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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 30, 2025, Vol. 26, No. 151

                           Headlines



D E N M A R K

NUUDAY A/S: Moody's Affirms 'B2' CFR & Alters Outlook to Negative


E S T O N I A

IUTE GROUP: Fitch Corrects Sr. Secured Notes Rating to 'B-'


F R A N C E

NOVA ALEXANDRE III: Fitch Hikes Long-Term IDR to BB, Outlook Stable


G E R M A N Y

BLITZ 25-921: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Positive
NODE HOLDCO: Moody's Assigns First Time 'B2' LT Corp. Family Rating


I R E L A N D

ANCHORAGE CAPITAL 11: Fitch Assigns 'B-sf' Rating to Class F Notes
AVOCA CLO XXXIII: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
BLACKROCK EUROPEAN XII: Fitch Rates Class F-R Notes 'B-(EXP)sf'
CVC CORDATUS XXVIII: Fitch Assigns 'B-(EXP)sf' Rating to F-R Notes


I T A L Y

BRIGNOLE CQ 2024: Fitch Affirms 'BB+sf' Rating on Class X Notes
FLOS B&B ITALIA: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.


P O L A N D

GLOBE TRADE: Fitch Lowers LT IDR to 'B', Keeps Watch Neg.


U N I T E D   K I N G D O M

AHMEYS LIMITED: Begbies Traynor Named as Administrators
ALL GREEN CABS: BV Corporate Named as Administrator
BUSABA EATHAI: Leonard Curtis Named as Joint Administrators
ENTAIN HOLDINGS: Moody's Rates New USD Sr. Sec. Term Loan 'Ba1'
EUROSAIL-UK 2007-1: Fitch Lowers Rating on Two Tranches to 'BB+sf'

FIRST COPY: Insolve Plus Named as Administrators
FORTRESS RECRUITMENT: Creditors' Meeting Set for Aug. 7
FRANKLYN YATES: RSM UK Named as Joint Administrators
HODGE & WILSON: FRP Advisory Named as Joint Administrators
MANSARD MORTGAGES 2007-1: Fitch Affirms B-sf Rating on B2a Notes

SURPIQUE ACQUISITION: Fitch Withdraws 'CCC-' Long-Term IDR

                           - - - - -


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D E N M A R K
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NUUDAY A/S: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has changed to negative from stable the outlook of
Nuuday A/S (Nuuday or the company), a Danish telecom service
provider. Moody's have also affirmed the company's B2 long-term
corporate family rating, its B2-PD probability of default rating,
and the B2 rating on the existing EUR500 million senior secured
term loan B (TLB) due in February 2028.

"The outlook change to negative from stable reflects the sluggish
earnings growth and the ongoing pressure on free cash flow (FCF)
which Moody's projects to remain negative over the next two years
due to transformation costs and network investments, which have
progressed more slowly than originally expected" says Ernesto
Bisagno, a Moody's Ratings Vice President - Senior Credit Officer
and lead analyst for Nuuday.

"The ratings affirmation reflects Nuuday's leading position as a
convergent operator in the Danish telecom market" adds Mr.
Bisagno.

RATINGS RATIONALE

In 2024, Nuuday reported a modest increase in revenue by 0.6%,
mostly reflecting stronger growth in mobile services, partially
offset by the continued decline in legacy landline voice and TV.
However, during the same period, the company's reported EBITDA
declined by 8.1%, because of the impact of transformation costs,
which have peaked in 2024. In Q1 2025, its EBITDA declined by 2.2%
mainly due to lower profitability in broadband due the competitive
market conditions. This was partially offset by lower operating
expenses stemming from a reduction in transformation costs.

Over 2025-27, there is potential for a stabilization in EBITDA,
driven by modest revenue growth and reduced transformation costs as
the company completes its transformation plan. A significant EBITDA
improvement would be possible starting from 2028, due to the
positive effects of higher operating leverage and contributions
from cost savings from the transformation plan. However, Moody's
expects Nuuday's FCF to weaken further in 2025 due to additional
network investments before turning broadly neutral by 2027 and
positive thereafter as these investments moderate together with the
completion of the transformation plan. Moody's considers that it is
crucial for Nuuday to demonstrate its ability to generate positive
free cash flow, as this will support the company's refinancing of
its debt well before it matures.

As a result, Moody's anticipates that Nuuday's Moody's-adjusted
debt-to-EBITDA ratio will increase to approximately 3.2x during
2026-2027 as the company exercises drawdowns under its revolving
credit facility to fund the projected negative FCF over the period.
Nuuday's financial policy aims to achieve a long-term sustainable
net leverage level of 2.5x to 3.0x, which corresponds to a similar
Moody's-adjusted ratio.

Because of the high investments and the lackluster earnings growth,
Moody's expects interest coverage metrics to weaken, with Moody's
adjusted (EBITDA - capital spending)/interest expense around -0.1x
in 2025 and to improve to 1.2x by 2027. This will leave the company
weakly positioned in the rating category.

However, the B2 rating continues to reflect the company's solid
telecom service operations in Denmark, with strong market shares in
mobile, pay TV, broadband and fixed voice; its unique access to the
mobile and fixed networks of the infrastructure sister company TDC
NET A/S (subsidiary of TDC Holding A/S), through a long-term
wholesale contract; and its moderate leverage.

The rating also takes into account Nuuday's asset-light business
model; its low operating margins compared with those of peers;
negative Moody's-adjusted FCF, resulting in weak interest coverage
metrics; and the competitive environment in the Danish telecom
market.

LIQUIDITY

Nuuday has an adequate liquidity, with about DKK 827 million
available cash at March 2025, pro-forma for a DKK 400 million
equity injection completed in Q2 2025. The company also has access
to a EUR140 million committed senior secured revolving credit
facility (RCF) which was increased from EUR135 million in June
2025, maturing in December 2029 (or August 2027 because of a
springing maturity in case the company does not refinance the TLB
due in February 2028).

However, Moody's expects that the company will generate a negative
FCF of DKK800 million in 2025 and slightly negative (or breakeven)
in 2026 and 2027 following a capex moderation.

The next significant debt maturity is in February 2028, when its
EUR500 million senior secured Term Loan B matures.

STRUCTURAL CONSIDERATIONS

Nuuday's probability of default rating of B2-PD, in line with the
CFR, reflects Moody's assumptions of a 50% family recovery rate,
which is consistent with its covenant-lite senior secured TLB
structure. The B2 rated senior secured TLB benefits from a security
and guarantee structure, granted over Nuuday's shares, bank
accounts and intragroup loans. Guarantors account for at least 80%
of the group's consolidated EBITDA. Both instruments are rated at
the same level as the CFR.

RATING OUTLOOK

The negative outlook reflects the sluggish earnings growth and the
ongoing pressure on cash flow due to transformation costs and
network investments, which in turn increases the refinancing risk
associated with the TLB due in February 2028. The negative outlook
also reflects Moody's expectations that the company's Moody's
adjusted interest coverage will turn negative in 2025 and remain
weak over 2026-27, below the tolerance of 1.25x for the B2 rating

FACTORS THAT COULD LEAD TO AN UPGRADE

A rating upgrade in the next 12-18 months is currently unlikely but
could materialize if Nuuday will start generating positive free
cash flow on a sustained basis, its adjusted gross leverage
declines below 2.5x and its (EBITDA-capital spending)/interest
expense remains above 1.75x on a sustained basis. For a rating
upgrade, the company must also demonstrate its capacity to manage
debt refinancing well ahead of maturity.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Further downward pressure would develop if the company's operating
performance does not improve, or it executes debt-financed
acquisitions or shareholder remuneration policies that weaken its
credit metrics. This includes persistent negative free cash flow,
an adjusted gross debt-to-EBITDA ratio rising above 3.5x, and an
(EBITDA - capital spending) to interest expense ratio remaining
below 1.25x over an extended period. Additionally, failure to
proactively address the refinancing of the TLB due in February 2028
will further increase pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

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

COMPANY PROFILE

Nuuday A/S is the leading telecommunications service provider in
Denmark. In 2019, TDC Group was legally separated into Nuuday and
TDC NET A/S, the owner of the group's mobile and fixed networks.

Following the split, Nuuday has become the leading provider of
digital services in Denmark, providing fixed-line, internet and
mobile services to around 5.9 million customers in the country. In
2024, Nuuday generated revenue of DKK14.6 billion and EBITDA of
DKK1.7 billion.

As of July 23, Nuuday's ultimate controlling entity is DKT Holdings
ApS (DKT), which is controlled by a consortium of Danish pension
funds, Arbejdsmarkedets Tillægspension (ATP), PFA Ophelia InvestCo
I 2018 K/S, PKA Ophelia Holding K/S, and Macquarie Infrastructure
and Real Assets Inc. In May 2025, Macquarie Infrastructure
announced it would acquire an additional 50% stake in TDC Group
from the other shareholders. The acquisition is subject to
regulatory approvals and other customary closing conditions, and
should close by end of 2025.



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E S T O N I A
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IUTE GROUP: Fitch Corrects Sr. Secured Notes Rating to 'B-'
-----------------------------------------------------------
This is a correction of a rating action commentary published on 22
July 2025. The senior notes rating should be 'B-', and not 'B' as
previously stated.

Fitch Ratings has affirmed Estonia-based Iute Group AS's Long-Term
Issuer Default Rating (IDR) at 'B-'. The Outlook on the Long-Term
IDR is Stable. Fitch has also affirmed the senior secured notes
issued by IuteCredit Finance S.a r.l. and unconditionally and
irrevocably guaranteed by Iute at 'B-' with a Recovery Rating of
'RR4'. IuteCredit Finance S.à r.l. is a fully owned subsidiary
acting as a financing intermediary of Iute.

Key Rating Drivers

Small Franchise, Adequate Profitability: Iute's ratings are driven
by its standalone credit profile. They primarily reflect its small
franchise in unsecured micro lending to under-banked clients in
low-rated eastern and south-eastern European countries and adequate
profitability, but also its high leverage for its business scale
and profile. Iute's ownership of Moldova-based Energbank
contributes positively to Iute's scale, asset quality and funding
access. However, fungibility of funding, liquidity and
profitability between Iute and Energbank is limited due to
regulatory restrictions, which limits the overall benefit for
Iute's credit profile.

Exposed to Higher-Risk Markets: Iute is headquartered in Estonia
(A+/Stable), but its operations are concentrated in Moldova
(B+/Stable) and Albania, which accounted for 53% and 29% of total
loans at end-2024, respectively. Iute's other two key markets are
North Macedonia (BB+/Stable; 12%) and Bulgaria (BBB+/Stable; 6%).
Fitch considers the operating environments in Iute's core markets
volatile, which is reflected in the sector risk operating
environment assessment of 'b+'.

Digital Lending Underpins Business Model: Iute positions itself as
a fintech company, specialised in unsecured micro-finance and
payment services for under-banked customers. Its digital
capabilities are key to its competitive positioning in terms of
service quality, speed and overall risk management, which is the
main reason it focuses on less digitally developed markets. Fitch
believes Iute's digital expertise is a key strength, but
regulations, especially interest rate caps and rising competition
in local markets, constrain its franchise.

Moderate Benefits from Bank Subsidiary: Iute acquired Energbank in
Moldova in 2022, and the bank constituted around 31% of group
consolidated lending and 41% of consolidated assets at end-2024.
Energbank's capitalisation and liquidity are adequate and its loans
are mostly secured, but profitability is low. Iute is restructuring
the bank to improve its efficiency. Bank resources (liquidity,
deposits and capital) are not fungible across the group, limiting
the benefits of Iute's ownership of Energbank for Iute's
creditors.

FX-Induced Market Risk: Iute mainly funds itself from developed
markets in euros while its receivables are mostly in local
currencies, leading to material FX sensitivity. At end-2024 the
company had a EUR133 million short position in euro, accounting for
1.8x equity (end-2023: 1.8x equity), exposing it to potential
losses in case of a major devaluation of local currencies.

Adequate Policies, Higher-Risk Business: Fitch views Iute's risk
controls, underwriting and collection practices as adequate for its
size and business model. Iute's portfolio also reflects the
high-risk profile of customers in higher-risk operating
environments.

Improving NPL Ratio, Low Coverage: Iute's non-performing loans
(NPL) ratio improved to 9% at end-2024 (2023: 11.9%), supported by
the low 3.1% NPL ratio at Energbank, which helps to lower the
overall group NPL ratio. Excluding Energbank, Iute's non-bank NPL
ratio from microlending operations was 11.6% at end-2024 (2023:
14.6%), which has improved but remains high. Iute's cost of risk
(defined as impairment charges/average gross loans) was 6.4% in
2024 (2023: 6.3%), which is high but among the lowest in the peer
group. NPLs were 70% covered with provisions at end-2024, which is
low in Fitch's view. Unprovisioned NPLs equalled 15% of tangible
equity.

Subsidiary's Declining Margins: Iute's profitability reflects the
high yields intrinsic to its business model. Its wide net interest
margin (NIM; 22% in 2024, 25% in 2023) covers operating expenses
and provisioning costs. However, regulatory caps on lending rates,
lower margins at Energbank and rising competition are putting
pressure on Iute's NIM. Loan impairment charges consumed 65% of
Iute's pre-impairment operating profit in 2024 (2023: 57%),
reflecting the features of its business model.

Iute's pre-tax income/average assets ratio was 2.9% in 2024,
dragged down by ongoing high operational expenses and low
profitability at Energbank. Fitch believes a successful execution
of Energbank's efficiency improvement plan will be a key
medium-term driver of the group's overall profitability.

Modest Core Capitalisation: Iute's gross debt/tangible equity ratio
was 5.4x on a consolidated basis and comfortably met its debt
covenants in 2024. However, as bank equity is not fungible, Fitch
considers Iute's leverage ratio at the level of the non-bank
holding company should be stressed to reflect the risk of
unprovisioned NPLs, intangible assets and for the loss-absorbing
capacity of the investment in Energbank shares. Iute's ability to
quickly liquidate its investment in Energbank under a stress
scenario limits its immediate loss-absorbing capacity (on a
standalone basis).

Extended Maturities via Refinancing: Iute Group's main funding
resources are its Eurobond issuance (33% at end-2024), customer
deposits at Energbank (34%) and funding via the Latvian Mintos
Platform (13%). In 2Q25 Iute completed the refinancing of its
near-term Eurobond (maturing in October 2026) with a new EUR140
million issuance maturing in December 2030, which materially
reduced near-term refinancing risks.

Fitch believes refinancing is positive for the funding profile,
although concentration on Eurobonds is likely to increase in 2025.
Energbank deposits contribute positively to the group's
consolidated funding structure but deposits are not fungible,
limiting the benefits for the overall group. Fitch views Iute's
proven access to international debt markets positively.

RATING SENSITIVITIES

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

- Deterioration of Iute's capitalisation, either through an
increase in consolidated leverage towards 10x or a material
weakening of Iute's standalone tangible capital position, for
example due to increase in underprovisioned NPLs, larger FX-related
losses or lower loss absorption potential of the investment in
Energbank

- Materially weaker profitability, for example due to a materially
larger credit losses, inability to transform Energbank leading to
high operational expenses or loss of franchise due to competition

- Significant regulatory changes undermining the viability of
Iute's business model in one or several of its core markets

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

- Material growth in franchise accompanied by a successful
transformation of Energbank, leading to materially improved
efficiency, stronger capitalisation and a more diversified funding
maturity profile

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Iute's senior secured debt rating of 'B-' reflects the notes' only
average recovery expectations based on Fitch's stressed asset
valuation, despite the notes' secured nature. This is reflected in
the 'RR4' Recovery Rating and the equalisation of the debt rating
with Iute's Long-Term IDR.

The EUR125 million senior secured notes, maturing in October 2026,
and EUR140 million senior secured notes maturing in December 2030
are issued by IuteCredit Finance S.à r.l., a fully owned
Luxembourg-domiciled subsidiary of Iute that acts as a financing
intermediary for the group. The notes are unconditionally and
irrevocably guaranteed by Iute and its subsidiares, IuteCredit
Albania SHA, IuteCredit Bulgaria EOOD, IuteCredit Macedonia DOOEL
Skopje and O.C.N. "IUTE CREDIT" S.R.L. (IuteCredit Moldova).

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings of the senior secured long-term notes are sensitive to
changes in Iute's Long-Term IDR.

ADJUSTMENTS

The 'b+' sector risk operating environment score is below the 'bb'
implied score due to the following adjustment reason: business
model (negative).

The 'b' asset quality score has is above the 'ccc' implied score
due to the following adjustment reason: historical and future
metrics (positive).

ESG Considerations

Iute has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to regulatory risks to the business model development
(including the potential tightening of lending rate caps), which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Iute has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to the risks in the context
of fair lending practices and pricing transparency, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Iute has an ESG Relevance Score of '4' for Group Structure because
the fungibility of capital is, in its view, restricted between the
regulated bank and the rest of the group, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Iute has an ESG Relevance Score of '4' for Governance Structure due
to the developing nature of its corporate governance structure with
limited independent oversight and moderate key man risk, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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



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F R A N C E
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NOVA ALEXANDRE III: Fitch Hikes Long-Term IDR to BB, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Nova Alexandre III S.A.S (Nova Orsay)
Long-Term Issuer Default Rating (IDR) to 'BB' from 'B+' and removed
it from Rating Watch Positive. The Rating Outlook is Stable. Fitch
has also withdrawn the company's senior secured 'BB-' rating
following the repayment of its EUR430 million notes.

The removal from Rating Watch follows the completion of the
divestiture of the cryogenics business, with some of the proceeds
being used to repay the outstanding secured notes, a revolving
credit facility (RCF), and a portion of bank debt.

The 'BB' IDR reflects the holding company Nova Orsay's strong
business profile and much improved capital structure following the
recent debt repayment. The rating is constrained by the company's
low margins and small scale. The Stable Outlook reflects the
company's business and financial profile, but both the rating and
the Outlook could change in the short term, depending on strategic
decisions made by management and its owners.

Fitch withdrawn the company's senior secured 'BB-' rating following
the repayment of its EUR430 million notes.

Key Rating Drivers

Unclear Cash Deployment Strategy: The 'BB' IDR is supported by Nova
Orsay's strong capital structure following the large debt repayment
with the proceeds of the cryogenics business divestment. The
company now has a strong Fitch-adjusted net cash position of around
EUR90 million, but strategic decisions regarding cash deployment
could change this and have a significant rating impact. Fitch has
no insight into the company's M&A, shareholder return or broader
investment intentions, all of which could change its rating
profile, depending on their magnitude.

Divestment Improved Leverage: The sale of the cyrogenics business
in July 2025 for EUR820 million has significantly improved the
capital structure. The cash was largely used to repay the
outstanding EUR430 million notes, a EUR105 million RCF and some
bilateral loans with local banks. Fitch forecasts a sharp reduction
in leverage, falling to 1.0x at end-2025 from 5.4x at end-2024,
with a further decrease likely by 2028, although it also expects
the EBITDA margin to fall to 5.5% in 2025 from 6.1% in 2024. Some
loss of diversification stemming from the disposal could be offset
in the medium term by further acquisitions and spending on
innovations.

Low but Stable Earnings Margins: Nova Orsay generates low EBITDA
margins for the rating, typically in the mid-single digits. Fitch
expects margins to improve slightly in the medium term, despite a
decrease in 2025 following the disposal, to above 6% by 2027,
reflecting the company's contractual ability to pass on cost
increases to its customers and acquisition contributions.

Positive Free Cash Flow Expected: Capex is low at 2%-2.2% of
revenue due to Nova Orsay's asset-light business model. This,
alongside its no-dividend policy, means free cash flow (FCF)
generation is consistent with the 'BB' rating category in its
criteria for diversified industrials. Fitch expects FCF margins to
be broadly neutral in 2025, before rising to close to 2% in 2026
and to above 2.5% in the medium term due to higher underlying cash
generation and broadly stable working-capital cash flows.

Well Diversified Business Profile: Nova Orsay's end-market
diversification gives it a natural hedge against the cyclicality of
each of the sectors it operates in, as the cycles are rarely highly
correlated. The broad geographical diversification of operations
and limited customer concentration also boost the business profile.
Fitch views reduced diversification after the disposal as offset by
ongoing investments into the remaining businesses and strong
development opportunities.

Strong Business Position: Its experience and technological
expertise make Nova Orsay a key supplier to its customers. It
benefits from considerable barriers to entry, but its business
profile is restricted by its scale. The company's competitiveness
is partly shielded by its customer relationships, the highly
technological nature of its components, which reduces
replaceability risk, and its extensive product and service
offering. However, it remains exposed to the risk of larger
competitors limiting its growth potential, especially in emerging
markets.

Peer Analysis

Nova Orsay has a business profile broadly similar to that of other
diversified industrials companies, such as Trench Group Holdings
GmbH (BB-/Stable), Ahlstrom Holding 3 Oy (B+/Negative), and INNIO
Group Holding GmbH (B+/Positive), although Ahlstrom has slightly
better market positions and INNIO scores higher in innovation. This
is offset by Nova Orsay's good geographic and product
diversification.

Nova Orsay has a strong capital structure with expected low net
leverage position and slightly better FCF generation than its
peers, owing to its low capex intensity. Nova Orsay's weaker
operating margins are low for its rating but are more stable than
its peers'.

Key Assumptions

Fitch's Assumptions Within its Rating Case for the Issuer

- Revenue to fall by mid-single-digit percentages in 2025 and
low-single-digit percentages in 2026 due mainly to the divestment
of the cryogenic business; revenue to rebound by low single digits
for 2027 and 2028 on better market conditions

- Sustained EBITDA margin growth to 6.2% across 2026-2028, from
5.3% 2025

- Net working capital stable at 4.5% of revenue in the next four
years

- Capex at 2 %-2.2% of revenue in the next four years

RATING SENSITIVITIES

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

- EBITDA gross leverage above 2.5x

- EBITDA margin below 5%

- FCF margin below 1%

- A financial strategy that favours more shareholder-friendly
actions or aggressive M&A

Factors That Could, Individually or Collectively, LeadtoPositive
Rating Action/Upgrade

- EBITDA margin above 9%

- FCF margin above 3%

- EBITDA gross leverage below 1.5x, backed by a conservative
financial policy

Liquidity and Debt Structure

Nova Orsay reported EUR128 million of available cash at end-1Q25.
Liquidity is supported by expected positive FCF in the next four
years and available RCF of EUR164 million. Nova Orsay used EUR105
million from its RCF in 2024, which was repaid with the cash from
the asset disposal. Fitch expects liquidity to be sufficient to
cover potential market downturns due to no major debt repayment in
the short term. Nova Orsay typically reports sound cash balances
with little intra-year volatility.

Issuer Profile

Nova Orsay designs and manufactures highly engineered machines and
production lines, plus critical and niche process equipment. It
also supports its industrial customers through a full range of
services (maintenance, spare-parts, retrofitting, training, digital
services).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Nova Alexandre III S.A.S.   LT IDR BB  Upgrade     B+

   senior secured           LT     WD  Withdrawn   BB-



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G E R M A N Y
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BLITZ 25-921: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has assigned Blitz 25-921 GmbH (known as IFCO) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Positive Outlook. Fitch has also assigned a 'B(EXP)' rating and a
Recovery Rating of 'RR4' to Blitz 25-922 GmbH's proposed senior
secured EUR2.4 billion equivalent term loan B (TLB).

The TLB is part of Stonepeak's acquisition of about a 50% stake in
IFCO and will be used to repay the latter's EUR1.7 billion of debt
(including a drawn revolving credit facility (RCF) of EUR70
million).

The rating reflects IFCO's temporarily high leverage, volatile free
cash flow (FCF) and narrow product offering, balanced by its
leading market position in reusable packaging container (RPC)
pooling and long contracts with customers. The Positive Outlook
reflects its expectation that leverage will improve, driven by
rising EBITDA and revenue growth.

The assignment of final ratings is subject to the completion of the
acquisition and the refinancing, which are expected in 4Q25.

Key Rating Drivers

Temporarily High Leverage: Fitch forecasts the increased debt will
lift the group's EBITDA gross leverage to 6.0x at financial
year-end June (FYE26), from the 4.6x expected at FYE25. However,
Fitch expects this to be followed by steady deleveraging to 5.5x by
FYE27, which supports its Positive Outlook. Deleveraging will be
driven by EBITDA improvements attributed to higher revenue and
operational improvements. Slower-than-expected deleveraging would
likely lead to an Outlook change to Stable.

FCF to Improve: Fitch estimates FCF for FY25 will be negative as a
result of ongoing high capex, which was only partly offset by
higher EBITDA and working capital inflow. Fitch expects capex to
decline after FY25, as the conversion to new lift lock RPCs is
largely completed. Expected EBITDA generation will support the
improvement of FCF, which Fitch projects will turn slightly
positive from FY26 and remain positive.

Expansion Drives Capex: IFCO's capex is subject to the volatility
of resin (polypropylene) prices and the volume of RPCs to be
replaced or added to the pool in operation. IFCO has implemented
inflation indexation in most contracts to mitigate RPC price
volatility. Fitch estimates capex will increase to about EUR290
million in FY25, due to prior acquisitions and the ramp-up of RPCs
and conversions of some RPCs to a new model. It typically takes
about three to four years to ramp up the RPC pool for new major
contracts and acquisitions.

Sustainably Strong Profitability: Fitch expects IFCO to continue to
generate EBITDA margins of over 20%. Healthy profitability is
supported by the nature of the business through the reuse of RPCs,
appropriate price revisions to cover cost inflation and the
application of cost indexation clauses in contracts. Fitch expects
gradual EBITDA margin improvements, towards 22%-24% in FY25-FY28,
supported by continued cost savings on washing and transportation
facilities due to network optimisation and scale effects,
efficiency initiatives and further automation.

Good Revenue Visibility: IFCO holds leading market positions in its
regions of operation and has a large network of customers under
long-term contracts, with an average maturity of 7.3 years at
FYE25. This provides the group with good revenue visibility and is
a barrier to entry. Over the last five years, the group has
increased the share of contracts with indexation clauses that
support the sustainability of operating margins.

Narrow Service Offering: The group's service offering is limited to
providing RPCs, primarily to fruit and vegetable producers for
further transport to retailer warehouses or shops. This is
mitigated by its strong market position and good, but concentrated,
geographic diversification (Europe at 67% in FY25; the US and
Canada 24%; and rest of world 9%). It has concentration risk, as
its top five customers (while under several separate contracts)
represent 53% of trip volumes, although they represent a lower
share of revenue.

Supportive Market: IFCO's business profile is robust and
characterised by sustainable demand from, and long-term
relationships with, customers, exposure to industries with low
cyclicality and a solid market position. The market is expanding
due to population expansion, partial replacement of cardboard
packaging and healthier lifestyle choices. There is scope for
further growth, with pooled RPCs only accounting for 20% of global
fresh produce shipping volumes, while the majority is still shipped
in one-way, carton-board containers.

Global Niche Market Leader: IFCO has strong shares of the pooled
RPC markets in Europe and the US. Its strong international coverage
across more than 50 countries offers retailers a network that is
stronger than its competitors'. IFCO's size and coverage offer
further scale benefits and price leadership, and it is renowned for
building strong relationships with larger retail chains.
Competition comes from single-use packaging, from which IFCO is
taking market share, retailers' own pools and small regional RPC
providers.

Secured Rating Construct: The TLB rating is based on guarantor
coverage, with the EBITDA of guarantors representing no less than
80% of IFCO's consolidated EBITDA. The proposed TLB will be secured
by Blitz 25-922 GmbH shares granted by the non-guarantor entity
(Blitz 25-921 GmbH), which is the 100% owner of Blitz 25-922 GmbH.

Peer Analysis

As IFCO does not have a direct peer, Fitch compares it with
packaging manufacturing and business services companies. It is much
smaller than CANPACK Group, Inc. (BB-/Positive), the larger
packaging company, which has a stronger business profile and is
supported by greater product diversification. The former compares
well with Fedrigoni S.p.A. (B+/Negative) in scale and has similar
geographical diversification, with both mostly exposed to Europe.
IFCO is larger than Reno De Medici S.p.A. (B/Negative) but shares
similar concentrated geographical diversification and a narrow
product mix.

IFCO compares well with Fitch-rated medium-sized companies in niche
markets, including Polygon Group AB (B/Negative) - a property
damage restoration service provider - and Amber HoldCo Limited
(Applus; B+/Stable), a provider of testing, inspection and
certification services. Applus's business profile is stronger
through better geographical diversification and mix of markets.
Polygon's market diversification is also stronger versus IFCO's,
while geographical exposure is similarly concentrated on Europe.

IFCO's EBITDA margins are weaker than Albion Holdco Limited's
(BB-/Stable), but stronger than that of Polygon, Applus and the
aforementioned packaging companies. Similar to CANPACK's and
Albion's, IFCO's FCF margin is under pressure from growth capex to
ramp up for new accounts, while Fedrigoni and Applus report broadly
positive FCF margins.

IFCO's EBITDA leverage on average is comparable with that of
Fedrigoni and Applus.

Key Assumptions

- Revenue to rise by an average of 5.4% in FY25-FY28, supported by
price revisions and the ramp-up of RPCs in operations

- EBITDA margin at about 22% in FY25 and rising towards 24% by
FY28, driven by revenue growth and cost optimisation

- Capex, net of disposals of RPCs (around EUR35 million annually),
of EUR288 million in FY25, EUR219 million in FY26, EUR270 million a
year in FY27 and in FY28

- No acquisitions or disposals in FY25-FY28

- No dividends in FY25-FY28

- New TLB of EUR2.4 billion in FY26

- Repayment of existing debt of about EUR1.7 billion (including
drawn RCF of EUR70 million) in FY26

Recovery Analysis

- The recovery analysis assumes that IFCO would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. This is supported by its leading position
in a niche market, a long-term operating performance record and
long-term relationships with customers.

- Fitch assumed a 10% administrative claim.

- Fitch revised its GC EBITDA to EUR280 million from EUR230 million
to reflect an increased volume of RPCs in operations and the
completion of ramp-up of new contracts signed three years ago. GC
EBITDA reflects the loss of a number of its largest retailers,
increased substitution to one-way cardboard packaging among some
clients, and increased competition. The assumption also reflects
corrective measures taken in reorganisation to offset the adverse
conditions that trigger the assumed default.

- A multiple of 5.0x is applied to GC EBITDA to calculate a
post-reorganisation valuation, in line with multiples applied to
some peers in the packaging industry. The choice of this multiple
considers the concentration on one product or service, alongside
IFCO's market leadership, geographic diversification and flexible
cost base.

- Fitch estimates the amount of senior debt for creditor claims at
EUR2.8 billion equivalent, which comprises a TLB split into a
EUR1.95 billion tranche and a USD500 million tranche, as well as a
EUR400 million RCF.

- Its waterfall analysis generates a ranked recovery for IFCO's TLB
that is equivalent to a Recovery Rating of 'RR4', leading to a
'B(EXP)' rating.

RATING SENSITIVITIES

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

- Operating underperformance resulting from a loss of large
customers, big pricing pressure, technology risk or margin-dilutive
debt-funded acquisitions

- EBITDA leverage consistently above 7.0x

- EBITDA interest coverage below 2.0x

- Negative FCF margins on a sustained basis

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

- EBITDA leverage sustained below 6.0x

- EBITDA interest coverage above 3.0x

- FCF margins above 1% on a sustained basis

Liquidity and Debt Structure

The group will have a EUR400 million undrawn RCF with a maturity of
6.5 years following the proposed transaction. There will be no
material short-term debt repayments. Expected positive FCF from
FY26 will provide additional cash cushion.

The debt structure after the transaction will consist mostly of
EUR2.4 billion equivalent senior secured TLB, comprised of a
EUR1.95 billion tranche and a USD500 million tranche, both of which
have a seven-year maturity. This means that the group will have no
material scheduled debt repayments until 2032.

Issuer Profile

IFCO runs a global network of RPC operations, servicing some 550
retailers and more than 18,000 growers worldwide. Blitz 25-921 GmbH
will be renamed Node HoldCo GmbH, while Blitz 25-922 GmbH will be
renamed Node AcquiCo GmbH after the acquisition by Stonepeak is
completed.

Date of Relevant Committee

22 July 2025

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

Blitz 25-921 GmbH has an ESG Relevance Score of '4' [+] for Waste &
Hazardous Materials Management; Ecological Impacts due to its
product design that benefits life cycle management, which has a
positive impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

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

   Entity/Debt             Rating                    Recovery   
   -----------             ------                    --------   
Blitz 25-922 GmbH

  senior secured     LT     B(EXP)  Expected Rating    RR4

Blitz 25-921 GmbH    LT IDR B(EXP)  Expected Rating

NODE HOLDCO: Moody's Assigns First Time 'B2' LT Corp. Family Rating
-------------------------------------------------------------------
Moody's Ratings has assigned a first-time B2 long-term corporate
family rating and B2-PD probability of default rating to Node
HoldCo GmbH (IFCO), the new parent company of IFCO, following the
announcement that Stonepeak will acquire a c.50% co-controlling
stake in the company from Abu Dhabi Investment Authority (ADIA).
IFCO (or the company) is the largest global provider of Reusable
Packaging Container (RPC) solutions.

Concurrently, Moody's have assigned B2 ratings to the EUR2,400
million equivalent senior secured term loan B (including a tranche
of $500 million) maturing in 2032 and to the EUR400 million senior
secured multi-currency revolving credit facility (RCF) maturing in
2032, to be borrowed by its subsidiary Node AcquiCo GmbH. The
outlook on both entities is stable.

Moody's have also withdrawn the B2 CFR and B2-PD PDR of Irel Bidco
SARL. The B2 ratings on the existing backed senior secured term
loan B1 and RCF borrowed by IFCO Management GmbH have been reviewed
and remain unaffected, and they will be withdrawn upon repayment.

Proceeds from the proposed term loan B will be used to refinance
existing debt, distribute a dividend to Triton, fund a portion of
the equity purchase and pay for transaction fees.

"The B2 CFR reflects IFCO's elevated pro forma leverage of 6.9x,
its focused exposure to RPCs and fresh produce, and execution risks
tied to its growth strategy including Moody's expectations for
negative free cash flow," said Donatella Maso, VP–Senior Credit
Officer at Moody's Ratings.

"However, the rating also recognizes IFCO's position as the global
leader in RPC pooling, its strong customer retention and
inflation-linked contracts. The company's scale, operational
efficiency, and long-term contractual base provide a solid
foundation for gradual deleveraging and margin expansion over the
forecast period." adds Ms Maso.

RATINGS RATIONALE

The B2 CFR primarily reflects IFCO's Moody's-adjusted debt/EBITDA
of 6.9x pro forma for the transaction, based on fiscal year 2025
Moody's adjusted EBITDA of EUR370 million, modest interest cover
ratio and Moody's expectations of negative free cash flow (FCF) for
the next three fiscal years because of the significant capital
expenditure required to ramp up recent contract wins and to
complete the automation of its service centres. The rating also
considers the company's concentration in the reusable plastic
container (RPC) segment, with a focus on fresh produce, and a
degree of concentration with retailers—the fifteen largest
accounted for c.59% of revenue in fiscal 2024. Additional
considerations include the capital-intensive nature of the
business, a relatively narrow supplier base, and execution risks
associated with the company's growth strategy, which relies on
increasing volumes from both new and existing retail partners.

Conversely, the rating is supported by IFCO's position as the
largest global provider of RPC pooling solutions, with a proven
track record of operational resilience. The company benefits from
limited cyclicality in its end markets, a geographically
diversified footprint, and meaningful barriers to entry stemming
from its scale and asset base. The business also stands to benefit
from a secular shift away from cardboard-based packaging toward
RPCs, driven by cost and sustainability advantages.

While the proposed transaction would increase IFCO's gross leverage
by approximately 1.6x relative to the prior capital structure, the
B2 CFR reflects the company's strengthened credit profile since its
2019 leveraged buy-out. The rating incorporates improvements in
scale and business profile, including a rise in revenue to EUR1.7
billion in fiscal 2025 from EUR1 billion in fiscal 2019, supported
by new contract wins and, to a lesser extent, selective bolt-on
acquisitions. The company's average contract duration has extended
to 7.3 years, with more than 85% of revenue subject to
inflation-linked pricing mechanisms, enhancing earnings visibility
and margin protection. IFCO has continued to demonstrate strong
customer retention, with a churn rate of approximately 1%,
indicating switching barriers. Additionally, the company has
invested in automation across its European and North American
service center network to mitigate regional margin pressures and
support operational efficiency.

Moody's expects that IFCO will reduce its leverage to around 6.0x
by the end of fiscal 2027. Deleveraging will be supported by
revenue and EBITDA growth. The majority of rental volumes are
secured through long-term contracts and a renewal rate exceeding
99%, providing revenue visibility. Market fundamental are also
supportive with high single digit growth rates expected for the
third party RPC sector. Continued investment in automation and
service center optimization support margin expansion and improved
asset efficiency, with a turn rate of 6.0x and declining shrinkage
and breakage rates. While not included in Moody's forecasts, there
is a risk that the company may be awarded material contracts, which
could require additional capex and slow down the deleveraging
trajectory.

Moody's anticipates that IFCO's FCF before compensation for lost
and broken crates will continue to remain negative until fiscal
2028, but improving compared to fiscal 2025 owing to lower ramp-up
requirements for new retailers, partially offset but investments in
washing capacity and automation equipment. In absence of new large
contracts, growth capex will reduce in fiscal 2029. These levels of
capex are however manageable with the current liquidity sources.

ESG CONSIDERATIONS

Governance is a key driver of the rating action. Governance
considerations reflect the private equity ownership and its
financial policy. The company will be controlled by funds advised
by Triton Partners (Triton) and Stonepeak. Since acquiring the
company in May 2019, Triton has pursued a rapid expansion strategy,
primarily through organic growth enabled by capital investments to
the asset base, funded with internally generated cash and debt. Any
further increase in leverage from current levels would signal the
continuation of this aggressive financial approach. More
positively, the rating takes into consideration its experienced
management team that has led the transformation of the business and
IFCO's multi-year performance track record. Exposure to
environmental and social risks exist but have less influence on the
rating. These considerations are reflected in IFCO's Credit Impact
Score (CIS) of 4.

LIQUIDITY

IFCO's liquidity profile is good for the next 12-18 months
requirements. It is supported by an estimated post-closing cash
balance of EUR75 million; a fully available EUR400 million RCF
maturing in 2032; and no material debt amortisation until 2032.
These sources of liquidity are sufficient to cover seasonal working
capital swings, maintenance capital spending of around 7-8% of
revenue, growth capital spending related to pooling and non-pooling
investments.

The senior facility agreement includes one springing covenant set
at maximum net leverage of 9.25x which is tested quarterly when the
RCF drawings less cash exceed 40% of the RCF commitments. Moody's
expects IFCO to maintain large capacity under this covenant.

STRUCTURAL CONSIDERATIONS

The B2 CFR has been assigned to Node HoldCo GmbH, the parent of
IFCO as well as the reporting entity. The B2-PD PDR reflects
Moody's assumptions of a 50% family recovery rate, customary for
capital structures that include bank debt with no financial
maintenance covenants.

The B2 ratings assigned to the EUR2,400 million senior secured term
loan B and the EUR400 million RCF, borrowed by Node AcquiCo GmbH,
are in line with the CFR, reflecting the fact that these two
instruments rank pari passu and will represent the vast majority of
the company's financial debt. These facilities will be guaranteed
by material subsidiaries representing at least 80% of consolidated
EBITDA and will benefit mainly from pledges over shares, material
bank accounts, and trade receivables.

Moody's also understands that the equity contribution provided by
funds advised by private equity firms Triton and Stonepeak entering
the CFR entity, Node HoldCo GmbH, are in the form of common equity,
while there is an interest free loan for tax purposes between Node
HoldCo GmbH and Node Acquico GmbH, the top entity of the restricted
group.

COVENANTS

Moody's have reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated in Germany,
UK, USA, Canada, Belgium, the Netherlands and Luxembourg. Only
companies incorporated in those countries are required to provide
guarantees and security. Security will be granted over shares, bank
accounts, insurance and intercompany and trade receivables.

Unlimited pari passu debt is permitted up to a senior secured
leverage ratio of 5.10x, and unlimited unsecured debt is permitted
subject to a 6.40x total net leverage ratio. Unlimited restricted
payments are permitted if SSNLR is 4.60x or lower (5.10x if funded
from the available amount) or fixed charge cover is 2.0x or
higher.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, uncapped and believed to be realisable
within 24 months.

The above are proposed terms, and the final terms may be materially
different.

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

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that IFCO's
operating performance will be sustained, and that the company will
be able to maintain a leverage ratio of less than 6.5x and a good
liquidity. The outlook incorporates Moody's assumptions that IFCO
will not embark on significant debt-funded acquisitions or
shareholder distributions.

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

Moody's could upgrade IFCO's rating if its Moody's-adjusted (gross)
debt/EBITDA remains below 5.5x; it Moody's adjusted EBITA/Interest
Expense increases well above 2.0x while generating positive FCF
after net capital spending and interest payments, on a sustained
basis, and maintaining a good liquidity profile.

Moody's could downgrade IFCO's rating if its operating performance
deteriorates such that its Moody's-adjusted (gross) debt/EBITDA
increases sustainably above 6.5x; Moody's adjusted EBITA/Interest
Expense falls below 1.5x; or its FCF remains negative for a
prolonged period of time because of aggressive capital spending,
straining its liquidity.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Headquartered in Germany, IFCO, one of the largest RPC providers
for the transport of fresh produce (with more than 90% being fruit
and vegetables) between retailers and suppliers. IFCO is present in
more than 50 countries with over 116 centres, serving more than 550
retailers and 18,000 producers, with over 400 million RPCs and 2.2
billion rentals.

The company generated around EUR1.7 billion of revenue and EUR370
million of Moody's-adjusted EBITDA in fiscal 2025. At closing of
the transaction, IFCO will be owned by funds advised by Triton
Partners (Triton) and Stonepeak, in equal shares.



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

ANCHORAGE CAPITAL 11: Fitch Assigns 'B-sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 11 DAC
final ratings, as detailed below.

   Entity/Debt                 Rating           
   -----------                 ------           
Anchorage Capital
Europe CLO 11 DAC

   Class A XS3052044552    LT AAAsf  New Rating

   Class B XS3052044800    LT AAsf   New Rating

   Class C XS3052045013    LT Asf    New Rating

   Class D XS3052045443    LT BBB-sf New Rating

   Class E XS3052045369    LT BB-sf  New Rating

   Class F XS3052046094    LT B-sf   New Rating

   Subordinated Notes
   XS3052045955            LT NRsf   New Rating

Transaction Summary

Anchorage Capital Europe CLO 11 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
unsecured senior loans, unsecured senior bonds, second-lien loans,
mezzanine obligations and high-yield bonds. Proceeds of the issue
were used to fund a portfolio with a target par of EUR400 million.
The portfolio is actively managed by Anchorage CLO ECM, L.L.C. The
collateralised loan obligation (CLO) has a five-year reinvestment
period and an 8.5 weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be within the 'B' category.
The Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 23.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 61.4%.

Diversified Asset Portfolio (Positive): The deal includes two Fitch
test matrices that are effective at closing. These correspond to a
top 10 obligor concentration limit of 20%, two fixed-rate asset
limits at 5% and 12.5% and an 8.5-year WAL. It has another two
matrices, corresponding to the same limits but an eight-year WAL,
which can be selected by the manager six months after closing and
an additional two matrices where the manager can switch to 12
months after closing with the same limits other than a 7.5 year WAL
covenant, provided that the collateral principal amount (including
defaulted obligations at Fitch collateral value) is at least at the
reinvestment target par balance.

The transaction also has various other concentration limits of the
portfolio, including a maximum exposure to the three largest
Fitch-defined industries at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period, governed by reinvestment criteria that are
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 deal structure against its covenants and
portfolio guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio analysis and matrices analysis is 12
months less than the WAL covenant at the issue date, to account for
the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include passing both the
coverage tests and the Fitch 'CCC' maximum limit and a WAL covenant
that progressively steps down, before and after the end of the
reinvestment period. These conditions would reduce the effective
risk horizon of the portfolio during stress periods.

WAL Step-Up Feature (Neutral): The WAL test covenant can be
extended by six months from six months after closing, if the
collateral principal amount (with defaulted obligations carried at
the lower of Fitch and another rating agency's collateral value) is
at least at the reinvestment target par balance and all the Fitch
collateral quality tests are satisfied.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A to C notes and would
lead to downgrades of one notch each for the class D and E notes,
and to below 'B-sf' for the class F notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
The class B, D, E and F notes each have a rating cushion of two
notches and the class C notes have a cushion of three notches, due
to the better metrics and shorter life of the identified portfolio
than the Fitch-stressed portfolio. The class A notes are at the
highest achievable rating and therefore have no rating cushion.

Should the cushion between the identified 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
Fitch-stressed portfolio would lead to downgrades of up to three
notches each for the class A and D notes, of four notches each for
the class B and C notes, and to below 'B-sf' for the class E and F
notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to three notches each for the rated notes, except
for the 'AAAsf' rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, 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.

Upgrades after the end of the reinvestment period may result from a
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

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 Anchorage Capital
Europe CLO 11 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 relevant section of the rating action
commentary.

AVOCA CLO XXXIII: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXXIII DAC expected ratings,
as detailed below. The assignment of final ratings is contingent on
the receipt of final documents conforming to information received.

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

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

Transaction Summary

Avoca CLO XXXIII DAC is a securitisation of mainly (at least 96%)
senior secured obligations with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund a portfolio with a target par of EUR400
million.

The portfolio is actively managed by KKR Credit Advisors (Ireland).
The collateralised loan obligation (CLO) will have a 4.6-year
reinvestment period and a 7.5-year weighted average life (WAL) test
at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors within the 'B'/'B-' rating
category. The Fitch-calculated weighted average rating factor
(WARF) of the identified portfolio is 24.5.

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. The recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch-calculated weighted
average recovery rate (WARR) of the identified portfolio is 60.6%.

Diversified Asset Portfolio (Positive): The deal will have a
concentration limit for the 10 largest obligors of 20%. It also
includes various other concentration limits, including a maximum
exposure to the three-largest Fitch-defined industries in the
portfolio of 40% and a maximum fixed-rate assets limit at 12.5%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

WAL Test Step-Up (Neutral): The WAL test may step up by one year,
on or after one year of the closing, if the collateral principal
amount (including defaulted obligations at the lower of its Fitch
and S&P collateral value) is at least equal to the reinvestment
target par balance, and each portfolio profile test, collateral
quality test and coverage test is satisfied.

Portfolio Management (Neutral): The transaction will have a
reinvestment period of about 4.6 years and include reinvestment
criteria similar to those of other European deals. Its 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 (Neutral): The WAL used for the deal's
Fitch-stressed portfolio is 12 months shorter than the WAL covenant
at the issue date. This is to account for strict post-reinvestment
period structural and reinvestment conditions, including the
coverage tests and the Fitch 'CCC' limitation test. These
conditions reduce the effective risk horizon of the portfolio in
stress periods.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all ratings in the
portfolio would have no impact on the class A-1 to B notes, lead to
downgrades of no more than one notch for the class C to E notes and
to below 'B-sf' for the class F 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.

The class B, D, E and F notes each have a rating cushion of two
notches and the class C notes have a cushion of one notch due to
the better metrics and shorter life of the identified portfolio
than the Fitch-stressed portfolio.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% rise in the mean RDR and
a 25% fall in the RRR across all ratings of the Fitch stressed
portfolio would lead to downgrades of two notches for the class A-1
notes, three notches for the class A-2, B and D notes, four notches
for the class C notes and to below 'B-sf' for the class E and F
notes.

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

A reduction of the RDR by 25% of the mean RDR and an increase in
the RRR by 25% at all ratings in the portfolio would result in
upgrades of up to three notches for all notes, except for the
'AAAsf' rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, 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. Upgrade after the end of the
reinvestment period 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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organisations and European Securities
and Markets Authority- registered rating agencies. Fitch has relied
on the practices of the relevant groups within Fitch and 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 its 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 XXXIII
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 relevant of the rating action commentary.

BLACKROCK EUROPEAN XII: Fitch Rates Class F-R Notes 'B-(EXP)sf'
---------------------------------------------------------------
Fitch Ratings has assigned BlackRock European CLO XII DAC reset
notes expected ratings. The assignment of final ratings is
contingent on the receipt of final documents conforming to
information reviewed.

   Entity/Debt              Rating           
   -----------              ------           
Blackrock European
CLO XII DAC - RESET

   A-R XS3117287683     LT AAA(EXP)sf  Expected Rating

   B-R XS3117287840     LT AA(EXP)sf   Expected Rating

   C-R XS3117288061     LT A(EXP)sf    Expected Rating

   D-R XS3117288228     LT BBB-(EXP)sf Expected Rating

   E-R XS3117288574     LT BB-(EXP)sf  Expected Rating

   F-R XS3117289036     LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS2404589009         LT NR(EXP)sf   Expected Rating

   X XS3117287410       LT AAA(EXP)sf  Expected Rating

Transaction Summary

BlackRock European CLO XII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds.
Proceeds will redeem outstanding notes (except subordinated ones)
and fund the collateral portfolio with a target par of EUR465
million.

The portfolio is managed by BlackRock Investment Management (UK)
Limited (BlackRock). The collateralised loan obligation (CLO) has a
4.5-year reinvestment period and a 7.5-year weighted average life
(WAL) test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the indicative portfolio to
be in the 'B+/B' category. The Fitch weighted average rating factor
(WARF) of the indicative portfolio is 22.8.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio is expected to comprise of senior secured obligations.
The recovery prospects for these assets are more favourable than
for second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the indicative portfolio is 61.7%.

Diversified Portfolio (Positive): The transaction includes two
Fitch test matrices that are effective at closing. These correspond
to a top 10 obligor concentration limit of 20%, two fixed-rate
asset limits at 7.5% and 12.5% and a 7.5-year WAL test covenant. It
has another two matrices, corresponding to the same limits but a
seven-year WAL, which can be selected by the manager six or 12
months after closing depending on whether the conditions for the
WAL test step up are met on or after the first anniversary since
the closing date, provided that the collateral principal amount
(including defaulted obligations at Fitch collateral value) is at
least at the reinvestment target par balance.

The deal has concentration limits of the portfolio, including a
maximum exposure to the three largest Fitch-defined industries, at
40%. These covenants ensure that the asset portfolio will not be
exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The deal can extend the WAL by a
year on the step-up date, which can be one year after closing at
the earliest. The WAL extension is subject to conditions, including
the satisfaction of all tests and the aggregate collateral balance
(defaults at Fitch collateral value) being no less than the
reinvestment target par amount.

Portfolio Management (Neutral): The transaction will have 4.5-year
reinvestment period 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 used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL test covenant, to account for strict reinvestment conditions
after the reinvestment period, including the satisfaction of
overcollateralisation (OC) test and Fitch's 'CCC' limit tests,
together with a linearly decreasing WAL test covenant. These
conditions reduce the effective risk horizon of the portfolio in
stress periods.

RATING SENSITIVITIES

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

A 25% rise in the mean default rate (RDR) and a 25% fall in the
recovery rate (RRR) across all ratings of the identified portfolio
would have no impact on class A-R notes but would lead to: a
downgrade of one notch for the class B-R, C-R and D-R notes; two
notches for the class E-R notes; and to below 'B-sf' for the class
F-R note.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to E-R notes display a
rating cushion of two notches.

Should the cushion between the identified 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
Fitch-stressed portfolio would lead to downgrades of up to three
notches for the A-R to E-R notes, and to below 'B-sf' for class F-R
notes.

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

A 25% fall in the mean RDR across all ratings and a 25% rise in the
RRR across all ratings of the Fitch-stressed portfolio would lead
to upgrades of up to three notches for the rated notes, except for
the 'AAAsf' rated notes.

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

Blackrock European CLO XII DAC

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.

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

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 Blackrock European
CLO XII 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.

CVC CORDATUS XXVIII: Fitch Assigns 'B-(EXP)sf' Rating to F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned the CVC Cordatus Loan Fund XXVIII DAC
reset transaction expected ratings, as detailed below. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already reviewed.

   Entity/Debt           Rating           
   -----------           ------           
CVC Cordatus Loan
Fund XXVIII DAC

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

Transaction Summary

CVC Cordatus Loan Fund XXVIII DAC is a securitisation of mainly (at
least 96%) senior secured obligations with a component of senior
unsecured, mezzanine, second lien loans and high-yield bonds.
Proceeds from the issue will be used to redeem the existing notes,
except for the subordinated notes, and to fund a portfolio with a
target par of EUR375 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited. The collateralised loan obligations (CLO)
portfolio will have a 4.5-year reinvestment period and a 7.5-year
weighted average life (WAL) test at closing, which can be extended
one year after closing, subject to conditions.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. Fitch's weighted
average rating factor (WARF) of the identified portfolio is 25.1.

High Recovery Expectations (Positive): At least 96% of the
portfolio will be comprised of senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second lien, unsecured and mezzanine assets. The
Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 59.5%.

Diversified Portfolio (Positive): The transaction will include
various portfolio concentration limits, including a fixed-rate
obligation limit at 11%, a top 10 obligor concentration limit of
20% and a maximum exposure to the three-largest Fitch-defined
industries of 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Neutral): The 4.5-year reinvestment period
will include criteria common in European CLO transactions. Fitch's
analysis is based on a stressed portfolio aimed at testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction could extend the WAL
test by one year on or after the step-up date, which is one year
after the issue date, if the aggregate collateral balance
(defaulted obligations at its Fitch collateral value) is at least
at the reinvestment target par balance and if the transaction is
passing the collateral quality and coverage tests.

Cash Flow Modelling (Positive): The WAL for the Fitch-stressed
portfolio is 12 months shorter than the WAL covenant. This is to
account for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period, which include coverage
test satisfaction and the Fitch 'CCC' bucket limitation test after
reinvestment and a WAL covenant that gradually steps down, during
and after the reinvestment period. These conditions reduce the
effective risk horizon of the portfolio in stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (DR) and a 25% decrease of
the recovery rate (RR) across all ratings in the identified
portfolio would not affect the class A-R notes, but would lead to
downgrades of one notch each for the class B-R to D-R notes, of two
notches for class E-R notes and to below 'B-sf' for the class F-R
notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
The class B-R, D-R, E-R and F-R notes each have a rating cushion of
up to two notches and the class C-R notes have a cushion of one
notch, due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio.

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

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

A 25% reduction of the mean DR and a 25% increase in the RR across
all ratings of the Fitch-stressed portfolio would lead to upgrades
of up to two notches each for the class B-R to F-R notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, 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. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted an inspection of origination files as part of its
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 on for its rating
analysis according to its applicable rating methodologies indicates
that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for CVC Cordatus Loan
Fund XXVIII 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 relevant section of the rating action
commentary.



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

BRIGNOLE CQ 2024: Fitch Affirms 'BB+sf' Rating on Class X Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Brignole CQ 2024 S.r.l.'s asset-backed
securities ratings as detailed below.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Brignole CQ 2024 S.r.l.

   Class A IT0005612319     LT AAsf   Affirmed   AAsf
   Class B IT0005612327     LT Asf    Affirmed   Asf
   Class C IT0005612335     LT BBBsf  Affirmed   BBBsf
   Class D IT0005612343     LT BBB-sf Affirmed   BBB-sf
   Class X IT0005612350     LT BB+sf  Affirmed   BB+sf

Transaction Summary

Brignole CQ 2024 S.r.l. is a static securitisation of fully
amortising salary assignment loans (SAL) granted to pensioners, and
public- and private-sector employees by Creditis Servizi Finanziari
S.p.A., which is owned by Chenavari Credit Partners LLP through
Columbus HoldCo.

KEY RATING DRIVERS

Front-loaded Defaults within Expectations: As of June 2025,
defaults, mainly life defaults, have started occurring earlier than
the transaction default definition of seven months. As a results,
cumulative defaults are more front-loaded than expected at closing.
However, they remain commensurate with Fitch's lifetime default
base case assumption of 8.1%. Cumulative gross defaults reached
1.9% of the collateral balance at closing, while arrears 90+ days
remained stable at 0.3% of the portfolio balance.

Large Public-Sector Exposure: The public sector exposure at closing
was over 33% of the portfolio outstanding balance. The portfolio
comprises salary and pension assignment loans and delegation of
payments (collectively SAL) and the portfolio composition is
broadly unchanged at 66.3% pensioners, 22.4% public-sector
employees and 11.3% private-sector employees. Life defaults are
mainly related to pensioners, whereas non-life defaults drive
defaults for public- and private-sector borrowers.

Sovereign Adjustment Factor Applies: Fitch applied a sovereign
adjustment factor (SAF) of 1.3x to non-life default multiples at
'AAsf' for public-sector borrowers and pensioners to consider SAL's
heightened dependence on, and interconnectedness with, the Italian
sovereign. Fitch has derived a non-life weighted average (WA)
stress multiple, including the SAF, of 5.5x at 'AAsf' to the
lifetime base-case default rate. Life defaults are not stressed
across the rating scale.

Mandatory Insurance Increases Recoveries: The underlying loans
benefit from mandatory insurance (life or unemployment, as
applicable). Fitch has maintained a WA base-case recovery rate of
89.9%, which includes expected recoveries derived from insurance
policies and unsecured recoveries related to non-insured default
events. The 'AAsf' 32.4% recovery rate is determined by applying a
55% haircut to unsecured uninsured recoveries and haircuts that are
commensurate with insurers' ratings for insured recoveries, in
accordance with Fitch's criteria.

Sequential Switch Mitigates Pro-Rata Repayment: The class A to D
notes are repaying pro-rata until a sequential redemption event
occurs if, among other events, the cumulative gross default ratio
exceeds certain thresholds. The mandatory switch to sequential
paydown when the outstanding collateral balance falls below 10%
mitigates tail risk. In its expected case, Fitch believes the
switch to sequential amortisation is unlikely until the 10%
collateral balance trigger is breached, given the gap between its
expectations for the portfolio's performance and defined triggers.

Payment Interruption Risk Mitigated: Payment interruption risk is
mitigated for the senior notes as at least six months of the class
A to D interest payments and senior expenses are protected. In its
assessment, Fitch considered the transaction's reserve fund and a
buffer of more than five years between the legal final maturity of
the notes and the last maturing loan in the portfolio. Fitch has
assumed that payments from private-sector borrowers will continue
to be made in a scenario of salary and pension delays owing to
sovereign distress.

Excess Spread Dependence: The class X notes are not collateralised,
and the related interest and principal are paid from available
excess spread. The class X notes started amortising from the issue
date according to a schedule. Excess spread notes are typically
sensitive to underlying loan performance and prepayments and cannot
achieve a rating higher than 'BB+sf'.

'AAsf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above the rating of Italy (BBB/Positive/F2),
which is the case for the class A notes.

RATING SENSITIVITIES

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

The class A notes are sensitive to changes in Italy's Long-Term
IDR. A downgrade of Italy's IDR and a revision downwards of the
'AAsf' rating cap for Italian structured finance transactions would
trigger downgrades of the notes rated at this level.

An unexpected increase in the frequency of defaults or a decrease
in the recovery rates could produce larger losses than the base
case. For example, a simultaneous increase in the default base case
by 25%, and a decrease in the recovery base case by 25% would lead
to downgrades of up to five notches for the class A to X notes.

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

An upgrade of Italy's IDR and a revision upwards of the 'AAsf'
rating cap for Italian structured finance transactions could
trigger upgrades of the notes rated at this level. This is provided
sufficient credit enhancement is available to withstand stresses at
a higher rating.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce smaller losses than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades of up to two notches for the class B notes and up to
four notches for the class C and D notes.

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.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG Considerations

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

FLOS B&B ITALIA: Moody's Affirms 'B2' CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Ratings has changed the outlook to negative from stable on
Flos B&B Italia S.p.A. (FBB Group or the company), the Italian
high-end lighting and furniture company. Concurrently, Moody's
affirmed the company's B2 long-term corporate family rating and
B2-PD probability of default rating. At the same time, Moody's also
affirmed the B2 rating on the EUR425 million (outstanding EUR340
million) backed senior secured fixed rate notes due November 2028
and on the EUR550 million backed senior secured floating rate notes
due December 2029, both issued by FBB Group.

"The outlook change to negative from stable reflects FBB Group's
persistently high financial leverage and weakening free cash flow
(FCF) generation capacity, at times of increasing uncertainty
around the company's ability to sustainably improve its credit
metrics over the next 12-18 months given the current difficult
macroeconomic environment," says Giuliana Cirrincione, Moody's
Ratings lead analyst for Flos B&B Italia S.p.A.

"However, the affirmation of the B2 CFR reflects the company's
strong profitability and track record of positive FCF, as well as
Moody's expectations that FBB Group's business profile will remain
solid, thanks to its large and well-recognized brand portfolio and
leading market positions globally in the niche high-end design
furniture market" added Mrs. Cirrincione.

RATINGS RATIONALE      

FBB Group's operating performance continued to be weak throughout
2024 and into the first quarter of 2025, on the back of sluggish
consumer sentiment in Europe and North America – which are the
company's largest end markets - and also because consumer spending
for home improvement continued to trend down towards more normal
levels following  the unusually high demand seen in the aftermath
of the COVID pandemic.

After a year-on-year 6.7% drop in 2023, FBB Group's sales were down
2% in 2024 and its Moody's-adjusted EBITDA declined to EUR162
million, compared to EUR172 million and EUR176 million in 2023 and
2022, respectively. While EBIT margins are still comparatively high
in the mid-teens percentages, higher interest rates since 2023 have
weakened FBB Group's interest coverage as well as its historically
good FCF generation capacity, leading to a progressive
deterioration in credit metrics. As a result, the Moody's-adjusted
gross debt to EBITDA ratio reached 6.4x and 6.5x as of December 31,
2024 and March 31, 2025 respectively, from 6.1x in 2023, while
interest coverage – measured as Moody's-adjusted EBIT to interest
expense – declined to 1.1x, compared to 1.4x the year before.
Adjusted FCF in 2024 was positive at EUR13 million, driven by
working capital optimization initiatives, which compares to EUR26
million on average between 2020 and 2023.

While the downward trajectory in credit metrics has left the
company's weakly positioned in the B2 category over the last year,
Moody's now expect that the global macroeconomic conditions will
remain challenging until at least the end of 2025 and consumer
demand will continue to be soft – especially in the highly
discretionary high-end lighting and furniture market. As a result,
the recovery in operating performance may take longer than Moody's
initially anticipated and there's the risk that over the next 12-18
months FBB Group's financial leverage, interest coverage and FCF
may remain outside of the boundaries Moody's have defined for its
B2 rating.

FBB Group is also directly exposed to the risk of tariff increases
on goods imported to the US, with affected sales estimated to be
around 20% of the group's total. However, Moody's believes such
exposure will be largely mitigated by the company's pricing power
given the high-end positioning of its products, and also in light
of some flexibility within its logistics supply chain to reduce the
impact of tariffs as much as possible.

Moody's expects a mid-to-high single digit percentage decline in
FBB Group's top line in 2025, which compares to a 5% drop reported
in the first quarter of 2025 versus the same period last year.
Moody's also estimates that the Moody's-adjusted EBITDA for FBB
Group, which was further down to EUR158 million in the last twelve
months ended March 2025, may fall to around EUR140 million by 2025
as the company's cost-savings initiatives, its relatively flexible
cost structure and the expected good momentum in the contract
business will not be enough to offset the impact of lower sale
volumes. Based on these assumptions, credit metrics would
deteriorate further, as Moody's-adjusted leverage would get close
to 7x, while interest coverage would be at 1x and FCF would become
slightly negative or close to breakeven, depending on the company's
non-recurring costs and the execution of its ongoing cost-savings
plan.

FBB Group's B2 CFR remains supported by the company's leading
positions globally in the fragmented high-end design furniture
market, underpinned by its large brand portfolio, its high profit
margins and good liquidity.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the uncertainty around FBB Group's
ability to improve its credit metrics to a level commensurate with
the B2 rating category over the next 12-18 months, i.e.
Moody's-adjusted gross debt/EBITDA below 6x, Moody's-adjusted EBIT
interest coverage well above 1x, and consistently positive FCF.

LIQUIDITY

Despite weakening over the last couple of years, FBB Group's
liquidity is good, with EUR63 million in cash and EUR110 million
available under its EUR145 million revolving credit facility (RCF)
as of March 31, 2025. These resources, together with around EUR30-
EUR35 million of funds from operations annually, fully cover all of
the company's future cash needs for the next 12-18 months,
including annual capital expenditures of approximately EUR40
million (i.e. including lease repayment), which is moderate given
the relatively asset-light business model. Working capital
requirements are also modest, as inventory buildup is driven
predominantly by a made-to-order model and wholesalers represent
the largest distribution channel for the company. However, Moody's
expects the high cost burden as well as the lower sale volumes to
constrain the company's cash flow over the next 12-18 months,
leading to a slightly negative or close to break-even FCF.

The RCF contains a springing financial covenant defined as super
senior net debt/EBITDA of 2.5x (tested when drawn amounts less
company's cash holdings at quarter-end are greater than 40% of
committed RCF amounts), which, if not met, would stop any
incremental drawing under the facility. Following the recent bond
refinancings, the company has moved forward its debt maturity wall
to late 2028 and 2029, when the fixed rate and the new floating
rate notes, respectively, will mature.

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

An upgrade of the ratings is unlikely over the next 12-18 months,
given the negative outlook. However, upward pressure could
materialize if FBB Group achieves stronger than expected top-line
and earnings growth such that its Moody's-adjusted gross
debt/EBITDA trends towards 4.5x and its Moody's-adjusted EBIT
interest cover ratio improves to above 2.5x. A rating upgrade would
also require the company to have a Moody's-adjusted EBIT margin in
the high-teen percentages, as well as good liquidity, supported by
consistently positive FCF and a prudent approach towards M&A.

Moody's could downgrade FBB Group's ratings if its operating
performance deteriorates significantly as a result of persistently
weak consumer demand, such that its Moody's-adjusted EBIT margin
declines towards the low-teen percentages, its Moody's-adjusted
EBIT interest cover ratio fails to remain well above 1x and its
Moody's-adjusted gross debt/EBITDA remains sustainably above 6.0x
over the next 12-18 months. A downgrade could also occur if
liquidity weakens, as a result of persistently negative FCF and/or
an aggressive M&A strategy.

STRUCTURAL CONSIDERATIONS

The B2 ratings of the EUR550 million backed senior secured
floating-rate notes due December 2029 and the EUR425 million
(EUR340 million outstanding) backed senior secured fixed rate notes
due November 2028 are in line with the CFR, to reflect that they
represent the majority of the company's debt structure. According
to Moody's Loss Given Default for Speculative-Grade Companies (LGD)
methodology, the B2 CFR is aligned with the B2-PD probability of
default rating, based on an assumed recovery rate of 50%, as
customary for transactions that include both bonds and bank debt.

The EUR145 million super senior RCF, committed until November 2028,
ranks ahead of the notes because it benefits from a priority call
on the security package but the size of the RCF is not significant
enough to warrant a notching of the bonds below the CFR according
to Moody's LGD methodology.

Both the RCF and the notes benefit from guarantees from main
operating companies (representing over 80% of the group's EBITDA),
and are secured on the shares of the issuer, guarantors and
substantial subsidiaries, including the target companies; certain
intercompany receivables; and bank accounts. Moody's typically
views debt with this type of security package to be akin to
unsecured debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

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

COMPANY PROFILE

Flos B&B Italia S.p.A. was created from the combination of three
high-end design companies: Flos, a leading Italian high-end
lighting manufacturer; B&B Italia, a leading Italian high-end
furniture company; and Louis Poulsen A/S, a leading Danish high-end
lighting company. In the last twelve months (LTM) ended March 2025,
FBB Group generated EUR759 million in revenue and EUR186 million in
EBITDA as adjusted by the company, that is, before non-recurring
costs.

Following the LBO completed in late 2018, the group is owned by the
Carlyle Group, Investindustrial, certain management and certain
third parties investor.



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

GLOBE TRADE: Fitch Lowers LT IDR to 'B', Keeps Watch Neg.
---------------------------------------------------------
Fitch Ratings has downgraded Globe Trade Centre S.A.'s (GTC)
Long-Term Issuer Default Rating (IDR) to 'B' from 'BB' and senior
unsecured debt to 'B' from 'BB'. The Recovery Rating on the
unsecured debt is 'RR4'. Fitch is maintaining the ratings on Rating
Watch Negative (RWN).

The downgrades reflect heightened refinancing risk on GTC's debt,
including its June 2026 EUR494 million unsecured bond. GTC is
currently working on refinancing options and is in discussions with
several bondholders, having mandated JP Morgan. Although the
discussions are at an advanced stage, the refinancing is unlikely
to be completed by end-July 2025. The company is also negotiating
with its banks to extend existing secured debt and planning asset
disposals. However, all these initiatives will take time and are
subject to execution risk.

The RWN reflects execution risk related to repaying or refinancing
debt up to end-June 2026 and planned asset disposals. Debt
reduction options, including the sale of Kildare in Ireland and
residential-for-rent assets in Germany, have been delayed and in
turn postponed deleveraging. Fitch expects to review the RWN by
September 2025.

Key Rating Drivers

Heightened Refinance Risk: GTC plans to address its around EUR810
million of debts maturing up to end-June 2026 with a combination of
capital-market transactions, new secured funding, bank loans
extensions or refinancing, and asset disposals. Nevertheless, all
options require time and are subject to execution risk. At
end-2024, GTC owned around EUR600 million unencumbered
income-producing properties in central and eastern Europe (CEE),
plus landbank and other assets, and EUR1 billion of properties
encumbered by bank debt at an average loan-to-value (LTV) ratio of
49%.

Recent Liquidity Benefit: In June 2025 GTC signed a new secured
financing of EUR84 million from J&T Banka, a.s., a Czech private
and investment bank, pledging its shopping centre Galeria
Północna (end-2024: EUR241 million in value) at an LTV of 35%.
The loan's net proceeds were partially used to finance the buyout
of the German residential-for-rent portfolio's minorities. Its
liquidity was further strengthened after shareholders decided to
forgo dividend payments in 2025.

Moderate Disposal Progress in CEE: In 4Q24, GTC sold the Matrix C
office in Zagreb, and in 1Q25 sold the GTC X office in Belgrade and
a land plot in Warsaw. Net disposal proceeds totalled EUR88
million, which helped to increase end-1Q25 cash to EUR63 million
(end-2024: EUR53 million). The company has set aside EUR45 million
of the disposal proceeds into a 'blocked' account dedicated to the
June 2026 unsecured refinancing. Pursuing additional non-core
assets disposals includes the Kildare in Ireland (balance sheet
value of EUR119 million) but Fitch continues to exclude this
long-awaited disposal from its rating case.

Analytical Approach to German Portfolio: Fitch does not use GTC's
consolidated profile, which includes the residential-for-rent
portfolio (19% of GTC's assets) it acquired from Peach Properties,
as the resultant metrics would have no CEE-weighted peers with
German residential assets to compare with. Instead, Fitch applies a
'B' rating category 21x net debt/rental-derived EBITDA to the
acquired Peach portfolio and allocates any excess debt (above the
21x debt capacity) to GTC's CEE commercial property profile.

Disposals-Driven Deleveraging: Fitch assumes delayed residential
disposals from the German portfolio acquired in December 2024. To
reflect this, Fitch adds EUR7 million - EUR30 million of debt to
GTC's commercial property profile in 2025-2026, which increases its
net debt/EBITDA by 0.1x-0.3x. Fitch forecasts 2025's adjusted net
debt/EBITDA at 11.4x, before gradually falling to 8.7x in 2028,
aided by about EUR340 million Fitch-forecast disposal proceeds from
CEE assets. Deleveraging is helped by rent from new developments,
EBITDA margin improvement and gradual vacancy reduction.

Subdued Interest Coverage: Fitch calculates that GTC's commercial
property profile's interest cover will fall to 2.1x in 2025 and
1.6x in 2026 (2024: 3.5x) when Fitch allocates the debt servicing
shortfall for an acquisition loan held at the German holding
company to GTC's profile. Fitch deducts these interest shortfall
amounts from GTC's EBITDA, assuming delayed residential disposals.

German Residential-for-Rent Portfolio: In December 2024 GTC
completed the acquisition of a EUR452 million (end-2024 value)
residential-for-rent portfolio in secondary locations in Germany.
The portfolio comprises over 5,100 units, of which GTC plans to
sell 2,241. The proceeds will primarily be used to repay
acquisition funding. GTC is in discussions with potential buyers,
but any disposals, expected to start in 4Q25, are conditional on
the completion of restructuring of the German portfolio assets,
including the recent buyout of EUR42 million of minority
interests.

Servicing German Acquisition Financing: The debt held at the German
holding company level, including a EUR190 million five-year secured
facility, is more expensive than the GTC's debt. This results in a
post-rental income-derived, post-interest expense annual shortfall
of around EUR9 million at the German holding company. Fitch expects
this would be met from residential disposal proceeds or a cash
injection from GTC.

CEE Office Vacancies Remain High: The end-2024 occupancy rate in
GTC's core office portfolio (52% of total portfolio value) was 82%
(end-2023: 84%) and remained the same in 1Q25 despite disposing the
97%-occupied office GTC X. At end-1Q25 the highest vacancy rate
remained in Poland at 25%, where 38% of GTC's office space is
located. This was driven by continued high vacancies in regional
cities. Vacancy in Bucharest was 18% (12% of space), 15% in Sofia
(10%) and 14% in Budapest (39%).

Moderate Operational Performance: GTC's CEE retail portfolio
remains stable, with occupancy maintained at 96% and headline rent
above EUR22 sq m a month, in contrast to the office portfolio with
heightened vacancies and headline rent declining to estimated
rental values. CPI-driven rent increases in its CEE retail assets
should be supported in the medium term with the completion of
developments partially balancing the effects of planned disposals.

Peer Analysis

GTC's EUR2.4 billion portfolio is similar in size to the EUR2.5
billion office-focused portfolio of Globalworth Real Estate
Investments Limited (BBB-/Stable). NEPI Rockcastle N.V.'s
(BBB+/Stable) EUR7.6 billion retail-focused portfolio is over three
times larger. However, only GTC's portfolio benefits from
meaningful asset class diversification with offices (52% of market
value), retail (29%) and residential-for-rent in Germany (19%), as
underscored in its looser leverage rating sensitivities.

Its peers' assets are all in CEE. By market value, 38% of GTC's CEE
income-producing assets are in Poland (A-/Stable), 5% in Croatia
(A-/Stable) and the rest in four countries rated in the 'BBB'
rating category or below. This results in an average country risk
exposure similar to that of NEPI, which is present in eight
countries, with around 40% of assets located in countries rated
'A-' or above. Globalworth's average country risk is similar but
its assets are almost equally split between Poland and Romania
(BBB-/Negative).

Fitch expects GTC's residential-adjusted net debt/EBITDA to remain
higher than peers'. Adjusted for the residential-for-rent
portfolio's 'excess debt', Fitch forecasts leverage to decrease to
10.0x in 2027 from 11.4x in 2025. This compares unfavourably with
Globalworth's net debt/EBITDA at 8.1x-8.5x during 2025-2028. NEPI's
financial profile is stronger than GTC's and Globalworth's.

Fitch believes that GTC's CEE portfolio quality is broadly similar
to that of Globalworth and NEPI, although not all CEE peers quote
directly comparable net initial yield data (annualised net
rents/investment property asset values).

Key Assumptions

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

Assumptions for the acquired Peach residential-for-rent portfolio:

- Like-for-like, year-on-year rent increase at 3%, consistent with
Peach's historical performance and the regulated Mietspiegel and
Kappungsgrenze's rent frameworks; rental yield at 8% of capex for
the retained portfolio

- Initial opex including void costs at 30% of gross rental income,
improving in 2025 as voids decrease and rents increase more than
opex

- Debt including loans secured on residential assets, the EUR190
million acquisition funding, plus interest expense on additional
debt funding for the retained portfolio's tenant improvement capex

Assumptions for the GTC portfolio:

- Rental income modelled on an annualised rent basis

- Rental income to fluctuate, due to timing of disposals and
completed developments; average 1.5% like-for-like increase in rent
a year due to CPI indexation of leases and gradual improvement in
occupancy, partly offset by some rent decreases on lease renewals

- Total committed and uncommitted capex of about EUR310 million
during 2025-2028

- Cash dividend payments during 2026-2028

- About EUR340 million of cash proceeds related to income-producing
asset and land plots disposals in 2025-2028, not including proceeds
from the sale of Kildare Innovation Campus in Ireland

Recovery Analysis

Its recovery analysis assumes that the GTC's portfolio would be
liquidated rather than restructured as a going-concern (GC) in a
default. Fitch also assumes no cash and receivables are available
for recoveries.

Senior unsecured debt of EUR693 million mainly includes GTC's June
2026 EUR494 million bond. It also includes a shortfall of EUR103
million on GTC M's bonds, not covered by its assets, and a EUR96
million shortfall on GTC Paula's (Germany) senior secured
acquisition loan. Both are subject to an unsecured-ranking
guarantee from GTC.

Recoveries are based on the consolidated end-2024 EUR2.44 billion
of income-producing assets, excluding assets pledged to the secured
banking loans (EUR746 million) at the GTC S.A. level, excluding
assets held by GTC Magyarorszag Zrt (GTC M; EUR326 million) and the
recently acquired GTC Paula SARL (EUR813 million). Assets held by
GTC M and GTC Paula will be used primarily to cover most of their
secured and unsecured debt; however, shortfalls are guaranteed by
GTC. Fitch has excluded Galeria Północna, which was encumbered in
June 2025 (EUR241 million). Fitch applies a standard 20% discount
to the EUR314 million of unencumbered assets.

After deducting an additional standard 10% for administrative
claims, EUR226 million of value remains available to GTC's
unsecured creditors.

Fitch's waterfall-generated recovery computation generates
recoveries for GTC's senior unsecured debt that are consistent with
a 'RR4' Recovery Rating, based on current metrics and assumptions.
The 'RR4' indicates no notching from the IDR, resulting in the same
unsecured debt instrument rating as the 'B' IDR.

RATING SENSITIVITIES

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

- Failure to address the June 2026 bond maturity by September 2025,
which may lead to a further multi-notch downgrade

- Net debt/EBITDA above 14.5x

- EBITDA net interest coverage below 1.0x

- Loan to value around 65%

- Operating metric deterioration including occupancy below 90%,
weighted average lease term (including tenants' earliest breaks)
below three years and like-for-like rental decline

- Twelve-month liquidity score below 1.0x

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

- To resolve the RWN, a successful refinancing or procuring
sufficient liquidity to refinance its June 2026 bond

- Net debt/EBITDA below 13.5x

- EBITDA net interest coverage above 1.25x

- Weighted average debt tenor above five years

- An improved operating profile with longer lease tenor,
like-for-like rental growth and a group occupancy rate above 90%

Liquidity and Debt Structure

At end-March 2025, GTC held readily available cash of about EUR63
million and EUR45 million in the 'blocked' account dedicated for
the June 2026 bond maturity. In June 2025 cash resources increased
with proceeds from the new EUR84 million loan secured on Galeria
Północna, less the amount expensed to buy minority interests in
the German residential-for-rent portfolio. Together these cash
resources are insufficient to cover around EUR810 million of debt
maturing by end-June 2026.

Near-term debt maturities include EUR494 million of unsecured bonds
maturing in June 2026, EUR98 million loans secured on German
residential assets maturing in December 2025 (extension already
negotiated) and over EUR200 million of loans secured on CEE
properties maturing in 1H26. The group does not have a committed
revolving credit facility as a liquidity buffer. GTC may use
multiple strategies to address maturing debt, including partial
bond refinancing, additional secured debt, loans extensions and
asset disposals.

Fitch calculates GTC's unencumbered investment property
assets/unsecured debt coverage as 0.93x at end-2024 and 0.53x pro
forma for the Galeria Północna asset that is subsequently
encumbered.

Issuer Profile

GTC is a property investment company that holds and develops assets
(office, retail and residential) in Poland, capital cities in CEE
(particularly Budapest, Bucharest, Belgrade, Zagreb and Sofia) and
Germany (residential for rent).

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
   -----------                  ------        --------   -----
Globe Trade Centre S.A.   LT IDR B  Downgrade            BB

   senior unsecured       LT     B  Downgrade   RR4      BB

GTC Aurora Luxembourg
S.A.

   senior unsecured       LT     B  Downgrade   RR4      BB



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

AHMEYS LIMITED: Begbies Traynor Named as Administrators
-------------------------------------------------------
Ahmeys Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD) Court Number: CR-2025-001020, and
Paul Appleton and Paul Cooper of Begbies Traynor (London) LLP, were
appointed as administrators on July 17, 2025.  

Ahmeys Limited's was a dispensing chemist in specialist stores.

Its registered office is at 5 Ridley Road, Oxford, Oxfordshire, OX4
2QJ.

The administrators can be reached at:

             Paul Appleton
             Paul Cooper
             Begbies Traynor (London) LLP
             31st Floor, 40 Bank Street,
             London, E14 5NR

Any person who requires further information may contact:

             Benjamin Jackson
             Begbies Traynor (London) LLP
             E-mail: RC-Team@btguk.com
             Tel No: 020 7400 7900

ALL GREEN CABS: BV Corporate Named as Administrator
---------------------------------------------------
All Green Cabs Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies (ChD) Court Number:
CR-2025-MAN-001025, and Vincent A Simmons of BV Corporate Recovery
& Insolvency Services Limited, was appointed as administrator on
July 18, 2025.  

All Green Cabs, trading as Aerobrights Private Hire & Taxis, is a
taxi business.

Its registered office is at 67 Churchill Way, Stafford, ST17 9PB.

Its principal trading address is at Unit 1, Astonfields Industrial
Estate, Carver Road, Stafford, ST16 3HR.

The administrator can be reached at:

         Vincent A Simmons
         BV Corporate Recovery & Insolvency Services Limited
         7 St Petersgate, Stockport
         Cheshire, SK1 1EB

Further details contact:

         The Administrator
         Email: insolvency@bvllp.com
         Tel: 0161 476 9000

Alternative contact: Julie Bridgett


BUSABA EATHAI: Leonard Curtis Named as Joint Administrators
-----------------------------------------------------------
Busaba Eathai Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales Court Number: CR-2025-004055, and Alex Cadwallader and
Neil Bennett of Leonard Curtis, were appointed as joint
administrators on July 16, 2025.  

Busaba Eathai operated in licensed restaurants.

Its registered office is at 27 Old Gloucester Street, London, WC1N
3AX.

The joint administrators can be reached at:

         Neil Bennett
         Alex Cadwallader
         Leonard Curtis
         5th Floor, Grove House
         248a Marylebone Road
         London, NW1 6BB

Further details contact:

         The Joint Administrators
         Tel: 020 7535 7000
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Toby Gibbons

ENTAIN HOLDINGS: Moody's Rates New USD Sr. Sec. Term Loan 'Ba1'
---------------------------------------------------------------
Moody's Ratings has assigned Ba1 ratings to the new US
dollar-denominated senior secured term loan B5 due 2032 (TLB-5) and
to the new US dollar-denominated senior secured term loan B6 due
2029 (TLB-6) borrowed by Entain Holdings (Gibraltar) Limited, a
wholly-owned subsidiary of UK-based sports-betting and gaming group
Entain plc (Entain). The rest of Entain's existing ratings,
including the Ba1 corporate family rating, the Ba1-PD probability
of default rating and existing Ba1 ratings on the remaining senior
secured bank credit facilities borrowed by Entain Holdings
(Gibraltar) Limited and Ladbrokes Group Finance Plc, respectively,
are unchanged. The outlook is negative.

Both new term loans consist of additional facilities borrowed under
Entain's senior facilities agreement dated March 2025. Drawings
under the new TLB-5 will refinance the company's $1,125 million
($1,080 million currently outstanding) term loan B due March 29,
2027. The new TLB-6 facility will refinance and reprice to a lower
applicable margin the company's $2,240 million ($2,218 million
outstanding) term loan B3 due October 31, 2029.

RATINGS RATIONALE

Entain's dollar-for-dollar refinancing transaction is overall
credit positive: it is leverage neutral and improves liquidity by
extending the company's debt maturity profile. On a pro forma
basis, however, Moody's-adjusted gross leverage of 4.2x based on
the EBITDA for 2024 remains high for the rating albeit still
expected to decline towards 3.5x by the end of 2026. The repricing
of Entain's debt due 2029 is also credit positive by way of a
modest reduction of at least $5 million per annum in the associated
interest expense.

The Ba1 CFR continues to be underpinned by Entain's (1) diversified
business profile - across mature markets (UK, Italy, Australia) and
fast growing geographies (Brazil, Central & Eastern Europe) as well
as across products and delivery channels, (2) exposure to
underlying positive demand in online gaming and sports betting
combined with a stable retail gaming cash flow generation, (3)
continued strategic focus on product innovation and responsible
gambling initiatives, with the latter reducing the impact of
regulatory changes outside the UK market, (4) proprietary
technology platforms and CRM systems, which provide some form of
barrier to entry, and (5) first-mover advantage in the growing US
market through its JV BetMGM, which firmly retains number three
position.

However, the Ba1 CFR remains constrained by the company's (1)
limited free cash flow generation due to the yearly payment related
to the HMRC settlement until 2027 as well as Moody's expectations
that a settlement with the Australian Transaction Reports and
Analysis Centre ("AUSTRAC") will result in additional cash
outflows; (2) a Moody's-adjusted leverage currently above the 3.5x
threshold identified as commensurate with the current rating; (3)
regulatory setbacks in Netherlands and Belgium and the risk of
higher gaming tax being introduced to ease European governments'
deficits; (4) exposure to the highly competitive online betting and
gaming industry, requiring constant innovation to maintain and
attract new customers, and (5) JV structure in North America
(BetMGM) that may limit Entain's control over strategy and cash
flows repatriation.

LIQUIDITY

Entain's liquidity is good. The company reported cash of GBP390
million at the end of 2024, net of restricted cash in respect of
customers. Entain also has access to a sizeable GBP645 million
revolving credit facility (RCF) borrowed by Ladbrokes Group Finance
Plc which Moody's expects to remain undrawn. The RCF was renewed in
March 2025, increased by GBP10 million and with a new five year
maturity (note the company need to timely refinance its TLBs due in
2028 and 2029 maturities to benefit from the full five years
availability).

The senior secured RCF benefits from a springing covenant once
drawn for at least 40%; the covenant level of 6.0x provides plenty
of capacity.

On a pro forma basis, Entain's first meaningful scheduled maturity
event is in June 2028 when the company's EUR1,265 million senior
secured term loan B4 borrowed by Entain Holdings (Gibraltar)
Limited comes due. However, the minority investors in Entain CEE
hold a put option that could be exercised in November 2025 and
which may result in significant cash outflows. Moody's base case
assumes no exercise of the put option. However, if an exit payment
needs to be made to the minorities, Entain would likely raise
additional debt.

Entain's debt is entirely on a floating rate, however, the company
has hedging in place on about 55% of the financial debt at least
for the next 12 months.

STRUCTURAL CONSIDERATIONS

The rating of all debt instruments is in line with the CFR,
reflecting a single debtor class in the capital structure. Both new
term loans rank pari passu with the existing debt instruments,
sharing the same security package.

OUTLOOK

The negative outlook reflects Moody's expectations that Entain's
credit metrics will continue to remain under pressure in 2025 and
will start to materially improve only in 2026. Additionally, there
is a risk that company's credit metrics and liquidity could further
deteriorate because the ongoing AUSTRAC's legal proceeding could
result in a material financial obligation, as well as the minority
investors in Entain CEE could choose to exercise a put option after
November 2025. A stabilisation of the outlook would require
improved visibility of such outcomes, in addition to sustained
organic EBITDA growth and a positive FCF.

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

Upward pressure on the ratings is unlikely to materialise in the
next 12-18 months, given the negative outlook. However, it could
arise over time if Entain's Moody's-adjusted gross leverage remains
below 2.5x and retained cash flow/net debt (Moody's-adjusted)
exceeds 35%, both on a sustained basis. For a rating upgrade,
Moody's also expects the group to further define its dividend
policy and meet its net leverage target.

Downward pressure on the ratings could occur if Moody's-adjusted
debt to EBITDA is no longer expected to decline towards 3.5x by the
end of 2026 or if the company changes its financial policy
resulting in a higher net debt target than its currently stated
2.0x or if it choose to increase shareholders' remuneration ahead
of debt repayment. A downgrade could also occur if significantly
adverse regulatory actions materialize in one or more of the larger
geographies, or Moody's assess a deterioration in the company's
liquidity profile.

PRINCIPAL METHODOLOGY

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

PROFILE

Entain plc is one of the world's largest sports-betting and gaming
groups; it has operations in 31 regulated or regulating
territories, employing more than 25,000 people in 20 offices across
five continents. Entain operates through a broad portfolio of more
than 35 leading brands, including iconic brands with presence on
the high-street such as Coral, Eurobet, Ladbrokes and Bwin. Entain
also owns proprietary technology across the vast majority of its
core product verticals, as well as its B2C operations.

The company reported net gaming revenue ("NGR") of GBP5.2 billion
and management EBITDA of GBP1.1 billion for full-year 2024.The
BetMGM JV operating in North America is not consolidated, and
reported net gaming revenue of about $2.1 billion for full-year
2024.

Listed on the London Stock Exchange and a constituent of the FTSE
100 index, Entain had a market capitalisation of about GBP6.1
billion as of July 15, 2025.

EUROSAIL-UK 2007-1: Fitch Lowers Rating on Two Tranches to 'BB+sf'
------------------------------------------------------------------
Fitch Ratings has downgraded Eurosail-UK 2007-1 NC Plc's (ES07-1)
class D notes and affirmed the rest. It has also affirmed Eurosail
UK 2007-5 NP (ES07-5).

   Entity/Debt                   Rating            Prior
   -----------                   ------            -----
Eurosail-UK 2007-1 NC Plc

   Class B1a 298800AL7       LT AAAsf  Affirmed    AAAsf    
   Class B1c 298800AN3       LT AAAsf  Affirmed    AAAsf
   Class C1a 298800AP8       LT AA+sf  Affirmed    AA+sf
   Class D1a 298800AS2       LT BB+sf  Downgrade   BBB+sf
   Class D1c 298800AU7       LT BB+sf  Downgrade   BBB+sf
   Class E1c XS0284956330    LT B-sf   Affirmed    B-sf

Eurosail-UK 2007-5 NP Plc

   Class A1a 29881FAA7       LT B-sf   Affirmed    B-sf
   Class A1c 29881FAC3       LT B-sf   Affirmed    B-sf
   Class B1c 29881FAF6       LT CCCsf  Affirmed    CCCsf
   Class C1c 29881FAJ8       LT CCCsf  Affirmed    CCCsf
   Class D1c 29881FAM1       LT CCsf   Affirmed    CCsf

Transaction Summary

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited (formerly a wholly
owned subsidiary of Lehman Brothers) and Alliance & Leicester.

KEY RATING DRIVERS

UK RMBS Rating Criteria Updated: The rating actions reflect Fitch's
updated UK RMBS Rating Criteria (see "Fitch Ratings Updates UK RMBS
Rating Criteria" dated 23 May 2025). Key changes include updated
representative pool weighted average foreclosure frequencies
(WAFF), changes to sector selection, revised recovery rate (RR)
assumptions and changes to cash flow assumptions.

The most significant revision was to the non-conforming sector
representative 'Bsf' WAFF. Fitch has applied newly introduced
borrower-level recovery rate caps to underperforming seasoned
owner-occupied (OO) and buy-to-let (BTL) collateral. In its cash
flow analysis. Fitch now applies dynamic default distributions and
high prepayment rate assumptions rather than static assumptions
previously.

Asset Performances Broadly Unchanged: The proportions of loans in
arrears for more than one month have increased to 41.1% from 38.5%
for ES07-1 and to 24.1% from 23.2% for ES07-5, since Fitch's last
review. Nevertheless, the rising arrears trend in recent years for
these transactions has begun to stabilise. Additionally, cumulative
losses remain in line with the figures observed at the last review
a year ago, and both transactions continue to generate robust
levels of excess spread, which can be used to absorb losses from
the asset pools, should they arise.

Transaction Adjustment: Fitch has applied its non-conforming
assumptions, alongside an OO transaction adjustment (TA) of 1.0x
and BTL TA of 1.5x to FF, for both transactions. This is because
the transactions' historical performance of loans that were three
months or more in arrears has broadly been in line with Fitch's
non-conforming index.

Increasing Credit Enhancement: ES07-1 notes amortise sequentially,
permanently, due to an irreversible loss trigger breach. ES07-5 is
amortising sequentially, but a switch back to pro-rata amortisation
is possible, as the relevant trigger for 90 day+ delinquencies is
reversible. The sequential amortisation, alongside the static
reserve funds, has allowed for credit enhancement to increase.
However, the build-up in credit enhancement for ES07-1's D1a and
D1c notes was insufficient to offset Fitch's updated rating
stresses, leading to their downgrades in this rating action.

Decreasing Senior Fees: Both transactions have had high senior fees
in recent years, due to LIBOR transition-related costs. In the case
of ES07-5, additional fees were incurred due to the replacement of
transaction counterparties. Fitch observed a decrease in the level
of senior fees incurred in the last 12 months from previous years.
As a result, Fitch revised down its fixed senior fees assumptions
for both transactions.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes.

In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch found that a 15% increase in the WAFF and a 15%
decrease in the WARR indicate downgrades of up to one notch to the
ES07-1's class E1c notes, four notches to its D1a and D1c notes,
and five notches to its C1a notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels
and, potentially, upgrades. Fitch found that a decrease in the WAFF
of 15% and an increase in the weighted average recovery rate of 15%
would result in upgrades of no more than one notch for ES07-1's
class C1a notes, four notches for its class D1a and D1c notes, and
five notches for its E1c notes. ES07-5's class A1a and A1c notes
could be upgraded by up to four notches, B1c five notches and C1c
notes three notches. ES07-1's class B1a and B1c notes are at their
highest achievable ratings on Fitch's scale and cannot be
upgraded.

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
pools and the transactions. 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 monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is, therefore, satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ES07-1 and ES07-5 have an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy and Data Security due to the
pool's interest-only maturity concentration among the legacy
non-conforming owner-occupied loans of more than 40%, which has a
negative impact on the credit profiles, and is relevant to the
ratings in conjunction with other factors.

ES07-1 and ES07-5 have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access and Affordability due to a
significant portion of the pool containing OO loans advanced with
limited affordability checks, which has a negative impact on the
credit profiles, and is relevant to the ratings in conjunction with
other factors.

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

FIRST COPY: Insolve Plus Named as Administrators
------------------------------------------------
First Copy Corporation Limited was placed into administration
proceedings in the High Court of Justice, Chancery Division,
Insolvency and Companies Court No 004674 of 2025, and Lloyd Edward
Hinton and Kelly Knight of Insolve Plus Ltd, were appointed as
administrators on July 14, 2025.  

First Copy Corporation was a supplier of multifunction printers and
presses, managed services and hybrid working document solutions.

Its registered office is at 14 Bonhill Street, London EC2A 4BX

Its principal trading address is at 187 High Street, Bottisham,
Cambridge CB25 9BB.

The administrators can be reached at:

          Lloyd Edward Hinton
          Kelly Knight
          Insolve Plus Ltd
          14 Bonhill Street, London
          EC2A 4BX
          Tel No: 020 7495 2348

Further details contact:

         Cristina Bordei
         Tel No: 020 7495 2348
         Email: cristinabordei@insolveplus.com


FORTRESS RECRUITMENT: Creditors' Meeting Set for Aug. 7
-------------------------------------------------------
A meeting of the creditors of Fortress Recruitment Limited has been
set for August 7, 2025, at 11:00 a.m., for the purposes of
considering the following:

  1. Under paragraph 97(1) of Schedule B1 to the act that
Christopher Newell and Nicholas Simmonds be replaced as
Administrators of the Company by Andrew McTear, Liquidator of
Payerise Limited (In Liquidation).

  2. The establishing of a Creditors' Committee, if sufficient
nominations are received by August 6, 2025 and those nominated are
willing to be members of a Committee.

To access the virtual meeting, which will be held via Teams
conferencing platform, contact the convener. This virtual meeting
will be recorded video and or/audio in order to establish and
maintain records of the existence of relevant facts or decisions
that are taken at the meeting. By attending this meeting, you
consent to being recorded. Where any recording of the meeting also
entails the processing of personal data, such personal data will be
treated in accordance with the Data Protection Act 2018.

To be entitled to vote, those attending must submit a proxy form,
together with a proof of debt if one has not already been
submitted, to the Joint Administrator by one of the following
methods:

By post to: Quantuma Advisory Limited,
             1st floor, 21 Station Road,
             Watford, Herts, WD17 1AP

By email to: watfordvoting@quantuma.com

All proofs of debt must be delivered by 4:00 p.m. on August 6. All
proxy forms must be delivered to the convener or chair before they
may be used at the meeting fixed for 11:00 a.m. on August 7, 2025.

This Notice was given under Rule 15.13 of the Insolvency (England &
Wales) Rules 2016, and was delivered by the Joint Administrators of
the Company and the conveners of the meeting.

Fortress Recruitment Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England & Wales Court Number: CR-2024-007098, and
Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited,
were appointed as joint administrators on November 21, 2024.

Its registered office is at 1st Floor, 21 Station Road, Watford,
Herts, WD17 1AP.

Its principal trading address is at Avalon House, 45 Tallon Road,
Hutton, Brentwood, Essex, CM13 1TG.

The joint administrators can be reached at:

         Nicholas Charles Simmonds
         Chris Newell
         Quantuma Advisory Limited
         1st Floor, 21 Station Road
         Watford, Herts, WD17 1AP

Further details contact:

         Clare Vila
         Email: Clare.Vila@quantuma.com
         Tel No: 01923 954 174


FRANKLYN YATES: RSM UK Named as Joint Administrators
----------------------------------------------------
Franklyn Yates Engineering 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-2025-4841, and Tyrone Courtman and Gareth Harris
of RSM UK Restructuring Advisory LLP, were appointed as joint
administrators on July 15, 2025.  

Franklyn Yates Engineering Limited specialized in business support
service activities.

Its registered office is at RSM UK Restructuring Advisory LLP,
Rivermead House, 7 Lewis Court, Grove Park, Enderby, Leicester,
LE19 1SD (previously Greenbank House, Harshorne Road, Woodville,
Swadlincote, DE11 7GT).

Its principal trading address is at Greenbank House, Harshorne
Road, Woodville, Swadlincote, DE11 7GT.

The joint administrators can be reached at:

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

Correspondence address & contact details of case manager:

         Kirsty Baillie
         RSM UK Restructuring Advisory LLP
         Rivermead House
         7 Lewis Court, Grove Park
         Leicester, LE19 1SD
         Tel No: 0131 659 8382

Contact details for Joint Administrators:
  
         Tel: 0116 282 0550


HODGE & WILSON: FRP Advisory Named as Joint Administrators
----------------------------------------------------------
Hodge & Wilson Ltd was placed into administration proceedings in
the High Court of Justice Business and Property Courts Court
Number: CR-2025-004892, and Rajnesh Mittal and Lila Thomas of FRP
Advisory Trading Limited, were appointed as joint administrators on
July 17, 2025.  

Hodge & Wilson, trading as The Pines Residential Care Home,
specialized in Rresidential care activities for the elderly and
disabled.

Its registered office is at 18 Littleton Crescent, Harrow, HA1 3SX
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 The Pines Residential Care
Home, 106 Vyner Road South, Prenton, Merseyside, CH43 7PT.

The joint administrators can be reached at:

          Rajnesh Mittal
          Lila Thomas
          FRP Advisory Trading Limited
          Derby House, 12 Winckley Square
          Preston, PR1 3JJ

Further details contact:

         The Joint Administrators
         Tel: 01772 440 700

Alternative contact:

         Joe Allen
         Email: cp.preston@frpadvisory.com


MANSARD MORTGAGES 2007-1: Fitch Affirms B-sf Rating on B2a Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Mansard Mortgages 2007-2 PLC'S (MM07-2),
Mansard Mortgages 2006-1 PLC's (MM06-1) and Mansard Mortgages
2007-1 PLC's (MM07-1) ratings. All ratings have been removed from
under rating observation (UCO). Fitch has also revised the Outlook
on MM07-1 B1a notes rating to Negative from Stable.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Mansard Mortgages
2007-1 PLC

   Class A2a XS0293441241   LT AAAsf  Affirmed   AAAsf
   Class B1a XS0293458054   LT A+sf   Affirmed   A+sf
   Class B2a XS0293460381   LT B-sf   Affirmed   B-sf
   Class M1a XS0293442215   LT AAAsf  Affirmed   AAAsf
   Class M2a XS0293446711   LT AAAsf  Affirmed   AAAsf

Mansard Mortgages
2007-2 PLC

   Class A1a 56418WAA5      LT AAAsf  Affirmed   AAAsf
   Class A2a 56418WAB3      LT AAAsf  Affirmed   AAAsf
   Class B1a 56418WAE7      LT AAsf   Affirmed   AAsf
   Class B2a 56418WAF4      LT BBB-sf Affirmed   BBB-sf
   Class M1a 56418WAC1      LT AAAsf  Affirmed   AAAsf
   Class M2a 56418WAD9      LT AA+sf  Affirmed   AA+sf

Mansard Mortgages
2006-1 PLC

   A2a 56418MAB5            LT AAAsf  Affirmed   AAAsf
   B1a 56418MAE9            LT AAAsf  Affirmed   AAAsf
   B2a 56418MAF6            LT Bsf    Affirmed   Bsf
   M1a 56418MAC3            LT AAAsf  Affirmed   AAAsf
   M2a 56418MAD1            LT AAAsf  Affirmed   AAAsf

Transaction Summary

The transactions are backed by residential mortgages originated by
Rooftop Mortgages, a non-conforming mortgage lender that is no
longer active.

KEY RATING DRIVERS

UK RMBS Rating Criteria Updated: The rating actions reflect Fitch's
updated UK RMBS Rating Criteria (see " Fitch Ratings Updates UK
RMBS Rating Criteria" dated 23 May 2025). Key changes include
updated representative pool weighted average foreclosure
frequencies (WAFFs), changes to sector selection, revised recovery
rate assumptions and changes to cashflow assumptions. The
non-conforming sector representative 'Bsf' WAFF has seen the
largest revision.

Fitch applies newly introduced borrower-level recovery rate caps to
underperforming seasoned collateral, for buy-to-let (BTL)
sub-portfolios in this case (RR cap is 85% at 'Bsf' and 65% at
'AAAsf'). Fitch now applies dynamic default distributions and high
prepayment rate assumptions rather than the previous static
assumptions. Fitch's updated criteria accounts for this worsening
asset performance by assuming loans in 12-months plus to have
defaulted as of the review date.

Transaction Adjustment: The pools comprise non-conforming
owner-occupied (OO) and BTL loans. Fitch applied a transaction
adjustment to the OO sub-pool's FF of 1.0x and a 1.5x to the BTL
sub-pool's FF for both MM07-1 and MM06-1. The higher adjustment for
the BTL sub-pools reflect the transaction's historical performance,
where the portion of loans in arrears by more than three months has
consistently been in line or underperformed Fitch's non-conforming
index.

MM07-2 has performed better than its peers and Fitch's UK
non-conforming index of loans that are three-months or more in
arrears. In line with Fitch's Criteria, Fitch assigned a positive
OO transaction adjustment of 0.75x and a BTL transaction adjustment
of 1.0x to their respective FFs.

Credit Enhancement Build-Up: The transactions' cash reserves are
non-amortising due to irreversible trigger breaches. As a result,
credit enhancement (CE) for all notes continues to increase and is
expected to keep doing so for the life of the transactions. MM07-1
and MM07-2 have a very low outstanding asset balance and will
switch to sequential amortisation on a breach of the 10% switch
back trigger. MM06-1 has started to pay sequentially due to the
breach of the 10% switch-back trigger. The level of CE has driven
today's rating actions.

Deteriorating Arrears Performance, Tail Risk: Arrears performance
across all the three transactions has continued to deteriorate.
Prepayment rates across the pools have been volatile in recent
years, contributing to negative selection through a build-up in
arrears concentrations. As the loan count of the transactions
further reduces, the notes' ability to paydown will become
dependent on the performance of few borrowers. This could result in
the deals becoming heavily reliant on the reserve funds for credit
support, despite having passed Fitch's concentration tests, This
could limit rating upside and is underlined in the MM07-1 class B1a
notes' Outlook revision.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to negative rating action, depending on the extent of
the decline in recoveries.

Fitch found that a 15% increase in the WAFF and 15% decrease of the
weighted average recovery rate (WARR) would imply the following:

MM06-1:

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AAAsf'

B1a: 'AA+sf'

B2a: 'CCCsf'

MM07-1 PLC:

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AA+sf'

B1a: 'BBBsf'

B2a: 'CCCsf'

MM07-2 PLC:

A1a: 'AAAsf'

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AAAsf'

B1a: 'AA-sf'

B2a: 'BBBsf'

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

Fitch found that a decrease in the WAFF of 15% and an increase in
the WARR of 15% would lead to the following:

MM06-1 PLC:

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AAAsf'

B1a: 'AAAsf'

B2a: 'BBBsf'

MM07-1 PLC:

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AAAsf'

B1a: 'AA+sf'

B2a: 'BBB-sf'

MM07-2 PLC:

A1a: 'AAAsf'

A2a: 'AAAsf'

M1a: 'AAAsf'

M2a: 'AAAsf'

B1a: 'AAAsf'

B2a: 'AA+sf'

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
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is, therefore, satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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

All three transactions have an ESG Relevance Score of '4' for human
rights, community relations, access & affordability due to loans
originated with limited affordability checks and high concentration
of interest-only loans, which has a negative impact on the credit
profiles, and is relevant to the ratings in conjunction with other
factors.

All three transactions have an ESG Relevance Score of '4' for
customer welfare - fair messaging, privacy & data security due high
concentration of interest-only loans, which has a negative impact
on the credit profiles, and is relevant to the ratings in
conjunction with other factors.

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

SURPIQUE ACQUISITION: Fitch Withdraws 'CCC-' Long-Term IDR
----------------------------------------------------------
Fitch Ratings has revised Surpique Acquisition Limited's Long-Term
Issuer Default Rating (IDR) of 'CCC-' to Rating Watch Positive
(RWP) and subsequently withdrawn the ratings for commercial
reasons.

The RWP reflects a potential for a strengthening of operating and
strategic linkages between Surpique and Coupang, its 100%
shareholder with a stronger credit profile. The upgrade may be
multiple notches, depending on the level of Surpique's integration
with Coupang.

Key Rating Drivers

Strategic Investor Credit Positive: The RWP reflects a potential
multiple-notch upgrade, depending on the extent of legal, strategic
and operational integration with a stronger Coupang. Surpique's
1Q25 results suggest Coupang has supported its turnaround by
streamlining both the operations and customer offerings, sharing
its operational expertise and efficiency standards, plus the
ongoing integration of Farfetch into Coupang's platform. Fitch
views that Surpique's assets and business represent strategic value
for Coupang. Surpique's 'CCC-' IDR benefits from a single-notch
uplift from its 'cc' Standalone Credit Profile.

Settlement On Reebok Licence Claim: The risk of substantial cash
outflow has abated, following the settlement agreement reached with
Authentic Brands Group LLC (ABG), the company that controls Reebok.
New Guards Group Holding S.p.A. (NGG), an Italian subsidiary of
Surpique, received notice of termination of its licence for the
distribution and development of the Reebok brand in Europe,
claiming USD264 million in guaranteed minimum royalties. NGG
entered the court-supervised CNC process as a means of protection.
As a settlement, royalty balance was terminated in exchange for the
transfer of inventory and certain working capital balances to a new
licensee.

Liquidity Risks Remain: Fitch's independently produced forecasts
suggest that FCF will be negative during 2025-2028, resulting in
potential need for further cash support from Coupang, based on 2024
results.

Focus on Marketplace Business: The closure of Farfetch Platform
Solutions (FPS), which provided e-commerce solutions to luxury
brands and retailers at a high capitalised cost, and the expected
winddown of NGG, mean that Surpique will be solely focused on
turning around its core marketplace business in collaboration with
Coupang. The strategy aims to increase Farfetch's share of the
luxury fashion market in South Korea — and more broadly in the
Far East, by providing Coupang customers access to its catalogue.

Improving Profitability but Tariff Uncertainty: Its forecast
assumes low double-digit declines in Marketplaces revenue in 2025
due to the negative effect of US tariffs and a weak global luxury
market. Extensive restructuring, business downsizing and
cost-cutting programmes implemented in 2024 have greatly reduced
operating costs and are expected to improve earnings. There is
material uncertainty regarding the effect of US tariffs on
Surpique's revenue from that country, which accounts for a notable
portion of its net revenues.

ESG - Management Strategy: Surpique has a record of ineffective and
poorly executed corporate strategy and still limited visibility
about the sustainability of its turnaround plan and business
recovery prospects.

ESG - Financial Transparency: Surprique's quality and timing of
financial disclosure does not allow assessment by Fitch, on a
timely and clear basis, of the company's financial position.

Peer Analysis

Fitch does not rate direct competitors of Surpique. However, Fitch
has considered companies such as Golden Goose S.p.A. and
Birkenstock Holding plc (BB/Positive) in the luxury and sports
shoes sectors, Levi Strauss & Co. (BBB-/Stable) and Capri Holdings
Limited (BB/Negative) in the branded apparel sector and Amazon.com,
Inc. (AA-/Stable) in the e-commerce space for its analysis. All
these are more mature businesses with proven EBITDA and cash flow
generation.

Key Assumptions

Not applicable as ratings have been withdrawn.

Recovery Analysis

Not applicable as senior secured rating has been withdrawn.

RATING SENSITIVITIES

Not applicable as ratings have been withdrawn.

Liquidity and Debt Structure

Fitch assesses the company's liquidity as limited due to its
expectation of FCF remaining negative in 2025-2026. Fitch believes
that the group may require additional support from Coupang, subject
to its operating performance recovery.

Issuer Profile

Surpique is the global leading marketplace for personal luxury
fashion, including clothes and accessories.

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

Surpique has an ESG Relevance Score of '5' for Management strategy
due to a record of ineffective and poorly executed corporate
strategy, and still limited visibility about the sustainability of
its turnaround plan and business recovery prospects. This has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in an implicitly lower rating.

Surpique has an ESG Relevance Score of '5' for Financial
Transparency, due to its quality and timing of financial
disclosure, which does not allow assessment by Fitch, on a timely
and clear basis, of the company's financial position. This has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in an implicitly lower 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                        Prior
   -----------               ------                        -----
Surpique Acquisition
Limited                LT IDR CCC- Rating Watch Revision   CCC-
                       LT IDR WD   Withdrawn

Farfetch US
Holdings, Inc.

   senior secured      LT     WD   Withdrawn               CCC-


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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