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

                          E U R O P E

          Tuesday, September 23, 2025, Vol. 26, No. 190

                           Headlines



A L B A N I A

ALBANIA: S&P Affirms 'BB/B' Sovereign Credit Ratings


F R A N C E

CHROME HOLDCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
LUNE SARL: S&P Lowers ICR to 'CCC-' on Heightened Default Risk


I R E L A N D

ADAGIO XIII: S&P Assigns B-(sf) Rating on Class F Notes
BECKETT MORTGAGES 2025-1 DAC: S&P Gives (P)B- Rating on F Notes
VOYA EURO IX: S&P Assigns Prelim. B-(sf) Rating on Class F Notes


L U X E M B O U R G

SIRONA HOLDCO: S&P Downgrades ICR to 'CCC' on Covenant Risk


N E T H E R L A N D S

ENSTALL GROUP: S&P Lowers Rating to 'CCC' on Weak Liquidity
LAVENDER DUTCH: S&P Assigns 'B+' ICR, Outlook Stable


S W I T Z E R L A N D

MATTERHORN TELECOM: S&P Affirms 'BB-' ICR on Planned Acquisition


U N I T E D   K I N G D O M

DRS DOORS: Exigen Group Named as Administrators
EUROSAIL 2006-4NP: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
FRONTIER MORTGAGE 2025-1:S&P Assigns Prelim. 'B-' Rating on F Notes
LITTLE CAR: FRP Advisory Named as Administrators
MULTI UTILITY UK: RSM UK Named as Administrators

PREMIER GROUP: KRE Corporate Named as Administrators
QUALITEACH LTD: Exigen Group Named as Administrators
SOS WHOLESALE: Interpath Ltd Named as Administrators
TALENTBOOK LTD: Leonard Curtis Named as Administrators

                           - - - - -


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A L B A N I A
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ALBANIA: S&P Affirms 'BB/B' Sovereign Credit Ratings
----------------------------------------------------
S&P Global Ratings, on Sept. 19, 2025, affirmed its 'BB' long-term
and 'B' short-term sovereign credit ratings on Albania. The outlook
is stable.

Outlook

The stable outlook reflects S&P's view that upside and downside
risks to Albania's economic, external, and fiscal performance are
broadly balanced.

Downside scenario

S&P could lower its ratings on Albania were fiscal performance to
markedly deteriorate. A downgrade could also result if, contrary to
our expectations, pressures on Albania's balance of payments were
to arise, leading to a pronounced decline in foreign currency
reserves.

Upside scenario
S&P could raise its ratings on Albania if institutional capacity
strengthens, supported by structural reforms aligned with EU
accession, or if continued improvements in the monetary policy
framework reduce euroization and enhance policy effectiveness over
the long term.

Rationale

S&P's ratings on Albania remain constrained by its relatively weak
but improving institutional framework and sizeable informal
economy. Government debt is relatively short dated, exposing public
finances to refinancing risks. Extensive euroization and shallow
domestic capital markets continue to partially impair the Bank of
Albania's (BoA's) monetary transmission capacity. Nevertheless,
Albania's moderate growth prospects, together with fiscal
discipline and sizeable FX reserve buffers, should provide
important guardrails against future external shocks.

Institutional and economic profile: Medium-term growth prospects
remain resilient, but structural risks persist

-- Growth is set to remain resilient, with real GDP set to expand
by about 3.4% in the medium term, driven by consumption and
investments.

-- Structural challenges persist, including a declining birth rate
and sustained emigration.

-- EU accession momentum has accelerated, with 24 of 33
negotiation chapters opened, but slow reform implementation and
recurring tensions with Greece could still delay progress.

S&P said, "We expect Albania's real GDP to expand by 3.4% in 2025,
driven by resilient household spending underpinned by a tight labor
market and rising real wages. Tourism will remain a key growth
pillar, though its relative contribution will likely moderate as
the sector matures and arrival growth slows. Investment,
particularly in energy, leisure, and real estate, will continue to
support activity, bolstered by sustained foreign direct investment
(FDI) inflows. Over 2026-2028, we forecast GDP growth to average
3.4% annually, though risks remain skewed to the downside given
Albania's dependence on tourism and exposure to weaker external
demand from key EU partners such as Germany. Upside scenarios could
materialize if the EU accession process accelerates, providing a
stronger reform anchor, boosting investor confidence, and enhancing
potential output."

At the same time, demographic decline is emerging as a defining
long-term constraint. The 2023 census showed a 14% population drop
since 2011, leaving just 2.4 million residents, with nearly 15% of
the population emigrating over the past decade, mainly for higher
wages in Germany and Italy. A fertility rate of 1.21 births per
woman, among the lowest globally, points to an accelerating
contraction of the working-age population. Labor shortages are
already evident in construction, tourism, and healthcare, and will
deepen as the population ages. Looking ahead, S&P expects Albania's
growth model to rely less on labor-intensive expansion and more on
productivity gains, technological adoption, and higher value-added
investment. The government has begun to respond through financial
incentives, diaspora return programs, and vocational training
reforms, though their effectiveness remains uncertain.

Albania's EU accession process has accelerated in recent months,
anchoring reforms to institutions and enhancing transparency. Since
late 2024, the country has opened four negotiation clusters,
including Competitiveness & Inclusive Growth, bringing 24 of 33
chapters into play and advancing ahead of most regional peers. The
European Commission has also approved EUR920 million in funding
under the EUR6 billion Western Balkans Growth Plan, supporting
strategic projects such as the Durres-Rrogozhine railway.
Nevertheless, Albania's accession path still faces challenges,
particularly recurring bilateral tensions with Greece over minority
and property rights. The 2024 arrest of Himare's ethnic Greek
mayor, Fredi Beleri, strained diplomatic relations, though his
release in September and subsequent assumption of a European
Parliament seat helped ease tensions.

Despite legislative progress, including the adoption of national
minority protection laws, implementation remains slow, leaving
minority rights enforcement a sensitive sticking point. While
current tensions are less acute than North Macedonia's dispute with
Bulgaria, the EU framework gives Greece a de facto veto, raising
the political stakes. Looking ahead, sustained progress on
accession could bolster investor confidence, strengthen governance,
and raise medium-term growth potential. However, the government's
2030 accession target appears ambitious, given the scale of
outstanding reforms--particularly on the rule of law, public
administration, and anti-corruption--and unresolved bilateral
issues that could slow convergence.

Albania's May 2025 parliamentary elections delivered a fourth
consecutive mandate for Prime Minister Edi Rama's Socialist Party,
which secured a clear parliamentary majority despite low turnout
and lingering concerns over media bias and the use of state
resources. The result ensures political continuity and provides the
government with a strong platform to pursue its ambitious 2030 EU
accession target. Looking ahead, this stability could reinforce
policy credibility and accelerate reforms in line with EU
benchmarks, particularly in judicial independence, anti-corruption,
and public administration.

Flexibility and performance profile: Prudent fiscal policy and
strong reserve buffers support the country's external position

S&P expects fiscal policy to remain prudent, with deficits
averaging about 2% of GDP through 2028 and net debt stable at close
to 47%, though FX exposure, short maturities, and public-private
partnerships (PPP) liabilities continue to pose risks.

Inflation dynamics are shifting, and S&P expects price pressures to
peak in the first half of 2026. The BoA is likely to hold rates
steady in the near term but could tighten them if wage-driven
inflation proves persistent.

FX reserves have strengthened, rising 27% to $7.8 billion by
mid-2025 on net purchases by the BoA and on Eurobond issuance, and
should remain stable.

Albania's public finances remained in surplus in the first seven
months of 2025, with a fiscal surplus of Albanian lek (ALL) 32.6
billion (about EUR330 million; 1.2% of GDP), though down 41% year
on year as expenditure growth outpaced revenue. Tax performance has
been strong, with collections exceeding targets, supported by
buoyant personal income tax and excise revenues, while capital
spending has accelerated sharply, reflecting both domestic and
foreign-financed projects. Nevertheless, in line with historical
patterns, most spending is expected to take place in the final
months of the year.

The 2025 budget allows for a fiscal deficit of 2.6% of GDP, up from
a deficit of 0.7% of GDP in 2024. However, S&P anticipates the
actual deficit for 2025 to be lower, at about 2.3% of GDP, given
the government's fiscal prudence and tendency to underspend on
certain items, particularly capital expenditure. As in previous
years, the government will finance the budget deficit through a
combination of domestic and foreign borrowing. The government
tapped the market in February, issuing a EUR650 million Eurobond to
refinance part of a Eurobond maturing this year.

S&P said, "In the aftermath of parliamentary elections, we expect
fiscal policy to remain prudent, with the government targeting
neutral primary balances and a gradual reduction in the debt-to-GDP
ratio. On this basis, we forecast the general government deficit to
average about 2% of GDP through 2028, keeping net debt broadly
stable at about 47% of GDP." Looking ahead, fiscal risks will
continue to stem from Albania's debt structure: About 45% of
central government debt remains denominated in foreign currency,
leaving public finances exposed to exchange rate volatility; the
short maturity profile of domestic debt (close to three years on
average) creates refinancing pressures; and domestic banks' large
sovereign exposures (27% of assets) link financial stability to
sovereign performance. In addition, PPP-related commitments,
equivalent to about 25% of GDP, present contingent liabilities.
While the authorities have begun to tighten controls and reduce
reliance on PPPs, effective implementation of regulatory reforms
will be critical in containing these risks over the medium term.

Inflationary pressures in Albania have risen in recent months, with
headline inflation rising to 2.5% in July from 2.0% a year earlier,
driven mainly by higher food and housing costs. Core inflation
accelerated to 2.9% in July 2025, its highest level since early
2024, suggesting that underlying price pressures are broadening.
Although inflation remains close to the 3% target, the near-term
trajectory is up. S&P said, "We expect base effects and strong wage
growth to push inflation higher over the coming quarters, averaging
about 2.4% in 2025 and peaking in the first half of 2026. In
response, we expect the BoA to hold rates steady in the near term,
balancing contained inflationary pressures with still moderate
growth." However, if wage-driven price increases persist and core
inflation remain above target into 2026, the bank would likely
begin a gradual tightening cycle.

S&P expects Albania's current account deficit to remain stable at
2.5% of GDP in 2025 versus 2.4% in 2024, supported by an improving
trade balance. Albanian exporters have become less competitive on
price in recent years due to the appreciation of the lek, but signs
of recovery are emerging, as firms increasingly focus on
productivity and diversification rather than low-cost competition.
On the services side, the tourism sector has begun to mature,
following several years of rapid expansion driven by low prices. In
particular, arrivals from Kosovo (previously accounting for more
than one-third of visitors in 2024) are moderating as visa
liberalization allows Kosovan tourists to travel elsewhere.
However, growing arrivals from EU markets should help offset this
shift, ensuring the services surplus remains a key driver of
external stability. The current account deficit will remain
comfortably financed, primarily through net FDI inflows, which help
anchor Albania's relatively strong external position.

Appreciation pressures on the Albanian lek have eased compared with
2022-2023, but seasonal inflows--particularly during the summer
tourism peak--continue to generate upward pressure. Consistent with
this trend, the BoA has maintained active FX interventions to
smooth volatility and protect export competitiveness. Together with
the early 2025 Eurobond issuance, these interventions supported a
27% rise in reserves to $7.84 billion by July, strengthening
Albania's external buffers. Looking ahead, S&P expects reserve
accumulation to moderate in the second half of the year, reflecting
the scheduled $370 million Eurobond repayment and a seasonal
slowdown in tourism receipts. Beyond 2025, reserve levels should
remain broadly stable, underpinned by sustained FDI inflows and a
still-positive services balance, ensuring Albania retains an
adequate external liquidity cushion despite continued appreciation
pressures on the Albanian lek.

S&P Global Ratings recently assigned a Banking Industry Country
Risk Assessment Group score of '8' to Albania. Albania's banking
sector faces potential risks from surging real estate prices (by
about 40% in 2024) and rapid housing loan growth, in response to
which the regulator imposed limits on loan-to-value and debt
service-to-income ratios for mortgage loans. Credit risk remains
elevated given low wealth levels, high unemployment, significant
sovereign exposure, and lingering FX loan risks, although the
nonperforming loan ratio improved steadily to 4% by mid-2025.
Banking sector profitability is solid, with a return on equity of
about 16%-18% since 2023. Funding is driven by deposits and is
relatively stable, but access to external capital markets remains
limited.

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

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

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

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

  Ratings List

  Ratings Affirmed  

  Albania  

  Sovereign Credit Rating               BB/Stable/B
  Transfer & Convertibility Assessment  
  Local Currency                        BBB-
  Senior Unsecured                      BB




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F R A N C E
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CHROME HOLDCO: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Ratings has downgraded Chrome HoldCo's (Cerba or the
company) long term corporate family rating to Caa2 from Caa1 and
its probability of default rating to Caa2-PD from Caa1-PD.
Concurrently, Moody's have downgraded to Caa2 from Caa1 the
instrument ratings on the senior secured term loans, the senior
secured global notes and the senior secured revolving credit
facility (RCF) issued by Chrome BidCo. Moody's have also downgraded
the rating on the backed senior unsecured notes to Ca from Caa3
issued by Chrome HoldCo. The outlook on both entities changed to
negative from stable.

"The downgrade reflects Cerba's weak liquidity, unsustainable
capital structure, and elevated risk of debt restructuring, which
together heighten the likelihood of default beyond 2025" said
Lahlou Meksaoui, Vice President-Senior Analyst at Moody's Ratings.

RATINGS RATIONALE

The rating action reflects Cerba's weakening in liquidity with
heightened risks of debt restructuring scenarios or other form of
default beyond 2025. Cerba has weak adjusted credit metrics.
Although there are no imminent debt maturities, Moody's assess the
company's capital structure, featuring EUR4.8 billion in adjusted
debt as of June 30, 2025, as unsustainable with high refinancing
risk. The company is currently exploring all options to refinance
upcoming debt maturities with the assistance of appointed debt
advisors.

Governance considerations were a key driver for this rating action,
reflecting Cerba's tolerance for weak liquidity and credit metrics,
which is part of Moody's financial strategy and risk management
considerations and resulted in elevated refinancing risk.

In order to preserve liquidity, the company decided on August 29 to
shift the interest payment schedule of its term loan B and RCF to
semi-annual payments from the existing monthly ones. This change
will take effect from September 2025, meaning the next interest
payment will now be due in Q1 2026. Whilst Moody's expect this
change to support the company's liquidity through the second half
of the year, the liquidity position remains weak. Moody's forecast
negative adjusted free cash flow in 2025 with its revolving credit
facility fully utilized. Consequently, the company will depend on
its cash reserves to finance operations. In Moody's view, there is
a high risk that these reserves will be insufficient to sustain
operations over the next 6-12 months unless there is a significant
increase in EBITDA or additional liquidity support.

In 2025, Moody's forecast adjusted gross debt to EBITDA of 13.6x
and adjusted EBITA to interest expense of 0.8x. These metrics are
weaker than Moody's earlier projections. In addition, Cerba's
earnings quality is complicated by the extensive EBITDA add-backs,
such as cost savings and pro forma run rate synergies, that are
currently allowed under the company's bank documentation.

As of June 30, 2025, year-to-date reported EBITDA was down by 4.6%
at EUR222 million mainly because of the negative tariff impact
which occurred in September 2024. However, reported EBITDA margin
slightly increased to 23.8% compared to 23.7% which illustrates the
company's ability to reduce costs. The company aims for a cost
efficiency program exceeding EUR100 million pro forma for 2025,
having already achieved EUR37 million in H1 2025.

The laboratories sector in Europe, including companies like Cerba,
face significant market risk due to the heavily regulated nature of
the industry. This regulation manifests in limited pricing power
for laboratories because tariffs for medical tests are set and
periodically reviewed by public health authorities. This scenario
inherently limits organic growth opportunities within the sector,
as laboratories cannot independently adjust prices in response to
changing market conditions or increasing operational costs. The
French laboratory sector experienced a sharp tariff cut in
September 2024, negatively impacting performance. Tariffs are now
expected to remain unchanged until December 2026, but uncertainty
beyond that date could lead to further reductions, adding pressure
on revenue and profitability.

More generally, Cerba's Caa2 ratings are supported by (1) the
company's scale, leading position and network density particularly
in France (Government of France, Aa3 stable); (2) the positive
demand trends for clinical laboratory tests; (3) its presence in
the Contract Research Organization (CRO) sector, an unregulated
industry, which presents opportunities for potential revenue
growth.

Conversely, the ratings are constrained by (1) the exposure to
change in regulation and continuous tariff pressure, which will
limit organic growth; (2) the high fixed-cost base and the
execution risk related to company's business optimization program
and synergy extraction efforts; (3) the highly leveraged financial
profile, weak liquidity, and risk of debt restructuring.

LIQUIDITY

Cerba's liquidity is weak. As of June 30, 2025, it had cash of
EUR47 million and the EUR450 million RCF is fully drawn. In 2025,
Moody's forecast negative free cash flow of about EUR40-50 million.
Free cash flow in 2026 could remain negative if the company fails
to deliver a substantial increase in EBITDA. The company's debt
obligations are not due in the near term. The revolving credit
facility expires in November 2027, and the first lien term loans
are due starting May 2028. The debt structure includes a springing
covenant (a 9x flat requirement on senior net leverage), tested
only if the RCF is drawn by more than 40%. The net leverage ratio
as defined by the debt indenture was at 7.9x as of June 30, 2025.

STRUCTURAL CONSIDERATIONS

The Caa2 rating on the senior secured debt instruments is in line
with the CFR since it represents a significant amount of debt in
Cerba's capital structure. The Ca rating on the senior unsecured
notes is two notches below the CFR, reflecting the significant
amount of first lien debt in the capital structure.

RATING OUTLOOK

The negative outlook reflects the risk of lower recoveries for
debtholders than those implied by the current ratings, in the case
of a debt restructuring, as well as the execution risks related to
the company's cost savings plan.

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

An upgrade would require a lower likelihood of default and a return
to a sustainable capital structure. This would need to be supported
by sustained improvements in operating performance and liquidity,
leading to stronger credit metrics. Additionally, it would require
the absence of adverse regulatory developments.

The ratings could be downgraded if Cerba fails to meet scheduled
interest or principal payments, if debt restructuring scenarios
materialize, or if recovery estimates weaken.

PRINCIPAL METHODOLOGY

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

Cerba's Caa2 rating is two notches below the scorecard-indicated
outcome of B3, reflecting Moody's greater emphasis on refinancing
risk, as well as weak liquidity and credit metrics.

COMPANY PROFILE

Headquartered in Paris, Cerba was founded in 1967 as a specialty
laboratory and expanded into routine testing and pharmaceutical
research (clinical trials) testing in 2007. Cerba is a reference
player in France and is also present in Belgium, Luxembourg, Italy
and Africa, serving over 30 million patients each year. The company
is majority owned by funds managed and advised by EQT Partners
(56%), PSP Investments (28%) and management (16%).


LUNE SARL: S&P Lowers ICR to 'CCC-' on Heightened Default Risk
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on the
France-based Kem One's intermediate parent, Lune S.a.r.l. and its
issue rating on its EUR450 million senior secured notes to 'CCC-'
from 'CCC'. The outlook on the long-term rating is negative.

Kem One's liquidity remains precarious despite the EUR200 million
DDTL raised in April 2025, which temporarily eased near-term
pressure. By end-June 2025, the company had drawn EUR150 million,
leaving only EUR50 million available, while being subject to a
EUR25 million minimum cash covenant. S&P said, "In our view, Kem
One could breach this covenant or face a liquidity shortfall within
the next few quarters absent extraordinary sponsor support,
covenant relief, or restructuring. The company reported negative
free operating cash flow of EUR41 million in second-quarter 2025,
following negative EUR60 million in the first quarter, and we
forecast a full-year reported FOCF deficit of about EUR185 million,
reflecting weak earnings, higher interest costs under the DDTL, and
elevated working capital needs." Although the completion of the Fos
membrane conversion reduces capex requirements, cash burn remains
structurally high.

Operating performance has deteriorated markedly. On an S&P Global
Ratings-adjusted basis, EBITDA fell from EUR97 million in 2023 to
EUR3 million in 2024 and is on track for about EUR2 million in
2025, reflecting structural deterioration in its operating
performance. Persistent weakness in European construction activity,
subdued PVC and caustic soda pricing, and heavy import competition
continue to weigh on margins. Management has acknowledged it does
not expect an improvement in chlorovinyl market conditions in 2025.
S&P said, "In our view, these dynamics, combined with the company's
highly leveraged position and limited liquidity headroom, point to
an unsustainable capital structure. Absent a material improvement
in operating conditions or external financial support, we believe
Kem One faces a high likelihood of default, under our definition,
within the next quarters."

S&P said, "The negative outlook reflects our view that Kem One will
continue to burn cash over the next 12 months given its extremely
weak earnings, high interest burden, and limited access to external
liquidity. With covenant headroom narrowing and only EUR50 million
remaining under its delayed-draw term loan, we think the company
faces a high risk of a liquidity crisis absent sponsor support,
covenant relief, or restructuring."

S&P could lower its ratings on Kem One if:

-- Liquidity deteriorates further such that we view default as
virtually certain, for example if the company breaches its minimum
cash covenant without remedial measures; or

-- Kem One undertakes a debt exchange or other restructuring
transaction that S&P views as distressed and tantamount to a
default; or

-- The company misses a scheduled interest or principal payment.

S&P could revise the outlook to stable or raise the ratings if Kem
One demonstrates a materially improved liquidity position and
significantly reduces the risk of a near-term default. This could
occur if:

-- The company secures an equity injection or other extraordinary
sponsor support that bolsters liquidity; or

-- It obtains covenant relief or reduce the debt cost burden on
terms that S&P does not classify as distressed; or

-- Operating performance improves meaningfully beyond S&P's
expectations, such that Kem One generates positive free operating
cash flow after servicing its debt sustainably.




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ADAGIO XIII: S&P Assigns B-(sf) Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Adagio XIII EUR
CLO DAC's class A-1 and A-2 loans and class X, A, B, C, D, E, and F
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
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 is in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,751.80
  Default rate dispersion                                  484.20
  Weighted-average life (years)                              4.76
  Obligor diversity measure                                166.99
  Industry diversity measure                                22.65
  Regional diversity measure                                 1.31

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            1.17
  Target 'AAA' weighted-average recovery (%)                36.40
  Target weighted-average spread (%)                         3.76
  Target weighted-average coupon (%)                         3.35

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event (FSE) occurs starting from
July 2026. Following the FSE, the notes will switch to semiannual
payments. The portfolio's reinvestment period will end
approximately 4.59 years after closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, and the identified portfolio's actual
weighted-average spread (3.74%), actual weighted-average coupon
(3.35%). We have considered the target weighted-average recovery
rates at all rating levels. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all classes
of notes and loans. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B, C, D, and E
notes could withstand stresses commensurate with higher ratings
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.

"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 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.

"The transaction securitizes a portfolio of primarily
senior-secured leveraged loans and bonds, and is managed by AXA
Investment Managers US Inc."

Environmental, social, and governance

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

"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, 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§
                                   (%)
  X         AAA (sf)     2.00      N/A       3mE + 0.85%
  A         AAA (sf)   102.40     38.00%     3mE + 1.33%
  A-1 loan  AAA (sf)    95.60     38.00%     3mE + 1.33%
  A-2 loan  AAA (sf)    50.00     38.00%     3mE + 1.33%
  B         AA (sf)     44.00     27.00%     3mE + 2.10%
  C         A (sf)      24.00     21.00%     3mE + 2.55%
  D         BBB (sf)    28.00     14.00%     3mE + 3.35%
  E         BB- (sf)    18.00      9.50%     3mE + 6.35%
  F         B- (sf)     12.00      6.50%     3mE + 8.65%
  Sub.      NR          34.25       N/A         N/A

*The ratings assigned to the class A-1 and A-2 loans and the class
X, 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 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.
6mE--Six-month Euro Interbank Offered Rate.

BECKETT MORTGAGES 2025-1 DAC: S&P Gives (P)B- Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Beckett Mortgages 2025-1 DAC's class A to F-Dfrd notes. At closing,
the issuer will issue unrated class R, X1, and X2 notes.

Beckett Mortgages 2025-1is an RMBS transaction that securitizes a
portfolio of prime owner-occupied first-lien residential mortgage
loans in Ireland.

The loans in the pool were originated by Nua Money Ltd. (Nua), a
newly established nonbank lender.

Nua was founded in September 2021, whereafter it commenced the
process for Central Bank of Ireland authorization as a credit
retail firm, which was approved in May 2024. It then entered the
market on July 31, 2024. As such, all of the assets in the pool
have been originated since July 2024.

The collateral comprises prime borrowers. All the loans have been
originated from July 2024 onward, and origination was therefore in
accordance with the Irish Central Bank's mortgage lending rules,
which limit leverage (through loan-to-value ratio limits) and debt
burden (through LTV ratio limits). For 25.8% of the pool, the
primary borrower's citizenship is outside of Ireland. There are
4.3% of non-EU borrowers that have been in Ireland less than two
years.

The transaction includes a prefunded amount of up to 23% of the
total transaction size, where the issuer can purchase loans until
the first interest payment date. This prefunded amount is high in
the context of a new originator, particularly considering the
accelerated growth of originations in recent months (e.g., 26% of
the preliminary portfolio was originated in July 2025). There is
the risk that the addition of new loans could adversely affect the
pool's credit quality.

All loans in this pool are currently paying a fixed rate until they
revert to a discretionary floating rate at varying times
(predominantly in 2028 and 2030).

The transaction benefits from liquidity provided by a general
reserve fund, and in the case of the class A and X1 notes (and the
class B-Dfrd once the class A is fully redeemed), a liquidity
reserve fund.

At closing, the issuer will use the issuance proceeds to purchase
the beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in the security
trustee's favor.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria.

  Ratings

  Class   Prelim. rating*   Prelim. class size (%)

  A            AAA (sf)        85.50
  B-Dfrd       AA (sf)          6.00
  C-Dfrd       A (sf)           4.25
  D-Dfrd       BBB- (sf)        2.25
  E-Dfrd       BB (sf)          1.00
  F-Dfrd       B- (sf)          1.00
  R            NR               1.25
  X1†          NR                N/A
  X2           NR                N/A

S&P's preliminary ratings address timely payment of interest and
ultimate repayment of principal for the class A notes, and the
ultimate payment of interest and principal on the other rated
notes. Its preliminary ratings also address the timely payment of
interest on the rated notes when they become most senior
outstanding. Any deferred interest is due at maturity.
†The structure includes an X1 note that is pari passu with the
class A interest payment. The fixed rate is calculated on the asset
balance.
NR--Not rated.
N/A--Not applicable.


VOYA EURO IX: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Voya
Euro CLO IX DAC's class A to F European cash flow CLO notes. At
closing, the issuer will also issue unrated subordinated notes.

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 transaction has a 1.5 years of non-call period and the
portfolio's reinvestment period will end 4.57 years after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated 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 2,798.91
  Default rate dispersion 376.65
  Weighted-average life (years) 4.94
  Obligor diversity measure 151.42
  Industry diversity measure 21.43
  Regional diversity measure 1.21
  
  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator B
  'CCC' category rated assets (%) 0.00
  Actual 'AAA' weighted-average recovery (%) 37.18
  Actual weighted-average spread (%) 3.78
  Actual weighted-average coupon (%) 7.13

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. Additionally, we modeled the covenanted weighted-average
spread (3.65%), the covenanted weighted-average coupon (4.50%), and
the actual portfolio weighted-average recovery rates (WARR) for all
rated notes, except the class A notes, where we used the covenanted
WARR of 36.00%. 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 in April. 15, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as 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.

"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.

"We expect the transaction's legal structure and framework 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 the preliminary ratings
are commensurate with the available credit enhancement for the
class A, B-1, B-2, C, D, E, and F notes.

"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, 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 preliminary ratings
assigned to the notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F notes could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria and assigned a preliminary rating of 'B-
(sf)' rating on this class of notes.

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

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

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

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 26.32% (for a portfolio with a
weighted-average life of 4.94 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for 4.94 years, which
would result in a target default rate of 15.808%."

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds and will be managed by Voya Alternative
Asset Management LLC.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including but not limited to, the following:
tobacco, controversial weapons, thermal coal production, and
pornography or prostitution. 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."

Voya Euro CLO IX DAC reset 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 that will be managed by KKR Credit Advisors
(Ireland) Unlimited Co.

  Preliminary ratings

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

  A      AAA (sf)    310.00    38.00      3mE +1.35%
  B-1    AA (sf)      45.00    27.00      3mE +1.95%
  B-2    AA (sf)      10.00    27.00            4.75
  C      A (sf)       30.00    21.00      3mE +2.30%
  D      BBB- (sf)    35.00    14.00      3mE +3.00%
  E      BB- (sf)     22.50     9.50      3mE +5.60%
  F      B- (sf)      15.00     6.50      3mE +8.63%
  Sub    NR           41.30      N/A      N/A

*The preliminary ratings assigned to the class A, 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 six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

SIRONA HOLDCO: S&P Downgrades ICR to 'CCC' on Covenant Risk
-----------------------------------------------------------
S&P Global Ratings downgraded its ratings on Sirona Holdco (Seqens)
and its senior secured loans to 'CCC' from 'CCC+'. S&P revised the
outlook on the issuer credit rating to negative from stable.

Seqens liquidity position has further deteriorated, with only EUR25
million of unrestricted cash and very limited effective
availability under its revolving credit facility (RCF). Although
contractual headroom is EUR65 million, covenant mechanics reduce
usable capacity.

Senior secured net leverage (SSNL) has increased to about 10.1x,
well above the 8.8x springing covenant; under the Senior Facilities
Agreement (SFA) definition, the test applies when RCF drawings net
of cash exceed EUR52 million (40% of commitments). We now forecast
S&P Global Ratings-adjusted leverage to exceed 16.0x in 2025 and
remain above 12.0x in 2026.

First-half 2025 free operating cash flow (FOCF) was materially
negative, driven by soft demand, reduced volumes and pricing,
higher-than-expected working capital outflows, and one-offs. S&P
forecasts continued negative through 2026, reflecting weak market
conditions and delayed recovery until at least mid-2026.

Combined with high interest expenses and sizable growth
investments, S&P forecasts liquidity pressure over the next 12
months. As a result, S&P downgraded its ratings on Seqens and its

The downgrade reflects our view that Seqens' liquidity has reached
a critical point, with little covenant headroom and persistently
negative FOCF. At end-June 2025, the group reported EUR64 million
of cash, of which EUR39 million is legally restricted at
CellforCure and therefore excluded from covenant calculations, and
EUR25 million is in China (net of leakage). With EUR65 million
drawn on the EUR130 million RCF, the covenant test-triggered when
drawings net of cash exceed 40% of commitments leaves only about
EUR12 million of strict headroom, or about EUR38 million if
applying the EUR26 million capex carve-out allowed under the SFA.

Weaker-than-anticipated operating performance, affected by weak
market conditions, has led to the company's credit metrics further
deteriorating. The company's first half FOCF was more negative,
affected by lower profitability, higher-than-expected working
capital outflows (due to an inventory build), and higher
nonrecurring items. Although management has launched a second-half
inventory-reduction program targeting EUR12 million, S&P forecasts
FOCF to remain negative in 2025 at EUR90 million and 2026 at EUR54
million, reflecting ongoing investment in the phoenix project,
recurring capex, elevated cash interest costs, and limited EBITDA
recovery.

Leverage remains unsustainably high, with SSNL above 10.0x and well
above the 8.8x covenant, highlighting the risk of a breach should
performance deteriorate further. S&P said, "We see little prospect
of material deleveraging without external support. While management
is pursuing mitigating actions such as asset disposals and
leaseback financing, execution risk is high, and proceeds are
modest relative to liquidity needs. In our view, the capital
structure is unsustainable absent timely shareholder
intervention."

S&P said, "The negative outlook is indicative of our view that
Seqens will continue to face strong liquidity pressure over the
next 12 months, driven by depressed earnings, a high interest
burden, and elevated capex. With effective RCF availability
materially constrained by covenant mechanics and only limited
liquidity headroom, we see a heightened risk that the company's
funding sources could prove insufficient in 2025-2026 absent a
liquidity vent, covenant relief, or restructuring."

S&P could lower the ratings if:

-- Liquidity deteriorates further and S&P views a default as
virtually certain, for example, if the company breaches its
springing leverage covenant or exhausts effective RCF availability
without remedial measures;

-- Access to a liquidity vent (such as asset sales, working
capital release, or shareholder support) proves insufficient to
cover near-term funding needs;

-- The company undertakes a debt exchange, covenant reset, or
other restructuring transaction that S&P would view as distressed
and tantamount to default; or

-- The company misses a scheduled interest or principal payment.

S&P could revise the outlook to stable if:

-- Seqens exceeds our performance forecasts and demonstrates a
path to reduce longer-term leverage; and

-- Its FOCF and liquidity profile improve swiftly.




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

ENSTALL GROUP: S&P Lowers Rating to 'CCC' on Weak Liquidity
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on Enstall Group B.V., its
$375 million term loan B (TLB), and its EUR100 million-equivalent
revolving credit facility (RCF) to 'CCC' from 'CCC+'. The recovery
rating on the debt remains '3', indicating its expectation of about
50% recovery prospects for creditors in the event of a payment
default.

The negative outlook indicates that S&P could lower its rating on
Enstall if the company does not successfully address its liquidity
and covenant pressure in the coming months, increasing the
likelihood of a debt restructuring or distressed exchange.

S&P said, "We continue to view Enstall's capital structure as
unsustainable, given our forecast of the company's adjusted EBITDA
at about EUR65 million-EUR70 million in 2025, which is insufficient
to cover interest and debt redemption of about EUR120 million to
service outstanding financial debt of about EUR1.1 billion.

"We see a growing risk of a debt transaction that would lead to a
default under our criteria or a liquidity shortfall, given the need
to extend the company's revolving credit facility (RCF) due in
August 2026 and address covenant thresholds that we believe the
company will breach when testing resumes on March 31, 2026.
Our projections point to persisting negative free operating cash
flow (FOCF) in 2025 and 2026, reflecting the continued weak demand
for rooftop solar panels in Europe and the U.S., and
lower-than-expected synergies from the recently acquired Schletter
business.

"We believe there is a heightened risk of a debt restructuring that
we could view as distressed. We note that Enstall's EUR100 million
RCF matures in August 2026. In addition, we factor in that
availability under the RCF is constrained by the currently
suspended net leverage covenant stipulating maximum leverage of
7.5x when drawings exceed EUR51.2 million. Given Enstall's weak
performance to date, we believe it will not comply with the
covenant when testing resumes on March 31, 2026, and therefore the
company will not be able to fully access the facility. Furthermore,
we believe the company's ability to extend the RCF on satisfactory
terms will depend on its ability to demonstrate improving business
performance and prospects, which remain subdued. We note that
Enstall's TLB is currently trading significantly below par, which
in our view increases the likelihood of the company engaging in a
transaction that we would regard as distressed, such as debt
restructuring.

"We continue to view Enstall's capital structure as unsustainable.
We forecast that the company's S&P Global Ratings-adjusted debt to
EBITDA will remain elevated at 16.0x-17.0x in 2025. We assume that
Enstall will generate adjusted EBITDA of about EUR65 million-EUR70
million this year, which is insufficient to cover interest and debt
redemption of about EUR120 million to service outstanding financial
debt of about EUR1.1 billion, capital expenditure (capex) of about
EUR12 million-EUR15 million, and cash taxes of about EUR10 million
in 2025. Enstall's EBITDA would therefore need to recover to about
EUR140 million-EUR150 million to cover fixed charges associated
with the business and its capital structure. This would require
noticeable recovery in the solar panel industry in Europe and the
U.S., which isn't our base-case scenario.

"We expect Enstall's operating performance in 2025 will be
pressured due to the prolonged weak market environment in Europe
and uncertainty about policy developments in the U.S. Solar panel
market conditions in Europe remain challenging, and pressure in
weak Netherlands, Belgium, and Germany markets will not be
materially offset by growth in other markets. Unfavorable U.S
regulations regarding the solar panel industry pose additional
challenges for the company. This led us to revise downward our
base-case forecasts for Enstall. We now project negative
like-for-like sales growth in Europe and the U.S. in 2025,
notwithstanding the full consolidation of Schletter. We anticipate
modest positive revenue growth of 4.5%-5.5% in 2026, based on the
expected moderate pickup of sales volumes, mostly in Europe. Our
estimate carries considerable risk due to the volatile sales
volumes and uncertain market landscape. Additionally, the
persistent negative dynamics in the residential end market will
continue putting weighing on operating performance, given
Schletter's major exposure to the segment.

"We forecast persisting negative FOCF in 2025 and 2026, eroding
liquidity. We anticipate that Enstall's adjusted EBITDA margin will
remain under pressure in 2025-2026, as was the case in 2024, given
continued market volatility and worsening outlook for the solar
panels industry in the near term. We now project the S&P Global
Ratings adjusted-EBITDA margin will stand at about 11.0%-12.0% in
2025, compared with 12.0%-13.0% in our base case scenario from
April 2025. This is due to lower volumes negatively affecting
operating leverage, as well as lower-than-expected synergies from
Schletter. We forecast FOCF will remain negative at about EUR15
million-EUR25 million in 2025, notwithstanding our forecast of
working capital release due to management's focus on inventory
management.

"The negative outlook indicates that we could lower our rating on
Enstall if the company does not successfully address its liquidity
and covenant pressure in the coming months, increasing the
likelihood of a debt restructuring or a distressed exchange
transaction.

"We could lower the rating if Enstall announced debt restructuring,
or a distressed exchange transaction, which--as defined in our
criteria--we would classify as a default. We could also lower the
rating if liquidity worsened, for example because the RCF was not
extended, and covenants remained at a risk of breach.

"We could take a positive rating action on Estall if we believed
there is a lower likelihood of a default or that its capital
structure has become sustainable. This could occur if Enstall
successfully renegotiated its upcoming RCF maturity on satisfactory
terms, while exceeding our base-case projections to demonstrate a
path to sustainable leverage reduction."


LAVENDER DUTCH: S&P Assigns 'B+' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit ratings to
Lavender Dutch Borrower Co. B.V. (parent company of EH) and its
'B+' issue rating to its $2,375 million senior secured TLB, based
on a recovery rating of '3' and meaningful recovery prospects
(50%-70%: rounded estimate 60%) in the event of default.

S&P said, "The stable outlook indicates that EH will post adjusted
debt to EBITDA of 5.0x-5.5x in 2026 (first year post-transaction
closing), with expectation of further deleveraging, combined with
S&P Global Ratings-adjusted funds from operations (FFO) cash
interest coverage sustainably above 2x. At the same time, we
anticipate normalized annual free operating cash flow (FOCF) of
$150 million-$200 million (excluding separation costs) over the
same period."

Private equity firm Advent International L.P. has agreed to acquire
a 70% stake in home care player Essential Home (EH), with
transaction expected to close by end-2025, as part of a business
carve-out from Reckitt Benckiser, with Reckitt retaining a 30%
stake.

EH's proposed new capital structure comprises a $2,375 million term
loan B (TLB) due in 2032 (split between euro and U.S. dollar
tranches), a $500 million multicurrency revolving credit facility
(RCF) due in 2032, and a $300 million (U.S. dollar equivalent)
subordinated vendor loan due in 2034 provided by Reckitt
Benckiser.

EH benefits from global leadership position in the home care market
through a portfolio of well-known and established specialist
brands. The company operates in four categories--air care, surface
care, laundry care, and pest control--with well recognized brands
including Air Wick, Calgon, and Cillit Bang. The home care segment
is typically a relatively concentrated industry; in air care (46%
of EH's total reported sales in 2024) the top three players
represent about 50%-55% of the core U.S. and European markets. Air
Wick is the third-largest brand in the U.S. with an estimated
market share close to 12%, while it represents the leading brand
within Europe, with an estimated share of about 20%. The largest
direct competitor brands are Febreze owned by P&G
(AA-/Stable/A-1+), and Glade owned by SC Johnson (A-/Stable/--).
Air Wick's primary focus is on electronics devices (such as
plug-in, auto spray, mist diffusers), with Glade operating in
similar categories, and Febreze leading in aerosols. Compared with
its direct competitors, Air Wick is more focused on the fragrances
and essentials oils as opposed to more commoditized odor removal
products, while at the same time it has a higher share of captive
system (devices only compatible with refills from the same brands)
in its revenue stream (about 85% of Air Wick sales) reducing
overall volatility given the recurring nature of the associated
revenue streams.

In surface care (23% of total sales, on a reported basis) EH holds
the No. 1 or No. 2 positions with its specialist regional surface
cleaners, with brands such as Resolve (No. 2 U.S. brand in carpet
cleaners), Easy-Off (No. 1 U.S. brand for oven cleaners), Cillit
Bang (No. 2 European power cleaner brand).

In laundry, the group has predominantly two leading regional
brands, with a focus on niche laundry needs (as opposed to
generalist laundry category) such as Calgon (European water
softener) and Woolite (U.S. fine fabric detergent), along with a
wider portfolio of local laundry care challengers.

Finally, the pest division is a clear market leader in EH's two
core markets, with Brazil and Australia combined representing more
than 90% of divisional sales.

S&P acknowledges EH's track record of good profitability levels
with solid cash flow conversion. EH's profitability margins align
with those of diversified global peers in home and personal care,
with average reported gross margin ranging around 52%-54% and with
S&P Global Ratings-adjusted EBITDA margins of 23%-25% over the past
couple of years. In the past few years, price increases have been
the main supporting driver to the profitability, despite some
volume pressures (especially surface and laundry segment during
2023 and 2024), and in the context of the inflationary environment.
At the same time, EH has a low capital-intensive business model
(with limited annual capex spending of $20 million-$25 million, at
below 1% of revenue) and generally favorable working capital
requirements, translating into credit supportive cash flow
conversion.

S&P said, "We view EH's brand concentration in air care and its
relatively limited scale compared to large fast-moving consumer
goods players as constraints to our business risk assessment. We
note that there is relatively high brand concentration, with Air
Wick accounting for about 46% of total sales in 2024. Calgon
(laundry) and SBP (pest control) are the other two main brands in
terms of contribution, accounting together for about 12% of sales,
while all other single brands account for 5% or less. In terms of
regions, we see some diversification in developed regions, with the
U.S. being the main country, accounting for 33% of overall sales.
However, the exposure to emerging markets remains limited
(accounting for less than 20% of total sales) with exposure
primarily to the Latin-America region. At the same time, EH faces
intense competition from both local and global players. EH's direct
competitors include much larger and diversified peers with
significant operational and financial resources. This could result
in greater competition to negotiate "share of shelf" within key
retailers, or further competition in terms of additional marketing
and innovation investment requirements.

"We acknowledge some potential volatility associated with the
separation process, tariffs, and possible dis-synergies. According
to the company and financial sponsor, the separation costs included
in the business plan amount to about $425 million, with about $210
million to be spent in 2026, about $190 million in 2027, and the
remaining $25 million in 2028. In line with our methodology, we
consider these costs as naturally nonrecurring items therefore
exclude them from our EBITDA calculations. These costs will be
primarily driven by the support IT set-up and manufacturing and
supply-chain reconfigurations. The transition to become a
stand-alone company, is supported by transition service agreements
(TSAs) and manufacturing and supply agreements (MSAs), with
end-state separation anticipated within about two years, with some
MSAs longer for certain products. We view Reckitt's retention of
30% equity stake in the group as a mitigating factor to execution
risks associated with the separation activities. We expect that
Reckitt's stake in the company will ensure a strategic alignment of
interests. That said, we acknowledge the complexity of separating
from a large consumer goods player, with manufacturing, supply
chain, and IT potentially presenting the biggest challenges.

"We also consider potential performance volatility stemming from
U.S. trade tariffs, especially considering air care products sold
in the U.S. are sourced primarily abroad. US air care products are
manufactured in two of EH's facilities: Mexico and Hungary, and by
external manufacturing organizations (EMOs) in the U.S.; with raw
materials sourced from countries such as China, India, EU
countries, and Canada. We understand EH is considering strategic
actions to mitigate impact from tariffs. That said, depending on
the final tariff policy and manufacturing set-up, the earnings
impact could differ, although at this stage we believe it will
remain fairly limited.

"Finally, we note that there could be some trade dis-synergies
coming from lower scale (post carve-out) with reduction of
bargaining power. That said, we expect these to be partially offset
by cost initiatives regarding headcount, supply chain optimization,
and other initiatives, coupled with Reckitt's 30% ownership stake,
which should limit any downsides.

"Industry growth prospects are generally stable but with modest
upside. The top five players in the home care industry account for
about 70% of the market. In terms of profitability, the sector
average gross margin is close to 50%, with an adjusted EBITDA
margin above 20%. The resilience in profitability typically
translates into positive and healthy cash flow conversion. The air
care market is estimated to be worth $8.9 billion in 2024 in EH's
addressable markets, with expected annual growth prospects over
2024-2029 of about 2%-3% in Europe and the U.S., and 8% in Latin
America.

"We believe growth opportunities in home care are somewhat
constrained by the market's maturity in developed regions,
translating into limited volume expansion prospects. That said,
home care has proven to be somewhat resilient as, historically, it
has been less affected by spending cuts during downturns versus
other consumer goods. We acknowledge growing consumer awareness
regarding hygiene and health standards, especially after the
COVID-19 pandemic, mainly impacting the surface, laundry, and pest
segments. We also acknowledge the increasing self-care and wellness
trends impacting air care. At the same time, consumers are
increasingly concerned about the unnecessary use of chemicals in
their houses (including particle pollution in the air) and prefer
more natural products."

S&P notes that as of year-to-date July 2025, the categories
performance has been hit by weaker consumer demand, especially in
the U.S., due to the challenging global macro environment, with
consumer sentiment close to record lows in April 2025 dampening the
overall consumer spending across various categories including home
care. For EH, performance at year-to-date July 2025 was also
weakened by lower marketing spend up to April, due to phasing into
H2 ahead of new product launches, some temporary supply chain and
product mix issues, some destocking activities ahead of new product
launches, combined with challenging year-on-year comparison in
Latin America's pest division given exceptional performance driven
by El Niño extreme weather.

EH's business growth plan envisages a step-up in brand investments
(including innovation, marketing, and premiumization focus) which
S&P expects will support organic growth. Growth in the home care
segment is sensitive to marketing spend, with a relatively positive
correlation between investments and market share gains. In
addition, in-store execution (for example, shelf space, enhanced
displays, promotional activity) remains a key factor in the
purchase decision-making as a significant proportion of purchases
are driven by in-store browsing. EH's strategic plan is to boost
investment in the brands that have experienced a historical lack of
focus and underinvestment in marketing and innovation under
Reckitt's ownership, while improving in-store execution. Key
strategic actions include increasing focus on device seeding in air
care; increased research and development (R&D) and marketing spend;
the production of new formulas and designs; improved display
strategies with retailers; and continuous growth in e-commerce and
discounter retailer channels.

Another strategic pillar will be unlocking operational efficiencies
through procurement and selling, general, and administrative (SG&A)
cost optimization that will be mainly reinvested into the brands.
The investment plan will require strategic and operational
execution, while the separation process is ongoing. EH will
leverage on management's capabilities with extensive experience
working at Reckitt to execute the business growth strategy, with
significant support from Advent team on the separation process, in
order to maintain management's focus on the growth strategy.
Reckitt's 30% stake and involvement in EH should help ensure
strategic alignment and long-term value creation, in S&P's view.

S&P said, "We expect EH to report positive annual FOCF excluding
separation costs of $150 million-$210 million in 2026 and $200
million-$250 million in 2027. We expect capital expenditure (capex)
of about $20 million-$25 million over 2026-2027, broadly aligned
with the past few years. We observed that EH's seven plants are not
operating at full capacity. This could lead to the under-absorption
of fixed costs. However, it also implies that the company will not
require additional investment in expansionary capex to support
volume growth. At the same time, a portion of EH's volumes that is
currently produced at Reckitt's facilities (about 13%) will be
moved in-house.

"We forecast moderate working capital requirements during the
separation years, which should normalize to historical levels once
the separation is fully complete. We anticipate good FFO cash
interest coverage of 2.5x-3.0x over the same period, in line with
the assigned rating category.

"Under our base-case scenario, we estimate that EH will post
adjusted debt to EBITDA within 5.0x-5.5x during the fiscal years
2026-2027, continuing to gradually reduce leverage after the
transaction closes. We estimate S&P Global Ratings-adjusted debt of
$2.675 billion-$2.725 comprising of an amortizing $2,375 million
equivalent TLB (split between a U.S. dollar and a euro tranche)
maturing in 2032, a subordinated $300 million vendor loan due in
2034 with payment-in-kind interest payments, and lease liabilities
of about $10 million-$15 million. The new capital structure also
includes a $500 million RCF maturing in 2032, which we expect to
remain undrawn. We do not net cash on balance sheet (expected to be
close to $300 million post-closing) from our adjusted debt
calculation in line with our criteria for financial sponsor-owned
companies. Post-transaction, we expect the group to gradually
reduce leverage (broadly in line with company's business plan and
Advent's commitment) without material discretionary spending.
Moreover, the deleveraging will be also supported by our
expectation of an EBITDA increase thanks to pricing initiatives and
volume recovery, combined with cost saving measures.

"Although the company is majority owned (70%) by Advent (private
equity) we view positively that Reckitt will remain invested with a
30% stake (with a long-term lock-up agreement). We value the
support coming from Reckitt both in terms of reduction in execution
risks during the carve-out, and in terms of financial discipline
looking at the capital allocation policy. Our 'B+' ratings are
supported by the assumption that EH will focus on organic growth
prospects with a financial policy that prioritizes business
reinvestment, the full realization of asset potential, and
deleveraging.

"The stable outlook reflects our expectation that EH will expand
its organic sales by 1%-3% from fiscal year 2026 onward, mainly
supported by pricing, product innovation, and incremental marketing
investments. Over the same period, we estimate S&P Global
Ratings-adjusted EBITDA margin ranging around 20% impacted by
additional costs (including TSA, marketing, and R&D). We also
anticipate that the separation process from Reckitt will progress
in line with the company's business plan. Under our base-case
scenario, we forecast EH to generate annual FOCF (excluding
separation costs) of about $150 million-$200 million in 2026, while
S&P Global Ratings-adjusted debt to EBITDA should stay within
5.0x-5.5x.

"We could lower our rating on EH if S&P Global Ratings-adjusted
debt to EBITDA approaches 6.0x with no prospects of deleveraging in
the short term or if cash flow conversion is significantly weaker
than currently anticipated. This scenario could stem from an
inability to deliver on the business growth plan, with a decline in
sales and profitability coupled with execution issues related to
the separation process. We could also lower the rating if the group
were to follow a more aggressive approach with regards to
discretionary spending, via shareholder distributions or
acquisitions.

"We could consider a positive rating action if EH materially
outperforms our base case, while demonstrating a record of
operating successfully on a stand-alone basis. Under this scenario,
we would expect sustainable profitable growth supported by strong
volumes with improvements in profitability and a good track-record
in terms of healthy recurring FOCF generation. Finally, an upgrade
would hinge on S&P Global Ratings-adjusted debt to EBITDA staying
below 4.5x with a commitment from the financial sponsor to maintain
that level over time."




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

MATTERHORN TELECOM: S&P Affirms 'BB-' ICR on Planned Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Switzerland-based Matterhorn Telecom Holding S.A. (Salt),
and its 'BB-' issue ratings (with a '3' recovery rating) on the
existing senior secured notes due 2028 and 2030 and the TLB
(including the proposed add-on) due 2032; and assigned its 'BB-'
issue rating and '3' recovery rating to the proposed senior secured
notes.

The stable outlook reflects our expectation that the company will
maintain strong EBITDA margin of about 50% and deliver consistent
revenue growth while maintaining a prudent financial policy,
helping it maintain S&P Global Ratings-adjusted debt to EBITDA
below 5x.

S&P said, "We expect debt to EBITDA will remain below 5x and free
operating cash flow (FOCF) to debt comfortably above 5% following
the transaction. Matterhorn plans to issue senior secured debt of
CHF630 million, alongside which the company will receive a
shareholder loan of about CHF270 million from its parent, NJJ
Capital, and a vendor loan of about CHF24 million from MTG.
Transaction proceeds will fund the acquisition of the approximately
50% stake in MTG, as well as repay Matterhorn's CHF340 million
equivalent senior secured notes due September 2026. After
incorporating 50% of the 12-month contribution from MTG, we
forecast Matterhorn's revenue will increase to CHF1.35 billion in
2025, up 18.5% from 2024. In addition, we expect S&P Global
Ratings-adjusted EBITDA margins will remain broadly stable, at
about 49%. As a result, leverage will increase by 0.5x above our
previous forecast in 2025, with S&P Global Ratings-adjusted debt
increasing to about CHF3.20 billion in 2025, up from CHF2.56
billion in 2024, partly on the consolidation of 50% of MTG's debt.
Still, expected EBITDA growth both at Salt and MTG's level, and the
strong cash generation of the business should enable deleveraging
toward 4.7x by 2027. The transaction will also extend most large
debt maturities to 2030 and beyond, which we view as supportive of
the company's liquidity position. Our adjusted debt figure includes
Indefeasible Right of Use (IRU) liabilities, although we exclude
IRU payments from Salt's adjusted operating cash flow. The
company's asset-light strategy in fixed broadband using IRUs limits
its capital intensity compared with peers results in solid cash
free flow, with adjusted free cash flow to debt of about 12% over
the next two years."

The MTG acquisition will improve Matterhorn's scale and geographic
diversification, while remaining focused on growing economies. MTG
is currently jointly owned by NJJ Capital and the Government of
Monaco. Assets include the operations of Monaco Telecom, the
monopoly telecom operator in the country, as well as its brand Epic
which operates in Malta and Cyprus. The company generated the
equivalent of about CHF372 million revenue in 2024 and we estimate
S&P Global Ratings-reported EBITDA of CHF170 million, implying a
45% EBITDA margin. Due to operational efficiency (in line with
NJJ's ownership), the monopolistic position and low taxes in
Monaco, and a successful growth strategy in Cyprus and Malta, MTG
has delivered strong EBITDA margins and cash conversion compared
with those of rated peers. This compares well with Salt's existing
margins, which at about 50% are above average thanks to lean
operations and continued revenue growth. S&P said, "After the
transaction, we expect the group will maintain broadly stable
EBITDA margins. In our view, this acquisition somewhat strengthens
Salt's business risk, because it will improve Matterhorn's scale
and diversification by expanding to new regions, specifically
growing economies with low tax rates, and where they benefit from a
relatively solid positioning in the mobile segment and a
monopolistic position in Monaco. Nevertheless, MTG's limited scale
and focus on niche markets with small market sizes mean that the
business remains fairly small compared with those of rated peers
and continues to predominantly rely on the Swiss operations that
generate the bulk of revenue and cash flow. On a stand-alone basis,
we see Salt as a well-performing but small player, constrained by
its distant No. 3 position in both mobile and fixed, compared with
larger incumbent peers who have a much more substantial market
share."

S&P said, "We expect Matterhorn's financial performance will remain
robust with continued revenue growth and strong EBITDA margins over
the next two years. We anticipate continued solid operating
performance, with organic revenue growth of about 3% in 2026 and
2027. In Switzerland, Salt's growth will be supported by continued
subscriber growth, strengthening average revenue per user (ARPU)
thanks to recent price increases in a rationalizing market, a
growing market share in both mobile and fixed thanks to
value-for-money offers, and development of new partnerships, such
as those with Swiss Post, Green, and Sky. We expect revenue will
benefit from Salt expanding its footprint in German-speaking areas
of Switzerland. In the very mature Monaco market, we expect low
growth with limited subscriber gains, but Matterhorn will benefit
from the stable, wealthy economy, roaming charges from visitors,
and the low tax environment. In Cyprus and Malta, we expect the
Epic brands will continue to gain market share and invest in their
networks."

Matterhorn's track record of maintaining a consistent financial
policy supports the rating. This track record includes management
balancing shareholder remuneration, debt service, and liquidity. We
expect Salt to maintain a prudent financial policy, including
company-adjusted leverage below 4.0x, with a moderate dividend
upstream of CHF180 million for Salt, and most of MTG's free cash
flows. S&P also views the shareholder funding provided as part of
the transaction as supporting Salt's financial policy.

S&P said, "The stable outlook reflects our expectation that Salt
will maintain strong profitability and deliver consistent growth,
in line with our forecast, while keeping leverage below 5x S&P
Global Ratings-adjusted debt to EBITDA and FOCF to debt above 10%,
and continuing its prudent financial policy.

"We could downgrade Salt if it were unable to maintain debt to
EBITDA comfortably below 5x, and FOCF to debt well above 5%. This
could happen if the company failed to sustain its profitability due
to increased pressure from competitors.

"We see a positive rating action as unlikely over the next couple
of years because we expect Salt will maintain leverage in line with
its target. We could consider raising the rating if the company
maintained strong profitability and revised its financial policy to
enable it to maintain debt to EBITDA comfortably below 4x."




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

DRS DOORS: Exigen Group Named as Administrators
-----------------------------------------------
DRS Doors Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2025-001222, and David Kemp and Richard
Hunt of Exigen Group Limited were appointed as administrators on
Sept. 8, 2025.  

DRS Doors is a manufacturer of doors and windows of metal.

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

Its principal trading address is at 1 Riverside Avenue West,
Lawford, Manningtree, Essex, England, CO11 1UN

The joint administrators can be reached at:

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

For further details, contact:

     David Kemp
     Tel No: 0207 538 2222


EUROSAIL 2006-4NP: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
-----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'AA- (sf)' its credit
rating on Eurosail 2006-4NP PLC's class B1a notes and to 'AA (sf)'
from 'A+ (sf)' its ratings on the class C1a and C1c notes. At the
same time, S&P affirmed its 'BBB+ (sf)' ratings on the class D1a
and D1c notes and 'B- (sf)' rating on the class E1c notes. S&P has
resolved the UCO placements of all classes of notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as of
the June 2025 payment date.

Performance has been relatively stable since S&P's previous review
in September 2024. Arrears, as per the June 2025 investor report,
have increased to 27.59% from 25.88%. The percentage increase in
arrears mostly reflects the reduced pool size rather than an actual
increase in arrears.

Cumulative losses have increased marginally to 3.19% from 3.17% at
our previous review.

S&P said, "Our weighted-average foreclosure frequency (WAFF)
assumptions have increased at all rating levels, reflecting the
higher arrears. This has been partially offset by lower
weighted-average loss severity assumptions, stemming from a
decrease in the current loan-to-value ratio following house price
index growth. However, considering the transaction's historical
loss severity levels, the latest available data suggests that the
portfolio's underlying properties may have only partially benefited
from rising house prices, and we have therefore applied a haircut
to property valuations to reflect this."

  Portfolio WAFF and WALS

  Rating level   WAFF (%)  WALS (%)  Credit coverage (%)

   AAA           44.39     15.79     7.01
   AA            40.90     10.60     4.33
   A             38.89      3.94     1.53
   BBB           36.51      2.00     0.73
   BB            33.97      2.00     0.68
   B             33.33      2.00     0.67

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

The reserve fund is slightly below target, and it has a shortfall
of GBP155,162. This is mainly due to higher third-party fees and
the repayment of the class E1ca notes' principal deficiency ledger
by GBP109,196.27. The reserve fund is not amortizing after
breaching 90+ days arrears and cumulative loss triggers. The
liquidity facility is fully drawn and does not amortize given the
90+ days arrears trigger breach. Given the sequential amortization,
credit enhancement has increased since our previous review. This
offsets the higher WAFF in S&P's cash flow analysis.

Like other nonconforming transactions, both fixed- and
floating-rate fees for this transaction have previously exceeded
their historical averages largely due to legal complexities
associated with the LIBOR transition. However, fee levels are no
longer elevated and are now declining, which is beneficial from a
cash flow perspective.

S&P said, "The application of our revised counterparty criteria no
longer constrains the ratings in this transaction. Previously, the
notes were capped due to exposure to the currency swap provider. In
line with our updated criteria, we assessed the collateral
framework of the swap provided by Barclays Bank PLC as "low." The
combination of this assessment and the documented rating triggers
is now commensurate with a maximum rating of 'AAA'. As a result,
the notes are no longer capped at the resolution counterparty
rating on the swap counterparty.

"Considering the results of our updated credit and cash flow
analysis, the available credit enhancement for the class B1a notes
is sufficient to withstand the stresses that we apply at a 'AAA'
rating level. We therefore raised our rating on this tranche to
'AAA (sf)' from 'A+ (sf)'.

"The available credit enhancement for the class C1a and C1c notes
can also withstand stresses at higher rating levels. Given the
lower level of credit enhancement compared to the more senior
classes, we have limited our upgrade. We therefore raised our
ratings to 'AA (sf)' from 'A+ (sf)'.

"The available credit enhancement for the class D1a and D1c notes
can also withstand stresses at higher rating levels. However, we
have not upgraded the ratings on these classes, considering the low
credit enhancement when we account for very severe arrears, the
borrowers' nonconforming nature, and the tail-end risk associated
with the large percentage of interest-only loans. We therefore
affirmed our 'BBB+ (sf)' ratings.

"The class E1c notes still do not achieve any rating in our
standard or steady state scenario (actual fees, expected
prepayment, no spread compression) cash flow with small principal
shortfalls. Given the stable performance and non-amortizing
reserve, we affirmed our 'B- (sf)' rating on the notes.

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (228 months), the transaction has
a low pool factor (9.23%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

Eurosail 2006-4NP is a UK nonconforming RMBS transaction that
closed in November 2006. The loan pool comprises first-ranking
mortgages on properties in England, Wales, and Northern Ireland,
and standard securities on properties in Scotland. This transaction
is backed by nonconforming U.K. residential mortgages originated by
Preferred Mortgages.


FRONTIER MORTGAGE 2025-1:S&P Assigns Prelim. 'B-' Rating on F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Frontier Mortgage Funding 2025-1 PLC's class A NRR loan note and
class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes.
The class A notes and class A NRR loan note are, together, the
"class A notes", and rank pro rata and pari passu among themselves.
At closing, the issuer will also issue unrated class Z notes, S
certificates, RC1 and RC2 residual certificates, and a VRR loan
note.

Frontier Mortgage Funding 2025-1 securitizes a GBP1,193.8 million
portfolio of first-lien owner-occupied (91.1%) and buy-to-let
(8.9%) residential mortgage loans located in the U.K.

The loans in the pool were originated by Santander UK between 1993
and 2025. A significant portion comprises legacy loans, with 35.1%
of the pool originated prior to 2014.

Although the loans were originated as prime, there are some
nonconforming characteristics to the pool. A total of 15.6% of the
pool is in arrears, with 5.0% of loans delinquent by more than 90
days.

Approximately a third of the pool is extremely well-seasoned,
resulting in the total pool having a weighted-average seasoning of
just less than 10 years.

At closing, the class A and B-Dfrd notes (when most senior) will
benefit from a liquidity facility, which will be 1.5% of the higher
of the class A notes' or class B-Dfrd notes' balance. This facility
will amortize in line with the class A and B-Dfrd notes.

Santander UK will service the loan portfolio. An established and
leading U.K. servicer, S&P also consider its underwriting criteria
to be among the best in the market.

S&P said, "Our preliminary ratings address the timely payment of
interest and the ultimate payment of principal on the class A notes
and the ultimate payment of interest and principal on the class
X-Dfrd notes. Our ratings also address timely receipt of interest
on the class B-Dfrd to F-Dfrd notes when they become the most
senior class of notes outstanding."

Most of the pool (81%) will bear a fixed interest rate, which will
switch to a floating interest rate at a later stage. Given the
rated notes will receive a floating coupon based on compounded
daily SONIA, the transaction will be exposed to interest rate risk.
To address this risk, the issuer will enter into a fixed-floating
swap agreement.

Based on S&P's initial analysis, S&P does not anticipate any rating
constraints under its counterparty, operational risk, or structured
finance sovereign risk criteria.

  Preliminary ratings

                      Prelim
  Class               rating*    Class size (%)

  A NRR loan note§    AAA (sf) 44.50
  A§                  AAA (sf) 44.50
  B-Dfrd              AA- (sf)  5.00
  C-Dfrd              A (sf)         2.50
  D-Dfrd              BBB (sf)  1.50
  E-Dfrd              BB (sf)        0.75
  F-Dfrd              B- (sf)        0.50
  Z                   NR             0.75
  X-Dfrd              BBB (sf)       0.50
  S Certs†            NR              N/A
  RC1                 NR              N/A
  RC2                 NR              N/A
  VRR Loan Note**     NR              N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal for the class A NRR loan note, and A notes,
and the ultimate payment of interest and principal on the other
rated notes.  S&P's ratings also address the timely receipt of
interest on the rated notes when they become most senior
outstanding. Any deferred interest is due at legal final maturity.

§The class A notes and class A NRR loan note are, together, the
"class A notes", and rank pro rata and pari passu among themselves.

†From the step-up date the S certificates will pay 0.10% per
annum on the outstanding collateral balance paid pro rata with the
class A debt.
**The VRR loan note is issued for risk retention.
NR--Not rated.
N/A--Not applicable.


LITTLE CAR: FRP Advisory Named as Administrators
------------------------------------------------
The Little Car Company Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-005116, and Glyn Mummery and Julie Humphrey of FRP Advisory
Trading Limited was appointed as administrator on Aug. 1, 2025.  

The Little Car Company, trading as Hedley Studios, engaged in car
manufacturing.

Its registered office is at 142 The Command Works, Bicester
Heritage, Bicester, OX27 8FY, to be changed to FRP Advisory Trading
Limited, Jupiter House, Warley Hill Business Park, The Drive,
Brentwood, CM13 3BE

Its principal trading address is at 142 The Command Works, Bicester
Heritage, Bicester, OX27 8FY

The joint administrators can be reached at:

             Glyn Mummery
             FRP Advisory Trading Limited
             Jupiter House, Warley Hill Business Park
             The Drive, Brentwood
             Essex, CM13 3BE

For further information, contact:

             The Joint Administrators
             Tel No: 01277 50 33 33

Alternative contact:

             Olivia Pascale
             Email: cp.brentwood@frpadvisory.com


MULTI UTILITY UK: RSM UK Named as Administrators
------------------------------------------------
Multi Utility U.K. Limited was placed into administration
proceedings In the High Court of Justice Business and Property
Courts in Leeds, Insolvency & Companies List (ChD), Court Number:
CR-2025-919, and James Miller and Gareth Harris of RSM UK
Restructuring Advisory LLP were appointed as administrators on
Sept. 2, 2025.  

Multi Utility U.K. Limited engaged in fish processing.

Its registered office and principal trading address is at Green
Lane, Heywood, OL10 2EW.

The joint administrators can be reached at:

               James Miller
               Gareth Harris
               RSM UK Restructuring Advisory LLP
               Central Square, 5th Floor
               29 Wellington Street
               Leeds LS1 4DL

Correspondence address & contact details of case manager:

               Ricky Bilg
               RSM Restructuring Advisory LLP
               Central Square, 5th Floor
               29 Wellington Street
               Leeds, LS1 4DL

For further details, contact:

               The Joint Administrators
               Tel: 0113 285 5000


PREMIER GROUP: KRE Corporate Named as Administrators
----------------------------------------------------
Premier Group Recruitment Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-005445, and Rob Keyes and David Taylor of KRE Corporate
Recovery Limited were appointed as administrators on Sept. 2, 2025.


Premier Group Recruitment is a holding company.

Its registered office and Principal trading address is at Abbey
Gardens South, Abbey Street, Reading, Berkshire, RG1 3BA.

The administrators can be reached at:

          Rob Keyes
          David Taylor
          KRE Corporate Recovery Limited
          Unit 8, The Aquarium
          1-7 King Street
          Reading RG1 2AN

For further information, contact:

         Vikki Claridge
         Tel No: 01189 977355
         Email: Vikki.claridge@krecr.co.uk


QUALITEACH LTD: Exigen Group Named as Administrators
----------------------------------------------------
Qualiteach Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2025-006151, and David Kemp and Richard
Hunt of Exigen Group Limited were appointed as administrators on
Sept. 5, 2025.  

Qualiteach Ltd engaged in activities of employment placement
agencies.

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

Its principal trading address is at  Sterling House, Langston Road,
Loughton, Essex, IG10 3TS

The joint administrators can be reached at:

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

For further details, contact:

     David Kemp
     Tel No: 0207 538 2222


SOS WHOLESALE: Interpath Ltd Named as Administrators
----------------------------------------------------
Sos Wholesale Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Company and Insolvency List (ChD), Court Number:
CR-2025-006214, and Richard John Harrison and Howard Smith of
Interpath Ltd were appointed as administrators on Sept. 8, 2025.  

SOS Wholesale engaged in non-specialised wholesale trade.

Its registered office and principal trading address is at Stores
Road, Derby, DE21 4BD.

The joint administrators can be reached at:

     James Richard Clark
     Richard John Harrison
     Interpath Advisory
     Interpath Ltd
     4th Floor, Tailors Corner
     Thirsk Row, Leeds LS1 4DP

For further details, contact:

     Howard Smith
     Interpath Advisory
     Interpath Ltd
     Tailors Corner
     Thirsk Row, Leeds LS1 4DP


TALENTBOOK LTD: Leonard Curtis Named as Administrators
------------------------------------------------------
Talentbook Ltd was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in the High
Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-001220, and Mike Dillon and Andrew Knowles of Leonard
Curtis were appointed as administrators on September 3, 2025.  

Talentbook Ltd is a temporary employment agency.

Its registered office and principal trading address is at Alderley
Park, Congleton Road, Alderley Edge, Macclesfield, SK10 4TG.

The joint administrators can be reached at:

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

For further details, contact:

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

Alternative contact:

     Helen Hales



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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