---

       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

          Monday, August 4, 2025, Vol. 26, No. 154

                           Headlines



F R A N C E

ELO: S&P Alters Outlook to Negative, Affirms 'BB-' Long-Term ICR
FINANCIERE LABEYRIE: Moody's Affirms Caa1 CFR, Outlook Now Pos.


G E R M A N Y

STEPSTONE GROUP: S&P Assigns 'B' ICR, Outlook Stable


I R E L A N D

INVESCO EURO XV: S&P Assigns B- (sf) Rating to Class F Notes
RINGSEND PARK: S&P Assigns B- (sf) Rating to Class F Notes
SOUND POINT 15: S&P Assigns B- (sf) Rating to Class F Notes
TIKEHAU CLO III: S&P Affirms 'B- (sf)' Rating on Class F Notes


I T A L Y

SAIPEM SPA: S&P Places 'BB+' Issuer Credit Rating on Watch Pos.


L U X E M B O U R G

SEINE TOPCO: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable


P O R T U G A L

HAITONG BANK: S&P Alters Outlook to Negative, Affirms 'BB+/B' ICRs


S W E D E N

INTRUM AB: Exits Chapter 11 After Recapitalizing


T U R K E Y

ISTANBUL METROPOLITAN: Moody's Ups Long Term Issuer Rating to Ba3
[] Moody's Takes Rating Action on 3 Firms Amid Turkiye Rating Hike


U N I T E D   K I N G D O M

BAXTER PERSONNEL: FRP Advisory Named as Joint Administrators
FAB UK 2004-1: S&P Ups Class A-3E, A-3F Notes Rating to 'BB+ (sf)'
FEED IT BACK: R2 Advisory Named as Administrator
GLEAM PROPERTY: Quantuma Advisory Named as Administrators
GREAT MINDS: Quantuma Advisory Named as Administrators

NUTRIVEND LTD: Leonard Curtis Named as Joint Administrators
VICTORIA PLC: S&P Cuts ICR to 'CCC-', Put on CreditWatch Negative

                           - - - - -


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

ELO: S&P Alters Outlook to Negative, Affirms 'BB-' Long-Term ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB-' long-term issuer credit rating on ELO, owner of
Auchan Retail and New Immo Holding (NIH).

The negative outlook reflects the short-term pressure on the
liquidity and the weak performance and structural negative free
operating cash flow (FOCF) generation pressuring the group's
financial flexibility and creditworthiness.

Weak performance in the first half (H1) of the year, still high
one-offs, and execution risks have led us to revise downward S&P's
base case for ELO. In the first six months of 2025, ELO reported
sales of EUR15.8 billion, about 3.4% higher than in H1 2024. Growth
was driven by the integration of Casino stores, which pushed up
Auchan Retail's sales by 4.2% to EUR15.5 billion, despite a
like-for-like contraction of 1.6%. Like-for-like for H1 2025 was
negative in the group's three biggest geographies due to subdued
consumer demand and continued investment in prices, falling by 3.1%
in France, by 1.4% in Spain, and by 3.0% in Poland. ELO's reported
EBITDA declined by 5.6% to EUR316 million, compared with EUR339
million in H1 2024, EUR545 million in H1 2023, and EUR619 million
in H1 2022. Positively, Auchan Retail's reported EBITDA was up to
8.4% to EUR172 million, mostly driven by improvements in Romania,
Spain, and Portugal, and benefiting from a good recovery in the
second quarter. ELO's consolidated EBITDA suffered from the 15.0%
contraction of NIH's EBITDA, due to the significant disposals
completed in the H2 2024 (like-for-like EBITDA evolution was
-1.4%). The reported EBITDA of Auchan Retail in France remained at
negative EUR147 million, compared to negative EUR130 million in the
first half of last year.

S&P said, "ELO incurred about EUR85 million of one-off
restructuring and integration costs that we net from our S&P Global
Ratings-adjusted EBITDA, after about EUR320 million of one-offs in
2024. This means that our adjusted EBITDA in first-half 2025 was
about EUR230 million, 21% lower than in first-half 2024. We have
now updated our base case and we conservatively expect EUR150
million total one-off costs for the full-year 2025 (down from
EUR100 million previously). This, together with a slightly downward
revision of NIH's EBITDA, will keep our adjusted debt to EBITDA
(excluding the Russian operations) elevated, at about 5.3x in 2025,
compared with our previous forecast of 4.7x. While we project the
group's transformation plan will reduce leverage to 4.5x-5.0x in
2026, we think execution risks remain elevated, given the
challenging market conditions for retail in France and ELO's
deteriorated profitability and competitive position."

Management is confident that Auchan Retail's performance in France
will recover in the next six-to-12 months. Despite the weak first
half of the year, management confirmed its full-year guidance of
EUR1.0 billion reported EBITDA for Auchan Retail in 2025 (and
rising toward EUR1.6 billion by 2028). This corresponds to
consolidated reported EBITDA of about EUR1.3 billion for the group
for 2025. Management expects a strong improvement in the second
half of the year based on the seasonality of the business and the
group's various strategic initiatives. Over the past 18 months, ELO
has launched a comprehensive transformation plan to improve the
long-term profitability and attractiveness of its French retail
operations, after years of continual deterioration in market share,
sales, and profitability. This includes leveraging on the new
10-year purchasing alliance with Intermarché, investing in prices
and in the attractiveness of its hypermarkets by reducing surface
area and reshaping the offering, developing the franchise model,
and focusing on operating efficiency. In France, this translated
into 2,389 job cuts since the beginning of the year, with EUR100
million of expected annual savings, exit from 24 loss-making
stores, and the rationalization of IT and support functions. The
company is also closing 15 stores and slashing 600 jobs in its
Alcampo network in Spain. Management also points to the 22% revenue
improvement at Casino's acquired stores, following a substantial
cut in selling prices coming from their integration into the Auchan
network, even if their EBITDA remains negative.

ELO is separating the capital structures of NIH and Auchan Retail
to address its debt maturities and fix its liquidity profile, which
is key to maintaining the current rating. The group intends to
strengthen the autonomy of its two core businesses--retail and real
estate--with each business ultimately becoming responsible for the
financing of their operations and thus no longer reliant on
intragroup funding. To this purpose, last week, ELO launched a
consent solicitation to bondholders for the substitution of issuer
in favor of NIH for ELO's EUR2.9 billion senior unsecured notes due
between 2027 and 2029. The substitution is expected to be completed
in September 2025, with the objective of strengthening NIH's direct
access to the market and facilitate debt refinancing. NIH is also
expected to place a new EUR350 million RCF and new secured lending
by the end of the year. At the same time, the group intends to
increase the direct financing of Auchan Retail, setting up a new
RCF and banking facilities. S&P understands these would include new
covenants with adequate headroom, replacing the one at ELO. The
EUR1.0 billion senior unsecured notes due January 2026 will remain
at ELO and are expected to be reimbursed at maturity from cash
currently held. The group's ability to regain access to capital
markets and strengthen its liquidity profile--both at NIH and at
Auchan Retail--is key to maintaining the current ratings. If the
group or its subsidiaries are unable to raise additional external
financing and appropriately sized committed RCF over the next six
months, this would severely affect our ratings.

S&P said, "The proposed debt push-down is credit neutral as we
continue to consider NIH as a core subsidiary of ELO, while we cap
our recovery rating on the senior unsecured debt at '3'. Our
ratings on ELO are based on consolidated metrics, which do not
depend on the location of the debt within the structure. We
understand that, following the transaction, the group intends to
formally cut some of the financial links between ELO and NIH,
including cash pooling, the intra-group loans, and the RCF.
However, ELO will maintain 100% control of NIH, which implies that
it will have the ultimate power to direct its strategy and cash
flows. According to our Group Rating Methodology, this implies
that, despite the proposed changes, the two entities remain deeply
interconnected, from an operational and a financial point of view.
As such, we expect NIH will continue to directly and indirectly
support ELO and Auchan Retail, participating in the reshaping of
its hypermarkets, eventually acquiring its real estate assets, or
providing financial resources in others way, if needed. We note
that last year, NIH sold about EUR700 million of assets, with net
cash inflow of about EUR438 million, to cover Auchan Retail's cash
burn. Our current rating on ELO is supported by NIH's EUR6.6
billion of assets and more stable EBITDA. Our ratings on ELO would
be pressured if the group loses control over NIH's assets and cash
flow. We also do not expect immediate implications on the recovery
and issue ratings on ELO's and NIH's senior unsecured notes, as the
recovery rating it currently capped at '3' due to the unsecured
nature of the rated debt, in line with our criteria. That said, we
will monitor future issuances of secured debt and the creation of
eventual unbalances among the recovery prospects of creditors of
ELO, NIH, and Auchan Retail.

"ELO's financial flexibility continues to deteriorate, as the
increase in fixed charges hampers its cash flow generation. Lower
EBITDA and higher fixed charges are eroding the group's financial
flexibility, as indicated by the EBITDAR coverage ratio, which fell
to 1.3x in 2024, from 2.5x in 2023, and 3.5x in 2022. We expect it
will remain at about 1.5x in 2025, before a progressive improvement
to 1.6x-1.7x in 2026-2027. This level is very weak for our current
rating on ELO; despite the group's ownership of a sizable portion
of its store footprint, it is constrained by the significant
increase in lease payments, which we project will reach about
EUR540 million in 2025, adding to about EUR280 million of interest
on financial debts. Both leases and interests may further increase
in the future, as the group refinances older debt at higher rates,
and executes sale-and-lease-back transactions to support its
liquidity profile. This implies that over the next two years, the
group will depend on its EBITDA base expanding significantly to be
able to generate at least neutral FOCF after leases. Throughout the
2025-2028 period, ELO's outflows will amount to at least EUR1.8
billion per year. These include about EUR1.0 billion of capital
expenditure (capex) per year, about EUR550 million of annual lease
payments, approximately EUR280 million of annual interest expenses
on financial debt, and about EUR100 of annual cash taxes. Given our
EBITDA projections, this implies continual cash burn over our
forecast horizon, which the group expects to cover with disposals
and eventual support from shareholders, while the transformation
plan progressively increases its EBITDA base."

So far, the group has kept net debt and liquidity under control
through continual asset disposals. Over the past 12 months, ELO has
raised about EUR1.1 billion from asset disposals (mostly from NIH).
These inflows allowed it to reduce its reported net financial debt
by about EUR200 million, to EUR4.2 billion, despite the heavy cash
burn of retail operations. The group still has a strong asset base,
including NIH's EUR6.6 billion portfolio and Auchan Retail's
ownership of a considerable portion of its stores, which management
estimated to be worth more than EUR5.5 billion. S&P said, "We
expect the group will execute additional disposals in 2025-2027 to
finance its transformation plan and sustain its liquidity. We also
think that ELO's shareholders could inject additional equity if
needed, following the EUR300 million injected in 2024 and EUR100
million on 2023. We view positively ELO's proactiveness and
track-record in monetizing assets to protect its leverage metrics
in the short term. However, disposals also drive a reduction in
EBITDA (as demonstrated by NIH during H1 2025), or an increase in
lease payments and liabilities, with a mixed effect on long-term
creditworthiness."

The negative outlook reflects the short-term pressure on the
liquidity and the weak performance and structural negative FOCF
generation pressuring the group's financial flexibility and
creditworthiness.

S&P could lower the ratings by one or more notches if, over the
next three-to-six months, ELO does not fix its liquidity profile,
by putting in place new RCFs, revising the current covenant, and
raising more debt or capital to improve its cash position--given
the negative FOCF and upcoming debt maturities.

S&P could also lower the ratings if, over the next six-12 months,
ELO continues to underperform its base case--due to lack of
performance recovery in retail operations or higher-than-expected
costs from the transformation plan--or does not materially improve
its financial flexibility and cash flow profile. Specifically, S&P
could lower the rating if:

-- S&P sees no tangible signs of recovery in the performance of
the French retail operations from their 2024 level;

-- ELO is unable to execute disposals, or does not receive
sufficient support from its shareholders to cover the negative FOCF
after leases between 2025-2027;

-- S&P does not expect ELO's FOCF after leases to approach
break-even by 2027; or

-- S&P Global Ratings-adjusted debt to EBITDA does not decline
structurally below 5.5x (excluding the Russian operations).

S&P could revise the outlook to stable over the next 12 months if
Auchan Retail's profitability and cash flow generation
significantly improve, such that ELO's FOCF after leases reaches
break-even and S&P Global Ratings-adjusted debt to EBITDA
(excluding Russia) structurally declines below 5.5x. A stable
outlook would also be contingent on the group strengthening its
liquidity profile, refinancing its 2027 maturities well in advance,
accessing new available RCFs and renegotiating the covenants, while
net debt is kept under control through disposals and eventual
further support from shareholders.


FINANCIERE LABEYRIE: Moody's Affirms Caa1 CFR, Outlook Now Pos.
---------------------------------------------------------------
Moody's Ratings has affirmed the long-term corporate family rating
of Financiere Labeyrie Fine Foods SAS (Labeyrie or the company) at
Caa1. The probability of default rating has been downgraded to D-PD
from Caa1-PD following the company's recent amend-and-extend offer
on its existing credit facilities. This is intended to extend debt
maturities through negotiated refinancing agreements with existing
lenders, which Moody's considers a distressed exchange and
tantamount to a default under Moody's criteria. In approximately
three business days, the probability of default rating will be
upgraded to Caa1-PD from D-PD. The outlook was changed to positive
from negative.

At the same time, Moody's assigned Caa1 ratings to Labeyrie's
amended and extended EUR455 million senior secured term loan B and
the EUR65 million senior secured revolving credit facility, both
maturing in July 2029. Upon the transaction's completion, the
ratings on the existing senior secured term loan B and senior
secured revolving credit facility, both due in 2026, will be
withdrawn.

"The rating action follows the company's amend-and-extend
transaction of its credit facilities, which will improve the
company's liquidity and remove the refinancing risk by extending
the maturity of its debt from 2026 to 2029", says Valentino
Balletta, a Moody's Ratings lead analyst for Labeyrie.

Governance considerations were a key driver of the rating actions
reflecting Labeyrie's highly leveraged balance sheet and debt
exchange transactions. While the exchanges did not result in
creditors initially recognizing losses on debts relative to their
original principal amounts, the transactions induced existing
creditors to accept a maturity extension, which is deemed a
distressed exchange under Moody's definitions.

RATINGS RATIONALE

The affirmation of the Caa1 CFR and change in outlook to positive
reflects Labeyrie's extension of debt maturities and improving
operating performances in recent quarters. As part of the
transaction, the company will extend the maturity dates for its
revolving credit facility (RCF) and term loan B (TLB) from July
2026 to July 2029, providing a more manageable timeframe to further
consolidate the improvement in its operating performance.

The amend-and-extend transaction includes, amongst other factors:
increased margins on the extended term loan and RCF with part of
the interest paid in payment-in-kind (PIK) format on the TLB; a
consent fee on extended term loan commitments, funded with balance
sheet cash along with other transaction-related fees; and an exit
fee payable if an exit occurs.

Labeyrie's liquidity profile improvement from the maturity
extension supports Moody's views that the company's credit metrics
are appropriately positioned within the Caa1 rating. Pro forma for
the transactions, Moody's expects leverage will not change
materially as the transaction primarily served to extend debt
maturities. Moody's project Labeyrie's Moody's adjusted leverage
will stay high at around 7.4x for the fiscal year ending June 2025,
partly due to one-time costs from headcount reductions and site
closures, with potential for deleveraging over the next 12 to 18
months.

Although the transaction raises the interest burden and PIK
interest will incrementally increase debt over time, the rating
action, also, takes into account the expected further improvement
in earnings and credit metrics, with Labeyrie's capital structure
becoming more sustainable over time. Over fiscal 2025, Labeyrie's
operating performance has significantly improved from weak levels
in the year-earlier period; however, it still remains below
historical levels. The company adjusted EBITDA as of as of fiscal
year ending June 2025 increased by 16% to EUR73 million (EUR63
million a year earlier, which included around EUR12 avian flue
government aid). This increase was driven by a 5% volume growth on
the back of recovery in private labels, and good performance in
national brands in France, with margin improvement tied to
cost-saving initiatives, and a decline in raw material prices,
particularly salmon. However, overall performance remains subdued
as consumer demand in France, the company's primary market, remains
sluggish and below historical levels.

Moody's anticipates earnings will improve further in fiscal year
2026, driven by increased volume as the French market recovers and
structural cost reduces. This, along with the normalization of
one-off costs, should help reduce leverage to around 6.5x, while
EBITA/Interest coverage is projected to stay above 1.0x, which
would exert positive pressure on the rating.

However, execution risks to sustainably improving performance
persist because of the challenging trading environment affecting
French households. Although Labeyrie's focus on core, profitable
activities is likely to boost volume growth and profitability,
these initiatives are challenged by ongoing consumer strain and the
high price sensitivity of its products.

Labeyrie's Caa1 CFR continues to be supported by the company's
leading position in several product categories, increasing market
share in premium branded products, and a strong portfolio of
well-recognised branded and private-label products.

However, Labeyrie's CFR continues to be constrained by the
company's very high leverage and relatively low operating margin
compared to other food manufacturers, along with significant
earnings and working capital seasonality during the Christmas
season. It is also exposed to commodity price volatility, which can
lead to fluctuations in earnings, and has a high concentration of
customers.

LIQUIDITY

Labeyrie's liquidity profile is adequate. Pro forma for the
transaction, Moody's expects cash on balance sheet to be around
EUR40 million in fiscal 2025. In addition, the company has access
to a fully undrawn EUR65 million committed revolving credit
facility (RCF) due July 2029, which covenants are tested when drawn
by more than 40%, with a maximum net senior secured leverage
covenant of 8.0x.

While cash flow has been under strain and significantly negative in
the past because of limited earnings, in fiscal 2025, the company
preserved its cash flow generation by optimising working capital,
making additional asset disposals, and concentrating on necessary
and strategic capital expenditure to ensure factories remain
well-invested.

Despite Moody's expectations of a further improvement in earnings,
Labeyrie's Moody's-adjusted FCF is likely to remain slightly
negative in fiscal 2026 and fiscal 2027, as the company invests in
growth-related capital expenditure focused on productivity and
capacity enhancements to support further EBITDA growth.

In addition, Labeyrie has a committed factoring line contractually
of EUR100 million available between August and January to service
strong intra-year seasonal working capital swings, and of around
EUR40 million between February and July. The company relies on the
RCF and the factoring line to fund significant working capital
swings towards the end of each calendar year.

STRUCTURAL CONSIDERATIONS

The Caa1 ratings on the EUR455 million senior secured term loan B
and the EUR65 million senior secured RCF reflect the fact that the
two instruments are part of the same facility, rank pari passu, and
benefit from the same guarantee and security package over bank
accounts, intercompany receivables and share pledges over Labeyrie
and its group subsidiaries.

Moody's assumes a 50% family recovery rate, as is standard for
capital structures that include first-lien bank debt with only a
springing covenant.

Outside of Labeyrie's restricted group, around EUR220 million
payment-in-kind notes (including accrued interest) have been
borrowed by Lilas France SAS, the parent company of Labeyrie.
Moody's understands that as part of the current transaction, the
maturity of the PIK notes will be extended three months after the
senior loan, i.e. in October 2029. Although Moody's do not include
this instrument in Moody's assessments of Labeyrie's credit
metrics, it represents an overhang for the company's assessment, as
the company has to build sufficient financial flexibility to
service this instrument

OUTLOOK

The positive outlook reflects the removal of the refinancing risk
associated with the RCF and term loan B maturities and Moody's
expectations of further improvements in credit metrics and
continued deleveraging, driven by increased profitability. The
outlook assumes that the company will follow a balanced financial
policy with a clear focus on deleveraging whilst maintaining an
adequate liquidity.

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

The ratings could be upgraded, if (1) the company continues to
demonstrate a track record in successfully improving its operating
profitability, including organic revenue growth and higher
profitability; (2) improves its liquidity, highlighted by
sustainable positive free cash flow generation and increased
covenant headroom. Quantitatively, Moody's could consider upgrading
Labeyrie's rating if its Moody's-adjusted gross debt/EBITDA falls
sustainably and significantly below 7.0x while its EBITA interest
coverage ratio, Moody's-adjusted, remains above 1.0x.

Conversely, negative pressure on the rating could materialize if
Labeyrie's operating performance deteriorates, or if liquidity
weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

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

COMPANY PROFILE

Headquartered in France, Financiere Labeyrie Fine Foods SAS
(Labeyrie) is a leading manufacturer of smoked fish, prawns and
foie gras in France and the UK. It also produces a wide range of
fresh appetisers and delicatessen. About half of the company's
products are sold under its own brands and the remaining as private
labels. Based on management accounts (unaudited), the company
reported net sales of EUR901 million and management-adjusted EBITDA
(including IFRS 16) of EUR76 million.

The private equity firm PAI Partners and Lur Berri, a French duck
producing cooperative, hold voting rights of 46% each, and
management owns the remaining 8%.



=============
G E R M A N Y
=============

STEPSTONE GROUP: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating on
Germany-based operator of online job classifieds platforms The
Stepstone Group Midco 1 GmbH and 'B' issue rating and '3' recovery
rating to the company's term loans.

S&P said, "The stable outlook reflects our expectation that
Stepstone will resume earnings growth over the next 12 months owing
to economic and hiring recovery in Europe, in particular Germany,
and its cost structure optimization. We expect that the company
will reduce leverage to below 7.5x and its FOCF to debt will be 3%
in 2026, increasing toward 5% thereafter."

The Stepstone Group Midco 1 GmbH was split from the media and tech
company Axel Springer SE on April 29, 2025. Stepstone became a
stand-alone company under the majority ownership of the financial
sponsors KKR & Co. and its affiliates and Canadian Pension Plan
Investments (CPPI) through their holding company Traviata B.V. To
fund this, Stepstone secured EUR1.9 billion term loans, and a
EUR300 million revolving credit facility (RCF) in December 2024.

S&P said, "The ratings are in line with the preliminary ratings we
assigned last year. We now anticipate Stepstone's revenue will
decline by about 8% in 2025, reflecting weaker economic growth
mainly in Europe, in particular its main market of Germany, and
hence lower hiring activity that correlates with economic growth.
We expect the company's revenue and EBITDA will recover in 2026.
This, together with mostly executed cost saving measure, will
support Stepstone's S&P Global Ratings-adjusted EBITDA margins
rising above 30% by 2026, which compares well with its classifieds
peers. The rating also reflects the company's highly leveraged
capital structure and ownership by a private equity sponsor and our
expectation that S&P Global Ratings-adjusted leverage will decrease
below 7.5x mainly on earnings growth in 2026, from about 8.0x in
2025.

"We assume Stepstone's revenue will decline in 2025, from
previously anticipated flat development, on weaker economic
conditions and lower hiring, before resuming growth in 2026. We now
forecast weaker GDP growth in Stepstone's main market of Germany
(60% of revenue in 2024) due to trade and geopolitical tensions,
translating into 0.1% growth versus almost 1% previously expected.
This will take a toll on the company's revenue development in 2025,
as the latter correlates with economic growth and hiring.
Stepstone's year-to-date performance (first-quarter 2025) was weak,
including 15%-17% declines in the company's revenue and company's
adjusted EBITDA. This reflected delayed spending on online jobs
listing by Stepstone's clients, while the programmatic advertising
operations in the U.S. continued to grow by 4% organically. In
addition, our 2025 revenue expectation will be affected by the
deconsolidation of Stepstone's divested talent research and
branding business in Sweden. We expect that economic conditions
should improve in second-half 2025, supporting business confidence,
and hiring activity. In our view, the economic conditions in Europe
should continue improving over 2026, boosting recruiting and
hiring, and drive Stepstone top-line growth to 11%. We expect that
the U.S. economy will grow in 2025-2026 at just below 2%, slowing
from 2023-2024's 3%, supporting Appcast's programmatic revenue
growth.

"We expect Stepstone to maintain sound FOCF. In 2025, FOCF could be
about EUR80 million, reflecting weaker earnings and sizeable
exceptional costs partly offset by lower expected interest payments
than previously expected as the new capital structure became
effective from end of April 2025 and there was a holiday period on
commitment fees. For 2026, we expect material earnings growth that
will be partly absorbed by somewhat growing tax payments, higher
interest payments on the new capital structure (with the full 12
months of payments), and somewhat higher capital expenditure
(capex; mainly containing IT capitalized costs) due to increased
investments in technology and platforms, translating into FOCF of
about EUR60 million. We view Stepstone's annual working capital
needs as moderate because a large portion of the company's
contracts are prepaid, and we expect only moderate working capital
outflows from 2026 onward reflecting growing operations. This will
translate into S&P Global Ratings-adjusted FOCF to debt of 3%-4% in
2025-2026, approaching 5% in 2027.

"Group credit considerations do not limit our view on Stepstone's
credit quality. The company operates as a separate and independent
entity after it was spun off--same as the real estate online
classifieds operator Aviv--from Axel Springer SE on April 29, 2025.
Following the transaction, KKR and CPPI own about 90% of Stepstone
and Aviv through holding company Traviata. We view Traviata as the
intermediate holding company whose primary purpose is to control
these operating companies and will generally rely on these
companies' cash flow to service its financial obligations. Traviata
refinanced its term loan with payment-in-kind financing in 2025.
This debt is subordinated to the debt of all operating companies,
is nonrecourse, has longer maturity than their debt, will not
require cash interest payments, and will ultimately be repaid after
the sale of Stepstone or Aviv. We expect Traviata will have higher
leverage than Stepstone, but its group creditworthiness will be
broadly aligned with that of Stepstone, because its greater
business diversity supports higher leverage than Stepstone. The
latter will represent a significant part of the group's revenue and
cash flow, compared with the smaller contribution of Aviv.
Therefore, in our view, Traviata's current group credit profile
does not constrain Stepstone's credit quality.

"The stable outlook reflects our expectation that Stepstone will
resume revenue and earnings growth over the next 12 months owing to
economic growth, hiring recovery, and cost optimization. This
should lead S&P Global Ratings-adjusted leverage to fall below 7.5x
and FOCF to debt to remain positive, improving toward 5% in 2027.
The outlook also assumes the company will maintain adequate
liquidity."

S&P could lower the rating if Stepstone's adjusted leverage
remained above 7.5x and FOCF materially below 5% sustainably. This
could occur if:

-- Weaker economic growth in Germany and the U.S., and lower
demand for recruiting services without sufficient cost-preserving
measures translated into Stepstone's revenue reducing and a decline
in earnings and cash flow below our expectations; or

-- The company adopted a more aggressive financial policy,
including material debt-funded acquisitions or shareholder
returns.

In addition, S&P could lower the rating if Traviata's
creditworthiness deteriorated, and it thought that it eroded
Stepstone's credit quality.

An upgrade is unlikely over the next 12 months. Beyond then, S&P
could raise the rating if Stepstone's adjusted leverage declined
toward 5.0x sustainably and FOCF to debt approached 10%. An upgrade
would hinge on our view that the company and its financial sponsors
were committed to maintain these improved credit metrics with a
limited risk of releveraging. The upgrade would also depend on
Traviata's credit quality improving such that it would not
constrain Stepstone's creditworthiness.



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

INVESCO EURO XV: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Invesco Euro CLO
XV DAC's class A-1 and A-2 loans and class A, B-1, B-2, C, D, E,
and F notes. The issuer also issued unrated subordinated notes.

Under the transaction documents, the rated loans and notes pay
quarterly interest unless a frequency switch event occurs, upon
which the loans and notes pay semiannually.

This transaction has a 1.5 year noncall period, and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.

The ratings assigned to the loans and notes reflect S&P assessment
of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor     2,823.76
  Default rate dispersion                                 507.89
  Weighted-average life (years)                              4.3
  Weighted-average life (years)
  including reinvestment period                              4.5
  Obligor diversity measure                                89.05
  Industry diversity measure                               21.15
  Regional diversity measure                                1.25

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              104
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.50
  'AAA' target portfolio weighted-average recovery (%)     37.14
  Target weighted-average spread (net of floor, %)          3.72
  Target weighted-average coupon (%)                         N/A
  
  N/A--Not applicable.

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and bonds on the
effective date. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread (3.70%), the covenanted
weighted-average coupon (4.50%), and the target portfolio
weighted-average recovery rate for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

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

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

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
capped our assigned ratings on the notes. The class A-1 and A-2
loans and class A and F notes can withstand stresses commensurate
with the assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-1 and A-2 loans and class A, B-1, B-2, C, D, E, and F notes.

"In addition to our standard analysis, we also included the
sensitivity of the ratings on the A-1 and A-2 loans and class A to
E notes based on four hypothetical scenarios.

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

Environmental, social, and governance

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

Invesco Euro CLO XV is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Invesco CLO
Equity Fund 6 LLC manages the transaction.

  Ratings list

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

  A         AAA (sf)   209.00    39.00    Three/six-month EURIBOR
                                          plus 1.37%

  A-1 loan  AAA (sf)    35.00    39.00 Three/six-month EURIBOR
                                          plus 1.37%

  A-2 loan† AAA (sf)     0.00    39.00    Three/six-month EURIBOR

                                          plus 1.37%

  B-1       AA (sf)     38.00    27.00    Three/six-month EURIBOR
                                          plus 2.05%

  B-2       AA (sf)     10.00    27.00    5.125%

  C         A (sf)      23.00    21.25 Three/six-month EURIBOR
                                          plus 2.50%

  D         BBB- (sf)   29.00    14.00    Three/six-month EURIBOR
                                          plus 3.40%

  E         BB- (sf)    17.00     9.75    Three/six-month EURIBOR
                                          plus 6.30%

  F         B- (sf)     12.00     6.75    Three/six-month EURIBOR
                                          plus 8.70%

  Sub. Notes    NR      30.3       N/A    N/A

*The ratings assigned to the class A-1 and A-2 loans and class A,
B-1, and B-2 notes address timely interest and ultimate principal
payments. The ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

†The class A-2 loan has an initial notional balance of zero but
on any business day the initial class A-2 lender may elect to
convert all of the class A-2 lender notes they hold into a class
A-2 loan of up to EUR50 million.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


RINGSEND PARK: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Ringsend Park CLO
DAC's class A loan and class A, B, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

The reinvestment period will be approximately 4.50 years, while the
noncall period will end 1.50 years after closing.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes and loan will switch to semiannual payment.

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

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,828.81
  Default rate dispersion                                 441.71
  Weighted-average life (years)                             4.55
  Obligor diversity measure                               153.50
  Industry diversity measure                               20.34
  Regional diversity measure                                1.25

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                               0.00
  Number of performing obligors                              179
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.10
  Target 'AAA' weighted-average recovery (%)               36.52
  Target weighted-average spread (net of floors; %)         3.67
  Target weighted-average coupon (%)                         N/A

  N/A--Not applicable.

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.

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

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes. This may allow for the principal proceeds to be
characterized as interest proceeds when the collateral par exceeds
this amount, subject to a limit, and affect the reinvestment
criteria, among others. This feature allows some excess par to be
released to equity during benign times, which may lead to a
reduction in the amount of losses that the transaction can sustain
during an economic downturn. Hence, in our cash flow analysis, we
assumed a starting collateral size of less than target par (i.e.,
the EUR400 million target par minus the EUR7 million maximum
reinvestment target par adjustment amount).

S&P said, "In our cash flow analysis, we also modeled the
covenanted weighted-average spread of 3.63%, the covenanted
weighted-average coupon of 4.50%, and the targeted weighted-average
recovery rates at each rating level. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

The issuer purchased some of the portfolio from a secured
special-purpose vehicle (SPV) grantor via participations; this
purchase complies with S&P's legal criteria. The transaction
documents also require that the issuer and secured SPV grantor use
commercially reasonable efforts to elevate the participations by
transferring to the issuer the legal and beneficial interests as
soon as reasonably practicable following the closing date.

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

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

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

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

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

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

-- S&P's model generated BDR at the 'B-' rating level of 23.91%
(for a portfolio with a weighted-average life of 4.55 years),
versus if we were to consider a long-term sustainable default rate
of 3.1% for 4.55 years, which would result in a target default rate
of 14.11%.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
loan and the class A to F notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.

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

Environmental, social, and governance

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

  Ratings list


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

  A       AAA (sf)   142.80    36.90     Three/six-month EURIBOR
                                         plus 1.31%

  A loan  AAA (sf)   105.20    36.90     Three/six-month EURIBOR
                                         plus 1.31%

  B       AA (sf)     43.50    25.83     Three/six-month EURIBOR
                                         plus 1.85%

  C       A (sf)      24.50    19.59     Three/six-month EURIBOR
                                         plus 2.15%

  D       BBB- (sf)   28.00    12.47     Three/six-month EURIBOR
                                         plus 3.10%

  E       BB- (sf)    18.00     7.89     Three/six-month EURIBOR
                                         plus 5.60%

  F       B- (sf)     12.00     4.83     Three/six-month EURIBOR
                                         plus 8.27%

  Sub notes   NR      30.90      N/A N/A

*The ratings assigned to the class A loan and class A and B notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
** Based on the EUR400 million target par minus the EUR7 million
maximum reinvestment target par adjustment amount
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


SOUND POINT 15: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sound Point Euro
CLO 15 Funding DAC's class A to F European cash flow CLO notes. At
closing, the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 5.00
years after closing, while the noncall period will end two years
after closing.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,844.58
  Default rate dispersion                                 409.44
  Weighted-average life (years)                             4.87
  Weighted-average life (years) extended to cover
  the length of the reinvestment period                     5.00
  Obligor diversity measure                               140.49
  Industry diversity measure                               21.68
  Regional diversity measure                                1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.61
  Target 'AAA' weighted-average recovery (%)               36.16
  Target weighted-average spread (net of floors; %)         3.79

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The target portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR500 million target par
amount, the target weighted-average spread (3.79%), the covenanted
weighted-average coupon (4.50%), and the target portfolio
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category."

Until the end of the reinvestment period on July 31, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. As a result, until the end of
the reinvestment period, the collateral manager may through trading
deteriorate the transaction's current risk profile, if the initial
ratings are maintained.

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

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

"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"Our credit and cash flow analysis shows that the class B, C, D,
and E notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A and F notes can withstand stresses
commensurate with the assigned ratings.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average.

"For this transaction, the documents prohibit assets from being
related to certain activities. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings

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

  A      AAA (sf)    307.50    38.50    Three/six-month EURIBOR
                                        plus 1.33%

  B      AA (sf)      60.00    26.50    Three/six-month EURIBOR
                                        plus 1.75%

  C      A (sf)       30.00    20.50    Three/six-month EURIBOR
                                        plus 2.15%

  D      BBB- (sf)    33.75    13.75    Three/six-month EURIBOR
                                        plus 3.00%

  E      BB- (sf)     22.50     9.25    Three/six-month EURIBOR
                                        plus 5.50%

  F      B- (sf)      13.75     6.50    Three/six-month EURIBOR
                                        plus 8.16%

  Sub. Notes    NR    38.50      N/A    N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


TIKEHAU CLO III: S&P Affirms 'B- (sf)' Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Tikehau CLO III DAC
class B notes to 'AAA (sf)' from 'AA (sf)', class C notes to 'AA
(sf)' from 'A (sf)', and class D notes to 'A (sf)' from 'BBB (sf)'.
At the same time, S&P affirmed its 'AAA (sf)' rating on the class A
notes, 'BB (sf)' rating on the class E notes, and 'B- (sf)' rating
on the class F notes.

The rating actions follow the application of its global corporate
CLO criteria, and its credit and cash flow analysis of the
transaction based on the May 2025 trustee report.

S&P's ratings address timely payment of interest and ultimate
principal on the class A and B notes, and ultimate payment of
interest and principal on the class C, D, E, and F notes.

Since the transaction closed in 2017:

-- The portfolio's weighted-average rating is at 'B'.

-- The portfolio is diversified with 106 obligors.

-- The portfolio's weighted-average life is 3.37 years.

Despite a more concentrated portfolio, the scenario default rates
(SDRs) decreased for all rating scenarios, mainly due to improved
credit quality and the reduction in the weighted-average life of
the portfolio to 3.37 years.

  Portfolio benchmarks

  SPWARF                         2,808.02
  Default rate dispersion (%)      646.94
  Weighted-average life (years)      3.37
  Obligor diversity measure         80.66
  Industry diversity measure        22.16
  Regional diversity measure         1.21

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in December
2021. The class A notes have deleveraged by EUR63.96 million since
then, with a note factor of 73.86%.

-- No class of notes is deferring interest.

-- All coverage tests are passing as of the May 2025 trustee
report.

-- The transaction saw a decrease in assets than liabilities,
amounting to EUR0.23 million

  Transaction key metrics

  Total collateral amount (mil. EUR)*    355.79
  Defaulted assets (mil. EUR)                 0
  Number of performing obligors             106
  Portfolio weighted-average rating           B
  'CCC' assets (%)                         6.47
  'AAA' SDR (%)                           57.48
  'AAA' WARR (%)                          36.25

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

  Credit enhancement

         Current       Credit             
                       enhancement         Credit
                       as of May 2025      enhancement
  Class  amount (EUR)  trustee report (%)  at closing (%)

  A      180,733,176      49.20             41.74
  B       57,700,000      32.99             28.00
  C     28,600,000      24.95             21.19
  D       19,700,000      19.41             16.50
  E       26,250,000      12.03             10.25
  F       12,600,000       8.49              7.25
  Sub     45,600,000        N/A               N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)] / [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
N/A--Not applicable.

The CLO has a smoothing account that helps to mitigate any
frequency timing mismatch risks.

S&P said, "In our credit and cash flow analysis, we examined the
transaction's current cash balance of approximately EUR40.36
million, as reported by the trustee in May 2025. Additionally, we
assessed the available principal proceeds, considering the amounts
utilized to deleverage the notes on each of the last two payment
dates.

"Based on these considerations, we developed a base case cash flow
scenario in which the entire principal cash amount was allocated to
pay down the notes. We also evaluated the potential for the
collateral manager to reinvest unscheduled redemption proceeds and
sales proceeds from credit-risk and credit-improved assets. Such
reinvestments, rather than prioritizing liability repayment, could
extend the note repayment profile for the most senior class.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class A notes is sufficient to
withstand the credit and cash flow stresses that we apply at the
'AAA' rating level. We therefore affirmed our 'AAA (sf)' rating on
this class of notes.

"Given the continued deleveraging of the senior notes, we raised
our rating on the class B notes, as the available credit
enhancement is now commensurate with 'AAA' rating levels. We
therefore raised our rating by two notches to 'AAA (sf)' from 'AA
(sf).

"Our cash flow analysis indicated higher ratings than those
currently assigned for the class C, D and E notes. We also
considered several key factors, including the level of cushion
between our break-even default rate and the SDR at the respective
passing rating levels, the seniority of the notes, credit
enhancement level, and the current macroeconomic environment.
Considering these factors, we therefore raised our ratings on the
class C and D notes by three notches. We raised to 'AA (sf)' from
'A (sf)' our rating on the class C notes and to 'A (sf)' from 'BBB
(sf)' our ratings on the class D notes. We also affirmed our 'BB
(sf)' rating on the class E notes.

"For the class F notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower rating." S&P therefore applied its 'CCC'
rating criteria, and considered the following key factors:

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

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

-- Assuming full pay down of current cash proceeds, our model
generated break-even default rate at the 'B-' rating level of
21.13% (for a portfolio with a weighted-average life of 3.37
years), versus if it was to consider a long-term sustainable
default rate of 3.1% for 3.37 years, which would result in a target
default rate of 10.45%.

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

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

Having considered the above, S&P affirmed its 'B- (sf)' rating on
the class F notes.

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

Following the application of its structured finance sovereign risk
criteria, S&P considers the transaction's exposure to country risk
to be limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

Tikehau CLO III DAC is a broadly syndicated CLO managed by Tikehau
Capital Europe Ltd.




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

SAIPEM SPA: S&P Places 'BB+' Issuer Credit Rating on Watch Pos.
---------------------------------------------------------------
S&P Global Ratings placed its 'BB+' rating on Saipem SpA on
CreditWatch with positive implications.

The CreditWatch placement reflects S&P's view that the announced
transaction will likely result in a business combination with a
stronger credit profile for the combined entity, because the group
would be more diversified and profitable and relatively more cash
generative.

On July 24, Saipem SpA announced that it had entered into a binding
merger agreement with Subsea7 S.A. (unrated) to create a global
leader in energy services.

S&P said, "We aim to resolve the Credit Watch after the
transaction's close and as soon as we receive additional
information on the new combined entity's financial policy, capital
allocation strategies, and anticipated leverage. The CreditWatch
placement reflects the possibility of a maximum two-notch upgrade.
Moreover, we anticipate that it will take up to several months to
resolve our CreditWatch, rather than the typical 90 days, because
the company anticipates the merger will take place in the second
half of 2026."

The combined entity resulting from Saipem and Subsea7 merging has
the potential to achieve a better credit rating than Saipem stand
alone. On July 24, 2025, engineering and construction company
Saipem announced that it had entered into a binding agreement with
Subsea7 to merge the two companies, with Saipem being the surviving
entity to be renamed Saipem7. This follows the signing of the
memorandum of understanding on Feb. 23, 2025.

Saipem7 pro forma would have generated about EUR21 billion of
revenue, reported EBITDA in excess of EUR2 billion, more than
EUR800 million of free operating cash flow in 2024 and would have a
combined backlog of EUR43 billion. The rationale for the
transaction is mainly to create greater scale, synergies of
operations, projects, and technologies, as well as to optimize
costs and investment and diversify the geographical area of
operations.

S&P currently anticipates that Saipem7 will be larger and more
profitable than Saipem on its own.

S&P said, "In addition, we see a possibility for a stronger balance
sheet after the merger compared with Saipem's stand alone, because
we understand that currently Subsea7 is more profitable, cash
generative, and has a stronger balance sheet." This depends on the
group's future capital allocation strategies, capital structure,
and financial policies, however.

The new combined entity will inherit dividend policy from Saipem,
distributing at least 40% of free cash flow after lease payments to
shareholders. At the same time, S&P understands there is no upper
limit to the distribution size, which means leverage metrics will
depend on the management's conservative application of the policy.
Saipem paid approximately EUR333 million of dividends in the first
half of 2025, which is significantly above 40% of its free
operating cash flow generated in 2024. The company has announced
its intention to maintain investment-grade credit metrics, which
will require a reasonable and consistent application of the
announced policy after the merger.

The shareholders are expected to vote on the transaction in
September 2025, although the transaction is likely to be final only
in the second half of 2026, if approved by shareholders and
regulators. S&P intends to resolve the CreditWatch upon the
completion of the transaction and after obtaining a better
understanding of the combined company's business plan and financial
policy, among other things.

Saipem has demonstrated strong performance and conservative
leverage recently. The company delivered $1.39 billion of S&P
Global Ratings-adjusted EBITDA in 2024, a 38% improvement over the
$1.004 billion in 2023. The performance continued to improve in
2025, with $770 million of EBITDA in the first half of 2025, a 27%
increase over the same period of last year. The company benefits
from a supportive market environment while also continuing to
improve the quality of its backlog, with focus on the profitability
and resilience of its contracts. This is reflected in gradual
improvement of its EBITDA margin to 10.6% in the first half of 2025
from 9.6% in the whole of 2024 and 8.4% in full-year 2023. Equally,
Saipem's leverage improved with funds from operations (FFO) to debt
of 70.3% at year-end 2024, compared with 35.1% in 2023. The credit
profile of the united company, however, will depend on the
investment and distribution approach, which S&P intends to better
understand by the time the transaction closes.

S&P said, "The CreditWatch placement reflects our view that the
announced transaction will likely result in a business combination
with a stronger credit profile for the combined entity, Saipem7,
because it will be more diverse and relatively more cash
generative. We aim to resolve the CreditWatch when the merger
closes and as soon as we receive additional information on the new
combined entity's financial policy, capital allocation strategies,
and anticipated leverage. The CreditWatch placement reflects the
possibility of a maximum two-notch upgrade, depending on the new
entity's balance sheet strength, leverage tolerance, and financial
policies. Moreover, we anticipate that it could take to several
months to resolve our CreditWatch, rather than the typical 90 days,
because the company anticipates the merger will take place in the
second half of 2026.

"If the merger does not materialize, we could raise the rating on
Saipem if we believe the company would maintain FFO to debt of
above 60% under normal industry conditions and above 45% in a
downturn."




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

SEINE TOPCO: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Seine Topco S.a.r.l., and affirmed its 'B+' issue rating on the
EUR400 million senior secured term loan issued by Seine Finance
S.a.r.l. and EUR250 million senior secured term loans issued by
Seine Holdco SAS.

S&P said, "The stable outlook reflects our expectation of solid
organic revenue growth of 24% in 2025 and 18%-19% thereafter,
supported by the increasing adoption of My Silae and corresponding
price increases, while adjusted EBITDA margins remain strong,
benefiting from operating leverage, which will support adjusted
leverage decline below 4x and significant free cash flow
generation.

"We assigned our 'B+' long-term issuer credit rating to the group's
ultimate holding level, Seine Topco S.a.r.l. This follows the
company's move to reporting its consolidated accounts at the Seine
Topco level. We construed this only as a reporting change. This is
because there are no material separate operations at the holding
level, with Silae remaining the group's operating company. While
the accounts at Seine Topco mirror that at the Seine Finance level.
We consider Seine Finance (100% owned) as a core subsidiary and
equalize our rating on Seine Topco with Seine Finance
(B+/Stable/--)."

Product extension to the full HR suite will drive organic growth.
The company launched My Silae in 2024, which offers more integrated
HR solutions including leave & absence management, employees
onboarding/offboarding, digital safe, medical appointments, and
talent management. The offering is now bundled with its
software-as-a-service (SaaS) payroll processing solutions and
cannot be sold separately. As of April 2025, My Silae was taken up
by 51% of Silae's end customers, up from 39% in September 2024. My
Silae provides a strong pricing uplift which supports revenue
growth for both Silae and its channel partners (certified public
accountants [CPAs], business process outsourcing [BPOs], and
value-added resellers [VARs]). S&P said, "The company offers a
similar integrated product called the Silae RH suite to larger SMBs
(100 or more employees), but we expect revenue recognition from
this product to be limited in the near term as it relies on new
customer wins in a competitive and fragmented segment of the
market. Overall, we forecast revenue will organically increase by
24% in 2025 to EUR265 million, and to EUR286 million including
effects of acquisitions."

Silae's more-for-more offering and price increases from the launch
of My Silae, with limited impact on churn, reflects strong
end-market demand and stickiness. The company adjusted prices by
40% in 2023-2024, through the new package, which includes Digital
safe, which is essential under new regulations on handling personal
information in France. With My Silae, the prices inched further
higher. Thanks, to the solid partner relationship as well as
three-year contract bundling, the impact on churn rate has been
largely mitigated. S&P also believes the software is critical to
Silae's network of partners and that its enhanced product offerings
are well received.

Small bolt-on acquisitions outside France will offer some
geographic diversification, although not material at this stage.
Silae acquired Spain-based Summar and Denario toward the end of
2024. Beyond payroll and HR software, Summar also offers enterprise
resource planning solutions. Although the combined incremental
revenue contribution is not substantial and will not be more than
EUR20 million in 2025, bringing overall revenue to EUR286 million
in 2025 and EUR336 million in 2026, S&P sees limited risk in
Silae's entrance to Spain, given this was done by buying an
established player in the market. The company will focus on
expanding its operations in countries such as Spain, Germany, and
Italy where there is payroll complexity, after having established a
substantial market position in the highly complex French payroll
market.

Margins will somewhat soften from the highs of 2024, although
remain significantly ahead of peers, led by operating leverage. A
substantial price increase helped margins recover in 2024. Ongoing
price increases as well as operating leverage from up- and
cross-selling of products will support exceptional margins going
forward. Additionally, the recent acquisitions do not require
material investment. That said, margins are expected to somewhat
decline in 2025--mainly due to the consolidation of lower margin
acquired business--and remain stable thereafter.

S&P said, "We expect deleveraging and solid free cash flow
generation to continue, but financial sponsor ownership will remain
a key rating constraint. Following dividend recapitalization in
2024, when debt to EBITDA increased to 4.7x from 3.1x, we project
increasing leverage headroom going forward. We estimate adjusted
debt to EBITDA to comfortably decline below 4x to 3.6x in 2025, and
potentially toward 3.1x in 2026, and free operating cash flow
(FOCF) to debt to increase to 15% in 2025 and 18% in 2026,
supported by increasing profitability, limited capital expenditure
(capex), working capital needs, and interest cost savings from debt
repricing. At the same time, we think this organic deleveraging
will likely be stalled by further acquisitions as Silae is looking
to further diversify its operations. Additionally, there is no
commitment to achieve and maintain a particular leverage target and
private equity ownership remains a risk to the capital structure.

"In 2024, a shareholder loan of about EUR145 million, issued in
2020 at Seine Topco, was assigned to Seine Finance S.a.rl. We treat
shareholder loans as equity, reflecting the loan's deep
subordination to secured debt, unsecured status in the capital
structure, noncash interest payments, maturity in September 2031
after all senior debt obligations mature in January 2031, and
inability to trigger in an event of default.

"The stable outlook reflects our view that increasing adoption of
the higher priced fully integrated HCM suite will foster robust
revenue growth of 24% in 2025 and 18% in 2026-2027 and superior
profitability. This would help Silae maintain debt to EBITDA below
5x and FOCF to debt above 10%, absent any meaningful releveraging
actions.

"We could lower the rating if Silae's adjusted debt to EBITDA
increases above 5x or FOCF to debt falls below 10% sustainably.
This could happen if Silver Lake decides to pursue a more
aggressive financial policy and incur significantly more debt, or
if revenue or profitability decline sharply.

S&P expects limited rating upside in the near term. S&P could
consider an upgrade if:

-- Adjusted debt to EBITDA reduced and remained sustainably below
4x, supported by the owner's commitment as a part of prudent
financial policy; or

-- The company can sufficiently upsize the scale of operations,
diversify both geographically and through its product offerings,
while maintaining a strong market position.




===============
P O R T U G A L
===============

HAITONG BANK: S&P Alters Outlook to Negative, Affirms 'BB+/B' ICRs
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Haitong Bank S.A. to
negative from stable. At the same time, S&P affirmed its 'BB+/B'
long- and short-term issuer credit ratings.

The negative outlook reflects the possibility of a downgrade if
Haitong Bank's strategic importance to its parent and likelihood of
receiving extraordinary support if needed diminishes.

Guotai Haitong Securities Co. Ltd. (GTHT) is focused on integrating
the recently merged Haitong Securities Co. Ltd. (HTS), Haitong Bank
S.A.'s former parent.

Haitong Bank represents a very small part of the group, has limited
profitability, and operates in a different segment and geography.

S&P said, "We do not have full clarity on whether Haitong Bank will
fit into its new owner's overseas strategy. In our view, GTHT is
focused on integrating the recently merged HTS, which will still
need further time to fully materialize. Portugal-based Haitong Bank
is a small part of the merged group (accounting for less than 2% of
total equity), has limited profitability, and operates in a
different segment and geography. Therefore, in our view, there is
not full clarity on whether the banking business will remain
consistent with GTHT's international strategy as the latter
advances with its overseas subsidiaries' integration. As GTHT is
focused on defending its strong position in the securities
industry, there is a possibility that GTHT will rethink the
strategic value of its banking activities, namely those of
Portugal-based Haitong Bank.

"We could reconsider Haitong Bank's likelihood of receiving
extraordinary support from its parent. At present, we consider
Haitong Bank a strategically important subsidiary of GTHT and thus
think that it will receive extraordinary support from its parent if
needed, under most circumstances. As a result, Haitong Bank's
long-term issuer credit rating stands three notches above its
stand-alone credit profile. However, if we thought that Haitong
Bank no longer fully fit into GTHT's long-term international
strategy, we could consider revising its group status, and reducing
the amount of group support we factor into our rating on the bank.

"Our rating reflects Haitong Bank's solid capitalization but
remains constrained by its limited scale and profitability
prospects; high, although declining, single-name concentration; and
reliance on wholesale funding. In our view, Haitong Bank's
creditworthiness remains constrained by its limited scale and
profitability, as well as its still high, although declining,
single-name concentration. Its funding is largely wholesale, but
its parent has previously provided funding support in the form of
guarantees, which we expect to continue. We view Haitong Bank's
capital position as sound, even if we anticipate that it will erode
somewhat, as the limited profits expected will be more than offset
by anticipated further asset growth. We forecast that Haitong
Bank's risk-adjusted capital ratio will reduce to about 14% by 2026
from an estimated 17% at year-end 2024, or almost 18% pro forma the
upgrade of the Portuguese sovereign in February and the reduced
economic risks in the country. If Haitong Bank is no longer
strategic to its parent, the business it generates from such a
relationship would likely reduce and capital would erode, but not
to the extent that would weaken its stand-alone creditworthiness,
in our view.

"We no longer consider Haitong Banco de Investimento do Brasil S.A.
to be a core subsidiary to Haitong Bank. Given the relatively weak
performance of the Brazil-based subsidiary over the last three
years, and the possibility of GTHT reconsidering its international
strategy, we no longer consider Haitong Banco de Investimento do
Brasil S.A. to be a core subsidiary of Haitong Bank, but a
subsidiary of highly strategic importance. Despite efforts to
simplify its business model and to generate more loan-related
revenue, the Brazil-based subsidiary has barely been profitable
since 2022. Still, as of end-2024, it accounted for 12% of Haitong
Bank's equity, while remaining the hub for the group's Latin
American operations.

"The negative outlook reflects that we could lower our long-term
rating on Haitong Bank by up to two notches over the next 12-18
months.

"We could lower our rating on Haitong Bank if its importance to
GTHT diminishes. This could happen if there were a change in GTHT's
strategy, leading to a lower commitment to support its banking
subsidiary.

"We could revise the outlook to stable if we conclude that Haitong
Bank will remain a strategically important subsidiary for GTHT and
that it will receive extraordinary support in most circumstances."




===========
S W E D E N
===========

INTRUM AB: Exits Chapter 11 After Recapitalizing
------------------------------------------------
Jonas Ekblom and Lydia Lothman of Bloomberg News report that
Swedish debt collector Intrum AB has successfully exited Chapter
11
bankruptcy in the U.S., wrapping up proceedings that began last
2024 after rising interest rates disrupted its high-yield
bond-dependent financing model.

In a statement Thursday, July 24, 2025, the company announced it
had completed a recapitalization, which included extending debt
maturities and securing a 10% discount on its reinstated notes.
The
restructuring provides fresh financing to support Intrum's
strategic plans and reduce leverage through debt buybacks.

"This marks an important milestone," CEO Andres Rubio said in an
interview Friday, July 25, 2025.

                          About Intrum AB

Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plas a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
www.intrum.com/

On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.

The cases are pending before the Honorable Christopher M. Lopez.

Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.

Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.

Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").

Ropes & Gray LLP is representing another minority group of
bondholders.

Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76 percent of the total commitments under the
RCF (the "RCF Steerco Group").



===========
T U R K E Y
===========

ISTANBUL METROPOLITAN: Moody's Ups Long Term Issuer Rating to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded to Ba3 from B1 the long-term issuer
and senior unsecured debt ratings of the Metropolitan Municipality
of Istanbul (Istanbul) and the long-term issuer ratings of the
Metropolitan Municipality of Izmir (Izmir). The national scale
long-term issuer rating on Izmir has been upgraded to Aaa.tr from
Aa1.tr. Concurrently, Moody's upgraded the Baseline Credit
Assessments (BCAs) to ba3 from b1 of both cities. The outlooks were
changed to stable from positive.

The rating action follows Moody's decision on July 25, 2025 to
upgrade Government of Turkiye's bond rating to Ba3 from B1 and
stabilize the outlook.

RATINGS RATIONALE

RATIONALE FOR UPGRADE TO Ba3

The ratings upgrade reflects Moody's expectations that the Turkish
authorities' improving track record of effective policymaking
results in easing inflationary pressures, reducing economic
imbalances and gradually restoring confidence in the Turkish lira.

The improved inflationary and macroeconomic prospects will benefit
the credit quality of Turkish metropolitan municipalities given the
strong institutional, operational and financial linkages between
the two layers of government. The upgrades of Istanbul and Izmir
also reflect their consistently strong financial performance.

Istanbul and Izmir are highly dependent on the sovereign's
macroeconomic and operating environment which has improved. The
central government's shared taxes constitute over 80% of
metropolitan municipalities' operating revenue, with the remainder
derived from their own taxes and fees. Improved macroeconomic
stability at the national level will strengthen the municipalities'
tax base, leading to stable and more predictable tax revenue.

The central government has made positive changes to the
institutional framework governing metropolitan municipalities in
recent years, including clarifying their responsibilities and
empowering them with greater financial resources. In particular,
the legislative amendments have strengthened Metropolitan
Municipalities' (MM) income streams by allowing higher retention of
income tax receipts, while also improving the predictability of the
tax revenue scheme. Despite these recent improvements, Turkish
municipalities will continue to have limited revenue flexibility
compared to international peers, given their very high reliance on
central government transfers (i.e. shared taxes).

While recent changes have been positive, the institutional
framework is more exposed to political risk and change than more
highly-rated peers. Moody's note political turbulence since
mid-March this year, when the arrest of a leading opposition figure
(the mayor of Istanbul) on alleged corruption charges which sparked
anti-government protests and triggered foreign capital outflows,
which exerted downward pressure on the lira exchange rate over
several weeks despite central bank measures. An escalation of
political tensions could weigh on the quality of Turkish lower tier
governments' institutional framework.

The rating action also reflects the cities' capacity to maintain
their consistently robust operating performance and adequate
liquidity position against a backdrop of elevated inflation, tight
financial conditions and currency stress. In 2025 and 2026, Moody's
forecasts that Istanbul and Izmir's primary operating balance will
remain very strong surpassing 40% of operating revenue, thanks to
high tax revenue generation capacity and strong control over
operating expenditure.

Moody's expects both cities to retain moderate debt burdens.
Istanbul has higher debt than Izmir, with net direct and indirect
debt (NDID) at 79% of operating revenue at year-end 2024, a
decrease from more than 100% of operating revenues in 2023, thanks
to dynamically increasing nominal revenues. Similarly, Izmir's NDID
decreased to 53% in 2024 from 69% in 2023. Both cities borrowed
less than initially planned. Moody's expects Istanbul's debt level
will remain around 80% of projected operating revenue over 2025 and
2026, while Izmir's debt will slightly increase to above 60% by
year-end 2026.

Both cities have high exposure to foreign currency risk as more
than 90% of Istanbul's debt was denominated in foreign currency at
year-end 2024, while Izmir's exposure was around 80% in the same
year. The cities' good liquidity positions partially mitigate the
pressures associated with FX fluctuations – with liquid reserves
for Istanbul and Izmir representing 10% and 4% of operating revenue
respectively in 2024. These cash levels cover nearly half of the
cities' foreign-currency debt repayments falling due over the next
12 months.

In addition, Izmir has made provisions to protect against foreign
currency risk on the bulk of its foreign currency borrowings. In
particular, the city has set aside funds in a risk account to
protect debt service payments on guaranteed and non-guaranteed
loans with international financial institutions.

Istanbul's rating is also underpinned by the city's large and
dynamic economy, contributing about 30% in Turkiye's GDP, which
over time has translated into adequate budgetary resources to
finance public service operations and capital investments -- a
lingering source of pressure for the municipal budget. Istanbul's
large and valuable asset base also represents a significant source
of fiscal flexibility.

The Ba3 ratings of Istanbul incorporate a BCA of ba3 and a strong
extraordinary support assumption from the Government of Turkiye.
The Ba3/Aaa.tr ratings of Izmir incorporates a BCA of ba3 and a
moderate extraordinary support assumption from the Government of
Turkiye.

RATIONALE FOR STABLE OUTLOOK

The stable outlook mirrors the stable outlook on the Government of
Turkiye. It also balances upside and downside risks to the two
cities' credit profiles. On the one side, Turkiye's effective
policymaking and structural reforms would positively impact fiscal
and debt profiles of cities, making them more resilient.  Reduced
risk of large and long-lasting inflation shocks could lead to more
stable and predictable external funding for the municipalities, a
fact that is particularly relevant as both cities have high
proportion of their outstanding debt denominated in foreign
currency. Reduced, albeit still present, external vulnerability
will lower the risk of currency depreciation and increased cost for
servicing FX debt. On the other hand, the outlook also factors in
political turbulences and any implication, such as increased
uncertainty around revenue sharing or weakening institutional
framework, on lower tier governments.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Istanbul and Izmir's CIS-3 scores indicate that ESG considerations
have a moderate impact on the current credit ratings with potential
for greater negative impact over time.

Both cities' exposure to environmental risks (E-4) stems from
physical climate risks, primarily due to heat stress and water
scarcity.

Izmir is prone to natural disasters like floods and winter storms.
These events could necessitate considerable mitigation costs,
adding financial strain to the city's economy. Therefore, the
city's exposure to environmental risks is not only a matter of
climate change and global warming, but also a significant economic
concern that could potentially impact its financial stability and
sustainability in the long run.

For Istanbul, urbanization and population growth has increased the
demand for water, while climate change has affected the supply by
altering precipitation patterns and reducing snowfall, which feeds
the cities' reservoirs. With rising global temperatures, Istanbul
has been experiencing more frequent and intense heatwaves.

Both cities have limited exposure to social risks primarily
mirroring demographic pressures. Despite generally favourable
demographic profile, the cities grapple with issues such as youth
unemployment and a mismatch between the skills of the labour force
and employer needs. The rapid population growth and recent
expansion of the city's boundaries have strained service provision,
resulting in standards that fall short of those in most OECD
countries

The (G-3) score assigned to both cities is largely influenced by
its riskier attitude toward debt management due to very high
exposure to foreign currency risk. Despite this, the cities are
transparent and punctual when publishing financial reports.
Additionally, they have proven ability to manage complex projects
and provide services within the expanded municipality's boundaries,
serving their local population.

The specific economic indicators, as required by EU regulation, are
not available for Metropolitan Municipality of Istanbul and the
Metropolitan Municipality of Izmir. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Turkiye, Government of

GDP per capita (PPP basis, US$): 40,501 (2024) (also known as Per
Capita Income)

Real GDP growth (% change): 3.2% (2024) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 44.4% (2024)

Gen. Gov. Financial Balance/GDP: -4.9% (2024) (also known as Fiscal
Balance)

Current Account Balance/GDP: -0.8% (2024) (also known as External
Balance)

External debt/GDP: 39% (2024)

Economic resiliency: baa3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On July 24, 2025, a rating committee was called to discuss the
rating of the Izmir, Metropolitan Municipality of; Istanbul,
Metropolitan Municipality of. The main points raised during the
discussion were: The systemic risk in which the issuer operates has
materially decreased. Other views raised included: The issuer's
institutions and governance strength have improved but remain
constrained. The issuer's fiscal or financial strength, including
its debt profile, has improved.

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

An upgrade of Istanbul and Izmir's ratings will require a similar
change of the sovereign rating, provided their operating and
financial performances were to remain consistently sound over
time.

Although unlikely given the recent rating upgrade, a downgrade of
Turkiye's sovereign rating would lead to a downgrade of Istanbul
and Izmir's ratings given the close institutional, financial and
operational linkages with the central government.

A strained liquidity situation, including concerns around access to
funding sources, could trigger a downgrade. Downward ratings
pressure may also arise from a sustained growth in debt and debt
servicing costs, triggered by further currency depreciation and the
knock-on effect from outstanding foreign-currency debt. Any concern
about access to funding sources would also trigger a negative
rating action.

The principal methodology used in these ratings was Regional and
Local Governments published in May 2024.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

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.

[] Moody's Takes Rating Action on 3 Firms Amid Turkiye Rating Hike
------------------------------------------------------------------
Moody's Ratings has taken rating actions on three non-financial
corporates domiciled in Turkiye. The rating actions follow the
recent upgrade of Turkiye's government bond ratings to Ba3 from B1
and change in outlook to stable from positive. Turkiye's
foreign-currency bond ceiling was raised to Ba2 from Ba3 and the
local-currency bond ceiling was raised to Baa3 from Ba1.

Moody's have taken the following rating actions on three Turkish
non-financial corporates:

-- Turkcell Iletisim Hizmetleri A.S. (Turkcell): Upgrade the
corporate family rating (CFR) to Ba3 from B1, outlook changed to
stable from positive

-- Turkiye Petrol Rafinerileri A.S. (Tupras): Upgrade the CFR to
Ba2 from Ba3, outlook changed to stable from positive

-- Turk Hava Yollari Anonim Ortakligi (Turkish Airlines): Upgrade
the CFR to Ba2 from Ba3, outlook changed to stable from positive

Additionally, Moody's have taken rating actions on two enhanced
equipment trust certificate (EETC) transactions related to Turkish
Airlines: Bosphorus Pass Through Trust 2015-1A and the Japanese Yen
denominated, Anatolia Pass Through Trust Class A, also issued in
2015. Moody's upgraded the Class A certificates of the Bosphorus
Pass Through Trust 2015-1A to Ba2 from Ba3. The Anatolia Pass
Through Trust Class A certificates were upgraded to Ba1 from Ba2.
The outlook on all entities has changed to stable from positive.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=shslHO

RATINGS RATIONALE

The rating actions on these corporate issuers are a direct
consequence of the rating action on the Government of Turkiye. All
three non-financial corporates are domiciled in, and have
substantial operating exposure to Turkiye.

TURKCELL RATINGS RATIONALE

Turkcell's CFR was upgraded to Ba3 from B1 and its Baseline Credit
Assessment (BCA) to ba3 from b1, reflecting the company's strong
business profile as the leader in the Turkish mobile
telecommunication market, its strong credit metrics, robust
liquidity and conservative financial policies. As a primarily
domestic business, Turkcell's credit profile is exposed to the
economic, political, legal, fiscal and regulatory environment of
the country and is constrained at the level of the Government of
Turkiye's rating. Turkcell continues to grow thanks to net
subscriber additions and increases in prices above inflation. The
company has conservative financial policies, with a maximum net
debt/EBITDA target of 1.0x (0.2x as of March 2025 on a reported
basis), good access to debt capital markets and strong
relationships with international banks. Government-related Issuers
(GRI) assumptions for Turkcell of 'high' dependence and 'low'
support from the Turkish government remain unchanged.

The stable outlook mirrors that of the Government of Turkiye and
reflects Turkcell's exposure to the country's political, legal,
fiscal and regulatory environment.

TUPRAS RATINGS RATIONALE

The upgrade of Tupras' CFR to Ba2 from Ba3 reflects the company's
dominant position in the Turkish market, strong credit metrics,
balanced financial policy and robust liquidity. The company's
rating is one notch above Turkiye's sovereign rating and remains
constrained by the sovereign rating, because Tupras' core assets
are located in Turkiye and a majority of its cash flows are
generated domestically.

Tupras' Ba2 CFR factors in (1) the company's dominant position in
the Turkish market, being the leading refiner; (2) a relatively
high average refinery complexity with a 9.5 Nelson complexity index
and high grade product slate with about 53% of production
represented by high-margin middle distillates in 2024; (3)
supportive domestic market environment, with Turkiye having a
sizeable net deficit position of diesel; (4) balanced financial
policies and solid credit metrics, including low leverage which
Moody's expects to remain below 1.0x Moody's-adjusted gross debt to
EBITDA; and (5) a strong liquidity profile underpinned by sizeable
unrestricted cash totalling TRY37 billion as of March 31, 2025. The
company has also proven its ability to manage through downcycles
through product mix and working capital improvements. Moody's
expects fuel demand to remain solid during the next 12 to 18
months.

The rating also takes into account the company's asset
concentration in Turkiye, its exposure to domestic currency and
cyclical market conditions inherent to the refining industry, and
its working capital swings that result in volatile credit metrics.

The stable outlook mirrors that of the Government of Turkiye and
reflects Tupras' exposure to the country's political, legal, fiscal
and regulatory environment.

TURKISH AIRLINES RATINGS RATIONALE

The upgrade of Turkish Airlines' CFR to Ba2 from Ba3 and BCA to ba2
from ba3 reflects the airline's robust operating profile and credit
metrics, strong recovery post covid-19 pandemic, expected demand
and capacity growth during the next 12 to 18 months and its good
liquidity position. The Ba2 rating also reflects the credit
linkages and high exposure to the domestic environment in Turkiye.
Moody's classify Turkish Airlines as a GRI because of the
Government of Turkiye's 49.12% ownership stake held through its
sovereign wealth fund.

GRI considerations for Turkish Airlines incorporates 'moderate'
government support assumption and 'high' dependence assumption,
unchanged as a result of this rating action. The credit
fundamentals of Turkish Airlines suggest a higher rating level.
However, the company's rating and BCA are constrained by the
Government of Turkiye's Ba3 rating and Ba2 foreign currency ceiling
because the company is materially exposed to Turkiye's political,
legal, fiscal and regulatory environment.

Turkish Airlines' rating reflects (1) the company's strong
international market position and well-diversified passenger
revenue base and strong cargo business; (2) track record of
managing through challenging operating environments through its
flexible fleet base, capacity management and cost discipline; (3)
large scale and growing transit passengers; and (4) supportive
shareholder base with strong relationship with Turkish banks.

The rating positioning is constrained by (1) the company's credit
linkages and exposure to the Turkiye sovereign and operating
environment; (2) its exposure to an inherently cyclical and highly
competitive industry; (3) exposure to high macroeconomic
uncertainties and geopolitical tensions; and (4) sensitivity to
global and domestic economic weakness and foreign-currency
volatility.

The stable outlook mirrors that on the Government of Turkiye's
rating and reflects Turkish Airlines' exposure to the country's
political, legal, fiscal and regulatory environment. The stable
outlook also assumes that Turkish Airlines will continue to have
strong credit metrics, healthy load factors and sustained demand
through the economic cycle.

TURKISH AIRLINES RELATED EETCS

Moody's also upgraded Turkish Airlines' enhanced equipment trust
certificate financings. The Bosphorus Pass Through Trust 2015-1A
certificates were upgraded to Ba2 from Ba3 and the Japanese Yen
denominated, Anatolia Pass Through Trust senior secured enhanced
equipment trust Class A notes were upgraded to Ba1 from Ba2. The
one notch upgrade for each transaction is in line with the one
notch upgrade for Turkish Airlines.

The ratings on each transaction remain constrained by the Ba2
foreign currency ceiling for Turkiye. However, the ratings on the
Anatolia transaction reflect piercing of the foreign currency
ceiling by one notch. Moody's considers that the 18 month liquidity
facilities provided by the Development Bank of Japan Inc. and the
domicile of the transaction in Japan are sufficient enhancements
that support the piercing by one notch as does Moody's estimates of
loan-to-value (LTV) of 23%. Notwithstanding that the Bosphorus
transaction also benefits from an 18 month liquidity facility
provided by the Paris head office of BNP Paribas, Moody's do not
pierce the foreign currency ceiling for this transaction because of
Moody's estimates of a relatively high LTV of about 77%.

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

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

Turkcell's rating is constrained by the rating of the Government of
Turkiye. Moody's would consider an upgrade if the rating of the
Government of Turkiye is raised. This would also require no
material deterioration in the company's operating and financial
performance or its liquidity.

Turkcell's rating could come under pressure if there is downward
pressure on Turkiye's sovereign rating or if there is a material
deterioration in the company's liquidity.

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

The ratings of Tupras could be upgraded if Turkiye's sovereign
rating is upgraded. This would also require no material
deterioration in the company's operating and financial performance,
market positions and liquidity.

Tupras' ratings could be downgraded as a result of a downgrade of
the Government of Turkiye's rating or lowering of the
foreign-currency bond ceiling. In addition, downward rating
pressure could arise if plant utilisation and net refining margins
remain low for a sustained period of time, leading to depressed
credit metrics and a weakening of the company's liquidity
position.

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

The ratings of Turkish Airlines is constrained at one notch above
the rating of the Government of Turkiye and also by the
foreign-currency ceiling. Moody's would consider an upgrade if both
the rating of the Government of Turkiye is upgraded and the
foreign-currency ceiling are raised. A rating upgrade would also
require no material deterioration in the company's operating and
financial performance and liquidity.

Turkish Airlines' ratings could be downgraded as a result of a
downgrade of the Government of Turkiye's rating or lowering of the
foreign-currency bond ceiling. In addition, downward rating
pressure could arise if there are signs of a deterioration in
liquidity or there is a sustained negative impact on earnings and
cash flows from softening of demand.

PRINCIPAL METHODOLOGY

The principal methodologies used in rating Turkcell Iletisim
Hizmetleri A.S. were Telecommunications Service Providers published
in November 2023.

Tupras' Ba2 CFR is two notches below the Baa3 scorecard-indicated
outcome due to the constraint from Turkiye's sovereign rating and
the company's exposure to the country's political, legal, fiscal,
and regulatory environment risks.

For Turkish Airlines, the Ba2 CFR is two notches below the
scorecard-indicated outcome. The multi-notch difference to the
actual assigned rating is due to the company's exposure to
Turkiye's political, legal, fiscal and regulatory environment,
constraining the rating.

For Turkish Airlines related EETCs, the multi-notch between the
scorecard-indicated outcome and the actual rating assigned of Ba2
for the Bosphorus Pass Through Trust 2015-1A and Ba1 for the
Anatolia Pass Through Trust Class A is due to the company's
exposure to Turkiye's political, legal, fiscal and regulatory
environment, constraining the rating.



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

BAXTER PERSONNEL: FRP Advisory Named as Joint Administrators
------------------------------------------------------------
Baxter Personnel 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-2025-004916, and Tom Bowes and Martyn Rickels of FRP Advisory
Trading Limited, were appointed as joint administrators on July 17,
2025.  

Baxter Personnel specialized in temporary employment agency
activities.

Its registered office is at 7 Pioneer Court, Morton Palms Business
Park, Darlington DL1 4WD (to be changed to c/o FRP Advisory Trading
Limited, 4th Floor Abbey House, 32 Booth Street, Manchester, M2
4AB).

Its principal trading address is at 7 Pioneer Court, Morton Palms
Business Park, Darlington DL1 4WD.

The joint administrators can be reached at:

            Tom Bowes
            Martyn Rickels
            FRP Advisory Trading Limited
            4th Floor, Abbey House
            32 Booth Street, Manchester
            M2 4AB

For further information, contact:
           
             The Joint Administrators
             Tel No: 0161 833 3344

Alternative contact:

             Ellie Clark
             Email: cp.manchester@frpadvisory.com



FAB UK 2004-1: S&P Ups Class A-3E, A-3F Notes Rating to 'BB+ (sf)'
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on FAB UK 2004-1
Ltd.'s class A-3E and A-3F notes to 'BB+ (sf)' from 'B- (sf)'. At
the same time, S&P affirmed its 'CC (sf)' rating on the class BE
notes.

S&P said, "The rating actions follow our analysis of the
transaction's performance and the application of our relevant
criteria with our credit and cash flow analysis of the transaction
based on the May 2025 trustee report, reporting the June 2025
interest payment date (IPD).

"Our ratings address the timely payment of interest and the
ultimate payment of principal on the class A-3E and A-3F notes, and
the ultimate payment of interest and principal on the class BE
notes.

"On Jan. 26, 2021, we lowered to 'D (sf)' our ratings on the class
A-3E and A-3F notes following an interest shortfall at the December
2020 IPD. Since then, at the June 2021 IPD, the class A-3E and A-3F
notes resumed timely payment of interest and the deferred interest
component was paid. Over the following four IPDs, the class A-3E
and A-3F notes have continued to pay timely interest. On July 27,
2023, under our definitions and principles of credit ratings
criteria, we raised our ratings on these tranches to 'B- (sf)' from
'D (sf)', considering, among other factors, the issuer's stable
performance and that payments had resumed in accordance with the
original terms.

"Since our previous review, the number of obligors has reduced to
12, with one obligor representing 21.9% of the portfolio due to the
deleveraging. We therefore believe that this asset pool is not
granular and diversified. Consequently, in our analysis, we
considered additional features such as the portfolio's credit
quality, concentration, our supplemental test results, and other
qualitative factors unique to the transaction, rather than the cash
flow outputs."

The class A-1E and A-1F notes were fully redeemed as of the June
2021 IPD. The class A-2E notes have also fully amortized.

Since 2021, the class A-3E and A-3F notes have continued to make
timely interest payments, and credit enhancement has increased to
52.07%. The class A-3E and A-3F notes are benefitting from becoming
the controlling classes where they will amortize before shortfalls
in the junior notes are covered. In this instance, our credit and
cash flow analysis indicate that the class A-3E and A-3F notes
benefit from break-even default rate and scenario default rate
cushions that S&P would typically consider to be in line with
higher ratings than those assigned.

At the same time, the remaining pool has a large exposure to junior
equity released assets, whose interest payment is subject to
several conditions. Failure to meet such conditions will lead to a
deferral of the payment of interest. These assets have deferred in
the past.

Furthermore, considering the concentration, lack of
diversification, the historic missed interest payment, current
macroeconomic conditions, and risk of shortfall, as well as the
increased credit enhancement and the quality of the obligors
remaining in the pool, S&P raised to 'BB+ (sf)' from 'B- (sf)' its
ratings on the class A-3E and A-3F notes.

S&P said, "For the class BE notes, we believe that this tranche is
highly vulnerable to a payment default at maturity given the
current level of undercollateralization and the amount of deferred
interest to be cured. Therefore, we affirmed our 'CC (sf)' rating,
in line with our criteria for assigning 'CCC' category ratings."

FAB UK 2004-1 is a cash flow mezzanine structured finance CDO of a
portfolio that predominantly consists of U.K. mortgage-backed
securities. The transaction closed in April 2004.


FEED IT BACK: R2 Advisory Named as Administrator
------------------------------------------------
Feed It Back Limited was placed into administration proceedings in
the High Court of Justice Court Number: CR-2025-004690, and Robert
Horton of R2 Advisory Limited, was appointed as administrator on
July 27, 2025.  

Feed It Back specialized in software development.

Its registered office is at c/o R2 Advisory Limited, St Clements
House, 27 Clements Lane, London, EC4N 7AE.

Its principal trading address is at Beacon House, South Road,
Weybridge, Surrey, KT13 9DZ.

The administrator can be reached at:

          Robert Horton
          R2 Advisory Limited
          St Clement's House
          27 Clements Lane, London
          EC4N 7AE

Further details contact:

         Tel: 020 7043 4190
         Email: enquiries@r2a.uk.com

Alternative contact: Fionnula Sheehan


GLEAM PROPERTY: Quantuma Advisory Named as Administrators
---------------------------------------------------------
Gleam Property Company Ltd was placed into administration
proceedings in the Business and Property Courts in England & Wales
Court Number: CR-2025-004922, and Jeremy Woodside and Tracey Pye of
Quantuma Advisory Limited, were appointed as administrators on July
17, 2025.  

Gleam Property is specialized in education.

Its registered office is at Strata House, 25 King Street,
Stockport, SK3 0DT and it is in the process of being changed to The
Lexicon, 10-12 Mount Street, Manchester, M2 5NT.

Its principal trading address is at Strata House, 25 King Street,
Stockport, SK3 0DT.

The administrators can be reached at:

               Jeremy Woodside
               Tracey Pye
               Quantuma Advisory Limited
               The Lexicon, 10 - 12 Mount Street
               Manchester, M2 5NT

For further details, please contact

               Shelley Stuart-Cole
               Tel No: 0161 694 9144
               Email: shelley.stuart-cole@quantuma.com

GREAT MINDS: Quantuma Advisory Named as Administrators
------------------------------------------------------
Great Minds Together Limited was placed into administration
proceedings in the Business and Property Courts in England & Wales
Court Number: CR-2025-004923, and Jeremy Woodside and Tracey Pye of
Quantuma Advisory Limited, were appointed as administrators on July
17, 2025.  

Great Minds, previously known as School of Life Limited,
specialized in education.

Its registered office is at Strata House, King Street West,
Stockport, SK3 0DT and it is in the process of being changed to The
Lexicon, 10-12 Mount Street, Manchester, M2 5NT.

Its principal trading address is Strata House, 25 King Street,
Stockport, SK3 0DT.

The joint administrators can be reached at:

               Jeremy Woodside
               Tracey Pye
               Quantuma Advisory Limited
               The Lexicon, 10 - 12 Mount Street
               Manchester, M2 5NT

For further details, please contact

               Harry Guthrie
               Tel No: 0161 694 9144
               Email: harry.guthrie@quantuma.com
               

NUTRIVEND LTD: Leonard Curtis Named as Joint Administrators
-----------------------------------------------------------
Nutrivend Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD) Court Number:
CR-2025-004394, and Alex Cadwallader and Neil Bennett of Leonard
Curtis, were appointed as joint administrators on July 22, 2025.  

Nutrivend Ltd specialized in food services.

Its registered office and principal trading address is at F1-F3
Coedcae Lane Industrial Estate, Pontyclun, Wales, CF72 9HG.

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 No: 020 7535 7000
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Toby Cooper


VICTORIA PLC: S&P Cuts ICR to 'CCC-', Put on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on flooring manufacturer
Victoria PLC and its senior secured debt to 'CCC-' from 'CCC+'. S&P
also placed the ratings on CreditWatch with negative implications
following the company's proposed debt exchange offer.

S&P said, "We view Victoria's proposed exchange offer as
distressed, and, if implemented, will likely result in
nonparticipating and any nonconsenting noteholders receiving less
than originally promised. The downgrade follows the announcement by
Victoria that it has entered into transaction support agreements
with noteholders representing more than 90% of EUR489 million
senior secured notes maturing August 2026. This represents more
than 77% of the 2026 notes and EUR250 million senior secured notes
maturing March 2028, if combined as a single debenture. The
agreements would be to exchange holdings of the consenting 2026
notes and a certain portion of 2028 notes for new first-priority
senior secured notes. The new first-priority notes will bear an
interest rate of 9.875% annually, with the company's option in the
first year for payment-in-kind interest of 8.875% and a 1% cash
interest, and maturity in 2029. The company also launched a consent
solicitation whereby eligible holders of existing 2026 and 2028
notes are requested to consent to amendments to existing indenture
and enter into a subordination and turnover agreement that will
establish relative priority of new noteholders with respect to
rights of payment and enforcement of collateral. As of July 30,
2025, Victoria has received valid and unrevoked consent,
representing approximately 78% of the 2026 and 2028 noteholders. As
such, the group will execute a supplemental indenture to implement
the amendments, which will become operative upon satisfaction of
certain conditions. At the same time, consent solicitation to 2026
noteholders was launched to amend indenture to reduce the cash
interest applicable on the notes to 1% from 3.625%, and to extend
the maturity date to 2031. This is alongside the offer to exchange
for consenting 2026 noteholders into the new first-priority notes
at par. We view the proposed transaction as distressed, in line
with our criteria, as the transaction will result in the ranking of
nonparticipating noteholders, namely the 2028 noteholders, and any
nonconsenting noteholders to be altered to a more junior position,
and without adequate offsetting compensation. As such, we view the
exchange offer as offering nonparticipating and any nonconsenting
lenders less than the original promise, which is tantamount to a
default.

"The CreditWatch negative placement reflects that if we receive
confirmation of closing of the transaction, we expect to lower the
ratings on Victoria to 'SD' (selective default). After the company
implements the transaction, we will review the rating, the group's
new capital structure, and liquidity position."



                           *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *