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

                          E U R O P E

          Wednesday, September 24, 2025, Vol. 26, No. 191

                           Headlines



F R A N C E

ERAMET SA: Moody's Downgrades CFR to B1, Outlook Negative
VEOLIA ENVIRONNEMENT: S&P Rates Jr. Sub. Hybrid Securities 'BB+'


G E R M A N Y

PROTECT HOLDCO: Fitch Assigns B+(EXP) LongTerm IDR, Outlook Stable


I R E L A N D

AVOCA CLO XXIX: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
AVOCA CLO XXXIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
BBAM EUROPEAN IV: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
INVESCO EURO XVI: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
JUBILEE PLACE 4: S&P Raises Class F-Dfrd Notes Rating to 'B-(sf)'

MALLINCKRODT PLC: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
NASSAU EURO III: S&P Assigns B-(sf) Rating on Class F-R Notes


L U X E M B O U R G

ADECOAGRO SA: Moody's Puts 'Ba2' CFR Under Review for Downgrade
EUROPORTS: Fitch Affirms & Then Withdraws 'B+' IDR


S W E D E N

VERISURE MIDHOLDING: S&P Puts 'B+' LT ICR on Watch Positive


S W I T Z E R L A N D

MATTERHORN TELECOM: Moody's Rates New EUR500MM Secured Notes 'B1'


U N I T E D   K I N G D O M

CAMBRIDGE GLYCOSCIENCE: Parker Andrews Named as Administrators
CMS SUPATRAK: Kirks Named as Administrators
CROWN AGENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
ELSTREE 2025-2: S&P Assigns Prelim. BB-(sf) Rating on C Certs
FRONTIER MORTGAGE 2025-1: Fitch Assigns B+(EXP) Rating on F Notes

GREENBANK ENGINEERING: BDO LLP Named as Administrators
GREENBANK GROUP: BDO LLP Named as Administrators
H.E. SIMM & SON: Forvis Mazars Named as Administrators
INEOS ENTERPRISES: Fitch Lowers IDR to 'B+' & Then Withdraws Rating
MARI VANNA: MHA Named as Administrators

REVOLUTION-ZERO GROUP: KRE Corporate Named as Administrators
WWRT LIMITED: Begbies Traynor Named as Administrators

                           - - - - -


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F R A N C E
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ERAMET SA: Moody's Downgrades CFR to B1, Outlook Negative
---------------------------------------------------------
Moody's Ratings has downgraded the long-term corporate family
rating of French mining and metallurgical company ERAMET S.A.
("Eramet" or "the group") to B1 from Ba3. Concurrently, Moody's
have downgraded to B1-PD from Ba3-PD the probability of default
rating and to B1 from Ba3 the instrument ratings on the group's
7.0% EUR500 million and 6.5% EUR600 million senior unsecured notes
due 2028 and 2029, respectively. The outlook remains negative.
          
"The ratings downgrade reflects the significant slowdown in
Eramet's operating performance due to lower sales volumes, prices
and rising costs, resulting in further contracting credit metrics
in the first half of 2025", says Goetz Grossmann, Moody's lead
analyst for Eramet. "While market conditions will likely remain
sluggish through the rest of this year and into 2026, Eramet may
find it difficult to strengthen its credit metrics to appropriate
levels for the B1 rating over the next quarters. The negative
outlook also signals further downgrade pressure building, if the
group failed to maintain adequate liquidity by reducing its current
high cash burn and returning to positive free cash flow", adds Mr.
Grossmann.

RATINGS RATIONALE

Lower volumes, commodity prices, increased costs due to logistics
challenges in Gabon and a delay in the ramp-up in lithium
production in Argentina caused Eramet's reported EBITDA to decline
to EUR71 million in H1 2025 from EUR102 million in the prior year.
In addition, lower grade in nickel ore sold along with higher
operating costs impacted the performance of the group's PT Weda Bay
business, in which it own a 38.7% stake. As a result, Eramet's
income from joint ventures declined significantly and further
negatively contributed to its Moody's adjusted EBITDA, which
dropped to EUR424 million in the last 12 months (LTM) through June
2025 from EUR496 million in fiscal year 2024 (FY 2024). Excluding
the negative EBITDA of its New Caledonian subsidiary Société Le
Nickel's (SLN), Eramet's Moody's adjusted leverage as of LTM June
2025 stood at around 4.8x, exceeding Moody's defined 4.5x maximum
for a B1 rating

Due to the weak EBITDA and despite a reduction in working capital
consumption, the group's cash flow from operations remained
negative in H1 2025, even excluding SLN. Continued high, albeit
reduced capital spending including lease liability payments, and
ongoing dividend payments prompted Eramet's Moody's adjusted free
cash flow (FCF) to remain highly negative at EUR728 million as of
LTM June 2025 (EUR726 million negative in FY 2024), or EUR502
million excluding SLN. As a consequence, the group's reported net
debt increased to EUR1.8 billion (excluding the EUR90 million net
cash position at SLN) from EUR1.4 billion, while its net leverage
rose to 2.7x from 1.8x at the end of 2024 (0.7x in 2023).

In H2 2025, Moody's expects Eramet's financial performance and
ratios to further weaken on continued sluggish demand and year over
year lower prices in its key and currently mostly oversupplied
commodity markets. Besides the weak metrics, which the group might
find difficult to strengthen materially as required for the B1
rating over the next 12-18 months, the negative outlook reflects
Eramet's recently reduced, but still adequate liquidity. A
continuation of the latest cash burn rate, leading to a further
erosion in its liquidity into 2026, could result in accelerating
downward pressure on the rating.

The rating action also mirrors Eramet's ongoing high profit and
cash flow concentration on countries with weak institutional and
governance strength and low credit ratings, particularly the
Government of Gabon (Caa2 stable), where the group generates the
vast majority of its manganese activity EBITDA (EUR197 million in
H1 2025) and FCF (EUR45 million). In this context, Moody's also
notes the announcement of the Gabonese government to consider a ban
of manganese ore exports from 2029. While a final decision is still
pending and while Moody's recognizes the group's long-term
operational presence and high investments in the business and the
local infrastructure, its significant reliance on ore exports in
the region makes it highly vulnerable to possible restrictions.

Other factors constraining the rating include Eramet's limited size
and scale compared with that of other global mining companies that
Moody's rate, and its exposure to volatile commodity cycles, prices
and demand which can lead to wide swings in revenues and earnings.

Factors that continue to support Eramet's rating include its strong
market positions in high-grade manganese ore, refined manganese
alloys and ferronickel production; best in class cost position in
all mining activities and a large and long-life reserve base;
strategy of increasing diversification through growth projects in
mines and metals with positive long-term demand fundamentals, such
as lithium and nickel; prudent financial policy, as shown by
historically measured dividend payments and a targeted reported
adjusted leverage below 1.0x on average through the cycle; and
strategic importance for the Government of France (Aa3 stable),
which holds a direct 27.1% stake in the group's share capital,
implying expected support in case of need.

LIQUIDITY

Eramet's liquidity remains adequate. As of June 30, 2025, the group
had access to around EUR746 million cash and cash equivalents
(including EUR151 million of short term financial assets) and its
fully undrawn EUR935 million committed revolving credit facility
(EUR915 million of which maturing in 2029 and EUR20 million in
2028). These funds are more than sufficient to cover Moody's
forecasts of continued negative Moody's adjusted FCF (excluding the
expected ongoing cash burn at SLN) in the low to mid hundreds of
million euro range over the next 12 months, working cash needs of
around EUR80 million and EUR386 million of short-term debt as of
June 2025. Moody's expects FCF to turnaround to at least break-even
levels during the next 12-to 18 months.

At the end of June 2025, Eramet complied with its financial
covenants, while capacity under its gearing covenant diminished to
just 6%. Given Moody's forecasts of further increasing net debt in
H2 2025, Moody's expects the group to obtain a waiver from its
lenders to avoid a near-term covenant breach.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook indicates further downward pressure on the
rating evolving, if Eramet's current very weak credit metrics
failed to progressively and considerably strengthen to reach
adequate levels for its B1 rating over the next quarters. Likewise,
sustained negative FCF leading to further eroding liquidity into
2026, or a breach of financial covenants could prompt a downgrade
of the ratings.

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

Moody's could further downgrade the ratings, if Eramet's operating
performance and cash generation failed to improve over the next few
quarters, resulting in continued weak credit metrics such as (1)
gross debt to EBITDA of above 4.5x, (2) EBITDA less capital
expenditures (capex) to interest expense of or below 2.0x, or (3)
retained cash flow to debt remaining below 15%; all on a
Moody's-adjusted and sustained basis. Moreover, a weakening of
Eramet's liquidity, resulting from continued negative FCF, or a
covenant breach, could lead to a downgrade.

Moody's could consider upgrading the ratings, if Eramet's (1) gross
debt to EBITDA to reduce to below 3.5x, (2) EBITDA less capex to
interest expense exceeds 2.5x, and (3) retained cash flow to debt
improved to at least 20%; all on a Moody's-adjusted and sustained
basis through-the-cycle. For an upgrade, Moody's would also require
maintenance of at least adequate liquidity and a lower earnings and
cash flow concentration on high-risk geographies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in April 2025.

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

COMPANY PROFILE

Headquartered in Paris, France, Eramet is one of the world's
leading producers of manganese and nickel, used to improve the
properties of steels, and mineral sands (titanium dioxide and
zircon). Eramet is divided into four business units corresponding
to its activities Manganese, Nickel, Mineral Sands and Lithium. In
the 12 months through June 2025, Eramet generated around EUR2.9
billion in sales and reported EBITDA of EUR340 million (11.8%
margin).


VEOLIA ENVIRONNEMENT: S&P Rates Jr. Sub. Hybrid Securities 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating on the
undated, optionally deferrable, and deeply subordinated hybrid
capital security to be issued by France-based utility Veolia
Environnement S.A. (Veolia; BBB/Stable/A-2).

Veolia Environnement S.A. issued a EUR850 million hybrid security
to replace the remaining EUR350 million of remaining hybrid tranche
with a first call date falling in January 2026, completing the
refinancing initiated with the EUR500 million hybrid instrument
issued in May 2025. The rest of the proceeds will replace the
EUR500 million hybrid inherited from Suez S.A., which has a first
call date in September 2026.

The new instrument's first call date will fall on Oct. 24, 2032
(7.08 years).

S&P said, "We assess the security as having intermediate equity
content and will remove equity content for a similar amount out of
the hybrid instruments being replaced.

"We assigned our 'BB+' rating to the security to reflect its
subordination and optional deferability.

"We consider the security to have intermediate equity content until
its first reset date (Jan. 24, 2033) because the remaining term
until its effective maturity will be 20 years. In line with our
hybrid criteria, the instrument is eligible for intermediate equity
content for longer, if the issuer's credit rating fell into the
'BB' category or lower. it meets our hybrid capital criteria in
terms of its subordination, perpetual nature, availability to
absorb losses and preserve cash through optional interest
deferability. The proceeds will be used to fully replace its
existing EUR850 million hybrid instrument with a first call date in
March 2026, already partly refinanced with the EUR500 million May
2025 hybrid issuance. Therefore, we withdrew equity content on the
remaining EUR350 million out of the EUR850 million issuance leaving
no intermediate equity content on this instrument. We also withdrew
equity content on the EUR500 million hybrid issuance inherited from
Suez with a first call date of September 2026 as it is fully
replaced by the current issuance. We expect the group to maintain a
stock of hybrid with intermediate equity content stable at about
EUR3.6 billion."

S&P derive its 'BB+' issue rating by notching down from its 'BBB'
long-term issuer credit rating on Veolia. The two-notch
differential between the ratings reflects S&P's notching
methodology, which calls for:

-- A one-notch deduction for subordination because the issuer
credit rating on Veolia is investment-grade ('BBB-' or above); and

-- An additional one-notch deduction for payment flexibility to
reflect the optional interest deferral.

S&P said, "Due to what we see as the intermediate equity content of
the security, we allocate 50% of the related payments on this
security as a fixed charge and 50% as equivalent to a common
dividend, in line with our hybrid capital criteria. The 50%
treatment (of principal and accrued interest) also applies to our
debt adjustment."

Although the security is perpetual, it can be called at any time
for tax, substantial repurchase, equity, credit rating, or
accounting events, all of which S&P considers as external events.
Furthermore, Veolia can redeem it for cash between the first call
date and its first reset date and on every interest payment date
thereafter. If any of these events occur, the company intends to
replace the instrument, although it is not obliged to do so. S&P
thinks that Veolia intends to keep the security to strengthen its
balance sheet.

The interest to be paid on the security will increase by 25 basis
points (bps) from Jan. 24, 2038, with a further 75-bp increase on
Jan. 23, 2053. S&P considers the cumulative 100 bps as a material
step-up that is not mitigated by a legally binding commitment to
replace the instrument at that time. This step-up provides an
incentive for Veolia to replace the instrument on the call date.

Key Factors In S&P's Assessment Of The Instrument's Deferability

S&P said, "In our view, Veolia's option to defer payment of
interest on the security is discretionary. This means that the
company may elect not to pay accrued interest on an interest
payment date because it has no obligation to do so. However, any
outstanding deferred interest payment will have to be settled in
cash if Veolia declares or pays an equity dividend or interest on
equal-ranking securities, as well as if Veolia or its subsidiaries
redeem or repurchase shares or equal-ranking securities. This is a
negative factor in our assessment of equity content. That said, it
is acceptable under our rating methodology because once the issuer
has settled the deferred amount, it can choose to defer payment on
the next interest payment date."

Veolia retains the option to defer coupons throughout the
instrument's life. The deferred interest on the security is
cash-cumulative and will ultimately be settled in cash.

Key Factors In S&P's Assessment Of The Instrument's Subordination

The security (and coupon) is intended to be a direct, unsecured,
and deeply subordinated obligation of Veolia. The security ranks
junior to all unsubordinated obligations, ordinary subordinated
obligations, and prêts participatifs (equity loans), and it is
only senior to common and preferred shares. However, as per S&P's
criteria, it only subtracts one notch for the deep subordination.

  Issuer Of hybrids outstanding--Veolia Environnment S.A.

  Issuer Of      Nominal                Noncall S&P Global
  hybrids        amount    Issuance     period  Ratings'   Issue
  outstanding   (mil. EUR)   date     (years) equity     rating
                                                content

  Veolia
  Environnment S.A.   850    Sept. 2025  7.33  Intermediate  BB+

  Veolia
  Environnment S.A.   500    May 2025    5.00  Intermediate  BB+
  Veolia
  Environnment S.A.   600    Nov. 2023   5.25  Intermediate  BB+
  Veolia
  Environnment S.A.  1,150   Oct. 2020   8.50  Intermediate  BB+
  Veolia
  Environnment S.A.   500    Nov. 2021   6.25  Intermediate  BB+

  Total stock
  hybrids Veolia
  Group pro-forma     3,600     --        --       --        --

NR--Not rated.




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G E R M A N Y
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PROTECT HOLDCO: Fitch Assigns B+(EXP) LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Protect Holdco GmbH (Uvex) an expected
Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with Stable
Outlook. Fitch has also assigned Uvex's proposed senior secured
term loan B (TLB), issued by Protect Bidco GmbH, an expected rating
of 'B+(EXP)' and a Recovery Rating of 'RR4'.

Uvex's IDR is constrained by its small scale and geographic
concentration in Germany, Austria and Switzerland, although this is
partly offset by a growing contribution from its US operations.
Rating strengths are its solid position in the personal protective
equipment (PPE) market, robust pricing power driven by
premium-quality products and loyal customer relationships, and
stable margins.

The Stable Outlook reflects its expectation that Uvex will be able
to sustain its EBITDA, positive free cash flow (FCF) margins and
other credit metrics within their rating sensitivities through
cost-saving initiatives, while continuing to grow organically. The
assignment of final ratings is contingent on the successful
completion of the transaction in accordance with the terms already
reviewed.

Key Rating Drivers

Strong But Niche Market Position: Uvex holds a leading market
position in PPE in several European countries. Its product
portfolio serves a broad range of end markets across industries,
including sports and military, each with distinct requirements. The
company's position is reinforced by strong customer appeal for its
highly reliable products, a critical attribute in this market.
However, Uvex operates on a smaller scale than many higher-rated
industrial peers.

Strategic Actions to Improve Profitability: Fitch forecasts Uvex's
Fitch-adjusted EBITDA margin to improve to 13% by FY28 (year-end
July) from about 10% in FY24. This reflects already implemented
cost-saving measures in the sports division, higher pricing through
product premiumisation, and the full integration of recent
acquisitions. Fitch expects higher EBITDA, coupled with reduced
expansionary capex and improved working-capital management, to
support sustainably positive FCF to FY28 and, consequently, lower
gross and net leverage.

Improving Leverage: In July 2025 Warburg Pincus announced the
acquisition of a majority stake in Uvex, to be partially financed
by a EUR400 million TLB and the rest through equity-like injection.
Fitch expects Uvex's leverage to be about 5.0x at FYE26, after the
transaction, which is consistent with the 'B' rating category.
Fitch expects Uvex's EBITDA leverage to decline to about 4.0x by
FYE28, on EBITDA expansion.

Moderate Geographical and Product Concentration: Uvex's revenue is
partly concentrated in Germany, Austria and Switzerland, which
together account for around 50% of total sales. Management is
seeking to improve geographical diversification, notably through
the HexArmor acquisition, which will enhance Uvex's presence in the
US. The company also offers a broad product range in PPE including
sport, albeit partly concentrated in protecting gloves,
particularly in the US.

Adequate Financial Policy: Fitch expects the company to maintain a
conservative financial policy focused on organic growth after
completing the TLB. In the near term, Fitch anticipates it will
prioritise reinvesting in the business over dividend distributions.
Fitch also does not expect any acquisitions that would materially
increase leverage. Fitch expects the business to remain well
funded, with a new EUR100 million revolving credit facility
providing a solid buffer for intra-year working-capital swings.

Peer Analysis

Uvex's business profile is comparable to Trench Group Holdings GmbH
(BB-/Stable), INNIO Group Holding GmbH (B+/Positive), and Dynamo
Midco B.V. (B/Positive), with a leading market position in a niche
segment, strong customer relationships, and a commitment to
innovation. However, like Project Grand Bidco (UK) Limited
(B+/Stable), Uvex's smaller scale relative to other peers weighs on
its overall credit profile.

The company's financial profile is similar to that of Project Grand
Bidco (UK) Limited, with low double-digit EBITDA margins and
leverage of about 5x. Both companies have a smaller scale than
peers, but their leverage is lower than that of Flender
International GmbH (B/Stable) and Ahlstrom Holding 3 Oy
(B+/Negative).

Key Assumptions

- Revenue CAGR of 4.5% in FY24-FY29, fuelled by US market and
portfolio expansion and modest contribution from its BakNer
acquisition

- Fitch-adjusted EBITDA margin to gradually increase to around 13%
by FY28-FY29 on cost optimisation and improved fixed cost
absorption

- Net working-capital needs at close to 1% of sales during
FY26-FY29

- Capex declining towards 3% of revenues on reduced expansionary
investments

- No M&A or dividend

Recovery Analysis

- The recovery analysis assumes that Uvex would be reorganised as a
going concern (GC) in a bankruptcy, rather than liquidated in a
default.

- Fitch assumes a 10% administrative claim.

- Its GC EBITDA estimate of EUR50 million reflects Fitch's view of
the company's high operating leverage partially offset by strong
pricing and premium products.

- Fitch applies a multiple of 5.5x to the GC EBITDA to calculate a
post-reorganisation enterprise value, in line with the industry
median and peers'.

- The multiple of 5.5x reflects Uvex's business model as a premium
producer of PPE equipment, covering a wide range of end-markets. It
is further supported by its leading market position in the niche
market and a strong customer base.

- The total enterprise value available for claims is EUR248
million, assuming a 10% administrative claim.

- The waterfall analysis is based on the new capital structure,
which consists of EUR18 million of senior real estate debt, a
EUR100 million RCF and a EUR400 million TLB, both ranking pari
passu with each other. Its waterfall analysis generated a ranked
recovery in the 'RR4' band, indicating a 'B+' rating for the EUR400
million TLB.

RATING SENSITIVITIES

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

- EBITDA margin consistently below 11%

- EBITDA interest coverage below 3x on a sustained basis

- FCF margin below 1% for an extended period

- EBITDA leverage above 5x on a sustained basis

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

- EBITDA margin above 13% on a sustained basis

- EBITDA interest coverage consistently above 4x

- Revenue above EUR1 billion, with improved geographical
diversification

- FCF margin above 3% for an extended period

- EBITDA leverage below 4x on a sustained basis

Liquidity and Debt Structure

Uvex's Fitch-defined expected available cash after completing the
TLB will total EUR25 million, sufficient to cover its short-term
needs. Liquidity is further supported by expected positive FCF and
access to a EUR100 million RCF. The company has no large short-term
debt maturities, with only about EUR2 million in annual repayments
on its outstanding EUR18 million real-estate loans.

Issuer Profile

Uvex, founded in 1926 and headquartered in Furth, Germany, is a
global leader of premium and innovative head-to-toe safety
equipment for people at work, in sports and leisure with a strong
reputation.

Date of Relevant Committee

Sept. 4, 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating                   Recovery   
   -----------               ------                   --------   
Protect Bidco GmbH

   senior secured      LT     B+(EXP) Expected Rating   RR4

Protect Holdco GmbH    LT IDR B+(EXP) Expected Rating




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I R E L A N D
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AVOCA CLO XXIX: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXIX DAC reset final ratings.

   Entity/Debt                 Rating              Prior
   -----------                 ------              -----
Avoca CLO XXIX DAC

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

   Class A-R Notes
   XS3168172115             LT AAAsf  New Rating   AAA(EXP)sf

   Class B-R XS3168172388   LT AAsf   New Rating   AA(EXP)sf

   Class C-R XS3168172545   LT Asf    New Rating   A(EXP)sf

   Class D-R XS3168172891   LT BBB-sf New Rating   BBB-(EXP)sf

   Class E-R XS3168173196   LT BB-sf  New Rating   BB-(EXP)sf

   Class F-R XS3168173436   LT B-sf   New Rating   B-(EXP)sf

   Class X-R XS3168171901   LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Avoca CLO XXIX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR400
million. The portfolio is actively managed by KKR Credit Advisors
(Ireland) Unlimited Company. The CLO has a 4.5-year reinvestment
period and a 7.5 year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
60.6%.

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

WAL Step-Up Feature (Neutral): The deal can extend the WAL by 12
months on the step-up date, which can be a year after closing at
the earliest. The WAL extension is subject to conditions, including
the satisfaction of all tests and the aggregate collateral balance
(defaults at Fitch collateral value) being no less than the
reinvestment target par amount.

Portfolio Management (Neutral): The transaction will include two
Fitch test matrices that are effective at closing. These correspond
to a top 10 obligor concentration limit of 20%, two fixed-rate
asset limits at 5% and 12.5% and a 7.5-year WAL test covenant. It
has another two matrices, corresponding to the same limits but a
seven-year WAL, which can be selected by the manager six or 18
months after closing, depending on whether the conditions for the
WAL test step up are met, provided that the collateral principal
amount (including defaulted obligations at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL test covenant, to account for strict reinvestment
conditions after the reinvestment period, including the
satisfaction of over-collateralisation test and Fitch's 'CCC'
limitation test, alongside a consistently decreasing WAL test
covenant. These conditions reduce the effective risk horizon of the
portfolio in stress periods.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all ratings in the
expected portfolio would have no impact on the class X-R to A-R
notes and lead to downgrades of one notch for the class B-R to E-R
notes and to below 'B-sf' for the class F-R notes. Downgrades may
occur if the build-up of the notes' credit enhancement following
amortisation does not compensate for a larger loss expectation than
assumed due to unexpectedly high levels of defaults and portfolio
deterioration.

The class B-R to E-R notes have rating cushions of two notches and
the class F-R notes have a limited margin of safety, due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio.

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

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

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

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

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

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

DATA ADEQUACY

Avoca CLO XXIX DAC

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

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

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

Date of Relevant Committee

Sept. 3 , 2025

ESG Considerations

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


AVOCA CLO XXXIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXXIII DAC final ratings.

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

   A-1 XS3133317845     LT AAAsf  New Rating   AAA(EXP)sf

   A-2 XS3133318066     LT AAAsf  New Rating   AAA(EXP)sf

   B XS3133318223       LT AAsf   New Rating   AA(EXP)sf

   C XS3133318579       LT Asf    New Rating   A(EXP)sf

   D XS3133318736       LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3133318900       LT BB-sf  New Rating   BB-(EXP)sf

   F XS3133319114       LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3133319544         LT NRsf   New Rating   NR(EXP)sf

   Z XS3133319387       LT NRsf   New Rating

Transaction Summary

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

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

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors at 'B' category. The Fitch-calculated weighted
average rating factor of the identified portfolio is 24.4.

High Recovery Expectations: At least 96% of the portfolio comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the identified portfolio is 61.1%.

Diversified Asset Portfolio: The transaction has two matrices
effective at closing and two matrices effective six months after
closing, all with fixed-rate limits of 7.5% and 12.5%. The closing
matrices correspond to a 7.5-year WAL test, while the forward
matrices correspond to a seven-year WAL test. All four matrices are
based on a top 10 obligor concentration limit of 20%. The
transaction also includes various other concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio of 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

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

Portfolio Management: The transaction has a reinvestment period of
about 4.6 years and includes reinvestment criteria similar to those
of other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling: The WAL used for the transaction stress
portfolio is 12 months shorter than the WAL covenant at the issue
date. This is to account for strict post-reinvestment period
structural and reinvestment conditions, including the coverage
tests and the Fitch 'CCC' limitation test, passing. Fitch believes
these conditions reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class A-1 to A-2 notes, lead to downgrades of one
notch for the class B to E notes and to below 'B-sf' for the class
F notes. Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B, D and E notes
display rating cushions of two notches, while the class C and F
notes display rating cushions of one notch.

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

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the 'AAAsf' rated notes, which
are at the highest level on Fitch's scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

Avoca CLO XXXIII DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Avoca CLO XXXIII
DAC.

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


BBAM EUROPEAN IV: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned BBAM European CLO IV DAC's reset notes
final ratings.

   Entity/Debt                Rating              Prior
   -----------                ------              -----
BBAM European CLO IV DAC

   A-R XS3156334271        LT AAAsf  New Rating   AAA(EXP)sf
   B-R XS3156334602        LT AAsf   New Rating   AA(EXP)sf
   C-R XS3156334867        LT Asf    New Rating   A(EXP)sf
   D-R XS3156335088        LT BBB-sf New Rating   BBB-(EXP)sf
   E-R XS3156335245        LT BB-sf  New Rating   BB-(EXP)sf
   F-R XS3156335591        LT B-sf   New Rating   B-(EXP)sf

Transaction Summary

BBAM European CLO IV DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to redeem the existing notes (except the
subordinated notes) and to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by RBC Global
Asset Management (UK) Limited. The CLO has a 4.6-year reinvestment
period and approximately 8.5-year weighted average life (WAL)
test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the identified portfolio is 24.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.5%.

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

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 5% and 10%; and
two at one year after closing with the same fixed-rate limits,
provided that the aggregate collateral balance (defaults at Fitch
collateral value) is above reinvestment target par balance. All
four matrices are based on a top 10 obligor concentration limit of
20%. The closing matrices correspond to an 8.5-year WAL test, while
the forward matrices correspond to a 7.5 years WAL test.

The transaction has a 4.6-year reinvestment period and include
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed portfolio
with the aim of testing the robustness of the transaction structure
against its covenants and portfolio guidelines.

Cash-flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant
at the issue date (subject to a floor of six years), to account for
the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include, among others, passing
the coverage tests and the Fitch 'CCC' bucket limitation test post
reinvestment, as well as a WAL covenant that progressively steps
down before and after the end of the reinvestment period. Fitch
believes these conditions would reduce the effective risk horizon
of the portfolio during the stress period.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

BBAM European CLO IV DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for BBAM European CLO
IV DAC.

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


INVESCO EURO XVI: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO XVI DAC final ratings.

   Entity/Debt                          Rating           
   -----------                          ------           
Invesco Euro CLO XVI DAC

   A XS3140784383                    LT AAAsf  New Rating
   B XS3140784540                    LT AAsf   New Rating
   C XS3140785190                    LT Asf    New Rating
   D XS3140785356                    LT BBB-sf New Rating
   E XS3140785604                    LT BB-sf  New Rating
   F XS3140785943                    LT B-sf   New Rating
   Subordinated Notes XS3140786248   LT NRsf   New Rating

Transaction Summary

Invesco Euro CLO XVI DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR450 million that is actively managed by Invesco CLO Equity Fund
6 LLC. The CLO has a 5.1-year reinvestment period and a nine-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors to be in the 'B' category. The Fitch weighted
average rating factor of the identified portfolio is 24.4.

High Recovery Expectations: At least 90% of the portfolio comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate of the
identified portfolio is 61.7%.

Diversified Portfolio: The transaction has four matrices. Two are
effective at closing with fixed-rate asset limits of 5% and 12.5%,
and two are effective one year after closing with the same
fixed-rate limits. All four matrices correspond to a top 10 obligor
concentration limit of 20%. The manager may elect to switch to the
forward matrices provided that the aggregate collateral balance is
no less than the reinvestment target par balance and Fitch has
provided rating agency confirmation.

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

Portfolio Management: The transaction has a 5.1-year reinvestment
period and includes reinvestment criteria similar to those of other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling: The WAL used for the transaction's
stressed-case portfolio analysis is 12 months shorter than the WAL
covenant. The reduction to the risk horizon reflects the strict
reinvestment criteria after the reinvestment period, which includes
Fitch's 'CCC' limitation and the coverage tests satisfaction as
well as a WAL covenant that linearly steps down over time. In
Fitch's opinion, these conditions reduce the effective risk horizon
of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed-case portfolio, the class B, D, and E notes display rating
cushions of two notches, the class C and F notes of one notch, and
the class A notes do not have any rating cushion as they are
already at the highest achievable rating.

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Invesco Euro CLO
XVI DAC.

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


JUBILEE PLACE 4: S&P Raises Class F-Dfrd Notes Rating to 'B-(sf)'
-----------------------------------------------------------------
S&P Global Ratings raised to 'AA- (sf)' from 'A (sf)', 'A- (sf)'
from 'BB+ (sf)', and 'B- (sf)' from 'CCC (sf)' its credit ratings
on Jubilee Place 4 B.V.'s class D-Dfrd, E-Dfrd, and F-Dfrd notes,
respectively. At the same time, S&P affirmed its 'AAA (sf)' rating
on the class A loan, 'AA+ (sf)' rating on the class B-Dfrd notes,
and 'AA (sf)' rating on the class C-Dfrd notes.

S&P said, "Our ratings address timely receipt of interest and
ultimate repayment of principal for the class A loan, and ultimate
receipt of interest and repayment of principal for the class B-Dfrd
to F-Dfrd notes. Interest on each class except the class A loan is
deferrable until they become the most senior outstanding.
Previously deferred interest is due only at maturity.

"The rating actions follow our full analysis of the most recent
information received and reflect the transaction's current
structural features. Our review reflects the application of our
relevant criteria.

"The performance of the loans in the collateral pool since our
previous review has been stable. As of the June 2025 investor
report, arrears account for only 0.98% of the outstanding pool
balance and no losses have been recorded since closing.

"The weighted-average foreclosure frequency (WAFF) decreased at
higher rating levels, because we reduced the originator adjustment
to account for the overall good historical performance of all
Jubilee Place transactions that we rate. The WAFF increased
slightly at lower rating levels due to higher total arrears. The
weighted-average loss severity (WALS) significantly decreased at
all rating levels, mainly due to our lower real market value
decline (RMVD) assumptions. Our RMVD assumptions have decreased
after we revised our overvaluation assessments for European
residential mortgage markets."

  WAFF and WALS levels

  Rating level   WAFF (%)   WALS (%)

  AAA            19.25%     32.20%
  AA             12.91%     26.43%
  A             9.65%     16.10%
  BBB             6.57%     10.39%
  BB              3.31%      6.58%
  B               2.50%      3.76%

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
S&P's operational, legal, and counterparty risk analysis for the
transaction remains unchanged since closing.

The loan and notes' sequential amortization has increased available
credit enhancement for all tranches.

  Credit enhancement levels

          Credit enhancement--  Credit enhancement--
  Class   Current (%)*         Previous review (%)*

  A loan       18.31             15.84
  B-Dfrd       10.95              9.47
  C-Dfrd        7.58              6.56
  D-Dfrd        5.12              4.43
  E-Dfrd        2.06              1.78
  F-Dfrd        0.52              0.45
  X-Dfrd         N/A               N/A

*Including the liquidity reserve.
N/A--Not applicable.

The transaction has a liquidity reserve fund covering shortfalls in
senior fees, class S1 and S2 payments, senior swap payments, and
interest on the class A loan. Any excess over the required amount
when the reserve amortizes will be released to the principal
priority of payments and generate credit enhancement for the rated
loan and notes.

The non-payment of interest on the class S1 and S2 certificates
would constitute an event of default. The amounts due on these
classes are small (EUR100,000). S&P has checked that interest is
paid timely for the class S1 and S2 certificates under its cash
flow scenarios.

S&P's model cash flow results have improved due to the higher
credit enhancement and lower credit coverage at all rating levels.

S&P said, "In addition to our standard cash flow analysis, we also
considered sensitivity to reductions in excess spread caused by
prepayments, potential increased exposure to tail-end risk, and the
relative positions of tranches in the fully sequential capital
structures to determine the ratings on the class A loan and class
B-Dfrd to F-Dfrd notes.

"We therefore raised our ratings on the class D-Dfrd, E-Dfrd, and
F-Dfrd notes and affirmed our ratings on the class A loan, B-Dfrd,
and C-Dfrd notes. The available credit enhancement for the class A
loan and class B-Dfrd to F-Dfrd notes is commensurate with the
assigned ratings."

Jubilee Place 4 is a Dutch RMBS transaction that closed in June
2022 and securitizes a pool of buy-to-let loans secured on
first-ranking mortgages in the Netherlands.


MALLINCKRODT PLC: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Positive and affirmed
Mallinckrodt plc's 'B+' Long-Term Issuer Default Rating (IDR)
following its merger with Endo L.P. Fitch has also assigned a 'B+'
IDR to Endo Finance Holdings, Inc. The Rating Outlook is Positive.
Fitch has assigned a 'BB-'/'Recovery Rating (RR) 3' and 'BB+'/'RR1'
ratings to the first lien term loan and notes and the super senior
revolving credit facility issued by Endo Finance Holdings, Inc. and
assumed by Mallinckrodt, respectively.

Fitch forecasts leverage will remain consistent with a higher
rating assuming normalizing improvements in fundamentals and cash
funded business development. However, these assumptions depend on
the business development strategy and financial policies the
refreshed management and expanded Board of Directors establish.
Fitch will use the Outlook period to assess and would likely
upgrade to 'BB-' if EBITDA leverage will remain below 4x while the
company backfills at-risk revenues, as forecasted.

Key Rating Drivers

Mixed Implications of Merger and Separation: The merger of the two
specialty pharma companies should create cost synergies and
operational focus, with the companies expecting to realize $185
million by the third year as a combined entity before $35 million
of dyssynergies that Par Health will incur as a standalone company.
Fitch believes the combined company's FCF will support more
meaningful investments in research and development and acquisitions
than was feasible individually.

Fitch views the rating implications of the pending separation of
the combined companies' generics and sterile injectables business,
MEH, Inc. (dba Par Health) as mixed. The diversification loss and
modest increase in leverage and absolute cashflow are balanced by
the headwinds these segments have faced (e.g. revenue declines 2024
vs 2022 and margin compression) and limited long-term synergy
between the branded and generic segments.

Larger Platform for Growth: Product concentration and years of
revenue headwinds had constrained each company's standalone credit
profile. However, both have recently reported top-line growth in
key products despite competition. Acthar, which represented
approximately 25% of the combined company's 2024 revenues
(excluding Par Health), reported 14% growth in 2024 and almost 50%
growth in 2Q25. This was due to a new delivery mechanism, the
recently implemented cap on out-of-pocket expenses for Medicare
beneficiaries, and improved payor relationships as price increases
have moderated.

Despite recent growth, generating consistent revenue growth from
new product launches will be crucial for the combined company's
long-term credit profile. Fitch believes prior bankruptcies and the
periods surrounding them limited this growth by constraining
financial resources and management's attention. Fitch assumes
expenditures will be directed towards late-stage R&D and early
commercialization assets.

Low Leverage at Closing: Fitch expects leverage will sustain in the
mid-3x range and cash flow from operations after capex will exceed
10% of debt, upon the separation of Par Health, which is expected
by the end of 2025. Both are consistent with a higher rating for a
branded pharmaceutical manufacturer of Mallinckrodt's scale and
diversification.

Long-Term Policy Unclear: The issuer's long-term financial policy,
particularly whether leverage will stay at current levels, decline
further or increase significantly for acquisitions, will factor
heavily in Fitch's assessment of upgrade potential. Fitch believes
the combined company will pursue more substantial business
development to enhance its product pipeline, although both
companies have delevered significantly in recent years after
restructuring.

Product Risks Remain: Fitch assumes the markets for key products
(Acthar, INOmax and Xiaflex) will remain competitive. The thin
late-stage pipeline also supports Fitch's expectation that the
company will be incentivized to grow externally over time. Fitch's
Ratings Case assumes Acthar's growth will moderate over time after
an exceptionally strong 1H25 to low-single digit growth reflecting
modest price increases, Xiaflex will deliver mid-to-high single
digit growth until mid-2028 when competition from biosimilars can
enter the market, and INOmax revenue headwinds will accelerate in
2027 when patent protection expires on the delivery mechanism.

Stronger Sub / Weaker Parent Assessment: Fitch has applied its
Parent and Subsidiary Rating Linkage criteria to Mallinckrodt plc
(parent and filer of financials) and Endo Finance Holdings, Inc.
(subsidiary and borrower). Fitch views the subsidiary as stronger
than the parent due to its relative proximity to the cashflow
generating assets. However, access and control is open due to the
parent's ownership and control. Ring-fencing is also open because
the parent can extract resources from the subsidiary, subject to
compliance with debt documents, the longest of which matures in
2031. Therefore, Fitch rates the stronger subsidiary based on the
parent's consolidated profile.

Peer Analysis

Fitch compares MNK (B+/Positive) to other branded pharmaceutical
manufacturers including Jazz Pharmaceuticals plc (Jazz; BB/Stable)
and Harrow, Inc. (B- (EXP)/Stable). MNK's relative rating reflects
its scale and cashflow generation being weaker than Jazz, offset in
part by its lower leverage. MNK's scale, leverage and cashflow
profile compare favorably to that of Harrow, a smaller
ophthalmology company that also has notable product concentration.
Fitch also compares MNK to other 'B' and 'BB' category
pharmaceutical issuers such as Padagis LLC (B+/Stable), a generics
manufacturer and Elanco Animal Health Incorporated (BB/Stable), a
large, animal health manufacturer.

Key Assumptions

- 2025 revenues and EBITDA are assumed to be generally in-line w/
management guidance on a full-year combined basis and around $2.6
billion on an as-reported basis assuming a Dec. 31, 2025 separation
of Par Health;

- 2026-2027 revenues and EBITDA assumed to be $1.8 billion-$1.9
billion and $700 million-$750 million, respectively. This assumes a
reversion to more normalized growth for Achtar and Xiaflex driven
mostly by price, accelerating erosion for INOmax with no explicit
contributions from new product launches and approximately 10pts of
gross margin expansion upon the generics separation;

- Fitch has not assumed material revenue headwinds if most favored
nation pricing were implemented given the significant domestic
focus. Fitch has moderated its gross margin assumptions to reflect
the potential for some tariffs;

- Capex of around 6% of revenues;

- Approximately $1.5 billion of pre-revenue acquisitions beginning
in 2027 with no material debt repayments or share repurchases.
Fitch has assumed sufficient headroom to avoid excess cash flow
sweeps.

Recovery Analysis

In assigning instrument ratings for issuers with a 'B+' or below
IDR, Fitch conducts a bespoke analysis. The recovery analysis
assumes that MNK would be considered a going concern in bankruptcy
and that the company would be reorganized rather than liquidated.
Fitch estimates a going concern enterprise value (EV) of $2.0
billion for MNK net of the assumption that administrative claims
consume 10% of the gross value in the recovery analysis.

The going concern EV (GCEV) is based upon estimates of
post-reorganization EBITDA and the assignment of an EBITDA
multiple. Fitch assumes a GCEV, which assumes both depletion of the
current position to reflect an assumed cause of distress that
provoked default, and a level of corrective action assumed to occur
during restructuring. Fitch has updated its going concern EBITDA
assumption to reflect the combination with Endo and the belief that
a smaller depletion of current resources would necessitate a
restructuring given the higher debt amounts pro forma.

Therefore, Fitch's estimate of MNK's going concern EBITDA of $375
million reflects a scenario in which the company faced significant
share erosion with key products such as Acthar Gel and, for
reference, is approximately 50% below Fitch's forecast for MNK
excl. Par Health.

Fitch assumes in this scenario MNK would continue to invest in its
business related to R&D and marketing, with ongoing efforts to
improve operational efficiencies. Fitch assumes a recovery
enterprise value to EBITDA multiple of 6.0x which compares to the
mid-6x multiple observed in healthcare bankruptcy case studies. The
multiple reflects the competitive headwinds that MNK faces with
INOmax and will face with Xiaflex and is higher than the 5x
previously assumed to reflect the assumed disposition of the
generics business.

Fitch applies a waterfall analysis to the going concern EV based on
the relative claims of the debt in the capital structure and
assumes that the company would draw the entire $400 million
available under its revolving credit facility ahead of the
bankruptcy scenario and $2.5b of first-lien debt that recovers
after the revolving credit facility.

Fitch has not assumed any value will flow from the Par Health
segment to Mallinckrodt's lenders due to a variety of factors
including the assumption that there would not be distributable
equity value in that entity.

RATING SENSITIVITIES

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

- Fitch's expectation of EBITDA leverage sustaining above 5x and
(CFO-capex) / debt below 5%;

- Deterioration of key product revenues and/or insufficient
pipeline contributions;

- Interest coverage sustaining below 2.5x.

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

- Fitch's expectation of EBITDA leverage sustaining below 4x and
(CFO-capex) / debt exceeding 10% supported by policies and/or
behavior;

- Continued stabilization of key products and expectation of
meaningful contributions from new product launches.

Liquidity and Debt Structure

Fitch expects MNK will maintain adequate liquidity with a $400
million revolving credit facility due 2029, positive FCF and an
estimated $1 billion of cash pro forma for the merger closing and
no debt maturities until 2031.

Issuer Profile

Mallinckrodt Public Limited Company makes drugs focused on
autoimmune and rare diseases. It has a separately capitalized
subsidiary that focuses on generic drugs, sterile injectables and
active pharmaceutical ingredients.

Summary of Financial Adjustments

Fitch has assessed the impact of the Par Health subsidiary on the
parent's consolidated financials under Adjustment 6 of its
Corporate Rating Criteria. Fitch concluded that the restrictions
that Par Health's debt introduce limits (but does not eliminate)
the parent's access to its cashflows which, when coupled with
Fitch's expectation that the separation is highly probable in the
near term, suggests deconsolidated metrics are a more accurate
representation of Mallinckrodt's financial profile. Fitch has
deconsolidated the debt and profits from the consolidated profile
for key metrics in 2025. The adjustment is irrelevant for 2026 and
beyond forecasted metrics given the assumed separation.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

MNK has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to pressure to contain healthcare spending growth, the
highly sensitive political environment and social pressure to
contain costs or restrict pricing. This has a negative impact on
the credit profile and is relevant to the rating in conjunction
with other factors.

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Endo Finance
Holdings, Inc.       LT IDR B+  New Rating

   senior secured    LT     BB-  New Rating   RR3

   super senior      LT     BB+  New Rating   RR1

Mallinckrodt plc     LT IDR B+   Affirmed              B+


NASSAU EURO III: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Nassau Euro CLO III
DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. The issuer
currently has EUR27.00 million of unrated subordinated notes
outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
that closed in August 2023. The issuance proceeds of the
replacement notes were used to redeem the existing classes of notes
and to pay fees and expenses incurred in connection with the reset.
S&P withdrew its ratings on the existing classes of notes.

The ratings assigned to Nassau Euro CLO III's reset notes reflect
S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,831.06
  Default rate dispersion                                 433.63
  Weighted-average life (years)                             4.20
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.49
  Obligor diversity measure                               141.96
  Industry diversity measure                               28.08
  Regional diversity measure                                1.29

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.46
  Actual 'AAA' weighted-average recovery (%)               37.24
  Actual weighted-average spread (net of floors; %)         3.82
  Actual weighted-average coupon (%)                        5.40

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semi-annual payments. The portfolio's
reinvestment period will end approximately 4.49 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR370 million
target par amount, the target weighted-average spread (3.82%), and
the target weighted-average coupon (5.40%). We modelled the target
weighted-average recovery rates for all rated notes (37.24% at
'AAA') as indicated by the collateral manager. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

"Until the end of the reinvestment period on March 15, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

"Nassau Global Credit (UK) LLP manages the CLO, and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

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

"The class A-R and F-R notes can withstand stresses commensurate
with the assigned ratings. Our ratings on the class A-R and B-R
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C-R to F-R notes address ultimate
interest and principal payments

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

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

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

Environmental, social, and governance

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

Nassau Euro CLO III is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO managed by
Nassau Global Credit (UK) LLP.

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

  A-R    AAA (sf)   229.40    38.00    Three/six-month EURIBOR  
                                       plus 1.35%

  B-R    AA (sf)     40.80    26.97    Three/six-month EURIBOR
                                       plus 2.05%

  C-R    A (sf)      22.20    20.97    Three/six-month EURIBOR
                                       plus 2.45%

  D-R    BBB- (sf)   25.80    14.00    Three/six-month EURIBOR
                                       plus 3.40%

  E-R    BB- (sf)    16.60     9.51    Three/six-month EURIBOR
                                       plus 5.75%

  F-R    B- (sf)     11.20     6.49    Three/six-month EURIBOR
                                       plus 8.17%

  Sub    NR          27.00     N/A     N/A

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

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




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

ADECOAGRO SA: Moody's Puts 'Ba2' CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Ratings has placed Adecoagro S.A. ratings under review for
downgrade, including the Ba2 corporate family rating and Ba2 senior
unsecured ratings. Previously, the outlook was stable.

The review follows the announcement that Adecoagro is looking to
acquire a stake in Profertil Sociedad Anónima, largest producer of
nitrogen fertilizers in Argentina, for approximately $480 million.
Initially, the deal signals a more aggressive appetite for
inorganic growth following the change in control to Tether
Investments S.A. de C.V., especially if fully funded with debt.

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

The review process will focus on the effective execution of the
deal and expected leverage post-transaction, depending on the
funding structure. Additionally, Moody's will follow the evolution
of results for Adecoagro's current portfolio which Moody's expects
to be weaker in 2025 driving leverage up even without the proposed
acquisition. Although a majority of the company's EBITDA will
continue to come from Brazil (Government of Brazil, Ba1 stable),
with the proposed acquisition a larger percentage of cash
generation will come from Argentina (Government of Argentina, Caa1
stable) increasing the relevance of the specific sovereign risk
constraint.

Adecoagro, in conjunction with Asociacion de Cooperativas
Argentinas (ACA), has proposed to acquirer a 50% stake of Profertil
from Nutrien Ltd. (Baa2 stable). The 50% stake was valued at $600
million, 80% of that stake to be owned by Adecoagro and 20% by ACA.
The transaction was announced on September 8th and YPF Sociedad
Anonima (B2 stable), owner of the remaining 50% stake in Profertil,
has a 90 day right of first refusal window to purchase Nutrien's
stake.

The acquisition of Profertil would increase business
diversification with exposure to the fertilizer segment adding to
the current portfolio of farming in Argentina (crops, rice, dairy)
and sugar-ethanol in Brazil. Profertil has a dominant position
providing 60% of the granular urea needs of the Argentinean market
with a production capacity of 1.3 tons of granular urea per year
and 790 thousand tons of ammonia. The production is in a single
plant in the petrochemical region of Bahia Blanca, located in a
port region and it has competitive access to productive inputs such
as natural gas, which it buys mainly from YPF, and electricity. The
company has a low leverage and has paid around $240-260 million in
dividends per year the last 2 years, and $450 million in 2022
because of the exceptional results given a peak in fertilizers
prices that year.

Profertil reported EBITDA of $410 million in 2023 and $271 million
in 2024, the normalized level of EBITDA in 2026 and forward Moody's
believes should be closer to that presented in 2024 of $270 - $300
million, depending on the sale prices of urea, ammonia and other
fertilizer blends. In 2025 Moody's expects a reduction in EBITDA
because of stoppages due to a flood in the first quarter of 2025
and a scheduled maintenance for later in the year. Moody's expects
nitrogen fertilizer demand to continue increasing in South America
in the coming years with an increase in agricultural production.

Moody's believes gross leverage would peak at 4.5x and it will be
at a pro-forma 3.5x year-end 2026 if the deal is fully funded with
debt already incorporating a full year contribution of Profertil
via equity income and total debt of $1.75 billion for Adecoagro,
including leases. Moody's projects a $290 million EBITDA for
Profertil in 2026. Pro-forma for the acquisition, as if
consolidated, around 35%-45% of the resulting EBITDA would be
generated by subsidiaries in Argentina, a small portion in Uruguay
and the balance in Brazil. Post transaction Moody's believes
Adecoagro could review its capital allocation strategy regarding
its capital expenditures, shareholder distributions, and cost
structure to accelerate the deleveraging process.

The willingness of Adecoagro to increase leverage to pursue the
deal demonstrates an increased appetite for growth and riskier
financial profile. Although Tether Investments has stated its
intent to support Adecoagro in certain occasions, no specific
actions have been announced concerning the deal at the present
moment. Moody's do not rule out the possibility of direct equity
support from Tether Investments which would help to reduce leverage
impact and explicitly demonstrate its support to Adecoagro.

A rating upgrade is unlikely in the near term and it would require
an enhanced business profile with increased product and geographic
diversification, reducing country-specific risks and event risks
that are inherent to agricultural activity. It would also require
free cash flow and good liquidity on a sustained basis, with a cash
balance that consistently covers Adecoagro's short-term
obligations. Quantitatively, an upgrade would require: Debt/EBITDA
below 2.5x, EBITDA/interest expense above 6.0x, and Retained cash
flow/net debt above 22%.

Moody's could downgrade Adecoagro's ratings following the execution
of the proposed deal and if there is a deterioration in the
company's liquidity, profitability or credit metrics.
Quantitatively, a downgrade could occur if its: Debt/EBITDA remains
above 3.5x, EBITDA/interest expense remains below 5.0x, and
Retained cash flow/net debt stays below 18%.

Adecoagro S.A., the group's ultimate parent company, is
headquartered in Luxembourg and generated consolidated revenue of
$1.6 billion as of the 12 months that ended June 2025. The
Adecoagro group is primarily engaged in agricultural and
agro-industrial activities through its operating subsidiaries in
Brazil, Argentina and Uruguay. Adecoagro produces and
commercializes sugar, ethanol and energy; and farming products such
as soy, corn, wheat, rice, dairy and others. In the 12 months that
ended June 2025, the company's consolidated EBITDA reached $409
million, with a margin of 26.3%.

The principal methodology used in these ratings was Protein and
Agriculture published in August 2024.

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


EUROPORTS: Fitch Affirms & Then Withdraws 'B+' IDR
--------------------------------------------------
Fitch Ratings has affirmed EP BCo S.A.'s (Euroports) Long-Term
Issuer Default Rating (IDR) at 'B+' and term loan B (TLB)
first-lien and second-lien ratings at 'B+'. Fitch has subsequently
withdrawn Euroports' ratings.

RATING RATIONALE

The affirmation reflects Euroports' diversified portfolio of mature
terminals in the commodity sector and its exposure to the more
volatile freight forwarding business (MPL) and the refinancing risk
linked to its bullet debt structure. The Negative Outlook considers
its expectation that free cash flow (FCF) will remain negative over
the next two years, with limited visibility of a medium-term
strategy, due to the ongoing restructuring of the ownership
structure.

Fitch has withdrawn Euroports' ratings for commercial reasons.
Fitch will therefore no longer provide ratings or analytical
coverage for Euroports.

KEY RATING DRIVERS

Revenue Risk - Volume - High Midrange

Diversified Portfolio of Commodity Terminals: Euroports' portfolio
of about 50 terminals is strategically located close to production
and consumption centres, and benefits from good hinterland and
multi-modal connectivity. Customer concentration is moderate.

Cargo primarily involves origin and destination activities and is
concentrated in the commodity sector. However, its wide range of
cargo types shows low correlation, which partly hedges the
volatility of volumes. Competition is limited by its proximity to
port end-users and a lower share of standardised cargo volume than
a port container operator. The broadening of services into MPL may
increase customer retention overall, but will also expose Euroports
to lower margins and higher volatility than at its terminals.

Revenue Risk - Price - Midrange

Pricing Tracks Inflation: Euroports has longstanding relationships
with a diversified customer base, with predominantly long-term
contracts in the terminals division. Take-or-pay clauses underpin
about a quarter of the terminals division's revenues. The terminal
operator benefits from full price flexibility across all regions.
However, tariff increases tend to be limited by contractual
arrangements that are generally indexed to inflation to varying
degrees.

Infrastructure Development & Renewal - Midrange

Self-Funded Capex Plan: The company is well-equipped to deliver its
investment programme, given its record of implementation of large
maintenance and expansionary investments in its network. Its capex
plan is largely flexible, self-funded, and focuses on projects such
as new warehouses, backed by long-term contracts with group clients
and short payback periods of up to six years.

Debt Structure - Weaker

Refinance Risk and Floating-Rate Debt: Euroports' debt is secured,
exposed to variable rates and looser covenants than a pure project
finance debt structure. The structure provides limited protection
against releveraging risk, and excess cash flow sweep and lock-up
features are less protective than typical project finance
transactions.

The significant refinancing risk of the bullet structure weighs on
its assessment. However, Euroports has a history of extending
concession tenors ahead of its legal maturity, which supports its
refinancing capacity. Under the existing debt documentation, Fitch
believes the first- and second-lien term loans B have a similar
probability of default, as second-lien creditors can undertake
enforcement actions in an event of default and collapse the entire
debt structure once the standstill period lapses.

Financial Profile

Under the Fitch rating case, Fitch estimates gross debt/EBITDA to
have increased to around 7.0x in 2024, before decreasing to 6.5x in
2025. The average gross debt/EBITDA is around 6.1x over 2025-2027.
Euroports' financial profile is highly sensitive to variations in
EBITDA margins.

PEER GROUP

Fitch compares Euroports with DP World Limited (BBB+/Stable). DP
World has lower leverage, is much larger in size, and its
operations are more geographically diversified, supporting its
higher rating.

RATING SENSITIVITIES

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

Not applicable as the ratings have been withdrawn.

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

Not applicable as the ratings have been withdrawn.

ESG Considerations

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

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
EP BCo S.A.               LT IDR B+  Affirmed    B+
                          LT IDR WD  Withdrawn

   EP BCo S.A./Port
   Revenues - First
   Lien/1 LT              LT     B+  Affirmed    B+

   EP BCo S.A./Port
   Revenues - First
   Lien/1 LT              LT     WD  Withdrawn

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT              LT     B+  Affirmed    B+

   EP BCo S.A./Port
   Revenues - Second
   Lien/2 LT              LT     WD  Withdrawn




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

VERISURE MIDHOLDING: S&P Puts 'B+' LT ICR on Watch Positive
-----------------------------------------------------------
S&P Global Ratings has placed its 'B+' long-term issuer credit
rating on Verisure Midholding AB (Verisure), its 'B+' issue ratings
on its senior secured debt, and its 'B-' issue ratings on its
senior unsecured debt on Credit Watch with positive implications.

S&P intends to resolve the CreditWatch placement upon the IPO's
closing and a review of the final capital structure. Currently, S&P
expects to raise the rating by at least two notches.

On Sept. 17, Verisure announced its intention to launch an IPO on
the Swedish Stock Exchange, Nasdaq index.

The group intends to raise EUR3.1 billion, which we anticipate will
be used primarily to reduce debt.

Following the IPO, S&P expects it will continue to view Verisure as
a financial sponsor-owned company, according to its criteria.

S&P said, "We expect that proceeds from the IPO will be used
primarily to reduce leverage. The group intends to raise
approximately EUR3.1 billion, with the majority allocated to debt
reduction, alongside transaction fees and to fund the ADT Mexico
acquisition.

"We anticipate that Verisure will adopt a more conservative
financial policy after the IPO. We expect that the financial policy
will be further tightened following the IPO, with a targeted
leverage of about 2.50x-2.75x by the end of 2026, and 2.50x
thereafter, which would likely translate into lower S&P Global
Ratings-adjusted leverage over time. This follows a gradual
tightening of its financial policy, which since February 2024, has
targeted 4.5x, an ambition achieved during the second quarter of
2025.

"We expect that lower interest costs, economies of scale, and
relatively less growth than in previous years will turn free
operating cash flow (FOCF) positive, allowing for shareholder
distributions. We project that interest costs will decline from a
lower level of debt and lower margins after the IPO. Furthermore,
we expect that the EBITDA margin will continue to grow because we
anticipate that the top line will grow faster than the cost base,
primarily thanks to economies of scale. Furthermore, in our view,
Verisure benefits from significant growth opportunities and can
largely dictate its annual growth rate. We therefore expect the
company to gear the growth rate in a way that allows for enough
FOCF generation to allow for shareholder distributions.

"We will resolve the CreditWatch placement following the IPO's
completion, at which time we will assess the company's financial
policy, final capital structure, and key metrics (including the
leverage ratio and FOCF to debt), and ownership structure. The
final rating outcome will also depend on our view of the company's
business prospects after the IPO, encompassing the growth
trajectory of its revenue, EBITDA, and FOCF. Currently, we expect
to raise the rating by at least two notches."




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

MATTERHORN TELECOM: Moody's Rates New EUR500MM Secured Notes 'B1'
-----------------------------------------------------------------
Moody's Ratings has assigned a B1 instrument rating to the proposed
EUR500 million backed senior secured notes to be issued by
Matterhorn Telecom SA. Concurrently, Moody's have affirmed
Matterhorn Telecom Holding SA's (Salt or the company) B1 corporate
family rating and its B1-PD probability of default rating. Moody's
have also affirmed the B1 instrument ratings on the existing backed
senior secured term loan B3 following its EUR180 million proposed
add-on and backed senior secured notes issued by Matterhorn Telecom
SA. The outlook on both entities remains stable.

The action follows the acquisition by Matterhorn Telecom SA (fully
owned subsidiary of Matterhorn Telecom Holding) of a 90% stake in
GP Holding SAS, a holding company of telecom operator Monaco
Telecom S.A.M. (Monaco Telecom), from NJJ Telecom Europe SAS (NJJ)
and MT Manco Luxembourg S.à r.l. GP Holding holds indirectly
50.01% of the shares in Monaco Telecom through Compagnie
Monégasque de Communication. The remaining stake in Compagnie
Monégasque de Communication will continue to be held by the
Principality of Monaco (49.99%). As a consequence of the
acquisition, Salt will fully consolidate Monaco Telecom while
retaining a 45% stake in the business.

Monaco Telecom is the incumbent telecom operator in the
Principality with operations (largely mobile) in Malta and Cyprus
too (EPIC). For the last twelve months ended June 2025, Monaco
Telecom generated revenue and EBITDA after leases (EBITDAaL) of
approximately EUR400 million and EUR155 million, respectively.

The consideration for the acquisition will be EUR625 million. The
EUR317 million net debt at Monaco Telecom level, which Moody's
expects to be rolled over, is subject to the company's ability to
secure a waiver for the change of control provisions in the Monaco
Telecom's debt (which is expected to be received at the end of this
week). The purchase price of the acquisition will be paid through a
mix of (1) shareholder loan of EUR288 million at Matterhorn Telecom
Holding SA; (2) EUR26 million vendor loan from MT Manco Luxembourg
S.à r.l.; and (3) EUR311 million of proceeds from the new senior
secured notes and TLB add-on. The remaining part of the issuance
proceeds will be used to repay the senior secured notes due in
September 2026, which are currently outstanding for EUR362
million.

RATINGS RATIONALE

The combination with Monaco Telecom will strengthen Salt's business
profile. The acquisition will help the company to increase its
scale, diversify away from the Swiss market and gain exposure to
the Principality of Monaco, a monopolistic market not subject to EU
regulation. The rating affirmation also takes into account Monaco
Telecom's strong positioning in the mobile markets of Cyprus and
Malta with a growing share in broadband. However, Matterhorn
Telecom Holding will directly own less than 50% of the asset and
approximately three quarters of pro forma group revenues and EBITDA
will continue to be derived from Switzerland, which remains highly
competitive and promotional.

Moody's expects that the acquisition will have a limited impact on
Salt's credit metrics. Moody's-adjusted leverage will remain
broadly unchanged versus previous expectations from May 2025 in
spite of the additional debt assumed to finance the proposed
acquisition. However, on a pro-rata basis (that is taking into
account Matterhorn's 45% stake in Monaco Telecom's debt and EBITDA)
overall negative impact would be around 0.2x. Moody's expects that
the overall deleveraging trajectory on a Moody's-adjusted basis
will trend towards 5x by 2026 in line with previous expectations,
from 5.3x in 2024, proforma basis for the acquisition.

The transaction will also lead to a more complex organizational
structure compared to the current one as Matterhorn will fully
consolidate an asset it only partially owns. The new group
structure will also entail the presence of minority shareholders,
such as the Principality of Monaco.

The B1 CFR of Salt remains supported by (1) the company's position
as a market challenger and the third-largest telecom operator in
Switzerland; (2) its sustained track record of positive revenue and
EBITDA growth; (3) its continued strong growth in the broadband
market; and (4) its adequate liquidity, supported by a large cash
balance and good underlying free cash flow (FCF) before dividends.

The rating also takes into consideration (1) the company's
still-high Moody's-adjusted debt/EBITDA leverage of 5.3x as of
December 2024; (2) its high shareholder distribution, which weakens
its Moody's-adjusted retained cash flow (RCF)/net debt; (3) its
modest size and still-high concentration in the mobile segment.

LIQUIDITY

Salt maintains adequate liquidity, supported by a cash balance of
CHF221 million as of June 2025, access to a fully undrawn CHF60
million revolving credit facility (RCF) due 2029 and positive FCF
before dividends. The RCF is subject to a springing financial
covenant tested only when drawn by more than CHF35 million.

Assuming the refinancing of the bond due in September 2026, the
maturity profile of Salt will improve with the first maturity
coming due in 2028. Moody's liquidity assessment also factors in
the company's ability to obtain a waiver for the change of control
provisions in Monaco Telecom's bank credit facility. The facility
at Monaco Telecom level, coming due in 2029, will start to amortize
in semi-annual installments of EUR10 million starting in October
2026.

STRUCTURAL CONSIDERATIONS

Salt's B1-PD PDR reflects Moody's assumptions of a 50% family
recovery rate, typically used in structures that include a mix of
bank debt and bonds.

The issuer's backed senior secured term loan, RCF, and backed
senior secured notes rank pari passu and share the same guarantee
and security package. This package includes share pledges, bank
accounts, and intercompany receivables. The B1 instrument rating on
these facilities remains aligned with the corporate family rating.

Monaco Telecom's restricted perimeter will fall within Matterhorn's
existing one, and the company will be considered a restricted
subsidiary. As a result, Matterhorn will have access to Monaco
Telecom's residual value -after debt repayment- in the event of a
sale or financial distress.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Salt will
continue to report solid operating performance, driven in
particular by the Swiss business. This should lead to
Moody's-adjusted leverage gradually declining toward 5x from
current pro forma levels over the next 12/18 months.

The stable outlook also incorporates Moody's expectations that
there will be no significant changes to the company's shareholder
remuneration policy. Moody's expects an annual payout of up to
CHF180 million for Switzerland and a normative dividend of EUR85
million for Monaco Telecom, before cash leakage to the Government
of Monaco, with no use of dividend recapitalizations.

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

The ratings could be upgraded if the company's: (1) operating
performance continues to improve, including through sustained
revenue growth supported by subscriber net adds and/or improving
average revenue per user (ARPU); (2) exposure to the mobile segment
reduces; (3) Moody's-adjusted debt/EBITDA decreases towards 4.25x
on a sustained basis; (4) financial policy becomes more prudent;
and (5) liquidity improves further.

The ratings could be downgraded if the company's: (1) operating
performance deteriorates; (2) financial policy becomes more
aggressive, as demonstrated by annual shareholder distributions in
excess of Moody's current expectations, and less predictable; (3)
Moody's-adjusted debt/EBITDA remains well above 5.25x, with no
expectation of improvement; and (4) liquidity weakens.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Headquartered in Renens, Salt is the third-largest telecom operator
in Switzerland providing mobile, fixed line/broadband and TV
services. In 2024, the company generated revenue and
company-adjusted EBITDA (including the impact of IFRS 15 and IFRS
16) of CHF1,136 million and CHF571 million, respectively.

The company is owned by NJJ, Xavier Niel's private holding company,
which has stakes in a range of companies in Europe, including
eircom Holdings (Ireland) Limited (B1 stable).




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

CAMBRIDGE GLYCOSCIENCE: Parker Andrews Named as Administrators
--------------------------------------------------------------
Cambridge Glycoscience Ltd was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-6136, and Grace Jones and Rishi Karia of Parker Andrews
Limited were appointed as administrators on Sept. 8, 2025.  

Cambridge Glycoscience is a manufacturer of other organic basic
chemicals.

Its registered office is at 210 Cambridge Science Park, Milton
Road, Cambridge, CB4 0WA Will shortly be changed to: c/o Parker
Andrews Ltd, 5th Floor, The Union Building, 51-59 Rose Lane,
Norwich, Norfolk, NR1 1BY.

Its principal trading address is at 210 Cambridge Science Park,
Milton Road, Cambridge, CB4 0WA

The joint administrators can be reached at:

            Grace Jones
            Rishi Karia
            Parker Andrews Limited
            5th Floor, The Union Building
            51-59 Rose Lane
            Norwich NR1 1BY

For further information, contact:
           
            Mark Middlemas
            E-mail: mark.middlemas@parkerandrews.co.uk
            Tel No: 01603 284284


CMS SUPATRAK: Kirks Named as Administrators
-------------------------------------------
CMS Supatrak Limited was placed into administration proceedings In
the High Court of Justice Business and Property Courts of England
and Wales Insolvency and Companies List (ChD), Court Number:
CR-2025-005768, and David Gerard Kirk and Daniel Robert Jeeves of
Kirks were appointed as administrators on Sept. 4, 2025.  

CMS Supatrak fka CMS Global Technologies Ltd was into wireless
telecommunications activities.

Its registered office and principal trading address is at Regus,
Whitehill Way, Swindon, SN5 6QR

The joint administrators can be reached at:

          David Gerard Kirk
          Daniel Robert Jeeves
          Kirks
          5 Barnfield Crescent
          Exeter, EX1 1QT

For further details, contact:

          Daniel Jeeves
          Email: daniel@kirks.co.uk
          Tel: 01392 474303


CROWN AGENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Crown Agents Bank Limited's (CABK)
Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook, and its Viability Rating (VR) at 'bb'.

Key Rating Drivers

Concentrated Business Model: CABK's ratings reflect its niche in
business-to-business cross-border FX and payments. Its VR is one
notch below its 'bb+' implied VR because of the strong impact of
its business profile. The bank has a high exposure to non-financial
risks due to its role in facilitating payments to emerging markets.
The rating also reflects the bank's small size relative to its
business concentrations.

International Exposure: Fitch uses a blended operating environment
assessment, which considers the bank's focus on international
payments and FX services, including its exposure to higher-risk
markets. Its assessment is supported by CABK's UK domicile due to a
high proportion of total assets being held in cash at the Bank of
England and a strong regulatory environment.

Non-Financial Risk Exposure: CABK's cross-border flows give rise to
operational, settlement and concentration risks. The bank is
susceptible to these risks because of the large size of its clients
relative to the small size of the bank. However, they are mitigated
by the high quality of its client base with longstanding
relationships. Currency concentration has reduced, which will
support a more stable income stream. CABK has been investing in
risk management to accommodate growth and automate controls.
Controls have historically been effective, but the bank is
targeting growth in business volumes.

Highly Liquid Balance Sheet: CABK has an asset-light business model
focusing on payment and FX transactions rather than customer loans.
It has a highly liquid balance sheet, with high-quality liquid
assets representing 61% of total assets at end-2024; they mainly
comprise cash at the Bank of England, highly rated investment
securities, money market and placements at commercial banks.
Counterparty concentration in trade finance is high, although
exposures are short term, largely backed by cash and collateral,
and makes up a small share of total assets (10% at end-2024).

Income Moderation: CABK's operating profit fell to 3.6% of
risk-weighted assets (RWAs) in 2024 from 13.7% in 2023, as market
dislocations eased in several key currencies and increased RWAs.
CABK has managed to grow volumes, but margins have reduced from
high levels. Earnings are small in absolute terms, with a
Fitch-calculated operating profit of GBP22.8 million in 2024.
Profitability prospects are highly reliant on strategic execution,
tightly controlled costs and the maintenance of strong risk
controls.

Modest Absolute Capital Buffers: CABK's common equity Tier 1 ratio
of 20.6% at end-1H25 is high. However, its capital buffer over
regulatory requirements in absolute terms is modest, given its
exposure to non-financial risks and balance-sheet concentrations.
Fitch expects the common equity Tier 1 ratio to remain above 20%,
despite increasing RWAs, due to profitability.

Strong Liquidity; Concentrated Deposits: CABK's funding is
underpinned by a highly concentrated deposit base, which is
mitigated by its longstanding relationships with customers. CABK
does not borrow to finance lending but offers deposit services to
FX and payments customers to facilitate transaction flows. The
highly liquid, liability-driven balance sheet mitigates the risk of
unexpected large withdrawals.

Rating Sensitivities

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

CABK's ratings would be downgraded on signs of weakening risk
controls, which would increase the risk of large operational
losses, or punitive regulatory actions or fines. A material
weakening of the bank's franchise in FX and payments, due for
example to reputational damage, would also be negative for the
ratings.

A material weakening in its earnings and profitability prospects,
for example through materially weaker business volume growth, would
also put pressure on the ratings.

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

An upgrade would require a significant strengthening of the bank's
business profile, scale and competitive advantages, while reducing
balance-sheet and revenue concentrations. An upgrade would also
require a materially larger capital base to provide a greater
absolute buffer against risks. Sustained, strong revenue growth,
alongside robust risk controls against higher business volumes,
would support an upgrade.

The Government Support Rating reflects Fitch's view that senior
creditors cannot rely on extraordinary support from the UK
authorities if the bank becomes non-viable. In its opinion, the UK
has implemented legislation and regulations that provide a
framework requiring senior creditors to participate in losses for
resolving even medium-sized and large banking groups.

Fitch believes that support from its shareholders, while possible,
cannot be relied on.

Fitch does not expect changes to the Government Support Rating
given the low systemic importance of the bank and the current
legislation requiring senior creditors to participate in losses in
the event of a resolution of CABK.

VR ADJUSTMENTS

The VR of 'bb' is below the 'bb+' implied VR due to the following
adjustment reason: business profile (negative).

The 'bbb+' operating environment score is below the 'aa' category
implied score due to the following adjustment reason: geographical
scope (negative).

The 'bbb' asset quality score is below the 'a' category implied
score due to the following adjustment reasons: concentrations
(negative) and non-loan exposure (negative).

The 'bb' earnings and profitability score is below the 'a' category
implied score due to the following adjustment reasons: risk weight
calculation (negative) and revenue diversification (negative).

The 'bb-' capitalisation and leverage score is below the 'a'
category implied score due to the following adjustment reasons:
size of capital base (negative) and risk profile and business model
(negative).

The 'bbb-' funding and liquidity score is below the 'a' category
implied score due to the following adjustment reason: deposit
structure (negative).

ESG Considerations

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

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Crown Agents
Bank Limited     LT IDR             BB  Affirmed    BB
                 ST IDR              B  Affirmed    B
                 Viability          bb  Affirmed    bb
                 Government Support ns  Affirmed    ns


ELSTREE 2025-2: S&P Assigns Prelim. BB-(sf) Rating on C Certs
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Elstree 2025-2 1ST PLC's class A to X-Dfrd notes. At closing,
Elstree 2025-2 1ST will also issue unrated RC1 and RC2 residual
certificates.

Elstree 2025-2 1ST PLC is an RMBS transaction securitizing a
portfolio of first-lien owner-occupied and buy-to-let residential
mortgage loans located in the U.K.

The loans in the pool were originated by a division of Enra
Specialist Finance Ltd., predominantly during 2025.


S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on the other rated
notes.

Of the loans in the provisional pool, 50.9% are first-lien
buy-to-let (BTL) mortgages and 49.1% are first-lien owner-occupied
loans (51.3% BTL and 48.7% owner-occupied in the combined pool).

The loans in the provisional pool were originated by West One
Secured Loans Ltd. (WOSL), which is a wholly owned subsidiary of
Enra Specialist Finance Ltd. (Enra), almost entirely in 2025. This
is Enra's second securitization, after Elstree 2025-1 1ST PLC,
comprising solely first-lien owner-occupied loans and BTL loans.

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes subject to various
conditions.

Credit enhancement for the rated notes will consist of
subordination and a general reserve fund.

The transaction features a swap that will pay to the issuer a
coupon based on the compounded daily Sterling Overnight Index
Average, and the issuer pay to the swap provider a fixed rate on
the fixed-rate loans before reversion.

WOSL will service the portfolio. There are no rating constraints in
the transaction under our counterparty, operational risk, or
structured finance sovereign risk criteria. S&P considers the
issuer to be bankruptcy remote, subject to its view of the executed
transaction documents and legal opinions.

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

  Preliminary ratings

  Class   Preliminary rating*  Class size (%)

  A              AAA (sf)       90.00
  B-Dfrd         AA (sf)         4.75
  C-Dfrd         A+ (sf)         2.50
  D-Dfrd         BBB+ (sf)       1.50
  E-Dfrd         BB+ (sf)        1.25
  X-Dfrd         BB- (sf)        3.00
  RC1 Residual Certs   NR         N/A
  RC2 Residual Certs   NR         N/A

*S&P said, "Our preliminary ratings address timely receipt 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. Our preliminary ratings also address the timely
receipt of interest on the rated notes when they become most senior
outstanding." Any deferred interest is due immediately when the
class becomes the most senior class outstanding.
SONIA--Sterling Overnight Index Average.
NR--Not rated.
N/A--Not applicable.


FRONTIER MORTGAGE 2025-1: Fitch Assigns B+(EXP) Rating on F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Frontier Mortgage Funding 2025-1 plc's
notes expected ratings. The assignment of final ratings is
contingent on the receipt of documentation conforming to
information already reviewed.

   Entity/Debt          Rating           
   -----------          ------           
Frontier Mortgage
Funding 2025-1 plc

   A                 LT AAA(EXP)sf  Expected Rating
   B                 LT AA(EXP)sf   Expected Rating
   C                 LT A(EXP)sf    Expected Rating
   D                 LT BBB+(EXP)sf Expected Rating
   E                 LT BB+(EXP)sf  Expected Rating
   F                 LT B+(EXP)sf   Expected Rating
   X                 LT BB+(EXP)sf  Expected Rating
   Z                 LT NR(EXP)sf   Expected Rating

Transaction Summary

Frontier Mortgage Funding 2025-1 plc will be a static
securitisation containing a mixed pool of seasoned owner-occupied
(OO) loans (91.1%) and buy-to-let (BTL) loans (8.9%) originated by
Santander UK (STUK). STUK remains the legal title holder and
servicer of the assets.

KEY RATING DRIVERS

Seasoned Portfolio, High Arrears: The pool primarily consists of OO
mortgages originated by STUK and its predecessors, with a weighted
average (WA) seasoning of 9.1 years. Overall, the pool's credit
profile is in line with prime RMBS transactions, despite a fairly
high share - 35.1% - of pre-2014 originations; 93.3% of the
borrowers had verified income and limited adverse credit markers at
origination.

However, the pool was selected to include weaker loans, featuring
8.8% of restructured loans and 3.8% with more than three payments
in arrears, of which 1.3% have been reclassified as defaulted.
Fitch has modelled the pool using the prime matrix with a 1.0x
transaction adjustment to foreclosure frequencies (FF). The ratings
of the class B to F notes have been constrained at one notch below
their model-implied ratings to reflect the historical performance
of the pool, the presence of weaker loans and a potential rise in
weighted average FF (WAFF).

Alternative Prepayment Rates, Overhedging Risk: At closing, 81% of
the loans will pay a fixed interest rate (ultimately reverting to a
floating rate), while the notes will pay a SONIA-linked floating
rate. The issuer will enter into a swap at closing to mitigate the
interest rate risk arising from the fixed-rate mortgages in the
pool. The swap will feature a defined notional balance that could
lead to over-hedging in the structure due to defaults or
prepayments. This could reduce available revenue funds in a
decreasing interest rate environment.

Fixed-rate loans are subject to early repayment charges. The point
at which these loans are scheduled to revert from a fixed to the
relevant follow-on rate will likely determine the time of
prepayments. Fitch has therefore applied an alternative high
prepayment stress that tracks the pool's fixed rate reversion
profile. The prepayment rate applied is floored at 10%-15% and
capped at a maximum 40% a year.

Product Switches, Limited Interest-Rate Risk: Product switches
granted by STUK for non-forbearance reasons will be repurchased
from the pool. Product switches to a fixed-rate loan for borrowers
in arrears (forbearance related) will be retained in the pool. STUK
offers a fixed product for 12 months, based on a discount from its
standard variable rate (SVR). The issuer will enter into additional
hedging when the portion of fixed rate loans exceeds the existing
swap notional amount by 5% of the pool's balance to mitigate the
risk of a material portion of unhedged fixed-rate loans. Fitch has
incorporated in its analysis the exposure to unhedged product
switches up to the allowed limit.

Non-Payers Presence, Moderate Pay Rates: About 1.2% of the pool
represents advances to borrowers that did not make any scheduled
payments over three consecutive months before June 2025. The WA pay
rate remained close to 100% before falling to around 50% in 2020
and has since improved to about 100%. Fitch has assumed a 2% margin
in rising interest rate environments for SVR loans, which is at the
lower end of its criteria range, to address the risk of fluctuating
cash flows and yield compression.

RATING SENSITIVITIES

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

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

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

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

Class A: 'AA+sf'

Class B: 'Asf'

Class C: 'BBBsf'

Class D: 'BBsf'

Class E: 'Bsf'

Class F: below 'CCCsf'

Class X: 'BB+sf'

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and,
potentially, upgrades.

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

Class A: 'AAAsf'

Class B: 'AAAsf'

Class C: 'AA+sf'

Class D: 'AA-sf'

Class E: 'A+sf'

Class F: below 'BBB-sf'

Class X: 'BB+sf'

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

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

DATA ADEQUACY

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

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

ESG Considerations

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


GREENBANK ENGINEERING: BDO LLP Named as Administrators
------------------------------------------------------
Greenbank Engineering Services Ltd was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Court Number: 2025-BHM-000480, and Lee Causer
and Benjamin Peterson of BDO LLP were appointed as administrators
on Sept. 9, 2025.

Greenbank Engineering engaged in manufacturing.

Its registered office is at Greenbank House Hartshorne Road,
Woodville, Swadlincote, DE11 7GT to be changed to C/O BDO LLP, 5
Temple Square, Temple Street, Liverpool, L2 5RH

The joint administrators can be reached at:

             Lee Causer
             BDO LLP
             Two Snowhill
             Snow Hill Queensway
             Birmingham, B4 6GA.

              -- and --

             Benjamin Peterson
             BDO LLP
             Water Court, Ground Floor
             Suite B, 116-118 Canal Street
             Nottingham, NG1 7HF

For further details, contact:

             Abby Lalor
             Tel No: +44 (0)151 237 2526
             Email: BRCMTNorthandScotland@bdo.co.uk


GREENBANK GROUP: BDO LLP Named as Administrators
------------------------------------------------
The Greenbank Group UK Holdings Limited was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts in Birmingham, Court Number: 2025-BHM-000481,
and Lee Causer and Benjamin Peterson of BDO LLP were appointed as
administrators on Sept. 9, 2025.

The Greenbank Group UK engaged in manufacturing.

Its registered office is at Greenbank House Hartshorne Road,
Woodville, Swadlincote, DE11 7GT to be changed to C/O BDO LLP, 5
Temple Square, Temple Street, Liverpool, L2 5RH

The joint administrators can be reached at:

             Lee Causer
             BDO LLP
             Two Snowhill
             Snow Hill Queensway
             Birmingham, B4 6GA.

              -- and --

             Benjamin Peterson
             BDO LLP
             Water Court, Ground Floor
             Suite B, 116-118 Canal Street
             Nottingham, NG1 7HF

For further details contact:

              Natasha Bennett
              Tel No: 01182148813
              Email: BRCMTNorthandScotland@bdo.co.uk


H.E. SIMM & SON: Forvis Mazars Named as Administrators
------------------------------------------------------
H.E. Simm & Son Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-001247, and Patrick Lannagan and Richard Hough of Forvis
Mazars LLP were appointed as administrators on Sept. 8, 2025.  

H.E. Simm & Son engaged in engineering services to the construction
industry.

Its registered office and principal trading address is at Spinnaker
House, 141 Sefton Street, Liverpool, Merseyside, L8 5SN.

The joint administrators can be reached at:

             Patrick Lannagan
             Forvis Mazars LLP
             One St Peter's Square
             Manchester, M2 3DE

             -- and --

             Adam Harris
             Forvis Mazars LLP
             30 Old Bailey,
             London, EC4M 7AU

For further details, contact:

             Victoria Stewart
             Email: Victoria.stewart@mazars.co.uk


INEOS ENTERPRISES: Fitch Lowers IDR to 'B+' & Then Withdraws Rating
-------------------------------------------------------------------
Fitch Ratings has downgraded INEOS Enterprises Holdings Limited's
(IEHL) Long-Term (LT) Issuer Default Rating (IDR) to 'B+' from
'BB-', removed it from Rating Watch Negative and assigned a Stable
Outlook. Fitch has simultaneously withdrawn the rating.

The downgrade reflects IEHL's weakened business profile after
disposals reduced its scale and diversification, and increased its
exposure to commodity chemicals. The Stable Outlook reflects IEHL's
low refinancing risk, supported by its reduced debt load,
comfortable liquidity and strong EBITDA interest coverage.

Fitch has withdrawn IEHL's rating as it is no longer considered by
Fitch to be relevant to the agency's coverage because all of the
previously rated debt has been repaid.

Key Rating Drivers

Disposal Weakens Business Profile: The disposal of the composites
business has significantly reduced IEHL's scale and
diversification. Fitch estimates that its mid-cycle EBITDA would be
about EUR150 million, which is not commensurate with the 'BB-'
rating. The disposal also reduces end-market diversification as
about two-thirds of total EBITDA will now come from the pigments
segment, which is mainly exposed to the construction and used home
sales market, while composites have wider sector applications.
However, the disposal of the hygienics business mildly improves its
business profile, as the segment was loss-making.

Pigments Positive in Long Term: Fitch has reduced its EBITDA
forecast for IEHL's remaining business for 2025-2028, reflecting
weak first-quarter results and slower recovery in the market. Its
pigments segment faced weak titanium dioxide demand in North
America and volumes at sub-division KOH were affected by production
issues. Fitch believes the challenges for pigments are temporary
and forecast earnings to improve as production issues are
addressed. The recent acquisitions of the pigments value chain of
Tyssedal, another sub-division, and KOH should also support margin
stability.

Other Businesses Challenged: Fitch believes solvents and chemical
intermediaries face more structural challenges that could impair
their long-term profitability. For solvents, higher energy costs in
Europe and weak demand in China have led to increased competition,
especially in the commoditised butanediol division. The
intermediates segment was overall stable, with strong performance
in compounds and improvement at the Calabrian division, but this is
offset by production issues at INEOS Joliet.

Reduced Debt Load: The sale of the composites business has enabled
IEHL to repay debt and refinance its remaining euro-denominated
loans. Pro forma net leverage was 1.6x at end-1Q25 for IEHL's
remaining businesses. Fitch forecasts debt to remain modest, with
net leverage under 2x, in the absence of debt-funded acquisitions
or large shareholder distributions.

Potential for Growth Transactions: Fitch expects IEHL to generate
positive free cash flow (FCF) before dividends from its remaining
businesses despite challenging conditions. Its lower leverage
leaves scope for re-leveraging for opportunistic acquisitions or
shareholder distributions. However, this remains uncertain and is
at the discretion of the group.

Peer Analysis

IEHL's business profile, after disposals, is comparable to that of
Kronos Worldwide, Inc (B+/ Stable). Kronos is a pure titanium
dioxide producer with a slightly larger scale, but less
diversification and weaker leverage than IEHL. Fitch expects
Kronos's EBITDA leverage to trend at or below 4x through 2026 due
to below mid-cycle EBITDA.

IEHL is much smaller and less diversified than INEOS Quattro
Holdings Limited (B+/Stable). IEHL is only a regional leader in
niche chemical markets but is less leveraged. Fitch expects
Quattro's EBITDA net leverage to peak in 2025 before gradually
reducing to 4x by 2028.

Nouryon Holding B.V. (B+/Stable) has higher leverage than IEHL.
However, it has a significantly larger scale, higher margins and
lower cash flow volatility, supported by its more specialty product
offering.

Italmatch Chemicals S.p.A. (B/Stable) has a comparable scale but
higher margins and focuses on specialty chemicals. However, it
maintains much higher leverage than IEHL.

Key Assumptions

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

- EBITDA margins to improve to 8.4% in 2028 from 5% in 2025

- Capex averaging 3.3% of revenues in 2025-2028

- Dividends averaging around EUR50 million a year in 2026-2028

- No major debt-funded acquisitions

RATING SENSITIVITIES

Not applicable as the rating has been withdrawn

Liquidity and Debt Structure

IEHL had EUR1.7 billion cash at end-March 2025. Fitch estimates
that IEHL has cash of more than EUR100 million after its repayment
of loans.

Issuer Profile

IEHL is a chemical company involved in the production of
intermediary chemicals. Its three operating segments are pigments,
solvents and chemical intermediaries.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Following the rating withdrawal, Fitch will no longer provide ESG
scores fro IEHL.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
INEOS Enterprises
Holdings Limited      LT IDR B+  Downgrade   BB-
                      LT IDR WD  Withdrawn


MARI VANNA: MHA Named as Administrators
---------------------------------------
Mari Vanna Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-005825, and Georgina Marie Eason and James Alexander
Snowdon of MHA were appointed as administrators on Sept. 5, 2025.


Mari Vanna Limited specialized in Restaurant.

Its registered office is at 6th Floor, Charlotte Building, 17
Gresse Street, London, W1T 1QL

Its principal trading address is at Wellington Court, 116
Knightsbridge, London SW1X 7PD

The joint administrators can be reached at:

               Georgina Marie Eason
               James Alexander Snowdon
               MHA
               6th Floor, 2 London Wall Place
               London, EC2Y 5AU

Other Contact:

               Fern Taylor
               Tel No: 0207 429 4100
               Email: Fern.Taylor@mha.co.uk

               -- and --

               Daniel Cowie
               Tel No: 0207 429 4100
               Email: Daniel.Cowie@mha.co.uk


REVOLUTION-ZERO GROUP: KRE Corporate Named as Administrators
------------------------------------------------------------
Revolution-Zero Group Ltd was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2025-006137, and Paul Ellison and David Taylor of
KRE Corporate Recovery Limited were appointed as administrators on
Sept. 5, 2025.  

Revolution-Zero Group is a manufacturer of other technical and
industrial textiles.

Its registered office is at Unit 3 Heron Industrial Park, Heron
Way, Newham, Truro, TR1 2XN

Its principal trading address is at 14 Hazel Road, Four Marks,
Alton, Hampshire, GU34 5EY

The administrators can be reached at:

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

For further details, contact:

           Alison Young
           Email: alison.young@krecr.co.uk
           Tel: 01189 479090


WWRT LIMITED: Begbies Traynor Named as Administrators
-----------------------------------------------------
WWRT Limited was placed into administration proceedings in the High
Court of Justice Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-001248, and Mark Robert Fry and Gary Paul Shankland of
Begbies Traynor (London) LLP were appointed as administrators on
Sept. 5, 2025.  

WWRT Limited was into financial intermediation.

Its registered office is at 71-75, Shelton Street, London, WC2H
9JQ.

The joint administrators can be reached at:

         Mark Robert Fry
         Gary Paul Shankland
         Begbies Traynor (London) LLP
         31st Floor, 40 Bank Street
         London, E14 5NR

For further details, contact:

         Fraser Turnbull
         Begbies Traynor (London) LLP
         E-mail: fraser.turnbull@btguk.com
         Tel No: 020 7516 1500



                           *********


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.

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