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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

          Thursday, August 21, 2025, Vol. 26, No. 167

                           Headlines



I R E L A N D

ANCHORAGE CAPITAL 2: Fitch Assigns 'B-sf' Final Rating to F-R Notes
ARINI EUROPEAN VI: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
AVOCA CLO XVII: S&P Assigns B- (sf) Rating on Class F-R-R Notes
BAIN CAPITAL 2019-1: Fitch Affirms 'B-sf' Rating on Class F Notes
CARLYLE EURO 2013-1: S&P Assigns Prelim 'B-' Rating to E-R-R Notes

CVC CORDATUS XXVIII: Fitch Assigns 'B-sf' Rating to Class F-R Notes
DRYDEN 74 2020: S&P Assigns B- (sf) Rating to Class F-R Notes
FORTRESS CREDIT 2025-2: S&P Assigns B-(sf) Rating to Class F Notes
GROSVENOR 2025-3: Fitch Assigns 'B-sf' Final Rating to Cl. F Bonds
ICG EURO 2025-1: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes

SONA FIOS V: S&P Assigns B- (sf) Rating to Class F-2 Notes


S W I T Z E R L A N D

PEACH PROPERTY: Fitch Puts 'CCC+' Long-Term IDR on Watch Positive


U N I T E D   K I N G D O M

ANTS GROUP: Exigen Group Named as Administrators
ARRAN DEVELOPMENT: Interpath Ltd Named as Joint Administrators
CHESHIRE 2025-1: S&P Assigns CCC (sf) Rating to Class X-Dfrd Notes
FORTITUDO LTD: Leonard Curtis Named as Joint Administrators
O'FLINN LIMITED: Begbies Traynor Named as Administrators

RRS NATIONAL: Leonard Curtis Named as Joint Administrators
UNIVERSAL PHARMACY: Begbies Traynor Named as Administrators
URBAN TRUANT: Begbies Traynor Named as Administrators
VANQUIS BANKING: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
VERTICAL FUTURE: KBL Advisory Named as Administrators


                           - - - - -


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I R E L A N D
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ANCHORAGE CAPITAL 2: Fitch Assigns 'B-sf' Final Rating to F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 2 DAC final
ratings, as detailed below.

   Entity/Debt             Rating           
   -----------             ------           
Anchorage Capital
Europe CLO 2 DAC

   A-R XS3133817570     LT AAAsf  New Rating
   A-loan               LT AAAsf  New Rating
   B-R XS3133817737     LT AAsf   New Rating
   C-R XS3133818206     LT Asf    New Rating
   D-R XS3133818545     LT BBB-sf New Rating
   E-R XS3133818891     LT BB-sf  New Rating
   F-R XS3133819279     LT B-sf   New Rating
   Subordinated Notes   LT NRsf   New Rating

Transaction Summary

Anchorage Capital Europe CLO 2 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
unsecured senior loans, unsecured senior bonds, second-lien loans,
first-lien last-out loans, mezzanine obligations and high-yield
bonds. Proceeds from the refinancing notes and the class A loan
were used to redeem all the existing notes, apart from the
subordinated notes, and to fund a portfolio with a target par of
EUR400 million.

The portfolio is actively managed by Anchorage CLO ECM, L.L.C. The
CLO has a 4.4-year reinvestment period and an 8.1-year weighted
average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor of the identified portfolio is
24.2.

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
60.7%.

Diversified Asset Portfolio (Positive): The transaction has various
concentration limits in place, including a maximum exposure to the
three largest Fitch-defined industries in the portfolio at 40%,
among others. These covenants ensure the asset portfolio will not
be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction includes four Fitch
matrices. All matrices are based on a top 10 obligor concentration
limit of 20%. Two matrices are effective at closing, and correspond
to fixed-rate asset limits of 7.5% and 12.5% and an 8.1-year WAL
test; and two matrices that correspond to a 7.1-year WAL test and
are effective 12-months after closing (or 17 months after closing
if the WAL is stepped up), subject to the collateral principal
amount (defaults at Fitch collateral value) is at least equal to
the reinvestment target par balance

The transaction has a 4.4-year reinvestment period and includes
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 transaction structure
against its covenants and portfolio guidelines.

WAL Step-up Condition (Neutral): The transaction's WAL can step-up
four months when five months have passed since closing, subject to
conditions including the collateral quality tests satisfaction and
that the adjusted collateral principal amount is at least equal to
the reinvestment target par.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress 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 the
over-collateralisation test and the Fitch 'CCC' limitation test
passing after reinvestment. 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 have no impact on the class A-R, to C-R notes and
lead to downgrades of no more than one notch for the class E-R and
F-R notes, and to below 'B-sf' for the class F-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the identified portfolio than the Fitch-stressed
portfolio, the class B-R, to F-R notes display rating cushions to
downgrades of two notches. The class A-R notes display no rating
cushion as they are already at their maximum achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode 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 result in downgrades of three notches for the class
A-R to C-R notes, two notches for the class D-R notes and to below
'B-sf' for the class E-R and F-R notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of two notches for the class B-R to F-R notes. The class
A-R notes are at the highest level on Fitch's scale and cannot be
upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolios, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Anchorage Capital Europe CLO 2 DAC - RESET

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 Anchorage Capital
Europe CLO 2 DAC - RESET. 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.

ARINI EUROPEAN VI: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Arini European CLO VI DAC's notes final
ratings, as detailed below.

   Entity/Debt                          Rating           
   -----------                          ------           
Arini European CLO VI DAC

   A XS3097971835                    LT AAAsf  New Rating
   B XS3097972056                    LT AAsf   New Rating
   C XS3097972213                    LT Asf    New Rating
   D XS3097972486                    LT BBB-sf New Rating
   E XS3097972643                    LT BB-sf  New Rating
   F XS3097972999                    LT B-sf   New Rating
   Subordinated Notes XS3097973294   LT NRsf   New Rating

Transaction Summary

Arini European CLO VI DAC is a securitisation of mainly (at least
90%) senior secured obligations with a component of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high-yield bonds. Net proceeds from the issuance of the notes have
been used to fund an identified portfolio with a target par of
EUR400 million. The portfolio is actively managed by Arini Loan
Management US LLC - European Management Series. The CLO has a
4.5-year reinvestment period and a 7.5-year weighted average life
(WAL) test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B+'/'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.1.

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 62.9%.

Diversified Portfolio (Positive): The transaction includes two
matrices corresponding to a 7.5-year WAL that are effective at
closing and two forward matrices corresponding to a seven-year WAL.
Each matrix set corresponds to two different fixed-rate asset
limits of 5% and 10%. All matrices are based on a top 10 obligor
concentration limit of 20%. The forward matrices can be selected by
the manager six months from issue date or 18 months after closing
if the WAL step-up occurs, provided the collateral principal amount
(defaults at Fitch-calculated collateral value) is at least at the
reinvestment target par balance and the collateral quality tests
are satisfied, among other conditions.

The transaction also has various portfolio concentration limits,
including 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.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on or after the step-up date, which is one year after
closing. The WAL extension is subject to the collateral quality
tests being satisfied and the collateral principal amount (defaults
at Fitch-calculated collateral value) being at least equal to the
reinvestment target par balance. If the WAL extension occurs before
1.5 years after closing, the manager will apply the closing
matrices and is allowed to switch to the forward matrices only
after this period.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis was reduced by 12 months. 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' maximum limit, and a WAL
test covenant that progressively steps down. In Fitch's opinion,
these conditions would reduce the effective risk horizon of the
portfolio during 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) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no rating impact on the class
A, B and C notes and lead to downgrades of one notch for the class
D and E notes and to below 'B-sf' for the class F 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 B, D, E and F notes display
rating cushions of two notches and the class C notes of three
notches. The class A notes are at the highest achievable rating and
therefore have no rating cushion.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would result in upgrades of no more than three notches
across the structure, apart from the 'AAAsf' notes, which are at
the highest level on Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

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 Arini European CLO
VI 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.

AVOCA CLO XVII: S&P Assigns B- (sf) Rating on Class F-R-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Avoca CLO XVII DAC's
class X-R, A-R-R, B-1-R-R, B-2-R-R, C-R-R, D-R-R, E-R-R, and F-R-R
notes. There are unrated subordinated notes from the original
transaction. The issuer also issued EUR54.95 million of
subordinated notes.

This transaction is a reset of the already existing transaction
that closed originally in 2019 and refinanced in 2022.

The issuance proceeds of the refinancing notes were used to redeem
the refinanced notes (the original transaction's class A, B-1, B-2,
C, D, E, and F notes) and the ratings on the current notes have
been withdrawn.

The ratings assigned to Avoca CLO XVII'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 S&P expects is
bankruptcy remote.

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,829.48
  Default rate dispersion                                   454.51
  Weighted-average life (years)                               4.44
  Weighted-average life (years)extended
  to match reinvestment period                                4.50
  Obligor diversity measure                                 132.05
  Industry diversity measure                                 17.59
  Regional diversity measure                                  1.31

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                             2.14
  'AAA' weighted-average recovery (%)                        37.34
  Weighted-average spread (%)                                 3.70
  Covenanted weighted-average coupon (%)                      4.81

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 4.5 years after
closing.

S&P said, "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 of EUR400
million. Additionally, we modeled the covenanted weighted-average
spread (3.55%), the covenanted weighted-average coupon (4.81%), and
the identified 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 Feb. 19, 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.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"The CLO will be managed by KKR Credit Advisors (Ireland) Unlimited
Co., 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-R-R to E-R-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1-R-R to
D-R-R 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-R-R notes, our credit and cash flow analysis
indicates 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-R notes reflects several key
factors, including:

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

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

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 24.65% (for a portfolio with a
weighted-average life of 4.50 years), versus if we were to consider
a long-term sustainable default rate of 3.1% for 4.50 years, which
would result in a target default rate of 13.95%."

-- 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.

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

"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-R-R to D-R-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-R 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

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

  X-R      AAA (sf) 3.50    Three/six-month EURIBOR    N/A
                                plus 0.90%

  A-R-R    AAA (sf)   304.00    Three/six-month EURIBOR   39.20
                                plus 1.32%

  B-1-R-R  AA (sf)     41.00    Three/six-month EURIBOR   28.00
                                plus 2.00%
  
  B-2-R-R  AA (sf)     15.00    5.00% Fixed               28.00

  C-R-R    A (sf)      33.75    Three/six-month EURIBOR   21.25
                                plus 2.40%

  D-R-R    BBB- (sf)   35.00    Three/six-month EURIBOR   14.25
                                plus 3.30%

  E-R-R    BB- (sf)    23.75    Three/six-month EURIBOR    9.50
                                plus 5.95%

  F-R-R    B- (sf)     15.00    Three/six-month EURIBOR    6.50
                                plus 8.52%

  Sub notes   NR       54.95    N/A                        N/A

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

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


BAIN CAPITAL 2019-1: Fitch Affirms 'B-sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded Bain Capital Euro CLO 2019-1 DAC's class
B notes and affirmed the rest as detailed below.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
Bain Capital Euro
CLO 2019-1 DAC

   A XS2075846811     LT AAAsf  Affirmed   AAAsf
   B XS2075847462     LT AAAsf  Upgrade    AA+sf
   C XS2075848940     LT A+sf   Affirmed   A+sf
   D XS2075849674     LT BBB+sf Affirmed   BBB+sf
   E XS2075850094     LT BBsf   Affirmed   BBsf
   F XS2075850250     LT B-sf   Affirmed   B-sf

Transaction Summary

Bain Capital Euro CLO 2019-1 DAC is a cash flow CLO comprising
mostly senior secured obligations. The transaction is actively
managed by Bain Capital Credit U.S. CLO Manager, LLC and exited its
reinvestment period in April 2024.

KEY RATING DRIVERS

Transaction Deleveraging: Around EUR70.3 million of the A notes has
been repaid since its last review in September 2024. This has
resulted in an increase in credit enhancement for the class A to D
notes while for class E and F the positive impact from the
deleveraging was offset by outstanding defaults. As of the latest
trustee report dated 2 July 2025, there was EUR35.4 million cash in
the principal account, most of which is expected to be used to
further pay down the class A notes based on the notes' repayment
and reinvestment pattern in the last 12 months.

The upgrades of the class B notes and their Stable Outlook reflects
sufficient default-rate cushions at their model-implied ratings.

Losses Below Rating Case Assumptions: As of the latest trustee
report, the transaction was around 2.9% below par (calculated as
defaults at trustee reported value less the reinvestment target par
balance and then divided by the original target par) and had EUR8.2
million defaulted assets in the portfolio. However, the loss is
below its rating case assumptions.

Low Refinancing Risks: The transaction has manageable near- and
medium-term refinancing risk, with 0.2% of the portfolio maturing
in 2025 and 5.4 maturing in 2026.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio is 26.2.

High Recovery Expectations: Senior secured obligations comprise
98.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The weighted average recovery rate of the current
portfolio as reported by the trustee was 63.2%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 14.3%, and the largest
obligor represents 1.8% of the portfolio balance. Exposure to the
three largest Fitch-defined industries was 26.3%, as calculated by
the trustee. Fixed-rate assets reported by the trustee were at 7.7%
of the portfolio balance, below the test limit of 10%.

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in April 2024, and the most senior notes are
deleveraging. It is failing the weighted average life, weighted
average rating factor, weighted average recovery rate and weighted
average spread tests, which are on a maintain or improve basis,
allowing it to keep reinvesting.

Given the manager's ability to continue to reinvest, Fitch's
analysis is based on a stressed portfolio and tested the notes'
achievable ratings across the Fitch matrix, since the portfolio can
still migrate to different collateral quality tests. The weighted
average recovery rate covenants in the Fitch test matrices were
haircut by 1.5% to account for the old recovery rate definition in
the documents, which can inflate the recovery rate compared with
its latest CLO criteria.

RATING SENSITIVITIES

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

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

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

Upgrades may result from stable portfolio quality and continuing
notes amortisation that lead to higher credit enhancement across
the structure.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Bain Capital Euro
CLO 2019-1 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.

CARLYLE EURO 2013-1: S&P Assigns Prelim 'B-' Rating to E-R-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
X, A-1-RR-R, A-2-R-R, B-R-R, C-R-R, D-R-R, and E-R-R notes issued
by Carlyle Euro CLO 2013-1 DAC. At closing, the issuer will have
EUR46.2 million unrated subordinated notes outstanding from the
existing transaction and will issue an additional EUR72.5 million
subordinated notes.

Carlyle Euro CLO 2013-1 DAC is a European cash flow CLO
transaction, securitizing a portfolio of primarily senior secured
leveraged loans and bonds. This transaction is a reset of the
already existing transaction which we rated. The existing classes
of notes will be fully redeemed with the proceeds from the issuance
of the replacement notes. Carlyle CLO Management Europe LLC will
manage the transaction.

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

The portfolio's reinvestment period will end approximately five
years after closing and the non-call period will end two years
after closing.

The preliminary ratings assigned to Carlyle Euro CLO 2013-1 DAC's
reset notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
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 S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,815.05
  Default rate dispersion                                  450.03
  Weighted-average life (years)                              4.21
  Weighted-average life extended to cover
  the length of the reinvestment period (years)              5.00
  Obligor diversity measure                                129.65
  Industry diversity measure                                18.30
  Regional diversity measure                                 1.34

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.85
  Actual target 'AAA' weighted-average recovery (%)         36.88
  Actual target weighted-average spread (net of floors; %)   3.61
  Actual target weighted-average coupon                      3.74

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.74%), the actual
weighted-average coupon (3.61%), the covenanted weighted average
recovery rate at the 'AAA' rating level, and the actual
weighted-average recovery rate at all other rating levels in line
with our CLO criteria. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis show that the class A-2-R-R,
B-R-R, C-R-R, and D-R-R notes benefit from break-even default rate
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on these classes of notes. The class X and A-1-RR-R
notes can withstand stresses commensurate with the assigned
preliminary ratings.

"For the class E-R-R 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 E-R-R notes reflects several key
factors, including:

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.54% (for a portfolio with a weighted-average
life of 4.21 years and a reinvestment period of five years), versus
if we were to consider a long-term sustainable default rate of 3.1%
for five years, which would result in a target default rate of
15.5%.

-- 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 E-R-R notes is commensurate with
the assigned 'B- (sf)' rating.

S&P said, "Until the end of the reinvestment period on Sept. 19,
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 compares
that with the default potential of the current portfolio 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
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

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

"The transaction's legal structure is expected to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned
preliminary ratings are commensurate with the available credit
enhancement for the class X to E-R-R notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to D-R-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 E-R-R notes."

Environmental, social, and governance

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

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and will be managed by Carlyle CLO
Management Europe LLC

  Ratings
                       
                       Prelim.
            Prelim.    Amount     Credit           Indicative
  Class     rating*   (mil. EUR)  enhancement (%)  interest rate§

  X         AAA (sf)      4.00      N/A    Three-month EURIBOR
                                           plus 0.87%

  A-1-RR-R  AAA (sf)    248.00    38.00    Three-month EURIBOR
                                           plus 1.36%

  A-2-R-R   AA (sf)      41.20    27.70    Three-month EURIBOR
                                           plus 1.95%

  B-R-R     A (sf)       26.00    21.20    Three-month EURIBOR
                                           plus 2.35%

  C-R-R     BBB- (sf)    28.80    14.00    Three-month EURIBOR
                                           plus 3.25%

  D-R-R     BB- (sf)     18.00     9.50    Three-month EURIBOR
                                           plus 5.70%

  E-R-R     B- (sf)      12.20     6.50    Three-month EURIBOR
                                           plus 8.51%

  Sub       NR          118.70      N/A    N/A

*The preliminary ratings assigned to the class X to A-2-R-R notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class B-R-R to E-R-R notes
address ultimate interest and principal payments.
§Solely for modeling purposes--the actual spreads may vary at the
time of pricing. 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.


CVC CORDATUS XXVIII: Fitch Assigns 'B-sf' Rating to Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXVIII DAC reset
notes final ratings, as detailed below.

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

   A XS2636588688           LT PIFsf  Paid In Full   AAAsf
   B XS2636588845           LT PIFsf  Paid In Full   AAsf
   C XS2636589066           LT PIFsf  Paid In Full   Asf
   Class A-R XS3130028700   LT AAAsf  New Rating     AAA(EXP)sf
   Class B-R XS3130028965   LT AAsf   New Rating     AA(EXP)sf
   Class C-R XS3130029187   LT Asf    New Rating     A(EXP)sf
   Class D-R XS3130029344   LT BBB-sf New Rating     BBB-(EXP)sf
   Class E-R XS3130029427   LT BB-sf  New Rating     BB-(EXP)sf
   Class F-R XS3130029856   LT B-sf   New Rating     B-(EXP)sf
   D XS2636589223           LT PIFsf  Paid In Full   BBB-sf
   E XS2636589652           LT PIFsf  Paid In Full   BB-sf
   F XS2636589900           LT PIFsf  Paid In Full   B-sf

Transaction Summary

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

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

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. Fitch's weighted
average rating factor of the identified portfolio is 25.3.

High Recovery Expectations (Positive): At least 96% 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 59.1%.

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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 CVC Cordatus Loan
Fund XXVIII DAC.

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

DRYDEN 74 2020: S&P Assigns B- (sf) Rating to Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to Dryden 74 Euro CLO 2020
DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. The
issuer currently has EUR39.00 million of unrated subordinated notes
outstanding from the existing transaction. At closing, the issuer
also issued an additional EUR12.50 million of subordinated notes,
bringing the total amount of subordinated notes to EUR51.50
million.

This transaction is a reset of the already existing transaction
that closed in April 2020. The issuance proceeds of the refinancing
debt were used to redeem the refinanced debt, for which S&P
withdrew its ratings at the same time, and pay fees and expenses
incurred in connection with the reset.

The ratings assigned to Dryden 74 Euro CLO 2020's 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 that are governed by collateral quality tests.

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,762.93
  Default rate dispersion                                 639.14
  Weighted-average life (years)                             4.13
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.13
  Obligor diversity measure                               117.10
  Industry diversity measure                               22.22
  Regional diversity measure                                1.25

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.24
  Target 'AAA' weighted-average recovery (%)               37.07
  Target weighted-average spread (net of floors; %)         3.96
  Target weighted-average coupon (%)                        3.64

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 semi-annual payments. The portfolio's
reinvestment period will end approximately 3.2 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 target weighted-average spread (3.96%) and
the target weighted-average coupon (3.64%). We modelled the target
weighted-average recovery rates for all rated notes (37.07% at
'AAA') as indicated by the collateral manager. 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 Oct. 18, 2028, 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.

"At closing, 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."

PGIM Loan Originator Manager Ltd. and PGIM Ltd. manage the CLO, and
the maximum potential rating on the liabilities is 'AAA' under our
operational risk criteria.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1-R to E-R notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our ratings assigned
to the notes.

"For the class F-R 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-R 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 have
recently been issued in Europe.

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

-- S&P's model generated BDR at the 'B-' rating level of 17.93%
(for a portfolio with a weighted-average life of 4.13 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 4.13 years, which would result in a target default rate
of 12.80%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

S&P said, "The class A-R notes can withstand stresses commensurate
with the assigned ratings. Our ratings on the class 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 to F-R notes
address ultimate interest and principal payments

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

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

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

Environmental, social, and governance

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

Dryden 74 Euro CLO 2020 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 PGIM Loan Originator Manager Ltd.
and PGIM Ltd.

  Ratings

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

  A-R     AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                        plus 1.26%

  B-1-R   AA (sf)     24.00    27.00    Three/six-month EURIBOR
                                        plus 1.95%

  B-2-R   AA (sf)     20.00    27.00    5.00%

  C-R     A (sf)      26.00    20.50    Three/six-month EURIBOR
                                        plus 2.45%

  D-R     BBB- (sf)   26.00    14.00    Three/six-month EURIBOR
                                        plus 3.50%

  E-R     BB- (sf)    18.95     9.26    Three/six-month EURIBOR
                                        plus 5.60%

  F-R     B- (sf)     11.16     6.47    Three/six-month EURIBOR
                                        plus 8.64%

  Sub     NR          51.50      N/A    N/A

*The ratings assigned to the class 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.
NR--Not rated.
N/A--Not applicable.

FORTRESS CREDIT 2025-2: S&P Assigns B-(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fortress Credit
Europe BSL 2025-2 DAC's class A loan and class A, B, C, D, E, and F
notes. At closing, the issuer also issued unrated subordinated
notes.

The ratings assigned to the notes and loan reflect our assessment
of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,806.56
  Default rate dispersion                                 360.16
  Weighted-average life (years)                             5.12
  Obligor diversity measure                               106.78
  Industry diversity measure                               21.01
  Regional diversity measure                                1.12

  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 (%)               36.77
  Target weighted-average spread (%)                        3.73
  Target weighted-average coupon (%)                        6.85

Rating rationale

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.67 years after closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.73%), the covenanted
weighted-average coupon (4.50%), and the target weighted-average
recovery rates calculated in line with our CLO criteria for all the
classes of notes and loan. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

"Until the end of the reinvestment period on April 20, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes and loan. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

"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 rating levels than those we have
assigned. However, as the CLO is in its reinvestment phase starting
from closing, during which the transaction's credit risk profile
could deteriorate, we have capped our ratings assigned to the
notes. The class A and E notes, and A loan could withstand stresses
commensurate with the assigned rating.

"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 25.52% (for a portfolio with a weighted-average
life of 5.12 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.12 years, which would result
in a target default rate of 15.87%.

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

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A loan and
class A to E notes based on four hypothetical scenarios.

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

Environmental, social, and governance

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

Fortress Credit Europe BSL 2025-2 is a cash flow CLO securitizing a
portfolio of primarily European senior secured leveraged loans and
bonds. The transaction is managed by FCFE CM LLC.

  Ratings

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

  A       AAA (sf)    120.00      38.00          3mE + 1.38
  A loan  AAA (sf)    128.00      38.00          3mE + 1.38
  B       AA (sf)      44.00      27.00          3mE + 2.30
  C       A (sf)       24.00      21.00          3mE + 2.60
  D       BBB- (sf)    28.00      14.00          3mE + 3.40
  E       BB- (sf)     18.00       9.50          3mE + 6.25
  F       B- (sf)      12.00       6.50          3mE + 8.67
  Sub     NR           34.00        N/A          N/A

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

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


GROSVENOR 2025-3: Fitch Assigns 'B-sf' Final Rating to Cl. F Bonds
------------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2025-3 DAC final
ratings, as detailed below.

   Entity/Debt                          Rating           
   -----------                          ------           
Grosvenor Place
CLO 2025-3 DAC

   A XS3090108419                    LT AAAsf  New Rating
   B XS3090108849                    LT AAsf   New Rating
   C XS3090108765                    LT Asf    New Rating
   D XS3090109060                    LT BBB-sf New Rating
   E XS3090109573                    LT BB-sf  New Rating
   F XS3090109227                    LT B-sf   New Rating
   Subordinated notes XS3090110076   LT NRsf   New Rating

Transaction Summary

Grosvenor Place CLO 2025-3 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 fund a portfolio with a target par of
EUR400 million that is actively managed by CQS (UK) LLP. The CLO
has an approximately 4.5-year reinvestment period and an
approximately 8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 23.1.

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 (WARR) of the identified portfolio is 62.9%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, two of which are effective at closing.
The matrices correspond to a top 10 obligor concentration limit at
26.5%, fixed-rate obligation limits at 5% and 12.5%, and an
8.5-year WAL covenant. The other two are forward matrices
corresponding to the same top 10 obligors and fixed-rate limits,
and a 7.5-year WAL covenant. The forward matrices will be effective
12 months after closing, provided that the collateral principal
amount (defaults at Fitch-calculated collateral value) is at least
at the reinvestment target balance and subject to confirmation by
Fitch.

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

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

Cash Flow Analysis (Neutral): The WAL modelled in the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during 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 have no impact on the class A, B or C notes and
would lead to downgrades of one notch each for the class D and E
notes and to below 'B-sf' for the class F notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B,
D, E and F notes each have a rating cushion of two notches and the
class C notes have a cushion of one notch, due to the better
metrics and shorter life of the identified portfolio than the
Fitch-stressed portfolio. 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 either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
each for the class A and D notes, four notches each for the class B
and C notes and to below 'B-sf' for the class E and F notes.

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

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

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

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from a stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Grosvenor Place CLO
2025-3 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.

ICG EURO 2025-1: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to ICG
Euro CLO 2025-1 DAC's class A-1, A-2, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

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

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,713.16
  Default rate dispersion                                  598.11
  Weighted-average life (years)including
  reinvestment period                                        4.50
  Weighted-average life (years)excluding
  reinvestment period                                        4.31
  Obligor diversity measure                                 96.90
  Industry diversity measure                                19.75
  Regional diversity measure                                 1.25

  Transaction key metrics

  Weighted-average rating                                       B
  'CCC' category rated assets (%)                            1.00
  Target 'AAA' weighted-average recovery rate               36.82
  Target weighted-average spread (%)                         4.04
  Target weighted-average coupon (%)                         6.17

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 4.5 years after
closing.

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread of 3.80%, the
covenanted weighted average coupon of 4.00%, the portfolios actual
weighted average recovery rates with a 1% cushion at the 'AAA'
rating level, and the actual portfolio's weighted-average recovery
rates at all other rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, the CLO benefits from a reinvestment period
until March 9, 2030, during which the transaction's credit risk
profile could deteriorate, subject to CDO monitor results. We have
therefore capped our preliminary ratings assigned to the notes.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

"We expect the issuer to be bankruptcy remote, in accordance with
our legal criteria.

"The CLO will be managed by Intermediate Capital Managers Ltd.
Under our "Global Framework For Assessing Operational Risk In
Structured Finance Transactions," Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to E notes
to four hypothetical scenarios.

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

Environmental, social, and governance credit factors

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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and will be managed by Intermediate
Capital Managers Ltd.

  Ratings list

         Prelim  Prelim amount
  Class  rating*   (mil. EUR)  Interest rate§  Sub (%)

  A-1    AAA (sf)    240.80    3mE + 1.36%     39.80
  A-2    AAA (sf)      9.20    3mE + 1.90%     37.50
  B-1    AA (sf)      36.50    3mE + 2.10%     26.50
  B-2    AA (sf)       7.50    5.00%           26.50
  C      A (sf)       24.00    3mE + 2.55%     20.50
  D      BBB- (sf)    26.00    3mE + 3.65%     14.00
  E      BB- (sf)     16.80    3mE + 6.20%      9.80
  F      B- (sf)      13.20    3mE + 8.40%      6.50
  Z      NR            1.00    N/A               N/A
  Sub.   NR           29.50    N/A               N/A

*The preliminary ratings assigned to the class A-1, A-2, B-1, and
B-2 notes address timely interest and ultimate principal payments.
The preliminary 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 6mE when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
3mE--Three-month EURIBOR.
NR--Not rated.
N/A--Not applicable.


SONA FIOS V: S&P Assigns B- (sf) Rating to Class F-2 Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sona Fios CLO V
DAC's class A to F-2 notes. At closing, the issuer also issued
unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,720.1
  Default rate dispersion                                  536.69
  Weighted-average life (years)                              4.96
  Obligor diversity measure                                109.32
  Industry diversity measure                                22.51
  Regional diversity measure                                 1.20

  Transaction key metrics

  Total par amount (mil. EUR)                              400.00
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               127
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            'B'
  'CCC' category rated assets (%)                            1.75
  Targeted 'AAA' weighted-average recovery (%)              37.57
  Covenanted weighted-average spread net of floors (%)       3.94

This is a European cash flow CLO transaction, securitizing a pool
of mainly primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.5 years after
closing, and the portfolio's non-call period is 1.5 years after
closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

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

S&P said, "In our cash flow analysis, we modelled the EUR400
million target par amount, the covenanted weighted-average spread
of 3.94%, and the covenanted weighted-average recovery rates. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1, B-2, C, D, E, and F-2 notes
is commensurate with higher ratings than those we have assigned.
However, as the CLO will have a reinvestment period, during which
the transaction's credit risk profile could deteriorate, we have
capped the assigned ratings.

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to F-1 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-2 notes."

Sona Fios CLO V DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly senior secured loans and bonds
issued mainly by sub-investment grade borrowers. Sona Asset
Management (UK) LLP manages the transaction.

Environmental, social, and governance factors

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as being broadly in
line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities. Accordingly, since the exclusion of assets
related to these activities does not result in material differences
between the transaction and our ESG benchmark for the sector, we
have not made any specific adjustments in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings

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

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

  B-1    AA (sf)     34.00    27.00    Three/six-month EURIBOR
                                       plus 2.00%

  B-2    AA (sf)     10.00    27.00    4.95%

  C      A (sf)      23.00    21.25    Three/six-month EURIBOR
                                       plus 2.45%

  D      BBB- (sf)   29.00    14.00    Three/six-month EURIBOR
                                       plus 3.30%

  E      BB- (sf)    18.00     9.50    Three/six-month EURIBOR
                                       plus 5.85%

  F-1    B+ (sf)      6.00    14.00    Three/six-month EURIBOR
                                       plus 7.85%

  F-2    B- (sf)      6.00     6.50    Three/six-month EURIBOR
                                       plus 8.64%

  Sub    NR          31.60      N/A    N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, F-1, and F-2 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.




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

PEACH PROPERTY: Fitch Puts 'CCC+' Long-Term IDR on Watch Positive
-----------------------------------------------------------------
Fitch Ratings has placed Peach Property Group AG's Long-Term Issuer
Default Rating (IDR) of 'CCC+' on Rating Watch Positive (RWP) and
affirmed its senior unsecured rating at 'B'. The Recovery Rating
remains at 'RR2'.

The RWP follows the announcement that Peach has signed a EUR440
million secured financing from Castlelake L.P. Fitch expects Peach
to use the new financing, alongside existing liquidity, to repay
its outstanding EUR173 million unsecured bond maturing in November
2025. This will likely result in an upgrade of Peach's IDR by more
than one notch, to within the 'B' rating category, limited by tight
EBITDA interest coverage rather than refinance risk, which had
previously been the main constraint.

Key Rating Drivers

Castlelake Secured Debt: On 14 August 2025, Peach announced the
signing of a three-year secured funding with Castlelake for EUR410
million, with two one-year extension options, and a EUR30 million
credit line for capex. Of the EUR410 million, Peach intends to
allocate EUR310 million to repaying secured debt and EUR100 million
to repaying its outstanding EUR173 million senior unsecured bond.

Fitch understands from management that this funding pools some
existing secured financings, with some being prepaid and others
being re-leveraged at higher loan-to-value than the current
sub-optimal level of around 40%. This re-leveraging of existing
encumbered assets does not affect Peach's EUR190 million of
unencumbered assets as at end-July 2025.

Tight Interest Coverage: Fitch expects the average cost of debt to
be about 4.4% in 2025, including deferred hybrid bond interest, as
legacy low-coupon debt expires or is refinanced early. This will
reduce interest cover further from 1.3x in 2024, before recovering
to this level during 2026-2027, supported by rental growth from
rental indexation, capex initiatives and stabilising policy rates.

Improving Leverage: Fitch expects Peach's net debt/EBITDA to
improve below 18x in 2026, supported by debt reduction from recent
equity injections and like-for-like rental growth of about 4% a
year, improving EBITDA. Fitch expects the LTV to settle at around
50% at end-2025, as German residential asset values stabilise, and
potentially to reduce further towards the company's 45% target
through disposal of non-strategic assets.

Addressing Portfolio Challenges: In 2024, Peach reinstated its
capex programme to address portfolio vacancies (6.6% at end-2024)
with plans to maintain capex at around EUR40 million a year, after
having previously cut it to EUR13 million. The EUR30 million capex
funding portion from Castlelake will provide the necessary
liquidity, alongside ongoing disposals of non-strategic assets.
Fitch expects around 60% of capex to be value accretive, through
increasing rental income, with the rest allocated to
maintenance-related capex.

Peer Analysis

Peach's portfolio, totalling EUR1.9 billion at end-2024, is
materially smaller than Fitch-rated German residential-for-rent
Vonovia SE's (BBB+/Stable) EUR78.3 billion and Heimstaden Bostad
AB's (BBB-/Stable) EUR29 billion. Peach's portfolio is more
comparable to D.V.I. Deutsche Vermogens- und Immobilienverwaltungs
GmbH's (DVI, BBB-/Stable), which is all in Germany and valued at
EUR2.3 billion (excluding commercial buildings) at end-2024.

Peach's portfolio average in-place rent was EUR6.4 per sqm a month
at end-2024, indicating lower-quality assets and locations than
Vonovia's German portfolio, which averages EUR8 per sqm in rent,
and DVI's Berlin-weighted portfolio rent of EUR8.9 per sqm. The
difference in the portfolios' qualities is also reflected in their
respective vacancy rates: Peach's at a reported 7.4%, DVI's at
above 1.6% and Vonovia's 1.5% at end-2024.

Peach's interest cover of 1.3x at end-2024, is lower than
Heimstaden Bostad's 1.4x which is due to improve thereafter. Fitch
forecasts the interest cover for both DVI and Vonovia to remain at
or above 2.3x over the next three years. Peach's end-2024 remaining
average debt maturity was low at 2.9 years, compared with Vonovia's
6.9 years, and at or above eight years for Heimstaden Bostad and
DVI.

Key Assumptions

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

- Rent loss from the 5,200 units disposal in 2024 translating into
a EUR23 million reduction in rental income that will be fully
reflected in 2025

- Capex at EUR40 million a year during 2025-2029 (2024: EUR36
million), partially funded by equivalent disposals from the
non-strategic portfolio

- Annual rental growth of about 4%, comprising 1.5% for phased
indexation/re-lettings and 2.5% for re-letting of units that have
been refurbished

- Other operating costs to normalise to EUR10 million a year until
2028, after EUR14 million in 2024, which was inflated by one-offs
related to the portfolio disposal and costs from changes in
management

- Interest costs on newly issued euro-denominated variable-rate
debt based on Fitch's Global Economic Outlook policy rate
assumptions (2025 and thereafter: 1.75%)

- Hybrid bond interest not deferred and paid at 9.25% margin plus
policy rate

- Completion of Peach's Swiss residential-for-sale development in
2026, resulting in a working-capital inflow of EUR30 million

Recovery Analysis

Its recovery analysis assumes that Peach would be liquidated rather
than restructured as a going concern in a default.

Recoveries are based on the EUR344 million unencumbered investment
property portfolio, using the end-2024 independent valuation, and
updated for the EUR120 million secured facility announced on 16
June (which raised EUR90 million new cash proceeds).

Fitch applies a standard 20% discount to the EUR190 million
portfolio it estimates remains unencumbered after the 16 June
transaction. After deducting a standard 10% for administrative
claims, this generates an estimated liquidation value of EUR137
million compared with debt of EUR134 million including EUR90
million debt reduction from the June secured facility. Fitch's
principal waterfall analysis generates a high ranked recovery for
the EUR173 million unsecured bond but under Fitch's Recovery Rating
Criteria, the unsecured bond's Recovery Rating is capped at 'RR2'.

RATING SENSITIVITIES

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

- A material likelihood of a debt restructuring on terms that would
constitute a distressed debt exchange

- Senior unsecured rating: reductions in the unencumbered property
portfolio relative to unsecured debt, adversely affecting recovery
estimates

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

- Use of procured funding to repay the November 2025 outstanding
bond and refinancing of the December 2025 secured debt maturities

- Twelve-month liquidity score above 1.0x, combined with a
sustainable capital structure with limited funding risks

Liquidity and Debt Structure

Fitch expects the EUR410 million additional secured financing (of
which EUR100 million is free cash flow), coupled with the equity
increase of EUR50 million completed in July 2025, to repay the
EUR173 million unsecured bond November in 2025 and its EUR51
million convertible bond due in May 2026. The Castlelake EUR30
million capex funding will be invested in the portfolio.

Fitch does not expect net proceeds from more disposals of
non-strategic assets (an identified EUR475 million at end-2024) to
provide short-term liquidity, given management's preference against
further portfolio disposals. Peach does not have a revolving credit
facility. Fitch does not expect further funding requirements for
2025, given that the company's remaining secured bank debt maturing
in December is likely to be rolled over.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt           Rating                 Recovery   Prior
   -----------           ------                 --------   -----
Peach Property
Group AG           LT IDR CCC+ Rating Watch On             CCC+

   senior
   unsecured       LT     B    Rating Watch On    RR2      B

Peach Property
Finance GmbH

   senior
   unsecured       LT     B    Rating Watch On    RR2      B



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

ANTS GROUP: Exigen Group Named as Administrators
------------------------------------------------
Ants Group Limited fka Ants Landfill Aftercare Limited was placed
into administration proceedings in the High Court of Justice
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD) Court Number: CR-2025-001117, and David Kemp and Richard
Hunt of Exigen Group Limited were appointed as administrators on
Aug. 11, 2025.  

Ants Group Limited specialized in other service activities not
elsewhere classified.

Its registered office is at Warehouse W, 3 Western Gateway, Royal
Victoria Docks, London, E16 1BD.

Its principal trading address is at Unit 5 Singer Way, Woburn Road
Industrial Estate, Kempston, Bedfordshire, MK42 7AW.

The administrators can be reached at:

                 David Kemp
                 Richard Hunt
                 Exigen Group Limited
                 Warehouse W, 3 Western Gateway
                 Royal Victoria Docks, London
                 E16 1BD

Further details contact:

                 David Kemp
                 Tel No: 0207 538 2222


ARRAN DEVELOPMENT: Interpath Ltd Named as Joint Administrators
--------------------------------------------------------------
Arran Development Trust was placed into administration proceedings
in the Court of Session No P773 of 25, and Alistair McAlinden and
James Alexander Dewar of Interpath Ltd, were appointed as joint
administrators on August 7, 2025.  

Arran Development specialized in activities of other membership
organizations not elsewhere classified.

Its registered office is at The Old Haybarn, Park Terrace, Lamlash,
Isle Of Arran, North Ayrshire, KA27 8NB.

The joint administrators can be reached at:

             James Alexander Dewar
             Alistair McAlinden
             Interpath Ltd, 5th Floor
             130 St Vincent Street
             Glasgow, G2 5HF

Further Details Contact:

             Connor Griffin
             Tel No: 0131 385 7922
             Email: connor.griffin@interpath.com


CHESHIRE 2025-1: S&P Assigns CCC (sf) Rating to Class X-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Cheshire 2025-1 PLC's
class A to X-Dfrd U.K. RMBS notes. At closing, the issuer issued
unrated class Z and R notes and X and Y certificates.

The pool for Cheshire 2025-1 PLC contains £276.6 million
first-lien BTL and owner-occupied residential mortgage loans
located in the U.K. S&P considers the collateral to be
nonconforming based on the prevalence of loans to self-certified
borrowers and borrowers with adverse credit history, such as prior
county court judgments (CCJs), an individual voluntary arrangement,
or a bankruptcy order. The transaction is a refinancing of the
Formentera Issuer PLC and Cheshire 2020-1 PLC transactions, which
first closed in February 2022 and August 2020, respectively. The
loans in both portfolios were originated between 2000 and 2008 by
multiple originators.

The issuer is an English special-purpose entity, which S&P
considers to be bankruptcy remote. Interest will be paid quarterly
on the IPD beginning in December 2025. The rated notes pay interest
equal to compounded daily SONIA plus a class-specific margin, with
a further step-up margin following the optional call date in
September 2028. All the notes will reach legal final maturity in
May 2067.

S&P's standard cash flow analysis indicates that the available
credit enhancement for the class D-Dfrd, E-Dfrd, and F-Dfrd notes
is commensurate with higher ratings than those currently assigned.
However, the ratings on these notes also reflect their ability to
withstand joint lead manager fees paid senior in the waterfall,
lower pay rates on loans in arrears, and delayed repayment on
interest-only loans.

S&P said, "Our rating on the class X-Dfrd notes reflects the
results of cash flow runs with standard assumptions and higher
levels of prepayments. In these cash flow runs, the class X-Dfrd
notes face shortfalls at the 'B' rating level. Therefore, we
applied our 'CCC' criteria to assess if either a rating of 'B-' or
in the 'CCC' category would be appropriate for these notes. In the
steady state scenario, where the current level of stress shows
little to no increase and collateral performance remains steady,
the notes continue to face shortfalls at the 'B' rating level.
Therefore, we consider this class of notes to be currently
vulnerable and dependent upon favorable business, financial, and
economic conditions to pay timely interest and ultimate principal.
We consequently assigned a 'CCC (sf)' rating to this class of
notes."

The documented replacement mechanisms adequately mitigate the
transaction's exposure to counterparty risk for the collection
account providers and the transaction account provider in line with
our counterparty criteria.

In S&P's view, the ability of the borrowers to repay their mortgage
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate, consumer price inflation, and
interest rates. its ratings reflect our current macroeconomic
outlook for the U.K.

  Ratings

  Class     Rating    Class size (%)

  A         AAA (sf)   74.85
  B-Dfrd    AA (sf)     6.15
  C-Dfrd    A (sf)      5.35
  D-Dfrd    BBB+ (sf)   3.00
  E-Dfrd    BB (sf)     2.95
  F-Dfrd    B+ (sf)     1.30
  X-Dfrd    CCC (sf)    1.25
  Z         NR          6.40
  R         NR          1.65
  X Certs   NR           N/A
  Y Certs   NR           N/A

  NR--Not rated.
  N/A--Not applicable.


FORTITUDO LTD: Leonard Curtis Named as Joint Administrators
-----------------------------------------------------------
Fortitudo Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List Court Number: CR-2025-005442,
and Nick Myers and Alex Cadwallader of Leonard Curtis, were
appointed as joint administrators on Aug. 7, 2025.  
       
Fortitudo Ltd specialized in the buying and selling of own real
estate.
       
Its registered office is at Companies House Default Address,
Cardiff, CF14 8LH.
       
The joint administrators can be reached at:
       
                Nick Myers
                Alex Cadwallader
                Leonard Curtis
                5th Floor, Grove House
                248a Marylebone Road
                London, NW1 6BB
       
Further details contact:
       
                The Joint Administrators
                Tel: 020 7535 7000
                Email: recovery@leonardcurtis.co.uk
       
Alternative contact: Amber Walker
       

O'FLINN LIMITED: Begbies Traynor Named as Administrators
--------------------------------------------------------
O'Flinn Limited was placed into administration proceedings in the
High Court of Justice Court Number: CR-2025-5392, and Chris Latos
and Tom D'Arcy of Begbies Traynor (Central) LLP, were appointed as
administrators on Aug. 6, 2025.  

O'Flinn Limited operates in the dispensing chemist in specialized
stores sector.

Its registered office is at 108, North Hill Drive, Romford, RM3
9AW.

The administrators can be reached at:

          Chris Latos
          Tom D'Arcy
          Begbies Traynor (Central) LLP
          26 Stroudley Road, Brighton
          East Sussex, BN1 4BH

Any person who requires further information may contact

          Mahrukh Ahmed
          Begbies Traynor (Central) LLP
          E-mail: mahrukh.ahmed@btguk.com
          Telephone: 01273 322960


RRS NATIONAL: Leonard Curtis Named as Joint Administrators
----------------------------------------------------------
RRS National Limited, trading as Resolve Recruitment, was placed
into administration proceedings in the High Court of Justice
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD) Court Number: CR-2025-MAN-001092, and Mike Dillon and
Andrew Knowles of Leonard Curtis, were appointed as joint
administrators on Aug. 7, 2025.  

RRS National specialized in recruitment services.

Its registered office and principal trading address is at 90-92
Shirehampton Road, Bristol, BS9 2DR.

The joint administrators can be reached at:

                 Mike Dillon
                 Andrew Knowles
                 Leonard Curtis
                 Riverside House
                 Irwell Street, Manchester
                 M3 5EN

Further details contact:

                 The Joint Administrators
                 Tel: 0161 831 9999
                 Email: recovery@leonardcurtis.co.uk

Alternative contact: Nicola Carlton


UNIVERSAL PHARMACY: Begbies Traynor Named as Administrators
-----------------------------------------------------------
Universal Pharmacy Ltd was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD) Court Number:
CR-2025-1088, and Chris Latos and Tom D'Arcy of Begbies Traynor
(Central) LLP, were appointed as administrators on Aug. 4, 2025.  

Universal Pharmacy was a dispensing chemist in specialized stores.

Its registered office is at 25 Turbine Way, Ecotech Business Park,
Swaffham, Norfolk, PE37 7XD.

The administrators can be reached at:

          Chris Latos
          Tom D'Arcy
          Begbies Traynor (Central) LLP
          26 Stroudley Road, Brighton
          East Sussex, BN1 4BH

For further information contact:

          Mahrukh Ahmed
          Begbies Traynor (Central) LLP
          E-mail: mahrukh.ahmed@btguk.com
          Telephone: 01273 322960


URBAN TRUANT: Begbies Traynor Named as Administrators
-----------------------------------------------------
Urban Truant Power Ltd was placed into administration proceedings
in the High Court of Justice Business & Property Courts of England
& Wales, Insolvency & Companies List Court Number: CR-2025-005456,
and Julian Nigel Richard Pitts and Stephen Mark Powell of Begbies
Traynor (Central) LLP, were appointed as administrators on Aug. 8,
2025.  

Urban Truant specialized in operation of sports facilities.

Its registered office is at 102 Saltmakers House, Hamble Point
Marina, Hamble, Southampton, SO31 4NB.

The joint administrators can be reached at:

         Julian Nigel Richard Pitts
         Stephen Mark Powell
         Begbies Traynor (Central) LLP
         Floor 2, 10 Wellington Place
         Leeds, LS1 4AP

Any person who requires further information may contact:

         William Parker
         Begbies Traynor (Central) LLP
         E-mail: william.parker@btguk.com
         Telephone: 0113 244 0044

VANQUIS BANKING: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Vanquis Banking Group plc's (VBG)
Long-Term Issuer Default Rating (IDR) at 'BB-', senior unsecured
debt rating at 'BB-', and subordinated Tier 2 debt rating at 'B'.
All ratings have been removed from Rating Watch Negative (RWN). The
Outlook on the Long-Term IDR is Stable.

The rating actions reflect its view that the risk that VBG will be
subject to very high compensation costs related to historical motor
finance commissions has significantly reduced following the UK
Supreme Court's ruling in three motor finance cases earlier this
month. Fitch no longer expects redress and compensation costs to
put significant pressure on VBG's business profile, profitability
and capitalisation. The Stable Outlook reflects improved earnings
as the group restructures, with VBG returning to profitability in
1H25.

Key Rating Drivers

Strategy Gaining Traction: VBG's Long-Term IDR reflects the
concentration of its business model in non-prime lending, with weak
asset quality and volatile profitability. However, the group has
achieved planned cost savings in 1H25, and it continues to reshape
the business, including growth in less volatile segments such as
second-charge mortgages. External pressures on the business model
have reduced following the Supreme Court ruling as well as due to a
revised charging structure for complaints lodged with the Financial
Ombudsman Service (FOS).

The rating also factors in VBG's acceptable capitalisation and
access to funding that includes granular - albeit price-sensitive -
retail deposits. Fitch rates VBG primarily under its Non-Bank
Financial Institutions Rating Criteria but also refers to its Bank
Rating Criteria when assessing capitalisation & leverage and
funding & liquidity.

Capitalisation Less Vulnerable: The Supreme Court ruling as well as
lower compensation costs because of changes to FOS charges reduce
the likelihood that compensation costs will have a negative impact
on VBG's common equity Tier 1 capital ratio (end-1H25: 18.5%).
Fitch expects it to remain above 16% over the next two years.

Profitability Improving: VBG returned to profitability in 1H25,
with pre-tax income of GBP6.2 million, equivalent to an annualised
pre-tax income/average assets ratio of 0.4% (2024: -4.2%). Fitch
forecasts a small profit in 2025 driven by planned cost savings,
including complaint costs halving compared with 2024, and lower
incremental credit costs after the clean-up of Stage 3 loans.

RATING SENSITIVITIES

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

VBG's Long-Term IDR remains sensitive to its common equity Tier 1
ratio falling below 16% on a sustained basis or a material
reduction in regulatory capital headroom (for example, as a result
of negative earnings). The inability to maintain pre-tax
profitability in 2025 could also weaken Fitch's view of the
strength of VBG's franchise and business model.

A deterioration in VBG's liquidity profile, as reflected in a
reduction in unrestricted liquidity or notably weaker funding
access, could lead to a downgrade of the Long-Term IDR.

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

An upgrade would require a strong and sustainable rebound in
operating profitability. This would be helped by increasing
material scale and revenue diversification by business line, which
would indicate a stronger business profile.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

VBG's senior unsecured notes are rated in line with the Long-Term
IDR, reflecting Fitch's expectation of average recovery prospects.

The subordinated Tier 2 notes' rating is two notches below the
Long-Term IDR, reflecting poor recovery prospects in the event of a
failure of VBG, in line with Fitch's base-case notching for Tier 2
debt. Fitch has not applied additional notching as the issue terms
do not contain features that give rise to incremental
non-performance risk.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

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

VBG's senior debt rating is primarily sensitive to negative changes
in its IDR. It is also sensitive to weaker recovery expectations
that could result, for example, from retail deposits materially
increasing as a proportion of the group's funding relative to
senior debt.

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

An upgrade of VBG's Long-Term IDR would result in an upgrade of the
unsecured debt and Tier 2 notes' ratings.

ADJUSTMENTS

The 'a' sector risk operating environment score has been assigned
above the 'bbb' category implied score due to the following
adjustment reason(s): regulatory and legal framework (positive).

The 'bb-' business profile score has been assigned below the 'bbb'
category implied score due to the following adjustment reason(s):
business model (negative), market position (negative).

The 'bb-' asset quality score has been assigned above the 'ccc &
below' category implied score due to the following adjustment
reason(s): collateral and reserves (positive).

The 'b' earnings & profitability score has been assigned above the
'ccc & below' category implied score due to the following
adjustment reason(s): historical and future metrics (positive).

The 'bb' capitalisation & leverage score has been assigned above
the 'b' range implied score due to the following adjustment
reason(s): regulatory or other complementary capitalisation ratios
(positive).

ESG Considerations

VBG has an ESG Relevance Score of '4' for Exposure to Social
Impacts and Customer Welfare stemming from a business model focused
on non-prime and sub-prime consumer lending. This exposes the group
to shifts of consumer or social preferences and to increasing
regulatory scrutiny, in particular on loans to low-income
individuals. This has a moderately negative influence on the
pricing strategy, product mix, and targeted customer base. It also
has a negative impact on its credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Vanquis Banking Group plc   LT IDR BB-  Affirmed   BB-
   senior unsecured         LT     BB-  Affirmed   BB-
   subordinated             LT     B    Affirmed   B

VERTICAL FUTURE: KBL Advisory Named as Administrators
-----------------------------------------------------
Vertical Future Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD) Court Number:
CR-2025-001091, and Richard Cole and Steve Kenny of KBL Advisory
Limited, were appointed as administrators on Aug. 5, 2025.  

Vertical Future specialized in vertical farming.

Its registered office is at Stamford House, Northenden Road, Sale,
Cheshire, M33 2DH.

Its principal trading address is at Units 3-5 Raynham Road, Bishops
Stortford, CM23 5PB.

The joint administrators can be reached at:

                Richard Cole
                Steve Kenny
                KBL Advisory Limited
                Stamford House, Northenden Road Sale
                Cheshire, M33 2DH

Further details contact:

                Mary Dempsey
                Email: Mary.Dempsey@kbl-advisory.com

Alternative contact:

                Email: Natalie.Clark@kbl-advisory.com



                           *********


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

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Editors.

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