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

                          E U R O P E

          Friday, July 11, 2025, Vol. 26, No. 138

                           Headlines



A R M E N I A

CONVERSE BANK: Moody's Upgrades Long Term Deposit Ratings to Ba3


B E L G I U M

ADB SAFEGATE: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable


F R A N C E

TREVISE HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable


G E R M A N Y

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


I R E L A N D

CVC CORDATUS XXXVI: S&P Assigns Prelim. B-(sf) Rating on F Notes
EUROPEAN RESIDENTIAL 2019-NPL1: Moody's Cuts C Notes Rating to B1
NORTH WESTERLY VI: Fitch Affirms 'Bsf' Rating on Class F Notes


K A Z A K H S T A N

MFO ARNUR CREDIT: Fitch Alters Outlook on 'B' LongTerm IDR to Pos.


N E T H E R L A N D S

METINVEST BV: Fitch Lowers LongTerm IDRs to 'CCC-'


R U S S I A

KAFOLAT INSURANCE: Fitch Affirms B+ Insurer Fin. Strength Rating
UZBEKISTAN NATIONAL BANK: Fitch Assigns BB(EXP) on New Eurobonds


S P A I N

CIRCA ENTERPRISES: Moody's Puts 'B2' CFR Under Review for Upgrade
ENFRAGEN ENERGIA: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'


T U R K E Y

ANADOLU ANONIM: Fitch Affirms 'BB' Insurer Finc'l. Strength Rating


U N I T E D   K I N G D O M

BROOKVEX IMS: Kroll Advisory Named as Administrators
C, V AND A PENDLETON: Grant Thornton Named as Administrators
EG GROUP: S&P Raises Issuer Credit Rating to 'B', Outlook Stable
FRONERI INTERNATIONAL: S&P Affirms 'BB-' ICR, Outlook Stable
GENTLEMAN'S JOURNAL: Leonard Curtis Named as Administrators

JUWELL LTD: PKF Smith Named as Administrators
KAMM PROJECTS: Currie Young Named as Administrators
LF PLANT: Begbies Traynor Named as Administrators
MARKET HOLDCO 3: Fitch Rates GBP800MM Secured Notes 'BB-(EXP)'
MARKET HOLDCO 3: S&P Rates New GBP800MM Senior Secured Notes 'B+'

PREMIER FOODS: Fitch Cuts Rating on GBP330MM Notes Due 2026 to BB+
SERAPHINE LIMITED: Interpath Ltd Named as Administrators
SKATE HUT: Bishop Fleming Named as Administrators
TRIPPET COURT: CG&Co Named as Administrators


X X X X X X X X

[] BOOK REVIEW: PANIC ON WALL STREET

                           - - - - -


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A R M E N I A
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CONVERSE BANK: Moody's Upgrades Long Term Deposit Ratings to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded Converse Bank CJSC's (Converse Bank)
long-term local and foreign currency bank deposit ratings to Ba3
from B1 and changed the outlook on these ratings to stable from
positive. Concurrently, Moody's upgraded the bank's Baseline Credit
Assessment (BCA) and Adjusted BCA to ba3 from b1, upgraded the
bank's long-term local and foreign currency Counterparty Risk
Ratings (CRRs) to Ba2 from Ba3, and upgraded the long-term
Counterparty Risk Assessment (CR Assessment) to Ba2(cr) from
Ba3(cr). In addition, Moody's affirmed the Not Prime (NP)
short-term local and foreign currency bank deposit ratings, NP
short-term local and foreign currency CRRs and the NP(cr)
short-term CR Assessment.

RATINGS RATIONALE

The upgrade of Converse Bank's BCA and Adjusted BCA to ba3 from b1
is driven by sustained improvements in asset quality and stable
capital adequacy achieved over the last two years, while
maintaining strong profitability and robust liquidity. The upgrade
of the bank's long-term local and foreign currency bank deposit
ratings to Ba3 from B1 follows the upgrade of the BCA.

Over the past two years Converse Bank has considerably decreased
its problem loans (PLs; defined as Stage 3 lending under IFRS 9)
and improved provisioning coverage thanks to partial repayments and
write-offs of its legacy corporate portfolio.  As a result, the
problem loan ratio declined to 3.1% as of year-end 2024 from 5.1%
at the end of 2022. During the same period, the coverage for
problem loans improved to 69% from 51%. Concurrently, the share of
related party lending decreased to 9.6% of gross loans from 13.6%.
Notably, related party loans are more than 100% covered by related
party deposits placed at the bank.

Capital adequacy remains one of Converse Bank's key credit
strengths, providing a buffer against potential asset risks. As of
year-end 2024 the bank reported Tangible Common Equity
(TCE)/Risk-Weighted Assets (RWA) ratio at 14.6% down from 14.8% at
the end of 2022 due to resumed loan book growth and significant
dividend payments in 2023-2024. The bank's problem loans in
relation to its TCE and loan loss reserves (Texas ratio) improved
to 11% level in 2024 from 17% reported two years before. Despite
the slight reduction in 2023-2024 Moody's expects the TCE/RWA ratio
to remain close to its current level amid modest growth of RWAs and
ongoing dividend payouts.

In 2024 Converse Bank reported a still strong net income of AMD15.9
billion, which translated into a return on tangible assets of 2.8%,
although this was down from 3.1% posted in 2022 when the net
financial result materially benefitted from trading and foreign
currency exchange revenues. The decline in trading income was
partially offset by increased net interest margin (NIM) to 5.1% in
2024 up from 4% in 2022 and lower credit costs amid favorable
operating environment. Moody's expects stabilisation of foreign
currency trading gains and modest provisioning charges given the
now healthier loan book following problem loan write-offs in
previous years. Profitability should remain strong in the next
12-18 months because of robust NIM and modest credit costs.

The bank remains predominantly deposit funded, while the share of
market funding accounted for an increased 21% of tangible assets as
of year-end 2024. Converse Bank maintains a robust liquidity
cushion, providing good protection against potential outflow
risks.

Converse Bank's Ba3 long-term foreign and local currency deposit
ratings are based on the bank's ba3 BCA and Moody's assessments of
a moderate probability of government support for the bank in the
event of need. This is attributed to the bank's market share of
about 5% in retail deposits. However, this support does not provide
any rating uplift to Converse Bank's long-term deposit ratings
because Armenia's Ba3 long-term issuer ratings are at the same
level as the bank's BCA.

RATING OUTLOOK

The outlook on Converse Bank's long-term deposit ratings is stable,
reflecting Moody's views that the bank will maintain its sound
fundamentals over the next 12-18 months, and is in line with the
stable outlook on Armenia.

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

The long-term deposit ratings and BCA of Converse Bank are at the
same level as Armenia's Ba3 long-term issuer ratings. Therefore, a
rating and BCA upgrade would require both strengthening of the
bank's standalone fundamentals and improvement in the sovereign's
creditworthiness.

A downgrade of Armenia's issuer ratings could constrain Converse
Bank's deposit ratings which is not currently expected. Its BCA and
deposit ratings could be downgraded or the outlook on the long-term
deposit ratings could be changed to negative if the bank's solvency
or liquidity were to deteriorate materially or in case of a
significant deterioration of the operating environment.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2024.

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.




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B E L G I U M
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ADB SAFEGATE: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned ADB Safegate Luxembourg Finco S.à r.l.
(ADB) a final Long-Term Issuer Default Rating (IDR) of 'B+' with a
Stable Outlook and its EUR500 million term loan B (TLB), due 2032,
a final instrument rating of 'B+' with a Recovery Rating of 'RR4'.

The IDR is constrained by ADB's limited scale, narrow end-markets
and exposure to supply-chain risk, given its niche market position.
Rating strengths are its healthy order backlog providing good
revenue visibility, expected strong profitability led by product
leadership and cost control, and a final, new capital structure
that maintains EBITDA leverage below 5x.

The Stable Outlook reflects its expectation that key credit metrics
will remain within rating sensitivities, supported by a globally
diversified customer base with resilience to economic volatility.

The rating actions follow the completion of the TLB and receipt of
final documentation that matches the previously received draft.

Key Rating Drivers

Stronger Capital Structure: Fitch expects EBITDA leverage to fall
to around 5x by end-2025, under the new capital structure, which
includes at least EUR270 million shareholder contribution. The
equity injection was made via ordinary equity and a payment-in kind
(PIK) instrument issued outside the restricted group, which Fitch
treats as equity-like. Subsequently, Fitch forecasts EBITDA
leverage to trend to below 4.0x by 2028, on sustainably high
profitability and stable debt, with cash flow reinvested to support
growth. This underpins the rating.

Limited Scale Constrains Rating: ADB's business profile is
constrained by its small size, with narrow end-markets and product
scope. Broad geographic diversification with product leadership and
exposure to long-term air-traffic trends rather than short-term
passenger-volume volatility support ADB's resilience and mitigate
its narrow scope.

Challenging Supply-Chain Management: Fitch believes ADB's
supply-chain position exposes it to high risks in working capital
management amid market volatility. Its niche position restricts its
negotiating power and ability to swiftly react to market
fluctuations. This affects its supply chain, as highlighted by
increased inventory lead times in 2022. ADB has invested in better
working capital management and some insourcing, but Fitch expects
these risks to remain.

Robust Profitability to Continue: Fitch expects an increase in the
Fitch-defined EBITDA margin to around 20% in 2026, from 17.2% in
2024, on an improved cost structure following the full absorption
of ADB's latest restructuring efforts and successful pricing
strategy. The profitable product pricing mix is supported by ADB's
technological advantage over competitors and the low total cost of
its products in customer projects. However, Fitch views the cost
structure as still partly inflexible.

Positive Free Cash Flow: Fitch expects the EBITDA margin to remain
solid in its rating case, driven by a large order backlog and
enhanced cost control. This, together with reduced interest
expense, steady capex and the absence of dividends (or large M&A)
supports positive free cash flow (FCF) generation. The interest
margin on the new TLB is slightly lower than Fitch initially
assumed, resulting in a minor improvement in interest coverage and
FCF metrics.

Strong Position in Niche Market: Fitch views ADB's established
market leadership as a credit strength, reinforced by its
competitive edge in technological content and the customer appeal
of product reliability. This is underlined by the company's
long-term customer relationships, with a 90% retention rate, and
about 20% of revenue stemming from aftermarket and services. Fitch
believes ADB is well positioned to continue to benefit from
regulation-driven demand for its critical components in airport
systems.

Peer Analysis

ADB's financial profile under the new capital structure is shaped
by its limited scale and is broadly similar to that of other 'B'
category-rated industrial entities, such as Project Grand Bidco
(UK) Limited (B+/Stable) and Trench Group Holdings GmbH
(BB-/Stable). ADB generates EBITDA margins below those of INNIO
Group Holding GmbH (B+/Positive) and Trench, but above that of CEME
S.p.A. (B/Stable) and Dynamo Midco B.V. (Innomotics, B/Positive).

Fitch expects ADB's leverage following the completion of the
transaction, and likely deleveraging profile, to be stronger than
that of peers such as CEME and Innomotics, justifying the one-notch
rating difference, but weaker than that of Trench and Radar Topco
SARL (Swissport, BB-/Stable). Similarly, its FCF margin after the
TLB transaction will likely be higher than that of peers' except
INNIO and Trench, contributing to the difference in ratings.

ADB's exposure to narrow end-markets and products is a limitation
compared with most of these companies. This is mitigated by its
strong market position in a stable market, similar to Swissport,
and broad geographic diversification. Its exposure to challenging
supply-chain management is similar to that of many diversified
manufacturing peers.

Key Assumptions

- Revenue to grow at about 6.5% over the next four years on
stabilised prices and current order book

- EBITDA margin of around 18% in 2025, improving to about 20%,
reflecting stronger trading on improved product pricing, driven by
digitalisation and recent cost restructuring

- Cash interest paid to decrease to an average EUR32 million
annually, under the new capital structure on lower debt, and lower
cost of debt and shareholder contribution; Euribor interest rate to
follow Fitch's latest Global Economic Outlook

- Working capital outflow of between 2.4% and 3.2% of revenue

- Capex to increase to around 5.8% of revenue in 2025, then by
around 3.8% in the following three years

- No M&A or dividend payments

Recovery Analysis

The recovery analysis assumes that ADB would be reorganised as a
going concern in a bankruptcy, rather than liquidated.

- Fitch assumes a 10% administrative claim.

- Fitch estimates going concern EBITDA at EUR70 million. This
reflects its view of a sustainable, post-reorganisation EBITDA
level on which Fitch bases the enterprise valuation.

- Fitch applies a multiple of 5.0x to going concern EBITDA to
calculate a post-reorganisation enterprise valuation. This reflects
ADB's business model as a leader in the resilient and regulated
air-traffic market. It is further supported by high customer
retention, with long-term relationships based on product
reliability, competitive advantage on innovation and fairly
inelastic demand.

- The waterfall analysis is based on the new capital structure and
consists of super senior factoring, with the highest outstanding
amount of EUR7 million at end-2024. ADB's EUR100 million revolving
credit facility and EUR85 million guarantee facility are assumed to
be fully drawn after restructuring, alongside senior secured TLB of
EUR500 million. All instruments rank pari passu with one another.

These assumptions result in a recovery rate for the senior secured
instrument within the 'RR4' range, resulting in the instrument
rating being equalised with the IDR at 'B+'.

RATING SENSITIVITIES

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

- FCF margins consistently below 1%

- EBITDA leverage above 5x for an extended period

- Cash flow from operations less capex below 5% of debt on a
sustained basis

- A more aggressive financial policy

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

- EBITDA leverage consistently below 4x

- Cash flow from operations less capex sustainably above 10% of
debt

- Improved product diversification and end-market mix

Liquidity and Debt Structure

ADB reported EUR28.8 million of available cash at end-2024, which
Fitch adjusts to EUR15.2 million after assuming intra-year working
capital changes that restrict 2.5% of sales.

Fitch expects liquidity to be supported by a prudent financial
policy under the new capital structure, including stable capex, no
dividends or large M&A, a fully undrawn EUR100 million revolving
credit facility and its expectation of positive FCF across
2025-2028 on lower interest expenses. ADB's short-term debt
requirements are limited to its ongoing factoring facilities, which
had a EUR7 million outstanding balance at end-2024, while the
proposed TLB due 2032 will form most of its debt.

Issuer Profile

ADB is the global leader in airside products, solutions and
services.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt            Rating           Recovery   Prior
   -----------            ------           --------   -----
ADB SG SWE

   senior secured   LT     B+  New Rating    RR4      B+(EXP)

ADB Safegate
Luxembourg Finco
S.A R.L.            LT IDR B+  New Rating             B+(EXP)

   senior secured   LT     B+  New Rating    RR4      B+(EXP)

ADB SG Americas 1

   senior secured   LT     B+  New Rating    RR4      B+(EXP)

ADB SG Verwaltungs

   senior secured   LT     B+  New Rating    RR4




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F R A N C E
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TREVISE HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Trevise Holdings 1 (GSF)'s B1
corporate family rating, the B1-PD probability of default rating
and the B1 ratings on the EUR446 million senior secured term loan B
(TLB) maturing in July 2029, to be upsized to EUR661 million, and
the EUR90 million senior secured revolving credit facility (RCF)
maturing in January 2029, to be upsized to EUR115 million. The
outlook remains stable.

The company intends to use the proceed of the proposed upsized term
loan (EUR215 million), alongside EUR5 million of cash to finance
the acquisition of Ithaque, a French company active in premium
reception services, marketing activation and merchandising
initiatives.

RATINGS RATIONALE

The affirmation of GSF's B1 CFR reflects Moody's expectations that,
after the temporary releveraging resulting from Ithaque's
debt-financed acquisition, the company will progressively improve
its credit metrics till reaching a more adequate positioning in the
B1 rating. The rating action also incorporates governance
considerations related to financial strategy and risk management
that were a key rating driver under Moody's ESG framework. GSF's
overall exposure to governance risk is unchanged at G-4, as well as
its Credit Impact Score at CIS-4.

Moody's anticipates that Ithaque's acquisition will complement
GSF's offer in the facility management services by integrating the
adjacent reception services business, thereby creating a
multi-service offer for clients. Ithaque has a high 25% market
share in reception services, in contrast to the more fragmented
cleaning market, with a good track record comparable to GSF's one.
Additionally, the acquisition will increase scale and business
diversification and will provide further growth opportunities,
coming also from cross selling.

At the same time, Moody's also believes that the company could face
some execution risks in integrating the acquisition. GSF has a
strong track record of organic growth but has not integrated a
significant acquisition before. Integration risks could also arise
in the marketing and merchandising activities. Although Ithaque's
senior management will remain in place, GSF lacks internal
expertise in these areas. As a result, the company might encounter
difficulties in managing these activities effectively.

Moody's forecasts that, pro forma for the acquisition, GSF's
Moody's adjusted debt/EBITDA will increase to around 4.9x in 2025,
compared to 4.2x as of the last twelve months ended March 2025.
This ratio positions GSF weakly in the B1 rating category. Over the
next 12-18 months, Moody's expects that the ratio will
progressively decrease towards 4.5x, supported by profit
improvements stemming from revenue growth, costs structure
optimization and cross selling opportunities.

Despite the increase in debt, Moody's expects GSF's Moody's
adjusted EBITA/ interest to remain above 2x, in line with the level
achieved in 2024 and in the last twelve months ended March 2025.
Moody's also forecasts that Moody's adjusted free cash flow
(FCF)/debt ratio will range around mid single digit in the next
12-18 months, with the sole exception of 2025, when Moody's
projects the ratio to be negative, at -2.3%, following the EUR25
million dividend payment scheduled before the closure of the
acquisition. This FCF ratio is also considered relatively weak for
the B1 rating.

GSF's B1 rating is supported by its strong track record of organic
revenue and earnings growth, its diversified customer base with no
customer accounting for more than 3% of revenue and its strong
ability to pass through price increases to customers.

LIQUIDITY

GSF's liquidity remains good. As of the last twelve months ended
March 2025, the company had EUR156 million of cash and EUR90
million of fully undrawn, committed senior secured RCF maturing in
January 2029. The senior secured RCF has a springing net leverage
covenant, tested if used above 40%. Moody's expects the company to
maintain comfortable capacity under this covenant.

The RCF is being upsized to EUR115 million, with the same terms and
conditions, and Moody's expects it to remain undrawn.

Moody's forecasts that the company will continue to generate
positive FCF, on a Moody's adjusted basis, above EUR40 million per
year, apart in 2025, when Moody's expects the FCF to be negative as
a result of the dividend payment.

GSF's nearest debt maturity is January 2029, when the senior
secured RCF matures, while the senior secured TLB matures in July
2029.

STRUCTURAL CONSIDERATIONS

The B1 ratings assigned to the senior secured TLB and senior
secured RCF, in line with the CFR, reflect their pari passu ranking
in the capital structure and upstream guarantees from material
subsidiaries of the group representing 80% of EBITDA. The
facilities are secured by pledges on shares, intercompany
receivables and bank accounts. Moody's typically view debt with
this type of security package as akin to unsecured.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that credit
metrics will progressively improve over the next 12-18 months, thus
more adequately positioning GSF in the B1 rating category. The
stable outlook does not incorporate any additional debt-financed
acquisition or shareholders distributions.

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

Positive pressure on the rating could occur if the company shows
continued evidence of good execution, with a disciplined approach
to contract management and increases its scale and revenue
diversity, successfully executing its strategy to diversify its
operations outside of cleaning services. Quantitatively, upward
pressure could arise if the company displays sustained growth in
sales and earnings, its Moody's-adjusted debt/EBITDA falls towards
3.5x and Moody's-adjusted FCF/debt increases to the
high-single-digit percentages on a sustained basis.

Conversely, negative pressure on the rating could materialise in
case of organic revenue growth turning negative, failure to sustain
strong contract execution or prolonged weakness in operating
performance leading to a deterioration in Moody's-adjusted EBITA
margin well below Moody's expectations. The rating could be
downgraded if Moody's-adjusted debt/EBITDA exceeds 5.0x on a
sustained basis or if FCF is not sustained in the low- to
mid-single-digit percentages, or if liquidity weakens
significantly.

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 France, GSF is a leading provider of cleaning
services in France. The company also provides associated services
for around 13% of group revenue and it has a small presence in the
US, UK and Canada. GSF generated around EUR1.4 billion revenue in
2024.




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G E R M A N Y
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NEURAXPHARM: S&P Affirms 'B' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on specialty pharma company
Neuraxpharm to negative from stable and affirmed its 'B' ratings on
the group and its senior secured TLB.

The negative outlook reflects that S&P could lower its ratings on
Neuraxpharm over the next 12-18 months if the company fails to
reduce leverage and improve its free operating cash flow (FOCF) in
line with our base case.

The outlook revision reflects delayed deleveraging along with
uncertainty about how much the upcoming contribution from Briumvi
will drive profitable growth in the next 12-18 months. In 2024, it
incurred much higher one-off costs linked to a litigation case and
a cyberattack, as well as additional start-up costs for the
launches of its MS medicine Briumvi, in-licensed in 2023. These
costs led its S&P Global Ratings-adjusted EBITDA margin to shrink
to 18.9% in 2024, from 27.1% in 2023, translating into leveraging
peaking at 10.9x at year-end 2024. S&P said, "In our view, the
strategic shift—with the in-licensing of Briumvi, an innovative
drug used to treat relapsing remitting MS—brings more complexity
than previously anticipated, compared with its other in-licensing
deals, which have focused on branded generic pharma. Briumvi's
contribution to EBITDA is lagging the company's expectations,
EBITDA came in below initial expectations, primarily due to the
strategic acceleration of product launches and increased investment
levels—both driven by stronger market potential than anticipated,
resulting in slower deleveraging in 2025 versus our previous base
case. Its shift toward a higher-value-add drug is a pivotal change
and carries higher execution risk. Any new and unforeseen one-off
costs or a slower uptick in sales to cover Briumvi's significant
fixed costs could affect profitability and deleveraging prospects
in the next 12-18 months. However, our base case anticipates a
steep margin increase over the next 18 months translating into S&P
Global Ratings-adjusted debt to EBITDA being well positioned for
the 'B' rating."

S&P said, "We expect Neuraxpharm's operating performance will
improve in 2025. Its S&P Global Ratings-adjusted EBITDA should
increase by about 25%, from around 19% in 2024, due to the
accelerated Briumvi launch. In 2024, Neuraxpharm reviewed its
schedule and brought forward its launches in Spain and the U.K,
from initially planning to launch only in Germany. It also changed
the distribution model in selected countries to B2C from its
previous plan to use distributors. It advanced its premarketing in
countries where Briumvi will be launched, which weighed on its
operating costs, and significant non-recurring items subdued its
adjusted profitability. The company sees this medicine as having a
lot of potential, considering it is the first biological therapy in
its portfolio. Briumvi (ublituximab) is a monoclonal antibody for
the treatment of relapsing remitting MS, brought to Neuraxpharm via
a partnership with TG Therapeutics to commercialize the medicine
outside the U.S. In 2025, the company plans to launch Briumvi in 11
countries, including France and Ireland, boosting its revenue
growth to around 12%, despite the additional implementation costs
and exceptionals. We expect Briumvi will only be EBITDA accretive
from 2026, with breakeven around third-quarter 2025 before a big
step-up in 2026, leading S&P Global Ratings-adjusted EBITDA margin
to hit 28.1%, a 300-basis point increase. However, any deviation
from the initial plan might pressure profitability even further,
weakening its deleveraging path from the peak of 10.9x in 2024.

"Neuraxpharm should be able to deleverage to about 7.6x in 2025,
and then comfortably below 6.0x in 2026 assuming seamless
operational execution and no-debt financed acquisitions. This is
higher than our previous base case, which included S&P Global
Ratings-adjusted leverage of 6.2x for 2025, due to higher operating
costs from accelerating the Briumvi launch in new countries and the
geographical expansion of the Ocean portfolio (acquisition of 15
molecules from Sanofi) and recently acquired products, combined
with some non-recurring costs. We foresee steep deleveraging in
2026 coming from improved profitability. We forecast free operating
cash flow (FOCF) to remain negative in 2025 at about minus EUR30
million, including capital expenditure (capex) of about EUR75
million in 2025 for maintenance (less than 0.5% over net sales),
upcoming launches, and technical transfers related to the Ocean
portfolio, Buccolam, and Briumvi, as well as some additional
milestone payments, despite limited working capital outflow. On
Dec. 27, 2024, Neuraxpharm acquired two narcolepsy products
Provigil (modafinil) and Nuvigil (armodafinil) from Teva, for the
treatment of excessive daytime sleepiness in adults, financed by
own cash.

"The negative outlook reflects that we could lower our ratings on
Neuraxpharm over the next 12-18 months if the company fails to
reduce leverage and improve its FOCF in line with our base case.

"We could lower the rating over the next 12-18 months if there are
no prospects of S&P Global Ratings-adjusted leverage improving
toward 7x, and if funds from operations (FFO) cash interest
coverage remains below 2x, and the company cannot generate positive
FOCF. This could result from weaker-than-expected EBITDA due to,
for example, a lagging contribution from Briumvi or high one-off
costs, or unforeseen operational headwinds in the historical
portfolio. Any debt-funded acquisitions could also translate into
credit metrics deviating from our base case.

"We could revise the outlook to stable if Neuraxpharm's operating
performance supports a reduction in leverage below 7.0x, alongside
positive FOCF generation and if FFO cash interest coverage
recovered toward 2.0x."




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

CVC CORDATUS XXXVI: S&P Assigns Prelim. B-(sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to CVC
Cordatus Loan Fund XXXVI DAC's class A, B, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,878.78
  Default rate dispersion                                 468.89
  Weighted-average life (years)                             4.83
  Obligor diversity measure                               134.72
  Industry diversity measure                               20.56
  Regional diversity measure                                1.20

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.75
  Target 'AAA' weighted-average recovery (%)               36.83
  Target weighted-average spread (%)                        3.85
  Target weighted-average coupon (%)                       4.411

Liquidity facility

This transaction has a EUR1.5 million liquidity facility, provided
by The Bank of New York Mellon, with a maximum commitment period of
four years and an option to extend for a further 24 months. The
margin on the facility is 2.50% and drawdowns are limited to the
amount of accrued but unpaid interest on collateral debt
obligations. The liquidity facility is repaid using interest
proceeds in a senior position of the waterfall or repaid directly
from the interest account on a business day earlier than the
payment date. For S&P's cash flow analysis, it assumes that the
liquidity facility is fully drawn throughout the six-year period
and that the amount is repaid just before the coverage tests
breach.

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.61 years after
closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.75%), the target
weighted-average coupon (4.25%), and the target weighted-average
recovery rates calculated in line with our CLO criteria for all
rating levels except for AAA where we have modelled 36.00%
covenanted recovery provided to us by the collateral manager. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

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

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

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

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

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

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

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

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 24.93% (for a portfolio with a
weighted-average life of 4.83 years), versus if we were to consider
a long-term sustainable default rate of 3.1% for 4.83 years, which
would result in a target default rate of 14.97%."

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

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

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

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

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

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

Environmental, social, and governance

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

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

  Ratings list

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

  A      AAA (sf)    244.00   3/6-month EURIBOR + 1.35%   39.00

  B      AA (sf)      48.00 3/6-month EURIBOR + 1.95%   27.00

  C      A (sf)       24.00 3/6-month EURIBOR + 2.30%   21.00

  D      BBB- (sf)    29.00 3/6-month EURIBOR + 3.30%   13.75

  E      BB- (sf)     18.00 3/6-month EURIBOR + 6.00%    9.25

  F      B- (sf)      11.00 3/6-month EURIBOR + 8.50%    6.50

  Sub    NR           33.25   N/A                           N/A

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

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


EUROPEAN RESIDENTIAL 2019-NPL1: Moody's Cuts C Notes Rating to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of five notes in EUROPEAN
RESIDENTIAL LOAN SECURITISATION 2019-NPL1 DAC and European
Residential Loan Securitisation 2019-NPL2 DAC. The rating action
reflects the increased levels of credit enhancement for the
affected notes.

Issuer: EUROPEAN RESIDENTIAL LOAN SECURITISATION 2019-NPL1 DAC

EUR201.7M Class A Notes, Upgraded to A2 (sf); previously on Jul
19, 2019 Definitive Rating Assigned A3 (sf)

EUR34.2M Class B Notes, Upgraded to Baa3 (sf); previously on Jul
28, 2020 Downgraded to Ba2 (sf)

EUR29.6M Class C Notes, Upgraded to B1 (sf); previously on Jul 28,
2020 Downgraded to Caa1 (sf)

Issuer: European Residential Loan Securitisation 2019-NPL2 DAC

EUR59.6M Class B Notes, Upgraded to A1 (sf); previously on Oct 4,
2024 Upgraded to Baa1 (sf)

EUR59.6M Class C Notes, Upgraded to Baa3 (sf); previously on Oct
4, 2024 Upgraded to B1 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

In EUROPEAN RESIDENTIAL LOAN SECURITISATION 2019-NPL1 DAC, the
advance rate for Classes A, B and C notes affected by the upgrades
decreased to 16.5%, 30.4% and 42.2% respectively as of May 2025
from 45.9%, 50.6% and 55.3% since the last rating action in July
2020. The portfolio has performing loans, with a balance of EUR17.6
million (excluding loans with any amount in arrears) as of May
2025. Such amount is lower than the outstanding Class B notes.
Hence, the repayment of Classes B and C relies on the recovery
process of the non performing loans portion, which adds some
uncertainty regarding the amount of the recovery proceeds.

Classes B and C notes have not received interest payments since
December 2022, and specific liquidity reserves for these notes have
been depleted. The interest shortfalls stood at 4.2 and 3.4 million
respectively as of May 2025 and these notes will continue to defer
interest, with interest accruing on unpaid interest, until each one
becomes the most senior note. Moody's analysis considered past and
future interest shortfalls on these notes until they become the
most senior notes, which Moody's anticipates to take several years,
and the likelihood of ultimate repayment of the deferred interest.

In European Residential Loan Securitisation 2019-NPL2 DAC, after
Class A notes were fully repaid on the August 2024 payment date,
Class B notes became the most senior notes in this transaction,
with a balance of EUR22.4 million, down from EUR59.6 million as of
closing. Class B notes benefit from a specific liquidity reserve of
EUR0.5 million as of May 2025. Class C notes current balance is
EUR43.8 million, down from EUR59.6 million as of closing. The
specific liquidity reserve for Class C notes has been depleted. The
portfolio has performing loans, with a balance of EUR31.2 million
(excluding loans with any amount in arrears) as of May 2025. Such
amount is higher than the outstanding Class B notes. Repayment of
Class C relies on the recovery process of the non performing loans
portion, which adds some uncertainty regarding the amount of the
recovery proceeds.

The advance rate for Class B notes affected by the rating action
decreased to 4.7% as of May 2025 from 8.6% since the last rating
action in October 2024. Class C advance rate stood at 14.0% as of
May 2025, down from 17.4% as of the latest rating action.

Class B note repaid all the accrued interest shortfall, which stood
at 2.1 million as of the July 2024 payment date, including interest
on interest. Meanwhile, Class C note interest shortfall stood at
6.1 million as of May 2025 and this note will continue to defer
interest until it becomes the most senior note, but with interest
on interest. Moody's expects the unpaid interest on Class C will be
cured (including accrued interest) once Class B notes are repaid in
one to two years' time.

After the expiration of the interest rate cap agreement for
European Residential Loan Securitisation 2019-NPL2 DAC in December
2024, the interest rates on the rated notes are capped at the
coupon cap of 5.5% for Class B and 6.5% for Class C. European
Residential Loan Securitisation 2019-NPL1 DAC is in the same
situation after August 2023, with the interest rates on the rated
notes capped at the coupon cap of 5% for Class A and 6% for Classes
B and C.

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers. The rating of the Class B notes in European Residential
Loan Securitisation 2019-NPL2 DAC is constrained by operational
risk given the limited liquidity available in the transaction which
would be insufficient to support payments in the event of servicer
disruption. There is no back-up servicer in this transaction,
although Hudson Advisors Ireland DAC acts as back-up servicer
facilitator.

Moody's ESG scores have changed:

Moody's have revised the Credit Impact Score to CIS-3 from CIS-2 in
European Residential Loan Securitisation 2019-NPL2 DAC as a
consequence of the Class B (most senior notes) being effectively
constrained by operational risk given the limited liquidity
available in the transaction.

The principal methodology used in these ratings was "Non-performing
and Re-performing Loan Securitizations" published in April 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) the recovery process of the non-performing and
reperforming loans producing significantly higher cash-flows in a
shorter time frame than expected; and (2) improvements in the
credit quality of the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) significantly lower or slower cash-flows
generated from the recovery process on the non-performing and
reperforming loans due to either a longer time for the courts to
process the foreclosures and bankruptcies, a change in economic
conditions from Moody's  central scenario forecast or idiosyncratic
performance factors. For instance, should economic conditions be
worse than forecasted and the sale of the properties generate less
cash-flows for the issuer or take a longer time to sell the
properties, all these factors could result in a downgrade of the
ratings; (2) deterioration in the credit quality of the transaction
counterparties; and (3) increase in sovereign risk.


NORTH WESTERLY VI: Fitch Affirms 'Bsf' Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has upgraded North Westerly VI ESG CLO DAC's class
B-1 and B-2 notes and affirmed the rest.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
North Westerly VI
ESG CLO DAC

   A XS2083211370      LT AAAsf  Affirmed   AAAsf
   B-1 XS2083212428    LT AAAsf  Upgrade    AA+sf
   B-2 XS2083212857    LT AAAsf  Upgrade    AA+sf
   C XS2083213152      LT A+sf   Affirmed   A+sf
   D XS2083213749      LT BBB+sf Affirmed   BBB+sf
   E XS2083214473      LT BB+sf  Affirmed   BB+sf
   F XS2083214713      LT Bsf    Affirmed   Bsf

Transaction Summary

North Westerly VI ESG CLO DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
Aegon Asset Management UK Plc and exited its reinvestment period in
August 2024.

KEY RATING DRIVERS

Amortisation Benefits Senior Notes: The transaction has started to
deleverage and the class A notes have been paid down by EUR63.3
million since the last review in September 2024. The amortisation
has resulted in an increase in credit enhancement for the notes and
therefore the upgrade of the class B-1 and B-2 notes, even though
the portfolio is currently 0.5% below par (calculated as the
current par difference over the original target par).

Cushions Support Stable Outlooks: All notes have comfortable
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The notes have
sufficient credit protection to withstand deterioration in the
credit quality of the portfolio at their ratings.

Mild Deterioration; Limited Refinancing Risk: The portfolio has
deteriorated mildly since the last review. The transaction was
failing the weighted average life (WAL) test, weighted average
spread test and Fitch weighted average rating factor (WARF) test,
according to the trustee report of June 2025. Exposure to assets
with a Fitch-derived rating of 'CCC+' and below was 5.7%, versus a
limit of 7.5%. The transaction has limited near- and medium-term
refinancing risk, with 0.2% of assets maturing in 2025 and 2.8%
maturing in 2026.

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in August 2024 and can no longer reinvest, as
it failed the WAL test at the end of the reinvestment period. As a
result, its upgrade analysis was based on the current portfolio,
which Fitch stressed by downgrading any obligor with a Negative
Outlook by one notch, with a floor of 'CCC-', and flooring the
portfolio's WAL at four years.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 26.4.

High Recovery Expectations: The portfolio comprises 91% senior
secured obligations. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The weighted average recovery rate, as calculated
by Fitch, is 61.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration as calculated by Fitch is 14.5% and the largest
issuer represents 1.8% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 37.7% as calculated by
the trustee. Fixed-rate assets reported by the trustee are
currently 9% of the portfolio balance.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

RATING SENSITIVITIES

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

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for North Westerly VI
ESG CLO DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.



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

MFO ARNUR CREDIT: Fitch Alters Outlook on 'B' LongTerm IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised MFO Arnur Credit LLP's (AC) Outlooks to
Positive from Stable, while affirming its Foreign- and
Local-Currency Long-Term Issuer Default Ratings (IDRs) at 'B'.
Fitch has also revised AC's National Rating Outlook to Positive
from Stable, while affirming its rating at 'BB+(kaz)'.

The Positive Outlook reflects AC's strong profitability over the
last four years, which, if sustained alongside further franchise
development, could lead to an upgrade.

Key Rating Drivers

Small Franchise, High-Risk Sector: AC's ratings are driven by its
modest, but growing, niche franchise in the Kazakh microfinance
sector (gross loan portfolio at end-1Q25: KZT58 billion or USD115
million), contained credit losses, healthy capital ratios and a
record of solid profitability despite macroeconomic challenges.
This is balanced by AC's focus on higher-risk customers (including
the seasonal agricultural sector and small SMEs) and only adequate
underwriting standards and risk controls.

Niche Operations: AC mostly serves borrowers in rural areas of
Kazakhstan, focusing on the agricultural and SME sectors. The
company has taken considerable steps to diversify its business
model, focusing on a balance between agricultural and SME segments
with a more granular portfolio. In Fitch's view, AC remains a niche
lender in a competitive sector (competing with the largest
microfinance organisations and banks) but its sound franchise
within its field and resilient performance support its business
profile.

Solid Profitability: ACs recent profitability is strong, supported
by its net interest margin of 23% over the past four years, which
reflects its business model and target market. The company's
pre-tax income/average assets ratio has been stable (1Q25: 8.1%
annualised; 8.1% four-year average), driven by interest and
personnel expenses growing in line with revenue. Notably, despite
regulatory caps being lowered in 2024, AC's profitability remained
sound, outperforming the sector that has suffered as a result of
the lower caps.

Stable Impairments, Seasoning Risks Remain: AC operates in a
high-risk lending sector, but with modest credit losses for its
business model. It has well-tested, but basic, underwriting
standards and appropriate risk controls. AC's Stage 3/gross loans
ratio was 4.5% at end-1Q25 (end-2024: 4.7%), but high portfolio
growth accompanied by portfolio seasoning could weigh on asset
quality over the medium term. Nonetheless, granular lending in
local currency and AC's compliance with multiple asset-quality
covenants from its foreign creditors should mitigate this
pressure.

Moderate Leverage: AC's gross debt/tangible equity ratio has been
increasing (end-1Q25: 3.4x; end-2023: 2.9x), but it still has
substantial buffers against covenanted capital levels (end-1Q25
equity/assets ratio: 22.5%; covenant requirement: 20%). Fitch
expects profit retention to support the company's leverage despite
asset growth and regular dividend pay-outs.

Wholesale Funded: International financial institutions (IFIs)
represent 96% of AC's total non-equity funding. A large number of
strict covenants could expose AC to accelerated debt repayments if
any required waivers are not granted. The company issued local
bonds in 2022 and 2023 totalling KZT1.5 billion, each with a tenor
of two years. Management expects to maintain a high number of IFI
funding sources, ensuring strong diversification in the medium
term.

RATING SENSITIVITIES

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

- Material deterioration in asset quality (e.g. due to increased
risk appetite or inability to control the credit quality of planned
online lending), weakening profitability

- A marked deterioration in AC's capital position or materially
higher leverage, manifested in a gross debt/tangible equity ratio
exceeding 6x

- Covenant breaches or other signs of refinancing problems,
compromising funding access or ability to expand

- A regulatory or loss event affecting business model stability

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

- Maintenance of strong profitability, alongside other sound
financial metrics and continued franchise strengthening

ADJUSTMENTS

The Standalone Credit Profile 'b' is below the implied score of
'b+' due to the following adjustment reason: business profile
(negative).

The asset quality score 'b+' is below the implied category of 'bb'
due to the following adjustment reason: risk profile and business
model (negative).

The earnings and profitability score 'b+' is below the implied
category of 'bbb' due to the following adjustment reason: portfolio
risk (negative).

The capitalisation and leverage score 'b+' is below the implied
category of 'bb' due to the following adjustment reasons: risk
profile and business model (negative).

ESG Considerations

AC has an ESG Relevance Score of '4+' for exposure to social
impacts due to its business model being focused on the underbanked
Kazakh population in rural areas. Its positive social impact
facilitates AC's access to funding from IFIs. This has a positive
impact on its credit profile and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt                  Rating              Prior
   -----------                  ------              -----
MFO Arnur Credit LLP   LT IDR    B       Affirmed   B
                       ST IDR    B       Affirmed   B
                       LC LT IDR B       Affirmed   B
                       LC ST IDR B       Affirmed   B
                       Natl LT   BB+(kaz)Affirmed   BB+(kaz)




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

METINVEST BV: Fitch Lowers LongTerm IDRs to 'CCC-'
--------------------------------------------------
Fitch Ratings has downgraded Metinvest B.V.'s Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDR) and senior
unsecured rating to 'CCC-' from 'CCC'. The Recovery Rating is
'RR4'.

The downgrade reflects significant refinancing risk as USD428
million notes are due in April 2026. Fitch forecasts that Metinvest
will not have sufficient liquidity to repay the notes. Fitch
forecasts a material drop in EBITDA in 2025 due to the suspension
of operations at Pokrovske Coal and, as a result, negative free
cash flow (FCF) generation in the year.

Fitch expects Metinvest to have sufficient cash for coupon payments
in 2025 but not the 2026 principal. The company repaid the notes
due in 2025. Operating risk is high due to the war, including the
occupation or damage of some of its assets, and high electricity
costs.

Fitch has downgraded Metinvest's National Long-Term Rating to
'BB+(ukr)' from 'AA-(ukr)'. The Outlook is Stable. The action is
based on its National Ratings Correspondence Table and relativity
with national peers.

Key Rating Drivers

Rising Refinancing Risk: Fitch views Metinvest's refinancing risk
as high despite the recent timely redemption of 2025 notes using
its offshore cash. Metinvest has USD428 million notes due in April
2026. Fitch believes the drop in 2025 EBITDA following the
suspension of domestic coal production and challenging operational
conditions have raised refinancing risk.

Drop in EBITDA: In January 2025, Metinvest announced the completion
of suspension of its operations at Pokrovske Coal due to evolving
frontline conditions, power supply shortages and the deteriorating
security situation. Since then, Metinvest has been substituting
coking coal from its US subsidiary United Coal for a portion of its
needs and importing from other countries. This materially increases
steel production costs alongside the loss of coal profits. Fitch
expects Fitch-adjusted EBITDA to decrease to around USD500 million
in 2025 from USD910 million in 2024. This is despite its
expectation of an increase in steel volumes compared to 2024.

Negative FCF in 2025: Fitch expects a drop in EBITDA, coupled with
changes in supply chain and higher inventory levels, to result in
negative FCF in 2025. The FCF trajectory will depend on Metinvest's
ability to sustain its profitability and improve its working
capital management. Fitch estimates the company will have available
cash of around USD320 million at end-2025, which will be sufficient
to service the coupon payments in 2025 but not principal payment on
the notes due in April 2026. Metinvest repaid the notes due in
2025.

FX Restrictions Limit Liquidity: Metinvest has been relying on
offshore cash to service previous debt principal repayments, and
has used spare cash to make early repurchase of outstanding bonds
when possible. Companies can send cash abroad through dividends to
cover coupon payment of international bonds under the National Bank
of Ukraine's moratorium on cross-border foreign-currency payments,
but principal repayments are restricted.

Power Supply Stability Efforts: Electricity supply has been one of
the major operational disruptions and uncertainties since the
beginning of the war. There were several power outages due to
attacks on electricity infrastructure in 2024, which caused high
tariffs from imported electricity. Metinvest is working to mitigate
disruption. It launched its first gas-fired power plants in April
2025, with a few more following later in the year. The next stage
will be the construction of 37 MW of solar generation. The
gas-fired and solar power plants are to supply its steel plant and
two iron ore mines in Ukraine, with the goal of achieving 50%
self-generation by 2030.

Strategic Project: Metinvest aims to move ahead with a green steel
investment in Italy, for which no final investment decision has
been made. The project would require some equity contributions over
the coming years.

Peer Analysis

Ratings in the 'CCC' category and below for most corporate issuers
in Ukraine reflect heightened operational and financial risks.

Interpipe Holdings plc's 'CCC-' ratings reflect Fitch's limited
visibility on whether the National Bank of Ukraine will allow the
repayment of its bonds in 2026 with funds that are subject to
exchange controls, or whether Interpipe will be able to facilitate
a refinancing. Ferrexpo plc's 'CCC-' rating reflects the
deterioration of operational liquidity due to suspension of VAT
refunds, and Fitch expects the company to have insufficient cash to
cover working-capital requirements and maintenance capex by
end-2025. Ferrexpo only has minimal liabilities linked to leases.

Key Assumptions

- Commodities price assumptions in line with Fitch's price deck for
2025-2027

- Production of 3.4mt steel products, 16mt of iron ore products and
14mt of resale volumes in 2025

- EBITDA margin averaging 7% in 2025-2027

- Annual capex averaging around USD210 million in 2025-2027

- No dividends to 2027

Recovery Analysis

The recovery analysis assumes Metinvest would be considered a going
concern in bankruptcy and would be reorganised rather than
liquidated.

Metinvest's going-concern EBITDA of USD400 million reflects
war-related disruption to exports and local operations.

Fitch uses an enterprise value/EBITDA multiple of 3.0x to calculate
a post-reorganisation valuation, reflecting the presence of key
assets in a territory with military conflict.

Fitch's analysis results in a waterfall-generated recovery
computation in the 'RR4' band, taking into account its
Country-Specific Treatment of Recovery Ratings Criteria and after
deducting 10% for administrative claims. This indicates a 'CCC-'
instrument rating for Metinvest's senior unsecured notes.

RATING SENSITIVITIES

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

- Default of some kind appears probable

- A default or default-like process has begun (including the issuer
entering into a grace or cure period following non-payment of a
material financial obligation; or the formal announcement by the
issuer or their agent of a distressed debt exchange)

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

- Successful refinancing of the 2026 notes, ongoing coupon payments
and demonstration of plausible plans to address the maturity of the
notes due in 2027

- De-escalation of Russia's military operations, reducing operating
risks, and relaxed FX and cross-border payment controls with
reduced liquidity and refinancing risks

Liquidity and Debt Structure

Metinvest had readily available cash of USD486 million at end-2024
and Fitch estimates its cash at around USD320 million at end-June
2025 after the full repayment of 2025 notes in mid-June. Fitch
forecasts the company to generate negative FCF around USD50 million
in 2025. Fitch expects Metinvest will have sufficient cash to
service the coupon for around USD130 million in 2025 but not the
principal of USD428 million of 2026 notes. Metinvest also has
USD332 million of notes due in October 2027.

Issuer Profile

Metinvest is a vertically integrated Ukrainian mining and steel
company, with operations in Ukraine (steel, iron ore and met coal
asset), Europe (re-rolling facilities in UK, Italy and Bulgaria)
and the US (met coal asset).

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

Metinvest B.V. has an ESG Relevance Score of '4' for Group
Structure due to historically large related-party transactions,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

   Entity/Debt            Rating             Recovery   Prior
   -----------            ------             --------   -----
Metinvest B.V.   LT IDR    CCC-    Downgrade            CCC
                 ST IDR    C       Affirmed             C  
                 LC LT IDR CCC-    Downgrade            CCC
                 LC ST IDR C       Affirmed             C
                 Natl LT   BB+(ukr)Downgrade            AA-(ukr)  
                 Natl ST   B(ukr)  Downgrade            F1+(ukr)

   senior
   unsecured     LT        CCC-    Downgrade   RR4      CCC




===========
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KAFOLAT INSURANCE: Fitch Affirms B+ Insurer Fin. Strength Rating
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Uzbekistan-based Kafolat
Insurance Company JSC's Insurer Financial Strength (IFS) Rating to
Positive from Negative and affirmed the IFS rating at 'B+'.

The Outlook revision reflects Kafolat's improved business risk
profile with moderated business growth, a reduced share of inward
reinsurance business, and better geographical diversification. It
also considers the company's strengthened capital position,
enhancements in reserving practices, and improvements in natural
catastrophe risk modelling. The rating further reflects Kafolat's
good profitability metrics and conservative investment strategy.

Key Rating Drivers

Improved Capital Position: Kafolat's capital position strengthened
in 2024, supported by moderated business growth and strong capital
generation, and an increase in Kafolat's share capital to UZS216
billion from to UZS90 billion. The Fitch Prism score based on IFRS
17 improved to 'Adequate' at end-2024 from 'Somewhat Weak' at
end-2023. Net leverage improved to 1.5x (2023: 2.9x) and gross
leverage to 4.3x (2023: 6.0x). The regulatory solvency margin
increased to 171% at end-1Q25 and 163% at end-2024 (2023: 114%).
The Positive Outlook factors in its expectation that capital will
be maintained at around current levels in 2025.

Strong Market Share, Limited Diversification: Kafolat is the
third-largest non-life insurer in Uzbekistan, with a 7.8% market
share by gross written premiums in 2024 (2023: 9.1%) after a
moderation in inward reinsurance and a shift to domestic business.
Geographical concentration of inward reinsurance improved, reducing
US exposure to 25% at end-2024 from 43% at end-2023. Product
concentration remains high, with property insurance making up 90%
of gross and 82% of net premiums in 2024. The life insurance
subsidiary's contribution is limited.

Good but Volatile Financial Performance: Kafolat reported net
income of UZS97 billion in 2024 (54% return on equity), supported
by good underwriting and stable investment income. The company's
performance remains largely driven by inward reinsurance, which
increases volatility in financial results. Performance in 1Q25 was
also pressured by slower business growth, higher losses, and
increased expenses, but overall profitability remained positive,
with an annualised return on equity of 17%.

Improved Asset Quality: The investment portfolio is mainly cash and
bank deposits with state-owned or large private local banks rated
at the sovereign level. The risky asset ratio for non-life business
was only 4% at end-2024 (2023: 5%), with most represented by the
equity investments of local banks. Asset quality benefits from the
improved credit quality of the banks in Kafolat's investment
portfolio.

Improved Reserving Practices: In 2024, Kafolat enhanced its
reserving practices by adopting a Best Estimate valuation of
non-life reserves, which indicates a reserve surplus across
business lines. However, reserving risk remains due to developing
actuarial expertise and the largely untested inward reinsurance
book.

Growing Reinsurance Utilisation: Kafolat increased its use of
reinsurance to manage its expanding business risks, with net to
gross premiums of 50% in 2024, down from 70% in 2023. The company
benefits from treaty reinsurance with highly rated European groups
for property and construction risks above UZS1,300 million, but
most other reinsurance counterparties are domestic or Russian
companies with low credit ratings. This exposes Kafolat to material
counterparty risks.

Natural Catastrophe Risk Modelled: Kafolat has begun preparing
probable maximum loss (PML) data since 2024, making it one of the
few local companies actively managing catastrophe risk exposure and
capturing risks of hurricanes, earthquakes, and floods. Modelling
results indicate that a 1-in-200-year event would result in net
losses equivalent to 37% of capital and gross losses of 76% at
end-2024.

RATING SENSITIVITIES

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

- A weaker business risk profile, reflected in higher business
concentration or an inability to maintain the current capital
position and financial performance, could lead us to revise the
Outlook to Stable.

- A sustained deterioration of the capital position, as measured by
the Prism score falling below 'Somewhat Weak', could lead to a
downgrade.

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

- A stronger assessment of Kafolat's company profile, reflected in
improved diversification of its business mix

- A Prism score of 'Adequate' on a sustained basis, while
maintaining good financial performance

ESG Considerations

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Kafolat Insurance
Company JSC          LT IFS B+  Affirmed   B+


UZBEKISTAN NATIONAL BANK: Fitch Assigns BB(EXP) on New Eurobonds
----------------------------------------------------------------
Fitch Ratings has assigned JSC National Bank for Foreign Economic
Activity of the Republic of Uzbekistan's (NBU) two upcoming US
dollar and Uzbekistan soum-denominated senior unsecured Eurobonds
expected long-term ratings of 'BB(EXP)'. Fitch has also assigned
the bonds expected ex-government support (xgs) long-term ratings of
'B+(xgs)(EXP)'. The sizes, tenors and interest rates are yet to be
determined.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

Key Rating Drivers

The bonds' expected ratings are in line with NBU's Long-Term
Foreign-Currency (FC) Issuer Default Rating (IDR) of 'BB' and
Long-Term FC IDR(xgs) of 'B+(xgs)'. For the soum-denominated bonds,
this is because both the coupon payments and principal repayment
are required to be made in US dollars at the soum/US dollarexchange
rate reported by the Central Bank of Uzbekistan at each settlement
date. The issue terms do not contain an option allowing NBU to make
settlements on the bonds in soum. Fitch would therefore treat a
situation when the bank is unable to meet its US dollar obligations
on the soum-denominated bonds (whether for issuer-specific reasons
or because of broader transfer or convertibility restrictions) as
an event of default. Fitch also highlights the soum-denominated
bonds' embedded market risk from the perspective of US dollar
investors.

The bonds will represent unconditional, senior unsecured
obligations of the bank, which rank pari passu with its other
senior unsecured obligations.

NBU's Long-Term FC IDR reflects Fitch's view of a moderate
probability of state support, as reflected by its 'bb' Government
Support Rating. Its assessment of support for NBU considers its
majority state ownership, high systemic importance, an important
policy role as the key lender to strategic industries, and the low
cost of support relative to the sovereign's international
reserves.

The bonds' draft documentation includes the change of control
clause, under which bondholders will have an option to redeem the
notes at par if the Republic of Uzbekistan ceases to beneficially
own (directly or indirectly) 50% plus 1 share of NBU's issued and
outstanding voting capital stock.

Rating Sensitivities

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

NBU's senior unsecured debt ratings could be downgraded if the
Long-Term FC IDR was downgraded.

Sensitivities for NBU's Long-Term IDRs are outlined in Fitch's
latest rating action commentary dated 30 June 2025.

NBU's senior unsecured ratings (xgs) would be downgraded if the
bank's Long-Term FC IDR (xgs) was downgraded. The bank's Long-Term
IDRs (xgs) are sensitive to changes to its Viability Rating.
Sensitivities for NBU's Viability Rating are outlined in Fitch's
latest rating action commentary dated 26 March 2025.

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

NBU's senior unsecured debt ratings could be upgraded if the
Long-Term FC IDR was upgraded.

NBU's senior unsecured ratings (xgs) would be upgraded if the
bank's Long-Term FC IDR (xgs) was upgraded.

Date of Relevant Committee

27 June 2025

Public Ratings with Credit Linkage to other ratings

NBU's Long-Term IDRs are directly linked to Uzbekistan's sovereign
IDR.

ESG Considerations

NBU has an ESG Relevance Score of '4' for Governance Structure as
Uzbekistan's authorities are highly involved in the bank at board
level and in its business and strategy development, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                    Rating           
   -----------                    ------           
JSC National Bank
for Foreign Economic
Activity of the
Republic of Uzbekistan

   senior unsecured       LT       BB(EXP)     Expected Rating

   senior unsecured       LT (xgs) B+(xgs)(EXP)Expected Rating




=========
S P A I N
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CIRCA ENTERPRISES: Moody's Puts 'B2' CFR Under Review for Upgrade
-----------------------------------------------------------------
Moody's Ratings has placed Cirsa Enterprises, S.A.'s (Cirsa or the
company) ratings on review for upgrade, including the B2 corporate
family rating and the B2-PD probability of default rating.
Concurrently, Moody's have also placed on review for upgrade the B2
instrument ratings on the EUR615 million backed senior secured
notes due 2027, the EUR382.5 million backed senior secured notes
due 2027, the EUR525 million (outstanding EUR285 million) backed
senior secured floating rate notes due 2028 (the floating notes due
in 2028 or the 2028 floating notes), the EUR375 million backed
senior secured notes due 2028, and the EUR450 million backed senior
secured notes due 2029, all issued by Cirsa Finance International
S.a r.l., a direct subsidiary of the company. Previously, the
outlook on both entities was positive.

The rating action follows Cirsa's announcement [1] on July 01, 2025
that its Initial Public Offering (IPO) prospectus has been
registered and approved by the Spanish National Securities Market
Commission (CNMV).

"Moody's have placed the ratings on review for upgrade to reflect
the leverage reduction that is expected to follow the IPO
completion and the enhanced financial flexibility that the IPO will
provide to the group," says Lola Tyl, Moody's Ratings lead analyst
for Cirsa.

"The conclusion of the review for upgrade will rest upon the
successful conclusion of the IPO and will likely result in an
upgrade of all ratings by at least one notch," adds Ms Tyl.

The decision to place the ratings on review for upgrade reflects
corporate governance considerations associated with the decrease in
leverage expected following the IPO completion as well as the
company's decision to adopt a predictable and more conservative
financial policy after its IPO. Financial strategy and risk
management is a governance consideration under Moody's General
Principles for Assessing Environmental, Social and Governance Risks
methodology.

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

The review for upgrade on Cirsa's ratings reflects the leverage
reduction that is expected to follow the IPO completion and the
enhanced financial flexibility that the IPO will provide to the
group.

The IPO comprises a primary issuance of ordinary shares targeting
gross proceeds of about EUR400 million. Cirsa intends to use the
net proceeds of EUR375 million to repay part of its existing debt
and reduce leverage. In particular, Cirsa intends to repay the full
amount of its outstanding EUR285 million backed senior secured
floating notes due in 2028. The company is targeting a net leverage
reduction to around 2.7x post-IPO from 3.3x before the offering,
which Moody's estimates corresponds to Moody's-adjusted gross
leverage of around 3.0x post-IPO compared with 3.5x before the
offering. Moody's estimates exclude the company's EUR600 million
paid-in-kind toggle notes (the PIK notes) raised outside its
restricted group. Including Cirsa's PIK notes in Moody's gross debt
calculation, Moody's estimates of its Moody's-adjusted gross
leverage would be around 0.8x higher.

The completion of the offering and the associated reduction in
leverage will be credit positive for Cirsa because it will reduce
its Moody's-adjusted gross leverage to below 3.0x in the next 12-18
months without the PIK notes and below 4.0x including the PIK
notes. These leverage levels are indicative of upward rating
pressure according to Moody's guidance for Cirsa's current rating
category. Additionally, the decrease in leverage would reduce
Cirsa's interest costs and enhance financial its flexibility. Being
publicly listed not only provides access to equity capital markets
but also offers additional benefits from enhanced transparency.

While Cirsa would remain largely owned and controlled by a fund
managed by Blackstone Inc. (Blackstone) after the IPO, the company
will benefit from a predictable and more conservative financial
policy. Cirsa is targeting a net leverage ratio in the range of
2.0x-2.5x on a steady state basis after the IPO. Moody's estimates
the target net leverage ratio is equivalent to a Moody's-adjusted
gross leverage of 2.2x-2.8x without the PIK notes and 3.0x-3.6x
with the PIK toggle notes.

The IPO's credit-positive impact would be partly offset by Cirsa's
intention to start a 35% targeted payout ratio dividend policy from
2026, subject to available profits and reserves. The dividend
payments could reduce free cash flow available to creditors,
outweighing savings from the lower debt burden following the
offering.

Moody's also note that given Cirsa intends to use the proceeds from
the IPO to repay its 2028 floating notes, the group still has some
refinancing risk associated with around EUR1 billion of bonds
becoming due in 2027.

Cirsa's B2 CFR reflects its leading market positions in Spain and
Latin America and its geographical and business segment
diversification. Conversely, Cirsa's rating is constrained by the
company's material presence in emerging markets, which generate
around 40% of the company's EBITDA, the company's limited although
increasing online offering, its exposure to foreign-exchange
fluctuations and reliance on repatriation of cash from Latin
American countries as well as the regulatory risks inherent to the
gambling industry.

Prior to the review process, Moody's indicated that Cirsa's ratings
could be upgraded if the company's operating performance remains
strong, with solid revenue and EBITDA growth driven by a growing
online segment, combined with growth in land-based activities, such
that its Moody's-adjusted gross leverage reduces below 4.0x; its
Moody's-adjusted EBIT/interest improves well above 2.0x; the
company continues to generate solid positive free cash flow and
maintains good liquidity; and it demonstrates a track record of
conservative financial policies, including prudent management of
debt maturities.

Prior to the review process, Moody's indicated that Cirsa's ratings
could be downgraded if the company's Moody's-adjusted gross
leverage increases above 5.5x; its Moody's-adjusted EBIT/interest
decreases below 1.5x; free cash flow turns sustainably negative; or
its liquidity deteriorates.

LIQUIDITY

Cirsa's liquidity is good, supported by EUR273 million of cash as
of March 31, 2025 and a EUR275 million revolving credit facility
(RCF) maturing in December 2029 which is expected to be fully
undrawn following the IPO.

The company's liquidity is also supported by Moody's expectations
of strong Moody's-adjusted free cash flow (FCF) generation of above
EUR100 million per year in the next 12-18 months after annual
dividends projected of around EUR140 million from 2026 onwards
(including minorities dividends), but excluding the group's
business acquisition-related cash outflows.

The RCF documentation contains a springing financial covenant based
on senior secured net leverage set at 7.52x, tested on a quarterly
basis when the RCF is drawn by more than 40%. A breach only
triggers a drawstop event and not an event of default. Moody's
expects Cirsa to maintain good buffer under this covenant.

Cirsa's next significant debt maturity within the senior secured
notes' restricted group is in March 2027, when its EUR615 million
backed senior secured notes mature.

STRUCTURAL CONSIDERATIONS

Cirsa's B2-PD PDR is in line with the CFR, reflecting Moody's
assumptions of a 50% recovery rate, as is customary for capital
structures that include notes and bank debt. The backed senior
secured notes are rated B2, in line with the CFR, given they
represent most of the company's financial debt. There is also an
amount of bank debt at the operating company level, as well as a
super senior RCF, which ranks ahead of the senior secured notes
given the relatively low guarantor coverage in the range of 43% to
46%, and the RCF has priority over the proceeds under the
Intercreditor Agreement. However, the RCF is not material enough to
drive notching on the ratings of the senior secured notes.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
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

Cirsa was founded in 1978 following the liberalisation of the
Spanish private gaming market. Headquartered in Terrassa, Spain,
Cirsa is an international gaming operator. The company is present
in nine countries where it has market-leading positions: Spain and
Italy in Europe; Panama, Colombia, Mexico, Peru, Costa Rica and the
Dominican Republic in Latin America; and Morocco in Africa. Cirsa
operates casinos, slot machines, bingo halls and betting locations,
and also offers online gaming and betting services. In 2024, the
company reported net revenue of around EUR2.15 billion and
company-adjusted EBITDA of EUR699 million.

ENFRAGEN ENERGIA: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'
------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to EnfraGen Energia Sur,
S.A.U. and co-issuers' ("EnfraGen") proposed $400 million senior
secured notes due 2032. At the same time, Moody's have affirmed
EnfraGen Finance Holdings LLC's Ba3 corporate family rating and the
Ba3 rating on EnfraGen's outstanding senior secured notes due 2030.
The outlook remains stable.

Proceeds from the transaction will be used to prepay $280 million
of the existing bank debt and the remainder to fund transaction
costs and to support growth initiatives outside of the credit group
($100 million). The new $400 million notes will rank pari passu
with existing debt, sharing the same collateral and waterfall
structure. The transaction incorporates incremental cash flows from
a recently acquired Power Purchase Agreement (PPA) in Panama.

The assigned rating to the New Notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by us to date and that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

EnfraGen's Ba3 rating reflects that, despite the increase in the
total amount of debt as a result of this transaction, the group's
credit profile remains largely unchanged. The credit profile
incorporates the anticipated benefits of an additional revenue
stream for the group, which is expected to support key credit
metrics in line with historical and projected performance.

EnfraGen's Ba3 rating is underpinned by its sound business profile,
with operations spanning several stable Latin American
jurisdictions and a portfolio designed to deliver steady, largely
USD-linked cash flows. The company's assets benefit from long-term
capacity and reliability charges, providing visibility and
resilience against market volatility. The rating also considers the
group's high leverage and weak credit metrics, which are expected
to remain broadly unchanged following the transaction, as well as
the structural protections embedded in the financing, including
liquidity reserves and committed working capital facilities.

The incorporation of additional cash flows from an existing PPA in
Panama marginally improves business diversification. The additional
cash flows from this PPA will consolidate within the credit group,
enhancing the group's cash flow profile, with no material change to
the overall business model or risk profile. The revenues from this
PPA are sourced from a credit worthy distribution company in
Panama, that includes capacity payments and an energy component and
that will be mostly served by the company's own hydro production,
features that are overall in line with the company business model.

The transaction preserves key structural protections for creditors,
including a six-month debt service reserve account (DSRA), a
one-month operating and maintenance reserve, and $75 million
working capital facilities. The transaction also involves the
proportional unwinding of the interest rate hedge in place relative
to the bank facilities, however only the front end of the swaps
will be terminated, until 2032 when the fixed rate new notes are
due. Afterwards the hedge remains in place, preserving interest
rate protection over the longer term.

The stable outlook reflects Moody's expectations that EnfraGen will
continue to generate predictable cash flows from its diversified
portfolio of contracted and regulated assets across Latin America,
supporting credit metrics in line with the Ba3 rating.

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

What Could Change the Ratings Up

-- A faster-than-expected reduction in debt, resulting in
consolidated CFO/debt and RCF/debt exceeding 8% and 5%,
respectively.

-- Sustained improvement in leverage and coverage metrics above
Moody's expectations.

What Could Change the Ratings Down

-- Operating performance lagging expectations, adverse market or
regulatory developments weakening cash flow generation.

-- Combined pro-forma interest coverage falling below 1.3x,
CFO/debt below 3%, or negative retained cash flow.

EnfraGen Finance Holdings LLC is an independent power generation
company with operations across Latin America, owned by Glenfarne
Group, LLC and Partners Group AG, with a diversified portfolio of
contracted and regulated assets across several countries.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
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.




===========
T U R K E Y
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ANADOLU ANONIM: Fitch Affirms 'BB' Insurer Finc'l. Strength Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's
(Anadolu Sigorta) Insurer Financial Strength (IFS) Rating at 'BB'
with a Stable Outlook. Fitch has also affirmed Anadolu Sigorta's
National IFS Rating at 'AA+(tur)' with a Stable Outlook.

The affirmation reflects Anadolu Sigorta's very strong position in
the country's highly competitive insurance sector, high asset risk
driven by its substantial exposure to Turkish assets, and adequate
capitalisation and improved profitability. The company's 'AA+(tur)'
National IFS rating largely reflects its strong franchise in
Turkiye and a regulatory solvency ratio that is consistently and
comfortably over 100%.

Key Rating Drivers

Leading Turkish Insurer: Anadolu Sigorta's business profile is
supported by the company's very strong position in Turkiye's highly
competitive insurance sector. It was the country's third-largest
non-life insurer at end-2024, with a market share of about 9%.
Fitch expects Anadolu Sigorta's strong competitive positioning to
support the resilience of its credit profile against the challenges
posed by the Turkish economy and its operating environment.

Capitalisation Supportive of Rating: The company's capitalisation,
as measured by Fitch's Prism Global model, was 'Adequate' in 2024,
although it has improved within that category. This was driven by a
larger equity base due to higher retained earnings. The local
regulatory solvency ratio was substantially above 100% at end-2024
and end-2023, which supports the company's ratings. Other capital
metrics, such as net written premium/equity and net leverage, also
improved and remained supportive of the rating.

Improving Earnings: Anadolu Sigorta's profitability improved
substantially in 2024, supported by both stronger, but still
negative, underwriting performance, and higher investment income as
interest rates remained high in 2024. The company invests largely
in bank deposits, which offered high returns, given the increase in
interest rates to 47.5% at end-December 2024. Its 2024 reported net
income was TRY10.9 billion, up from 2023's TRY5.9 billion,
corresponding to a net income return on equity (ROE) of 47% (2023:
55%).

Anadolu Sigorta's Fitch-calculated combined ratio was 104% in 2024
(2023: 118%), its lowest in five years, due to improved performance
of the motor third-party liability, fire and general losses lines.
However, underwriting performance remains unprofitable.

Improved But High Investment Risk: Anadolu Sigorta is exposed to
domestic assets and asset risk remains its main rating weakness.
Its investment portfolio largely comprised deposits in Turkish
banks, investment funds and Turkish government bonds at end-2024.
The company's credit quality is therefore highly correlated with
that of Turkish banks and the sovereign. Anadolu Sigorta's
investment risk has improved, following the sovereign upgrade in
2024, due to higher average investment credit quality, as measured
by a lower risky assets ratio.

RATING SENSITIVITIES

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

INTERNATIONAL IFS RATING

- A downgrade of Turkiye's Long-Term Local-Currency Issuer Default
Rating (IDR) or major Turkish banks' ratings, leading to a material
deterioration in the company's investment quality

NATIONAL IFS RATING

- A decline in regulatory solvency ratio to below 100% on a
sustained basis

- Substantial deterioration of the company's market position in
Turkiye

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

INTERNATIONAL IFS RATING

- An upgrade of Turkiye's IDR or major Turkish banks' ratings
leading to a material improvement in the company's investment
credit quality

NATIONAL IFS RATING

- An ROE exceeding inflation for a sustained period, while
maintaining a strong market position in Turkiye

ESG Considerations

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

   Entity/Debt                    Rating               Prior
   -----------                    ------               -----
Anadolu Anonim
Turk Sigorta Sirketi   LT IFS      BB       Affirmed   BB
                       Natl LT IFS AA+(tur) Affirmed   AA+(tur)




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

BROOKVEX IMS: Kroll Advisory Named as Administrators
----------------------------------------------------
Brookvex IMS Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-000957, and Benjamin John Wiles and Robert Goodhew of Kroll
Advisory Ltd were appointed as administrators on July 4, 2025.  

Brookvex IMS specialized in combined facilities support
activities.

Its registered office and principal trading address is at Unit 4
Tramlink Park, Deer Park Road, London, Surrey, SW19 3UA

The joint administrators can be reached at:

     Benjamin John Wiles
     Philip Dakin
     Kroll Advisory Ltd
     The Shard
     32 London Bridge Street
     London, SE1 9SG

Further details contact:

     The Administrators
     Email: Judah.Jackson@kroll.com
     Tel No: 020 7029 5063

Alternative contact:

     Judah Jackson



C, V AND A PENDLETON: Grant Thornton Named as Administrators
------------------------------------------------------------
C, V And A Pendleton (A FIRM) was placed into administration
proceedings in The High Court of Justice, Insolvency & Companies
List, CR-2025-004068, and Alistair Wardell and Richard J Lewis of
Grant Thornton UK LLP were appointed as joint administrators on
June 23, 2025.  

C, V And A is into trailer parks and camping grounds.

Its principal trading address is at Croft Country Park, Reynalton,
Kilgetty, Pembrokeshire, SA68 0PE

The joint administrators can be reached at:

          Alistair Warde
          Richard J Lewis
          Grant Thornton UK LLP
          2 Glass Wharf, Temple Quay
          Bristol, BS2 0EL

For further information, contact:

           CMU Support
           Grant Thornton UK LLP
           Tel No: 0161 953 6906
           Email: cmusupport@uk.gt.com


EG GROUP: S&P Raises Issuer Credit Rating to 'B', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on EG Group Ltd.
(EG) and the company's senior secured debt to 'B' from 'B-'. The
recovery rating on the debt remains unchanged at '3'.

The stable outlook reflects S&P's view that EG's strategic
initiatives will result in S&P Global Ratings-adjusted EBITDA
margins above 5.5% in 2025-2027 and adequate liquidity in the next
12 months, even though S&P Global Ratings-adjusted leverage will
remain elevated at just below 9.0x (below 6.5x excluding
controlling shareholder financing [CSF]).

EG has an improved track record of a more moderate financial policy
and has undertaken steps to strengthen its governance.

S&P anticipates that the group will continue to prioritize
deleveraging and improve operations and growth in grocery and
merchandise and food service, which should help EG maintain S&P
Global Ratings-adjusted leverage of below 9x in our base case for
2025-2026.

The group has taken steps to lower its leverage and interest
burden, along with a strong commitment to a more prudent financial
policy. EG has moderated its financial policy and continues to
implement several strategic steps to lower its gross debt. During
2023, the group repaid almost $3.8 billion of financial debt using
the proceeds of the sale-and-lease-back transaction in the U.S. and
the sale of the U.K. and Ireland business to ASDA. The group also
disposed of noncore assets in the final quarter of 2024, generating
over $400 million proceeds. These proceeds were deployed to reduce
debt as part of the 2024 repricing transaction, where the $610
million of second-lien facilities were repaid in full. EG also
repriced its term loans at reduced margins in December 2024,
leading to a reduction in its cash interest burden.

EG Group has taken steps to improve its governance along with
several board and management changes. The group has appointed a new
CEO, since both founders have stepped down from management
responsibilities. The board has benefitted from the appointment of
an additional independent nonexecutive director. The group has also
appointed an experienced chief legal officer and undertaken other
appointments to strengthen its corporate governance.

Strong execution in the U.S. convenience stores market and
expanding the market position in grocery and merchandise and food
service is critical to the group's operating prospects. Even after
the disposal of the U.K. and Ireland business, the group remains
one of the largest global players in a very fragmented market, with
revenue above $23 billion and EBITDA of $1.4 billion forecast for
2025. The group is still very geographically diversified and has
operations in nine countries. However, the group's activities are
highly concentrated in fuel operations, representing 78% of revenue
and 47% of gross profits in 2024. The U.S. is its single biggest
market by revenue where it operates in 29 states. S&P said, "We
expect EBITDA generation to be affected by competitive pressures
and the macroeconomic environments in the different geographies. We
therefore view the focus on grocery and merchandise and food
service as a positive step, which enhances its positioning in the
food convenience sector, increasing diversification through
multiple revenue streams and reducing the exposure to the volatile
oil market. In 2024, EG reported an increase of 9% in its
underlying EBITDA with significant contributions from the U.S. and
European operations. In the first quarter of 2025, however, EG's
operating performance was below our expectations because EBITDA
declined due to adverse weather in the U.S. and temporary refinery
disruptions in Germany. Following a strong improvement of 70 basis
points (bps) in its S&P Global Ratings-adjusted EBITDA margins to
5.7%, we forecast a more moderate improvement of another 20bps over
2025."

Liquidity should remain adequate over the next 12 months, though
high interest payments and ongoing investment will lead to low
FOCF. S&P said, "Despite the weaker cash generation, we expect the
group to maintain an adequate liquidity profile over the next 12
months. But liquidity could come under pressure, given the limited
cash on the balance sheet and limited headroom under the revolving
credit facility (RCF) if it does not deliver on its cashflow
ambitions. However, we view as a positive factor that, following
the refinancing, the group does not have significant short-term
maturities. Also, despite the large disposals in 2023, the group
still has more than $3.8 billion of real estate assets that it
could monetize for liquidity purposes. However, an increased
reliance on asset sales to reduce debt and enhance liquidity
reduces the group's diversification and financial flexibility in
the future. Also, the group completed the refinancing of its
capital structure in the fourth quarter of 2023 on the back of the
sale of its U.K. and Ireland business to ASDA. The outstanding
senior secured debt carries an interest rate of 10%-12%, leading to
a large cash interest burden. We expect these factors to have a
negative effect on FOCF generation but to be partially mitigated by
the group's strong focus on working capital and total capital
expenditure (capex) reducing below $300 million for 2025.
Nevertheless, we anticipate FOCF after leases to turn positive in
2025 and 2026. We expect capex to grow and remain above $300
million from 2026 as EG continues to invest in its estate and
rebrand some of its stores to enhance its competitive position.
However, we understand that the group has the flexibility of
reducing discretionary capex to align with the publicly announced
focus on cash flow generation and deleveraging."

Given the weak FOCF and high leverage, there is limited headroom
for underperformance under the current ratings. During 2023, the
group repaid almost $3.8 billion of financial debt using the
proceeds of the sale-and-lease-back transaction in the U.S. and the
sale of the U.K. and Ireland business to ASDA. This led to a
decrease in S&P Global Ratings-adjusted leverage to 8.5x in 2024
(6.4x excluding CSF) from 9.5x in 2022 (7.8x excluding CSF). S&P
said, "We continue to view the group as highly leveraged and we
forecast S&P Global Ratings-adjusted debt to EBITDA will increase
slightly but remain below 9x over 2025-2026, affected by the
presence of approximately $3 billion non-cash-paying CSF and
accrued interest that we treat as debt. In our base case the
leverage excluding CSF should decline slightly to 6.3x in 2026."

S&P said, "The stable outlook reflects our view that EG will
continue to deliver on its strategic initiatives, resulting in S&P
Global Ratings-adjusted EBITDA margins above 5.5% in 2025 and 2026.
We also anticipate that the group will continue to reduce its gross
debt through a combination of improved operations and other
financial policy measures. This should help maintain S&P Global
Ratings-adjusted debt to EBITDA below 9.0x (and below 6.5x
excluding CSF) in our base case for 2025-2026. We forecast that
FOCF after leases will turn positive from 2025 and that liquidity
will remain adequate over the next 12 months.

"We could lower our rating on EG if the group faced execution
issues or experienced setbacks in its growth strategy, such that
its performance was weaker than our base-case scenario. In such a
scenario EG would not be able to strengthen its FOCF after leases
to levels commensurate with its high debt levels and its S&P Global
Ratings-adjusted debt to EBITDA would remain persistently higher
than 9x (and above 6.5x excluding CSF) with limited prospects for
deleveraging.

"We could also lower our rating if we revised down our assessment
of the business risk profile. We may take this action if the group
was unable to offset reduction in its business scale and
diversification from any disposals through lower debt, or to
improve operations and profitability in its key remaining markets.

"Given the group's still high debt levels, and weak FOCF, which
limit the headroom under the current ratings, we do not expect to
raise our rating on EG over the next 12 months.

"An upgrade would depend on the group significantly outperforming
our base case through sustainably strengthened FOCF after leases to
more meaningful levels thanks to strong execution of growth and
strategic initiatives. In such a scenario we would expect the group
to also reduce its S&P Global Ratings-adjusted debt to EBITDA to
around 7x (and well below 5x without CSF). A positive rating action
would also depend on the company's continuous track record of
robust governance and its commitment to maintain the lower
financial leverage."


FRONERI INTERNATIONAL: S&P Affirms 'BB-' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on global ice
cream manufacturer Froneri International Ltd. (Froneri) at 'BB-'
and its issue rating on the senior debt at 'BB-'. S&P also assigned
its 'BB-' issue ratings to the new proposed EUR2.9 billion
equivalent term loans maturing 2032. The recovery rating on the
debt remains unchanged at '3', indicating its expectation of about
55% (rounded estimate) recovery in the event of a default.

S&P said, "The stable outlook reflects our view that Froneri will
continue its solid operating performance over the next 12-24
months, generating positive FOCF to help the group deleverage
toward 6.0x.

Froneri's rating headroom under the 'BB-' rating will be fully
absorbed because of the increase in debt levels from the proposed
transaction, with S&P Global Ratings-adjusted debt to EBTIDA
forecast to peak at 6.8x after the transaction. The group is
looking to issue a new EUR2.9 billion equivalent floating rate term
loan add-on, maturing in 2032, along with EUR1 billion equivalent
other senior debt to fund approximately EUR4.4 billion of
shareholder distributions, as well as paying transaction fees and
expenses. As a result, we expect S&P Global Ratings-adjusted debt
to EBITDA to spike to 6.8x after transaction close, fully absorbing
the headroom the group has built under the rating, which as of end
2024 was at 3.3x. The transaction will also be partly funded with
about EUR540 million cash balances. At the same time, Froneri are
looking to upsize the RCF maturing in 2031 by EUR350 million to
EUR1 billion to support ongoing operations. We expect this to
remain fully undrawn at closing. We also anticipate treating the
outstanding preference shares held by shareholders as equity, as
per our criteria for Controlling Shareholder Financing, following
the transaction. This is because we expect the maturity of the
preference shares will be pushed beyond the maturity of the new
debt, and the interests of the two shareholders to remain aligned.
We understand the rationale behind the transaction is related to a
potential Continuation Fund Transfer, enabling PAI Partners to
extend its investment horizon alongside Nestle (AA-/Stable/A-1+).

"We think that Froneri's stable operating performance and ability
to maintain EBITDA growth over the next 12-24 months should help
the group deleverage toward 6.0x. We think that Froneri's operating
performance will benefit from positive growth dynamics in the
global ice cream market, which is expected to increase at a
compound annual growth rate of 7% over 2025-2029 according to
Euromonitor. We forecast revenue growth of about 4.0%-4.5% in 2025
and 3.0%-4.0% in 2026 through supportive volumes as Froneri invests
in marketing of A-brands and selective new product development in
higher value snacking segments, such as hand-held snacking and
smaller pint formats. We also view Froneri's long standing
strategic partnership with Nestle and Mondelez International Inc.
as positive, enabling strong brand equity with a suite of
well-known A-brands. At the same time, as the group concludes the
over EUR1.5 billion capital expenditure (capex) investment,
especially in the U.S, we expect increasing U.S contribution to
underpin the topline as the group continue to capture market share.
In the near term, we consider still muted consumer demand and
constrained discretionary spending in developed markets. That said,
we anticipate Froneri will maintain profitable growth, with S&P
Global Ratings-adjusted EBITDA margins remaining above 21% over the
next two years. This is thanks to the group's focus on improving
operating efficiency, delivering on capacity, warehousing, and
distribution improvements, to reduce overhead costs. In addition,
selective price increases have already been implemented to cover
some still elevated input costs such as on cocoa, although input
cost inflation has overall abated. With S&P Global Ratings-adjusted
EBITDA expected at about EUR1.2 billion in 2025 and increasing to
over EUR1.3 billion in 2026, this implies S&P Global
Ratings-adjusted debt to EBITDA gradually decreasing toward 6.0x,
remaining in line with our current rating.

"We forecast strong positive FOCF generation, consistently above
EUR350 million over 2025 and 2026 as the group optimizes
operational efficiency. This will be driven by our assumption of
stabilizing working capital outflows to support organic sales
growth. This is coupled with our expectation of normalizing capex
to about 4.5%-5.0% of revenues, following the large investment
program since 2020 to improve production footprint. We anticipate
capex spending going forward will be geared more toward optimizing
capacity and further vertical integration of production and
distribution, supplemented by smaller scale growth capacity
projects such as a new factory in Israel. Given the larger debt
quantum, we forecast higher cash interest costs, moderately
weakening funds from operations (FFO) cash interest coverage ratios
to 2.0x-2.5x over the next two years, down from 2.6x in 2023-2024.
We note Froneri maintains interest hedging with currently close to
50% of the group's term loans hedged at a fixed rate and we
anticipate this will continue with the proposed debt issuance.

"Following the proposed transaction, we expect the group will focus
on deleveraging, although we think that Froneri will likely remain
in pursuit of bolt-on acquisitions. We view that over the next one
to two years, it is unlikely that Froneri will enter another
similar transaction which will strongly increase the group's
leverage further. Given the transaction will consume the
accumulated debt capital headroom, we think that Froneri will focus
on organic growth prospects to deleverage the capital structure.
That said, we think that Froneri could likely pursue opportunistic
small to midsize bolt-on acquisitions in the future. The latest
acquisition made by the group was in December 2024 of Uruguay-based
Crufi S.A. for a consideration of EUR88 million. We anticipate
similar sized acquisitions would be likely as Froneri seeks to
consolidate its position as a leading global ice cream
manufacturer. We continue to factor one notch of uplift for
potential extraordinary support from shareholder Nestle into our
rating should Froneri run into financial difficulties. In addition,
after the transaction, there will not be any near-term refinancing
risks since the earliest maturity of the senior debt is 2031,
leaving sufficient time for the group to deleverage or,
potentially, to arrange a change in the shareholding structure.

"The stable outlook reflects our view that over the next 12-24
months after the transaction, Froneri should maintain revenue
growth and stable profitability to support deleveraging toward
6.0x, while maintaining strong positive FOCF. This is thanks to its
leading global market positions, portfolio of well-known brands,
and investment focus on capacity improvements and operating
efficiency.

"We could downgrade Froneri if its financial performance weakens
such that adjusted debt to EBITDA increases above 7.0x with no
prospects of rapid deleveraging and FOCF declines substantially.
This could occur through weak operating performance leading to
negative volume growth and the group is not able to offset high
operating cost inflation and working capital volatility.

"We could also lower the rating if Froneri pursued a more
aggressive financial policy, such as additional large dividend
payouts or debt financed acquisition, which would derail the
deleveraging path, or if we no longer thought that Nestle would
support Froneri if it fell into financial difficulty.

"We could upgrade Froneri if the group outperforms our financial
forecast with adjusted debt to EBITDA decreasing to below 5.0x on
continued strong positive FOCF, with confirmation that the group
would now operate with a reduced debt leverage tolerance on a
sustained basis.

"We would also view a strong operating performance as positive
leading to the group consistently increasing its EBITDA margin
above expectation and gaining its market share through sustainable
volume growth."


GENTLEMAN'S JOURNAL: Leonard Curtis Named as Administrators
-----------------------------------------------------------
The Gentleman's Journal 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-2025-004444, and Nicola Elaine Layland and Michael
Robert Fortune of Leonard Curtis were appointed as administrators
on June 30, 2025.  
  
The Gentleman's Journal is into print publication.

Its registered office is at 1580 Parkway Solent Business Park,
Whiteley, Fareham, Hampshire, PO15 7AG

Its principal trading address is 14 Kinnerton Place, South
Belgravia, London, SW1X 8EH

The joint administrators can be reached at:

     Nicola Elaine Layland
     Michael Robert Fortune
     Leonard Curtis
     1580 Parkway
     Solent Business Park
     Whiteley, Fareham
     Hampshire PO15 7AG

For further details, contact:

     The Joint Administrators
     Email: creditors.south@leonardcurtis.co.uk

Alternative contact:

     David Manning


JUWELL LTD: PKF Smith Named as Administrators
---------------------------------------------
Juwell Ltd, trading as The Hampton Clinic, was placed into
administration proceedings in the High Court of Justice, Business &
Property Courts of England and Wales, Court Number: 004506 of 2025,
and Andrew Stevens and Dean Anthony Nelson of PKF Smith Cooper,
were appointed as administrators on July 2, 2025.  

Juwell Ltd is a wellness center.

Its registered office and principal trading address is at 177
Whiteladies Road, Clifton, Bristol, BS8 2RY

The joint administrators can be reached at:

       Andrew Stevens
       Dean Anthony Nelson
       PKF Smith Cooper
       Cornerblock, 2 Cornwall Street
       Birmingham, B3 2DX
       Email: andrew.stevens@pkfsmithcooper.com
              Dean.Nelson@pkfsmithcooper.com.

For further information, contact:

       Matthew Hill
       PKF Smith Cooper
       Cornerblock, 2 Cornwall Street
       Birmingham, B3 2DX
       Tel No: 02475 097627
       Email: matthew.hill@pkfsmithcooper.com


KAMM PROJECTS: Currie Young Named as Administrators
---------------------------------------------------
KAMM Projects Limited was placed into administration proceedings in
the Business & Property Courts in Manchester, Insolvency &
Companies List (ChD), No 862 of 2025, and Steven John Currie and
Sophie Leigh Murcott of Currie Young Limited were appointed as
administrators on June 27, 2025.  

KAMM Projects is a manufacturer of high performance composites.

Its registered office and principal trading address is at Unit 4
Rosevale Business Park, Newcastle Under Lyme, Staffs, ST5 7UB.

The joint administrators can be reached at:

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

For further details, contact:

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


LF PLANT: Begbies Traynor Named as Administrators
-------------------------------------------------
LF Plant Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Birmingham,
No CR-2025-BHM-000322, and Ninos Koumettou and Amie Helen Johnson
of Begbies Traynor (Central) LLP, were appointed as administrators
on July 4, 2025.  

LF Plant Limited engaged in the rental of plant and machinery.

Its registered office is at Suite 501, Unit 2, 94a Wycliffe Road,
Northampton, NN1 5JJF.

The joint administrators can be reached at:

       Ninos Koumettou
       Amie Helen Johnson
       Begbies Traynor (Central) LLP
       1 Kings Avenue
       London, N21 3NA

For further details, contact:

        Samantha George
        Email: Samantha.George@btguk.com
        Tel No: 020 8370 7250


MARKET HOLDCO 3: Fitch Rates GBP800MM Secured Notes 'BB-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Market Bidco Finco Plc's upcoming GBP800
million-equivalent senior secured notes an expected rating of
'BB-(EXP)' with a Recovery Rating of 'RR2'. Fitch has affirmed
Market Holdco 3 Limited's (trading as Morrisons) Long-Term Issuer
Default Rating (IDR) at 'B'. The Outlook is Positive.

Fitch has placed all existing senior secured ratings on Rating
Watch Negative (RWN) to reflect likely lower recoveries once the
prospective increase in senior secured debt is finalised. Market
Bidco Limited's term loans B (TLBs) will likely be downgraded to
'BB-' with a lower Recovery Rating of 'RR2', following a GBP250
million TLB add-on, which is also part of the planned transaction.

The new debt proceeds, together with GBP174 million of the group's
cash balance, will be used to repay debt. Fitch expects debt to
fall by about GBP200 million and its maturity profile to be
extended to 2031 from 2027.

The IDR reflects high leverage balanced by vertical integration,
well-invested stores, channel diversification and cash-generation
capabilities. Its Positive Outlook reflects expected deleveraging
and improvement in fixed-charge coverage to align with a higher
rating.

Key Rating Drivers

Proactive Approach to Debt Maturities: The prospective GBP800
million equivalent senior secured notes and GBP250 million TLB
add-on, in combination with nearly GBP200 million of cash, will be
used to repurchase GBP800 million senior secured notes due in
November 2027 and GBP450 million unsecured notes due in 2028. This
will increase senior secured debt in Morrisons' capital structure
by GBP250 million and leave around GBP530 million debt due in
2027.

Its revolving credit facility (RCF), term loans and new notes will
benefit from a springing maturity clause if more than GBP300
million of unsecured notes, which will be reduced to GBP750 million
following the repurchase, remain outstanding by July 2028.

Lowered Profits Forecast: Fitch has revised down its Morrisons'
post-rent EBITDA forecast by GBP50 million to about GBP620 million
in FY25 (year-end October). This reflects labour cost inflation,
which is challenging to address in the convenience channel, and
GBP20 million higher rents than under its previous forecast. Fitch
expects the EBITDA margin to fall by 20bp in FY25. In 1HFY25,
Morrisons reported a GBP23 million increase in underlying EBITDAR.

Margin Recovery: Fitch anticipates Morrisons' profit margin to
recover from FY25 as revenues grow, cost savings are delivered as
part of its GBP1 billion cost cutting programme to help offset cost
inflation, and its convenience and wholesale channel matures.
Efficiencies in manufacturing and sales to third parties, alongside
retail media provide further opportunities for earnings growth.

Availability and Inflation Support LFL: Morrisons has continued to
report positive like-for-like sales growth, supported by a focussed
strategy under its new CEO. It slowed in 1QFY25 due to a
cyber-attack at one of its suppliers but recovered in 2QFY25. Fitch
anticipates revenue growth in FY25 to be supported by resuming food
price inflation, despite intensified competition in the UK grocery
market, growth of the wholesale subsector and contribution from its
acquired Sandpiper stores.

Deleveraging Still Underway: Fitch forecasts marginally higher
EBITDAR leverage of 6.3x at FYE25 versus 6.1x under its previous
rating case. Fitch still expects it to fall below 6.0x in
subsequent periods from earnings growth, although there is
execution risk to delivering this growth. The Positive Outlook is
supported by GBP150 million excess cash holdings, which Fitch
believes could be used for debt reduction, but it is not in its
forecast.

Record of Debt Reduction: In FY24, Morrisons repaid around GBP1.7
billion of debt, bringing total debt to GBP4.1 billion at FYE23,
with its petrol forecourts (PFS) disposal proceeds. In 1QFY25, it
reduced its financial debt by another GBP200 million with ground
rent transaction proceeds and plans more debt reduction under the
current transaction. Lease liabilities are derived by multiplying
the lease cost proxy, calculated as the sum of right-of-use assets
depreciation and interest on leases, by a factor of 8.

Limited Free Cash Flow: Fitch forecasts average annual positive
free cash flow (FCF) of GBP50 million to 70 million for FY25 to
FY27. This is down from GBP150 million-200 million following the
PFS disposal, as lower EBITDA was not fully offset by lower
interest costs and lower, but sustained, capex. Its revised rating
case assumes the group's working capital programme will generate
additional working-capital inflows, as GBP130 million of its GBP600
million programme target has yet to be delivered.

Ground Rent Transaction: Morrisons raised GBP331 million net
proceeds via a 45-year ground rent transaction at an initial
interest of around 4% in September 2024. This reduced its share of
freehold properties within the restricted group, as 76 properties
were transferred, via Morrisons' parent, outside the restricted
group to secure the funding. Fitch understands from management that
the properties are back-to-back leased for an initial cash payment
of near GBP20 million a year to the restricted group. The proceeds
were used to reduce debt and were re-invested.

Market Share Stabilised: Morrisons is one of the leading food
retailers in the competitive UK market, with a strong brand and
scale. Its market share had stabilised since early 2023, although
it had dipped in May 2025. Recent volume increases have been driven
by improved product availability on its shelves, which helps boost
profits while allowing Morrisons to remain competitive in the
low-margin grocery segment. Morrisons is more food-focussed than
some of its close peers and its integration into its own food
manufacturing, which accounts for 50% of the fresh food it sells,
helps it manage its profitability.

Peer Analysis

Morrisons is rated one notch below Bellis Finco plc (ASDA;
B+/Stable), which benefits from larger scale and greater
diversification following the acquisition of EG Group's UK
operations. Morrisons and ASDA are smaller than UK market leader,
Tesco PLC (BBB/Stable), which focuses its operations in the UK.
Morrisons is larger and more diversified than WD FF Limited
(Iceland; B/Stable).

Morrisons has a smaller market share than ASDA but has recently
outperformed the latter with continued like-for-like growth. Both
companies have established direct access to the convenience
category, with Morrisons benefiting from its larger number of
stores, although they are, on average, slightly smaller than
ASDA's. Both are exposed to execution risk as they seek sales and
profits growth from converting acquired and franchised stores to
their own brands and product mix changes. Morrisons also has
indirect access to convenience via its wholesale channel.

Fitch forecasts EBITDAR margins to trend towards 6% and funds from
operations margins to trend towards 3% for both companies. Food
retail is cash generative, enabling deleveraging, which also
depends on capital-allocation decisions by financial sponsors.

Morrisons' leverage was above ASDA's in 2024. Recent change to
ASDA's strategy to accelerate sales volume growth could lead to
temporarily higher 6.4x leverage by end-2025, which is marginally
above Morrisons 6.3x by FY25. However, ASDA benefits from stronger
fixed charge cover of around 2.5x, while Fitch expects Morrisons'
coverage to be above 1.6x after debt reduction and refinancing.
Deleveraging is subject to execution risk on earnings growth for
both. Morrisons' leverage is much higher than Tesco's 3x, and above
smaller-scale Iceland's at around 5x.

Key Assumptions

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

- Low single-digit revenue growth during FY25-FY28, following the
disposal of the PFS business

- Retail in-store and online sales growth of 2.3% a year, driven by
price increases as inflation returns while volume growth flattens

- Other sales to grow 20% in FY25, followed by 7% in FY26-FY28,
driven by the expansion of the existing wholesale business from new
clients and the annualisation of a wholesale agreement with Motor
Fuel Group on disposed PFS sites.

- EBITDA (after leases) margin to decrease to 3.9% in FY25 from
4.1% in FY24 (pro forma for the PFS disposal), driven by pressure
on labour costs and higher lease costs than previously modelled.
This decline will be followed by an increase to 4.3% by FY28,
supported by sales growth across both retail and wholesale
channels, alongside operational and cost-saving measures that will
help offset cost inflation

- Working-capital inflow (excluding changes in provisions) of
around GBP60 million on average in FY25-FY28, driven by
working-capital initiatives

- Annual capex at GBP350 million for FY25-FY26 and GBP375 million
for FY27 to FY28

- Rental costs at around GBP260 million a year on average, of which
GBP35 million is not capitalised

- Reduction of debt by GBP400 million in FY25 as part of the A&E
exercise in 1QFY25 and notes refinancing in 3QFY25

- No dividend payments and no M&A to FY28, except for the bolt-on
acquisition of 38 convenience stores in Channel Islands, completed
in November 2024

Recovery Analysis

According to its bespoke recovery analysis, higher recoveries would
be realised by liquidation in bankruptcy rather than reorganisation
as a going concern. This reflects Morrisons' high portion of
freehold assets ownership, even after the ground rent transaction,
which removed GBP894 million of assets from the restricted group.

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
and distributed to creditors. Fitch assumes Morrisons' GBP1 billion
RCF to be fully drawn and deducts 10% from the enterprise value for
administrative claims.

The existing senior secured debt includes the two tranches of
GBP385 million and EUR1 billion A&E term loans B, a GBP1 billion
RCF incurred by Market Bidco Limited, plus the existing GBP824
million and EUR596 million senior secured notes issued by Market
Bidco Finco Plc, which rank equally among themselves. They rank
ahead of the GBP1.2 billion senior notes issued by Market Parent
Finco Plc.

Ranked recovery for the senior secured debt results in the 'RR1'
band, three notches above the IDR. However, the completion of the
planned transaction, which Fitch expects to increase senior secured
debt by GBP250 million while reducing senior unsecured notes by
GBP450 million through a combination of new debt and Morrison's own
cash, should reduce senior secured debt recovery to the 'RR2' band.
This would indicate a 'BB-' issue rating, two notches above the
IDR. Therefore, Fitch has placed the secured debt on RWN due to the
expected reduction in recoveries.

RATING SENSITIVITIES

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

- Weaker-than-expected performance with EBITDAR leverage no longer
expected to approach near 6.0x by FY25 or fall below 6.0x from
FY26, which would lead to a revision of the Outlook to Stable

- Like-for-like decline in sales exceeding other big competitors',
especially if combined with lower profitability leading to neutral
FCF and a reduced deleveraging capacity

- Evidence of a more aggressive financial policy, for example, due
to material under-performance relative to Fitch's forecasts,
material investments or shareholder remuneration leading to cash
outflows, and a lack of debt repayments

- EBITDAR leverage trending above 7.0x

- EBITDAR fixed charge cover below 1.5x on a sustained basis

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

- Like-for-like sales growth leading to increasing cash profits and
accumulated cash for debt prepayment, with no adverse changes to
its financial policy

- EBITDAR leverage below 6.0x on a sustained basis

- EBITDAR fixed-charge coverage above 1.6x

Liquidity and Debt Structure

Fitch expects Morrisons to maintain a healthy cash balance of about
GBP260 million at FYE25, in addition to its GBP1 billion committed,
undrawn RCF. This position was supported by proceeds from ground
rent sales, which were partly allocated to debt reduction and to
fund a GBP60 million payment for a bolt-on acquisition in December
2024.

In addition, Morrisons will partially repay its 2027 debt
instrument by issuing a new instrument maturing in 2031 and an
add-on instrument maturing in 2030, combined with the use of its
own cash, reducing total debt by about GBP200 million. The planned
refinancing in July 2025 will enhance its debt maturity profile by
reducing its next significant debt maturity in 2027 to GBP530
million from GBP1.3 billion.

The group extended GBP936 million of its RCF to August 2030, while
the maturity for the remaining GBP64 million remains in August
2027. The RCF and term loans B benefit from springing maturity if
more than GBP413 million senior secured notes remain outstanding by
August 2027 (outstanding after refinancing: GBP530 million).

Additionally, the RCF, TLBs and new prospective notes benefit from
springing maturity if more than GBP300 million of unsecured notes
remain outstanding by July 2028 (outstanding after refinancing:
GBP750 million).

Issuer Profile

Morrisons is the fifth-largest UK supermarket chain, operating
around 500 mid-sized supermarkets and over 1,600 Morrisons Daily
sites, including the franchise sites.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt            Rating                  Recovery   Prior
   -----------            ------                  --------   -----
Market Bidco
Limited

   senior secured   LT     BB       Rating Watch On   RR1    BB

Market Bidco
Finco plc

   senior secured   LT     BB-(EXP) Expected Rating   RR2

   senior secured   LT     BB       Rating Watch On   RR1    BB

Market Holdco 3
Limited             LT IDR B        Affirmed                 B

Market Parent
Finco plc

   senior
   unsecured        LT     CCC+     Affirmed          RR6    CCC+


MARKET HOLDCO 3: S&P Rates New GBP800MM Senior Secured Notes 'B+'
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Morrisons' parent company, Market Holdco 3 Ltd. (UK). At the
same time, S&P assigned its 'B+' issue rating to the GBP800 million
equivalent SSNs and the GBP250 million TLB5.

S&P said, "We also affirmed our 'B+' issue rating on the group's
senior secured debt, comprised of the GBP1 billion revolving credit
facility (RCF) and GBP1.2 billion TLB. The recovery rating on the
SSNs remains '2' (rounded estimate: 75%). We affirmed the
issue-level rating on the senior subordinated notes (SUNs) at
'CCC+', two notches below the issuer credit rating.

"The stable outlook reflects our expectation that the company will
maintain its like-for-like revenue growth due to the expansion of
its online, wholesale, and convenience channels, and that its
efficiency measures will help keep its S&P Global Ratings-adjusted
EBITDA margins above 5%."

Market Holdco 3 Ltd. (UK) (doing business as Morrisons) seeks to
raise GBP800 million equivalent senior secured notes (SSNs) and has
pre-placed a GBP250 million term loan add on (TLB5). The group will
use the proceeds and cash on hand to finance the tender offer of
the existing SSNs due November 2027 and repurchase GBP450 million
of senior unsecured notes.

The group traded in line with our expectations for fiscal 2024
(ended Oct. 31, 2024) and reported 4.1% like-for-like revenue
growth in the second quarter of fiscal 2025. However, our previous
expectation of material improvement in the group's fiscal 2025
results will be delayed, due to the technological disruption that
the group faced in the first quarter of fiscal 2025.

The proposed refinancing transaction is an important follow-up step
to the overall refinancing plan, which started with the refinancing
of the term loans in November 2024.   The group's current financial
debt includes a GBP1 billion RCF, GBP1.2 billion-equivalent TLB,
GBP824 million SSNs, GBP509 million equivalent euro-denominated
SSNs, and GBP1.2 billion senior notes. The group extended its debt
maturities associated with its RCF and TLB to 2030 in November
2024. However, the TLB's maturity could be brought forward to
November 2027 if more than GBP413 million of SSNs remain
outstanding as of August 2027.The TLB's maturity could also be
brought forward to October 2028 if more than GBP300 million of the
GBP1.2 billion senior subordinated debt remains outstanding as of
July 2028. Even if the proposed transaction concludes as
anticipated, the group will need to repay or refinance
approximately GBP120 million of its existing SSNs to avoid the 2027
maturity and approximately GBP450 million of its existing SUNs to
avoid the 2028 maturity. S&P understands that proforma the proposed
transaction, Morrisons will have excess cash of about GBP150
million which could be utilized to address its springing debt
maturity.

S&P said, "We do not anticipate any material improvement in the
group's fiscal 2025 S&P Global Ratings-adjusted EBITDA.   The group
gradually improved its S&P Global Ratings-adjusted EBITDA margins
to 5.2% in fiscal 2024 compared with 4.2% in fiscal 2022 as it
implemented its plan to grow its retail business and wholesale
channel. It also achieved much of its cost-efficiency program.
However, the group's fiscal 2025 S&P Global Ratings-adjusted EBITDA
is not expected to improve materially, owing to a GBP47 million
impact from a cyberattack on its technology supplier, Blue Yonder.
This disruption affected the fresh food inventory management system
and warehouse management system for fresh food and produce, causing
product availability issues for several weeks. Although the group
has raised an insurance claim for the associated losses, no
receipts from these claims have been included in our financial
projections because of uncertainty regarding the timing and amount
of potential proceeds. We forecast the group's fiscal 2025 S&P
Global Ratings-adjusted EBITDA of about GBP820 million (includes
the impact of technology disruption) versus our previous
expectation of GBP880 million. Beyond fiscal 2025, the group has
increased the targets for its cost-efficiency program to GBP1
billion (from GBP700 million previously). Maintaining its current
market share, positive like-for-like sales growth, and executing
the cost-efficiency program will be crucial to offset cost
headwinds, including increased employer's National Insurance
contributions and price competition.

The group's ability to generate meaningful free operating cash flow
(FOCF) after lease payments is an important driver for future
rating upside.   Historically, the group generated limited FOCF
after lease payments due to exceptional costs and a significant
debt burden. In fiscal 2024, FOCF after leases improved to GBP72
million, largely benefiting from GBP66 million in working capital
improvements and lower-than-anticipated capital expenditure (capex)
of GBP326 million. The group expects to continue improving the
efficiency of its working capital program, recently increasing its
medium-term target to GBP600 million from GBP500 million. However,
we expect the group's capex to revert to long-term capex guidance
of GBP350 million-GBP400 million. We consider the group's ability
to generate consistently more than GBP100 million of FOCF after
leases as essential to differentiate it from other 'B' rated
credits."

As asset sale transactions tamper, Morrisons' S&P Global
Ratings-adjusted debt to EBITDA improvement will rely on operating
profit improvements.   Historically, improvements to the S&P Global
Ratings-adjusted debt to EBITDA were largely driven by debt
reduction from asset disposals. Even through the proposed
transaction, the group is using the surplus cash accrued from
previous asset sales and a ground rent transaction to reduce GBP200
million of gross financial debt. However, an increased reliance on
asset sales to reduce debt and enhance liquidity reduces the
group's financial flexibility in the future. The group's gross
financial debt will reduce to about GBP3.6 billion with its S&P
Global Ratings-adjusted leverage improving to 9.5x (7.0x excluding
preference shares) from 9.7x (7.5x excluding preference share) as
of the end of fiscal 2024.

S&P said, "We believe the collateral over the group's still
substantial freehold real estate and the subordination support from
the remaining billion senior notes underpin our 'B+' issue-level
rating on the group's senior secured debt.   The senior secured
debt benefits from mortgages over the group's material real estate,
which is unusual for highly leveraged transactions in this sector.
The terms of the securities facility agreement require the group to
apply proceeds from asset sales toward the repayment of senior
secured debt until the net senior secured leverage ratio reaches
3.0x. The company expects this ratio will be 3.2x as of April 27,
2025, pro forma the proposed refinancing and liability reduction
transaction. We note that the majority of the group's retail stores
included within the scope of consolidation of Market Bidco Ltd. are
freehold; this compares favorably with the average for the
industry. If the company undertakes further asset sale
transactions, including ground rent or sale-and-leaseback
transactions, the manner in which future asset disposal proceeds
are utilized could have implications for the rating on Morrisons,
or the issue-level rating on its senior secured debt.

"The stable outlook reflects our expectation that the group will
maintain its like-for-like revenue growth due to the expansion of
its customer loyalty programs to its online and convenience
channels, and that its efficiency measures will help keep its S&P
Global Ratings-adjusted EBITDA margins above 5%. This should help
the group maintain S&P Global Ratings-adjusted debt to EBITDA of
9.5x (about 7.0x excluding preference shares).

"We could lower our rating on Morrisons if the group's operating
performance falls short of our current base case, reflecting a
deterioration in the group's competitive position or adverse
working capital development, leading to prolonged high leverage and
weak credit metrics for an extended period." Specifically, S&P
could take a negative rating action if, over the next 12 months:

-- S&P Global Ratings-adjusted leverage exceeded 10.0x (8.0x
excluding preferred equity); or

-- Annual FOCF after lease payments declined markedly, potentially
constraining the group's liquidity.

S&P could also downgrade Morrisons if the group's credit metrics
deteriorated as it pursues material sale-and-leaseback transactions
or debt-funded acquisitions, or if it raised additional debt for
shareholder returns (including preference share repayments), even
if the debt documentation permits such actions.

S&P could raise its rating on Morrisons if it can demonstrate:

-- Sustained organic growth in its retail and wholesale business
while maintaining its S&P Global Ratings-adjusted EBITDA margins
above 5%;

-- Successful implementation of its strategic plan to strengthen
its market offering while achieving the full extent of its GBP1.0
billion cost-saving plan and GBP650 million working capital
improvement program; and

-- Sustained improvement in credit metrics, with leverage
materially below 9.0x (comfortably below 7.0x excluding preference
shares on a sustained basis) and FOCF after lease payments above
GBP100 million annually.


PREMIER FOODS: Fitch Cuts Rating on GBP330MM Notes Due 2026 to BB+
------------------------------------------------------------------
Fitch Ratings has downgraded Premier Foods Finance plc's GBP330
million notes due 2026 to 'BB+' with a Recovery Rating of 'RR4'
from 'BBB-' with a Recovery Rating of 'RR2'. The rating is now
senior unsecured (previously senior secured), following the
security release from the instrument on 23 May 2025.

Premier Foods plc's 'BB+' Issuer Default Rating (IDR) reflects a
conservative capital structure with EBITDA leverage projected at
below 2x and solid position as one of the UK's leading producers of
packaged food, ensuring resilient top-line growth and long-lasting
relationships with customers. This is balanced by the group's more
moderate scale than Fitch-rated peers with comparable credit
profiles and limited geographical diversification, which are likely
to constrain any potential positive rating action in the medium
term.

The Stable Outlook on the IDR reflects ample leverage headroom
under the rating, and its expectation of resilient top-line growth
and EBITDA profitability.

Key Rating Drivers

Ranking Change on Security Release: The downgrade of the instrument
rating following the completed execution of a security release
reflects the change in recovery prospects for creditors in a
default scenario. The release of security, which provides
collateral backing for the debt, reduces the likelihood of higher
recoveries for debtholders. As a result, Fitch has reclassified the
previously secured instrument as unsecured, which leads to a lower
Recovery Rating and a corresponding downgrade of the instrument
rating, as per Fitch's criteria.

The downgrade does not reflect a change in Premier Foods' overall
credit quality but the revised position of the instrument within
the capital structure following the loss of collateral support. The
security release from the notes follows a security release from the
revolving credit facility after the company's reported leverage
ratio was below 1.5x on two consecutive testing dates, as
provisioned under the notes' documentation.

Moderate Scale. Limited Diversification: Moderate scale and limited
geographic diversification are the major factors positioning the
rating within the 'BB' category, despite the group's strong
financial profile. Fitch estimates Fitch-adjusted EBITDA for the
group at around GBP210 million in FY25 (FY24: GBP206 million)
gradually growing towards GBP260 million by FY29, which is well
below the USD500 million median for the 'BB' rating category
according to Fitch's Packaged Food Navigator and lower than other
Fitch-rated packaged food producers in this rating category.

The company generates more than 95% of its revenue in the UK, with
limited international presence in selected markets of Australia,
North America and EMEA. Fitch estimates that despite the faster,
double digit annual growth that Fitch projects for the group's
international operations, the UK will remain its largest market.

Strong Financial Profile: The rating reflects Premier Foods'
conservative financial profile, with Fitch-calculated EBITDA gross
leverage estimated remaining flat at 1.7x as of end-FY25 (financial
year ending March 2025). Fitch projects leverage will be sustained
under 2x in FY26-29, supported by low-single digit organic revenue
growth and resilient profitability. The credit profile benefits
from a clear financial policy with target EBITDA net leverage of
below 1.5x (1HFY25: 1.1x). The company has ample leverage headroom
under the rating, allowing flexibility for potential bolt-on M&A
activity.

Leading Market Positions. Strong Brands: The credit profile
benefits from leading markets positions in its core food
categories. These are ensured by a wide portfolio of leading UK
brands in major grocery products groups, such as Oxo, Ambrosia, Mr
Kipling, Bisto and Batchelors, as well as third-party international
brands, such as the Soba Noodles brand from Nissin Group. The
company's brands portfolio in flavourings, seasonings, quick meals,
snacks, cooking sauces, ambient desserts and cakes is complemented
by a private label offering (FY25: 12% of sales), expanding its
portfolio's price points and providing additional resilience in
economic downturns.

Strong FCF Generation: Fitch projects Premier Foods will generate a
healthy Fitch-adjusted EBITDA margin of around 18.5% over FY25-29,
which will result in free cash flow (FCF) margins sustainably above
5%. Fitch expects that strong internally generated cash flows as
well as savings from a suspension of pension contributions agreed
in March 2024 will allow Premier Foods to increase capex toward 5%
of revenue compared with historical averages of around 2.5%, as
well as provide greater flexibility to fund bolt-on M&A, part of
the group's growth strategy. Fitch also assumes dividend growth
towards GBP30 million by FY29 (FY24: GBP12 million).

Innovation Critical for Sales Growth: The resilience of Premier
Foods' growth and market positions in the mature and competitive UK
market depend significantly on the group's innovation and marketing
capabilities. Premier Foods has a record of successful product
innovation around its established and recently acquired brands
supporting healthy organic branded products sales in FY23-FY25.
Fitch assumes Premier Foods is well positioned to continue
generating low to mid-single digit organic revenue growth in the
core UK market over FY26-29 supported by product launches and
repositioning, with reported revenue supported by faster growth in
international markets and acquisitions.

Market Aligned Customer Concentration: Customer exposure is
generally aligned with the structure of the food retail market in
the UK, but creates some concentration, with the four largest
retailers Tesco PLC (BBB/Stable), Bellis Finco plc (Asda;
B+/Stable), Sainsbury's and Market Holdco 3 Limited's (Morrisons;
B/Positive) accounting for more than half of its revenues. The
large bargaining power of these retailer over suppliers, is to some
extent mitigated for Premier Foods by its leading market positions
and wide brand awareness, strengthened by the breadth of product
categories within grocery foods and private-label proposition,
ensuring long-lasting relationships with retailers.

Peer Analysis

Premier Foods is smaller in size than Nomad Foods Limited
(BB/Stable), a frozen food producer, which also benefits from wide
product diversification and stronger market position in its product
categories but has wider geographical diversification of its
operations. The one-notch differential with Nomad Foods reflects
Premier Foods' higher EBITDA and FCF margin and significantly more
conservative leverage.

Premier Foods is rated one notch above Ulker Biskuvi Sanayi A.S.
(BB/Stable), Turkiye's largest confectionery producer. Ulker has a
bigger scale, but wider geographical diversification and a
comparable EBITDA margin. This is balanced by Ulker's higher
leverage, weaker and more volatile FCF as well as material FX risks
related to significant exposure to its home market, where it
generates around 65% of its revenue.

Premier Foods is somewhat smaller in scale than United Petfood
Group BV (BB-/Stable), producer of private label products and
third-party brands in the European pet food industry. United
Petfood has a higher EBITDA margin of above 20% and comparably
strong FCF margin, but the two-notch rating differential reflects
United Petfood less conservative financial profile with Fitch
expecting leverage to be sustained above 3.5x over the rating
horizon.

Premier Foods is larger in size and has wider geographical
diversification than Sammontana Italia S.p.A. (B+/Stable). The
rating differential is supported by Premier Foods' stronger
profitability and lower exposure to commodity price volatility, as
well as materially lower leverage compared with around 5x estimated
for the Italian company in 2025.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Organic revenue growth of around 3% over FY25-FY29;

- EBITDA margin of 18.4% in FY25 (FY24: 18.1%), gradually
increasing to 18.6% in FY29;

- Capex at around 4% of revenue in FY25, growing to an average 6%
of revenue in FY26-FY28, before declining to around 4.5% of revenue
in FY29. Increased capex is driven by efficiency projects;

- M&A spending of around GBP50 million a year in FY26-FY29,
deferred consideration payments for previous acquisitions of GBP5.3
million in FY26 and GBP12.6 million in FY27; and

- Dividend payments growth of 20% a year, towards GBP30million in
FY29 (FY24: GBP12 million).

RATING SENSITIVITIES

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

- Weakening operating performance with declining revenue growth and
the EBITDA margin weakening towards 15%

- FCF margin decline to below 3% of sales

- Changes in financial policy or aggressive M&A leading to EBITDA
leverage sustained above 3.5x

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

Fitch does not envisage an upgrade in the medium term. An upgrade
would require increasing operational scale and wider geographical
diversification with EBITDA trending towards GBP350 million.

Liquidity and Debt Structure

Premier Food had healthy liquidity at FYE25, with GBP191.5 million
cash balance and fully undrawn revolving credit facility of
GBP282.5 million maturing in July 2029. Liquidity will be supported
by the strong FCF Fitch projects for FY26-FY29, driven by resilient
profitability and a reduction in pension contributions.

The company also has access to a non-recourse factoring facility
(GBP27 million used at FYE25), which Fitch treats as debt.

Issuer Profile

Premier Foods is one of the UK's largest food businesses, with
market leading brands across a range of grocery and sweet treats
product categories.

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

Fitch does not provide ESG relevance scores for Premier Foods
Finance plc.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

   Entity/Debt            Rating         Recovery   Prior
   -----------            ------         --------   -----
Premier Foods
Finance plc

   senior secured     LT BB+  Downgrade    RR4      BBB-


SERAPHINE LIMITED: Interpath Ltd Named as Administrators
--------------------------------------------------------
Seraphine Limited was placed into administration proceedings in the
High Court of Justice, The Business and Property Courts of England
and Wales, Insolvency and Companies list (ChD), Court Number:
CR-2025-004607, and William James Wright and Christopher Robert
Pole of Interpath Ltd were appointed as administrators on July 7,
2025.  

Seraphine Limited engaged in the retail sale of clothing in
specialised stores.

Its registered office is at Interpath Ltd, 10 Fleet Place, London,
EC4M 7RB

Its principal trading address is at 265 Tottenham Court Road 2nd
Floor, London, W1T 7RQ

The joint administrators can be reached at:

     William James Wright
     Stephen John Absolom
     Interpath Ltd, 10 Fleet Place
     London, EC4M 7RB

For further details contact:

     Vishal Kavia
     Tel No: 0203 989 2667



SKATE HUT: Bishop Fleming Named as Administrators
-------------------------------------------------
Skate Hut Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Birmingham,
Court Number: CR-2025-000332, and Luke Venner and Malcolm Rhodes of
Bishop Fleming LLP were appointed as administrators on July 4,
2025.  

Its registered office is at 31 St. Johns, Worcester, WR2 5AG

Its principal trading address is at Amber Way, Halesowen, West
Midlands B62 8AY

The joint administrators can be reached at:

         Luke Venner
         Malcolm Rhodes
         Bishop Fleming LLP
         Brook House
         Manor Drive, Clyst St Mary
         Exeter, EX5 1GD

For further details, contact:

         Email: restructuring@bishopfleming.co.uk
         Tel No: 01392 448800

Alternative contact:

         Jasmine Cockerham



TRIPPET COURT: CG&Co Named as Administrators
--------------------------------------------
Trippet Court Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List, Court Number:
CR-2025-MAN000936 and Edward M Avery-Gee and Daniel Richardson of
CG&Co were appointed as administrators on July 4, 2025.  

Trippet Court engaged in the development of building projects.

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

Its principal trading address is at Central Chambers, 227 London
Road, Hadleigh, Benfleet, Essex, SS7 2RF

The joint administrators can be reached at:

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

For further details, contact:

         Katie Parker
         Email: katie.parker@cg-recovery.com
         Tel No: 01613580210




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X X X X X X X X
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[] BOOK REVIEW: PANIC ON WALL STREET
------------------------------------
A History of America's Financial Disasters

Author:      Robert Sobel
Publisher:   Beard Books
Softcover:   469 Pages
List Price:  $34.95
Review by:   Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/panic_on_wall_street.html   

"Mere anarchy is loosed upon the world, the blood-dimmed tide is
loosed, and everywhere the ceremony of innocence is drowned; the
best lack all conviction, while the worst are full of passionate
intensity."

What a terrific quote to find at the beginning of a book on a
financial catastrophe! First published in 1968. Panic on Wall
Street covers 12 of the most painful episodes in American financial
history between 1768 and 1962. Author Robert Sobel chose these
particular cases, among a dozen or so others, to demonstrate the
complexity and array of settings that have led to financial panics,
and to show that we can only make; the vaguest generalizations"
about financial panic as a phenomenon.  In his view, these 12 all
had a great impact on Americans of the time, "they were dramatic,
and drama is present in most important events in history." They had
been neglected by other financial historians. They are:

       William Duer Panic, 1792
       Crisis of Jacksonian Fiannces, 1837
       Western Blizzard, 1857
       Post-Civil War Panic, 1865-69
       Crisis of the Gilded Age, 1873
       Grant's Last Panic, 1884
       Grover Cleveland and the Ordeal of 183-95
       Northern Pacific Corner, 1901
       The Knickerbocker Trust Panic, 1907
       Europe Goes to War, 1914
       Great Crash, 1929
       Kennedy Slide, 1962

Sobel tells us there is no universally accepted definition if
financial panic. He quotes William Graham Sumner, who died long
before the Great Crash of 1929, describing a panic as "a wave of
emotion, apprehension, alarm. It is more or less irrational. It is
superinduced upon a crisis, which is real and inevitable, but it
exaggerates, conjures up possibilities, take away courage and
energy."

Sobel could find no "law of panics" which might allow us to predict
them, but notes their common characteristics. Most occur during
periods of optimism ("irrational exuberance?"). Most arise as
"moments of truth," after periods of self-deception, when players
not only suddenly recognize the magnitude of their problems, but
are also stunned at their inability to solve them. He also notes
that strong financial leaders may prove a mitigating factor, citing
Vanderbilt and J.P. Morgan.

Sobel concludes by saying that although financial panics have
proven as devastating in some ways as war, and while much research
has been carried out on war and its causes, little research has
been done on financial panics. Panics on Wall Street stands as a
solid foundation for later research on the topic.



                           *********


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

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

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

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

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

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