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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 9, 2025, Vol. 26, No. 136

                           Headlines



F R A N C E

LUNE HOLDINGS: Moody's Cuts CFR to 'Caa3, Outlook Negative


G E R M A N Y

APOLLO 5 GMBH: Moody's Hikes CFR to B1 & Alters Outlook to Stable


I R E L A N D

CVC CORDATUS XII: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes
GOLDENTREE LOAN 5: Moody's Affirms Ba3 Rating on EUR20.4MM E Notes
GRIFFITH PARK CLO: Moody's Ups EUR11.25MM E-R Notes Rating to B1


L U X E M B O U R G

HSE FINANCE: S&P Raises ICR to 'CCC+' on Distressed Exchange
HSE INVESTMENT: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable


M A L T A

MAS PLC: Moody's Puts 'B1' CFR Under Review for Downgrade


S P A I N

BAHIA DE LAS ISLETAS: Moody's Confirms Caa2 CFR, Outlook Negative


U N I T E D   K I N G D O M

AJT DIMSUM: Begbies Traynor Named as Administrators
ALLASSO RECYCLING: Verulam Advisory Named as Administrators
BLACK COUNTRY: RSM UK Named as Administrators
FT GROUP: Begbies Traynor Named as Administrators
J D ENGINEERING: Begbies Traynor Named as Administrators

LONDON CARDS 1: Moody's Hikes Rating on GBP18.75MM E Notes to Ba2
SOUTHERN WATER: Moody's Confirms Ba1 CFR & Alters Outlook to Stable
TALKTALK TELECOM: S&P Affirms 'CCC+' ICR & Alters Outlook to Neg.
THELOGICALLY LTD: Begbies Traynor Named as Administrators
WHITE MOUNTAIN: Mercer & Hole Named as Administrators


                           - - - - -


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F R A N C E
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LUNE HOLDINGS: Moody's Cuts CFR to 'Caa3, Outlook Negative
----------------------------------------------------------
Moody's Ratings downgraded Lune Holdings S.a.r.l.'s (Kem One or the
company) long term corporate family rating and probability of
default rating to Caa3 and Caa3-PD from Caa1 and Caa1-PD,
respectively. Concurrently, Moody's downgraded Kem One's existing
rating for the senior secured global notes to Ca from Caa2. The
outlook remains negative.

RATINGS RATIONALE

The downgrade reflects Moody's revised view of an increased
likelihood of a default or distressed exchange, under Moody's
definition, compared to previous estimates. The company faced
several operational problems and continues to experience a
prolonged downturn in the European Polyvinyl Chloride (PVC) market
with an uncertain recovery path. This resulted in negative
Moody's-adjusted EBITDA for the last three consecutive quarters
(Q3-2024 to Q1-2025).

Kem One secured a 5-year (including a springing maturity) EUR200
million debt facility (of which EUR80 million are structured as a
delayed draw term loan), in the form of a notes purchase agreement,
in March 2025 to offset its large negative free cash flow. The
proceeds were mainly used to repay and terminate the EUR100 million
revolving credit facility, and to fund capital expenditure. Moody's
views Kem One's liquidity as weak, especially in a scenario with a
prolonged weakness of the European PVC market into 2026.
Additionally, operational issues, such as leakages or a shortage of
salt, over the last two years affected its plant operations and
revealed weaknesses in the company's operational processes.

Moody's believes that there is a high likelihood of a debt
restructuring or distressed exchange as its capital structure is
unsustainable, especially considering the negative Moody's-adjusted
EBITDA generation in the last three quarters and the uncertain path
of a potential recovery. The senior secured global notes are
trading at severely distressed levels which points to an erosion of
debt investors' confidence. The departure of the former CFO in June
further adds to the already high turnover rate in the management
team, particularly in the CFO role.

Kem One's gross leverage, as adjusted by us, is currently negative
(given its negative EBITDA), and Moody's forecasts gross leverage
to be in the range of 8x-11x in 2026. There is a high degree of
uncertainty attached to Moody's forecasts due to Kem One's volatile
performance, stemming from the commodity nature of the business and
operational difficulties.

In addition, the current ARENH (Accès Régulé à l'Électricité
Nucléaire Historique) mechanism ends at year-end 2025. This
creates uncertainty regarding the future level of electricity costs
and whether its cost position will be competitive compared to
German or other European PVC producers. Export markets are
unattractive because European producers have  higher production
costs than their US counterparts, alongside an oversupply from
China.

The technology upgrade in Fos and several operational initiatives
should help to improve EBITDA. Nonetheless, the company relies on a
recovery in the European construction market—particularly in new
builds, which have been under sustained pressure. All of the
factors above make it challenging to forecast if or when the
company will return to its historical levels of EBITDA. However,
the earnings projected in Moody's forecasts in 2026 are
insufficient to cover capital expenditures and interest expense.

LIQUIDITY

Moody's views Kem One's liquidity as weak, especially in a scenario
with a prolonged weakness of the European PVC market into 2026. As
of end March 2025, the company had around EUR51 million of cash on
balance. Following the repayment and termination of the revolving
credit facility, no further availability remains under that
arrangement. However, the company retains EUR80 million in
additional liquidity under the delayed draw tranche of its notes
purchase agreement as of end March 2025.

NEGATIVE OUTLOOK

The negative outlook on Kem One highlights the risk around the
unsustainability of the company's capital structure and the risk of
a default over the next 12-18 months.

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

Moody's could upgrade the ratings if there are strong, visible near
term improvements in performance resulting in a sustainable capital
structure combined with an adequate liquidity profile.

Moody's could downgrade the ratings if liquidity deteriorates
further or operating performance does not improve. A ratings
downgrade could also be prompted if Moody's views on the
probability of a restructuring or distressed exchange increases.

The principal methodology used in these ratings was Chemicals
published in October 2023.

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

COMPANY PROFILE

Lune Holdings S.a.r.l. (Kem One), based in Lyon, France, is a base
chemicals producer, primarily focused on PVC and caustic soda. The
company has leading market positions in Southern Europe, while it
has limited sales exposure to Northern European countries. The
company has eight manufacturing sites in France and Spain. For the
12 months that ended March 2025, the company reported revenue of
around EUR1 billion. Since 2021, Kem One is majority owned by funds
managed by affiliates of Apollo Global Management, Inc.



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G E R M A N Y
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APOLLO 5 GMBH: Moody's Hikes CFR to B1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Apollo 5 GmbH's (Aenova or the
company) long-term corporate family rating to B1 from B2 and its
probability of default rating to B1-PD from B2-PD. At the same
time, Moody's have upgraded to B1 from B2 the rating on the senior
secured term loan B1 due in 2031 and senior secured revolving
credit facility (RCF) due in 2031, both issued by Aenova Holding
GmbH which is a direct subsidiary of Apollo 5 GmbH. The outlook on
both entities was changed to stable from positive.

RATINGS RATIONALE

The rating upgrade reflects Aenova's sustained improvement in
operating performance and profitability over recent quarters. This
positive momentum has led to a meaningful enhancement in credit
metrics, particularly leverage, which now stands slightly below
4.5x — the threshold for an upgrade to B1. Moody's adjusted
EBITDA margin increased from 11.9% in 2023 to 16.5% in the twelve
months ended March 2025. This improvement was driven by increased
sales volume, price increases implemented since 2023 to pass on
higher procurement costs, as well as a better product mix including
higher profitability projects. This improvement translated into a
reduction in Moody's-adjusted Gross Debt/EBITDA to 4.3x in LTM
March 2025 from 5.4x in LTM March 2024.

Moody's expects Aenova's credit metrics to continue improving
supported by stronger EBITDA generation coming from recent business
wins and capability optimization projects. Over the next 12 to 18
months, Moody's adjusted EBITDA margin is expected to trend towards
20% and Moody's-adjusted leverage is projected to decline toward
3.5x during this period. Although Moody's-adjusted free cash flow
(FCF) to debt is expected to remain slightly negative in 2025 due
to high growth capital expenditures, it should turn positive in
2026, to around 3% to 5%. At the same time, Moody's-adjusted
EBITDA-to-interest coverage is anticipated to trend toward 3.0x.
Achieving these targets will depend on Aenova's ability to sustain
its improved operating performance and successfully deliver on
increased demand and recent business wins.

Aenova's B1 CFR reflects the company's good business position as
the seventh-largest contract development and manufacturing
organization (CDMO) in the world, with leading positions in oral
solid, semisolid and softgel dosage forms in Europe, as well as in
animal health; the industry's high barriers to entry because of its
capital-intensive and regulated nature; and Aenova's customer
stickiness because of high switching costs and related execution
risks.

The rating is constrained by the company's manufacturing production
being highly concentrated in Europe, particularly in Germany, and a
degree of business risk in the CDMO sector because of social
factors related to responsible production which incorporate the
risks of how a company manages its production processes and supply
chain or delivery of services. That being said, Aenova has a good
track record in managing such risks.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations under Moody's General Principles for
Assessing Environmental, Social and Governance Risks methodology
are a key driver of the rating action. Following the change of
ownership that took place one year ago, the company will be
majority owned by Kuhne Holding AG, a company that holds interests
in transportation and logistics companies. The firm exhibits a
relatively prudent approach to leverage and targets a Net
debt/EBITDA ratio of 2.0x for Aenova (as of end FY 2024 this
translated into Moody's adjusted leverage ratio (Gross debt/EBITDA)
of approximately 4.0x), which is different and much more
conservative compared to a typical private equity owned capital
structure. Additionally, Moody's do not expect significant
shareholder distributions or debt-funded acquisitions.

LIQUIDITY

Aenova's liquidity is adequate, underpinned by EUR44.5 million of
cash on the balance sheet as of end-March 2025 and full
availability under its EUR140 million senior secured revolving
credit facility (RCF). Free cash flow is expected to remain
negative in 2025 due to elevated project-based capital
expenditures, but is projected to turn positive in 2026. Over the
next 12–18 months, Moody's-adjusted free cash flow to gross debt
is anticipated to improve to between 3% and 5%.

Under the loan documentation, the senior secured RCF lenders
benefit from a springing senior secured net leverage covenant set
at 6.0x, tested only when the senior secured RCF is drawn by more
than 40%. Moody's expects Aenova to maintain good capacity under
this covenant, if tested.

STRUCTURAL CONSIDERATIONS

Aenova's capital structure consists of a EUR400 million senior
secured Term Loan B and a EUR140 million senior secured RCF, all
rated in line with the CFR. The B1-PD PDR is at the same level as
the CFR, reflecting the use of a standard 50% recovery rate as is
customary for capital structures with covenant-lite documentation.

The facilities rank pari passu, benefit from upstream guarantees
from the group's restricted subsidiaries representing at least 80%
of consolidated EBITDA, and are secured by intragroup receivables,
bank accounts and share pledges.

OUTLOOK

The stable outlook reflects Moody's expectations that Aenova's
revenue and profitability will continue to grow in the next 12-18
months driven by exiting product portfolio and new project wins.
The stable outlook also assumes that Aenova will progressively
reduce its leverage towards 3.5x, improve its FCF, and demonstrate
a balanced financial policy including good liquidity.

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

Moody's could upgrade Aenova's ratings if the company demonstrates
a sustained ability to grow its revenue base and improve EBITDA
margin to above 20%. An upgrade would also require Moody's-adjusted
debt/EBITDA to decline and remain below 3.5x, Moody's-adjusted
EBITA/interest expense to improve sustainably above 3.0x, and
Moody's-adjusted free cash flow to debt to rise towards high single
digit percentage range, even while accommodating its significant
growth capex program. Additionally, evidence of a consistent track
record of prudent financial policy would be necessary to support an
upgrade.

Negative pressure on the rating could materialize if (i) the
company fails to deliver on projected improvements to revenue
generation and profitability, as per management plan, or its
operating performance deteriorates, (ii) its Moody's-adjusted debt
to EBITDA increases above 4.5x, (iii) its FCF remains limited for
an extended period of time or becomes negative, (iv) its
Moody's-adjusted EBITA/interest expense remains below 2.0x.
Negative pressure would also build up in case of more aggressive
financial policy.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Headquartered in Starnberg, Germany, Aenova is a leading European
CDMO providing outsourcing services to the pharmaceutical and
healthcare industries. Aenova operates primarily through 14
production sites in Europe, delivering in more than 80 countries
and has 7 development centers. For the 12 months that ended March
2025, the company generated revenue of EUR880 million and
company-adjusted EBITDA of EUR162 million.




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I R E L A N D
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CVC CORDATUS XII: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CVC Cordatus Loan Fund XII Designated Activity Company:

EUR17,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on May 17, 2023 Upgraded to
Aa1 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aaa (sf); previously on May 17, 2023 Upgraded to
Aa1 (sf)

EUR27,200,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa2 (sf); previously on May 17, 2023
Upgraded to A1 (sf)

EUR24,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on May 17, 2023
Upgraded to Baa2 (sf)

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

EUR242,000,000 (Current outstanding amount EUR195,583,563) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on May 17, 2023 Affirmed Aaa (sf)

EUR6,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 17, 2023 Affirmed Aaa
(sf)

EUR23,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on May 17, 2023
Affirmed Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on May 17, 2023
Affirmed B2 (sf)

CVC Cordatus Loan Fund XII Designated Activity Company, issued in
December 2018 and refinanced in April 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by CVC
Credit Partners European CLO Management LLP. The transaction's
reinvestment period ended in July 2023.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1-R, B-2-R, C-R and D
notes are primarily a result of the deleveraging of the senior
notes following amortisation of the underlying portfolio over the
last 12 months.

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

The Class A-1-R notes have paid down by approximately EUR43.2
million (17.9% of original balance) over the last 12 months and
EUR46.4million (19.2%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated May
2025[1], the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 145.89%, 130.96%, 120.07%, 110.99% and
106.90%, compared to May 2024[2] levels of 140.18%, 127.84%,
118.60%, 110.72% and 107.12%, respectively.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR346.8m

Defaulted Securities: EUR6.86m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3011

Weighted Average Life (WAL): 3.67 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 4.09%

Weighted Average Recovery Rate (WARR): 43.35%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


GOLDENTREE LOAN 5: Moody's Affirms Ba3 Rating on EUR20.4MM E Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by GoldenTree Loan Management EUR CLO 5 Designated Activity
Company:

EUR36,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Sep 18, 2024 Affirmed Aa2 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Sep 18, 2024
Affirmed A2 (sf)

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

EUR252,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Sep 18, 2024 Affirmed Aaa
(sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Sep 18, 2024
Affirmed Baa3 (sf)

EUR20,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Sep 18, 2024
Affirmed Ba3 (sf)

EUR13,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Caa1 (sf); previously on Sep 18, 2024
Downgraded to Caa1 (sf)

GoldenTree Loan Management EUR CLO 5 Designated Activity Company,
issued in April 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by GoldenTree Loan Management II,
LP. The transaction's reinvestment period will end in July 2025.

RATINGS RATIONALE

The rating upgrades on the Class B and C notes are primarily a
result of benefit of the shorter period of time remaining before
the end of the reinvestment period in July 2025.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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

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

Performing par and principal proceeds balance: EUR396.9 million

Defaulted Securities: EUR0

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2823

Weighted Average Life (WAL): 4.6 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.6%

Weighted Average Coupon (WAC): 3.5%

Weighted Average Recovery Rate (WARR): 44.1%

Par haircut in OC tests and interest diversion test:  0%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in July 2025, the main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

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


GRIFFITH PARK CLO: Moody's Ups EUR11.25MM E-R Notes Rating to B1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Griffith Park CLO Designated Activity Company:

EUR31,400,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Sep 2, 2024
Upgraded to Aa3 (sf)

EUR26,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A2 (sf); previously on Sep 2, 2024
Upgraded to Baa2 (sf)

EUR24,450,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba1 (sf); previously on Sep 2, 2024
Affirmed Ba3 (sf)

EUR11,250,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Sep 2, 2024
Affirmed B2 (sf)

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

EUR264,000,000 (Current outstanding amount EUR116,019,960) Class
A-1A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Sep 2, 2024 Affirmed Aaa (sf)

EUR8,750,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 2, 2024 Affirmed Aaa
(sf)

EUR20,500,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 2, 2024 Upgraded to Aaa
(sf)

EUR20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Sep 2, 2024 Upgraded to Aaa (sf)

Griffith Park CLO Designated Activity Company, originally issued in
September 2016 and last time refinanced in March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Blackstone Ireland Limited. The transaction's
reinvestment period ended in May 2023.

RATINGS RATIONALE

The rating upgrades on the Class B, Class C, Class D-R and Class
E-R notes are primarily a result of the deleveraging of the Class
A-1A notes following amortisation of the underlying portfolio since
the last rating action in September 2024.

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

The Class A-1A notes have paid down by approximately EUR83.36
million (31.58%) since the last rating action in September 2024 and
EUR147.98 million (56.05%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated June
2025[1] the Class A, Class B, Class C and Class D OC ratios are
reported at 172.26%, 144.76%, 127.34% and 114.79% compared to
August 2024[2] levels of 142.52%, 128.66%, 118.77% and 111.02%,
respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR284.52m

Defaulted Securities: EUR5.6m

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3063

Weighted Average Life (WAL): 3.35 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 3.53%

Weighted Average Recovery Rate (WARR): 43.26%

Par haircut in OC tests and interest diversion test: 0%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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




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

HSE FINANCE: S&P Raises ICR to 'CCC+' on Distressed Exchange
------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on HSE Finance
S.a.r.l. to 'CCC+' from 'D' (default).

The outlook is stable, balancing HSE's adequate liquidity and the
absence of near-term debt maturities, with challenging economic
environment that will likely keep leverage high at about 9.9x in
2025 and 9.5x in 2026.

S&P said, "We assigned our 'B-' issue and '2' recovery ratings to
the group's EUR340 million senior secured notes. The '2' recovery
rating indicates our expectation of substantial (rounded estimate:
70%) recovery, due to the instrument ranking senior to the EUR192
million PIK notes, albeit below the prior ranking trade receivables
factoring and the super senior EUR35 million revolving credit
facility (RCF), expected to be extended with the existing lenders
until April 2029. At the same time, we withdrew all issue and
recovery ratings on the company's previous EUR630 million senior
secured notes."

HSE completed, in S&P's view, a distressed exchange of its EUR630
million senior secured notes outstanding, due in 2026, for EUR340
million in new senior secured notes issued by HSE Investment
S.a.r.l., due October 2029, and EUR192 million in payment-in-kind
(PIK) notes issued by the parent, due April 2030. The company's new
capital structure gives way to stronger liquidity and debt maturity
profiles.

HSE's new capital structure has improved its liquidity position and
debt maturity profile. S&P therefore reassessed HSE's liquidity
position to adequate from less than adequate. The capital structure
now comprises a new EUR340 million senior secured notes issued by
HSE Investment SARL, due in October 2029, and EUR192 million in PIK
notes issued by the parent HSE Finance SARL, due in April 2030.
Furthermore, the company has a fully available super senior RCF of
EUR35 million; the 6.15x springing covenant is met after the
restructuring, as this covenant does not include the PIK notes. The
maturity of the RCF was extended with the existing lenders until
April 2029. The refinancing has left the company with approximately
EUR40 million of cash on its balance sheet. Moreover, the supplier
financing agreement of up to EUR20 million remains in place.

HSE's first quarter performance showed modest improvement. Revenue
increased slightly by 1% over the previous year to EUR160 million,
still burdened by low consumer sentiment in Germany. Its wellness
and jewelry segments showed revenue increases of over EUR5 million
(+28.0%) and more than EUR3 million (+14.8%), respectively, from
the previous year. That said, other segments saw a dip in revenue:
home & living (-21.2%), household (-8.4%), and beauty (-5.9%). The
company-adjusted EBITDA margin improved to 15.7%, from 13.4% the
previous year, as the recovery in the jewelry segment is margin
accreditive and cost-control measures were implemented.

Ongoing macroeconomic uncertainty and subdued demand are likely to
keep HSE's credit metrics under pressure this year. S&P expects
sales volumes and demand for HSE's teleshopping to remain weak in
the 2025, since consumer sentiment in Germany remains weak.
However, rising wages in Germany, supported by a robust labor
market, could support an uptick in discretionary demand, at least
in the second half of 2025.

S&P said, "For 2025-2027 we forecast only modest revenue growth,
constrained by the group's reliance on discretionary products and
its geographic concentration in markets with muted demand. In
particular, weak consumer sentiment in Germany has yet to recover
from a steep decline in 2022, leading to a drop in active customers
and revenue. Lastly, HSE has a substantial fixed cost base, as most
of its broadcasting is live and requires significant investments in
its TV studios. What's more, management expects that its new
business line, social commerce, will be lossmaking until 2027. We
forecast that increasing annual capital expenditure (capex) to
nearly EUR20 million in 2025-2026, from historical levels of closer
to EUR15 million, will likely hinder cash flow.

"In our view, favorable socioeconomic demographics of the core
customer base, a high share of own and exclusive brands, and a
strong market position in Germany continue to support HSE's
business model. The focus on soft goods, such as fashion and home
products, typically allows for higher margins and less intense
price competition compared with durable goods or electronics.
Approximately 90% of HSE's revenue come from own and exclusive
brands, which provide limited direct price comparability and
potential margin advantages. The company's core customer base is
loyal --with over 90% revenue generated from sales to the returning
customers--is relatively affluent, with disposable income and an
age profile that is comfortable with traditional media and shopping
channels, supporting steady and varied discretionary spending. HSE
is the second-largest teleshopping broadcaster in Germany, boasting
an estimated 30% market share, and it enjoys a solid position in
the e-commerce segment, where it generates about 45% of its
revenue. Moreover, the company exhibits limited seasonality, with
October to December accounting for 27% of annual sales in
2019-2022, compared with 20%-25% in other quarters.

"Our assessment of HSE's business risk profile as vulnerable
reflects its limited size, niche focus, and low geographic and
brand diversification as constraining factors. With preliminary
revenues of EUR617 million in 2024, HSE primarily operates in the
teleshopping niche, relying on its single 'HSE' brand. The DACH
region accounts for 100% of sales, after the exit from Russia in
2024. We anticipate increased competition and recognize that
effective inventory management is crucial for profitability. The
shift to e-commerce and wider reach of social commerce raises
competitive pressure. Proper inventory control is vital, in our
opinion, as excess stock can only be reduced through discounts,
negatively impacting profits, as seen in 2022.

"The recovery rating on the EUR340 million senior secured debt is
supported by a significant amount of subordinated debt at the
parent, EUR192 million PIK instrument. As per our rating approach,
this subordination allows for the issue rating to be one notch
higher than the issuer credit rating on HSE.

"The stable outlook balances the company's adequate liquidity and
the absence of near-term debt maturities, with challenging economic
conditions that will likely keep leverage high at about 9.9x in
2025 and 9.5x in 2026.

"We could lower our rating if we see a heightened likelihood of a
payment default or distressed debt exchange within the next 12
months. This could occur if the group's operating performance is
weaker than expected, if it consistently generates negative cash
flow, or if its liquidity declines to the extent that we no longer
believe it has enough cash to meet its obligations or maintain its
capital structure."

S&P could raise its rating on HSE if the company markedly improves
its operating performance, while tightly managing its working
capital, leading to a sustainable improvement in credit metrics,
such that:

-- S&P Global adjusted leverage is less than 6.0x;

-- Funds from operations (FFO) to cash interest is comfortably
above 2.0x; and

-- S&P expects sustained increases in FOCF after leases sufficient
to support capital structure and liquidity.

Ratings upside would likely depend on an increase in active
customer growth, favorable spending patterns across various
channels, and a positive trend in full-price sales.


HSE INVESTMENT: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned HSE Investment S.a r.l. (HSE) a
first-time Long-Term Issuer Default Rating (IDR) of 'B-' with a
Stable Outlook. Fitch has also assigned its EUR340 million senior
secured notes maturing in 2029 a 'B' rating with a Recovery Rating
of 'RR3'.

The rating reflects HSE's small scale, with a niche positioning in
the non-food retail sector, its focus on highly discretionary
spending, and its limited diversification by channel and geography.
Fitch also sees risks to the company's ability to broaden its
appeal to new customers. Those constraints are balanced by its
expertise and a long operational record in its markets with a core
group of loyal customers and a diversified product offering.

The Stable Outlook is underpinned by a now stabilised leverage, pro
forma for the recently completed debt restructuring transactions,
and its expectation of a degree of recovery of revenues, supporting
a return to neutral free cash flow (FCF) from 2026. Fitch views
liquidity as sufficient to support moderate business growth.

Key Rating Drivers

Small Scale, Niche Positioning: HSE's scale is fairly small, with
EBITDA consistently below EUR100 million in 2022-2024. Future
expansionary growth remains limited by its core business remaining
anchored in the German-speaking part of Europe (DACH region).
International expansion attempts beyond these geographies have not
always been successful. Fitch sees challenges in attracting new
customers due to a slower ramp-up of the social network live
(livestream) commerce format in Europe compared with other parts of
the world.

However, within its niche TV shopping business HSE has a
long-established business model that balances efficiency with a
successful customer experience, supporting its view of a redeemable
business model.

Slow Reversal to Growth Anticipated: Its forecast assumes that HSE
will be able to return to sales growth, although minimal, in 2025
after a 27% decline in 2021-2024 due to a post-pandemic sales
decline and their exit from the Russian market. Fitch anticipates
organic growth within HSE's current and new brands, alongside
increased penetration of livestream commerce, to allow sustainable
annual sales growth of 1.5%-2% in 2025-2028. Its 2025 forecast
assumes that a slower turnaround of fashion and home categories,
hit by weak consumer confidence, will largely offset strong growth
in performing categories, such as jewellery.

Profitability Improvement Drives Deleveraging: Fitch projects that
HSE's focus on profitable product categories should support an
improvement in EBITDA margin to 10.1% in 2025 from 9.8% in 2024
under its rating case. HSE's ability to maintain this margin will
support gradual organic deleveraging to 4.8x in 2028 from 5.1x in
2025. Management's ability to achieve higher growth and
profitability than its expectations, including stronger margin
accretion from livestream commerce while managing capex and working
capital within levels that do not lead to negative FCF, would be
positive for the credit profile.

Focus on Discretionary Products: HSE has broad product
diversification, but its business is focused on impulse-driven,
often medium- to large-ticket, purchases that are typically more
discretionary. The company's business focuses on the 'silver
generation', which is growing as a proportion of population and
total spending in the fashion and beauty categories. However,
although typically more financially independent than younger
generations, this population cohort is still subject to the
increasingly price-sensitive behaviour of consumers in
post-pandemic Europe.

Competitive Pressure Mounting: Fitch views the TV shopping industry
as exposed to increased competition from online retailers and
marketplaces, similarly to more conventional non-food fashion and
beauty retailers. Fitch expects consumer confidence to recover over
time from its current low in the DACH region, but it remains to be
seen how much of the market growth can be captured by TV shopping,
in its view.

Social Network Live Commerce Transition: Like its peers, HSE is
actively working towards expansion in social networks that provide
higher long-term growth opportunities than TV shopping. Livestream
shopping has some differences that may increase challenges to HSE's
successful expansion, including different demographics, product
preferences and brand building approaches, despite sharing many
business model features of TV shopping. Fitch therefore sees
execution risks to successfully replicating HSE's current business
model in livestream.

Capital Structure Addresses Refinancing Risk: HSE's capital
structure after the restructuring addresses refinancing risk, by
extending maturities to 2029 and beyond, and reduces leverage to a
level commensurate with the 'B' rating category. Lower interest
payments under the new capital structure, combined with limited
working-capital and capex needs, should support a move towards
neutral FCF generation in 2026-2028.

PIK Notes Treated as Equity: Fitch analyses the payment-in-kind
(PIK) notes issued by HSE Finance S.a r.l. and held at HSE, the
holding company, using its Corporate Rating Criteria. Fitch takes
into account their structural subordination, as they are issued
outside the senior secured notes restricted group, and contractual
subordination as outlined in an intercreditor agreement. Fitch
therefore treats the PIK notes as equity under its criteria,
despite a short tenor of around five years.

Peer Analysis

HSE's closest peer is QVC, Inc. (CCC+), which has a very similar
business model. QVC has a larger scale and greater geographic
diversification but has a less sustainable capital structure and
faces a challenging operating environment in its core US market,
including weakening consumer sentiment and possible import tariffs
on its goods, which explains the one-notch difference between the
IDRs.

HSE is small compared with Very Group Limited (B-/Negative), but
the relatively weaker business profile is offset by lower leverage
and stronger liquidity after the debt restructuring, resulting in a
similar IDR.

Key Assumptions

- Low single-digit revenue growth until 2028, led by wellness and
jewellery with slightly higher growth than other categories

- EBITDA to rise 30 bp in 2025, followed by a flat trend to 2028

- Annual working capital outflows of EUR2 million to 3 million in
2025-2028

- Annual capex at 2%-3% of sales in 2025-2028

- Non-operating and extraordinary cash outflows averaging EUR6
million a year in 2025-2028

- No M&A

- No dividend distribution

Recovery Analysis

The recovery analysis assumed that HSE would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated in a default. Fitch has assumed a 10%
administrative claim in the recovery analysis.

Fitch has applied a distressed enterprise value/EBITDA of 5x, in
line with Takko Holding Luxembourg 2 S.à.r.l., and above the 4.5x
Fitch used for The Very Group, but below the 5.5x Fitch used for
Afflelou S.A.S.

Its GC EBITDA estimate at EUR50 million reflects the level of
earnings required for the company to sustain operations as a GC in
unfavourable market conditions of shrinking volumes and with an
inability to pass on cost increases.

The reinstated EUR340 million senior secured notes rank behind
HSE's super senior revolving credit facility of EUR35 million,
assumed fully drawn at default. Fitch treats supplier financing as
senior unsecured, and therefore rank them lower than the senior
secured notes in the waterfall.

Waterfall-generated recovery computation resulted in a ranked
recovery for the senior secured notes in the 'RR3' band, indicating
a 'B' rating.

RATING SENSITIVITIES

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

- Failure to maintain consolidated positive sales growth,
indicating a structural market decline

- Consistently negative FCF margin as a result of profitability
decline, unfavourable working capital or excess capex

- EBITDAR gross leverage consistently above 5.5x

- EBITDAR fixed charge cover approaching 1.0x

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

- Growth in scale, with EBITDAR approaching EUR100 million

- EBITDAR margin maintained above 13%, supporting positive FCF
generation

- EBITDAR gross leverage consistently below 4.5x

- EBITDAR fixed charge cover above 1.5x

Liquidity and Debt Structure

HSE liquidity remained acceptable at transaction close, with EUR20
million Fitch-calculated cash available for debt service (after
Fitch's EUR15 million adjustment to cash for operating purposes)
and a EUR35 million fully undrawn revolving credit facility.

The debt maturity profile is comfortable, with EUR340 million
senior secured notes maturing in October 2029, and EUR192 million
PIK notes in April 2030. Fitch views that refinancing all of HSE's
debt could be required when the senior secured debt approaches
maturity, even though the full repayment of EUR630 million senior
secured notes has automatically extended the maturity of the PIK
notes by another two years.

Issuer Profile

HSE is the holding company of Home Shopping Europe, a home shopping
TV network and an online shopping platform with operations in the
DACH region.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt                  Rating         Recovery   
   -----------                  ------         --------   
HSE Investment S.a r.l.   LT IDR B- New Rating

   senior secured         LT     B  New Rating   RR3




=========
M A L T A
=========

MAS PLC: Moody's Puts 'B1' CFR Under Review for Downgrade
---------------------------------------------------------
Moody's Ratings has placed the B1 long term corporate family rating
of MAS P.L.C. (MAS or the company) and the B2 backed senior
unsecured notes issued by MAS Securities B.V. on review for
downgrade. Previously, the outlook on both entities was positive.

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

The review for downgrade reflects the uncertainty about MAS'
financial and liquidity policy, as MAS key shareholders propose an
orderly disposal of its property portfolio and pay special
dividends, potentially impacting the company's debt servicing
capability in light of the upcoming maturity of a bond in 2026.

Furthermore, the review for downgrade reflects increased liquidity
risk stemming from MAS' backed senior unsecured bond maturity in
May 2026 that MAS has not yet covered from existing sources.
According to a company update as of June 30, 2025, the remaining
funding gap is estimated at EUR88 million, whereby the company is
in advanced negotiations with respect to secured loans for EUR45
million. Operating cash flow will reduce the gap, and the company
has generated about EUR25 million Moody's-adjusted FFO in the last
twelve months to December 2024.

In contrast to previous plans, the parties were unable to agree on
terms to terminate the development joint venture (DJV) arrangements
by effectively splitting the DJV. This plan would have resulted in
material group simplification and would have increased financial
flexibility for MAS to close the existing funding gap.

As an alternative to unlock the value for shareholders in MAS,
Prime Kapital proposes resolutions that advise MAS board to
facilitate an orderly disposal of its property portfolio and pay
special dividends based on net proceeds and amounts received from
the DJV. Votes will be due by shareholders on July 11, 2025.
Moody's are also aware that both Prime Kapital and Hyprop
Investments Limited have previously considered but did not yet make
voluntary bids for MAS.

In Moody's views, MAS' liquidity sourcing is hindered by continued
activity related to the equity shareholding in MAS and recent
proposals aiming to accelerate a disposal of MAS' existing property
assets. During the rating review, Moody's will monitor the outcome
of MAS further activities to shore up liquidity and clarifications
on MAS strategy following shareholder votes and activities,
including clarifying liquidity priority over distributions. While
liquidity pressure has materially increased, there is equity value
in MAS that should incentivize all parties to support a repayment
of the 2026 bond maturity, independent of plan relating to asset
disposals. While asset disposals may generate sufficient proceeds
to close any funding gap, Moody's do not consider the availability
of potential disposal proceeds as a reliable source for debt
repayment given execution risk.

An upgrade is unlikely given the current review for downgrade but
could occur upon

-- MAS resolving its liquidity needs for 2026 with a buffer

-- Governance concerns are reduced, and the company's shareholders
commit on a sustainable business plan with priority for liquidity
preservation for MAS going forward

-- Moody's-adjusted debt/asset to remains well below 40% and
Moody's-adjusted fixed charge cover (excluding accounting earnings
from preferred equity) to remain well above 2x

A downgrade could occur upon

-- Failure to address liquidity requirements within the next 3
months, including clarity around distributions from MAS depending
on shareholder votes

-- Moody's-adjusted debt/asset increases above 40% and
Moody's-adjusted fixed charge cover (excluding accounting earnings
from preferred shares) drops below 2x

Moody's notes that the backed senior unsecured rating could be
subject to further notching below the CFR as recovery prospects for
unsecured and for secured credits may diverge further in a
potential winddown of the company.

LIQUIDITY

Liquidity for MAS is inadequate in the next 12 months given MAS
Securities B.V.'s outstanding EUR173 million backed senior
unsecured bond maturity in May 2026. Moody's expects a full drawing
of the remaining commitments by the DJV (EUR30 million Revolving
Credit Facility (RCF) next to some capital spending.

MAS shared an update that highlights EUR174 million liquidity
available and negotiations relating to further secured debt to be
well advanced, while management is working on securing further
funding. The funding gap (before operating cash) is EUR88 million
according to MAS.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in May 2025.

The difference between the scorecard indicated outcome and the
assigned rating mainly reflects concerns about liquidity for the
company's bond maturity in May 2026.

COMPANY PROFILE

MAS P.L.C. is a CEE focused retail real estate landlord and
operator, with a focus in Romania. Most of its EUR1 billion
directly owned assets are open air and enclosed malls. The company
also has a 40% stake in and provides preferred equity to the DJV
established with Prime Kapital. MAS is listed on the Johannesburg
Stock Exchange (JSE). Outside of the private holdings related to
Prime Kapital related parties, MAS' shares are widely held.




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

BAHIA DE LAS ISLETAS: Moody's Confirms Caa2 CFR, Outlook Negative
-----------------------------------------------------------------
Moody's Ratings has confirmed the Caa2 long term corporate family
rating of Bahia De Las Isletas, S.L. (Naviera Armas or Bahia De Las
Isletas) and appended a limited default (LD) designation to the
probability of default rating revising it to Caa2-PD/LD from
Caa2-PD. The LD designation will be removed after three business
days. Moody's also confirmed the Caa3 senior secured notes rating
of ANARAFE, S.L.U. The outlook on both entities is negative.
Previously, the ratings were on review for downgrade.

"The rating action was triggered by the executed amend and extend
of the company's senior secured term loan which is considered a
distressed exchange. The confirmation of the ratings and negative
outlook reflects Moody's views, that while its operating
performance starts to improve from several measures being taken,
Naviera Armas' capital structure remains stretched which Moody's
believes increases the likelihood of further restructuring given
upcoming debt maturities in 2026" says Dirk Goedde, a Moody's
Ratings Vice President - Senior Analyst.

RATINGS RATIONALE

Naviera Armas' profitability remains subdued but with some signs of
improvements predominantly driven by the discontinuation of
underperforming routes and benefits from lower fuel prices. In the
first quarter 2025 its reported EBITDA (including exceptional
costs) improved to EUR-4.2 million from EUR-10.2 million in the
same period in 2024. This performance remains below Moody's
expectations when the rating was assigned in March 2024, where
Moody's anticipated that the company's performance-enhancing
initiatives would lead to an EBITDA growth of 5% to 10% for the
year. Due to this underperformance and the resulting
weaker-than-expected liquidity position, Moody's believes that
further adjustments to its capital structure will be necessary.

Bahia De Las Isletas, S.L.'s Caa2 rating is constrained by (1)
execution risks related to the current turnaround plan, including
the ability to optimize its route network and current fleet; (2)
Naviera Armas' high fixed-cost structure but even more so weak
track record in its ability to pass on bunker cost increases; (3)
its high leverage, low interest coverage and negative free cash
flow (FCF) expected over the next 12-18 months; (4) history of poor
corporate governance with related party transactions impacting the
company negatively but a new board of management has been appointed
in 2024 and (5) lack of fleet renewals.

More positively, the rating incorporates (1) the company's
well-established market positions, with a large ferry fleet and
multiple routes creating some barriers to entry; (2) signs that
initiatives implemented by new management have already rendered
positive effects and (3) stable underlying business fundamentals
with good revenue visibility on part of its business.

STRUCTURAL CONSIDERATIONS

The Caa3 rating on the outstanding EUR194 million (plus accrued
interests) senior secured notes due 2026 issued by ANARAFE, S.L.U.
is one notch lower than the Naviera Armas' CFR. This reflects that
the notes rank behind the EUR60m term loan.

LIQUIDITY

Naviera Armas has a weak liquidity profile. As of April 2025, the
company's liquidity sources included cash on balance sheet of EUR31
million, of which EUR17 million was classified as restricted.

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

The ratings could be upgraded if Naviera Armas' operating
performance improves so as to:

-- support stronger profitability levels

-- reduce the company's negative FCF generation to help address
the sustainability of the capital structure, and

-- further strengthen the liquidity position

Conversely, the ratings could be downgraded if:

-- a deteriorating liquidity position, operating performance or
ability to service its debt

-- Moody's sees a rising risk of a default with losses to
debtholders.

ESG CONSIDERATIONS

Corporate governance has historically weakened credit quality
significantly for Naviera Armas, not at least due to related party
transactions with the Armas family. Although Moody's positively
note that the new board has prevented such transactions to happen
going forward, Naviera Armas is leasing five vessels from SPV's
that in the same time owes Naviera Armas over EUR60 million.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
published in June 2021.

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

COMPANY PROFILE

Headquartered in Las Palmas, Naviera Armas is a Spanish ferry
operator. The company provides passenger and freight maritime
transportation services mainly in the Canary Islands (between
islands and to/from the Iberian peninsula) and the route Spain –
Morocco / Algeria. As of December 31, 2024, the company operated a
fleet of 19 vessels. The company also operates the largest land
transportation business in Spain with a fleet of more than 500
trucks. In 2024 the company reported revenue of EUR519 million and
a company-adjusted EBITDA of EUR15.8 million (on a Spanish GAAP
basis).




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

AJT DIMSUM: Begbies Traynor Named as Administrators
---------------------------------------------------
AJT Dimsum Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts, Court
Number: CR-2025-003818, and Asher Miller and Stephen Katz of
Begbies Traynor (London) LLP were appointed as administrators on
July 1, 2025.  
       
AJT Dimsum engaged in sports activities.
       
Its registered office is at Pearl Assurance House, 319 Ballards
Lane, Finchley, London, N12 8LY.
       
The joint administrators can be reached at:
       
     Asher Miller
     Stephen Katz
     Begbies Traynor (London) LLP
     Pearl Assurance House
     319 Ballards Lane
     London, N12 8LY
       
Any person who requires further information may contact:
       
     James Lewis
     Begbies Traynor (London) LLP
     Email: MH-Team@btguk.com
     Tel No: 020 8343 5900


ALLASSO RECYCLING: Verulam Advisory Named as Administrators
-----------------------------------------------------------
Allasso Recycling Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Bristol, Court Number: CR-2025-BRS-000051, and William
Turner and Peter Nicholas Wastell of Verulam Advisory were
appointed as administrators on June 30, 2025.  

Allasso Recycling engaged in the construction of roads and
motorways.

Its registered office is at 29 Devizes Road, Swindon, Wiltshire,
SN1 4BG

Its principal trading address is at Old Market Road, Corfe Mullen,
Wimborne, Dorset, BH21 3QZ

The joint administrators can be reached at:

     William Turner
     Peter Nicholas Wastell
     Verulam Advisory
     Second Floor, The Annexe
     New Barnes Mill
     Cottonmill Lane
     St Albans AL1 2HA

For further details, contact:

     The Joint Administrators
     Email: info@verulamadvisory.co.uk.
     Tel No: 01727 701 788

Alternative contact:

     James Gibney


BLACK COUNTRY: RSM UK Named as Administrators
---------------------------------------------
Black Country Innovative Manufacturing Organisation was placed into
administration proceedings in the High Court of Justice Business
and Property Courts in Birmingham, Insolvency and Companies List
(ChD), Court Number: CR-2025-000337, and Deviesh Ramesh Raikundalia
and Tyrone Courtman of RSM UK Restructuring Advisory LLP were
appointed as administrators on July 1, 2025.  

Black Country Innovative engaged in engineering related scientific
and technical consulting activities; and other research and
experimental development on natural sciences and engineering.

Its registered office is at No 4 Castle Court, 2 Castlegate Way,
Dudley, DY1 4RH

Its principal trading address is at Very Light Rail National
Innovation Centre, Zoological Drive, Dudley, DY1 4AW

The joint administrators can be reached at:

         Deviesh Ramesh Raikundalia
         Tyrone Courtman
         RSM UK Restructuring Advisory LLP
         Rivermead House
        7 Lewis Court
         Grove Park, Enderby
         Leicestershire, LE19 1SD

Correspondence address & contact details of case manager:

         Rob Hart
         RSM UK Restructuring Advisory LLP
         Rivermead House
         7 Lewis Court
         Grove Park, Enderby
         Leicestershire, LE19 1SD
         Tel No: 0161 830 4000

For further details contact:

         The Joint Administrators
         Tel: 0116 282 0550


FT GROUP: Begbies Traynor Named as Administrators
-------------------------------------------------
FT Group Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in Birmingham,
Insolvency and Companies List, Court Number: CR-2025-BHM-000340,
and Wayne MacPherson and Louise Donna Baxter of Begbies Traynor
(Central) LLP were appointed as administrators on July 1, 2025.  

FT Group specialized in information technology.

Its registered office is at 1 St. James Court, Friar Gate, Derby,
DE1 1BT.

The joint administrators can be reached at:

     Wayne MacPherson
     Louise Donna Baxter
     Begbies Traynor (Central) LLP
     1066 London Road, Leigh-on-Sea
     Essex, SS9 3NA

For further details, contact:

     Yanish Gopee
     Begbies Traynor (Central) LLP
     Email: yanish.gopee@btguk.com
     Tel No: 01702 467255


J D ENGINEERING: Begbies Traynor Named as Administrators
--------------------------------------------------------
J D Engineering (NW) Ltd was placed into administration proceedings
in The High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000858 and Jason Dean Greenhalgh and Stephen Berry of
Begbies Traynor (Central) LLP were appointed as administrators on
June 25, 2025.

J D Engineering engaged in mechanical, electrical and plumbing
services.

Its registered office is at Unit 6, Shepherds Development, Carr
Lane, Hoylake, Wirral, CH47 4AZ.

The administrators can be reached at:

     Jason Dean Greenhalgh
     Stephen Berry
     Begbies Traynor (Central) LLP
     No 1 Old Hall Street
     Liverpool, L3 9HF

For further information, contact:
           
     Jake Hinchcliffe
     Begbies Traynor (Central) LLP
     Email: jack.priestley@btguk.com
     Tel No: 0151 227 4010


LONDON CARDS 1: Moody's Hikes Rating on GBP18.75MM E Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of five classes of notes
in London Cards No.1 plc. The rating action reflects better than
expected collateral performance.

Moody's affirmed the rating of the notes that had sufficient credit
enhancement to maintain their current ratings.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

GBP150M Class A Loan Notes, Upgraded to Aa1 (sf); previously on
Jun 20, 2023 Definitive Rating Assigned Aa3 (sf)

GBP18.75M Class B Notes, Upgraded to Aa2 (sf); previously on Jun
20, 2023 Definitive Rating Assigned A1 (sf)

GBP18.75M Class C Notes, Upgraded to A1 (sf); previously on Jun
20, 2023 Definitive Rating Assigned A2 (sf)

GBP18.75M Class D Notes, Upgraded to Baa1 (sf); previously on Jun
20, 2023 Definitive Rating Assigned Baa2 (sf)

GBP18.75M Class E Notes, Upgraded to Ba2 (sf); previously on Jun
20, 2023 Definitive Rating Assigned Ba3 (sf)

GBP12.5M Class F Notes, Affirmed Caa2 (sf); previously on Jun 20,
2023 Definitive Rating Assigned Caa2 (sf)

The transaction is a 3-years revolving cash securitisation of
credit card receivables extended to small and medium sized
companies in the UK. New Wave Capital Limited (trading as "Capital
on Tap") (NR) is the originator and servicer.

RATINGS RATIONALE

Revision of Key Collateral Assumptions:

This rating action follows the increase in the payment rate
assumption for London Cards No.1 plc to reflect the observed higher
payment rates. The update of the payment rate assumption to 40%
from 35%, caused the Moody's Ratings Aaa Loss Given Sponsor Default
("Aaa LGSD") to decrease to 44.1% from 49%.

The payment rate in the transaction has increased and stands at
68.36%, compared to 57.91% a year ago.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of note payments, in case of
servicer default. The rating of the Class A notes is constrained by
operational risk due to size of the reserve fund relative to fees
and interest payable on the notes.

No action was taken on the Class X Notes taking into account their
limited expected time to maturity.

The principal methodology used in these ratings was "Credit Card
Receivables Securitizations" published in June 2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


SOUTHERN WATER: Moody's Confirms Ba1 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has confirmed the Ba1 corporate family rating and
Ba1-PD probability of default rating of Southern Water Services
Limited (Southern Water). Concurrently, Moody's also confirmed the
Ba1 backed and underlying senior secured ratings of SW (Finance) I
PLC, the guaranteed finance subsidiary of Southern Water. The
outlook on all entities is stable. Previously, ratings were on
review for downgrade.

This rating action follows an announcement, on July 01, 2025, that
(1) GBP655 million new equity has been fully committed, with the
intention to provide a further commitment of up to an additional
GBP545 million, with a minimum of GBP245 million, by December 2025;
and (2) a parallel capital restructuring will significantly reduce
holding company debt. [1]

The A1 backed senior secured ratings of those bonds that are
subject to a financial guarantee by Assured Guaranty UK Limited (A1
stable) of timely payments of scheduled interest and principal will
continue to reflect the insurance financial strength rating of the
guarantor and remain unaffected.

RATINGS RATIONALE

The rating confirmations at Ba1 reflect that while Southern Water
continues to face the risk of cost overruns and performance
penalties, the proposed equity injections of between GBP900-1,200
million, of which GBP655 million is now committed, provides
sufficient mitigant to maintain credit quality at the Ba1 rating
level.

The equity contribution supports sizeable growth in Southern
Water's regulatory capital value (RCV) – almost 45% in real terms
over AMP8 (excluding contingent allowances) – and is a
continuation of previous shareholder contributions of, in
aggregate, GBP905 million to the operating company and GBP718
million to its holding companies since September 2021.

In addition to the equity commitment, a parallel capital
restructuring in the wider group will significantly reduce both the
overall group leverage and the risk of the operating company's
ability to raise capital being adversely affected by funding
difficulties at holding companies. The capital restructuring
consists of (1) a debt for equity swap at Southern Water
(Greensands) Financing PLC (HoldCo); and (2) a debt restructuring
to extend maturities and defer any interest payments until after
the end of AMP8 at Greensands Financing PLC under Greensands
Finance Holdings Limited (MidCo).

The initial GBP655 million equity commitment is conditional on
completion of this holding company restructuring. Holding company
creditors have agreed to the amendments but changes will take
effect concurrently with proposed amendments to the operating
finance documents. The equity commitment also requires (1)
Macquarie's acquisition of Southern Water (Greensands) Financing
plc and Greensands Junior Finance Limited, expected to complete in
early July; (2) the operating company debt continuing to be rated
investment grade by at least two credit rating agencies; and (3)
implementation of certain amendments to Southern Water's finance
documentation, including the removal of the event of default that
would occur if the senior secured debt rating by any two credit
rating agencies fell below investment-grade (such default would not
be considered a default under Moody's definitions, but a subsequent
payment acceleration and resulting non-payment would constitute a
Moody's default).

Aggregate equity contributions since 2021 and firm commitments into
the Southern Water group (including the proposed holding company
debt restructuring) amount to over a third of the operating
company's March 2025 RCV, which stood at GBP7.5 billion. This
evidences consistently strong shareholder support.

Moody's currently estimate that – with the benefit of at least
GBP900 million additional equity – the company would be able to
maintain operating company gearing, measured as net debt to RCV
broadly around 70%. However, ongoing performance penalties will
likely continue to depress the adjusted interest coverage ratio
(AICR), which Moody's estimates could average around 1.0-1.1x over
AMP8. A strengthening would depend on (1) a successful CMA
redetermination that provided for additional costs, increased
returns and/or reduced penalty risks; or (2) the company's ability
to continue its operational improvement without sizeable overspend
on operating costs, defer future performance penalties into an RCV
adjustment rather than receiving it through revenue, and achieve
funding costs more closely aligned with regulatory allowances.

Regulatory risk is part of demographic and societal trends that are
assessed under the social risk considerations of Moody's framework
for environmental, social and governance (ESG) risks. Water
companies in England face elevated social risk (S-4 score) and
Southern Water remains exposed to customer dissatisfaction related
to a history of operational underperformance.

Under Ofwat's final determination, Southern Water's overall total
expenditure (totex) allowance for AMP8 is GBP8.5 billion (after
adjustments for frontier shift efficiency and real price effects),
a GBP1.1 billion or 11.3% cut compared with its GBP9.6 billion ask.
Base cost allowances are just under GBP4 billion, and the GBP4.5
billion enhancement allowances include GBP654 billion of contingent
allowances related to large schemes under a gated approval process,
and GBP538 million under a special delivery mechanism. These will
only be funded by customers once proceeded through the approval
gates or the company can ensure delivery, respectively.

Based on the revised targets and incentive rates at final
determinations, Moody's estimates that Southern Water could incur
around GBP20-30 million of annual penalties (including service
measures) on average over AMP8. While this is materially improved
from the draft determination, it will still weaken operating cash
flows over the last three years of the period, when the penalties
would start to become cash effective, unless the company received
approval from Ofwat to defer the impact through an adjustment of
RCV rather than revenue. The regulator indicated that it would
consider companies' requests to take performance penalties as an
RCV adjustment, but only if doing so would be in customers
interest. Decisions would be made on a case by case basis, and,
while it is management's view that outcome delivery incentives
(ODIs) can be reflected through RCV, Moody's current base case
assumes that a deferral of penalties may not be approved for
Southern Water.

The final determination allowed appointee return is 4.03%
(CPIH-deflated, compared with 3.72% at draft determinations and
2.96% in the current period). The draft determination had assessed
Southern Water's business plan as inadequate, but the inadequate
assessment and the associated penalty were removed at final
determination and, therefore, the company will now also be subject
to standard cost sharing rates. Nevertheless, the company may
continue to face more elevated funding cost than peers or
regulatory assumptions.

Southern Water remains in trigger under its finance documentation
because of its breach of financial trigger ratios as well as
minimum rating requirements. The company obtained a waiver from its
lenders to permit continued access to financial indebtedness, and
to finance the business in a credit rating trigger event or a
financial ratio trigger event to March 2035. However, this waiver
does not affect the distribution block effected by these trigger
events. The company is also subject to a distribution block under
the minimum rating requirement of its licence.

In addition to the above, ratings also remain constrained by a
sizeable derivative exposure. Southern Water reported a credit
value-adjusted net mark-to-market (MTM) value under its
inflation-linked derivatives of around GBP1.6 billion as of March
2024 (equivalent to 23% of RCV and including around GBP400 million
of cumulative accretion at that time, which is included in net
debt), which remained broadly unchanged at September 2024.
Considering the company's RCV growth Moody's estimates that the
exposure could reduce to the low- to mid-teens in percentage terms
by the end of AMP8, all else equal. In a default scenario where
senior creditors demand payment acceleration, Southern Water would
be required to make a termination payment based on swap
counterparties' assessment of their total losses, which is likely
to be close to the MTM at that time. This payment would rank ahead
of principal and interest on senior debt under the post-enforcement
payment waterfall.

Financial policy is a key governance consideration under Moody's
approach for assessing ESG risks. Moody's continues to score
Southern Water G-4 (high governance risks), reflecting its history
of extensive derivative use, the effects of which still pose risks
to senior creditors, and a complex group structure with several
layers of debt, albeit with reduced gearing at holding companies.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

LIQUIDITY

Following the firm equity commitment, Moody's estimates that
Southern Water has sufficient liquidity to cover at least the next
15 months of expected cash outflows to the end of September 2026.

As of September 2024, the company had cash of GBP342.2 million and
deposits with a holding period of over three months of GBP200
million, while its finance subsidiary, SW (Finance) I PLC held
additional cash in designated debt service reserve accounts of
around GBP90 million. By September 2024, Southern Water had fully
drawn its GBP350 million revolving credit facilities, which will
mature in October 2027.

In October 2024, SW (Finance) I PLC issued GBP300 million of new
bonds for cash proceeds of GBP272.5 million, and, in April 2025,
agreed a committed GBP800 million back stop facility to underpin a
future bond issue during September/October 2025.

The company faces sizeable cash outflows during calendar year 2026,
with a GBP350 million bond maturity in March 2026, and swap
accretion payments of around GBP500 million due between March and
June 2026. While the equity commitment will support payments until
September 2026, a further GBP300 million bond maturity in March
2027 and ongoing investment will require continued market access to
bolster the liquidity runway on a rolling basis. Moody's expects
that planned funding activities over the course of this month will
increase the liquidity runway well into the first quarter of 2027.

Liquidity is further supported by GBP190 million of unused
super-senior standstill liquidity facilities, with a GBP27.5
million standby drawing included in the above cash position. These
are 364-day facilities but would be available to the company to
service debt in the event of a standstill being declared following
a breach of covenants.

RATING OUTLOOK

The outlook is stable, reflecting the firm equity commitment as
evidence of strong shareholder support. The additional capital will
benefit the company in the context of near-term investment needs,
the continuing operational turn-around and in accessing additional
debt market funding, when needed, to ensure a liquidity runway of
at least 12-15 months on a rolling forward looking basis.

The stable outlook also takes into account holding company debt
restructurings, which will reduce the risk that payment maturities
higher up in the group could adversely affect Southern Water's
ability to attract funding for the operating company.

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

A rating upgrade will require sustained improvement in operational
performance, which could be evidenced by, for example, achieving a
three star rating under the Environment Agency's environmental
performance assessment, as well as financial metrics that provides
sufficient flexibility to deal with short term shocks. The latter
includes gearing, measured as net debt to RCV, around 70% as guided
to by Ofwat as well as an AICR above 1.2x, albeit achieved through
a better CMA redetermination or operational improvement rather than
via financial engineering. In addition, a rating upgrade into
investment-grade will require ongoing forward-looking liquidity
that takes adequate account of operational performance and funding
requirements.

Conversely, the ratings could be downgraded if Southern Water
incurred difficulties in attracting debt, and potentially further
equity capital in order to deliver its business plan at a cost
consistent with regulatory allowances, including if the company
failed to maintain a sustained forward-looking liquidity runway of
at least 12-15 months.

Further downward pressure could also arise if it appeared likely
that Southern Water will face significant additional environmental
fines or operational challenges, absent further balance sheet
strengthening measures.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Regulated Water
Utilities published in August 2023.

The historical scorecard-indicated outcome is B1, three notches
lower than the assigned Ba1 CFR. However, the assigned rating
reflects an expected improvement in credit ratios due to the
regulatory reset applying from April 01, 2025 as well as the
ongoing turnaround plan, which is supported by strong equity
commitment. Moody's 12-18 months forward view provides a Ba1
scorecard-indicated outcome in line with the Ba1 CFR.

Southern Water is the seventh largest of the water and sewerage
companies in England and Wales, with an RCV of GBP7.5 billion as of
March 2025. The company provides essential services to 2.7 million
water customers and 4.7 million wastewater customers in the
southeast of England across Sussex, Kent, Hampshire and the Isle of
Wight.


TALKTALK TELECOM: S&P Affirms 'CCC+' ICR & Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on TalkTalk Telecom Group
Ltd. (TalkTalk) to negative from stable and affirmed its 'CCC+'
long-term issuer credit rating, its 'B-' issue rating on its senior
secured first lien debt, and its 'CCC-' issue rating on its
second-lien debt.

The negative outlook reflects that S&P could downgrade TalkTalk if
it is unable to turn around its operating performance, thereby
increasing the risk that its liquidity would deteriorate such that
it believed it would face a liquidity shortfall or debt
restructuring over the next 24 months.

S&P said, "We expect TalkTalk will continue facing challenging
operating conditions. TalkTalk published weak preliminary results
in fiscal 2025, missing its guidance of roughly flat revenue and
EBITDA growth, with both revenue and our estimated S&P Global
Ratings-adjusted EBITDA declining by 8% on a comparable basis. This
was caused by increased competition in the sector leading to
higher-than-anticipated customer losses and lower ethernet growth
for TalkTalk, adding to the industry-wide voice decline and lower
internet protocol (IP) sales. The company has updated its guidance
for fiscal 2026 and expects continued revenue decline of 4%-11%,
and no EBITDA growth. Our updated base case assumes an 8% decline
in fiscal 2026, reflecting continued customer losses, mainly in the
consumer segment, and slower ethernet growth, only slightly offset
by gradual improvements in average revenue per user (ARPU), price
increases, new product launches, and continued fiber penetration.
The company continues to execute its cost-cutting program, which we
expect will complete in fiscal 2027 and support adjusted EBITDA
margin growth to historical levels of around 20% in the same year.
However, according to our estimates, this will be insufficient to
fully cover cash interest, capital expenditure (capex), working
capital needs and leases.

"The company's liquidity position is uncertain and depends on
additional funding. TalkTalk's liquidity is currently under
pressure, and management will need to ensure there is sufficient
cash to pay suppliers (including any trade creditor backlog) and
cash interest, all while meeting its minimum liquidity covenant,
which steps up to GBP20 million in September 2025. We understand
the company has been successful in generating additional liquidity
via asset sales. We also believe there is a strong likelihood that
TalkTalk will receive some additional funding, which would provide
headroom. That said, given cash interest on the company's first
lien debt begins from May 2026, we think that, absent significant
operational improvement and delivery of its business plan, TalkTalk
will face renewed liquidity pressure in about a year. TalkTalk is
currently benefitting from low cash interest payments in fiscal
2026 by paying in kind most of the first-lien debt interest. We
expect FOCF after leases will potentially remain negative over the
next two years and may therefore be insufficient on its own to meet
the company's financial obligations. Additionally, our liquidity
assessment is constrained by TalkTalk's low cash levels, the
absence of a revolving credit facility (RCF), and our expectation
that intrayear working capital swings will be substantial due to
the lumpy supplier payments to Openreach in March and September.

"TalkTalk's credit metrics remain very weak. We view TalkTalk's
debt burden as unsustainably high and its capital structure as
unsustainable. We expect adjusted leverage will remain around
12x-13x in fiscal 2026 and fiscal 2027, in line with the 12.6x in
fiscal 2025. This will be driven by a subdued EBITDA and accruing
payment-in-kind (PIK) interest on the second-lien debt and the PIK
facilities at the TalkTalk Finco level, adding to the debt quantum,
which stood at GBP2.6 billion in fiscal 2025 (GBP1.8 billion
excluding lease liabilities).

"The negative outlook reflects the potential that we will downgrade
TalkTalk over the next 12 months if we see continued
underperformance and tight liquidity.

"We could lower our rating on TalkTalk if its liquidity
deteriorates, such that we believed it would face a liquidity
shortfall over the next 24 months. This could happen if the company
was unable to raise sufficient additional liquidity in the coming
weeks to meet its financial commitments, including large working
capital requirements, capex, and cash interest on its first-lien
debt. It could also happen if TalkTalk is unable to gradually
stabilize its revenue, or if there was an increasing chance of
another debt restructuring.

"We would consider revising our outlook to stable if TalkTalk
improves its liquidity position on an organic and sustainable
basis, which would most likely occur if the company successfully
executes its new strategy, including significantly reducing
customer churn, getting good traction on new products, and
returning to growing its wholesale platform."


THELOGICALLY LTD: Begbies Traynor Named as Administrators
---------------------------------------------------------
Thelogically Ltd 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-2025-004386, and Robert Andrew Ferne and Jeremy Karr of Begbies
Traynor (Central) LLP were appointed as administrators on June 27,
2025.  

Thelogically Ltd specialized in data processing, hosting and
related activities.

Its registered office is at Brookfoot Mills (Avocet), Brookfoot
Industrial Estate, Brighouse, Brookfoot, HD6 2RW.

The joint administrators can be reached at:

         Robert Andrew Ferne
         Jeremy Karr
         Begbies Traynor (Central) LLP
         31st Floor, 40 Bank Street
         London, E14 5NR

For further details contact:

         Paul Boutonnet
         Begbies Traynor (London) LL
         E-mail: paul.boutonnet@btguk.com
         Tel No: 020 8159 9261


WHITE MOUNTAIN: Mercer & Hole Named as Administrators
-----------------------------------------------------
White Mountain Chalets 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-2025-4403, and Henry Nicholas Page and Dominic
Dumville of Mercer & Hole were appointed as administrators on June
27, 2025.  

White Mountain engaged in holiday and other collective
accommodation.

Its registered office and principal trading address is at Unit 9
Woodbury Business Park, Woodbury, Exeter EX5 1AY.

The administrators can be reached at:

            Dominic Dumville
            Henry Nicholas Page
            Mercer & Hole
            21 Lombard Street
            London, EC3V 9AH

For further information, contact:
           
           Dominic Paul Dumville
           Henry Nicholas Page
           Mercer & Hole
           21 Lombard Street
           London, EC3V 9AH

or the case administrator:

           Harry Smart by email
           Email: Harry.Smart@mercerhole.co.uk
           Tel No: 020 7236 2601



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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Information contained herein is obtained from sources believed to
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