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

                          E U R O P E

          Wednesday, July 23, 2025, Vol. 26, No. 146

                           Headlines



A R M E N I A

ARMENIA: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable


F R A N C E

ILIAD HOLDING: Fitch Assigns First-Time 'BB' LT IDR, Outlook Pos.


I R E L A N D

ACCUNIA EUROPEAN IV: Moody's Cuts EUR12.6MM F Notes Rating to Caa1
AVOCA CLO XVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F-R-R Notes
BLACKROCK EUROPEAN XIII: S&P Assigns B- (sf) Rating to F-R Notes
JUBILEE 2023-XXVII: S&P Assigns B- (sf) Rating to F-R Notes
RRE 27 LOAN: Moody's Assigns Ba3 Rating to EUR18.5MM Class D Notes

ST. PAULS VIII: Fitch Affirms 'BB-' F Notes Rating, Outlook Now Neg


I T A L Y

DOVALUE SPA:S&P Affirms 'BB' ICR After Announcing coeo Acquisition
ILLIMITY BANK: Moody's Ups Issuer & Unsecured Debt Ratings From Ba1


L U X E M B O U R G

ADECOAGRO SA: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'
SABESP LUX: S&P Assigns 'BB' Rating to New Senior Unsecured Notes


N E T H E R L A N D S

PB INTERNATIONAL: Fitch Affirms 'C' Rating on Sr. Unsecured Notes


P O L A N D

DL INVEST: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable


R U S S I A

TURON BANK: S&P Affirms 'B' ICRs on Capital Injection


S W I T Z E R L A N D

AFE SA: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

ALLWYN ENTERTAINMENT: S&P Rates New EUR500MM Sr. Sec. Notes 'BB'
BEAUTY ACADEMY: Dow Schofield Named as Joint Administrators
CITY INTEGRATION: MHA Named as Administrators
CITY RESOURCING: MHA Named as Administrators
GREENFOLD SYSTEMS: FRP Advisory Named as Joint Administrators

GREENSANDS (UK): FRP Advisory Named as Joint Administrators
HOPS HILL NO.5: S&P Assigns B+ (sf) Rating to Class E-Dfrd Notes
MB PATHOLOGY: CMB Partners Named as Joint Administrators
MODULAIRE GROUP: Fitch Puts 'B+' Final Rating to EUR1.3BB Term Loan
MSI RECRUITMENT: Cornerstone Business Named as Administrator

RIGBY GROUP: FRP Advisory Named as Joint Administrators
ROBERT GODDARD: MacDonald Partnership Named as Administrator

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

Key Rating Drivers

Credit Fundamentals: Armenia's 'BB-' rating reflects a robust
macroeconomic policy framework and strong growth, which is
supporting a rise in per capita income. Set against these strengths
are the small size of the economy, fiscal deficits that will remain
high relative to peers, weak external finances, high (albeit
declining) financial sector dollarisation and geopolitical risks.

Fiscal Loosening: Following a smaller than budgeted deficit in
2024, Armenia has loosened fiscal policy to accommodate higher
defence spending and rehabilitation of refugees from the
territories of Nagorno Karabakh. Fitch expects these costs to
decline after 2025, but fiscal rigidities will remain heightened
due to the introduction of a universal health insurance scheme
(with an estimated annual cost rising to 0.8% of GDP in the medium
term) and other social spending. Fitch projects the general
government deficit to increase to 5.4% of GDP in 2025, before
moderating to an average of 4.4% in 2026-27.

Under the 2026-2030 Medium-Term Expenditure Framework, the
authorities expect a substantial tightening of fiscal policy beyond
2027 to reduce the deficit to 1% of GDP by 2030. Fitch considers
this optimistic given risks around revenue targets.

Adherence to Fiscal Rules: Fitch assumes the authorities will
comply with stricter fiscal rules that are triggered when gross
general government debt (GGGD)/GDP exceeds 50%, including capping
primary current expenditure growth below historical nominal GDP
growth rates. Capex will be larger than the fiscal deficit, in line
with the fiscal rules, although Fitch expects capacity constraints
to continue to limit project execution.

Rising Debt Trajectory: Fitch projects GGGD/GDP to increase to
51.3% in 2025 from 48% in 2024, given larger deficits and expected
deposit accumulation. Fitch expects it to rise to 54.2% by 2027, in
line with the current 'BB' median. Fitch expects greater reliance
on external borrowing, after several years of financing in the
costlier domestic market. In March 2025, Armenia issued a USD750
million Eurobond, exceeding initial issuance plans by 50%, to roll
over a USD313 million maturity, replenish international reserves,
and reduce the need to tap the domestic markets. Further external
issuances are unlikely in 2025-2026.

Long-term debt dynamics are exposed to currency risk, given that at
May 2025, about 50% of GGGD was foreign-currency denominated.
However, refinancing risks are mitigated by the high proportion of
government debt owed to multilateral creditors (nearly 80% of
external debt).

Stable Economic Growth: Real GDP growth was 5.2% yoy in 1Q25,
driven by very strong performance in financial services (27.5% yoy)
and construction (14%) benefiting from government-led capex.
However, manufacturing and mining have contracted since the start
of the year. As one-off effects subside from large transit trade
with Russia and the influx of Nagorno Karabakh refugees and other
migrants, Fitch expects growth to moderate to 5% in 2025 and 4.7%
in 2026-27, from an average 8.9% in 2022-2024. The Amulsar gold
mine, which is likely to start operations in 4Q25, will boost
growth in the medium term.

Current Account Deficits: The large volume of re-exports in 2024
(mainly of gold and precious metals from Russia to the United Arab
Emirates) has abated, with exports and imports contracting by 60%
and 50% year on year, respectively, in January-April 2025. Large
capex and defence import needs will widen the trade deficit (albeit
with a countering effect from Amulsar gold exports from 2026),
while a normalisation of remittance inflows (following exceptional
surges in 2022-23) will reduce the secondary income surplus. Fitch
expects the current account deficit to widen to 4.6% in 2025,
before moderating to an average of 4.4% in 2026-27, above the
current 'BB' median of 2%.

Weak External Balance Sheet: International reserves rose by 12%
from end-2024 to USD4 billion in June 2025, equivalent to 3.7
months of estimated current external payments (CXP) for 2025. Fitch
projects reserve coverage to gradually decline to 2.9 months of CXP
by end-2027 as imports rise. This is below the 'BB' median of 4.8
months but mitigated by a relatively flexible exchange rate. Fitch
expects the authorities will not draw down the USD185 million
available under the IMF Stand-By Arrangement (expiring this year)
and will treat it as a precautionary buffer. Fitch expects net
external debt to remain around 2x the projected 'BB' median,
averaging 28.4% of GDP in 2025-2027.

Stable Inflation; High Dollarisation: Inflation averaged 3.3% year
on year in 1H25, within the central bank's inflation target of 3%
(with a variation band of +/-1pp), which was revised down from 4%
effective January 2025. Fitch expects inflation to stay within
target through to 2027, although the loose fiscal policy and
projected moderate dram depreciation pose some risks. Policy rates
have been cut by a cumulative 225bp since 2024 to 6.75%, and Fitch
assesses the scope for further cuts as limited this year.
Dollarisation remains high (May 2025: 47.6% of deposits and 32% of
loans) but has been declining from peaks of 72% and 66%,
respectively, in 2014.

Political and Geopolitical Risks: The government reported breaking
up a 'coup' plot in June 2025, arresting senior members of the
clergy and an influential businessman whose electricity
distribution company was subsequently nationalised. In Fitch's
view, the government's stability is not at risk, and the capacity
of institutions has not been affected by recent developments. In
March 2025, Azerbaijan and Armenia reported reaching a peace
agreement, although the contents and timescale for signing a treaty
are unclear. In Fitch's view, a return to military conflict is
currently unlikely.

Armenia has an ESG Relevance Score of '5' for Political Stability
and Rights, and '5+' for the Rule of Law, Institutional and
Regulatory Quality, and Control of Corruption. These scores reflect
the high weight that the World Bank Governance Indicators (WBGI)
have in its proprietary Sovereign Rating Model. Armenia has a
medium WBGI ranking at the 45th percentile, reflecting a moderate
level of rights for participation in the political process,
relatively high geopolitical risks, moderate levels of political
stability, moderate institutional capacity and rule of law and a
moderate level of corruption.

RATING SENSITIVITIES

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

Public Finances: Macroeconomic or policy developments that steepen
the upward path of general government debt/GDP.

External Finances: Increased external vulnerabilities; for example,
as a result of a sustained decline in international reserves or
wider current account deficits.

Structural: A materialisation of geopolitical risks that undermines
political and economic stability.

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

Public Finances: Fiscal consolidation that supports a decline in
general government debt/GDP or deepening of local-currency funding
sources that durably reduces the FX proportion of government debt.

Macro: Preservation of high growth rates supporting a sustained
increase in GDP per capita.

Structural: A durable decline in geopolitical risks.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Armenia is 'BB', one notch above the LT FC
IDR. This reflects moderate constraints and incentives, relative to
the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting LC into FC and transferring the proceeds to non-resident
creditors to service debt payments. Fitch's Country Ceiling Model
produced a starting point uplift of +1 notch above the IDR. Fitch's
rating committee did not apply a qualitative adjustment to the
model result.

ESG Considerations

Armenia has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI Indicators have the highest weight in Fitch's
SRM and are, therefore, highly relevant to the rating and a key
rating driver with a high weight. As Armenia has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Armenia has an ESG Relevance Score of '5+' for Rule of Law,
Institutional & Regulatory Quality, and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are, therefore,
highly relevant to the rating and a key rating driver with a high
weight. As Armenia has a percentile rank above 50 for the
respective Governance Indicators, this has a positive impact on the
credit profile.

Armenia has an ESG Relevance Score of '4+' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Armenia has
a percentile rank above 50 for the respective Governance Indicator,
this has a positive impact on the credit profile.

Armenia has an ESG Relevance Score of '4+' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Armenia, as for all sovereigns. As Armenia
has a record of 20+ years without a restructuring of public debt
and captured in its SRM variable, this has a positive impact on the
credit profile.

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
   -----------                      ------          -----
Armenia              LT IDR          BB- Affirmed   BB-
                     ST IDR          B   Affirmed   B
                     LC LT IDR       BB- Affirmed   BB-
                     LC ST IDR       B   Affirmed   B
                     Country Ceiling BB  Affirmed   BB

   senior
   unsecured         LT              BB- Affirmed   BB-

   Senior
   Unsecured-Local
   currency          LT              BB- Affirmed   BB-



===========
F R A N C E
===========

ILIAD HOLDING: Fitch Assigns First-Time 'BB' LT IDR, Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has assigned Iliad Holding S.A.S. (formerly Holdco II
S.A.S.) a first-time Long-Term Issuer Default Rating (IDR) of 'BB'
with a Positive Outlook following the reorganisation of Iliad
group, under which the entity previously known as Iliad Holding
S.A.S. transferred all or substantially all its assets to the new
Iliad Holding S.A.S. (as Holdco II S.A.S.), with the latter
becoming the top consolidating entity.

As a result of the reorganisation, the new Iliad Holding S.A.S.
(Holdco II S.A.S.) has been substituted for the previous Iliad
Holding S.A.S. as issuer under the notes and the indentures, with
both entities subsequently being renamed. As a result, Fitch will
transfer the senior secured debt instruments and their 'BB-'
ratings with Recovery Ratings of 'RR5' to Iliad Holding S.A.S.
(Holdco II S.A.S.). Iliad Holding S.A.S.'s ratings are based on a
consolidated rating profile, reflecting its 98.6% ownership of
Iliad SA.

Fitch has withdrawn the previous issuer's ratings due to the
company reorganisation.

Key Rating Drivers

Peer Analysis

Key Assumptions

RATING SENSITIVITIES

Issuer Profile

Iliad Group is one of Europe's leading telecommunications players,
with more than 50.5 million subscribers in France, Poland and Italy
and EUR 10 billion in revenues in 2024.

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
   -----------               ------            --------   -----
Iliad Holding S.A.S.   LT IDR BB  New Rating

Maya SAS               LT IDR BB  Affirmed                BB
                       LT IDR WD  Withdrawn

   senior secured      LT     BB- Affirmed       RR5      BB-



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I R E L A N D
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ACCUNIA EUROPEAN IV: Moody's Cuts EUR12.6MM F Notes Rating to Caa1
------------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following notes
issued by Accunia European CLO IV Designated Activity Company:

EUR12,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2033, Downgraded to Caa1 (sf); previously on Sep 19, 2024
Affirmed B3 (sf)

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

EUR248,000,000 (Current outstanding amount EUR246,593,317) Class A
Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Sep 19, 2024 Affirmed Aaa (sf)

EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Affirmed Aa1 (sf); previously on Sep 19, 2024 Upgraded to Aa1
(sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Affirmed Aa1 (sf); previously on Sep 19, 2024 Upgraded to Aa1 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed A2 (sf); previously on Sep 19, 2024
Affirmed A2 (sf)

EUR27,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Sep 19, 2024
Affirmed Baa3 (sf)

EUR20,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Sep 19, 2024
Affirmed Ba3 (sf)

Accunia European CLO IV Designated Activity Company, issued in
March 2020, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by ACCUNIA FONDSMÆGLERSELSKAB A/S. The
transaction's reinvestment period ended in October 2024.

RATINGS RATIONALE

The downgrade to the rating on the Class F notes is due to
deterioration of the credit quality and the deterioration in Class
F over-collateralisation ratio since the last rating action in
September 2024.

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

The credit quality has deteriorated as reflected in an increase in
the proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated May 2025[1],
securities with ratings of Caa1 or lower currently make up
approximately 7.70% of the underlying portfolio, compared with 6.4
in July 2024[2] report as of the last rating action.

The over-collateralisation ratios of the rated notes have
deteriorated since the rating action in September 2024. According
to the trustee report dated May 2025[1] the Class A/B, Class C,
Class D, Class E and Class F OC ratios are reported at 134.03%,
123.67%, 113.65%, 107.12% and 103.48% compared to July 2024[2]
levels of 135.48%, 125.06%, 114.96%, 108.38% and 104.72%,
respectively.

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

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

Performing par and principal proceeds balance: EUR373.68m

Defaulted Securities: EUR12m

Diversity Score: 51

Weighted Average Rating Factor (WARF): 3083

Weighted Average Life (WAL): 4 years

Weighted Average Spread (WAS) (before accounting for
Euribor/reference rate floors): 3.77%

Weighted Average Coupon (WAC): 3.98%

Weighted Average Recovery Rate (WARR): 44.27%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

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

AVOCA CLO XVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XVII DAC reset notes expected
ratings as detailed below.

   Entity/Debt           Rating           
   -----------           ------           
Avoca CLO XVII DAC

   A-R-R-R           LT AAA(EXP)sf  Expected Rating
   B-1R-R-R          LT AA(EXP)sf   Expected Rating
   B-2R-R-R          LT AA(EXP)sf   Expected Rating
   C-R-R-R           LT A(EXP)sf    Expected Rating
   D-R-R-R           LT BBB-(EXP)sf Expected Rating
   E-R-R             LT BB-(EXP)sf  Expected Rating
   F-R-R             LT B-(EXP)sf   Expected Rating
   X-R               LT AAA(EXP)sf  Expected Rating

Transaction Summary

Avoca XVII DAC DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to redeem the existing notes except the subordinated
notes and fund the portfolio with a target par of EUR500 million.

The portfolio is actively managed by KKR Credit Advisors (Ireland).
The CLO has a 4.5-year reinvestment period and a 7.5 year weighted
average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor of the identified portfolio is 25.6.

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 60.5.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio of 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction could extend the WAL
test by one year from 12 months after closing if the aggregate
collateral balance (with defaulted obligations carried at a
haircut) is at least at the reinvestment target par amount and all
tests are passing.

Portfolio Management (Neutral): The transaction has a reinvestment
period of about 4.5 years and includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

Cash-flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged after the reinvestment period. These include, among
others, passing both the coverage tests and the Fitch 'CCC' limit
post reinvestment as well as a WAL covenant that progressively
steps down over time, both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class X and A-R notes, lead to downgrades of one
notch for the class B-R and D-R notes, two notches for the class
C-R notes, three notches for the class E-R notes and to below
'B-sf' for the class F-R notes. Downgrades may occur if the
build-up of the notes' credit enhancement following amortisation
does not compensate for a larger loss expectation than initially
assumed due to unexpectedly high levels of defaults and portfolio
deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B-R, D-R and E-R notes
display rating cushions of two notches and the class C-R and F-R
notes display rating cushions of one notch.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of two notches for the class A-R
notes, three notches for the class B-R and D-R notes, four notches
for the class C-R notes and to below 'B-sf' for the class F-R and
E-R notes.

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, 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

Avoca CLO XVII DAC

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
Recognized Statistical Rating Organizations 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 Avoca CLO XVII
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.

BLACKROCK EUROPEAN XIII: S&P Assigns B- (sf) Rating to F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to BlackRock
European CLO XIII DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R
notes and class A-loan. The issuer has GBP35.2 million unrated
subordinated notes outstanding from the existing transaction and
has issued an additional GBP9.24 million.

This transaction is a reset of the already existing transaction.
The existing class A-1, A-2, B, C, D, E, and F notes were fully
redeemed with the proceeds from the issuance of the replacement
notes on the reset date. The ratings on the original notes have
been withdrawn.

The ratings assigned to the reset notes and loan reflect our
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 and loan 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    2,701.23
  Default rate dispersion                                 613.88
  Weighted-average life (years)                             4.82
  Weighted-average life extended
  to cover the length of the reinvestment period (years)    4.82
  Obligor diversity measure                               178.00
  Industry diversity measure                               22.86
  Regional diversity measure                                1.26

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.44
  Target 'AAA' weighted-average recovery (%)               37.65
  Target weighted-average spread (%)                        3.69
  Target weighted-average coupon (%)                        3.26

Rating rationale

Under the transaction documents, the rated notes and loan pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.51 years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR450 million
target par amount, the covenanted weighted-average spread (3.60%),
the covenanted weighted-average coupon (3.25%), the covenanted
weighted-average recovery rate (36.65%) at 'AAA' as indicated by
the collateral manager, and the target weighted-average recovery
rates for all 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.

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

"Until the end of the reinvestment period on Jan. 21, 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 and loan. 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.

"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 the ratings assigned to
the class X, A-R, and F-R notes and the class A-loan are
commensurate with the available credit enhancement. 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 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 ratings assigned to the notes.

"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 ratings are commensurate with
the available credit enhancement for all the rated classes of notes
and loan.

"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-loan and the
class X 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 list

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

  X       AAA (sf)    1.50   Three/six-month EURIBOR + 0.95    N/A
  
  A-R     AAA (sf)  136.00   Three/six-month EURIBOR + 1.37  38.00

  A-loan  AAA (sf)  143.00   Three/six-month EURIBOR + 1.37  38.00

  B-R     AA (sf)    49.50   Three/six-month EURIBOR + 2.00  27.00

  C-R     A (sf)     27.00   Three/six-month EURIBOR + 2.25  21.00

  D-R     BBB- (sf)  31.50   Three/six-month EURIBOR + 3.30  14.00

  E-R     BB- (sf)   20.26   Three/six-month EURIBOR + 5.80   9.50

  F-R     B- (sf)    13.50   Three/six-month EURIBOR + 8.27   6.50

  Sub     NR         44.44   N/A                               N/A

*The ratings assigned to the class X, A-R, and B-R notes and class
A-loan 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.
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


JUBILEE 2023-XXVII: S&P Assigns B- (sf) Rating to F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Jubilee CLO
2023-XXVII DAC's class A-R loan and class A-R, B-R, C-R, D-R, E-R,
and F-R notes. There are also unrated subordinated notes from the
original transaction and the issuer has also issued an additional
EUR4.50 million of subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes--class A, B, C, D, E, and F-- were
fully redeemed with the proceeds from the issuance of the
replacement debt on the reset date.

The ratings assigned to the reset notes and loan 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 and loan 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     2,764.55
  Default rate dispersion                                  694.84
  Weighted-average life (years)                              4.36
  Weighted-average life extended to cover
  the length of the reinvestment period (years)              4.47
  Obligor diversity measure                                150.30
  Industry diversity measure                                21.77
  Regional diversity measure                                 1.22

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets, as of July 14 (%)             3.76
  Target 'AAA' weighted-average recovery (%)                35.88
  Target weighted-average spread (%)                         3.86

Rating rationale

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.47 years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.67%),
the covenanted weighted-average coupon (2.90%), and the target
weighted-average recovery rates at all rating levels calculated in
line with our CLO criteria for all classes of notes and the loan.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

"Until the end of the reinvestment period on Jan. 9, 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 and the loan. This test looks
at the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and it
compares that with the current portfolio's default potential plus
par losses to date. As a result, until the end of the reinvestment
period, the collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-R to D-R 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 ratings assigned to
the notes."

The class A-R, A-R loan, and E-R notes can withstand stresses
commensurate with the assigned ratings.

For the class F-R notes, S&P's credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, it has applied
its 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes.

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.30% (for a portfolio with a weighted-average
life of 4.47 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.47 years, which would result
in a target default rate of 13.857%.

-- 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.

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

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

"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, and A-R
loan 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 (and or for some of these
activities there are revenue limits or can't be the primary
business activity) assets from being related to certain activities.
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."

Jubilee CLO 2023-XXVII is a cash flow CLO securitizing a portfolio
of primarily European senior-secured leveraged loans and bonds. The
transaction is managed by Alcentra Ltd.

  Ratings

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

  A-R       AAA (sf)   135.30    38.00          3mE + 1.35

  A-R loan  AAA (sf)   112.70    38.00          3mE + 1.35

  B-R       AA (sf)     44.50    26.88          3mE + 1.90

  C-R       A (sf)      22.50    21.25          3mE + 2.40

  D-R       BBB- (sf)   29.00    14.00          3mE + 3.45

  E-R       BB- (sf)    18.00     9.50          3mE + 6.10

  F-R       B- (sf)     11.20     6.70          3mE + 8.69

  Sub  NR          38.25     N/A           N/A

*The ratings assigned to the class A-R loan, and 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.

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


RRE 27 LOAN: Moody's Assigns Ba3 Rating to EUR18.5MM Class D Notes
------------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to notes issued by RRE 27 Loan Management
Designated Activity Company (the "Issuer"):

EUR244,000,000 Class A-1 Senior Secured Floating Rate Notes due
2040, Definitive Rating Assigned Aaa (sf)

EUR18,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2040, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of senior secured obligations and up to 5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six months ramp-up period in compliance with the
portfolio guidelines.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.5 year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations, credit improved obligations and,
subject to certain restrictions, workout obligations.

In addition to the two classes of notes rated by us, the Issuer has
issued class A-2, B and C notes, EUR1,000,000 of performance notes,
EUR250,000 of preferred return notes and EUR43,230,000 of
subordinated notes, which are not rated. The performance notes
accrue interest in an amount equivalent to a certain proportion of
the subordinated management fees and its notes' payment is pari
passu with the payment of the subordinated management fee.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3028

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.24 years

Moody's have addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

ST. PAULS VIII: Fitch Affirms 'BB-' F Notes Rating, Outlook Now Neg
-------------------------------------------------------------------
Fitch Ratings has upgraded St Pauls CLO VIII DAC's class B-1 and
B-2 notes and revised the class F notes' Outlook to Negative from
Stable.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
St. Paul's CLO VIII DAC

   A XS1718482703          LT AAAsf  Affirmed   AAAsf
   B-1 XS1718483008        LT AAAsf  Upgrade    AA+sf
   B-2 XS1718483347        LT AAAsf  Upgrade    AA+sf
   C XS1718483776          LT A+sf   Affirmed   A+sf
   D XS1718483933          LT BBB+sf Affirmed   BBB+sf
   E XS1718484238          LT BB+sf  Affirmed   BB+sf
   F XS1718484584          LT BB-sf  Affirmed   BB-sf

Transaction Summary

St Pauls CLO VIII DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction closed in December 2017, is
managed by Intermediate Capital Managers Limited and exited its
reinvestment period in January 2022.

KEY RATING DRIVERS

Deleveraging Increases Senior Notes Buffer: The class A notes have
repaid EUR48.2 million since the January 2025 trustee report,
resulting in an increase in credit enhancement (CE) for the class
B-1 to B-2 notes to 40.5% currently, from 34.7% in the January 2025
trustee report. The transaction's deleveraging has resulted in an
increased default-rate cushion for the senior notes, which can
absorb further defaults in the portfolio. This supports the
upgrades of the class B-1 to B-2 notes.

Portfolio Deterioration: The transaction is currently 0.8% below
par (calculated as the current par difference over the original
target par) and has EUR4.6 million of defaulted assets. It has
incurred par losses on sales since the last review, which has
reduced the default-rate cushion for the junior notes. The exposure
to long-dated assets rose to 6.8% from 3.7%, increasing the tail
risk.

The transaction was breaching its Fitch weighted average recovery
rating, weighted average rating factor test and its weighted
average life test, according to the last trustee report of 20 June
2025. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 13.7%, above the threshold of 7.5%. The transaction has
manageable near- and medium-term refinancing risk, with 1.2% of
portfolio assets maturing in 2025 and 7.1% maturing in 2026.

Potential Downgrade of Class F: The Negative Outlook on the class F
notes reflects a sizable long-dated bucket, which Fitch assumes
will have to be sold at closing at the estimated recovery value.
Currently, all such assets are trading close to par. However, if
these assets remained in the portfolio as the transaction
approached its legal final maturity, Fitch would downgrade the
junior notes, all else being equal.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the current portfolio is 28.6 under the
latest criteria.

High Recovery Expectations: Senior secured obligations comprise 98%
of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The weighted average recovery rate of the current
portfolio as reported by the trustee was 57.6%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 27.2%, and no obligor
represents more than 3.4% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 24.7% as calculated by
the trustee. Fixed-rate assets reported by the trustee are 7.9% of
the portfolio balance, which is below the maximum covenant of 10%.

Static Transaction: Following the CLO's exit from its reinvestment
period, the manager is unlikely to reinvest unscheduled principal
proceeds and sale proceeds from credit-risk and credit-improved
obligations. This is due to the breach of the weighted average life
test, the weighted average rating factor test from another rating
agency, and the Fitch 'CCC' test.

The manager has not been actively reinvesting since May 2024.
Consequently, Fitch has assessed the transaction based on the
current portfolio, notching down by one level all assets with
Negative Outlook on their Fitch-Derived Ratings (FDR). The
transaction's weighted average life has also been extended to four
years, in line with its criteria, to account for refinancing risk.

RATING SENSITIVITIES

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

Downgrades may occur if build-up of credit enhancement following
amortisation does not compensate for a larger loss expectation than
initially assumed, due to unexpectedly high levels of defaults and
portfolio deterioration.

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

Upgrades may occur if the portfolio quality remains stable and the
notes continue amortising, leading to higher credit enhancement
across the structure.

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 St. Paul's CLO VIII
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.



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

DOVALUE SPA:S&P Affirms 'BB' ICR After Announcing coeo Acquisition
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on debt servicer doValue SpA and its 'BB' issue rating on the
existing EUR300 million senior secured notes, with an unchanged
recovery rating of '3'.

The stable outlook reflects our expectation that the successful
integration of Gardant and coeo will help maintain leverage
comfortably below 4x and FFO to debt above 20% post-transaction,
while generating strong free operating cash flow (FOCF) of more
than EUR150 million per annum.

doValue has announced that it will acquire German credit management
services provider coeo for EUR350 million. The transaction will add
about EUR190 million to revenue and EUR60 million to the group's
EBITDA in 2026 and exposure to the quickly growing buy now, pay
later (BNPL) market; it will also allow doValue to enter the German
and other Northern European countries markets.

The company will finance the acquisition with a EUR325 million
bridge loan. The transaction will have a limited impact on
leverage, given the high profitability (about 30% company adjusted
EBITDA margins) of coeo, with S&P Global Ratings-adjusted leverage
forecast at 2.5x in 2026 and funds from operations (FFO) to debt at
26%.

The coeo acquisition does not materially affect credit metrics for
doValue. The company will draw EUR325 million under a bridge
facility to finance the acquisition for a total enterprise value of
EUR350 million. In addition, a EUR40 million earn-out could be paid
in 2028. S&P said, "We expect the transaction to close in early
2026 and the bridge loan to be subsequently refinanced with a bond
issuance. We also understand doValue will divest the portfolio of
loans held by coeo on its balance sheet to an undisclosed investor
for EUR60 million-EUR70 million, to remain a pure servicer with an
asset-light business model. We expect coeo to sell the portfolio of
claims that it purchases from its clients to an unconsolidated
special-purpose vehicle (SPV) on a rolling basis, while servicing
these receivables."

Given sound operating performance for doValue stand-alone, the
approximately EUR60 million of full-year EBITDA from coeo, and
proceeds from the sale of coeo's portfolio, the impact on doValue's
leverage will remain very limited. S&P said, "We forecast S&P
Global Ratings-adjusted leverage to decline to 2.5x by year-end
2026, from 4.3x at year-end 2024, and only modestly above our
previous expectation of 2.2x. FFO to debt will also remain at
comfortable levels, 26% in 2026 compared with our expected 29%."

S&P said, "We believe the coeo acquisition will enhance the group's
scope of activities. coeo is the market leader in Europe for the
collection of small ticket claims within the e-commerce/buy now pay
later (BNPL) verticals, which is expected to grow at 9% per year
over 2024-2028 and we expect this to continue. While doValue
focuses on large corporate secured loans with long lead times in
recovery of more than five years on average, coeo exclusively deals
with households' small-to-midsize unsecured tickets with a high
collection rate in the first months of the process. We acknowledge
the competitive advantage coeo brings to the group, including its
strong digital expertise, which allows it to close over 65% of
collections without human interaction. We also understand that its
software is entrenched within the IT systems of some clients,
creating strong barriers to entry and customer retention, despite
the short-term nature of contracts. That said, coeo's sales are
highly concentrated, with about 60% of revenue derived from payment
solutions provider Klarna. As with doValue's business, coeo's
market is countercyclical, with a rise in the stock of
nonperforming loans (NPLs) in periods of economic stress despite
lower consumer spending.

"We expect the proposed transaction to bolster doValue's scale of
operations, adding about EUR190 million in revenue and EUR60
million to EBITDA (equivalent to about 30% of doValue's EBITDA). It
will also enhance doValue's geographical footprint by establishing
a presence in the German market, where it has not operated
previously, as well as in the U.K., the Netherlands, Austria,
Sweden, Switzerland, and Austria. The group's geographical
footprint will diversify away from southern Europe to about 75% of
pro forma revenue from 100% in 2025. However, despite the increase
in its size, we still view doValue as relatively small compared
with higher-rated business services companies."

coeo operates in a regulated industry, where political and legal
decisions can negatively affect the business. In 2022, the German
regulator limited the collection fee the company can charge to
debtors, which negatively affected revenue by about EUR15 million
per year. Also, in numerous European countries, there are talks
about reinforcing regulation on BNPL schemes, which could
negatively affect the market's growth.

S&P said, "The stable outlook reflects our expectation that the
successful integration of Gardant and coeo will help doValue
maintain leverage comfortably below 4x and FFO to debt above 20%
post-acquisition while generating strong FOCF of more than EUR150
million per year.

"We could lower the rating if adjusted leverage climbs above 4x
sustainably. We could also lower the rating if FFO to debt fell
below 20% and free cash flow to debt below 10% for a prolonged
period." This could happen if:

-- Gross book value (GBV) declines significantly due to contract
losses or if the company is unable to gain new contracts;
doValue adopts a more-aggressive financial policy and undertakes
debt-funded acquisitions; or

-- The company encounters issues in integrating Gardant or coeo,
leading to higher-than-expected one-off costs.

S&P said, "If we considered that financial sponsors and main
shareholders Fortress, Bain Capital, and Elliott were acting in
concert, we could lower the rating. If they did so, they would have
effective control of the company and we would need to evaluate its
financial policy under their control.

"We could raise the rating if doValue increased FFO to debt above
30% while maintaining adjusted debt to EBITDA below 3x. This could
occur if the company successfully integrates Gradant and coeo,
maintained a relatively stable GBV, or at least partly offset any
decline in the GBV with new contracts; and successfully ramping up
its non NPL-servicing activities while continuing to achieve stable
EBITDA margins of over 30%. An upgrade would also depend on doValue
committing to maintaining company-reported debt to EBITDA below 2x,
and funding any acquisitions primarily using internally generated
cash flow."


ILLIMITY BANK: Moody's Ups Issuer & Unsecured Debt Ratings From Ba1
-------------------------------------------------------------------
Moody's Ratings has upgraded all ratings and assessments of
illimity Bank S.p.A. (illimity) including: (1) the bank's long-term
and short-term deposit ratings to Baa2/Prime-2 from Baa3/ Prime-3,
(2) its long-term issuer and senior unsecured debt ratings to Baa3
from Ba1, (3) its long-term and short-term Counterparty Risk
Ratings (CRR) to Baa2/Prime-2 from Baa3/ Prime-3, (4) its
subordinated debt ratings to Ba3 from B1, and (5) the bank's
long-term and short-term Counterparty Risk (CR) Assessments to
Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).

Concurrently, Moody's upgraded illimity's Baseline Credit
Assessment (BCA) and its Adjusted BCA to ba2 from ba3.

The outlook on illimity's long-term deposit, long-term issuer and
senior unsecured debt ratings is stable. Previously the ratings
were on review for upgrade.

The ratings and assessments of Banca Ifis S.p.A. (Banca Ifis) are
not affected by the rating action.

RATINGS RATIONALE

-- DETAILS OF THE TRANSACTION

The rating action follows the completion of the acquisition offer
by Banca Ifis, resulting in 92.5% ownership of illimity's shares as
of 11 July 2025. The total offer amounted to EUR313 million,
including a EUR15 million cash premium for surpassing 90%
acceptance, as proposed by Banca Ifis on June 24, 2025. As a
result, Moody's expects illimity shares to be delisted in September
2025.

Banca Ifis intends to merge the two banks by the end of the first
half of 2026, after which illimity will no longer exist.

Moody's will maintain illimity's ratings and assessments until the
legal merger with Banca Ifis is completed. After the merger,
illimity's ratings will be withdrawn.

--RATIONALE FOR THE UPGRADE OF THE BCA

The primary reason for upgrading illimity's BCA to ba2 from ba3 is
the reduced key-person risk, previously linked to the CEO's
significant influence in revitalizing the bank's small franchise.
Now that illimity is part of Banca Ifis, this risk has
significantly lessened. Additionally, illimity is expected to
benefit from Banca Ifis' stronger risk management, longer corporate
history, and consistent performance across economic cycles. These
considerations have led to the withdrawal of the one-notch negative
adjustment for corporate behaviour in illimity's BCA.

Nonetheless, Moody's continues to reflect in illimity's BCA its
growing concentration on small and mid-sized enterprises (SME)
customer loans following the bank's exit from the business of
purchasing corporate non-performing loans (NPLs) in Italy. This
results in limited business diversification and an almost monoline
business model, which is reflected in a one-notch negative
adjustment in the bank's BCA.

illimity's BCA of ba2 also reflects its high asset risk, largely
associated with the bank's focus on restructured SME loans, as well
as the operational and performance risks related to managing the
remaining acquired NPLs, which accounted for around half of the
bank's profitability until 2023.

The bank's strong capital position mitigates these concentration
risks. As of December 2024, illimity's tangible common equity to
risk-weighted assets was 14.4%, and Moody's anticipates a limited
decline until the merger with Banca Ifis. However, Moody's expects
illimity's profitability will soften from its high historical level
because of additional cost of risk and organisational
simplification.

illimity's ba2 BCA now incorporates the funding and liquidity
scores of the combined entity, as these are considered centralized
at the group level. The group displays large reliance on market
funding, including online deposits, wholesale bonds, and secured
funding. This ensures strong liquidity that surpasses the
significant portion of short-term items related to factoring within
the group's lending activities.

Under Moody's environmental, social and governance (ESG) framework,
illimity's governance issuer profile score (IPS) has been improved
to G-2 from G-4, reflecting lower governance risks following the
acquisition by Banca Ifis. Therefore, the bank's ESG credit impact
score (CIS) has been revised to CIS-2 from CIS-4, which is in line
with that of Banca Ifis, and reflecting Moody's views that the
group's overall governance risks do not have a material impact on
the current ratings despite the execution risks related to the
acquisition.

--RATIONALE FOR THE UPGRADE OF THE ADJUSTED BCA

The acquisition of illimity by Banca Ifis has been factored into
the Adjusted BCA of ba2. This incorporates a very high likelihood
of affiliate support from Banca Ifis, which however does not lead
to any additional uplift since both banks now have BCAs at the same
level.

--RATIONALE FOR THE UPGRADE OF THE LONG-TERM RATINGS

The upgrade of illimity's long-term deposit, long-term issuer and
senior unsecured debt ratings is driven by the upgrade of the
bank's BCA and Adjusted BCA to ba2 from ba3 following its
acquisition by Banca Ifis.

In line with Moody's Banks methodology and Moody's treatments of
other domestic subsidiaries, Moody's are now applying the Advanced
loss-given failure (LGF) analysis notching for illimity's new
parent, the combined Banca Ifis group, which results in an
unchanged three notches of uplift for the deposit ratings and two
notches for the issuer and senior unsecured debt ratings.

The upgrade of illimity's ratings also reflect Moody's continued
view that there is a low likelihood of support from the Government
of Italy (Baa3 positive), due to the bank's small size, even when
combined with Banca Ifis, which results in no additional rating
uplift.

OUTLOOK

The outlook on illimity's long-term deposit, long-term issuer and
senior unsecured debt ratings is stable, reflecting the stable
outlook on Banca Ifis' long-term deposit, long-term issuer and
senior unsecured debt ratings.

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

illimity's ratings and assessments could be upgraded or downgraded
following an upgrade or downgrade of the ratings and assessments of
Banca Ifis.

In particular, Moody's could upgrade Banca Ifis' BCA if the group
reduces its asset risk, decreases its reliance on
confidence-sensitive market funding and strengthens its liquidity,
while maintaining targeted capital and profitability levels.

illimity's long-term issuer, senior unsecured debt and subordinated
debt ratings would also benefit from a one-notch additional uplift
from Moody's Advanced LGF analysis if the combined entity were to
issue more subordinated debt than currently expected.

Conversely, a downgrade of Banca Ifis' BCA could lead to a
downgrade of illimity ratings, other things being equal. Moody's
could downgrade Banca Ifis' BCA if there is an unexpected
significant deterioration in its solvency and liquidity position.
Several factors could lead to a downgrade of Banca Ifis in the
context of integrating illimity.

Furthermore, Moody's could downgrade illimity's ratings if the
group reduces the buffer of loss-absorbing instruments or its
balance sheet expands beyond Moody's current projections.

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.



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

ADECOAGRO SA: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to Adecoagro S.A. up to
$500 million proposed senior unsecured notes due 2032. All other
ratings remain unchanged. The outlook is stable.

The proceeds of the issuance will be used to repurchase the 2027
Notes and general corporate purposes, including capital
expenditures. Moody's believes the issuance will not cause a
material increase in the company's leverage, as the majority of the
proceeds will be used for liability management

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

RATINGS RATIONALE

Adecoagro S.A.'s Ba2 ratings incorporate its relevant position in
Brazil's sugar-ethanol sector, including its economies of scale
because of the large size of its plants and high productivity
levels, which allow for one of the lowest cost profiles among its
local peers. The company's adequate credit metrics and financial
policies are also key credit considerations, especially because of
the inherent price volatility in the industry. Its experienced
management team is an additional credit strength. Diversification
into agricultural products in Argentina (Government of Argentina,
Caa1 stable) and Uruguay (Government of Uruguay, Baa1 stable) helps
to reduce the strong the reliance on the sugar-ethanol operations
in Brazil (Government of Brazil, Ba1 stable).

Sugarcane production concentration in one region is a constraint to
Adecoagro's ratings. The company is also exposed to volatility in
agricultural commodity prices. Other constraints include its small
scale compared with that of its global peers, and its country risk
exposure to Argentina and Brazil. The company has increased
shareholder distributions, which is also a constraint.

Tether Investments S.A., on April 30th, 2025, became the
controlling shareholder of Adecoagro with a 70% stake. The shift
from a diffuse ownership to a highly concentrated control is credit
negative from a governance perspective for Adecoagro. Following the
change in control, if there are relevant changes in management,
strategy and financial policies which lead to a deterioration in
credit metrics, an increase in business risk or a weakening in
liquidity, there could be negative pressure on the ratings.

As of March 2025, Adecoagro's liquidity was good, with $239 million
in cash and $131 million of readily marketable inventories compared
with short-term debt maturities of $232 million. These short-term
maturities are concentrated in Argentina, held by the company's
relationship banks. Over the past ten years (2014 to 2024), gross
leverage has averaged 2.8x and consistently remained within a range
of 2.2x and 3.5x. In 2025, Moody's expects gross leverage to reach
3.3x with EBITDA generation of $390 million ($475 million in 2024),
and leverage will move towards 3.0x in 2026. Moody's estimates that
in 2025 the results from the sugar-ethanol segment will be lower
year over year because of lower average sugar prices and stable
crushing levels. Crop EBITDA will also decrease as prices remain
soft to dilute costs. Moody's expects dairy to continue increasing
its contribution to EBITDA through higher volumes and favorable
pricing levels.

The stable outlook reflects Moody's expectations that Adecoagro
will continue to benefit from its increasing sugarcane crushing
capacity, which provides continuous cost dilution, and
diversification in the farming business. The outlook also
incorporates Moody's expectations that dividend payments and
expansion investments will not jeopardize the company's adequate
liquidity and leverage.

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

A rating upgrade would require an enhanced business profile with
increased product and geographic diversification, reducing
country-specific risks and event risks that are inherent to
agricultural activity. It would also require free cash flow and
good liquidity on a sustained basis, with a cash balance that
consistently covers Adecoagro's short-term obligations.
Quantitatively, an upgrade would require: Debt/EBITDA below 2.5x,
EBITDA/interest expense above 6.0x, and Retained cash flow/net debt
above 22%

Moody's could downgrade Adecoagro's ratings if there is a
deterioration in the company's liquidity, profitability or credit
metrics. Quantitatively, a downgrade could occur if its:
Debt/EBITDA remains above 3.5x, EBITDA/interest expense remains
below 5.0x, and Retained cash flow/net debt stays below 18%.

Adecoagro S.A., the group's ultimate parent company, is
headquartered in Luxembourg and generated consolidated revenue of
$1.6 billion as of the 12 months that ended March 2025. The
Adecoagro group is primarily engaged in agricultural and
agro-industrial activities through its operating subsidiaries in
Brazil, Argentina and Uruguay. Adecoagro produces and
commercializes sugar, ethanol and energy; and farming products such
as soy, corn, wheat, rice, dairy and others. In the 12 months that
ended March 2025, the company's consolidated EBITDA reached $458
million, with a margin of 29%.

The principal methodology used in this rating was Protein and
Agriculture published in August 2024.

SABESP LUX: S&P Assigns 'BB' Rating to New Senior Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Sabesp Lux S.a
r.l.'s (Sabesp Lux) proposed senior unsecured notes with an
intermediate maturity. The parent company, Companhia de Saneamento
Basico do Estado de São Paulo – SABESP (SABESP; global scale:
BB/Stable/--; national scale: brAAA/Stable/--) will fully and
unconditionally guarantee the notes. Therefore, the rating on the
senior unsecured notes reflects the parent's credit quality.

The proceeds will help SABESP finance investments related to
sustainable water and wastewater management, management and
restoration of natural ecosystems, and climate change adaptation.
S&P said, "This transaction is in line with our expectations and
part of SABESP's investment plan to achieve the universalization
target of 99% water and sewage coverage across its concessions by
2029, which will require investments of more than R$60 billion,
prior to the 2033 target in the 2020 Sanitation Law.

"We expect the company to keep net debt to EBITDA between 2.5x-3.5x
(from 2.0x in the first quarter of 2025) in the next couple years,
while funds from operations (FFO) to debt is likely to decline to
around 15% in the next three years, from 28.1% in March 2025,
reflecting both increased leverage and elevated interest rates in
Brazil. To support its investment plan, we believe SABESP will
likely rely on a mix of internal cash flow and debt, funding the
anticipated free operating cash flow shortfall through its
established access to domestic and international capital markets,
as well as commercial, development, and multilateral banks.

"Our ratings on the senior unsecured debt are at the same level as
the issuer credit rating on the parent because debt issued by
SABESP is mostly unsecured. As such, the company's secured debt
ratio is significantly below 50% of its consolidated debt. We don't
assign a recovery rating to the debt because we assess SABESP as a
government-related utility. Entities classified as mixed economy
are not subject to Brazilian bankruptcy law."

Sabesp Lux is a wholly owned finance subsidiary of SABESP, the
largest water and sewage company in Latin America by net revenue.
The company serves approximately 28.1 million people with water
supply and provides sewage collection services to around 24.9
million individuals. SABESP operates comprehensive water and sewage
systems across 375 municipalities in the state of Sao Paulo, a
region that contributes approximately 31% to Brazil's GDP.
Following its privatization in July 2024, the state of São Paulo
(not rated) now has a 18% stake of in SABESP (from 50.3%), followed
by Equatorial (15%), and the remaining 67% is now free floating on
the stock markets.




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

PB INTERNATIONAL: Fitch Affirms 'C' Rating on Sr. Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based garment manufacturer PT
Pan Brothers Tbk's Long-Term Issuer Default Rating (IDR) at 'RD'.
Fitch has also affirmed the rating on the USD171 million senior
unsecured notes due December 2025, issued by PB International B.V.,
at 'C' with a Recovery Rating of 'RR4'. At the same time, Fitch
Ratings Indonesia has affirmed the National Long-Term Rating at
'RD(idn)'.

The affirmation reflects Pan Brothers' pending issuance of new
notes and mandatory convertible bond (MCB) to arrive at the capital
structure set forth by its in-court restructuring outcome. The
ratings also reflect the continuation in Pan Brothers' underlying
operations. The company is also not winding up or undergoing a
liquidation procedure.

'RD' ratings indicate an issuer has experienced an uncured payment
default on a bond, loan or other material financial obligation but
has not entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedures and
has not otherwise ceased business.

Key Rating Drivers

Pending Note, MCB Issuance: An Indonesian court approved the
composition plan proposed by the company, which is effective 3
January 2025. The plan requires Pan Brothers' USD337 million debt
to be restructured into USD90 million in syndicated loans and USD11
million in term loans, as well as the issuance of the new notes and
MCB.

The company completed the USD11 million term loan and USD90 million
syndicated loan restructuring in January 2025. It received approval
from shareholders on 19 June 2025 for the issuance of the MCB.
Based on the court ruling, the company has up to 18 months from the
effective date to issue the new notes and MCB. Any reassessment of
the rating based on the new capital structure would be based on the
completion of the new note and MCB issuance.

Extended Debt Maturity, Lower Interest: Upon the completion of the
restructuring, including the new notes and MCB issuance, Pan
Brothers' debt maturity will be extended to 11-15 years, with the
interest rate declining to 1%-2%. There is no debt amortisation
schedule in the next three years, and the first debt repayment will
occur in 2029. This allows time for the company to restructure its
operations.

Declining Revenue: Fitch estimates revenue to decline by 15% in
2025 (2024: -45%) on weaker customer demand and limited working
capital. The company currently only has one letter of credit
facility. However, Fitch expects a revenue recovery starting 2026.
Fitch forecasts the gross margin will be around 8% due to rising
wage pressure and lower revenue, which will lead to an EBITDA
margin of 1%-3% in 2025-2026.

Constrained Working Capital: Pan Brothers has high working-capital
requirements and limited access to new funding. It is relying on
existing bank lines and its limited cash balance to fund
working-capital needs. Liquidity pressure is heightened, as Fitch
expects working capital to remain mildly negative while it has
annual maintenance capex requirements.

ESG - Management Strategy: Improvement in its cash generation is
dependent on Pan Brothers' strategy development and implementation
in terms of working-capital and debt-maturity management. Its debt
repayment and refinancing capacity relies on its ability to attract
new bank lenders beyond its previous and current lenders or find
alternative sources of funding.

Peer Analysis

The rating reflects Pan Brother's ongoing restructuring and the
pending issuance of new notes and the MCB.

Key Assumptions

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

- Revenue to drop by 15% in 2025 before 10% growth in 2026 as
demand recovers.

- EBITDA margin of 1%-3% in 2025-2026.

- Capex of around USD3 million in 2025 in the absence of capacity
expansion.

- No dividend payments in 2025-2026.

Recovery Analysis

The recovery analysis assumes that Pan Brothers would be
reorganised as a going-concern in bankruptcy rather than
liquidated. Fitch assumes a 10% administrative claim.

Going-Concern Approach

- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation.

- Fitch estimates EBITDA at USD50 million to reflect industry
conditions and competitive dynamics.

- An enterprise value multiple of 5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple factors in Pan Brothers' customer quality and
stable demand.

- The going-concern enterprise value corresponds to a 'RR4'
Recovery Rating for the senior unsecured notes after adjusting for
administrative claims.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Fitch may downgrade the ratings to 'D' if Pan Brothers enters
into bankruptcy filings, administration, receivership, liquidation
or other formal winding-up procedures, or otherwise ceases
business.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Fitch would reassess Pan Brothers' credit profile and its debt
issuance if a debt restructuring process is completed or there is
successful resolution to the current default.

Liquidity and Debt Structure

Pan Brothers' liquidity remains constrained, with limited access to
funding. The company had USD9.0 million in available cash and no
known committed undrawn facilities at end-March 2025. It only has a
letter of credit facility from PT Bank UOB Indonesia
(AAA(idn)/Stable) and vendor financing to support its
working-capital needs.

Issuer Profile

Pan Brothers is one of Indonesia's largest garment manufacturers,
with Adidas and Uniqlo as its main customers. The company has a
production capacity of up to 111 million pieces a year, and exports
represented around 94% of total sales in 2024.

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

Pan Brothers has an ESG Relevance Score of '5' for Management
Strategy due to the impact of its strategy development and
implementation in terms of working-capital management and funding.
This has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in the weak liquidity position
and high refinancing risk that underpin the rating.

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
   -----------            ------             --------   -----
PT Pan
Brothers Tbk       LT IDR  RD      Affirmed             RD
                   Natl LT RD(idn) Affirmed             RD(idn)

PB International
B.V.

   senior
   unsecured       LT      C       Affirmed    RR4      C



===========
P O L A N D
===========

DL INVEST: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Poland-based DL Invest Group PM S.A. (DL Invest) and its 'B+'
rating to its senior unsecured notes. The recovery rating is '3'
(75%).

The stable outlook reflects S&P's view that the group's EBITDA and
cash flow generation will significantly increase over the next 12
months, mainly thanks to the full-year rental contribution from
recent asset acquisitions and solid demand for its assets.

DL Invest's business risk assessment is constrained by its
relatively small portfolio and limited geographic diversity
(concentrated in Poland). The company owns and manages 40 assets
(19 logistics assets, eight mixed-use assets, and 13 retail
assets), valued at about EUR861 million (PLN3.7 billion), with
896,000 square meters (sq m) of gross leasable area (GLA) as of
Dec. 31, 2024. Its growth strategy mainly includes project
developments and planned sizable acquisitions totaling about EUR350
million-EUR400 million over the next 12-18 months. S&P therefore
expects DL Invest's portfolio to expand to close to EUR1.4
billion-EUR1.5 billion by year-end 2026, (about EUR1.0 billion as
of June 2025).

DL Invest is geographically concentrated solely in Poland and a
significant portion of this exposure is in south Poland. The top 10
tenants contribute about 52% of the total annual rental income as
of Dec. 31, 2024, and its largest tenant, Inditex, accounts for
roughly 20% of rental income across multiple leases, followed by
Stokrotka (4.1%) and InPost (3.0%). Overall, the company serves
nearly 400 tenants, primarily multinational companies operating
across various industries and exporting beyond Central and Eastern
Europe. The portfolio also exhibits some segment diversity, and we
view positively DL Invest's exposure to the industrial and
logistics sectors, which benefit from sustained demand for
warehousing and distribution space.

DL Invest's portfolio benefits from its high-quality assets, solid
operating performance, and long weighted-average lease maturity.
Most of the properties are green certified and newly built, with
85% of the buildings developed within the past five years and 15%
built between the past six and 10 years. They are mainly located in
key logistics corridors and city centers. The company has
demonstrated a strong occupancy rate of 98% in its logistics
segment over the past year, surpassing some rated logistics real
estate companies and the Polish market's average vacancy rate of
about 7.0%-9.0%. Additionally, its cash collection rate has aligned
with the industry of about 99% of invoiced revenue. S&P understands
the rent for the company's assets aligns with market averages. For
logistics assets, the average rent is about EUR4.9 per sq m per
month, which is consistent with the Katowice market average of
approximately EUR4 sq m-EUR5 sq m per month. In the mixed-use and
retail segment, the average rent is EUR12, falling within the
market range of EUR8-EUR15. The average lease maturity of about 5.5
years (6.7 years logistics, 3.5 years mixed use, and 3.9 years
retail) is also in line with peers such as CTP N.V. (6.4 years,
BBB-/Stable/--).

DL Invest has moderate exposure to development activities and
capital expenditure (capex) needs of approximately 13%-15% of its
total portfolio annually, mostly related to the development or
extension of assets over the next two years. S&P said, "However, we
understand that the company policy is to pre-lease at least 70% of
its development projects before the start of construction and
reaching close to 100% space leased before delivery, which limits
leasing risks at project deliveries. We understand that the level
of pre-leasing as of the first quarter of 2025, before the start of
the development project, was 100%."

DL Invest's relatively high leverage, mainly driven by the recent
EUR350 million bond issuance, which supports its growth ambitions
constrains our rating on the company. The company's financial
policy targets a maximum net LTV of 50% (temporarily reaching 55%
during acquisitions), which translates into S&P Global
Ratings-adjusted debt to debt plus equity of about 60%-61%, as per
our 2024 calculations. S&P said, "However, we understand that the
company will likely exceed this ratio over the next 12-18 months
following its capex and acquisition pipeline. We have incorporated
Emira's minority equity investment (issued at DL Invest Group S.A.
Luxembourg) as debt in our analysis despite International Financial
Reporting Standards treatment as 100% and we understand that the
Emira equity investment issued two levels above the current bond
issuer level. This investment was made in the form of preference
shares and linked loan notes, with close to EUR100 million invested
at a 7.2% annual dividend. Notably, the instrument has no maturity,
and DL Group views Emira as a long-term strategic partner. However,
the documentation indicates that Emira could exercise a redemption
option after five (with an option to extend for additional one
year) years for EUR175 million. For our adjusted numbers, we have
included this equity investment as debt and the related dividend as
interest. We understand that the Emira investment is fully
subordinated to current outstanding debt issued at the DL Invest
level and does not require mandatory payments."

S&P said, "We forecast debt to debt plus equity to increase to
about 65%-66% (70% including the Emira stake at the consolidated
group level) from 56.1% and the debt-to-EBITDA ratio improve to
13x-14x (14x-15x including the group level) from 14.9x as of Dec.
31, 2024. We anticipate that the company will finance its growth
plans through a mix of debt and cash flow generation and that the
portfolio will benefit from some positive asset revaluations. We
also expect DL Invest's interest coverage to improve to about
1.4x-1.5x from 1.2x as of Dec. 31, 2024 (1.3x-1.4x, including the
group level) in the next 12-18 months, thanks to the EBITDA
contribution in 2025-2026 from recent acquisitions and development
deliveries.

"We understand that the recent EUR350 million senior unsecured bond
issuance would be used for about EUR230 million of short-term debt
repayments and about EUR120 million for asset acquisitions and
capex. We anticipate that pro forma recent bond issuance, the
company's average debt maturity to be around 4.6 years (up from
below 3.0 years as of Dec. 31, 2024). We also anticipate the
company will improve its hedging or fixed-rate debt exposure to 80%
from 61% currently. The company's EBITDA and absolute cash flow
base would remain relatively small as we forecast it to reach about
EUR43 million-EUR45 million by end of 2025, allowing limited
absorption of any unforeseen events.

"Our rating assessment incorporates a one-notch uplift, reflecting
the company's expanding size in the short term, and solid market
position in Poland. Our positive comparable rating analysis
modifier leads us to apply a one-notch uplift to our 'b' anchor
(the starting point in assigning an issuer credit rating) which
derive the outcome of the 'B+' rating. This mainly reflects the
company's business risk profile, which we view as better than other
peers with a comparable rating assessment. Although our business
risk profile assessment remains constrained by the relatively small
portfolio size and high geographic concentration risk, we still
believe DL Invest compares more favorably with peers positioned in
the same business risk profile or 'b' category. We view the
company's moderate segment diversity as positive, and our
expectations that the overall portfolio will expand to EUR1.4
billion-EUR1.5 billion over the next 12-18 months.

"We view DL Invest as a core subsidiary of DL Group, and integral
to its strategy, and we therefore link DL Invest to the group's
creditworthiness. Given DL Group's 100% ownership and full
consolidation of DL Invest's financial accounts, we believe DL
Group is unlikely to sell the company. DL Group's flexible dividend
policy, which envisions no dividend from DL Invest during its
growth plan, further supports our view that the group will provide
support to DL Invest under foreseeable circumstances. We also note
that DL Invest's decision-making process is heavily influenced by
DL Group, with all decisions jointly approved by the management and
shared board. Since our view of DL Group's credit quality is
broadly similar, we see no rating differential between the two
entities.

"The stable outlook reflecting our view that the group's EBITDA and
cash flow generation will significantly increase over the next 12
months, mainly thanks to full-year rental contribution from recent
asset acquisitions and solid demand for its assets, resulting in
S&P Global Ratings-adjusted EBITDA interest coverage of 1.3x-1.5x,
debt to EBITDA at about 13x-15x, and debt to debt plus equity of
close to 65% (70% including the stake held by Emira Property Fund
Ltd. at the parent level as debt)."

S&P could lower the ratings if:

-- DL Invest fails to maintain an S&P Global Ratings-adjusted
ratio of debt to debt plus equity of close to 65% (or close to 70%
including our adjustment of the Emira stake as debt);

-- Debt to EBITDA deviates materially from our base case; or

-- EBITDA interest coverage decreases to well below 1.3x.

This could happen if the company's operations were to
deteriorate--for example, as a result of higher vacancy or delays
to the delivery of its development assets--significantly affecting
its rental income and cash flow. S&P may also lower the rating if
DL Invest's liquidity deteriorates, or covenant headroom tightens.

S&P could raise the ratings if DL Invest's:

-- Debt to debt plus equity decreases to below 65% (well below 70%
including the Emira stake as debt);

-- EBITDA interest coverage stays above 1.3x;

-- Debt to EBITDA decreases below 13.0x; and

-- Liquidity remains adequate, with sufficient headroom under its
financial covenants.

S&P could also raise its rating on DL Invest if its size and scale
expands beyond our current base case, in line with higher rated
peers.



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

TURON BANK: S&P Affirms 'B' ICRs on Capital Injection
-----------------------------------------------------
On July 21, 2025, S&P Global Ratings affirmed its 'B' long-term and
'B' short-term issuer credit ratings on Uzbekistan-based Turon
Bank. The outlook remains stable.

The government provided capital support to Turon Bank with a delay.
In March 2025, the government provided UZS150 billion (about $12
million) of tier 1 capital with a delay. This support came with
significant delay against the initial expectation. As a result,
during 2024, Turon Bank's regulatory capital adequacy ratio was
maintained only within 1% above the 13% regulatory minimum. On June
1, 2025, it improved to about 14.7%. In 2025-2026, the bank plans
to issue UZS15 billion preferred shares and eventually convert them
to common shares. The bank also plans to secure additional capital
through sale of assets and issuance of subordinated debt.

S&P said, "We anticipate that over the next 12-18 months, Turon
Bank will maintain its risk-adjusted capital ratio (RAC) at
5.3%-5.5%. The moderate planned loan growth rate of about 10% will
support its RAC ratio, which was 5.1% at year-end 2024. We forecast
that the bank could increase return on equity to about 5% and
return on assets to about 0.5% over the next two years from 3.1%
and 0.3% in 2024 if it implements its initiatives to reduce the
share of government-directed lending, increase the share of higher
margin consumer and small and midsize enterprise (SME) lending
compared to corporate lending, and optimize expenses. Nevertheless,
we expect the bank's profitability to remain lower than most other
rated Uzbek banks and international peers."

The bank's strategy for 2025-2027 envisions further enhancements to
make it more attractive for privatization. Turon Bank aims to
increase the share of SME and retail loans, predominantly car
lending and mortgage lending, in its portfolio to 60% by year-end
2027 from 51% as of March 31, 2025 to become more commercially
oriented. In 2025-2026, the bank will undergo asset quality review
by KPMG and due diligence by International Finance Corporation.
Eventually, the bank aims to increase the number of independent
board members to five out of nine, including the chairman. However,
given the fact that only Ipoteka Bank JSCM has been privatized in
2023 and there have been significant delays in privatization
progress of other state-owned banks, the timing for Turon Bank's
privatization is uncertain.

S&P said, "We reflect ongoing government support in our assessment
of Turon Bank's intrinsic creditworthiness. We expect that the
government will provide capital to the bank in case of need for it
to remain compliant with regulatory capital adequacy ratios. We
also expect the government will continue to provide funding to the
bank to lend to government-related projects. About a quarter of the
bank's funding was provided by various government organizations at
year-end 2024.

"We view Turon Bank as a government-related entity with a moderate
likelihood of government support. This reflects the strong link
between the bank and the government, which currently owns about 99%
of Turon Bank's capital. We view Turon Bank's role for the
government as limited, considering its small market share and
relatively small size of implemented government-related projects.
Given the proximity of Turon Bank's 'b' stand-alone credit profile
and our local currency long-term rating on Uzbekistan, our
long-term rating on the bank does not include any uplift for
potential government support.

"The stable outlook reflects our view that the government will
continue supporting the bank with funding and capital injections in
case of need so that Turon Bank will comply with capital
requirements over the next 12 months. We expect Turon Bank's asset
quality to remain close to the system average over the next 12
months."

S&P could consider a negative rating action on Turon Bank if:

-- The bank's asset quality deteriorates significantly, with the
share of problem loans materially exceeding that of peers; or

-- Unexpected outflows of funds from international financial
institutions or depositors cause Turon Bank's liquidity buffer to
weaken materially.

S&P considers a positive rating action over the next 12 months as
unlikely because it expects that Turon Bank's financial metrics
will remain weaker than domestic and international peers.




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

AFE SA: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' rating on AFE S.A. and
lowered the issue-level rating on AFE's senior secured notes to
'CCC-' from 'CCC+'. The outlook is stable.

At the same time, the continuing growth of AFE's priority debt
through payment-in-kind (PIK) interest, which now represents around
54% of AFE's adjusted assets, has significantly increased risks and
lowered recovery prospects for bondholders of its senior secured
notes.

S&P affirmed its 'CCC+' issuer-credit rating on AFE and lowered its
issue-level rating on the fund's senior secured notes to 'CCC-'
from 'CCC+'.

The stable outlook indicates AFE's lack of debt repayment needs
over the next 12 months, and our expectation that it will generate
sufficient cash flows to service its public debt.

Despite low short-term financial risks, AFE depends highly on
favorable market conditions to improve its leverage and refinance
its debt over the long term. S&P thinks that AFE's capital
structure may not be sustainable in the long term, given its
reported loan-to-value ratio (LTV) of 107%, unless it significantly
increases its investments in new assets, improves its collection
performance, and realizes its real estate assets substantially
above the current book value. In the current market conditions,
collections from the real estate assets might be lower than
expected and take longer to realize due to valuation uncertainties
in this specific market, as well as their illiquid nature.
Therefore, management's ability to restore AFE to a sustainable
business model remains under question.

S&P said, "We lowered our issue level rating on AFE's senior
secured notes to reflect the company's large and growing size of
priority debt and lower asset base.

"We now rate AFE's EUR332 million of senior secured notes two
notches below the issuer credit rating. This reflects significantly
lower expected recovery for senior creditors due to ongoing
accumulation of priority debt in the form of PIK term loan and
decline of its asset base since restructuring. As of March 31,
2025, AFE's priority debt represented 54% of its adjusted assets,
and its unencumbered assets (assets left after the repayment of
priority debt) covered the rated senior secured notes by only 41%.

"We now view AFE as an alternative investment fund and believe that
our Alternative Investment Funds Methodology allows us to assess
AFE's risks better, given its business model, asset structure, and
cash flow pattern. Over the past three years, AFE has significantly
changed its asset structure, increasing its exposure to real estate
assets, which now represent around 69% of AFE's expected remaining
collections and more than 60% of its balance sheet value. This
shift has significantly increased volatility of AFE's cash flow
from period to period, considering the illiquid nature of real
estate and delays with realizations. Although traditional
nonperforming loan (NPL) investments will remain a part of AFE's
asset mix, real estate investments will likely represent a major
portion of its business in the next three to five years. That makes
EBITDA and cash flow metrics, which we use for distressed debt
collectors, less relevant to measure AFE's performance and risks."
At the same time, measuring AFE's ability to cover its financial
liabilities by its stressed-value assets and meet its liquidity
needs in adverse economic conditions better reflects the true
nature of the risks AFE faces.

AFE's risk-adjusted leverage is very weak, reflecting its large
recourse liabilities in relation to stressed assets. As of Dec. 31,
2024, AFE's stressed leverage was below 0.5x and we expect it will
remain the case in the next 12 months. S&P said, "In calculating
AFE's stressed leverage, we consider its recourse liabilities of
EUR494 million, including the priority term loan facility of
EUR157.7 million and senior secured notes of EUR336.4 million. We
also haircut the balance sheet value of its assets, including
EUR105.4 million of NPLs and EUR176.6 million of real estate
investments, to calculate the value of its stressed assets in a
'BBB' stress scenario. We estimate that, as of March 31, 2025,
AFE's stressed leverage had deteriorated further even though it
repaid EUR8.4 million of its senior secured notes. This reflects
the ongoing shrinking of AFE's asset base as it continues to
collect more than invest, and the ongoing accumulation of the term
loan facility from capitalizing 11.5% PIK interest. AFE's reported
LTV ratio of 107% as of March 31, 2025, supports our assessment of
its very weak stressed leverage. A significant portion of AFE's
real estate investments is being made through co-investments with
local partners, where AFE does not have control. Although it allows
AFE to share the risks and to benefit from expertise of the local
counterparty, AFE is reliant on the majority holder to realize the
investments. We believe that it may add additional risk to the
fund."

Low funding flexibility and the need to pay a relatively high
interest on its senior secured notes constrain our assessment of
AFE's funding and liquidity. S&P said, "We view AFE's funding and
liquidity as weak and riskier than we usually see for other funds
that invest in real estate and distressed debt. We take into
account AFE's negative equity and weak funding flexibility compared
with peers as AFE is unlikely to be able to attract funding from
other sources at this stage considering its stressed conditions.
This is offset to some extent by funds' availability from its
manager, Arrow Global Group, which invested in AFE in 2023 through
its ACO-2 credit fund. For example, in the first half of 2025,
Arrow upsized the term facility size, making available to AFE
additional EUR23.4 million of liquidity. We also note that AFE does
not have immediate repayment needs as both its term facility and
senior secured notes mature in 2030, alleviating pressure on its
liquidity."

S&P said, "That said, we view AFE's ongoing liquidity needs as
relatively large, taking into account the illiquid nature of its
assets and the need to pay interest on its senior secured notes. We
project AFE's sources of liquidity will be slightly less than its
liquidity needs in a 'BBB' stress scenario." In this scenario S&P
projects the following liquidity sources over a 12-month period:

-- EUR19.2 million of unencumbered cash.

-- EUR23.4 million of undrawn portion of term facility.

-- EUR18.8 million of expected NPL collections after haircuts.

At the same time, AFE's liquidity uses over a 12-month period over
S&P's typical 'BBB' stress scenario would include:

-- EUR21 million of collection costs and administrative expenses.

-- EUR41 million of cash finance costs.

-- EUR1 million of cash taxes.

S&P said, "We assume that AFE will not be able to collect any cash
from its real estate portfolio over the hypothetical 12-month
period of stress. At the same time, we assume that AFE will not
make new investments over the period of stress to preserve
liquidity.

"Finally, we note that, given the illiquid nature of AFE's assets,
it will likely face a significant refinancing risks in 2030, when
its debt matures.

"The stable outlook reflects our expectations that AFE will
maintain adequate liquidity and will generate sufficient cash flows
from collections to service its debt over the next 12 months

"We could lower the rating if AFE's liquidity deteriorates leading
to an increasing risk of a default or distressed restructuring.

"A positive rating action is remote, in our view."




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

ALLWYN ENTERTAINMENT: S&P Rates New EUR500MM Sr. Sec. Notes 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating and '3' recovery
rating to the proposed EUR500 million senior secured fixed-rate
notes that Allwyn Entertainment Financing (U.K.) PLC plans to
issue. The company is the U.K. financing subsidiary of Allwyn
International AG (Allwyn).

Allwyn will use the proceeds from the proposed issuance to redeem
the EUR500 million senior secured fixed-rate notes due 2027. This
transaction follows the refinancing of Allwyn's syndicated bank
loans (not rated) completed on July 10, 2025, whereby it issued an
upsized revolving credit facility (RCF) of EUR350 million, which
S&P expects to remain undrawn, a EUR400 million term loan A, a
EUR900 million term loan B1 (TLB1), and a EUR500 million delayed
draw TLB2. S&P expects the group to draw on its delayed draw term
loan before year-end 2025 to support its growth strategy and
license renewals.

S&P said, "Our 'BB' long-term issuer credit rating and negative
outlook on Allwyn and its subsidiaries, as well as the issue
ratings on the existing debt, are unchanged. Allwyn's adjusted debt
to EBITDA will temporarily spike to about 5.7x in 2025, up from
4.3x in 2024, although we expect adjusted leverage to return to
about 4.7x in 2026. This is because of higher financial debt to
fund license payments, and mergers and acquisitions; coupled with
short-term pressures on EBITDA to support its growth strategy, and
the extended period to make the U.K. national lottery license
profitable. We expect negative adjusted free operating cash flow to
debt in 2025, before returning to positive at about 5% by the end
of 2026. The negative outlook reflects our view that Allwyn has no
headroom under its credit metrics to absorb higher-than-expected
pressures on operating performance leading to a deviation from the
deleveraging trajectory we currently anticipate."

Issue Ratings--Recovery Analysis

Key analytical factors
-- S&P said, "Our issue rating on Allwyn's existing EUR665 million
senior notes due 2030, the $700 million senior notes due 2029, the
$625 million TLB due 2031, the EUR475 million TLB due 2032, and the
proposed EUR500 million senior notes due 2031 is 'BB'. The '3'
recovery rating on these instruments reflects our expectation of
meaningful recovery (50%-70%; rounded estimate: 55%) in a default
scenario.

-- S&P's recovery rating considers approximately EUR2.2 billion of
unrated bank term loans that also sit at the holdco level and are
pari passu with the rated notes and TLBs. These include a EUR350
million RCF, about EUR1.3 billion of term loans, and about EUR500
million of a delayed draw term loan.

-- S&P's default scenario for the holdco assumes stress at one or
more subsidiaries, resulting in a material reduction in dividends
upstreamed to the holdco, although not necessarily the simultaneous
default of all the operating companies. This could occur, for
example, because of the hypothetical loss of a material license
contract, or severe operational disruption of one or more operating
entities.

-- S&P uses an EBITDA multiple valuation to derive a hypothetical
gross distressed enterprise value of EUR5.1 billion (EUR4.9 billion
after administrative expenses). Subsequently, it deducts priority
debt claims and derive the implied equity value of each operating
entity. Applying Allwyn's equity ownership of OPAP and CASAG leads
to an estimated value distributable to the secured claims at the
holdco level of about EUR2.8 billion.

Simulated default assumptions

-- Year of default: 2030
-- Jurisdiction: U.K.

Simplified waterfall

-- Net enterprise value after administrative costs (5%): EUR4.9
billion

-- Obligor/non-obligor split: 22%/78%

-- Estimated priority debt claims (consolidated debt of OPAP and
CASAG): About EUR660 million

-- Net residual value distributed to priority claims (including
minority interest): About EUR1.7 billion

-- Estimated senior secured debt claims: About EUR5 billion*

-- Estimated value available for secured claims: EUR2.8 billion

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

*All debt amounts include six months of prepetition interest. RCF
assumed 85% drawn and EUR500 million delayed draw term loan 100%
drawn at the point of default.


BEAUTY ACADEMY: Dow Schofield Named as Joint Administrators
-----------------------------------------------------------
The Beauty Academy Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Insolvency and Companies List (ChD), Court
Number: CR-2025-MAN-000904, and Lisa Marie Moxon and Christopher
Benjamin Barrett of Dow Schofield Watts Business Recovery LLP, were
appointed as joint administrators on July 7, 2025.  

The Beauty Academy is a beauty training course provider.

Its registered office is at 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly William James House, Cowley
Road, Cambridge, CB4 0WX).

Its principal trading address is at Court 4, Lanwades Business
Park, Kentford, CB8 7PN.

The joint administrators can be reached at:

              Lisa Marie Moxo
              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:

               Kerry Grice
               Email: kerry@dswrecovery.com


CITY INTEGRATION: MHA Named as Administrators
---------------------------------------------
City Integration Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD) Court
Number: CR-2025-004684,and James Alexander Snowdon and Andrew
Duncan of MHA Advisory Ltd. were appointed as administrators on
July 9, 2025.  

City Integration Limited specialized in business support services.

Its registered office 8 is at Devonshire Row, London, England, EC2M
4RH.

The administrators can be reached at:

               James Alexander Snowdon
               Andrew Duncan
               MHA Advisory Ltd.
               6th Floor, 2 London Wall Place
               London, EC2Y 5AU

Further details, contact:

                 Kyra Harford
                 Tel No: 020 7429 4100
                 Email: kyra.harford@mha.co.uk

CITY RESOURCING: MHA Named as Administrators
--------------------------------------------
City Resourcing 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-2025-004685, and Andrew Duncan and James Alexander Snowdon of
MHA Advisory Ltd were appointed as administrators on July 9, 2025.


City Resourcing specialized in activities of employment placement
agencies.

Its registered office is at 8 Devonshire Row, London, EC2M 4RH.

The administrators can be reached at:

               James Alexander Snowdon
               Andrew Duncan
               MHA Advisory Ltd
               6th Floor, 2 London Wall Place
               London, EC2Y 5AU

Further details contact:

               Kyra Harford
               Email: Kyra.Harford@mha.co.uk
               Tel No: 020 7429 4100


GREENFOLD SYSTEMS: FRP Advisory Named as Joint Administrators
-------------------------------------------------------------
Greenfold Systems Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Manchester, Insolvency and Companies List (ChD) Court
Number: CR-2025-000948, and Michelle Elliott, Callum Angus
Carmichael and Shona Joanne Campbell of FRP Advisory Trading
Limited, were appointed as joint administrators on June 10, 2025.


Greenfold Systems is a manufacturer of metal structures and parts
of structures.

Its registered office is at C/O Slater Heelis Limited, 86
Deansgate, Manchester, M3 2ER in the process of being changed to
C/O FRP Advisory Trading Limited (Edinburgh Office) 2nd Floor, 110
Cannon Street London EC4N 6EU.

Its principal trading address is at Pitreavie Business Park,
Pitreavie Dr, Dunfermline KY11 8US.

The joint administrators can be reached at:

               Callum Angus Carmichael
               FRP Advisory Trading Limited
               Apex 3, 95 Haymarket Terrace,
               Edinburgh, EH12 5HD

               Michelle Elliott
               FRP Advisory Trading Limited
               Level 2, The Beacon,
               176 St Vincent Street,
               Glasgow G2 5SG

               Shona Joanne Campbell
               FRP Advisory Trading Limited
               Henderson Loggie, Unit 8,
               The Vision Building, Dundee, DD1 4QB

Further details contact:

               The Joint Administrators
               Tel: +44 (0)330 055 5455
               Email: cp.edinburgh@frpadvisory.com

Alternative contact: Niamh Fraser

GREENSANDS (UK): FRP Advisory Named as Joint Administrators
-----------------------------------------------------------
Greensands (UK) Limited was placed into administration proceedings
in the High Court of Justice Court Number: CR-2025-004563, and
Geoffrey Paul Rowley and Anthony John Wright of FRP Advisory
Trading Limited, were appointed as joint administrators on July 4,
2025.  

Greensands (UK)trading specialized in activities of head offices.

Its registered office is at Southern House, Yeoman Road, Worthing,
BN13 3NX to be changed to 2nd Floor, 110 Cannon Street, London,
EC4N 6EU.

Its principal trading address is at Southern House, Yeoman Road,
Worthing, BN13 3NX.

The joint administrators can be reached at:

         Geoffrey Paul Rowley
         Anthony John Wright
         FRP Advisory Trading Limited
         110 Cannon Street, London
         EC4N 6EU

Further details contact:

          The Joint Administrators
          Tel: 020 3005 4000

Alternative contact:

           Ali Niknejad
           Email: cp.london@frpadvisory.com


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

This is an RMBS transaction that securitizes a portfolio of
buy-to-let mortgage loans secured on properties in the U.K. The
mortgage portfolio is approximately GBP323 million as of July 3,
2025, plus a prefunding amount.

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

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

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

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

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. The issuer is bankruptcy remote.

  Ratings

  Class     Rating*   Amount (mil. GBP)

  A         AAA (sf)     337.360
  B-Dfrd    AA- (sf)      33.800
  C-Dfrd    A- (sf)       18.000
  D-Dfrd    BBB- (sf)      8.000
  E-Dfrd    B+ (sf)        7.120
  J-VFN     NR             0.450
  Residual Certs  NR         N/A

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


MB PATHOLOGY: CMB Partners Named as Joint Administrators
--------------------------------------------------------
MB Pathology Ltd, trading as MB Healthcare, was placed into
administration proceedings in the High Court of Justice Court
Number: CR-2025-004678, and Adam Price and Lane Bednash of CMB
Partners UK Limited, were appointed as joint administrators on July
9, 2025.  

Its registered office and principal trading address is at 10-11
Station Close, Potters Bar, EN6 1TL.

The joint administrators can be reached at:

         Adam Price
         Lane Bednash
         CMB Partners UK Limited
         49 Tabernacle Street
         London EC2A 4AA

Further details contact:

         The Administrators
         Tel: 020 7377 4370
         Email: info@cmbukltd.co.uk

Alternative contact: Ellis Brealey

MODULAIRE GROUP: Fitch Puts 'B+' Final Rating to EUR1.3BB Term Loan
-------------------------------------------------------------------
Fitch Ratings has assigned Modulaire Group Holdings Limited's
EUR1.3 billion term loan B due 2031 and BCP V Modular Services
Finance II PLC's EUR600 million senior secured notes due 2031 final
ratings of 'B+' with Recovery Ratings of 'RR3'.

The ratings are in line with the expected ratings assigned to the
two instruments on 23 June 2025.

Modulaire Group Holdings Limited and BCP V Modular Services Finance
II PLC are subsidiaries of BCP V Modular Services Holdings III
Limited (Modulaire; B/Stable), a leading lessor of modular
buildings and provider of ancillary services.

Key Rating Drivers

Leverage-Neutral Issues: Proceeds from the two issues are being
used to refinance previous obligations and to free up capacity on
the group's EUR350 million senior secured revolving credit facility
(RCF). As a result, Fitch considers the issuance to be broadly
leverage neutral and to modestly improve Modulaire's funding and
liquidity profile through maturity extension.

Secured Debt Notched Up: Modulaire's debt benefits from guarantor
coverage equal to 80% of the security group's EBITDA. Fitch expects
recoveries for senior secured debtholders to exceed 50%, resulting
in a long-term rating of 'B+', one notch above Modulaire's
Long-Term IDR, and Recovery Rating of 'RR3'.

Leverage Constrains IDR: Modulaire's cash flow leverage remains
high, with gross debt/EBITDA at around 7.2x at end-March 2025 pro
forma for the debt issuance, which constrains its Long-Term IDR.
Fitch expects EBITDA growth in 2025 to remain subdued due to
continued challenging conditions in Modulaire's French and UK core
markets.

For details of other key rating drivers applicable to Modulaire,
see "Fitch Rates Modulaire's Senior Secured Debt Issue
'B+(EXP)'/'RR3'; Affirms Long-Term IDR at 'B'/Stable", dated 23
June 2025.

RATING SENSITIVITIES

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

The senior secured debt ratings are principally sensitive to a
change in Modulaire's IDR, which could be negatively affected by:

- Cash flow leverage consistently above 7x, because of weakened
cash flow generation or increased debt

- A reduction in the interest cover ratio towards 1x, unless for
specific short-term reasons

- Deteriorating pre-tax profitability, for example from declining
asset utilisation metrics or rental margins, undermining debt
service and limiting capital accumulation

- Evidence of increased risk appetite, for example from a weakening
of the corporate governance framework, dilution of risk control
protocols, or prioritisation of upstreaming earnings over long-term
deleveraging

- The senior secured debt ratings could also be negatively affected
by a downward reassessment of recovery prospects, for example via
fluctuations in equipment valuation, or through a shift in the
balance of Modulaire's total debt between secured and unsecured
sources.

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

The senior secured debt ratings are principally sensitive to a
change in Modulaire's IDR, which could be positively affected by:

- A sustained reduction in gross cash flow leverage towards 5x, or
an improvement in the interest cover ratio towards 4x

- Significantly enhanced franchise or business model
diversification within the broader modular space sector

The senior secured debt ratings could also be positively affected
by an upward reassessment of recovery prospects, for example via
fluctuations in equipment valuation, or through a shift in the
balance of Modulaire's total debt between secured and unsecured
sources.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Public Ratings with Credit Linkage to other ratings

The senior secured debt ratings are notched up from the IDR of
Modulaire.

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
   -----------             ------          --------   -----
BCP V Modular Services
Finance II PLC

   senior secured        LT B+ New Rating    RR3      B+(EXP)

Modulaire Group
Holdings Limited

   senior secured        LT B+ New Rating    RR3      B+(EXP)

MSI RECRUITMENT: Cornerstone Business Named as Administrator
------------------------------------------------------------
MSI Recruitment Ltd was placed into administration proceedings in
the High Court Of Justice No 4531 of 2025, and Engin Faik of
Cornerstone Business Turnaround and Recovery Limited was appointed
as administrator on July 8, 2025.  

MSI Recruitment Ltd, trading as MSI Recruitment, specialized in
Medical & Pharma Recruitment.

Its registered office is at C/o Cornerstone Business Recovery, 136
Hertford Road, Enfield, Middlesex, EN3 5AX.

Its principal trading address is at 2nd Floor Goat Yard, Albion
House, 20 Queen Elizabeth Street, London, SE1 2RJ.

The administrator can be reached at:

          Engin Faik
          Cornerstone Business Turnaround and Recovery Limited
          136 Hertford Road
          Enfield, Middlesex EN3 5AX

Further details contact:

         Eren Faik
         Tel No: 020 3793 3338
         Email: info@cornerstonerecovery.co.uk

RIGBY GROUP: FRP Advisory Named as Joint Administrators
-------------------------------------------------------
Rigby Group Limited was placed into administration proceedings in
the High Court of Justice, Manchester, Court Number:
CR-2025-MAN-951, and David Acland and Gary Hargreaves of FRP
Advisory Trading Limited, were appointed as joint administrators on
July 10, 2025.  

Rigby Group operates in the real estate industry.

Its registered office is at 4 Croft Court, Plumpton Close,
Whitehills Business Park, Blackpool, FY4 5PR in the process of
being changed to FRP Advisory Trading Limited, Derby House, 12
Winckley Square, Preston, PR1 3JJ.

Its principal trading address is at 4 Croft Court, Plumpton Close,
Whitehills Business Park, Blackpool, FY4 5PR.

The joint administrators can be reached at:

          David Acland
          Gary Hargreaves
          FRP Advisory Trading Limited
          Derby House, 12 Winckley Square
          Preston, PR1 3JJ

Further details contact:

          The Joint Administrators
          Tel: 01772 440 700

Alternative contact:

          Matthew Williams
          Email: cp.preston@frpadvisory.com

ROBERT GODDARD: MacDonald Partnership Named as Administrator
------------------------------------------------------------
Robert Goddard Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-003981, and Elizabeth Aird-Brown of The MacDonald
Partnership Ltd, was appointed as administrator on July 4, 2025.  

Robert Goddard specialized in the retail sale of clothing in
specialized stores.

Its registered office is at c/o The MacDonald Partnership, 29
Craven Street, London, WC2N 5NT.

The administrator can be reached at:

             Elizabeth Aird-Brown
             The MacDonald Partnership Ltd
             29 Craven Stree
             London, WC2N 5NT

Contact information for Administrator:

              Email: Lisa.Jenkins@tmp.co.uk
              Tel No: 020 3819 8605


                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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