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250717.mbx 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 Thursday, July 17, 2025, Vol. 26, No. 142 Headlines F R A N C E AIR FRANCE-KLM: S&P Affirms 'BB+' ICR on Announced SAS Acquisition LOXAM SAS: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable I R E L A N D ARBOUR CLO XII: S&P Assigns B- (sf) Rating to Class F-R Notes CROSS OCEAN VIII: S&P Assigns B- (sf) Rating to Class F-R Notes HARVEST CLO XXXI: S&P Assigns B- (sf) Rating to Class F-R Notes PALMER SQUARE 2021-1: S&P Assigns B-(sf) Rating on Class F-R Notes PALMER SQUARE 2025-2: S&P Assigns B- (sf) Rating to Class F Notes L U X E M B O U R G RADAR BIDCO: EUR300MM Loan Add-on No Impact on Moody's 'B2' CFR S P A I N CIRSA ENTERPRISES: Moody's Upgrades CFR to B1, Outlook Positive U N I T E D K I N G D O M BOOTS GROUP: Moody's Assigns First Time 'B1' Corp. Family Rating CULT INTERNATIONAL: Begbies Traynor Named as Administrators DACS LTD: Dow Schofield Named as Joint Administrators EAGLE BIDCO: S&P Assigns 'B-' Rating to GBP1.2BB Sr. Sec. Term Loan EAGLE MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Pos. JSR (HD): Springfields Advisory Named as Administrator MARTURANO HOMES: FRP Advisory Named as Joint Administrators PAYME LTD: Quantuma Advisory Named as Administrators RL REALISATIONS: Leonard Curtis Named as Joint Administrators - - - - - =========== F R A N C E =========== AIR FRANCE-KLM: S&P Affirms 'BB+' ICR on Announced SAS Acquisition ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on Air France-KLM S.A. (AFKLM). S&P said, "The stable outlook reflects our expectation that AFKLM's EBITDA will increase this year, supported by resilient passenger traffic, particularly in the premium segment, and robust airfares that mitigate cost pressures. We also anticipate its large capital expenditure (capex) requirements will mostly be absorbed by solid operating cash flows, translating into adjusted FFO to debt improving to at least 30% in 2025." The outlook also incorporates our expectation that SAS will deliver resilient topline growth while improving profitability in the coming quarters. AFKLM has announced its intention to acquire a controlling stake in SAS AB in an all-cash transaction. The proposed investment would increase AFKLM's stake in the Scandinavian airline to 60.5% from 19.9%, securing control of the company. Subject to all the necessary regulatory clearances, the transaction is expected to close in the second half of 2026. S&P said, "The affirmation reflects our expectation that AFKLM will maintain credit metrics commensurate with the rating after its acquisition of SAS. We forecast S&P Global Ratings-adjusted FFO to debt will likely meet our rating threshold of least 30% after acquisition close." This is based on AFKLM's public statements and S&P's understanding that: -- The value of the intended investment would be derived from SAS' latest financial performance (such as EBITDA and net debt) and the airline industry's EBITDA multiples at closing; -- The transaction is fully in line with AFKLM's medium-term financial targets, including the reported EBIT margin strengthening to above 8% and reported net debt to EBITDA staying at 1.5x-2.0x; and -- The planned investment will be funded by a combination of cash and debt. S&P said, "Our forecast also implies SAS having low- to mid-single-digit annual revenue growth and its EBIT margin improving toward 8% by 2026, largely due to the lower unit cost and higher load factor. We understand SAS is on track to meet this profitability target. We also factor in SAS' reported debt position of EUR2.1 billion-EUR2.2 billion as of Oct. 31, 2024. "The acquisition will be moderately accretive to our assessment of AFKLM's business risk profile. With SAS reporting EUR4.1 billion in revenue for fiscal 2024 (ended Oct. 31), which corresponds to 12%-13% of AFKLM's revenue base in 2024, we anticipate this transaction will support AFKLM's business primarily by enhancing its operational scale and geographic diversity. We regard SAS' well-established, dense network in the attractive Scandinavian market, its strategic access to serving North American and Asian destinations, and its affluent customer base as a valuable complement to AFKLM's operations. While we think that integrating SAS presents significant opportunities for both commercial and cost synergies, it also comes with certain operational and execution risks. "Our 2025 base-case forecast projects continued growth in AFKLM's top line in the face of lingering global trade tensions and evolving air passenger booking behavior. We anticipate AFKLM's revenue will continue to increase this year, at least at the 4%-5% pace of 2024, supported by its planned 4%-5% capacity expansion in terms of available seat kilometers. We also expect revenue to be aided by the restoration of capacity at KLM and resilient premium demand. We note that the group's yield (excluding currency impacts) increased by 3% year over year in the first quarter of 2025. This underpins our full-year assumption of a slight yield increase, buoyed by robust air passenger demand--especially in the premium leisure segment in the context of AFKLM's premiumization strategy--and industry supply-side bottlenecks. "That said, we acknowledge lingering uncertainties in air passenger and air cargo volume trends. We understand that, compared with some of its peers such as International Consolidated Airlines Group S.A. (IAG; BBB/Stable/--) and Deutsche Lufthansa AG (BBB-/Stable/A-3), AFKLM has lower exposure to air travel demand on transatlantic routes (26% of capacity), which appears to be more sensitive to the ongoing trade tensions compared with other destinations. While outbound flights to the U.S. have softened year to date, notably in the economy segment, we understand that inbound flights from the U.S. to Europe have so far been quite resilient. Furthermore, AFKLM only has marginal exposure to U.S.-China air freight flows, which may decrease because of U.S. tariff policies. "We maintain our previous May 2025 forecast, assuming adjusted EBITDA of EUR5.0 billion-EUR5.5 billion this year. This significant increase from EUR4.5 billion in 2024 should benefit from the absence of the negative effects last year, such as the Paris Olympics, the recovery in KLM's long-haul capacity, and gains from the premiumization strategy driving up average yields. We acknowledge the productivity and efficiency gains in the first quarter of 2025, which somewhat offset nonfuel-related unit cost inflation; KLM's Back on Track program, introduced in October 2024, is starting to feed into margin improvement. "Our assumption of a lower fuel bill supports our forecast. This is underpinned by AFKLM's proactive hedging policy (close to 70% of expected fuel consumption is hedged for 2025) and S&P Global Ratings' Brent crude oil price forecast for the remainder of 2025 of $60 per barrel (/bbl; compared with the 2024 average of $80.5/bbl). That said, potential uncertainties from the upcoming collective labor agreement (CLA) negotiations with pilot, cabin crew, and ground personnel unions might affect our forecast. However, the recent milestone that AFKLM achieved in its relationship with pilots allows for more agile capacity management via the deployment of Air France pilots on some KLM flights in the summer season. "Significant earnings growth this year will be key to offset increased debt during AFKLM's heavy capex phase and enlarge ratings headroom, which is currently tight. We expect AFKLM to pursue its fleet renewal program with planned net capex of EUR3.2 billion-EUR3.4 billion in 2025. This will likely drive the group's adjusted debt above the 2024 level of EUR13.2 billion, including EUR3.35 billion in hybrid capital, which we view as akin to debt under S&P Global Ratings' hybrid criteria. However, we think the expected EBITDA growth will be sufficient to help restore adjusted FFO to debt to a rating-commensurate level of at least 30% in 2025 from about 27% in 2024. We also expect AFKLM to maintain strong liquidity, with liquidity sources exceeding uses by more than 1.5x in the 12 months from March 31, 2025, and by more than 1.0x in the following 12 months. "The stable outlook reflects our expectation that AFKLM's EBITDA will increase this year, led by resilient passenger traffic, particularly in the premium segment, and robust airfares that mitigate cost pressures. We estimate that its large capex requirements will mostly be absorbed by solid operating cash flows, translating into improved adjusted FFO to debt of at least 30% in 2025. The outlook also incorporates our expectation that SAS will deliver resilient topline growth while improving profitability in the coming quarters. "We could lower the rating if the group's EBITDA growth is unexpectedly interrupted and its adjusted FFO to debt falls short of 30%, with limited prospects of improvement. This could be due, for example, to lower growth in passenger volumes and weaker air passenger yields than we anticipate. Or it could be due to higher-than-expected cost increases--especially for labor in the view of upcoming CLA negotiations--that AFKLM is unable to pass on to customers via higher fares." Potential operational disruptions that derail SAS' path to a recovery in profitability or further significant debt-funded acquisitions leading to a sustainable deterioration in the group's credit ratios below the rating-commensurate level would also put pressure on the rating. S&P could raise its rating if AFKLM strengthens its adjusted FFO to debt to at least 45% on a sustainable basis, underpinned by resilient improvement in operating efficiency (unit cost) and profit margins. LOXAM SAS: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on rental equipment provider Loxam SAS. S&P assigned a 'BB-' issue rating to the proposed senior secured debt. The recovery rating is '3', indicating recovery prospects of 50%-70% (rounded estimate: 50%). S&P affirmed its 'BB-' issue ratings on the existing senior secured debt and maintained the '3' recovery rating (50% recovery estimate). S&P withdrew the 'B' issue rating on the existing senior unsecured facilities. S&P said, "The stable outlook reflects our view that Loxam will balance lower market activity and preserve its profitability in 2025 with margins trending toward 37%, and will rapidly reduce capex on softer end markets. We expect that the company will sustain debt to EBITDA comfortably below 5x." Loxam plans to issue EUR500 million in senior secured notes due 2031. The proceeds will be used to refinance its existing senior secured notes due in 2026 and senior subordinated notes due in 2027. The transaction is intended to be leverage neutral, with revenue growth and profitability translating into leverage of 4.4x-4.6x in 2025 and 4.3x-4.5x in 2026. Loxam will substantially decrease its capital spending (capex) and generate positive free operating cash flow (FOCF) of about EUR100 million in 2025. The proposed refinancing extends existing maturities and is leverage neutral. Loxam is planning to issue EUR500 million new senior secured notes to refinance its existing EUR167 million senior subordinated notes due in 2027 and EUR300 million senior secured notes due in 2026. The new debt will carry 4.25% interest and have 5.5 years maturity. As a result of the transaction, the company will have an all-senior-secured structure. The refinancing will enhance the company's maturity profile. It is also leverage neutral with pro forma leverage standing at 4.4x-4.6x in 2025 and 4.3x-4.5x in 2026. Loxam is navigating a softer market environment, which has been weighing on the company's volumes and profitability. Current sentiment within the construction markets suggests a potential recovery beginning in 2026, while 2025 will still see some weakness--especially in residential and industrial construction activity. Prolonged weakness is experienced in the Nordics and the U.K, while France has also entered negative territory after the boost it received from Olympics in 2024. Notably, Spain and Portugal remain as growth areas, driven by the price-volume effect, underpinned by solid residential construction volumes, industrial projects, public investment, and increasing rental market penetration. Infrastructure projects, alongside data centers, are seen as key growth drivers for numerous economies, while industrial buildings and warehouses are experiencing a slowdown. Based on these fundamentals, S&P expects sales to decline by 2%-4% in 2025, and start recovering in 2026 to about 1%-3%. EBITDA margin will be flat or slightly contract, to 36.6% in 2025 from 36.7% in 2024, on the back of lower volumes and limited ability to drive pricing due to softer markets. 2026 will see some improvement back to about 36.7%-36.9%. To preserve profitability, Loxam is taking active measures to be able to absorb fixed costs while volumes are down. These include consolidating branches where feasible and reducing staff levels. Loxam will generate largely positive FOCF amid capex reduction. Based on current market conditions, Loxam is proactively adjusting its capex spending. S&P said, "We expect fleet capex to be reduced to EUR300 million in 2025. As market recovery accelerates in 2026, fleet capex will be adjusted to about EUR400 million in 2026. FOCF generation will remain positive, at about EUR100 million in 2025 and EUR20 million-EUR40 million in 2026. It also plans to dispose of used equipment, which should support cash flows. Considering the mandatory amortization schedule for its bilateral lines and state-guaranteed loans, we expect the company will likely issue more bilateral loans instead of drawing on its revolving credit facility (RCF). We assume Loxam will continue to pursue rolling bolt-on acquisitions that are revenue and EBITDA accretive, as well as maintain a constant dividend policy. Long-term demand for Loxam's core equipment rental markets remains positive, and we think Loxam is in a good position to benefit thanks to its size, scale, and relatively young and well-maintained fleet. We estimate funds from operations (FFO) cash interest coverage to remain robust, at about 4.4x-4.6x in 2025 and 4.3x-4.5x in 2026. Loxam's liquidity remains adequate." S&P said, "The stable outlook reflects our view that Loxam will balance lower market activity and preserve its profitability in 2025 with margins trending toward 37%, and that it will rapidly pull back on its capex on the back of softening across its end markets. We expect that the company will sustain debt to EBITDA comfortably below 5x. This scenario does not incorporate any acquisitions that are larger than anticipated under our base-case scenario or shareholder-friendly actions. "We could lower the rating if Loxam's credit metrics deteriorate such that debt to EBITDA trended up toward 5x, with sustainable negative FOCF and an adjusted EBITDA margin below 35%. This could occur if the group deviates from our base-case scenario through debt-financed acquisitions or shareholder-friendly actions, leading to higher leverage. We might consider a negative rating action if Loxam cannot timely and sufficiently balance growth and capex amid weaker market conditions, which could lead to higher debt levels. The rating could also come under pressure if, at any time, the company's liquidity is no longer at least adequate. "We do not see potential rating upside in the next 12 months. We might see ratings upside if Loxam improved its credit metrics to debt to EBITDA comfortably and sustainably below 4.0x. An upgrade would also be contingent on the group generating at least neutral FOCF. Stronger credit metrics could result from substantially reduced absolute debt, combined with better-than-anticipated operating performance and a more conservative financial policy." ============= I R E L A N D ============= ARBOUR CLO XII: S&P Assigns B- (sf) Rating to Class F-R Notes ------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Arbour CLO XII DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer also has unrated subordinated and class M notes outstanding from the original transaction. This transaction is a reset of the already existing transaction that closed in November 2023. The issuance proceeds of the refinancing notes were used to redeem the refinanced notes (the original transaction's class A, B-1, B-2, C, D, E, and F notes) and the ratings on the original notes have been withdrawn. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payment. This transaction has 1.5 years non-call period and the portfolio's reinvestment period will end approximately 4.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows and excess spread. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings weighted-average rating factor 2,744.46 Default rate dispersion 568.00 Weighted-average life (years) 4.45 Obligor diversity measure 144.68 Industry diversity measure 23.24 Regional diversity measure 1.27 Transaction key metrics Total par amount (mil. EUR) 425.00 Defaulted assets (mil. EUR) 0.00 Number of performing obligors 185 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.15 'AAA' target portfolio weighted-average recovery (%) 36.28 Target weighted-average spread (net of floors, %) 3.84 Target weighted-average coupon (%) 3.86 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modeled the EUR425.00 million target par amount, the covenanted weighted-average spread of 3.70%, the covenanted weighted-average coupon of 3.80%, and the covenanted weighted-average recovery rate at the AAA level, and the target weighted-average recovery rates at the other rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Following the application of our structured finance sovereign risk criteria, the transaction's exposure to country risk is limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these notes. The class A-R and F-R notes can withstand stresses commensurate with the assigned ratings. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the transaction's 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, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings list Credit Class Rating* Amount (EUR) enhancement (%) Interest rate§ A-R AAA (sf) 262,200,000 38.31 Three/six-month EURIBOR plus 1.35% B-R AA (sf) 45,900,000 27.51 Three/six-month EURIBOR plus 1.95% C-R A (sf) 24,200,000 21.81 Three/six-month EURIBOR plus 2.35% D-R BBB- (sf) 31,500,000 14.40 Three/six-month EURIBOR plus 3.20% E-R BB- (sf) 20,000,000 9.69 Three/six-month EURIBOR plus 5.70% F-R B- (sf) 13,600,000 6.49 Three/six-month EURIBOR plus 8.59% M NR 1.00 N/A N/A Sub. Notes NR 28,000,000 N/A N/A *S&P's ratings on the class A-R and B-R notes address timely interest and ultimate principal payments. S&P's ratings on the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. CROSS OCEAN VIII: S&P Assigns B- (sf) Rating to Class F-R Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Cross Ocean Bosphorus CLO VIII DAC's class A-R to F-R European cash flow CLO notes. At closing, the issuer has unrated subordinated notes outstanding from the existing transaction and also issued EUR1.384 million of additional subordinated notes. This transaction is a reset of the already existing transaction which we did not rate. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The reinvestment period will be approximately five years, while the non-call period will be two years after closing. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semi-annual payment. The ratings assigned reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,873.30 Default rate dispersion 496.99 Weighted-average life (years) 4.58 Weighted-average life (years) extended to cover length of the reinvestment period 5.00 Obligor diversity measure 118.92 Industry diversity measure 23.80 Regional diversity measure 1.19 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.00 Actual 'AAA' weighted-average recovery (%) 37.11 Actual weighted-average spread (net of floors; %) 4.05 Actual weighted-average coupon 6.28 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR350 million target par amount, the target weighted-average spread (4.05%), the target weighted-average coupon (6.28%), the actual weighted-average recovery rate. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period in July 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. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to these notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 213.50 39.00 Three/six-month EURIBOR plus 1.38% B-R AA (sf) 42.00 27.00 Three/six-month EURIBOR plus 2.05% C-R A (sf) 21.00 21.00 Three/six-month EURIBOR plus 2.50% D-R BBB- (sf) 24.50 14.00 Three/six-month EURIBOR plus 3.50% E-R BB- (sf) 14.90 9.74 Three/six-month EURIBOR plus 6.17% F-R B- (sf) 11.30 6.51 Three/six-month EURIBOR plus 8.60% Sub. Notes NR 27.66 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. HARVEST CLO XXXI: S&P Assigns B- (sf) Rating to Class F-R Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Harvest CLO XXXI DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer has unrated class Z and subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date and the ratings on the original notes have been withdrawn. Under the transaction documents, the rated notes will pay quarterly interest, unless a frequency switch event occurs. Following such an event, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.50 years after closing. The non-call period will end approximately 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The experience of the collateral manager's team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,804.88 Default rate dispersion 573.00 Weighted-average life (years) 4.60 Obligor diversity measure 135.65 Industry diversity measure 23.05 Regional diversity measure 1.23 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.55 Target 'AAA' weighted-average recovery (%) 36.57 Target floating-rate assets (%) 95.88 Target weighted-average coupon 4.19 Target weighted-average spread (net of floors; %) 3.84 S&P said, "The portfolio is well-diversified at closing. 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 (3.84%), and the target weighted-average coupon (4.19%), as indicated by the collateral manager. We assumed the target weighted-average recovery rates at all rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios, for each liability rating category. "Our credit and cash flow analysis shows that the class B-R to E-R notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class A-R and F-R notes can withstand stresses commensurate with the assigned ratings." Until Jan. 15, 2030, when the reinvestment period ends, the collateral manager may substitute the assets in the portfolio, as long the CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain, as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential, plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may, through trading, cause the transaction's credit risk profile to deteriorate. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also assessed the sensitivity of our ratings on the class A-R to E-R notes, based on four hypothetical scenarios. "As our ratings analysis includes additional considerations to be incorporated before we would assign ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings list Balance Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.39% B-R AA (sf) 41.50 27.63 Three/six-month EURIBOR plus 2.05% C-R A (sf) 23.00 21.88 Three/six-month EURIBOR plus 2.30% D-R BBB- (sf) 29.00 14.63 Three/six-month EURIBOR plus 3.40% E-R BB- (sf) 19.50 9.75 Three/six-month EURIBOR plus 5.75% F-R B- (sf) 13.00 6.50 Three/six-month EURIBOR plus 8.48% Z NR 0.25 N/A N/A Sub. NR 29.175 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. The payment frequency permanently switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Sub.--Subordinated. PALMER SQUARE 2021-1: S&P Assigns B-(sf) Rating on Class F-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Palmer Square European CLO 2021-1 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. The issuer currently has EUR39.60 million of unrated subordinated notes outstanding from the existing transaction. At closing, the issuer also issued EUR13.9 million of subordinated notes. This transaction is a reset of the already existing transaction. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date and the ratings on the original notes were withdrawn. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The transaction has a 1.5-year non-call period and the portfolio's reinvestment period will end approximately 4.5 years after closing. The assigned ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings weighted-average rating factor 2,631.17 Default rate dispersion 609.01 Weighted-average life (years) 4.35 Weighted-average life (years) extended to cover the length of the reinvestment period 4.50 Obligor diversity measure 164.04 Industry diversity measure 22.68 Regional diversity measure 1.33 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.33 'AAA' weighted-average recovery (%) 36.58 Actual weighted-average spread (%) 3.62 Actual weighted-average coupon (%) 2.98 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprises broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread of 3.50%, the covenanted weighted-average coupon of 3.50%, and the target weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicate that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher rating levels than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that the ratings assigned are commensurate with the available credit enhancement for all classes of notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance credit factors S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities 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." Palmer Square European CLO 2021-1 is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued by speculative-grade borrowers. Palmer Square Europe Capital Management manages the transaction. Ratings Amount Class Rating* (mil. EUR) Sub (%) Interest rate§ A-R AAA (sf) 248.00 38.00 3-month EURIBOR plus 1.33% B-R AA (sf) 44.00 27.00 3-month EURIBOR plus 1.95% C-R A (sf) 24.00 21.00 3-month EURIBOR plus 2.30% D-R BBB- (sf) 28.00 14.00 3-month EURIBOR plus 3.25% E-R BB- (sf) 18.00 9.50 3-month EURIBOR plus 5.75% F-R B- (sf) 12.00 6.50 3-month EURIBOR plus 8.17% Sub notes NR 43.50 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. PALMER SQUARE 2025-2: S&P Assigns B- (sf) Rating to Class F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Palmer Square European CLO 2025-2 DAC's class A, B-1, B-2, C, D, E, and F notes. The issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.5 years after closing, while the noncall period will end 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2708.56 Default rate dispersion 553.57 Weighted-average life (years) 4.47 Weighted-average life (years) extended to cover the length of the reinvestment period 4.50 Obligor diversity measure 160.51 Industry diversity measure 22.29 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.75 Actual 'AAA' weighted-average recovery (%) 36.39 Actual weighted-average spread (net of floors; %) 3.65 S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we 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 covenanted weighted-average spread (3.50%), the covenanted weighted-average coupon (2.70%), and the covenanted portfolio weighted-average recovery rates. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote in line with our legal criteria. "Our credit and cash flow analysis show that the class B-1, B-2, C, D, and E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to these classes of notes. The class A and F notes can withstand stresses commensurate with the assigned ratings. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Palmer Square European CLO 2025-2 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued by speculative-grade borrowers. Palmer Square Europe Capital Management LLC manage the transaction. Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.35% B-1 AA (sf) 37.30 26.80 Three/six-month EURIBOR plus 1.80% B-2 AA (sf) 7.50 26.80 4.60% C A (sf) 23.20 21.00 Three/six-month EURIBOR plus 2.20% D BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 3.10% E BB- (sf) 17.20 9.70 Three/six-month EURIBOR plus 5.40% F B- (sf) 12.80 6.50 Three/six-month EURIBOR plus 8.17% Sub. Notes NR 32.90 N/A N/A *The ratings assigned to the class A, B-1, and B-2 notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. =================== L U X E M B O U R G =================== RADAR BIDCO: EUR300MM Loan Add-on No Impact on Moody's 'B2' CFR --------------------------------------------------------------- Moody's Ratings says Radar Bidco SARL's (Swissport or the company) B2 long term corporate family rating, B2-PD probability of default rating and the B2 instrument ratings of the senior secured bank credit facilities are unaffected by the EUR300 million (EUR/USD equivalent) fungible add-on to the existing EUR/USD term loans. The outlook is positive. On July 14, Swissport announced its intention to raise EUR300 million equivalent of additional debt through a fungible add-on to its term loans to fund shareholder distributions, increasing its Moody's-adjusted leverage by about 0.5x. The positive outlook that Moody's assigned on March 19, 2025 assumed that Moody's adjusted debt/EBITDA would fall below 4x by 2025 and that no shareholder distributions would take place. However, Moody's considers the announced dividend payment does not materially affect Moody's expectations for deleveraging over the next 12-18 months and as such Moody's maintains a positive outlook, reflecting the company's continued growth trajectory and improving profitability. Moody's also forecasts Moody's-adjusted free cash flow (FCF, after interest, taxes and minority dividends) of EUR75-85 million annually supported by EBITDA growth, reducing one-off costs and relatively lower interest costs representing 19%-24 % of operating EBITDA. Swissport's B2 CFR reflects the company's (i) leading market positions in ground and cargo handling for airlines and freight forwarders respectively; (ii) high degree of geographic and customer diversification, with contracts set at airport or even activity level; (iii) solid contractual protection from inflation in labour costs (two thirds of revenue) on 85% of contracts; and (iv) good liquidity. Conversely, Swissport's CFR also incorporates the challenges from (i) the competitive market environment, with operational performance really critical given switching costs are not overly high; (ii) exposure to airline and freight forwarders' profitability, which influences Swissport's pricing power; and (iii) high employee turnover (20-25% per annum) by cross-industry standards and tight labour markets presenting a constant challenge in recruiting and retaining staff, with risks on service levels that are essential to contract retention and win rates. RATING OUTLOOK The positive outlook reflects Moody's expectations of improving free cash flow generation, underpinned by resilient air passenger traffic growth globally, cost savings execution and improving interest coverage. Further, the positive outlook assumes deleveraging with Moody's-adjusted debt/EBITDA below 4x in the next 12-18 months. The outlook could be changed to stable if Swissport does not meet Moody's leverage and cash flow expectations, for example as a result of further debt-funded shareholder distributions or acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Swissport's ratings if: -- The company maintains solid operational execution, including high reliability, contract renewals and labour management, leading to revenue and organic EBITDA growth in mid-single-digit percentage and, -- Moody's-adjusted leverage decreases sustainably below 4.0x and, -- Moody's-adjusted FCF/debt is sustainably above 5% while liquidity remains good and, -- Moody's-adjusted EBITA/Interest expense reaches 2.5x on a sustainable basis and, -- There are no debt-funded shareholder distributions or acquisitions. Conversely, downward pressure on Swissport's ratings could materialise if: -- There is evidence of reliability or other operational issues leading to significant contract losses or EBITDA stalling or declining or, -- Moody's-adjusted gross debt/EBITDA increases sustainably above 5.5x or, -- FCF is negative or the cash position deteriorates below EUR200 million on average over the year, or -- Moody's-adjusted EBITA/Interest expense is not at least 1.5x on a sustainable basis. COMPANY PROFILE Swissport provides ground handling and cargo handling services to airlines, freight forwarders and other customers at 279 airports in 45 countries across the world. In the twelve months to March 2025, the company generated revenue of EUR3.8 billion and operating EBITDA of EUR514 million. Since its debt restructuring in 2021, Swissport has been owned by former lenders including Strategic Value Partners and Ares Management Corporation. ========= S P A I N ========= CIRSA ENTERPRISES: Moody's Upgrades CFR to B1, Outlook Positive --------------------------------------------------------------- Moody's Ratings has upgraded to B1 from B2 the corporate family rating of Cirsa Enterprises, S.A. (Cirsa or the company) and to B1-PD from B2-PD its probability of default rating. Concurrently, Moody's have also upgraded to B1 from B2 the 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. The outlook on both entities is positive. Previously, the ratings were on review for upgrade. This concludes the review for upgrade, which was initiated on July 4, 2025. The rating action follows the completion of Cirsa's Initial Public Offering (IPO) and the start of trading of its shares on the Spanish Stock Exchanges on July 09, 2025 [1]. "Moody's have upgraded Cirsa's ratings to B1 to reflect the expected leverage reduction post-IPO completion and the enhanced financial flexibility," says Lola Tyl, a Moody's Ratings lead analyst for Cirsa. RATINGS RATIONALE The upgrade to B1 and positive outlook reflect the expected leverage reduction post-IPO completion and the enhanced financial flexibility. The IPO comprises a primary issuance of ordinary shares with 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. After the IPO and this debt repayment, the company expects a net leverage reduction to around 2.7x. This is an improvement from 3.3x before the offering, and Moody's estimates it corresponds to a 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. 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. Additionally, the decrease in leverage will reduce Cirsa's interest costs and enhance its financial flexibility. The IPO has additional positive credit implications as it can facilitate future capital raising and improve liquidity. However, under the new financial policy, Cirsa targets a 35% payout ratio from 2026. This will lead to higher recurring shareholder distributions, potentially outweighing savings achieved from a reduced debt burden. Moody's also notes that the group has significant debt maturities in 2027 when around EUR1 billion of bonds mature. Cirsa's strong operating performance continued in 2024 and in the first quarter of 2025. Revenue and company-adjusted EBITDA growth were respectively 12% and 9% in Q1 2025. Moody's expects the company's EBITDA to continue exhibiting a solid growth trajectory around the mid to high single digits in percentage terms, supported by growth in both land-based and online activities. Cirsa's B1 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. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The decision to upgrade Cirsa's ratings to B1 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. In addition, the listing enhances transparency, leading to improved corporate governance in particular with regard to compliance and reporting and board structure. 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 B1-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 B1, 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. RATIONALE FOR POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that Cirsa will continue to record steady revenue and EBITDA growth which, combined with the debt repayment post-IPO will drive deleveraging and credit metrics improvement. Following the debt repayment post-IPO completion, Moody's expects that the company's Moody's-adjusted gross leverage will reduce towards below 3.0x. In addition, Moody's expects that its cash flow generation will remain strong even after accounting for dividend payments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could develop if the company continues to report strong and stable revenue growth and sustainable EBITDA margins driven by a growing online segment, combined with growth in land-based activities, such that its Moody's-adjusted gross leverage reduces comfortably below 3.0x; its Moody's-adjusted FCF remains strong and the company maintains good liquidity. An upgrade would also require that the company builds a track record of adhering to its new financial policy. Negative rating pressures on Cirsa's ratings could develop if the company's operating and financial performance weaken; or in case of regulatory or fiscal evolutions with the potential to materially impact the group's revenue or profitability; if its Moody's-adjusted gross leverage increases above 4.0x; its Moody's-adjusted FCF or its liquidity deteriorates. 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. =========================== U N I T E D K I N G D O M =========================== BOOTS GROUP: Moody's Assigns First Time 'B1' Corp. Family Rating ---------------------------------------------------------------- Moody's Ratings has assigned a first-time B1 Long Term Corporate Family Rating and a B1-PD Probability of Default Rating to UK-based pharmacy and beauty retail operator The Boots Group Intermediate Limited (The Boots Group, or the group). Concurrently, Moody's have assigned a B1 rating to the GBP and EUR tranches of the senior secured term loan co-borrowed by The Boots Group Bidco Limited and Boots Group Finco L.P. and to the GBP and EUR tranches of the backed senior secured notes co-issued by Boots Group Finco L.P. and The Boots Group Luxco S.à r.l. as well as a B1 rating to both the USD senior secured term loan borrowed by Boots Group Finco L.P. and backed senior secured notes co-issued by Boots Group Finco L.P. and The Boots Group Luxco S.a r.l. The outlook for The Boots Group Intermediate Limited, The Boots Group Bidco Limited and Boots Group Finco L.P. are stable. RATINGS RATIONALE The B1 CFR reflects The Boots Group's (i) large scale and established position as a leading pharmacy, beauty and health-led products retailer in the UK and Republic of Ireland (ROI), as well as a wholesale distributor of pharmaceutical products in Germany; (ii) strengthened profitability from increased market share penetration and cost management initiatives executed in the past five years; (iii) free cash flow-generative business model that can comfortably accommodate substantial annual capital requirements (in Moody's-adjusted terms) and (iv) experienced management team alongside continued involvement of long-term minority shareholders. Concurrently, the B1 CFR also reflects (i) a degree of geographic and asset concentration in the UK and ROI; (ii) limited scope for further market share gains given fierce competition in the UK and the consolidated market structure in Germany; (iii) key pro forma opening financial metrics for the last twelve months ended February 2025, namely leverage (Moody's-adjusted gross debt to EBITDA) of 5.3x and interest cover (EBITDA minus capex divided by interest expense, all Moody's-adjusted) of 1.6x at relatively stretched levels, yet expected to organically improve over time and (iv) an untested financial policy under new majority private equity-owned shareholding structure. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS ESG considerations factored into Moody's assessments of The Boots Group's credit quality are mostly attributable to social and governance risks. The Boots Group's exposure to social risks arises from demographics and societal trends concerning changes in consumer preferences and spending patterns, especially with regards to the group's beauty product offering. Rising demand for prescription drugs and medical services associated to an ageing population in both the UK and Germany partially mitigates this risk. The Boots Group is also exposed to customer relations risk, given the need to use and maintain sensitive customer data including medical records, shipping addresses and digital payment information. Finally, the group's extensive reliance on external supply of pharmaceutical, beauty and health and wellness products are a source of responsible production risks. Governance risks stem from the group's concentrated ownership between private equity firm Sycamore Partners and investment companies ultimately controlled by Mr Stefano Pessina. In Moody's views, concentrated control and current lack of independent board members create potential for financial policies that favour shareholders over creditors. Positively, The Boots Group benefits from a stable and experienced management team with good execution on key initiatives to strengthen the company's profitability. LIQUIDITY The Boots Group's liquidity is good. Moody's expects that the group will: -- Maintain unrestricted cash balances that are commensurate with the requirements of the business -- Generate positive free cash flow (FCF) generation in the next 12-18 months -- Limit the utilisation of the five-year tenor asset-based lending facility (ABL) that will form part of the envisaged capital structure and -- Maintain ample headroom under the springing financial covenant attached to the ABL. The contemplated US dollar-denominated tranche of the term loan borrowed by Boots Group Finco L.P. is subject to annual amortisation at 1% per annum ($7.5 million) from fiscal year ending August 2026, which is manageable in the context of the group's debt service capacity. STRUCTURAL CONSIDERATIONS At closing, The Boots Group's capital structure will comprise: -- A GBP680 million, multi-currency, five-year ABL for working capital purposes -- Two distinct factoring facilities supporting the group's businesses in the UK (GBP250 million) and in Germany (EUR700 million, with seasonal upsizes to EUR800 million). These facilities are non-recourse to The Boots Group, except for a EUR60 million equivalent claim under the ABL -- A $2,250 million equivalent, seven-year, senior secured term loan (TL) split into three tranches (US dollar, Euro and Sterling) -- A $2,000 million equivalent, seven year, backed senior secured notes (SSNs) also split in three tranches (US dollar, Euro and Sterling). The B1 ratings assigned to each of the TL and the SSNs are line with The Boots Group's CFR, because these two instruments together account for majority of the group's outstanding indebtedness modelled according to Moody's Loss Given Default framework. COVENANTS Moody's have reviewed the marketing draft terms for the new credit facilities. Notable terms include the following: Guarantor coverage will be at least 80% of consolidated EBITDA determined in accordance with the agreement and include only companies incorporated in the United States, any state thereof or the District of Columbia, England and Wales, Ireland, Germany, Jersey and solely with respect to the Co-Issuer, Luxembourg. Security will be granted over a floating charge over the assets of the UK borrower and holdings (subject to customary excluded assets), a perfected first priority security interest in substantially all tangible and intangible property (other than ABL priority collateral) of the group, each borrower and each subsidiary guarantor, a perfected second priority security interests in the ABL priority collateral and key shares, bank accounts and intra-group receivables, over each directly owned loan party. Incremental facilities are permitted up to 100% of EBITDA. Unlimited pari passu debt is permitted if the first lien secured leverage ratio (1stL SNLR) is below the opening leverage. Unlimited junior lien debt is permitted if the senior secured leverage ratio (SSNLR) is below the opening leverage. Unlimited debt secured on non-collateral or unsecured debt is permitted provided total leverage ratio (TLR) is below the opening leverage. or subject to a 2x fixed charge coverage ratio. Unlimited restricted payments are permitted if the 1stL SNLR is 0.5x below opening leverage. Asset sale proceeds are only required to be applied in full where 1stL SNLR is 1.0x below opening leverage. Adjustments to consolidated EBITDA include the full run rate of cost savings and synergies arising from actions with respect to which substantial steps have been taken within 36 months of the closing date, uncapped. The proposed terms, and the final terms may be materially different. RATING OUTLOOK The outlook is stable. Moody's expects The Boots Group to grow profits and operating cashflows by successfully defending its market position while capitalising on the cost management initiatives undertaken. The stable outlook also reflects gradual de-leveraging via the repayment of debt out of the group's expected positive FCF generation (Moody's- defined and adjusted) in the absence of distributions to shareholders. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could materialise over time should The Boots Group: -- Grow profits and operating cashflows while at least preserving its market share by successfully fending off competitive pressures -- Manages to further strengthen its profitability, so that its interest cover approaches 2.5x -- Decreases its Moody's-adjusted leverage below 4.5x and increases its Moody's-adjusted FCF/debt towards the high single-digits, both on a sustainable basis -- Establishes a track record of disciplined financial policies, for instance focusing on re-investment of cash flows into the business as opposed to the pursuit of debt-funded acquisitions or distributions to shareholders A rating downgrade would be considered if: -- Suffers from a contraction in revenue and EBITDA, for instance as a result of loss of market share, or -- Fails to reduce its Moody's-adjusted gross debt/EBITDA sustainably below 5.5x, or -- Interest cover falls sustainably below 1.5x, or -- If its FCF generation and liquidity deteriorate, including as a result of a more aggressive than expected stance on financial policies PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Retail and Apparel published in November 2023. The one-notch rating differential between the assigned B1 CFR and the scorecard-indicated outcome of Ba3 reflects the lack of track record operating as a standalone entity and the significant competition in the UK retail industry against a challenging economic backdrop all of which means there is a risk of underperformance against Moody's base case forecasts. In addition there is potential that the shareholders in due course adopt more aggressive financial policies than Moody's currently anticipate. COMPANY PROFILE The Boots Group carves out the non-US activities of global retail pharmacy operator Walgreens Boots Alliance, Inc. (WBA, Ba3 under review for downgrade) that is the subject of a take private transaction led by private equity sponsor Sycamore Partners and long term WBA shareholder Mr Stefano Pessina. The WBA take-private is due to complete by the end of this year. The group generated revenue of approximately $24 billion and company-adjusted EBITDA of $1.1 billion in the LTM Feb-25. CULT INTERNATIONAL: Begbies Traynor Named as Administrators ----------------------------------------------------------- Cult International Limited was placed into administration proceedings in the Business and Property Courts of England and Wales Court Number: CR-2025-4451, and Craig Povey and Gareth Prince of Begbies Traynor (Central) LLP, were appointed as administrators on July 7, 2025. Cult International specialized in Media - Advertising Agencies. Its registered office is Trafalgar House, 223 Southampton Road, Portsmouth, PO6 4PY. Its principal trading address is at 409 Black & White FORA, 74 Rivington Street, London, EC2A 3AY. The administrators can be reached at: Craig Povey Gareth Prince Begbies Traynor (Central) LLP 11th Floor, One Temple Row Birmingham, B2 5LG Any person who requires further information may contact " William Davies Begbies Traynor (Central) LLP E-mail: birmingham@btguk.com Tel No: on 0121 200 8150 DACS LTD: Dow Schofield Named as Joint Administrators ----------------------------------------------------- DACS Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts in Manchester, Insolvency & Companies List (ChD) Court Number: CR-2025-MAN-000909, and Lisa Marie Moxon and Christopher Benjamin Barrett of Dow Schofield Watts Business Recovery LLP, were appointed as joint administrators on July 4, 2025. DACS Ltd. is a control and process automation specialist. Its registered office is at 7400 Daresbury Park, Daresbury, Warrington, Cheshire, WA4 4BS (formerly Unit C5 Tenth Avenue, Zone 3, Deeside Industrial Estate, Deeside, Flintshire, Wales CH5 2UA). Its principal trading address is at Unit C5 Tenth Avenue, Zone 3, Deeside Industrial Estate, Deeside, Flintshire, Wales CH5 2UA. The joint administrators can be reached at: Lisa Marie Moxon Christopher Benjamin Barrett Dow Schofield Watts Business Recovery LLP 7400 Daresbury Park, Daresbury Warrington, WA4 4BS Further Details Contact: The Joint Administrators Tel No: 01928 378014 Alternative contact: Laura Hewitt Email: laura@dswrecovery.com EAGLE BIDCO: S&P Assigns 'B-' Rating to GBP1.2BB Sr. Sec. Term Loan ------------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Eagle Bidco Ltd.'s GBP1.2 billion-equivalent first-lien senior secured term loan. S&P has also assigned a recovery rating of '3', indicating that it expects meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default or bankruptcy. Eagle Bidco trades as Busy Bees, a U.K.-based childcare services provider targeting children aged under five. The company is seeking to extend the maturity of its term loan to 2032 from 2028 and to increase the size of its unrated revolving credit facility (RCF) to GBP150 million from GBP100 million while also extending the maturity of the RCF to 2031 from 2027. S&P regards the proposed transaction as leverage neutral. Unless Eagle Bidco undertakes further material debt-financed acquisitions in 2025, S&P forecasts that S&P Global Ratings-adjusted debt to EBITDA at the group will be 7.3x in 2025--or 6.2x, excluding payment-in-kind (PIK) notes. This is in line with the 2024 figures. Free operating cash flow (FOCF) generation after lease payments is forecast to be GBP25 million-GBP30 million. S&P considers the group's ability to generate positive FOCF after lease payments to be an important support for the current rating. S&P said, "BusyBees' trading performance in 2024 and the first quarter of 2025 was robust and in line with our expectations. The group's strong performance reflects its strong operational execution and strategic initiatives. Given that the U.K. government is expanding its childcare subsidies, we anticipate that BusyBees will maintain its strong performance in the U.K. and that occupancy levels will improve. However, regulatory changes in Canada could depress earnings. We project that Busy Bees will report revenue growth of 9% in 2025, including a partial contribution from its U.S. acquisition Learn and Play Montessori School. We also anticipate that the group will maintain S&P Ratings-adjusted EBITDA margins of 25.1%." Issue Ratings--Recovery Analysis Key analytical factors -- The rating on the proposed extended senior secured debt facilities is 'B-' and the recovery rating is '3'. Pro forma the transaction, BusyBees' secured facilities comprise a term loan B in two tranches (one of GBP366 million, plus a euro-denominated tranche equivalent to GBP780 million), both maturing in February 2032; and an unrated RCF upsized to GBP150 million and due in August 2031. The recovery rating on the term loan indicates S&P's expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The recovery rating is supported by the debt's senior ranking, but constrained by the substantial amount of senior secured debt and the absence of a material amount of secured, tangible assets. -- The group has GBP300 million in unrated PIK notes issued at Eagle Newco Ltd. These are structurally subordinated to the senior secured facility issued at Eagle Bidco Ltd. and noteholders have no direct recourse to the senior group. The notes accrue interest over the eight-year term and have no option to pay interest in cash. That said, they do include a clause that requires repayment before the maturity date if the current sponsors sell the business. -- In S&P's simulated default scenario, it assumes a sharp macroeconomic downturn, rising unemployment, regulatory shifts, or declining birth rates, any of which would reduce demand for childcare and intensify competition among providers, and could trigger a sustained reduction in occupancy and revenue. -- S&P values Busy Bees as a going concern in a distressed scenario because it believes that the company would reorganize, given its very good reputation and leading market positions, particularly in the U.K., U.S., and Canada. -- S&P views the security and guarantee package as relatively weak. In addition to share pledges, the debt is secured by the company's bank accounts, and intercompany receivables. -- The documentation stipulates a minimum guarantor coverage test, with a threshold of 80% of EBITDA. Simulated default assumptions -- Year of default: 2027 -- Jurisdiction: U.K. -- EBITDA at emergence: GBP136 million -- Implied enterprise value multiple: 5.5x, in line with S&P's assessment of similar business services sector peers. Simplified waterfall -- Gross enterprise value at default: GBP750 million -- Net enterprise value after administrative costs (5%): GBP713 million -- Value available for senior secured claims: GBP690 million -- Estimated senior secured claims: GBP1,314 million (1)(2) -- Recovery rating: '3' (rounded estimate: 50%) (1) All debt amounts include six months of prepetition interest. (2) GBP150 million RCF, assumed to be 85% drawn at the simulated time of default. EAGLE MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Pos. ------------------------------------------------------------- Moody's Ratings has affirmed the B3 long-term corporate family rating and B3-PD probability of default rating of UK headquartered day nursery and early years education provider Eagle MidCo Limited (Busy Bees). Moody's have concurrently affirmed the B3 senior secured bank credit facilities ratings of Eagle Bidco Limited. The outlook has been changed to positive from stable on both entities. The rating action reflects: -- Moody's expectations that leverage will remain around 6.0x (on a Moody's-adjusted debt-to-EBITDA basis) over the next 12-18 months, supported by organic growth and operational improvements. Interest cover, as measured by Moody's-adjusted EBITA to interest expense, likely to be around 1.3x. Moody's also expects the company to generate positive free cash flow over the next 12-18 months; -- Busy Bees' improved scale and business profile over the last four years. It has almost doubled in scale over the past four years to GBP1.1 billion for the last twelve months (LTM) to March 31, 2025. Growth has come from M&A, which has allowed the company to increase its geographic diversification, with less reliance on Europe, particularly the UK; and, -- Moody's expectations that Busy Bees will maintain good liquidity, supported by stronger internal sources of liquidity and following the amend and extend (A&E) exercise there will be no maturities until 2032. On July 14, 2025, Busy Bees announced an A&E transaction. The company plans to extend its existing guaranteed senior secured first-lien term loan B, euro and GBP tranches into new euro and GBP tranches maturing in February 2032. Any new money raised will be used to pay down non-consenting lenders on a pro-rata basis and for transaction fees, costs and expenses. The company also plans to upsize its revolving credit facility to GBP150 million, from GBP100 million. The transaction will be leverage neutral. RATINGS RATIONALE The B3 CFR is supported by Busy Bees': (1) stable demand for its services, which are perceived as essential supporting stable demand and pricing power; (2) leading market positions; (3) loyal and affluent customer base; and (4) increased geographic diversification limits risks pertaining to changes in regulations and to cost inflation. The rating is constrained by the company's: (1) high albeit reducing leverage and relatively low interest coverage ratios; (2) buy-and-build strategy through debt-funded acquisitions hampers deleveraging; (3) high operating leverage and exposure to rising labour costs; and (4) high interest costs limit cash generation. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Busy Bees' ESG considerations have a credit impact score of CIS-4. This primarily reflects high governance risks from the company's aggressive financial strategy with tolerance for high leverage and debt funded acquisitions and its concentrated ownership. LIQUIDITY Busy Bees has good liquidity. As of March 31, 2025, the company had GBP81.2 million of cash on balance sheet and its undrawn GBP100 million revolving credit facility (RCF), however GBP16 million is held for use for bank guarantees. The company plans to upsize its RCF to GBP150 million as part of the A&E transaction. Busy Bees' liquidity buffer can, however, temporarily weaken as the company draws down on its RCF to fund acquisitions before issuing additional loans to repay the RCF drawings. The RCF is subject to a consolidated senior secured net leverage springing covenant when drawings exceed 40%. Even in the event of a testing, Moody's expects headroom under the covenant to remain ample. STRUCTURAL CONSIDERATIONS Busy Bees' B3-PD probability of default rating reflects the use of an expected family recovery rate of 50%, as is consistent with first lien covenant-lite loan structures. The Term Loan B and RCF rank pari passu and are rated B3, in line with the company's CFR. All facilities are guaranteed by the company's subsidiaries and benefit from a guarantor coverage of no less than 80% of the group's consolidated EBITDA. The security package includes a pledge over shares, bank accounts and intercompany receivables and a floating charge over all material operating subsidiaries. RATING OUTLOOK The positive outlook reflects Moody's expectations that the company will maintain good operating performance, reduce leverage below 6.0x over the next 12-18 months, and refrain from large debt-funded acquisitions and shareholder distributions, which could revert the outlook back to stable. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if (1) revenue and EBITDA margins continue to improve on a sustained basis; (2) Moody's-adjusted debt/EBITDA leverage reduces below 6x; and (3) free cash flow (FCF) remains positive, with good liquidity. The ratings could be downgraded if: (1) Moody's-adjusted debt/EBITDA leverage remains above 7.5x for a prolonged period; (2) Moody's-adjusted EBITA/interest is sustainably below 1x; (3) FCF remains negative; (4) liquidity weakens or; (5) the company fails to grow revenues organically, maintain at least stable margins. 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 Founded in 1983 and headquartered in the UK, Busy Bees is a leading day nursery and early years education provider for infants and children under the age of five. The company generated GBP1.1 billion of revenue and GBP309 million of company-adjusted post-IFRS 16 EBITDA for the last twelve months (LTM) to March 31, 2025, based on preliminary results. The company benefits from good geographic diversification with operations in Europe (UK, Ireland, Italy), Asia (Singapore, Malaysia, Vietnam), North America (Canada, US), and Australia/New Zealand (ANZ). As of 2024, the group operated a network of 1,008 nurseries offering over 109,722 places. Ontario Teachers' Pension Plan Board (OTTP, Aa1 stable) owns 68%, Temasek Holdings (Private) Limited (Aaa stable) owns 26% and management holds the remaining 6% of shares in the company. JSR (HD): Springfields Advisory Named as Administrator ------------------------------------------------------ JSR (HD) Ltd, trading as Heavenly Desserts, was placed into administration proceedings in the High Court of Justice Business and Property Courts in Leeds, Court Number: CR2025LDS000626, and Situl Devji Raithatha of Springfields Advisory LLP was appointed as administrator on July 4, 2025. JSR (HD) is a franchise dessert parlour. Its registered office is at 18 Causey Arch, Broughton, Milton Keynes, MK10 7AR. Its principal trading address is at Unit H5 Stadium, WayWest, Milton Keynes, MK1 1ST. The administrator can be reached at: Situl Devji Raithatha Springfields Advisory LLP 38 De Montfort Street Leicester, LE1 7GS Tel No: 0116 299 4745 For further information, contact: Sachin Raithatha Springfields Advisory LLP 38 De Montfort Street Leicester, LE1 7GS Tel No: 0116 299 475 Email: sachin.r@springfields-uk.com MARTURANO HOMES: FRP Advisory Named as Joint Administrators ----------------------------------------------------------- Marturano Homes Houston Ltd was placed into administration proceedings in the Court of Session No P651 of 2025, and Michelle Elliott and Callum Angus Carmichael of FRP Advisory Trading Limited, were appointed as joint administrators on July 1, 2025. Marturano Homes specialized in the buying and selling of own real estate. Its registered office is at C/O FRP Advisory Trading Limited, Level 2, The Beacon, 176 St Vincent Street, Glasgow, G2 5SG. Its principal trading address is at 72 Henderland Road, Bearsden, Glasgow, G61 1JG. The joint administrators can be reached at: Michelle Elliott Callum Angus Carmichael FRP Advisory Trading Limited Level 2, The Beacon 176 St Vincent Street Glasgow G2 5SG Further details contact: The Joint Administrators Tel: +44 (0)330 055 5455 cp.glasgow@frpadvisory.com Alternative contact: Ryan McGee PAYME LTD: Quantuma Advisory Named as Administrators ---------------------------------------------------- Payme Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts Court Number: CR-2025-004505, and Paul Zalkin and Tom Parish of Quantuma Advisory Limited, were appointed as administrators on July 7, 2025. Payme Ltd specialized in management consultancy activities other than financial management, as well as temporary employment agency activities. Its registered office is at Equinox 2 Audby Lane, Wetherby, LS22 7RD and it is in the process of being changed to c/o Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London EC4A 3AG. Its principal trading address is at Equinox 2 Audby Lane, Wetherby, LS22 7RD. The administrators can be reached at: Paul Zalkin Tom Parish Quantuma Advisory Limited 7th Floor, 20 St. Andrew Street London, EC4A 3AG For further details, please contact: Ellie Knapp Tel No: 020 3856 6720 Email: Ellie.Knapp@quantuma.com RL REALISATIONS: Leonard Curtis Named as Joint Administrators ------------------------------------------------------------- RL Realisations 2025 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-MAN-000976, and Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as joint administrators on July 7, 2025. RL Realisations fka Red Led Limited offered business support services. Its registered office and principal trading address is at 71a London Road, Alderley Edge, Cheshire, SK9 7DY. The joint administrators can be reached at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House, Irwell Street Manchester, M3 5EN Further details contact: The Joint Administrators Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Natasha Lee ********* 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. 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