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

                          E U R O P E

          Tuesday, August 12, 2025, Vol. 26, No. 160

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

REPUBLIKA SRPSKA: S&P Affirms 'B' Long-Term ICR, Outlook Negative


G E O R G I A

TBC INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Negative


I R E L A N D

ARCANO EURO II: Fitch Assigns 'B-sf' Final Rating to Class F Notes
ARCANO EURO II: S&P Assigns B- (sf) Rating to Class F Notes
CAIRN CLO X: Fitch Affirms 'B+sf' Rating on Class F Notes
CAIRN CLO XX: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
HAYFIN EMERALD XII: Fitch Puts 'B-sf' Final Rating to Cl. F-R Notes

HAYFIN EMERALD XII: S&P Assigns B- (sf) Rating to Class F-R Notes
LEGATO EURO I: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
NORTHWOODS CAPITAL 23: Moody's Affirms Ba3 Rating on Class E Notes
SCULPTOR EUROPEAN XIII: Fitch Assigns B-sf Final Rating to F Notes
SCULPTOR EUROPEAN XIII: S&P Assigns B-(sf) Rating to Class F Notes



L U X E M B O U R G

ARDAGH METAL: Fitch Keeps 'B-' Long-Term IDR on Watch Evolving


S W I T Z E R L A N D

TRANSOCEAN LTD: To Cut Debt by $700M After Q2 Update


U N I T E D   K I N G D O M

ARGENTEX GROUP: FRP Advisory Named as Joint Administrators
ARGENTEX TECHNOLOGIES: FRP Advisory Named as Joint Administrators
EDGE FINCO: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
GOST LTD: Opus Restructuring Named as Joint Administrators
NICK TREADAWAY: Secretary of State Appoints Liquidator

OFF THE FENCE: Begbies Traynor Named as Joint Administrators
SKYTRAIN AVIATION: Leading Named as Joint Administrators
TOTALLY COMMUNICATIONS: FRP Advisory Named as Joint Administrators
ZEVHUB LIMITED: Opus Restructuring Named as Joint Administrators

                           - - - - -


===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

REPUBLIKA SRPSKA: S&P Affirms 'B' Long-Term ICR, Outlook Negative
-----------------------------------------------------------------
On Aug. 8, 2025, S&P Global Ratings affirmed its 'B' long-term
issuer credit rating on Republika Srpska. The outlook remains
negative.

Outlook

The negative outlook reflects S&P's view that there are heightened
risks associated with RS' plans to secure the funding necessary for
the implementation of essential public investments and to refinance
international debt coming due. Recent escalation in political
tension following the Court of Appeal's verdict against President
of RS, Mr. Milorad Dodik, and the ensuing decision of the Central
Election Commission to revoke his mandate, could further constrain
the entity's financial flexibility.

Downside scenario

S&P could lower the rating if, over the next 12 months, RS' access
to funding tightens further, for instance because geopolitical
tensions have repercussions for the entity's ability to execute its
financial policy. This could make timely debt refinancing less
certain and force the government to contain budget spending. As a
result of weaker public consumption and investment, economic growth
may slow below current expectations, thereby creating further risks
for RS' budget policy ahead of the upcoming general election.

Upside scenario

S&P could revise the outlook to stable over the next 12 months if
RS arranges funding as envisaged thanks to still sufficient access
to international capital markets and banks. This should help avoid
the need for budget cuts to preserve a moderate liquidity
position.

Rationale

The rating affirmation reflects S&P's view that RS continues to
demonstrate budget discipline and prudent debt management amid
constrained access to funding and rising spending pressure ahead of
general elections due in October 2026. The cooperation between RS,
another constituent entity Federation of Bosnia and Herzegovina
(FBiH), and BiH suffers from regular escalations of secession
rhetoric. Over the past 18 months, the U.S. has repeatedly imposed
sanctions on incumbent RS president Milorad Dodik, other RS
officials, and related companies. Moreover, the Court of Appeal of
BiH has recently upheld a decision of the first instance court to
sentence Mr. Dodik to a year in prison and a six-year ban on
political activity. The Central Election Commission of BiH (CEC)
has subsequently decided to terminate Mr. Dodik's mandate. The
verdict and CEC's decision could be further appealed. In S&P's
view, the sanctions and ongoing court process against the RS
leadership have dampened international investors' appetite for RS'
debt. Consequently, implementation of RS' fiscal policy now depends
on lending from a less predictable and limited pool of
international and domestic financial institutions.

S&P said, "We currently expect that relatively sound, albeit
slowing, economic growth and the recently increased minimum wage
will contribute to solid budget revenue growth. Combined with its
limited investment plan, it will likely lead to a modest budget
deficit over the next two-to-three years despite a potential
increase in spending ahead of the upcoming general election. As a
result, we project RS' debt burden will steadily decrease, while
contingent liabilities, including borrowings at state-owned
enterprises, may increase. More precisely, we think RS'
tax-supported debt will drop below a moderate 90% of consolidated
operating revenue in 2027."

Persistent political tensions inhibit Republika Srpska's economic
development, constrain fiscal flexibility, and pose long-term risks
to financial sustainability

S&P said, "We assess the institutional framework under which the
constituent entities of BiH operate as volatile and unbalanced. We
view RS' political and financial arrangements with the central
government of BiH and the country's other relevant constituent
entity, FBiH as very complex. Constant political tensions and lax
oversight from the state authorities test the fragile balance of
power between the different actors that is specified in the Dayton
Peace Accord and the constitution. Although all three governments
broadly agree on the need for institutional and economic reforms,
including the transition to EU membership, implementation is
frequently interrupted. RS' political leadership regularly uses
secessionist rhetoric in relation to state-level institutions and
challenges decisions made by the Office Of High Representative, the
UN-backed arbitrator in BiH internal affairs. However, we continue
to believe that concrete steps toward RS' secession are unlikely.
Its long-term economic development depends heavily on the
availability of international financing, which is currently
constrained due to the persisting political tensions."

The weaknesses of the institutional framework are partially offset
by the constitutional entities' strong autonomy and ability to
manage their own fiscal policies. As such, RS sets the rate and
base for about 60% of its revenue, including direct taxes and
social security contributions.

Moreover, a special mechanism ensures timely repayment of about 45%
of RS' debt, mostly owed to multilateral institutions via BiH. The
state receives payment to serve this debt directly from its
indirect tax authority (ITA), which collects value-added tax and
excises across the country. ITA first allocates the proceeds to
finance central government institutions and service external debt
raised via BiH. It then transfers the residual amount to the
constituent entities and local governments.

S&P said, "We continue to observe weaknesses in RS' financial
management due to persistent changes in budget policy, lack of
effective control of government-related entities, and inconsistent
disclosure standards. RS has a track record of loosening its fiscal
policy prior to elections, which, in our view, further constrains
the entity's financial flexibility. Limited access to the
international debt market has also weakened the financial statement
disclosure standards, raising information and legal risks, in our
view."

S&P views positively the well-structured budgeting process compared
with regional peers, along with the cap on the government's
permissible debt burden, the annual deficit, and solid debt
management. RS' debt must not exceed 60% of its GDP and the deficit
should stay within 3% of GDP. Management takes actions to improve
its liquidity position ahead of the Eurobond redemption in April
2026. The duration of treasury bills was recently increased to 12
months from six months, while domestic auctions of treasury bonds
are announced in advance for the whole calendar year.

The incumbent government, formed from representatives of eight
parties, has a comfortable majority in RS' parliament, ensuring the
smooth approval of budgets and financial decisions. The Alliance of
Independent Social Democrats party, headed by incumbent President
Dodik, leads the coalition.

RS' economy is relatively weak in an international context and
faces significant challenges. S&P said, "While we project sound GDP
growth of about 2.5% annually in 2025-2027, GDP per capita will
remain below a modest $10,000 by 2027. Inflation has declined since
its peak of about 17% in October 2022 and is forecast to stay at
about 2% in 2025-2027. That said, several substantial risks to
economic development remain. A declining population, reduced
investor appetite, lower public spending, and sluggish economic
development in the EU and neighbouring countries may inhibit local
economic growth. We anticipate the population will shrink by about
0.5% annually in the medium term. A significant proportion of the
working-age population is migrating to developed Europe."

Limited access to external funding restricts spending and debt
buildup

Regular political escalations in BiH and U.S. sanctions against RS
leadership constrain the entity's access to external funding. RS'
own capacity to cover debt repayments remains weak, despite ongoing
budgetary consolidation. S&P said, "We estimate that available cash
will only cover about 50% of annual debt service. A large repayment
of a EUR293.5 million bond, which is due in April 2026, represents
a significant liquidity risk to the entity. We currently assume
that RS can refinance maturing debt with domestic bonds and
bilateral loans from countries unfazed by U.S. sanctions, while
payments to multilateral institutions are made promptly via the ITA
arrangement."

S&P said, "In our view, lower borrowing, combined with sound
revenue growth, will likely help to gradually improve budgetary
performance, which nevertheless will remain structurally weak. In
2024 and 2025, the government raised the minimum wage in the local
economy to boost personal income tax and contributions to social
security funds, which together account for nearly 40% of operating
revenue. Strong revenue growth should help RS achieve an operating
surplus despite the likely increase in social spending ahead of
general elections in late 2026. This stronger operating
performance, combined with limited available funding, will likely
result in a modest budget deficit after capital accounts in
2025-2027. However, we think this recovery will be short lived.
Once RS' access to funding resumes, it will likely increase
borrowing to finance investments in local infrastructure and
subsidies for public sector entities, particularly if there are
delays in the disbursement of EU grants.

"Limited access to funding will constrain RS' development program
and debt accumulation. We anticipate that RS' tax-supported debt,
which includes direct government debt, social security fund debt,
and the debt of several public institutions and state-owned
enterprises (including those managing highways and motorways, a
large resort and a local airport), will fall below a moderate 100%
of consolidated operating revenue by 2026. About 60% of
tax-supported debt is external, while most of the full amount
carries fixed interest rates. Given lower-than-expected borrowing,
we anticipate interest spending will remain below 5% of operating
revenue.

"In our view, RS has moderate, but growing, contingent liabilities.
We anticipate that state-owned enterprise debt will increase,
however. Elektroprivreda Republike Srpske a.d., the state-owned
electricity producer, is embarking on several debt-funded
development projects, which are guaranteed by RS. In general, RS'
power sector requires significant investment to replace coal-fired
generation with new hydro power stations and other renewable energy
sources. Meanwhile, its railway company is being restructured and
may require additional subsidies. Furthermore, there are a few
court cases, including intergovernmental claims, which may increase
RS' debt obligations. The largest claims relate to halted
constructions of hydropower plants by international contractors. We
assume that the upcoming payment of about convertible mark (BAM)
110.6 million to Slovenian constructor Viaduct via BiH--to settle a
long-standing litigation--will not affect RS' financial
sustainability. The payments will be made from sources not included
in the entity's financial projections over the next three years."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

In accordance with our relevant policies and procedures, the Rating
Committee was composed of analysts that are qualified to vote in
the committee, with sufficient experience to convey the appropriate
level of knowledge and understanding of the methodology applicable.
At the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary analyst
had been distributed in a timely manner and was sufficient for
Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings list

  Ratings Affirmed

  Republika Srpska

   Issuer Credit Rating   B/Negative/--
   Senior Unsecured       B





=============
G E O R G I A
=============

TBC INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed TBC Insurance JSC's Insurer Financial
Strength (IFS) Rating at 'BB' with a Negative Outlook.

TBC Insurance's ratings reflect its leading position in the
Georgian domestic insurance market, adequate capitalisation, solid
financial performance, high investment risk, and moderate reserving
risks and reinsurance utilisation. The Negative Outlook mirrors
that on Georgia's sovereign rating (BB/Negative), which affects its
assessment of the operating environment in which the insurer
operates and the credit quality of its investment portfolio.

Key Rating Drivers

High Investment Risks: TBC Insurance JSC's investment and asset
risks are concentrated in the domestic market via its holdings of
local bank deposits and bonds of local companies. Fitch believes
weaker sovereign credit quality could feed into the credit quality
of local banks and issuers.

TBC Insurance's investment portfolio primarily comprises domestic
fixed-income instruments with a weighted average rating of 'BB'.
Deposits in local banks make up the largest part of investments.
Bonds accounted for 22% of total investments at end-2024, with 45%
comprising US Treasuries. TBC Insurance has a high concentration of
related-party investments, which is reflected in Fitch's assessment
of its investment and asset risk. TBC Bank and other group entities
accounted for 61% of the company's cash and bank deposits, and 52%
of total investments at end-2024.

Leading Domestic Insurer: TBC Insurance is a leading Georgian
insurer, operating in life and non-life, with an overall market
share of 17% at end-2024. The non-life business focuses on motor,
medical and property, with life insurance concentrated on borrowers
via the bancassurance channel, where it can leverage TBC BANK's
client base. Fitch's assessment of TBC Insurance's business profile
reflects the company's strong domestic market position, good
business diversification, and moderate risk profile, while also
noting its operating scale is smaller than some regional peers.

Adequate Capital Position: TBC Insurance's capital position, as
measured by Fitch's Prism Global model, was 'Adequate' at end-2024
and end-2023. Fitch expects the Prism score to remain supportive of
the ratings. TBC Insurance's regulatory solvency margin rose to
250% at end-1Q25 and 218% at end-2024 from 156% at end-2023. This
is credit positive, but substantial dividends limit growth of the
capital base.

Good Financial Performance: TBC has good financial performance with
return on average equity of 46% in 2024, 45% in 2023 and 44% on
average between 2022 and 2019. The financial performance is driven
by strong underwriting results with a stable Fitch-calculated
combined ratio of around 90% and stable investment income, which
accounted for around 5% of insurance revenue in 2024 and on average
over the last three years.

Moderate Reserving Risk: Fitch believes TBC Insurance's reserves
are adequate for the risks underwritten, as reflected in key
reserve adequacy metrics. At end-2024, liabilities for incurred
claims were 0.3x losses incurred (end-2023: 0.3x), and 0.5x equity
(end-2023: 0.6x). Net technical liabilities to insurance revenue
were 0.2x insurance revenue (end-2023: 0.2x).

Moderate Reinsurance Utilisation: The net/gross premium ratio was
87% in 2024, in line with 2023 and 2022. Premium retention rates
were high for motor (94%), and accident and health insurance
(100%). Credit life insurance is covered by a quota share treaty
and the retention rate is 79% by premiums and only 10% by the
insured sum at end-2024. TBC Insurance uses treaty reinsurance for
agriculture insurance and facultative excess of loss and surplus
agreements for other lines. The reinsurance panel is good quality,
mainly foreign reinsurers with 'A' category ratings.

RATING SENSITIVITIES

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

- A sustained deterioration in capital position, indicated by the
Prism score falling below 'Somewhat Weak'.

- Deterioration of asset quality, as reflected by a downgrade of
the sovereign rating.

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

- Fitch could revise the Outlook to Stable following similar action
on the sovereign rating.

- Sustained improvement in asset quality, combined with maintenance
of capital adequacy, demonstrated by a Prism score of 'Adequate'
and a regulatory solvency margin with substantial buffers above
regulatory requirements.

ESG Considerations

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
TBC Insurance JSC    LT IDR BB  Affirmed   BB
                     LT IFS BB  Affirmed   BB



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

ARCANO EURO II: Fitch Assigns 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Arcano Euro CLO II DAC final ratings, as
detailed below.

   Entity/Debt                Rating           
   -----------                ------           
Arcano Euro CLO II DAC

   A XS3109623689          LT AAAsf  New Rating

   B XS3109623846          LT AAsf   New Rating

   C XS3109624224          LT Asf    New Rating

   D XS3109624570          LT BBB-sf New Rating

   E XS3109624737          LT BB-sf  New Rating

   F XS3109624901          LT B-sf   New Rating

   Subordinates Notes
   XS3109625114            LT NRsf   New Rating

Transaction Summary

Arcano Euro CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR400
million. The portfolio is actively managed by Arcano Loan Advisors
S.L. and Arcano Capital SGIIC, S.A. and this is their second
transaction. The CLO has a two-year reinvestment period and a
six-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor of the identified portfolio is
24.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.1%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices effective at closing, corresponding to a six-year
WALand two fixed-rate asset limits of 5% and 12.5%. All matrices
are based on a top 10 obligor concentration limit at 20%. The
transaction also includes various concentration limits, including a
maximum of 40% to the three largest Fitch-defined industries. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is in line with the WAL covenant
(six years), which as per Fitch's criteria is already at the floor
with no further reduction, despite the strict reinvestment
conditions envisaged by the transaction after its reinvestment
period.

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to two notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining weighted average life test, leading to the
ability of the notes to withstand larger than expected losses for
the remaining life of the transaction. After the end of the
reinvestment period, upgrades may occur in case of stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover for losses on the
remaining portfolio.

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

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

DATA ADEQUACY

Arcano Euro CLO II DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Arcano Euro CLO II
DAC.

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

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

The ratings assigned to Arcano Euro CLO II DAC's notes reflect
S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P weighted-average rating factor                    2,777.07
  Default rate dispersion                                 412.28
  Weighted-average life (years)                             5.25
  Obligor diversity measure                                99.35
  Industry diversity measure                               19.36
  Regional diversity measure                                1.15

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.00
  Target 'AAA' weighted-average recovery (%)               36.72
  Actual weighted-average spread (net of floors; %)         3.75
  Actual weighted-average coupon (%)                        3.42

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 2.00 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the actual weighted-average spread (3.75%), the
covenanted weighted-average coupon (4.50%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Aug. 8, 2027, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"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 counterparty criteria.

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

"The CLO is managed by Arcano Loan Advisors S.L., and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class A
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to D notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we have capped our ratings on the
notes.

"For the class F notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a '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 break-even default rate at the 'B-'
rating level of 24.01% (for a portfolio with a weighted average
life of 5.25 years), versus if S&P has to consider a long-term
sustainable default rate of 3.1% for 5.25 years, which would result
in a target default rate of 16.28%.

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

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

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

S&P said, "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 all the
rated classes of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios. The results are shown in the chart below.

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

  Ratings

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

  A      AAA (sf)   244.00    Three/six-month EURIBOR   39.00
                              plus 1.25%

  B      AA (sf)     50.00    Three/six-month EURIBOR   26.50  
                              plus 2.05%

  C      A (sf)      24.00    Three/six-month EURIBOR   20.50
                              plus 2.30%

  D      BBB- (sf)   26.00    Three/six-month EURIBOR   14.00
                              plus 3.30%

  E      BB- (sf)    19.00    Three/six-month EURIBOR    9.25
                              plus 5.91%

  F      B- (sf)     11.00    Three/six-month EURIBOR    6.50
                              plus 8.35%

  Sub notes   NR     31.30 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.


CAIRN CLO X: Fitch Affirms 'B+sf' Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has upgraded Cairn CLO X DAC's class B-R to D-R notes
and affirmed the rest. The Outlooks are Stable.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Cairn CLO X DAC

   A-R XS2350603374      LT AAAsf  Affirmed   AAAsf
   B-1-R XS2350603960    LT AAAsf  Upgrade    AA+sf
   B-2-R XS2350604422    LT AAAsf  Upgrade    AA+sf
   C-1-R XS2350605239    LT AA-sf  Upgrade    A+sf
   C-2-R XS2350605742    LT AA-sf  Upgrade    A+sf
   D-R XS2350606633      LT A-sf   Upgrade    BBB+sf
   E XS1880994246        LT BB+sf  Affirmed   BB+sf
   F XS1880994329        LT B+sf   Affirmed   B+sf

Transaction Summary

Cairn CLO X DAC is a cash flow collateralised loan obligation
(CLO). The underlying portfolio of assets mainly consists of
leveraged loans and is managed by Cairn Loan Investments, LLP. The
deal exited its reinvestment period in April 2023.

KEY RATING DRIVERS

Deleveraging Transaction: The class A-R notes have amortised by
EUR60 million since the last review in August 2024. As of 2 July
2025, EUR36.5 million credit in the principal account was expected
to be paid to amortise the class A-R notes further at the July
payment date. This has increased the credit enhancement across the
capital structure and resulted in the positive rating actions.

The transaction is currently around 1% below par, which is well
below the expected losses. Refinancing risk is manageable with
around 9% of the collateral balance maturing in two years by July
2027. A comfortable default rate cushion supports the Stable
Outlook of each note.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor of the current portfolio is 27 as calculated by Fitch under
its latest criteria. About 16.3% of the portfolio is currently on
Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
98.9% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 60.1%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 20.4%, and no obligor
represents more than 2.9% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 30.8% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 4%,
under the limit of 5%.

Transaction Out of Reinvestment Period: The transaction is
currently failing Fitch's 'CCC' test and the weighted average life
(WAL) test, which need to be satisfied for the manager to reinvest
outside of the reinvestment period. The manager has not made any
purchases since September 2024. As a result, Fitch's upgrade
analysis is based on the current portfolio with assets on Outlook
Negative notched down by one level, while the WAL is floored at
four years according to its criteria.

Deviation from MIR: The class C-R and D-R notes are both rated two
notches below their respective model-implied ratings (MIRs). The
deviation reflects insufficient default rate cushion at the MIRs.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Cairn CLO X DAC.

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

CAIRN CLO XX: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
---------------------------------------------------------------
Fitch has assigned Cairn CLO XX DAC expected ratings as detailed
below. The assignment of final ratings is contingent on the receipt
of final documentation conforming to information already reviewed.

   Entity/Debt         Rating           
   -----------         ------           
Cairn CLO XX DAC

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

Transaction Summary

Cairn CLO XX DAC is a securitisation of mainly senior secured loans
(at least 90%) with a component of senior unsecured, mezzanine and
second-lien loans. Note proceeds will be used to fund a portfolio
with a target par of EUR450 million. The portfolio will be actively
managed by Cairn Loan Investments II LLP. The transaction will have
a reinvestment period of about five years and an eight-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors within the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 23.4.

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.4%.

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

Portfolio Management (Neutral): The deal will have a five-year
reinvestment period and include reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
deal structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction could extend the WAL
test by six months from half a year after closing, if the aggregate
collateral balance (with defaulted obligations carried at the lower
of Fitch- and S&P- calculated collateral value) is at least at the
reinvestment target par amount and the transaction passes all the
relevant tests.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant. This is to account for structural and
reinvestment conditions after the reinvestment period, including
passing the overcollateralisation tests and the Fitch 'CCC'
limitation test after reinvestment. Fitch believes these conditions
will reduce the effective risk horizon of the portfolio in stress
periods.

RATING SENSITIVITIES

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

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

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

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

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Cairn CLO XX DAC.

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

HAYFIN EMERALD XII: Fitch Puts 'B-sf' Final Rating to Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO XII DAC reset notes
final ratings, as detailed below.

   Entity/Debt          Rating                 Prior
   -----------          ------                 -----
Hayfin Emerald
CLO XII DAC

   Class A Notes
   XS2665045865      LT PIFsf  Paid In Full    AAAsf

   Class A-R
   XS3134614083      LT AAAsf  New Rating      AAA(EXP)sf

   Class B-1 Notes
   XS2665046087      LT PIFsf  Paid In Full    AAsf

   Class B-1-R
   XS3134614240      LT AAsf   New Rating      AA(EXP)sf

   Class B-2 Notes
   XS2665046244      LT PIFsf  Paid In Full    AAsf

   Class B-2-R
   XS3134614596      LT AAsf   New Rating      AA(EXP)sf

   Class C Notes
   XS2665046590      LT PIFsf  Paid In Full    Asf

   Class C-R
   XS3134614752      LT Asf    New Rating      A(EXP)sf

   Class D Notes
   XS2665046673      LT PIFsf  Paid In Full    BBB-sf

   Class D-R
   XS3134614919      LT BBB-sf New Rating      BBB-(EXP)sf

   Class E Notes
   XS2665046913      LT PIFsf  Paid In Full    BB-sf

   Class E-R
   XS3134615130      LT BB-sf  New Rating      BB-(EXP)sf

   Class F Notes
   XS2665047051      LT PIFsf  Paid In Full    B-sf

   Class F-R
   XS3134615304      LT B-sf   New Rating      B-(EXP)sf

   Class X-R
   XS3134613861      LT AAAsf New Rating       AAA(EXP)sf

Transaction Summary

Hayfin Emerald CLO XII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
proceeds were used to redeem existing notes other than the
subordinated notes. The portfolio target par is EUR375 million.

The portfolio is actively managed by Hayfin Emerald Management LLP.
The CLO has a 4.7-year reinvestment period and an 8.7-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B+'/'B'. The Fitch-weighted
average rating factor of the portfolio is 22.7.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the portfolio is 60.7%.

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

Portfolio Management (Neutral): The deal includes three matrix
sets, each with two matrices corresponding to fixed-rate limits of
7.5% and 15% and based on a top 10 obligor concentration limit of
20%. Matrix set A is effective at closing and corresponds to an
8.7-year WAL; matrix set B is effective six months from closing and
corresponds to an 8.2-year WAL; and matrix set C is effective 18
months from closing and corresponds to a 7.2-year WAL.

The manager can switch to matrix set B or C when effective,
provided that the collateral principal amount (with defaulted
obligations treated at collateral value) is above the reinvestment
target par and a rating confirmation has been obtained from Fitch.
The transaction includes reinvestment criteria similar to those of
other European transactions. Its analysis is based on a
stressed-case portfolio, with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis is eligible for a 12-month haircut, subject to a
six-year floor. This is to account for the strict reinvestment
conditions envisaged after the reinvestment period. These
conditions include passing the coverage tests, the Fitch 'CCC'
maximum limit after reinvestment and a WAL covenant that
progressively steps down, before and after the end of the
reinvestment period. These conditions would reduce the effective
risk horizon of the portfolio in stress periods.

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) and a 25% decrease in
the recovery rate (RRR) across all ratings of the portfolio would
lead to downgrades of one notch each for the class C-R, D-R and E-R
notes and to below 'B-sf' for the class F-R notes. The class X-R,
A-R, B-1-R and B-2-R notes would not be affected.

Downgrades, which are based on the portfolio, may occur if the loss
expectation is larger than assumed, due to unexpectedly high levels
of defaults and portfolio deterioration. The class B-1-R, B-2-R,
C-R, D-R and E-R notes have a rating cushion of two notches and the
class F-R notes have a cushion of one, owing to the portfolio's
better metrics and shorter life than the Fitch-stressed portfolio.
The class X-R and A-R notes have no rating cushion in the
portfolio.

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

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

A 25% reduction in the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to two notches each for the class B-1-R, B-2-R, C-R,
D-R and F-R notes and three notches for the class E-R notes. The
class X-R and A-R notes are rated 'AAAsf', the highest level on
Fitch's scale and cannot be upgraded.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL, allowing the
notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Hayfin Emerald CLO
XII DAC.

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

HAYFIN EMERALD XII: S&P Assigns B- (sf) Rating to Class F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Hayfin Emerald
CLO XII DAC's class X, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer also issued unrated subordinated
notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date. The
ratings on the original notes have been withdrawn.

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

This transaction has a 1.7-year non-call period, and the
portfolio's reinvestment period will end 4.7 years after closing.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor    2,569.33
  Default rate dispersion                                691.11
  Weighted-average life (years)                            4.58
  Obligor diversity measure                              126.07
  Industry diversity measure                              17.75
  Regional diversity measure                               1.24

  Transaction key metrics

  Total par amount (mil. EUR)                            373.08
  Defaulted assets (mil. EUR)                              6.95
  Number of performing obligors                             187
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.68
  'AAA' actual portfolio weighted-average recovery (%)    36.35
  Actual weighted-average spread (%)                       3.75
  Actual weighted-average coupon (%)                       3.25

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. the portfolio is well-diversified, primarily comprises broadly
syndicated speculative-grade senior secured term loans and 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 EUR373.08 million par
amount, which reflects the lower of the recovery or market value of
a senior secured loans issued by Altice France S.A., currently
rated 'D'. The actual weighted-average spread (3.75%), the actual
weighted-average coupon (3.25%), and the actual portfolio
weighted-average recovery rates 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.

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

"Until the end of the reinvestment period on April 25, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"The transaction's legal structure 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-R to E-R 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 X, A-R, and F-R
notes can withstand stresses commensurate with the assigned
ratings.

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

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

Environmental, social, and governance

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

Hayfin Emerald CLO XII is a European cash flow CLO securitization
of a revolving pool, comprising mainly euro-denominated senior
secured loans and bonds issued by speculative-grade borrowers.
Hayfin Emerald Management LLP manages the transaction.

  Ratings list

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

  X      AAA (sf)     3.00    Three/six-month EURIBOR    38.21%
                              plus 1.00%

  A-R    AAA (sf)   228.70    Three/six-month EURIBOR    38.21%
                              plus 1.42%

  B-1-R  AA (sf)     34.40    Three/six-month EURIBOR    27.71%
                              plus 2.10%

  B-2-R  AA (sf)      5.00    5.20%                      27.71%

  C-R    A (sf)      23.30    Three/six-month EURIBOR    21.49%
                              plus 2.65%

  D-R    BBB- (sf)   27.20    Three/six-month EURIBOR    14.24%
                              plus 3.80%

  E-R    BB- (sf)    17.00    Three/six-month EURIBOR     9.71%
                              plus 6.50%

  F-R    B- (sf)     12.20    Three/six-month EURIBOR     6.45%
                              plus 8.50%

  Sub    NR         25.475    N/A                          N/A

*The ratings assigned to the class X, A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments. §The payment frequency
switches to semiannual and the index switches to six-month EURIBOR
when a frequency switch event occurs. EURIBOR--Euro Interbank
Offered Rate. Sub--Subordinated notes NR--Not rated. N/A--Not
applicable.


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

   Entity/Debt              Rating           
   -----------              ------           
Legato Euro CLO I DAC

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

Transaction Summary

Legato Euro CLO I DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund a portfolio with a target par of EUR510
million that will be actively managed by LGT Capital Partners
(U.K.) Limited. The collateralised loan obligation (CLO) will have
a five-year reinvestment period and an eight-year weighted average
life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 61.8%.

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

WAL Test Step-Up Feature (Neutral): The transaction can extend its
weighted average life (WAL) by one year on the step-up date, which
will be one year after closing. The WAL extension will be subject
to conditions, including the adjusted collateral principal amount
being at least equal to the reinvestment target par balance, and
the satisfaction of portfolio profile and collateral quality
tests.

Portfolio Management (Neutral): The transaction will have a
five-year reinvestment period, which is governed by reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Analysis (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months shorter than the WAL covenant
at issue date. This is to account for strict structural and
reinvestment conditions after the reinvestment period, including
passing the coverage tests and the Fitch 'CCC' obligation test.
These conditions reduce the effective risk horizon of the portfolio
in stress periods.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all ratings in the
identified portfolio would lead to downgrades of one notch each for
the class C to E notes, two notches for the class B notes, to below
'B-sf' for the class F notes and would not affect the class A
notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for the notes, except for the class F notes, which would be
downgraded to below 'B-sf'.

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Legato Euro CLO I
DAC.

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

NORTHWOODS CAPITAL 23: Moody's Affirms Ba3 Rating on Class E Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Northwoods Capital 23 Euro Designated Activity Company:

EUR13,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Oct 24, 2024 Affirmed Aa2
(sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Oct 24, 2024 Affirmed Aa2 (sf)

EUR28,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Oct 24, 2024
Affirmed A2 (sf)

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

EUR32,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Affirmed Aaa (sf); previously on Oct 24, 2024 Affirmed Aaa (sf)

EUR164,000,000 Class A-1 Senior Secured Floating Rate Loan due
2034 Notes, Affirmed Aaa (sf); previously on Oct 24, 2024 Affirmed
Aaa (sf)

EUR50,000,000 Class A-2 Senior Secured Floating Rate Loan due 2034
Notes, Affirmed Aaa (sf); previously on Oct 24, 2024 Affirmed Aaa
(sf)

EUR29,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Oct 24, 2024
Affirmed Baa3 (sf)

EUR18,000,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Oct 24, 2024
Affirmed Ba3 (sf)

EUR13,000,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Affirmed Caa1 (sf); previously on Oct 24, 2024
Downgraded to Caa1 (sf)

Northwoods Capital 23 Euro Designated Activity Company, issued in
May 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Northwoods European CLO Management LLC. The
transaction's reinvestment period ended in July 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2 and Class C notes
are primarily a result of the transaction having reached the end of
the reinvestment period in July 2025.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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

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

Performing par and principal proceeds balance: EUR387.0 million

Defaulted Securities: EUR3.9 million

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2905

Weighted Average Life (WAL): 4.5 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%

Weighted Average Coupon (WAC): 4.4%

Weighted Average Recovery Rate (WARR): 42.8%

Par haircut in OC tests and interest diversion test: 0%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

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

SCULPTOR EUROPEAN XIII: Fitch Assigns B-sf Final Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Sculptor European CLO XIII DAC final
ratings, as detailed below.

   Entity/Debt              Rating               Prior
   -----------              ------               -----
Sculptor European
CLO XIII DAC

   A XS3096107258        LT AAAsf  New Rating    AAA(EXP)sf

   B XS3096107415        LT AAsf   New Rating    AA(EXP)sf

   C XS3096107506        LT Asf    New Rating   A(EXP)sf

   D XS3096107845        LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3096108066        LT BB-sf  New Rating   BB-(EXP)sf

   F XS3096108496        LT B-sf   New Rating   B-(EXP)sf

   Subordinated notes
   XS3096108579          LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Sculptor European CLO XIII DAC is a securitisation of mainly senior
secured obligations (at least 90.0%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by Sculptor
Europe Loan Management Limited. The CLO has a five-year
reinvestment period and nine-year weighted average life (WAL)
test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.3%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a top 10 obligor
concentration limit of 22.5% and a maximum exposure to the three
largest (Fitch-defined) industries in the portfolio of 43%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 5% and 10%; and
two at one year after closing with the same fixed-rate limits,
provided that the portfolio balance (defaults at Fitch-calculated
collateral value) is above target par. All four matrices are based
on a top 10 obligor concentration limit of 22.5%. The closing
matrices correspond to a nine-year WAL test, while the forward
matrices correspond to an eight-year WAL test.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than that
specified in the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period, which include passing the coverage tests and
the Fitch 'CCC' bucket limitation test, together with a WAL
covenant that gradually steps down. Fitch believes these conditions
will reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR and a 25% rise in the RRR across
all ratings of the Fitch-stressed portfolio would lead to upgrades
of up to three notches, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, enabling the notes
to withstand larger-than-expected losses for the transaction's
remaining life.

After the end of the reinvestment, upgrades may result from stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

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

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

DATA ADEQUACY

Sculptor European CLO XIII DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Sculptor European
CLO XIII DAC.

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

SCULPTOR EUROPEAN XIII: S&P Assigns B-(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Sculptor European CLO
XIII DAC's class A, B, C, D, E, and F notes. At closing, the issuer
also issued unrated subordinated notes.

The ratings assigned to Sculptor European CLO XIII's notes reflect
our assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,708.33
  Default rate dispersion                                 566.32
  Weighted-average life (years)                             4.75
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.00
  Obligor diversity measure                               122.89
  Industry diversity measure                               24.72
  Regional diversity measure                                1.20

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.75
  'AAA' actual weighted-average recovery (%)               37.39
  Targeted weighted-average spread (%)                      3.81
  Targeted weighted-average coupon (%)                      4.70

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 5.00 years after
closing.

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

"In our cash flow analysis, we modeled a target par amount of
EUR400 million. Additionally, we modeled the covenanted
weighted-average spread (3.65%), the covenanted weighted-average
coupon (4.00%), and the actual weighted-average recovery rates
calculated in line with our CLO criteria for all classes of notes.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Until the end of the reinvestment period on Aug. 7, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"Sculptor Europe Loan Management Ltd. Manages the CLO, and the
maximum potential rating on the liabilities is 'AAA' under our
operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class A
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to E notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we have capped our ratings on the
notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F notes could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria and assigned a rating of '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 break-even default rate at the 'B-'
rating level of 25.67% (for a portfolio with a weighted-average
life of 5.0 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 5.0 years, which would result
in a target default rate of 15.50%.

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

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

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

S&P said, "Given our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for all the
rated classes of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios. The results are shown in the chart below.

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

Sculptor European CLO XIII DAC is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. The transaction is a
broadly syndicated CLO managed by Sculptor Europe Loan Management
Limited.

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

  A      AAA (sf)   248.00   Three-month EURIBOR plus 1.34%  38.00

  B      AA (sf)     44.00   Three-month EURIBOR plus 2.00%  27.00

  C      A (sf)      24.00   Three-month EURIBOR plus 2.35%  21.00

  D      BBB- (sf)   28.00   Three-month EURIBOR plus 3.25%  14.00

  E      BB- (sf)    18.00   Three-month EURIBOR plus 6.00%   9.50

  F      B- (sf)     12.00   Three-month EURIBOR plus 8.67%   6.50

  Sub    NR          33.60 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.




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

ARDAGH METAL: Fitch Keeps 'B-' Long-Term IDR on Watch Evolving
--------------------------------------------------------------
Fitch Ratings has maintained Ardagh Metal Packaging S.A.'s (AMP)
Long-Term Issuer Default Rating (IDR) of 'B-' on Rating Watch
Evolving (RWE).

The RWE reflects its view that Ardagh Group S.A.'s (Ardagh)
recently proposed recapitalisation and debt restructuring, targeted
for completion by 30 September 2025, is neutral for its 76%
subsidiary. Their profiles after the restructuring and linkages
will leave AMP with rating upside up to its Standalone Credit
Profile (SCP) of 'b', while a large delay or cancellation may lead
to a downgrade. The resolution of the RWE may take longer than six
months, depending on the timing of Ardagh's restructuring.

Key Rating Drivers

Better-Than-Expected Performance: AMP's performance in 2024
exceeded its expectations, with EBITDA leverage at 7.4x versus its
forecast of 7.8x, despite a new secured term loan drawdown of
EUR269 million. Improved leverage was supported by higher EBITDA,
due to higher sales volumes and stronger input costs recovery. This
strong performance has persisted into 1H25. In the second quarter,
the company reported year-on-year revenue growth of about 13.5% and
improved EBITDA margins to about 12%, resulting in EBITDA leverage
over the last 12 months of just below 7.0x.

Subdued Margin Improvement: Fitch forecasts EBITDA growth for
2025-2028, primarily driven by the completion of substantial capex
during 2021-2023 and AMP's contractual ability to pass on the
majority of costs to customers. However, macroeconomic challenges
are likely to limit EBITDA improvement. Fitch forecasts AMP's
EBITDA margin at 11% in 2025, before rising to 13% by 2028.

High Leverage: Its updated rating case incorporates modest
deleveraging, with EBITDA leverage forecast at 7.1x at end-2025 and
6.5x at end-2026. Fitch forecasts further leverage improvement to
about 6.0x in 2027-2028, supported by EBITDA gains. This leverage
exceeds the levels of some peers in the 'B' category but is
mitigated by AMP's solid business profile and sound liquidity in
its assessment of its SCP.

Negative Free Cash Flow: AMP's free cash flow (FCF) generation is
under pressure, leading to negative or marginally negative FCF
margins to 2028. Fitch does not forecast large capex in 2025-2028
but dividends of about USD240 million a year and annual dividends
on preferred shares of USD24 million will continue to erode FCF
generation.

SCP Remains Unchanged: AMP's 'b' SCP remains stronger than that of
Ardagh. The SCP is supported by AMP's leading position in metal
beverage packaging, extensive geographical diversification,
exposure to stable, non-cyclical markets, sustainable demand,
longstanding customer relationships and contractual cost
pass-through provisions.

Solid Global Market Position: AMP is among the world's largest
metal beverage can producers with an exposure to stable markets. It
benefits from high operational flexibility through its network of
manufacturing facilities that are located close to its customers.
Its market position, long-term partnership with customers and
capital-intensive business act as moderate-to-high entry barriers.
The less cyclical beverage market provides the company with
sustainable revenue, with increased environmental awareness
supporting demand for metal drink cans.

Ardagh Controls Stronger AMP: Using its Parent and Subsidiary
Linkage (PSL) Rating Criteria, Fitch has taken the stronger
subsidiary-weaker parent approach to assess AMP. Ardagh controls
AMP's strategic decisions, with large overlaps in the boards of
directors. The former also provides AMP with services, including
IT, financial reporting, insurance and risk management, and
financing and treasury management by means of long-term service
agreements. Access and control is 'porous', reflecting the presence
of minority shareholders in AMP (24% stake is free float) and their
potential influence on strategic decisions.

Notching Above Ardagh's: AMP's debt financing is separate from
Ardagh's, with no cross-guarantees or cross-default provisions and
with separate security and ring-fence packages in its bond
documentation. AMP's financing documentation has some restrictions
on its cash outflows. AMP's legal ring-fencing remains 'porous',
which, together with 'porous' access and control, enables its IDR
to be two notches above that of Ardagh. Its expectation that the
former's stronger profile will not be affected by the proposed
restructuring at Ardagh allows for a wider notching with its
parent, especially if the exercise results in an improved credit
profile for the parent.

Rating Upside from Transaction: The RWE reflects uncertainty over
Ardagh's restructuring. Fitch expects that the transaction could,
if completed as proposed, greatly improve the company's profile,
which would reduce the negative pressure on AMP through their
parent-subsidiary linkage. Fitch sees downside for AMP if Ardagh's
restructuring fails and affects AMP.

Preferred Shares Equity Treatment: AMP's Fitch-defined debt
includes a perpetual instrument, with an ability to defer its 9%
annual preferred dividend. Fitch has assigned 50% equity credit to
the instrument using its Corporate Hybrids Treatment and Notching
Criteria, as deferred dividends are still payable on redemption.
The presence of a common dividend stopper is a strong incentive not
to defer, as this would prevent Ardagh extracting dividends from
AMP. The preferred shares form only a limited part of AMP's overall
capital structure. A change in structure, including the preferred
shares size, could lead to a reassessment and, ultimately, a
different treatment.

Peer Analysis

AMP's business profile is weaker than that of higher-rated peers,
such as Berry Global Group, Inc. (BBB+/Stable) and Silgan Holdings
Inc. (BB+/Stable). The former has smaller operations and lower
customer diversification, but this is offset by its leading
position in the beverage can sector and long-term relationship with
customers.

AMP compares favourably with CANPACK Group, Inc. (BB-/Positive),
which is similarly focused mainly on beverage metal packaging. The
former has greater scale than CANPACK and is bigger than Reno de
Medici S.p.A. (B/Negative) but shares these entities' limited
product diversification.

AMP's direct metal can-producing peers are larger in revenue, such
as Ball Corporation and Crown Holdings at USD12 billion (2024)
each, but the former has similar market positions. Ball Corporation
and Crown Holdings reported a decline of revenue in 2023 and in
2024, in contrast to AMP's low single-digit growth. The latter
reduced its growth capex for 2023 and 2024, similar to Ball
Corporation, Crown Holdings and CANPACK.

AMP's EBITDA margin of 11% in 2024 compares well with Reno de
Medici's and CANPACK's profitability. The former's EBITDA margin is
below Berry Global Group's and Silgan Holdings' margins of 14%-15%.
AMP's FCF is comparable to CANPACK's, but weaker than that of Berry
Global, Silgan Holdings and Fedrigoni S.p.A. (B+/Negative), both of
which have sustained positive FCF.

AMP's leverage remains weaker than higher-rated peers', with
forecast EBITDA gross leverage at about 7.1x at end-2025. This is
higher than EBITDA leverage reported by Berry Global, Silgan
Holdings and CANPACK, but compares well with Fedrigoni's.

Key Assumptions

Revenue to rise by 5.9% in 2025 and an average of 2.3% between 2026
and 2028

EBITDA margin of about 11% in 2025, before rising to 12.7% by 2028,
driven by better cost absorption after the completion of large
capex and costs savings due to permanent closures of less-efficient
plants

Annual preferred dividend payments of about USD24 million to 2028

Dividend payments of about USD240 million a year to 2028

Capex of about USD180 million a year in 2025-2028

No M&As to 2028

Recovery Analysis

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

Its going concern value estimate available for creditor claims is
about USD2.5 billion, assuming going concern EBITDA of USD550
million. The going concern EBITDA reflects distressed EBITDA, which
incorporates the loss of a major customer, secular decline or
ESG-related adverse regulatory changes related to AMP's operations
or the packaging industry in general. The going concern EBITDA also
reflects corrective measures taken in a reorganisation to offset
the adverse conditions that trigger a default.

Fitch assumes a 10% administrative claim.

Fitch applies an enterprise value multiple of 5.5x to EBITDA to
calculate a post-reorganisation valuation. The multiple is based on
AMP's global market leading position in an attractive sustainable
niche with resilient market demand. The multiple is constrained by
a less diversified product offering and some commoditisation within
packaging.

Fitch deducts about USD543 million from the enterprise value,
relating to AMP's high usage of its factoring facility and full use
of its asset-backed loan, in line with its criteria.

Fitch estimates the total amount of senior debt claims at USD3.7
billion, which include senior secured notes of USD1.7 billion
(equivalent) and senior unsecured notes of USD1.6 billion
(equivalent).

The allocation of value in the liability waterfall results in
recoveries corresponding to 'RR1', leading to a 'BB-' rating for
the senior secured notes, and to 'RR6'/'CCC' rating, down from
'RR5'/'CCC+', for the senior unsecured notes, as a result of higher
reported secured debt due to the strengthening of the euro.

RATING SENSITIVITIES

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

Further weaking of Ardagh's credit profile and tighter links
between the company and AMP

Weakening of AMP's SCP as underscored by negative FCF margins and
EBITDA leverage above 8.0x on a sustained basis

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

Strong post-transaction credit profile of Ardagh from an improved
consolidated credit profile, or weaker ties between the company and
AMP with the latter's SCP remaining at 'b'

Liquidity and Debt Structure

At end-June 2025, AMP reported Fitch-defined readily available cash
of USD251 million, after restricting USD5 million to cover
intra-year working capital needs. The company has no material
scheduled debt repayments until 2027. Liquidity is supported by an
available undrawn part of an asset-based loan due in April 2027 in
the amount of USD333 million. Available liquidity is sufficient to
cover negative FCF of about USD140 million at end-2025 stemming
from capex and dividends payments.

Fitch-adjusted short-term debt is represented by a drawn factoring
facility of about USD225 million. This debt self-liquidates with
factored receivables.

Issuer Profile

AMP is one of the largest producers of metal beverage cans globally
with a production capacity of over 40 billion cans a year.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Ardagh has an ESG Relevance Score of '4' for Management Strategy
due to a complex funding strategy, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

The company has an ESG Relevance Score of '4' for Group Structure
due to the complexity of ownership and funding structure reducing
transparency, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt         Rating                     Recovery   Prior
   -----------         ------                     --------   -----
Ardagh Metal
Packaging Finance
USA LLC

   senior
   unsecured        LT CCC  Downgrade                  RR6   CCC+

   senior secured   LT BB-  Rating Watch Maintained    RR1   BB-

Ardagh Metal
Packaging S.A.      LT IDR B- Rating Watch Maintained        B-

Ardagh Metal
Packaging
Finance plc

   Senior
   unsecured         LT CCC  Downgrade                 RR6   CCC+

   senior secured    LT BB-  Rating Watch Maintained   RR1   BB-



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

TRANSOCEAN LTD: To Cut Debt by $700M After Q2 Update
----------------------------------------------------
Transocean Ltd. reported a net loss attributable to controlling
interest of $938 million, $1.06 per diluted share, for the three
months ended June 30, 2025.

Second quarter results included net unfavorable items of $957
million, $1.08 per diluted share as follows:

     * $1.128 billion, $1.27 per diluted share, loss on impairment
of assets, net of tax; and
     * $24 million, $0.03 per diluted share, loss on conversion of
debt to equity.

Partially offset by:
     * $195 million, $0.22 per diluted share, discrete tax items,
net.

After consideration of these net unfavorable items, second quarter
2025 adjusted net income was $19 million.

Contract drilling revenues for the three months ended June 30,
2025, increased sequentially by $82 million to $988 million,
primarily due to higher revenues associated with improved rig
utilization, improved revenue efficiency, higher reimbursement
revenues and an additional day in the quarter, partially offset by
lower revenues generated by one rig that was idle between
contracts.

Operating and maintenance expense was $599 million, compared to
$618 million in the prior quarter. The sequential decrease was
primarily due to the non-cash cost resulting from the resolution of
certain litigation, which did not reoccur in the second quarter,
partially offset by increased costs related to increased fleet
activity and higher reimbursable costs.

Interest expense was $141 million, compared with $152 million in
the prior quarter, excluding the favorable adjustment of $29
million and $36 million in the second and first quarter,
respectively, for the fair value of the bifurcated exchange feature
related to the 4.625% exchangeable bonds due 2029. Interest income
was $10 million, compared to $8 million in the prior quarter.

The Effective Tax Rate(2) was 14.2%, up from (95.8)% in the prior
quarter. The increase was primarily due to losses on rig
impairments and the release of unrecognized tax benefits related to
uncertain tax positions. Excluding discrete items, the Effective
Tax Rate was 70.0% compared to (62.3)% in the previous quarter. In
the second quarter, cash paid for taxes was $31 million.

Cash provided by operating activities was $128 million during the
second quarter, representing an increase of $102 million compared
to the prior quarter. The sequential increase was primarily due to
increased cash received from customers and decreased
payroll-related payments that regularly occur in the first quarter
of each year.

Second quarter 2025 capital expenditures were $24 million, compared
to $60 million in the prior quarter.

"We reported a quarter of safe, reliable, and efficient operations,
resulting in an adjusted EBITDA margin of 35% and free cash
generation of $104 million," said President and Chief Executive
Officer, Keelan Adamson. "This result reflects favorable revenue
efficiency driven by high operational reliability."

Adamson added, "We also continue to improve our balance sheet and
are on track to reduce our debt by over $700 million this year,
creating long-term value for our shareholders."

                          About Transocean

Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells. The Company specializes in
technically demanding sectors of the offshore drilling business
with a particular focus on ultra-deepwater and harsh environment
drilling services. As of Feb. 14, 2024, the Company owned or had
partial ownership interests in and operated 37 mobile offshore
drilling units, consisting of 28 ultra-deepwater floaters and nine
harsh environment floaters. Additionally, as of Feb. 14, 2024, the
Company was constructing one ultra-deepwater drillship.

Transocean reported a net loss of $954 million in 2023, a net loss
of $621 million in 2022, and a net loss of $591 million in 2021. As
of June 30, 2024, Transocean Ltd. had $20.33 billion in total
assets, $1.57 billion in total current liabilities, $8.04 billion
in total long-term liabilities, and $10.71 billion in total
equity.

                           *     *     *

Egan-Jones Ratings Company on January 21, 2025, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Transocean Ltd.

In May 2025, S&P Global Ratings affirmed its ratings on offshore
drilling contractor Transocean Ltd., including the 'CCC+' issuer
credit rating and revised the outlook to negative from stable.




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

ARGENTEX GROUP: FRP Advisory Named as Joint Administrators
----------------------------------------------------------
Argentex Group PLC was placed into administration proceedings in
the High Court of Justice Court Number:  CR-2025-004951, and Daniel
Conway, Anthony John Wright and David Paul Hudson of FRP Advisory
Trading Limited, were appointed as joint administrators on July 24,
2025.  

Argentex Group specialized in financial intermediation not
elsewhere classified.

Its registered office is at 25 Argyll Street, London, W1F 7TU to be
changed to C/o FRP Advisory Trading Limited, 110 Cannon Street,
London, EC4N 6EU.

Its principal trading address is at 25 Argyll Street, London, W1F
7TU.

The joint administrators can be reached at:

         Daniel Conway
         Anthony John Wright
         David Paul Hudson
         FRP Advisory Trading Limited
         2nd Floor, 110 Cannon Street
         London, EC4N 6EU

Further details contact:

          The Joint Administrators
          Tel: 020 3005 4000

Alternative contact:

          Jacob Kench
          Email: cp.london@frpadvisory.com


ARGENTEX TECHNOLOGIES: FRP Advisory Named as Joint Administrators
-----------------------------------------------------------------
Argentex Technologies Limited was placed into administration
proceedings in the High Court of Justice Court Number:
CR-2025-005090, and Daniel Conway, Anthony John Wright and David
Hudson of FRP Advisory Trading Limited, were appointed as joint
administrators on July 24, 2025.  

Argentex Technologies specialized in financial intermediation.

Its registered office is at 25 Argyll Street, London, W1F 7TU to be
changed to C/o FRP Advisory Trading Limited, 110 Cannon Street,
London, EC4N 6EU.

Its principal trading address is at 25 Argyll Street, London, W1F
7TU.

The joint administrators can be reached at:

         Anthony John Wright
         David Hudson
         Daniel Conway
         FRP Advisory Trading Limited
         2nd Floor, 110 Cannon Street
         London, EC4N 6EU

Further details contact:

          The Joint Administrators
          Tel: 020 3005 4000

Alternative contact:

          Jacob Kench
          Email: cp.london@frpadvisory.com

EDGE FINCO: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on parcel delivery company Edge Finco PLC (Finco). S&P also
assigned a 'B+' rating to Finco's parent, Edge Midco Ltd. (Evri),
the entity level where the audited accounts are now completed,
following Apollo Global Management's acquisition of the group in
August 2024.

The stable outlook reflects S&P's expectation that Evri's EBITDA
will continue to increase, driven by robust growth in parcel
volumes and continued successful cost-saving initiatives, and as
profitability improves in the new business post-merger.

Edge Midco Ltd. (Evri) reported strong financial results in fiscal
2025 (ended March 1, 2025) with record parcel volumes and robust
pro forma EBITDA margins driven by the group's cost optimization
program and operating leverage benefits.

The merger with DHL's eCommerce UK business that Evri announced in
May 2025 is on track to complete in the fourth quarter of 2025,
subject to regulatory approvals. The combined group will deliver
over 1 billion parcels and a further 1 billion business letters
annually, improving the group's standing in the U.K. parcel
delivery market.

S&P said, "The affirmation reflects our expectation that Evri will
maintain pro forma adjusted credit metrics commensurate with our
'B+' rating after its merger with DHL eCommerce UK. Although we
await further details on the merger, which is expected to complete
in the fourth quarter of 2025, subject to regulatory approvals, our
current expectation is that S&P Global Ratings-adjusted debt to
EBITDA will likely remain below 5.5x post-merger pro forma. As part
of the merger, the DHL Group will obtain a significant minority
stake in Evri (as well as a seat on the board), but Apollo will
remain the majority owner and continue to control the group. The
merger will not result in any new debt being issued, albeit we
assume some additional finance leases." Management has reported
that it expects the contribution from the new business to be
largely EBITDA neutral in the first year, given lower reported
EBITDA margins at DHL eCommerce UK versus Evri (which will be
significantly margin dilutive for Evri), and near-term, one-off
cash integration costs on implementation of the merger. However, it
should be EBITDA accretive in the medium term due to meaningful
cost and operational-related synergies, as well as management
actions to improve margins in the acquired business. This should
further improve debt leverage.

Evri's scale and product offering are expected to improve following
the merger, enhancing its competitive position among rated postal
peers. S&P said, "We regard DHL eCommerce UK's well-established
network in the attractive U.K. premier parcels market as supportive
to Evri's competitive position. Evri has a significant
concentration in the medium-sized parcel market for relatively
low-value items, particularly in the fashion sector (including
clothing, footwear, eyewear, and accessories), which is estimated
to account for around half of its total volumes. In contrast, other
rated postal companies, such as International Distributions
Services (IDS; BBB-/Stable/A-3), PostNL (BBB-/Stable/A-3), and
bpost (A-/Stable/A-2), benefit from broader (albeit significantly
lower EBITDA margin) business models. We believe the DHL eCommerce
UK business' more premium product offering, which typically handles
heavier and higher-value items, will complement Evri's business,
which will continue to focus on higher-volume, lower-value
deliveries. We view the merger, which will add at least £650
million to group revenue, as positive for Evri's market
positioning, particularly amid intensifying competition in the U.K.
parcels and letters sector. That said, on a pro forma basis, Evri's
revenue for fiscal 2025 was approximately £1.9
billion--significantly lower than other rated postal operators IDS
(£12.7 billion in fiscal 2024 ended March 31, 2024, of which £4.8
billion was U.K. parcel revenue) or PostNL (EUR3.3 billion total in
fiscal 2024, ended Dec. 31, 2024, including EUR2.4 billion from
parcels)."

S&P said, "We forecast continuing resilience of the U.K. parcel
market, following encouraging results from Evri in fiscal 2025. We
note 33 weeks of audited results reported at the Edge Midco Ltd.
(parent) level, to which we have assigned a 'B+' rating. Evri
delivered record parcel volumes in fiscal 2025 (up 11% year on
year, and over 25% over two years), with all key segments
increasing volumes, including the U.K. corporate segment (following
two years of subdued market demand), alongside relatively flat
pricing. Despite inflationary headwinds from national insurance and
national living wage increases, as well as softer growth in retail
segments, these pressures were effectively offset by continued
progress in Evri's cost optimization strategy, operating leverage
as volumes grew, and the strength of Evri's courier model, which we
view as a key competitive advantage over rated peers. This positive
momentum appears to have continued in the first quarter of fiscal
2026 to May 31, 2025, with revenue growing 11% year on year,
supported by strong parcel growth particularly in the
customer-to-customer (C2C) and small-to-medium sized enterprises
(SME) segments, and we forecast that this momentum will continue
through fiscal 2026. Despite softer U.K. Corporate volumes, which
were down in the first fiscal quarter by 3% year on year, impacted
by external factors and one-off events (such as a cyberattack on a
key customer), the growing diversity of segments has strengthened
earnings diversity somewhat, which will only increase when the
merger with DHL eCommerce UK completes. Evri will accelerate its
out-of-home strategy in fiscal 2026 and beyond, which should help
save further costs (albeit lead to an increase in capital
expenditure), as it plans to double its "pick up, drop off" network
of ParcelShops and Lockers to 25,000 locations by 2030.

"The stable outlook reflects our expectation that Evri's EBITDA
will continue to increase, driven by robust growth in parcel
volumes and continued cost-saving initiatives, and as profitability
improves in the new business post-merger.

"We could lower the rating if Evri's pro forma adjusted debt to
EBITDA remains above 5.5x due to operating underperformance or more
aggressive financial policy than expected. This could result from
an unexpected slowdown or decline in the U.K. parcels market, or
from significant debt-financed dividends, acquisitions, or capital
expenditure. We could also lower the rating if Evri were no longer
able to generate materially positive free operating cash flow
(FOCF) or its liquidity weakens.

"We view ratings upside as unlikely based on our assessment of
Evri's financial-sponsor owner's financial policy and track record.
Nevertheless, we could raise the rating if Evri committed to
de-leverage the business significantly, underpinned by a planned
exit of the financial sponsor. We could also improve our assessment
of Evri's business risk profile if it demonstrates sustainably
elevated levels of profitability and FOCF generation."

  Ratings list

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

  X      AAA (sf)     3.00    Three/six-month EURIBOR    38.21%
                              plus 1.00%

  A-R    AAA (sf)   228.70    Three/six-month EURIBOR    38.21%
                              plus 1.42%

  B-1-R  AA (sf)     34.40    Three/six-month EURIBOR    27.71%
                              plus 2.10%

  B-2-R  AA (sf)      5.00    5.20%                      27.71%

  C-R    A (sf)      23.30    Three/six-month EURIBOR    21.49%
                              plus 2.65%

  D-R    BBB- (sf)   27.20    Three/six-month EURIBOR    14.24%
                              plus 3.80%

  E-R    BB- (sf)    17.00    Three/six-month EURIBOR     9.71%
                              plus 6.50%

  F-R    B- (sf)     12.20    Three/six-month EURIBOR     6.45%
                              plus 8.50%

  Sub    NR         25.475    N/A                          N/A

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

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


GOST LTD: Opus Restructuring Named as Joint Administrators
----------------------------------------------------------
Gost Ltd was placed into administration proceedings in the High
Court of Justice Court Number: CR-2025-LDS-000775, and Bradley
Parrott and Charles Hamilton Turner of Opus Restructuring LLP were
appointed as joint administrators on July 29, 2025.  

Gost Ltd is comprised of agents involved in the sale of a variety
of goods.

Its registered office and principal trading address is at Unit G13,
Silverbox House Magnet Road, East Lane Business Park, Wembley,
London, HA9 7FP.

The joint administrators can be reached at:

           Charles Hamilton Turner
           Bradley Parrott
           Opus Restructuring LLP
           322 High Holborn, London
           WC1V 7PB

Further details contact:

           The Joint Administrators
           Tel: 020 3326 6454

Alternative contact: Ben Ekbery


NICK TREADAWAY: Secretary of State Appoints Liquidator
------------------------------------------------------
A Liquidator has been appointed to Nick Treadaway Consulting
Limited by the Secretary of State.

Nick Treadaway specialized in management consultancy activities
other than financial management. Its registered office and
principal trading address is at 6th Floor, 2 London Wall Place,
London, EC2Y 5AU.

Nick Treadaway was placed into administration proceedings in the
High Court of Justice No 001077 of 2024, and Jamie Playford of
Leading, was appointed as administrator on July 18, 2025.

The administrator can be reached at:

         Jamie Playford
         Leading
         Lawrence House
         5 St Andrews Hill
         Norwich, NR2 1AD

Further details contact: 01603 552028

OFF THE FENCE: Begbies Traynor Named as Joint Administrators
------------------------------------------------------------
Off The Fence Productions Limited was placed into administration
proceedings in the High Court of Justice Business & Property Courts
England & Wales Bristol Insolvency & Companies List (Ch) No
CR-2025-BRS-000079, and Paul Wood and Simon Robert Haskew of
Begbies Traynor (Central) LLP, were appointed as joint
administrators on July 28, 2025.  

Off The Fence was a television producer and distributor.

Its registered office is at c/o Begbies Traynor, 3rd Floor
Castlemead, Lower Castle Street, Bristol, BS1 3AG.  

The joint administrators can be reached at:

            Paul Wood
            Simon Robert Haskew
            Begbies Traynor (Central) LLP
            3rd Floor Castlemead
            Lower Castle Street Bristol
            BS1 3AG

Any person who requires further information may contact:

             Grace Caple
             Begbies Traynor (Central) LLP
             Email: bristolclaims@btguk.com  
             Tel No: 0117 937 7130

SKYTRAIN AVIATION: Leading Named as Joint Administrators
--------------------------------------------------------
Skytrain Aviation Group Limited was placed into administration
proceedings in the High Court of Justice No 00392 of 2025, and
Michael Roome and Jamie Playford of Leading, were appointed as
joint administrators on July 25, 2025.  

Trading as Wings Airline Academy, Skytrain Aviation specialized in
service activities incidental to air transportation.

Its registered office is at 4 Saddlers Court, Barleythorpe, Oakham,
Rutland, England, LE15 7GH.

Its principal trading address is at 202 Airport Drive East,
Sebastian, Florida, 32958, USA.

The joint administrators can be reached at:

         Michael Roome
         Jamie Playford
         Leading
         Lawrence House
         5 St Andrew's Hill
         Norwich, NR2 1AD.

Further details contact: 01603 552028


TOTALLY COMMUNICATIONS: FRP Advisory Named as Joint Administrators
------------------------------------------------------------------
Totally Communications Limited was placed into administration
proceedings in the High Court of Justice Business & Property Courts
in Manchester, Insolvency and Companies List (ChD) Court Number:
CR-2025-MAN-001054, and Kelly Burton and Joseph Fox of FRP Advisory
Trading Limited, were appointed as joint administrators on July 25,
2025.  

Totally Communications specialized in business and domestic
software development.

Its registered office is at C/O Rpgcc, 40 Gracechurch Street,
London EC3V 0BT (to be changed to c/o FRP Advisory Trading Limited,
The Manor House, 260 Ecclesall Road South, Sheffield, S11 9PS).

Its principal trading address is at Office 3.03 Labs Triangle,
Stables Market, Chalk Farm Road, London NW1 8AB.

The joint administrators can be reached at:

                Kelly Burton
                Joseph Fox
                FRP Advisory Trading Limited
                The Manor House
                260 Ecclesall Road South,
                Sheffield, S11 9PS

Further details contact:

                The Joint Administrators
                Tel No: 01142356780

Alternative contact:

                Faye Pell
                Email: cp.sheffield@frpadvisory.com
                 

ZEVHUB LIMITED: Opus Restructuring Named as Joint Administrators
----------------------------------------------------------------
Zevhub 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-2025-004869, and Colin David Wilson and Trevor John Binyon of
Opus Restructuring LLP, were appointed as joint administrators on
July 28, 2025.  

Zevhub Limited specialized in the maintenance and repair of motor
vehicles.

Its registered office and principal trading address is at 25
Bedford Square, London, WC1B 3HH.

The joint administrators can be reached at:

         Trevor John Binyon
         Colin David Wilson
         Opus Restructuring LLP
         1 Radian Court, Knowlhill
         Milton Keynes, Buckinghamshire
         MK5 8PJ

Further details contact:

         The Joint Administrators
         Tel No: 01908 752942

Alternative contact: Kathryn Smith



                           *********


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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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