y

EUROHOME (ITALY): S&P Raises Class A Notes Rating to 'BB+(sf)'
GENERALI: Egan-Jones Withdraws BB Senior Unsecured Ratings


K A Z A K H S T A N

FREEDOM GROUP: S&P Affirms 'B+/B' ICRs & Alters Outlook to Positive


S W I T Z E R L A N D

ROSEN INT'L: S&P Upgrades ICR to 'B+', Outlook Stable


U N I T E D   K I N G D O M

BRANDT DEVELOPMENTS: CG & Co Named as Administrators
CEASED TRADING: FRP Advisory Named as Administrators
ENERGEAN PLC: S&P Affirms 'B+' ICR & Alters Outlook to Negative
FOSSE WAY COURT: Begbies Traynor Named as Administrators
FOSSEWAY TRANSITION: Begbies Traynor Named as Administrators

FREEDA UK: Quantuma Advisory Named as Administrators
LORD ALPHA: Deadline to File Proof of Debt Set for July 28
NEWDAY FUNDING 2025-2: Fitch Assigns BB(EXP) Rating on Cl. E Notes
TUGDOCK LIMITED: BDO LLP Named as Administrators

                           - - - - -


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B E L G I U M
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MANUCHAR GROUP: S&P Affirms 'B' ICR & Alters Outlook to Negative
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S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Belgium-based chemical distributor Manuchar Group B.V.
(Manuchar) and assigned its 'B' issue rating on the proposed EUR415
million SSNs. S&P updated the recovery rating on Manuchar's 'B'
rated SSNs to '3' from '4', reflecting its revised expectation of
average recovery prospects of 50%-70% (rounded estimate: 50%).
The negative outlook reflects that S&P could lower the rating by
one notch within the next 12 months if Manuchar experiences EBITDA
margin pressure or adopts more aggressive financial policies
leading to EBITDA cash interest coverage remaining below 2.0x,
leverage approaching 6.5x, and continuously negative free operating
cash flow (FOCF).

Manuchar is looking to refinance its euro-denominated senior
secured notes (SSNs); maturing in June 2027. The new SSNs is
upsized to EUR415 million from EUR350 million, the proceeds will be
used to repay existing SSNs and repay existing debt. The existing
super senior revolving credit facility (RCF) will be extended and
reduced to $85 million.

S&P said, "We forecast S&P Global Ratings-adjusted EBITDA of about
$100 million-$110 million for 2025 and expect moderate growth in
2026 to about $110 million-$120 million, driven by high selling
prices and sustained volume. In our view, adjusted debt to EBITDA
peaked at 8.5x in 2024, and will improve to 6.2x-6.7x in 2025 and
5.5x-6.0x in 2026, while EBITDA interest coverage is forecast to
recover to 1.9x by 2027 from 1.1x in 2024.

"The negative outlook reflects the limited headroom in 2025 and
2026. Lower-than-expected profitability in 2024 resulted in
adjusted leverage reaching 8.5x as of end 2024. This is higher than
our previous expectation of leverage stabilizing between 5.0x-5.5x
as of end 2024. We expect revised EBITDA for 2025 of EUR100
million-EUR110 million, combined with elevated cash interest
expenses of EUR68 million-EUR70 million, which should lead to a
funds from operations (FFO) cash interest coverage ratio remaining
close to 1.3x in 2025. We also forecast that our adjusted S&P
Global Ratings' leverage will decrease to approximately 6.2x-6.7x
in 2025 and further to 5.5x-6.0x in 2026.

"Additionally, the negative outlook reflects that Manuchar
generated negative FOCF of about EUR72 million in 2024, which is
worse than our previous expectation of negative EUR20 million-EUR30
million, primarily due to higher-than-anticipated working capital
needs. We forecast that FOCF generation will remain limited in
2025, ranging from EUR25 million-EUR30 million, because of working
capital normalization and profitability enhances."

Manuchar's plan to issue EUR415 million in SSNs will enhance the
company's debt maturity and liquidity profile. The proceeds from
these notes will be used to redeem the existing EUR350 million
facilities, repay drawings on the super senior RCF, and cover
transaction fees and expenses. S&P said, "The upsize of EUR70
million of the proposed SSNs compared to the existing SSNs,
increases our adjusted debt and reduces the already limited rating
headroom. Following this transaction, the maturity of the new SSNs
will extend to 2032, compared to 2027 for the existing notes. The
super senior RCF will be reduced by $49 million, as it was drawn
down by $93 million in the first quarter of 2025 to finance the
acquisition of Proquiel Químicos. As part of this transaction,
Manuchar will also extend and reduce its existing super senior RCF
to $85 million. We assess the company's liquidity as adequate,
given the $48 million in cash on the balance sheet as of March 30,
2025, along with $41 million in available committed undrawn super
senior RCF."

S&P said, "We expect an increase in EBITDA in 2025, after a lower
than anticipated performance in 2024. Sales declined by 11.8% in
2024 compared to 2023, primarily due to a continuous decrease in
selling prices. However, in the first three months of 2025, sales
rebounded by 11.7% compared to year-end, driven by strong organic
volume growth of 19.0% and a positive contribution from the
acquisition of Proquiel. Volumes have consistently improved over
five quarters, with annual growth of 31%, while selling prices
recovered by 5% in the first quarter after a 19% decline in 2024.
The company-adjusted EBITDA for the first three months stands at
$30.2 million, reflecting a 27.1% increase compared to the previous
year. This early indication of recovery highlights Manuchar's
ability to convert volume growth into earnings as selling prices
stabilize. In January 2025, the company acquired Chile-based
distributor Proquiel. This bolt-on acquisition is expected to
enhance its leading chemical distribution platform.

"Overall, we forecast adjusted EBITDA of about EUR100
million-EUR110 million in 2025. Higher gross margins, as selling
prices have stabilized and customer destocking has come to an end
will drive this increase. Additionally, sales of higher-margin
products to lucrative industries--such as crop, human, and animal
nutrition--are gradually gaining momentum.

"The negative outlook reflects that we could lower the rating by
one notch within the next 12 months if Manuchar experiences EBITDA
margin pressure or adopts more aggressive financial policies
leading to EBITDA cash interest coverage remaining below 2.0x,
leverage approaching 6.5x, and continuously negative FOCF."

S&P could lower the rating on Manuchar if:

-- Leverage weakens and approaches adjusted debt to EBITDA of
6.5x, for example due to a weaker-than-anticipated operational
performance, major margin pressure amid increased competition, or
failure to capture growth from capital investments;

-- Negative FOCF leads to a deterioration in liquidity;

-- EBITDA cash coverage remains below 2.0x,

-- Manuchar and its sponsor follow a more aggressive financial
policy regarding capital expenditure (capex), acquisitions, or
shareholder returns; or

-- The shareholder upstreams cash from Manuchar to support the
Sourcing and Logistics Solutions business, leading to much weaker
credit metrics at Manuchar.

S&P could revise the outlook to stable, if it thought that
Manuchar' leverage would decline and be sustainably below 6.5x,
while the company generated positive FOCF.




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F R A N C E
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CMA CGM: S&P Rates New Unsecured Notes Due 2031 'BB+'
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S&P Global Ratings assigned its 'BB+' issue-level rating to CMA CGM
S.A.'s (BB+/Stable/B) proposed senior unsecured notes due in 2031.
The recovery rating is '3', indicating out expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of default.

CMA CGM, a global leading container shipping and logistics company,
plans to use proceeds notes for general corporate purposes,
including its capital expenditure (capex). The proposed notes will
rank at the same seniority as the current existing EUR600 million
senior unsecured notes due 2029.

S&P said, "CMA CGM is on track to exceed our previous EBITDA
forecast for this year, underpinned by solid first-quarter results.
CMA CGM's revenue was up 12% year on year and reported EBITDA for
the quarter increased by 29%, outperforming our expectations. We
forecast adjusted EBITDA of $10 billion-$11 billion in 2025,
compared with our previous base case of $8 billion-$9 billion. In
our current base case, we anticipate that a large-scale resumption
of Suez Canal passages is unlikely this year, given the
geopolitical tensions in the Middle East. We also expect that a
$2.4 billion-$2.6 billion contribution from the expanding and
typically less volatile logistics and infrastructure-like terminal
operations will support CMA CGM's EBITDA. According to our 2025
base case, the group's robust operating cash flow (after interest
paid on borrowing and leases, and including interest received) of
$8 billion-$9 billion will only partly cover large growth and
discretionary spending, including capex and payments for
acquisitions."

As a result, CMA CGM's financial leeway accumulated over 2021-2022
will further decline, with the group's S&P Global Ratings-adjusted
debt reaching a likely peak of $17.0 billion-$17.5 billion at
year-end 2025. Adjusted funds from operations to debt will weaken
to 45%-55% in 2025 and 40%-50% in 2026 (from 89% in 2024), which is
still well above S&P's 'BB+' rating guideline of at least 35%. That
said, financial headroom under the rating for unforeseen
operational setbacks or cash- or debt-funded acquisitions continues
to reduce.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's issue rating on CMA CGM's proposed senior unsecured notes
is 'BB+'. The '3' recovery rating indicates its expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of default. The recovery rating reflects the benefits from the
estimated residual, at-default value of the group's assets after
satisfying the prior-ranking and secured creditors ahead of the
unsecured claims.

-- S&P's '3' recovery rating is supported by a relatively large
pool of unencumbered assets in relation to the existing first-lien
debt. Due to the unsecured nature of the instrument debt, under our
criteria, we cap the recovery rating at '3', regardless of the
recovery percentage.

-- S&P said, "Our hypothetical default scenario envisions a
prolonged downturn in the container shipping industry amid weak
general economic conditions due to sustained lower demand from
exporting countries and falling utilization and freight rates. We
think this, combined with an oversupply situation and depressed
vessel values, would weaken CMA CGM's ability to downscale its
fleet to generate liquidity and trigger a payment default in
2030."

-- S&P said, "We value the company as a going concern, since we
consider that the business would retain more value as an operating
entity and would rather reorganize in a bankruptcy scenario. We
expect that the company would seek to reorganize, and we assume it
would emerge from bankruptcy as a going concern. This view is
underpinned by the group's scale and size, leading market
positions, and broad diversity. Individual ships, however, could be
readily sold to other operators to generate liquidity, so we use a
discrete asset valuation to evaluate the recovery prospects
associated with the underlying assets. We adjust those asset values
by applying a dilution rate to take into account the assumed loss
of value through additional depreciation in the period leading up
to the hypothetical default and an expected realization rate in
distressed circumstances."

Simulated default assumptions

-- Year of default: 2030
-- Jurisdiction: France

Simplified waterfall

-- Gross enterprise value at default: $19.8 billion
-- Administrative expenses: 10%
-- Net value available to creditors: $17.8 billion
-- Estimated priority claims and secured debt: $8.5 billion*
-- Estimated total unsecured claims: about $2 billion§
    --Recovery expectation: 50%-70% (rounded estimate: 65%).

*Priority claims and secured debt include our assumption of 85%
drawing under the existing revolving credit facilities in a
distressed scenario. All debt amounts include six months of
prepetition interest.
§Includes estimated lease-rejection-related claims.


EUROPCAR MOBILITY:S&P Cuts ICR to 'B-' on Profitability Challenges
------------------------------------------------------------------
S&P Global Ratings lowered its long-term ratings on France-based
car rental company Europcar Mobility Group and Europcar
International SASU to 'B-' from 'B', and our issue rating on the
EUR500 million fleet bond issued by EC Finance PLC to 'B' from
'B+'.

The stable outlook reflects S&P's expectations that Europcar's
liquidity will remain adequate over the next 12 months, assuming
its main shareholder VW AG, will provide financial support if
needed.

Europcar's weak 2024 operating performance reflects market-driven
headwinds as well as internal challenges. Although the company's
revenue increased by about 10% in 2024, its corporate EBITDA
(before IFRS16 adjustments) decreased to negative EUR35 million
from EUR244 million the previous year; corporate EBITDA corresponds
to operating income plus non-fleet depreciation, amortization, and
impairment, less net fleet financing expenses. This was due to a
combination of factors, including an oversupply of cars in the car
rental market after the shortage in 2022-2023 that led to fierce
price competition and a modest utilization rate of about 74%, as
well as high fleet costs, which averaged EUR394 per unit per month
(excluding interest expense for fleet financing) up by about 22%.
The increase in fleet costs was particularly fueled by the
combination of vehicles acquired at high prices during the industry
supply shortage and declining used-car prices over most of 2024. As
a result, Europcar's EBIT interest cover decreased to a weak 0.2x
in 2024 from 0.9x the previous year.

S&P said, "Europcar's turnaround plan will take time to translate
into lower costs and better asset yields, in our view. In April
2025, Europcar announced that it had launched a restructuring plan
to cut costs through workforce reduction and closure of business
locations. We understand the implementation of this project will be
supported by Green Mobility Holding, Europcar's parent company,
with external advisors involved. In addition, the company's board
has appointed Joachim Hinz, joining from SEAT S.A., in the role of
CFO in April 2025 and Sebastian Birkel, former CEO of SIXT's North
American business, in the role of CEO in May 2025. The renewed
management team will focus on improving performance, targeting
optimized utilization rates and pricing through tighter management
of the fleet, a new loyalty program, and investments in the
company's digital capabilities with respect to yield management and
customer experience. At the same time, Europcar is looking to
reduce costs related to the fleet and selling, general, and
administrative expenses, while also moving to a more asset-light
model by increasing the share of franchisees. We expect these
measures will not fully materialize in 2025 and forecast that
Europcar's EBIT interest cover will remain subdued in 2025 at
0.2x-0.4x. We note that the company's operating performance remains
highly dependent on the success of the summer season, for which
visibility is limited because consumers tend to book rentals at
short notice. Europcar is also dependent on developments in the
used-car market because about 50% of its fleet comprised vehicles
at risk of market value declines at the end of 2024. Beyond 2025,
the recovery in Europcar's credit metrics will depend on the
execution of the turnaround plan as well as management's ability to
leverage on joint projects with VW, such as fleet purchasing and
remarketing, and digitalization.

"We expect Europcar's main shareholder VW will provide support in
case of liquidity needs. Despite Europcar's weak operating
performance, we assess the company's liquidity position as adequate
for the next 12 months, indicating our expectation that Europcar
will be able to cover its operating needs and upcoming debt
maturities. We include in our assessment our assumption that VW,
the main shareholder of Green Mobility Holding, Europcar's parent
company, will provide extraordinary support, if necessary. We
continue to assess Europcar as a moderately strategic subsidiary of
VW. We think Europcar's fleet management capabilities and network
could play an important role for VW to develop an integrated
mobility platform covering consumers' key mobility needs, including
through subscription and car-sharing products. At the same time, VW
and Europcar operate largely independently, and we anticipate
Europcar's earnings and cash contribution to the VW group will
remain negligible in the next couple of years.

"The stable outlook reflects our expectations that Europcar's
liquidity will remain adequate over the next 12 months, assuming
that its main shareholder--VW--will provide extraordinary support
if needed. We also expect the company will continue to work on
improving its cost structure and market positioning, although more
unfavorable market conditions could delay Europcar's efforts to
restore stronger profitability."

S&P could lower its rating on Europcar if S&P saw a lower
likelihood of support from VW.

S&P said, "We could raise our rating on Europcar if the company's
initiatives to improve yield management and cost structure support
structurally higher profitability, and this is accompanied by
stable market shares and modest top-line growth in its key markets.
This would help to increase its S&P Global Ratings-adjusted EBIT
interest coverage ratio to close to 1x on a sustainable basis, in
addition to maintaining an adequate liquidity position.

"We could also raise the rating if VW were to substantially
increase its ownership stake in Europcar, provide additional
significant financing, and continue to further integrate the
company into its financial services division."

ILIAD HOLDING: S&P Affirms 'BB' ICR & Alters Outlook to Positive
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Iliad Holding SAS and its
subsidiary Iliad SA to positive from stable and affirmed its 'BB'
ratings on Iliad Holding, Iliad SA, and on the unsecured debt
issued by Iliad SA. S&P affirmed its 'B+' issue rating on the
senior secured debt issued by Iliad Holding.

The positive outlook indicates that S&P could raise the ratings if
Iliad's FOCF to debt exceeds 5%-6% and debt to EBITDA declines
below 4.5x, supported by further growth in revenue and EBITDA.

After years of fast organic growth, the recent acquisition of
Millicom has further widened Iliad's scale and geographic
diversification. S&P expects Iliad Holding (Iliad) to post revenue
of EUR13 billion in 2025 (on an S&P Global Ratings-adjusted basis,
excluding the deconsolidation of 61% of Millicom-generated revenue
to reflect our proportional consolidation of Iliad's 39% stake in
Millicom, given Atlas' 42%-stake in Millicom and Iliad's 93%-stake
in Atlas). This is one of the largest revenue bases of the European
telecom operators we rate, higher than nearly all other entities
with similar, or even stronger, business risk profile assessments.
The large scale reflects a long track record of growth in Iliad's
key markets (France, Poland, and Italy) with average organic
revenue growth of 7% between 2020 and 2024, supported by a gradual
and sustainable gain in market shares through competitive
offerings, and the addition of the Latin American operator Millicom
in October 2024.

Iliad is well diversified geographically, even more so after the
recent acquisition of Millicom giving it presence in nine Latin
American countries. Furthermore, Iliad holds minority stakes in
Irish operator Eir (31%) and Swedish operator Tele 2 (20%); these
investments do not contribute to Iliad's revenue, but S&P add cash
dividends paid to Iliad to its EBITDA, in line with its criteria.

Iliad has a solid market position in most markets, including France
(No. 3 mobile, No. 2 fixed), Poland (No. 1 mobile, No. 2 fixed). It
enjoys a No. 1 or No. 2 position in mobile and fixed in most Latin
American markets including key countries Guatemala, Panama,
Bolivia, and Paraguay. This is offset by fierce competition from
large established players in all markets, and moderate market share
especially in Italy, where Iliad started in 2018. It now ranks No.
4 in Italy in mobile, with a gradually expanding market share of
about 15% in 2024. In early 2022, Iliad launched its new
fiber-to-the-home (FTTH) service and has reached a market share of
about 6% in 2024 via wholesale agreements with Open Fiber,
FiberCop, and Fastweb. Despite being in a weaker position than
Italian competitors, Iliad reached positive EBITDA minus capital
expenditure (capex) in 2023, and S&P expects its cash flows in
Italy will expand as revenue continues to increase from further
market share gains.

S&P views Iliad's business model as unique due to its focus on
high-quality networks, innovation, and customer satisfaction, which
should support further revenue growth. The company's competitive
position benefits from well-invested mobile and fixed networks
(including high-quality fiber networks), which have contributed to
a gradually increasing subscriber base in all countries and
segments. Iliad is a converged player in all markets in France,
Poland, Italy, and Latin America. In recent years, the company has
been the leading operator in terms of net growth of subscribers in
all three European countries, both in fixed broadband and in mobile
services. It also has a leading FTTH position. As of the first
quarter of 2025, FTTH subscribers represented about 83% of Iliad's
fixed customer base in France, up from 27% in 2019.

In addition to new subscribers, Iliad has gradually increased its
average revenue per user by migrating customers to more advanced
subscriptions with higher tariffs. It also has a track record of
innovation across various fields, including product and service
offerings, distribution, and marketing. To further increase
revenue, Iliad is considering several initiatives, including data
center capacity and AI computing, and expansion toward the
business-to-business segment. Finally, S&P views Iliad's
customer-centric approach as a supporting differentiation factor
that results in high levels of customer satisfaction and improving
customer loyalty.

S&P expects Iliad's FOCF will expand in coming years, supported by
continued very high margins coupled with lower capex.

Iliad has an history of very high profitability (higher than most
European rated telecom operators) with an S&P Global
Ratings-adjusted EBITDA margin of about 47%-48%, thanks to its
continual focus on cost control and an innovative and dynamic
approach regarding assets ownership and in-house developments (for
instance the freebox and own TV platforms in France and Poland).
Scale benefits (especially in Italy), further cost control, and
increasing dividends from equity affiliates should spur EBITDA
growth in the next few years.

S&P said, "We also expect lower capex intensity than in previous
years. After a period of large investments to roll out mobile and
fixed networks--with capex to sales above 20% until 2023 (and even
above 30% in 2020 and 2021) when the subscriber base was
expanding--we expect Iliad will enter a less capital-intensive
phase (with less growth) with capex to sales declining toward 15%
in coming years. This will result in absolute S&P Global
Ratings-adjusted FOCF of more than EUR2 billion (compared with
negative adjusted FOCF until 2022) and FOCF conversion to revenue
of at least 15%.

"We adjust Iliad's audited figures to account for its complex legal
structure."

Iliad's investments include a mix of:

-- Operations that are fully consolidated by the company and S&P
Global Ratings: France, Poland, and Italy.

-- Some joint ventures (JVs) that are not-consolidated by Iliad
but that S&P proportionally consolidates because they are key
assets that are, or can be, controlled by Iliad: the 49%-owned
Investissements dans la Fibre des Territoires, from which Iliad
leases all its fiber infrastructure in sparsely populated areas in
France; and the 50%-owned fiber company Polski Swiatlowod Otwarty,
which includes network access to about 3.7 million former UPC
network connections in hybrid-fiber-coaxial and FTTH) technologies
in Poland. S&P said, "Our adjustments relating to these JVs impact
our calculation of Iliad's revenues, EBITDA, capex, and debt.
Operations that are fully consolidated by the company but not by
S&P Global Ratings: we deconsolidate 61% of Millicom (fully
consolidated by Iliad) to reflect Iliad's indirect 39%-stake.

Equity investments not consolidated by Iliad or S&P Global Ratings:
we add cash dividends received by Eir and Tele2 to our EBITDA
calculation for Iliad."

Despite potential acquisitions in the future, S&P expects Iliad's
financial policy and track record could support a higher rating.

S&P said, "S&P Global Ratings-adjusted debt to EBITDA is higher
than Iliad's reported leverage (we estimate by about 0.6x to 0.7x
in 2025). Reported leverage stood at 3.7x for Iliad on March 31,
2025, and we expect further decline by the end of 2025, compared
with our estimated adjusted leverage at 4.2x. Iliad has a stated
financial policy, which targets a leverage ratio below 4x for
Iliad. We think there is some risk of releveraging if Iliad pursues
debt-funded acquisitions. However, this is somewhat mitigated by
Iliad building headroom under its financial policy, a track record
of adding assets in cashless transactions (notably Atlas and
Millicom that were transferred from NJJ Holding, controlled by
Iliad's chairman and founder Xavier Niel), and a disciplined
approach toward acquisitions that we expect would, over time,
contribute meaningfully to EBITDA and FOCF. We therefore think
Iliad's S&P Global Ratings-adjusted leverage could be commensurate
with a 'BB+' rating, despite temporary spikes slightly above 4.5x
in case of debt-funded acquisitions.

"Our stand-alone credit profile (SACP) assessment for Iliad S.A.
remains 'bb+'.

"We view Iliad S.A.'s business risk profile as relatively similar
to that of Iliad Holding (although the former excludes Millicom and
half of Iliad Holding's stake in Tele2). However, we assess Iliad
SA's SACP at 'bb+' because of the company's lower leverage.
Reported leverage stood at 2.5x for Iliad SA on March 31, 2025, and
we expect further decline by the end of 2025, compared with our
estimate of S&P Global Ratings-adjusted leverage at 3.5x-3.6x.
Iliad has a stated financial policy, which targets a leverage ratio
below 3x for Iliad. We could revise upward Iliad SA's SACP to
'bbb-' if adjusted leverage declines below 3.5x, while FOCF
continues to improve. Nevertheless, since Iliad S.A. is a core
subsidiary of Iliad, we equalize our rating on Iliad S.A. with our
rating on Iliad.

"The positive outlook indicates that we could raise our ratings on
Iliad by one notch if FOCF continues to rise coupled with continued
deleveraging, supported by a continued solid operating
performance.

"We could revise the outlook to stable if Iliad's FOCF to debt
remains below 5% or if S&P Global ratings-adjusted debt to EBITDA
stays above 4.5x. This could stem from a more aggressive financial
policy, with an increased appetite for leverage or shareholder
returns, or unforeseen operational setbacks or competitive
pressures.

"We could revise downward our 'bb+' assessment of Iliad S.A.'s SACP
if its adjusted debt to EBITDA surpasses 4.5x for a prolonged
period or FOCF is close to breakeven.

"We could upgrade Iliad by one notch if its FOCF to debt exceeds
5%-6% and its S&P Global Ratings-adjusted debt to EBITDA reduces
sustainably below 4.5x. This could be achieved if the company
performs relatively in line with our base case, and assuming no
large debt-funded acquisitions.

"We could revise upward our assessment of Iliad S.A.'s SACP to
'bbb-' if its adjusted debt to EBITDA reduces sustainably below
3.5x and FOCF to debt exceeds 7%-8%."


KI KNIGHT: S&P Assigns Preliminary 'B' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term issuer
credit rating to French insurance broker KI Knight France Bidco and
its 'B' preliminary issue rating and '3' recovery rating to the
company's proposed term loan B (TLB).

The stable outlook reflects S&P's view that Kereis will continue to
increase its revenue and EBITDA, benefiting from the existing back
book of managed HCI contracts, expected favorable market tailwinds
driving insurance premium growth, and increased broker penetration
in other product lines, leading to sustained positive FOCF and FFO
cash interest of about 2.0x.

Private equity firm Advent is acquiring a majority stake in Kereis
via KI Knight France Bidco SAS, which intends to issue EUR1.30
billion of new credit facilities, including a EUR1.13 billion
senior secured term loan B (TLB) and a EUR175 million revolving
credit facility (RCF).

Kereis holds a leading position in the French insurance brokerage
market for housing credit insurance (HCI), its historical main line
of business, and has diversified and enlarged its product offering
in recent years.

Following the acquisition by Advent, S&P forecasts S&P Global
Ratings-adjusted debt to EBITDA of 7.8x for year-end 2025, falling
to 7.1x in 2026 on EBITDA growth, alongside solid free operating
cash flow (FOCF) of EUR45 million-EUR50 million per year.

Kereis is refinancing its capital structure upon its acquisition by
private-equity firm Advent. To finance the transaction, Kereis' new
intermediate holding company, KI Knight France Bidco SAS, plans to
issue a EUR1.13 billion, 7-year senior secured TLB maturing in 2032
and a EUR175 million, 6.5-year RCF. Advent and Kereis' top managers
will also contribute equity, part of it in the form of preferred
shares that S&P considers equity, because the instrument's terms
indicate it will act as a cushion to conserve cash and absorb any
losses ahead of the company's debt.

Kereis holds a leading position in the French insurance brokerage
market for HCI, its historical main line of business, and has
diversified its offering in other insurance products. It estimates
its market shares in individual HCI at 30%-35% in France. Over the
past few years, the group has enlarged its product offering and now
offers protection and health (P&H) insurance to individuals, small
and medium enterprises (SMEs) and self-employed workers, as well as
property and casualty (P&C) insurance, consumer credit insurance
(CCI), and wealth management services. These products benefit from
favorable growth prospects because they are either required in
practice by banks (e.g., HCI, with an attachment rate of about 95%)
or mandatory for employers to provide to their workers (H&P). This
increases the resiliency and visibility of revenue streams for
Kereis.

Kereis' historical housing credit insurance market has
significantly changed due to regulatory developments in France over
the past 15 years. Various laws have gradually enabled individuals
to change their credit protection insurance provider. Initially,
switching was allowed on the first anniversary of the contract
(Hamon Law, 2015), then on each annual anniversary (Bourquin law,
2020), and finally, at any time during the life of the contract
(Lemoine law, 2022.) These changes have allowed insurance brokers
to expand their activity in the housing credit insurance market,
while increasing competition in the sector. Kereis' legacy group
HCI business is gradually shrinking, but the group continues to
expand and maintains its leading position via individual HCI
contracts. However, in the past two years, the credit protection
segment was negatively affected by the fall in new mortgages due to
high interest rates. Nevertheless, the stock of outstanding
mortgages has been stable over this period. S&P foresees a gradual
recovery in mortgages in 2025 and 2026.

Kereis benefits from strong revenue visibility based on its back
book of managed insurance policies. About 80% of revenue is
recurring because it relies on the existing portfolio of insurance
contracts that the group manages, rather than on new insurance
underwriting. Insurance policies typically are for four-to-eight
years on average depending on the type of product, providing Kereis
with high visibility on revenue and cash flow, even in a
steady-state scenario.

The group has made significant investments in its integrated
front-to-back IT platform, supporting its competitive advantage.
Its integrated IT platform covers the whole value chain for
insurance activity, from design to distribution, contract and claim
management, to reporting. These digital tools tend to be embedded
in workflows for clients (such as banks and insurance carriers),
creating barriers to entry through high switching costs. This
translates into high customer retention rates of about 90% within
the HCI segment.

The business is highly cash-generative. Kereis benefits from high
EBITDA margins and negative working capital, given that it collects
premiums and remits them to risk carriers 30-60 days after
collection. This supports good cash conversion.

The group's limited scale and scope, and high customer
concentration, constrain its business risk profile. Kereis
generates about 88% of revenue in France. It also has significant
customer concentration, with its No. 1 partner accounting for about
one-quarter of the group's revenue and the top 5 representing 35%.
Although this is tempered by customer stickiness, given the
long-term relationships and because it would be complex and costly
for banks to internalize this service or switch service provider,
this remains a key consideration in our business risk assessment.
However, in some cases where the contract is not renewed, the
company would continue to receive commissions on the existing loans
until they are repaid.

Kereis' profitability has gradually decreased due to changes in its
business mix. The group used to post adjusted EBITDA margins above
50%, when it generated most of its revenue from its HCI business.
Its recent product diversification resulted in a gradual decrease
in EBITDA margins (36.8% in 2024). Nevertheless, margins still
exceed the peer average and are higher than the margins of other
professional service providers S&P rates.

The insurance brokerage market is highly fragmented and
competitive. Barriers to entry are limited and insurance brokerage
is a relationship-driven business, where peers compete to purchase
books of business without necessarily acquiring competitors
outright. Outside its legacy group HCI business, where Kereis
benefits from long-term contracts with large banks and their
captive insurers, revenue streams can be more vulnerable to
competitors' actions than service providers that have a contracted
revenue base. However, Kereis' brokerage platform offers some scale
advantage, enabling, for instance, lower processing fees.

S&P said, "The rating is constrained by Kereis' financial sponsor
ownership and leverage tolerance. Following the acquisition by
Advent, we anticipate S&P Global Ratings-adjusted debt to EBITDA of
7.8x for year-end 2025, falling to 7.1x in 2026. We forecast FFO to
debt of about 6.3% in 2025, FFO cash interest coverage above 2.0x,
and solid FOCF of EUR45 million-EUR50 million in 2025-2026
(excluding expected financing and transaction costs of about EUR50
million in 2025). We do not expect dividend payments in the next
couple of years, but think management might seek tuck-in
acquisitions to consolidate its direct brokerage business and
further diversify its product offering, either of which would
likely limit a sustained deleveraging.

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

"The stable outlook reflects our view that Kereis will continue to
grow its revenue and EBITDA, benefiting from the recurring revenue
stream from its existing back book of managed HCI contracts,
expected favorable market tailwinds driving insurance premiums'
growth, and increased broker penetration in other product lines.
This will support annual revenue growth of 8%-9% in 2025 including
bolt-on acquisitions, resilient FOCF of EUR45 million-EUR50 million
(excluding transaction costs), and FFO cash interest coverage above
2.0x."

S&P could lower the rating in the next 12 months if FFO cash
interest coverage declined below 2x or FOCF turned negative
sustainably. This could result from:

-- A steeper decline in mortgage production in France, resulting
in a weaker stream of new commissions, or underperformance across
other European markets;

-- A significant decline in operating margins and a higher
volatility in profitability due to an unfavorable business mix and
increased competition; or

-- The company pursuing shareholder-friendly actions, such as
material dividend distributions or large debt-financed
acquisitions, given its highly leveraged structure.

S&P said, "Although we view an upgrade over the next year as
unlikely due to the high debt structure, we could consider one if
Kereis demonstrated improved credit metrics, such that adjusted
debt to EBITDA declined to about or below 5x while maintaining
solid FOCF, and the company demonstrated and maintained a financial
policy commensurate with a higher rating. This could happen if
operating conditions exceed our expectations, leading to
accelerated growth in adjusted EBITDA."




=============
I R E L A N D
=============

ADAGIO X EUR: S&P Assigns B-(sf) Rating on Class F-R-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Adagio X EUR CLO
DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes. At
closing, the issuer also issued unrated class subordinated notes.

This transaction is a reset of the already existing transaction
that closed in November 2023. The existing notes will be fully
redeemed with the proceeds from the issuance of the replacement
notes on the reset date.

The ratings assigned to Adagio X EUR CLO DAC's reset notes reflect
our assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,690.43
  Default rate dispersion                                 670.58
  Weighted-average life (years)                             4.57
  Obligor diversity measure                               162.94
  Industry diversity measure                               23.16
  S&P Global Ratings' weighted-average rating factor    2,690.43

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.31
  'AAA' weighted-average recovery (%)                      36.36
  Portfolio weighted-average spread (%)                     3.73
  Portfolio weighted-average coupon (%)                     3.38

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event (FSE) occurs. Following
the FSE, the notes will switch to semiannual payments. The
portfolio's reinvestment period will end approximately 4.57 years
after closing.

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

"In our cash flow analysis, we used the EUR330 million target par
amount, the portfolio's actual weighted-average spread (3.73%), and
actual weighted-average coupon (3.38%). We have considered the
actual weighted-average recovery rate at all rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

Until the end of the reinvestment period on Jan. 20, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "The transaction's documented counterparty replacement
and remedy mechanisms adequately mitigate its exposure to
counterparty risk under our current counterparty criteria.

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

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-R-R to E-R-R notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on these notes.
The class A-R-R and F-R-R notes can withstand stresses commensurate
with the assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class
A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes.

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

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities.

"Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

  Ratings

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

  A-R-R   AAA (sf)     204.60     3mE + 1.40%     38.00
  B-R-R   AA (sf)       34.65     3mE + 2.05%     27.50
  C-R-R   A (sf)       18.575     3mE + 2.65%     21.87
  D-R-R   BBB- (sf)     23.50     3mE + 3.60%     14.75
  E-R-R   BB- (sf)      14.45     3mE + 6.10%     10.37
  F-R-R   B- (sf)      12.775     3mE + 9.08%      6.50
  Sub notes   NR        27.31     N/A               N/A

*The ratings assigned to the class A-R-R and B-R-R notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C-R-R, D-R-R, E-R-R, and F-R-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
6mE--Six-month Euro Interbank Offered Rate.


AQUEDUCT EUROPEAN 11: S&P Assigns B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aqueduct European
CLO 11 DAC's class A, B, C, D, E, and F notes. The issuer also
issued unrated class Z1, Z2, and Z3, and subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans and bonds. The
portfolio's reinvestment period will end approximately 4.57 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payments.

The ratings assigned to Aqueduct European CLO 11 DAC's notes
reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,818.04
  Default rate dispersion                                464.93
  Weighted-average life (years)                            4.91
  Obligor diversity measure                              128.69
  Industry diversity measure                              21.56
  Regional diversity measure                               1.19

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.49
  Target 'AAA' weighted-average recovery (%)              36.43
  Target weighted-average spread (net of floors; %)        3.84
  Target weighted-average coupon (%)                       5.13

Rationale

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the target weighted-average spread (3.84%), the
target weighted-average coupon (5.13%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Jan. 20, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"The CLO is managed by HPS Investment Partners CLO (UK) LLP, and
the maximum potential rating on the liabilities is 'AAA' under our
operational risk criteria.

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

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

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

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

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.04% (for a portfolio with a weighted-average
life of 4.91 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.91 years, which would result
in a target default rate of 15.22%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

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

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

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

Environmental, social, and governance

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

Aqueduct European CLO 11 DAC is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. It is managed by HPS
Investment Partners CLO (UK) LLP.

  Ratings list

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

  A      AAA (sf)    244.00   3/6-month EURIBOR plus 1.40%   39.00
  
  B      AA (sf)     48.00 3/6-month EURIBOR plus 2.10%   27.00

  C      A (sf)      24.00 3/6-month EURIBOR plus 2.60%   21.00

  D      BBB- (sf)   28.00 3/6-month EURIBOR plus 3.75%   14.00

  E      BB- (sf)    18.00 3/6-month EURIBOR plus 6.70%    9.50

  F      B- (sf)     12.00 3/6-month EURIBOR plus 8.06%    6.50

  Z1     NR           0.10    N/A                              N/A

  Z2     NR           0.10    N/A                              N/A

  Z3     NR           0.10    N/A                              N/A

  Sub notes   NR     32.60    N/A                              N/A

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

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


DRYDEN 124 EURO 2024: S&P Assigns B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dryden 124 Euro CLO
2024 DAC's class A-1 to F notes. At closing, the issuer also issued
unrated subordinated notes.

The portfolio's reinvestment period will end approximately 4.5
years after closing, while the non-call period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,707.62
  Default rate dispersion                                  556.93
  Weighted-average life including reinvestment (years)       5.06
  Obligor diversity measure                                 95.79
  Industry diversity measure                                22.83
  Regional diversity measure                                 1.09

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.50
  Target 'AAA' weighted-average recovery (%)                37.56
  Target weighted-average coupon (%)                         3.68
  Target weighted-average spread (net of floors; %)          3.78

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

Rating rationale

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread, and the covenanted
weighted-average coupon (3.50%) as indicated by the collateral
manager. We have modeled the covenanted weighted-average recovery
rates for all rated notes (36.83% at 'AAA') as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for class B-1 to E notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is in its reinvestment period until
Dec. 20, 2029, during which the transaction's credit risk profile
could deteriorate, we have capped the assigned ratings.

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

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

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

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.18% (for a portfolio with a weighted-average
life of 5.06 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.06 years, which would result
in a target default rate of 15.68%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-1 to F notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-1 to E notes based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

  Ratings  

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

  A-1    AAA (sf)     240.00    40.00    Three/six-month EURIBOR
                                         plus 1.40%

  A-2    AAA (sf)       8.00    38.00    Three/six-month EURIBOR
                                         plus 1.70%

  B-1    AA (sf)       34.00    27.00    Three/six-month EURIBOR
                                         plus 2.25%

  B-2    AA (sf)       10.00    27.00    5.10%

  C      A (sf)        23.00    21.25    Three/six-month EURIBOR
                                         plus 2.80%

  D      BBB- (sf)     29.00    14.00    Three/six-month EURIBOR
                                         plus 3.75%

  E      BB- (sf)      17.00     9.75    Three/six-month EURIBOR
                                         plus 6.60%

  F      B- (sf)       13.00     6.50    Three/six-month EURIBOR
                                         plus 8.69%

  Sub. Notes   NR      32.50     N/A    N/A

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

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


MALLINCKRODT PLC: Scheme Sanction Hearing Scheduled for July 17
---------------------------------------------------------------
THE HIGH COURT OF IRELAND
COMMERCIAL
IN THE MATTER OF MALLINCKRODT PUBLIC LIMITED COMPANY —
AND IN THE MATTER OF THE COMPANIES ACT 2014
AND IN THE MATTER OF A PROPOSAL FOR A SCHEME OF ARRANGEMENT
PURSUANT TO PART 9, CHAPTER 1 OF THE COMPANIES ACT 2014
AND IN THE MATTER OF A PROPOSED REDUCTION OF CAPITAL PURSUANT TO
SECTIONS 84 TO 86 OF THE COMPANIES ACT 2014 .

Pursuant to Section 453(2)(b) of the Irish Companies Act 2014 that
the following resolution approving a proposed scheme of arrangement
between Mallinckrodt Public Limited Company and the members of the
Company was approved at four separate meetings of the members of
the Company held on June 13, 2025 (which meetings were ordered by
the High Court of Ireland on May 12, 2025 following an application
by the Company pursuant to Section 450(3) of the 2014 Act):

"That the scheme of arrangement (a copy of which has been produced
to this meeting and for the purposes of identification signed by
the chair thereof) in its original form or with or subject to any
modification(s), addition(s)or condition(s) approved or imposed by
the Irish High Court be approved."

The Scheme is part of a wider transaction, pursuant to which the
Company's subsidiary, Salvare Merger Sub LLG will merge with and
into Endo, Inc., with Endo surviving the merger as a wholly owned
subsidiary of the Company. The purpose of the Scheme is to
facilitate the amendment of Article 6 of the Company's articles of
association in the manner set out in the scheme document sent.to
members of the Company on or about May 12, 2025.

The Company will now make an application to the Court pursuant to
section 453(2)(c) of the 2014 Act for an order sanctioning the
Scheme.

Pursuant to an order made by the Court on June 23, 2025, the
Company will apply to the Court on July 17, 2025 under Section
453(2)(c) of the 2014 Act for an order sanctioning the Scheme and
related orders, to include an order seeking the cancellation of the
amount of USD1,068.3 million, being the entire amount standing to
the credit of the Company's share premium account as at May 12,
2025, in accordance with Article 42 of the Company's Articles of
Association or such lesser amount as the High Court of Ireland may
determine.

The Court has directed that the application for the sanction of the
Scheme and the Capital Reduction be heard in the Commercial List of
the Court sitting in the Four Courts, Inns Quay, Dublin 7, Ireland
at 11:00 a.m. {Dublin time) on July 17, 2025. The Hearing will take
place in a hybrid fashion and virtual meeting details are available
from the email address below on request. .

Any shareholder or creditor that wishes to obtain a copy of the
Company's filings relating to the Hearing should contact the
solicitors for the Company at the address below.

Any party with such an interest in the Scheme or the Capital
Reduction may appear at the Hearing personally or be represented by
a solicitor or by counsel. Any such party intending to so appear
should give notice in writing to the Solicitors for the Company by
no later than 5:30 p.m. (Dublin time) on July 10, 2025, and any
affidavit in Support of any such appearance should be filed with
the Central Office of the High Court of Ireland, and served on the
Solicitors for the Company, by no later than 5:30 p.m. (Dublin
time) on July 10, 2025.

The proceedings are also listed in the Call Over for the Commercial
List on Friday, July 11, 2025 at 10:30 a.m.

For more information, contact:

ARTHUR COX
Solicitors for the Company
Ten Earlsfort Terrace
Dublin 2 D02 T380
Ireland
Email: Conall.OShaughnessy@arthurcox.com


TULLY PARK: S&P Assigns B-(sf) Rating on Class F Notes
------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tully Park CLO
DAC's class A, B, C, D, E, and F notes. At closing, the issuer also
issued unrated subordinated notes.

The reinvestment period will be approximately 4.60 years, while the
non-call period will be 1.50 years after closing.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor    2,878.65
  Default rate dispersion                                423.70
  Weighted-average life (years)                            4.36
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           4.56
  Obligor diversity measure                              144.38
  Industry diversity measure                              22.24
  Regional diversity measure                               1.30

  Transaction key metrics

  Total par amount (mil. EUR)                            400.00
  Defaulted assets (mil. EUR)                              0.00
  Number of performing obligors                             168
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.98
  Target 'AAA' weighted-average recovery (%)              36.71
  Actual weighted-average spread (net of floors; %)        3.78
  Actual weighted-average coupon (%)                        N/A

  N/A--Not applicable.

Our ratings reflect our assessment of the collateral portfolio's
credit quality, which has a weighted-average rating of 'B'.

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

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes. This may allow for the principal proceeds to be
characterized as interest proceeds when the collateral par exceeds
this amount, subject to a limit, and affect the reinvestment
criteria, among others. This feature allows some excess par to be
released to equity during benign times, which may lead to a
reduction in the amount of losses that the transaction can sustain
during an economic downturn. Hence, in our cash flow analysis, we
assumed a starting collateral size of less than target par (i.e.,
the EUR400 million target par minus the EUR4.0 million maximum
reinvestment target par adjustment amount).

In our cash flow analysis, we also modeled the covenanted
weighted-average spread of 3.65%, the covenanted weighted-average
coupon of 4.50%, and the target weighted-average recovery rates at
each rating level. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

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

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

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

The class A and E notes can withstand stresses commensurate with
the assigned ratings.

For the class F notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower rating.

However, we have applied our 'CCC' rating criteria, resulting in a
'B- (sf)' rating on this class of notes.

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

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

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.26% (for a portfolio with a weighted-average
life of 4.6 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.6 years, which would result
in a target default rate of 14.26%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A,
B, C, D, E, and F notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector."

Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and S&P's ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities.

Tully Park CLO is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Blackstone
Ireland Ltd. manages the transaction.

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

  A      AAA (sf)    244.00    39.00    Three/six-month EURIBOR
                                        plus 1.35%

  B      AA (sf)      48.00    27.00    Three/six-month EURIBOR
                                        plus 2.00%

  C      A (sf)       24.00    21.00    Three/six-month EURIBOR
                                        plus 2.55%

  D      BBB- (sf)    28.00    14.00    Three/six-month EURIBOR
                                        plus 3.70%

  E      BB- (sf)     18.00     9.50    Three/six-month EURIBOR
                                        plus 6.50%

  F      B- (sf)      12.00     6.50    Three/six-month EURIBOR
                                        plus 8.50%

  Sub notes    NR     29.40      N/A    N/A

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

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




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

EUROHOME (ITALY): S&P Raises Class A Notes Rating to 'BB+(sf)'
--------------------------------------------------------------
S&P Global Ratings raised to 'BB+ (sf)' from 'B- (sf)' its credit
rating on Eurohome (Italy) Mortgages S.r.l.'s class A notes. At the
same time, S&P affirmed its 'D (sf)' ratings on the class B, C, and
D notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the most recent transaction information, which we
received on the May 2025 interest payment date (IPD). Our analysis
reflects the application of our European residential loans
criteria.

"When we consider only the performing collateral, credit
enhancement for the class A notes stands currently at 19.83%.
Unpaid principal deficiency ledgers (PDLs) total EUR30.11 million,
while the class A PDL is undrawn.

"Total arrears have reduced to 11.59% on the May 2025 IPD from the
historical peak of about 20%, considerably exceeding the rate in
other RMBS transactions that we rate.

"In our credit analysis we have applied additional stresses to the
loss severities considering that low historical recovery rate and
the servicer's expectations of future recoveries. Our credit
analysis results show a decrease in both the weighted-average
foreclosure frequency (WAFF) and the weighted-average loss severity
(WALS) at the 'BB' rating level compared with those at our previous
review. The lower WAFF is mainly due to the higher weighted-average
seasoning and the lower arrears. As for the WALS, the decrease
results from the lower market value declines applied since our
previous review."

  Credit assumptions

  Rating level   WAFF (%)   WALS (%)

  AAA            48.05      38.91
  AA             36.53      35.09
  A              30.24      27.55
  BBB            23.39      23.79
  BB             15.96      21.24
  B              14.01      18.91

S&P said, "This transaction features a liquidity facility. We
tested the cash flows without the liquidity facility as we do not
rate it.

"Taking into account the transaction's performance, the results of
our updated credit and cash flow analysis, and the available credit
enhancement for the class A notes, we could raise this rating to a
higher rating than 'BB+ (sf)'. However, we applied analytical
judgement and considered the impact of further stresses on the
recoveries--to account for the relatively low historical
recoveries--as an additional sensitivity in our cash flow analysis.
We therefore raised to 'BB+ (sf)' from 'B- (sf)' our rating on this
class of notes."

The transaction has an interest deferral mechanism for the class B,
C, D, and E notes, based on the cumulative default level. If an
interest deferral trigger is breached, the interest on that class
of notes is deferred until the PDL is cleared and the principal
borrowed under the principal priority of payments is repaid. The
class B, C, D, and unrated class E notes have already breached this
trigger and are not paying any interest. S&P therefore affirmed its
'D (sf)' ratings on the class B, C, and D notes.

S&P's ratings on the notes are below the counterparty and sovereign
risk caps.

Eurohome (Italy) Mortgages S.r.l. is an Italian RMBS transaction
that closed in December 2007. The transaction securitizes a pool of
first-ranking mortgage loans originated by Deutsche Bank Mutui
SpA.


GENERALI: Egan-Jones Withdraws BB Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on June 18, 2025, withdrew its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Generali. EJR also withdrew the rating on commercial
paper issued by the Company.

Headquartered in Trieste, Italy, Generali provides insurance and
asset management services.




===================
K A Z A K H S T A N
===================

FREEDOM GROUP: S&P Affirms 'B+/B' ICRs & Alters Outlook to Positive
-------------------------------------------------------------------
S&P Global Ratings, on June 26, 2025, revised its outlook to
positive from stable and affirmed its 'B+/B' long- and short-term
issuer credit ratings on Freedom Finance JSC, Freedom Finance
Europe Ltd., Freedom Finance Global PLC, and Freedom Bank
Kazakhstan JSC. S&P affirmed its 'B-' long-term rating on
nonoperating holding company Freedom Holding Corp. and maintained
the stable outlook.

S&P raised its Kazakh national scale ratings on Freedom Finance JSC
and Freedom Bank Kazakhstan JSC to 'kzBBB+'from 'kzBBB'. Our
national scale ratings do not carry outlooks.

S&P does not rate any debt issued by these entities.

Over the past two years, Freedom Group has established consolidated
risk management and compliance and has greatly strengthened these
functions in its financial operating subsidiaries.

The group substantially reduced holdings of its government
securities and recognized a loss from their negative revaluation,
which resulted in the banking segment posting a loss for the
financial year ended March 31, 2025 (fiscal 2025).

Nevertheless, the group's capitalization strengthened, supported by
moderate growth of its balance sheet and income from brokerage
activities, and the group is rapidly growing customers in its
ecosystem and increasing cross-selling through loyalty programs.

The positive outlook on Freedom Group's financial operating
companies reflects substantial achievements in establishing
consolidated risk management and compliance and strengthening these
functions in its financial subsidiaries. S&P said, "We believe that
consolidation of risk management and compliance functions is vital
for Freedom Group, which we consider to be relatively complex
organizationally, with multiple financial and nonfinancial
subsidiaries in various countries and with a track record of rapid
growth, both organically and through acquisitions. In our view,
this will enable the group to closely monitor and control risks at
the group level, including sanctions, cybersecurity, reputation,
regulatory, and crypto risks, which are gaining in importance."

Freedom Group approved group risk policy and group risk appetite
statements and is working on synchronizing local policies and risk
appetite statements in subsidiaries with the group policy. It also
approved sanctions risk policy and risk assessment methodology. It
established compliance project management and support offices in
the compliance department of the holdco. The group has
significantly increased its employees to 129 people in risk
management and 162 people in compliance covering 22 jurisdictions
where Freedom Group has presence. Previously risk management was
done at the subsidiary level with no consolidated oversight over
the whole group.

S&P said, "We shall monitor how the group's risk appetite manifests
itself in practice, especially as regards its securities holdings.
By March 31, 2025, the group had reduced these holdings to $2.8
billion from the peak of $3.8 billion on Sept. 30, 2024, through
selling some Kazakhstan government securities and recognizing a
$65.9 million gain on sale and a $123.7 million unrealized loss. As
a result, the banking segment posted an $86.5 million loss for
fiscal 2025 because about 70% of securities were placed at Freedom
Bank.

"Moderation of growth rates is likely to alleviate pressure on
capital. In our base case, we expect the group's risk-adjusted
capital (RAC) ratio to remain above 10% over the next 12 months,
supported by expected recovery of earnings, as well as balance
sheet growth moderating to about 10%-15% annually in 2025 and 2026.
We understand that potential large acquisitions will consume
capital, but currently we are not aware of any acquisitions in
final stages. RAC increased to about 13% as of March 31, 2025, from
11.6% a year earlier, supported by easing economic and industry
risks in Kazakhstan, and contained balance sheet growth, mainly
thanks to margin lending, which offset a material reduction in net
income. We still consider Freedom Group's earnings to be strong
despite a reduction in fiscal 2025 due to a loss in the banking
segment. The three-year average core earnings (March 2023-March
2025) to risk-weighted assets reduced to 2.6% compared with the
3.5% average for March 2022-March 2024, which is still high in an
international context."

Following years of rapid growth Freedom Group is maturing into a
diversified global financial services group. Freedom Group
estimates it has about 5 million customers, of which about 4.4
million are financial clients, in its ecosystem. The group's mobile
application, SuperApp, consolidates all essential financial
services into one platform, allowing clients to manage their
finances without the need for multiple apps and services. Monthly
active users were about 1 million in March 2025. However, this is
still considerably smaller than the two leading financial
ecosystems in Kazakhstan, Kaspi and Halyk. Customer acquisition
takes place through various services, followed by cross-selling of
Freedom Group's other products and services. Customer retention is
helped by the Freedom brand loyalty program.

Freedom Group is preserving its leadership position in retail
brokerage activities in Kazakhstan and growing its customer base in
Europe and the Commonwealth of Independent States. Freedom is by
far the largest retail and institutional broker in Kazakhstan with
a well-known brand name serving about half of the market. Kazakh
citizens accounted for about 30% of its about 683,000 retail
brokerage clients globally as of March 31, 2025, of which about
151,000 brokerage customers had at least one transaction in the
last quarter. S&P thinks that Freedom Group is currently leading
the competition in Kazakhstan because of its first-mover advantage,
but the competition from brokerage subsidiaries of several large
Kazakh banks, such as Halyk, BCC, and First Heartland Securities,
is gradually gaining momentum. Through its Cyprus-based subsidiary
and offices in 10 European countries Freedom Group's customer base
in Europe has rapidly grown to about 391,000 clients.

S&P said, "Our rating on Freedom Holding Corp. continues to reflect
its structural subordination as a nonoperating holding company. We
rate Freedom Holding two notches lower than the 'b+' group
stand-alone credit profile, as we consider that this captures
potential default risk. Over the past six months the double
leverage at the holding increased to 167% as of March 31, 2025,
from 135% on Sept. 30, 2024, as the holding continues to finance
the development of the telecom business through issuance of bonds
through the special purpose vehicle. The holding relies on
dividends, mainly from brokerage business, for its income. We note
that the holding will have to refinance the bonds maturing in
2026-2028."

The positive outlook on Freedom Holding's core operating
subsidiaries over the next 12 months reflects Freedom Group's
substantial progress in establishing consolidated risk management
and compliance and strengthening these functions at operating
subsidies. It also reflects moderation of growth rates, which
supports its capitalization, and continuing growth in its franchise
in Kazakhstan and abroad.

The stable outlook on Freedom Holding Corp. reflects S&P's view
that if it revises up its assessment of the group's stand-alone
credit profile (SACP) S&P is unlikely to change the rating on the
holding company.

S&P would revise the outlook on the operating subsidiaries to
stable over the next 12 months if:

-- S&P sees increase in the risk profile of subsidiaries;

-- Freedom Holding did not maintain strong capitalization, as
measured by the RAC ratio. This could result from further material
acquisitions, rapid growth of its proprietary securities position,
a faster-than-expected expansion of client operations on the
balance sheet, low earnings, or sizable dividend payouts; or

-- Freedom Group does not recover its profitability to historical
averages.

A negative rating action on Freedom Holding Corp. would follow a
further material increase in double leverage and an increased
likelihood that the holding will not be able to refinance its
maturing debt.

S&P said, "We would raise our ratings on the operating subsidiaries
over the next 12 months if we conclude that risk management and
compliance continue to strengthen and the group maintains a
moderate risk appetite with regard to its securities portfolio and
growth of customer operations, while our RAC ratio remains above
10% and the group recovers its profitability and continues its
targeted growth strategy."




=====================
S W I T Z E R L A N D
=====================

ROSEN INT'L: S&P Upgrades ICR to 'B+', Outlook Stable
-----------------------------------------------------
S&P Global Ratings raised to 'B+' from 'B' both its long-term
issuer credit rating on energy infrastructure inspection company
Rosen International S.a r.l. and its issue rating on the term loan
B. The recovery rating on the debt is unchanged at '3'.

The stable outlook is based on S&P's forecast that Rosen will
maintain adjusted debt to EBITDA of about 5.0x and funds from
operations (FFO) to debt of about 10% over the next 12 months. The
outlook also incorporates our expectation that, in continuing to
execute its growth strategy, Rosen will generate adjusted EBITDA of
$300 million-$340 million in 2025, resulting in free operating cash
flow (FOCF) of $80 million-$100 million.

Profitability at Rosen (previously named PG Polaris Bidco S.a r.l,)
strengthened in 2024 because it inspected a larger volume of
pipelines and also continued to roll out previously announced price
increases for its electromagnetic acoustic transducer (EMAT; a form
of nondestructive testing that uses ultrasound).

S&P forecasts that Rosen will sustain this increase in
profitability in 2025, with S&P Global Ratings-adjusted debt to
EBITDA remaining about 5.0x. This is a meaningful improvement--we
previously expected leverage to be about 6.0x in 2025.

Strong operating performance in 2024 was underpinned by higher
volumes of inspections, as well as the now-complete roll out of the
EMAT price increase. Reported revenue was $834 million in 2024, an
increase of 13% from 2023. Continued stringent regulatory
requirements for pipeline operators, in combination with higher
commercially accepted runs, led to a volume increase of over 5%
between 2023 and 2024. Overall, the EMAT price increase drove the
bulk of 2024 growth, increasing revenue in the advanced diagnostics
segment by over 30%. As a result, adjusted 2024 EBITDA increased by
around 33%, to $366 million.

S&P said, "Under our revised base case, we anticipate sustained
profitability and positive FOCF over the next 12 months. Assuming
that there are no further exceptional items, we forecast adjusted
EBITDA will be $300 million-$340 million in 2025. This implies FOCF
of $80 million-$100 million, assuming that capital expenditure
(capex) is modest and Rosen maintains tight working capital
control.

"Our base case assumes that market conditions for pipeline
inspectors will remain strong as the global pipeline estate ages.
We anticipate that Rosen's market-leading technology will enable it
to capitalize on industry growth and that the company will continue
to pursue technological advancements and bring new proprietary
diagnostics tools to market. It is making use of artificial
intelligence (AI) to process imagery and data more quickly. As a
result, we project that adjusted debt to EBITDA will fall below
5.0x on a weighted-average basis, contrary to our previous
forecast. We also anticipate that Rosen will be able to sustain FFO
to debt above 10% on a weighted-average basis, with cash interest
coverage of over 3x.

"Financial sponsor ownership remains key to our ratings analysis.
During 2024, Partners Group acquired a controlling stake in Rosen
and pursued a term loan B add-on to pay a dividend to the owners.
These changes constrain our assessment of the company's financial
risk profile. Although we recognize that the repricing of the term
loan B was opportunistic, we cannot rule out that further
transactions may be enacted to fund shareholder returns.
Nevertheless, as long as any future transactions are combined with
improved metrics and heightened growth, we still anticipate a
reduction in leverage. We currently forecast that adjusted debt to
EBITDA will drop to about 5.0x in 2025."

Liquidity remains adequate, backed by undrawn facilities and
positive cash FFO. Despite the greater cash interest burden,
Rosen's increased profitability should help deliver FOCF of $80
million-$100 million in 2025. Given that the company has a fully
undrawn $300 million revolving credit facility (RCF) and annual
amortization of its term loan B amounts to only about $15 million a
year, S&P considers that Rosen has sufficient cash reserves to
maintain adequate liquidity with comfortable headroom over the next
12 months.

S&P said, "The stable outlook is based on our forecast that Rosen
will maintain adjusted debt to EBITDA of about 5.0x and FFO to debt
of about 10% over the next 12 months.

"We could lower the ratings if adjusted debt to EBITDA exceeded
5.0x for a prolonged period because of lower-than-expected
profitability or because the company has issued significant
additional debt that isn't backstopped by a corresponding
improvement in profitability. We could also lower the ratings if we
saw a deterioration in FOCF or liquidity.

"We see limited potential for an upgrade in the next 12 months. We
could consider raising the rating if the company extends its track
record at the current profitability level while generating
substantial positive FOCF."

An upgrade would also depend on the company having a financial
policy that supported improved metrics.




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

BRANDT DEVELOPMENTS: CG & Co Named as Administrators
----------------------------------------------------
Brandt Developments Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Manchester, Insolvency & Companies List, Court Number:
CR2025MAN000910 and Edward M Avery-Gee and Daniel Richardson of
CG&Co were appointed as administrators on June 25, 2025.  

Its registered office is c/o CG & Co, 27 Byrom Street, Manchester,
M3 4PF

Its principal trading address is at Seneca House, Amy Johnson Way,
Blackpool, FY4 2FF

The joint administrators can be reached at:

     Edward M Avery-Gee
     Daniel Richardson
     CG & Co
     27 Byrom Street
     Manchester, M3 4PF.

For further details, contact:

     Lucy Duckworth
     Tel No: 0161 505 1250
     Email: Lucy.Duckworth@cg-recovery.com


CEASED TRADING: FRP Advisory Named as Administrators
----------------------------------------------------
Ceased Trading 03002134 Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-004243, and Alastair Rex Massey and Anthony John Wright of
FRP Advisory Trading Limited were appointed as administrators on
June 23, 2025.  

Ceased Trading fka EC-EX Limited is into engineering.

The Company's registered office is to be changed to 2nd Floor, 110
Cannon Street, London, EC4N 6EU.  Currently, it is at Crown House,
27 Old Gloucester Street, London, WC1N 3AX, formerly Unit H Venture
House, Bone Lane, Newbury RG14 5SH.

The Company's principal trading address is  Unit H Venture House,
Bone Lane, Newbury RG14 5SH.

The joint administrators can be reached at:

     Alastair Rex Massey
     Anthony John Wright
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU

For further details, contact:

     The Joint Administrators
     Tel: 020 3005 4000

Alternative contact:

     Bobby Cotter
     Email: cp.london@frpadvisory.com


ENERGEAN PLC: S&P Affirms 'B+' ICR & Alters Outlook to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Energean PLC to negative
from developing. At the same time, S&P affirmed its long-term
issuer credit rating on Energean and its issuer rating on its $450
million senior secured notes at 'B+'.

The negative outlook reflects that S&P could lower its ratings if
the regional conflict leads to a material reduction in cash flows
due to damages to Energean's assets or related local infrastructure
or a material suspension or reduction in production.

In June 2025, the Israeli government asked Energean PLC to suspend
its production in Israel, following the escalation of hostilities
in the region. Although this suspension has now been lifted,
further suspensions or any damages to the group's assets or local
infrastructure, could, in S&P's view, undermine its expected cash
generation.

This follows Energean's announcement earlier this year that the
sale of its assets in Egypt, Italy, and Croatia to investment firm
Carlyle had been cancelled.

The negative outlook reflects the risk that the regional conflict
lead to a material reduction in Energean's cash flows. In June
2025, the Israeli government asked the group to temporarily suspend
local production, following the escalation of hostilities in the
region. Although this suspension was only temporary, further
suspensions or any damages to the group's assets or local
infrastructure, could, in our view, undermine its expected cash
generation. In the medium to long term, a prolonged escalation of
the conflict could also impede the group's expansion projects by
damaging its assets or infrastructure or delaying the supply of
necessary equipment or supplies.

In March 2025, Energean announced that it would no longer sell its
assets in Egypt, Italy, and Croatia to Carlyle. The transaction was
expected to reduce decommissioning liabilities and cash flow
volatility, as the bulk of the group's production would have been
based in Israel. Israel benefits from long-term contracts with very
predictable cash flows (assuming no interruption to production).
The cancellation of this sale removes the rating upside that had
been reflected in our developing outlook.

S&P said, "We continue to view liquidity as adequate. The rating
could come under strain if the Material Adverse Effect clauses were
activated under the group's lending agreements. We understand that
this is currently not the case and liquidity remains sufficient.
Pressure could also arise if Energean is unable to refinance the
$450 million notes due in 2027.

"The negative outlook reflects that we could lower our ratings on
Energean if the regional conflict leads to a material reduction in
cash flows due to damages to the company's assets or related local
infrastructure or a material suspension or reduction in
production.

"We could lower the rating on Energean if the security and
geopolitical risks in Israel deteriorate further."

S&P could raise the rating on Energean if:

-- Israel's geopolitical situation improves materially and
operational risks decline.

-- Production in Israel continues to ramp up as planned.


FOSSE WAY COURT: Begbies Traynor Named as Administrators
--------------------------------------------------------
Fosse Way Court (Management) Limited was placed into administration
proceedings in the High Court of Justice
Business and Property Courts in Birmingham, Insolvency & Companies
List (ChD), Court Number: CR-2025-BHM-000316, and Gary Paul
Shankland and Irvin Cohen of Begbies Traynor (London) LLP were
appointed as administrators on June 24, 2025.  

Fosse Way Court (Management) engaged in residential property
development.

Its registered office is at Old Meadow House, Lipyeate, Coleford,
Bath, BA3 5PW.

The joint administrators can be reached at:

     Gary Paul Shankland
     Irvin Cohen
     Begbies Traynor (London) LLP
     31st Floor, 40 Bank Street
     London, E14 5NR

For further details, contact:

     Andrew Isaacs
     Begbies Traynor (London) LLP
     Email: andrew.isaacs@btguk.com
     Tel No: 020 4524 9208


FOSSEWAY TRANSITION: Begbies Traynor Named as Administrators
------------------------------------------------------------
Fosseway Transition Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number: CR-2025-000315, and Gary Paul Shankland and Irvin Cohen of
Begbies Traynor (London) LLP were appointed as administrators on
June 24, 2025.  

Fosseway Transition engaged in the development of building
projects.

Its registered office is at The Old Engine House, Dulcote, BA5 3NU

The joint administrators can be reached at:

     Gary Paul Shankland
     Irvin Cohen
     Begbies Traynor (London) LLP
     31st Floor, 40 Bank Street
     London, E14 5NR

For further details, contact:

     Andrew Isaacs
     Begbies Traynor (London) LLP
     Email: andrew.isaacs@btguk.com
     Tel No: 020 4524 9208


FREEDA UK: Quantuma Advisory Named as Administrators
----------------------------------------------------
Freeda UK 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-2025-004245, and Simon Campbell and Andrew Watling of Quantuma
Advisory Limited were appointed as administrators on June 23, 2025.


Freeda UK specialised information technology service activities.

Its registered office is at Stylus Building, 116 Old Street,
London, EC1V 9BG and it is in the process of being changed to
Office D, Beresford House, Town Quay, Southampton, SO14 2AQ

Its principal trading address is at Stylus Building, 116 Old
Street, London, EC1V 9BG

The joint administrators can be reached at:

     Andrew Watling
     Simon Campbell
     Quantuma Advisory Limited
     Office D, Beresford House
     Town Quay, Southampton, SO14 2AQ

Any person who requires further information may contact

     Andrea Terraneo
     Tel No: 02382 356 939
     Email: Andrea.Terraneo@quantuma.com


LORD ALPHA: Deadline to File Proof of Debt Set for July 28
----------------------------------------------------------
Pursuant to Rule 14.28 of the Insolvency (England and Wales) Rules
2016, Simon Jagger and Ben Woodthorpe of S&W Partners LLP, the
Joint Liquidators of Lord Alpha Investments Limited, intend to
declare a first and final dividend to non-preferential unsecured
creditors of the Company within the period of two months from the
last date for proving.  

Creditors who have not yet done so must prove their debts by
delivering their proofs (in the format specified in Rule 14.4) no
later than Monday, July 28, 2025 to:

     The Joint Liquidators
     c/o RRS, 45 Gresham Street
     London, EC2V 7BG

Creditors who have not proved their debt by the last date for
proving may be excluded from the benefit of this dividend or any
other dividend declared before their debt is proved.

The Liquidators were appointed on November 5, 2019.


NEWDAY FUNDING 2025-2: Fitch Assigns BB(EXP) Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc's
series 2025-2's notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.

Fitch expects to review NewDay Funding's existing series when it
assigns series 2025-2 its final ratings.

   Entity/Debt                 Rating           
   -----------                 ------           
NewDay Funding Master
Issuer Plc

   2025-2 Class A          LT AAA(EXP)sf  Expected Rating
   2025-2 Class B          LT AA+(EXP)sf  Expected Rating
   2025-2 Class C          LT A+(EXP)sf   Expected Rating
   2025-2 Class D          LT BBB(EXP)sf  Expected Rating
   2025-2 Class E          LT BB(EXP)sf   Expected Rating
   2025-2 Originator VFN   LT NR(EXP)sf   Expected Rating

Transaction Summary

The notes issued by NewDay Funding Master Issuer Plc are
collateralised by a pool of non-prime UK credit card receivables
originated by NewDay Limited (NewDay). NewDay is one of the largest
specialist credit card companies in the UK and offers cards both
under its own brands and in partnership with individual retailers.
Only the cards branded by NewDay, which are targeted at higher-risk
borrowers on average, are included in this transaction. The cards
co-branded with retailers are financed through a separate
securitisation.

KEY RATING DRIVERS

Updated Asset Assumptions: Fitch has updated its asset assumptions,
reducing the steady-state charge-off rate to 16% from 17% and
increasing the monthly payment rate (MPR) to 12% from 11%. The
changes reflect (i) NewDay's increasing strategic focus on
acquiring and retaining slightly lower risk borrowers; (ii) the
strength and stability of portfolio performance metrics during
challenging macroeconomic conditions; and (iii) continued
refinements to NewDay's automated credit scoring process.

Charge-off and MPR stresses are unchanged and remain at the low end
of the criteria range (3.5x and 45% at the 'AAAsf' rating case,
respectively). This considers the high absolute level of the
steady-state charge-off rate, low volatility in the historical data
and low payment rates typical of the non-prime credit card sector.

Sound Performance Relative to Steady States: The transaction's
recent performance remains below Fitch's steady-state charge-off
rate. Over the last year, charge-offs and the MPR have averaged
12.9% and 14.1%, respectively. Fitch expects performance metrics to
fluctuate around its steady-states through the economic cycle.

VFN Add Flexibility: The structure includes a separate originator
variable funding note (VFN), purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to the series VFN-F1,
VFN-F2 and VFN-F3 providing the funding flexibility typical and
necessary for credit card trusts. It provides credit enhancement to
the rated notes, adds protection against dilutions by way of a
separate functional transferor interest, and meets UK and US
risk-retention requirements.

Risks from Seller/Servicer Mitigated: The NewDay group acts in
several capacities through its various entities, most prominently
as originator, servicer and cash manager. The reliance on the group
is mitigated by the transferable operations, agreements with
established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve. A back-up
servicer has been in place since October 2024. Upon the occurrence
of a servicer termination event, the back-up servicer will replace
the existing servicer within 30 days.

From April 2025, the minimum transferor interest percentage was
reduced to 1.2% from 1.65%, given the historically low dilutions
experienced by the pool. Fitch deems that the minimum transferor
interest remains adequately sized to cover dilution risk.

RATING SENSITIVITIES

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

Rating sensitivity to increased charge-off rate

Increase steady state by 25% / 50% / 75%:

Series 2025-2 A: 'AA+sf'/ 'AAsf' / 'AA-sf'

Series 2025-2 B: 'AA-sf'/ 'Asf' / 'A-sf'

Series 2025-2 C: 'A-sf'/ 'BBB+sf' / 'BBBsf'

Series 2025-2 D: 'BB+sf'/ 'BBsf' / 'BB-sf'

Series 2025-2 E: 'B+sf'/ 'Bsf' / N.A.

Rating sensitivity to reduced MPR

Reduce steady state by 15% / 25% / 35%:

Series 2025-2 A: 'AA+sf'/ 'AA+sf' / 'AA-sf'

Series 2025-2 B: 'AA-sf'/ 'A+sf' / 'Asf'

Series 2025-2 C: 'A-sf'/ 'A-sf' / 'BBB+sf'

Series 2025-2 D: 'BBB-sf'/ 'BB+sf' / 'BB+sf'

Series 2025-2 E: 'BB-sf'/ 'BB-sf' / 'B+sf'

Rating sensitivity to reduced purchase rate

Reduce steady state by 50% / 75% / 100%:

Series 2025-2 D: 'BBBsf'/ 'BBBsf' / 'BBB-sf'

Series 2025-2 E: 'BBsf'/ 'BB-sf' / 'BB-sf'

No rating sensitivities are shown for the class A to C notes, as
Fitch already assumes a 100% purchase rate stress at their
ratings.

Rating sensitivity to increased charge-off rate and reduced MPR

Increase steady-state charge-offs by 25% / 50% / 75% and reduce
steady-state MPR by 15% / 25% / 35%:

Series 2025-2 A: 'AAsf'/ 'Asf' / 'BBB+sf'

Series 2025-2 B: 'Asf'/ 'BBB+sf' / 'BBB-sf'

Series 2025-2 C: 'BBB+sf'/ 'BBB-sf' / 'BBsf'

Series 2025-2 D: 'BBsf'/ 'B+sf' / 'Bsf'

Series 2025-2 E: 'B+sf'/ N.A. / N.A.

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

Rating sensitivity to reduced charge-off rate and increased MPR

Reduce steady-state charge-offs by 25% and increase steady-state
MPR by 15%:

Series 2025-2 A: 'AAAsf'

Series 2025-2 B: 'AAAsf'

Series 2025-2 C: 'AA+sf'

Series 2025-2 D: 'Asf'

Series 2025-2 E: 'BBBsf'

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

NewDay Funding Master Issuer Plc

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

Prior to the transaction closing, Fitch sought to receive a third
party assessment conducted on the asset portfolio information, but
none was available for this transaction.

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

ESG Considerations

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


TUGDOCK LIMITED: BDO LLP Named as Administrators
------------------------------------------------
Tugdock Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Bristol,
Insolvency and Companies List (ChD) Court Number:
CR-2025-BRS-000060, and Simon Girling and Danny Dartnaill of BDO
LLP were appointed as administrators on June 23, 2025.

Tugdock Limited engaged in the development of modular floating dry
dock technology.

Its registered office is at Admiralty House, 2, Bank Place,
Falmouth, TR11 4AT To be changed to c/o BDO LLP, 5 Temple Square,
Temple Street, Liverpool, L2 5RH.

The joint administrators can be reached at:

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

         -- and --

     Simon Girling
     BDO LLP
     Bridgewater House
     Finzels Reach, Counterslip
     Bristol, BS1 6BX

For further details, contact:

     Ben Wightman
     Email: BRCMTLondonandSouthEast@bdo.co.uk
     Tel No: +44(0)7551 415110



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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