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

                          E U R O P E

          Thursday, September 25, 2025, Vol. 26, No. 192

                           Headlines



G E R M A N Y

DELIVERY HERO: S&P Raises LongTerm ICR to 'B' on Improved EBITDA


I R E L A N D

CARLYLE EURO 2013-1: S&P Assigns B-(sf) Rating in Cl. E-R-R Notes
NASSAU EURO III: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
PRIMROSE RESIDENTIAL 2022-1: Fitch Affirms CCC Rating on G Notes
VOYA EURO IX: S&P Assigns B-(sf) Rating on Class F Notes


I T A L Y

[] ITALY: Bankruptcy Sale Scheduled for October 30


L U X E M B O U R G

MATTERHORN TELECOM: Fitch Affirms BB- LongTerm IDR, Outlook Stable


N E T H E R L A N D S

JUBILEE PLACE 8: S&P Assigns Prelim. B-(sf) Rating on 3 Tranches
NORMEC 1 BV: S&P Affirms 'B' LongTerm ICR Amid New Debt Issue


U N I T E D   K I N G D O M

AMMEGEN LIMITED: BDO LLP Named as Administrators
AYDEM RENEWABLES: S&P Assigns 'B' Rating on Secured Green Notes
BAXTER KELLY: Kroll Advisory Named as Administrators
CHRISTIES (FOCHABERS): FRP Advisory Named as Administrators
DUNSTALL HOLDINGS: PricewaterhouseCoopers Named as Administrators

ENFERM MEDICAL: Moorfields Named as Administrators
EUROSAIL 2006-1: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
EUROSAIL 2006-3NC: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
GREENBANK TEROTECH: BDO LLP Named as Administrators
OEG GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable

ORIFLAME INVESTMENT: Fitch Hikes LongTerm IDR to 'CC'
REA VALLEY: PricewaterhouseCoopers LLP Named as Administrators
VENATOR MATERIALS: Moody's Cuts CFR to 'C', Outlook Stable
YBS DECORATION: Insolvency One Named as Administrators

                           - - - - -


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G E R M A N Y
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DELIVERY HERO: S&P Raises LongTerm ICR to 'B' on Improved EBITDA
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Delivery Hero SE and on its core financing subsidiaries Delivery
Hero Finco Germany GmbH and Delivery Hero Finco LLC to 'B' from 'B-
'. At the same time, S&P raised its issue rating on the company's
senior secured term loan B (TLB) to 'B' from 'B-'. The '3' senior
secured recovery rating on the TLB is unchanged.

The stable outlook reflects S&P's expectation that continued
top-line growth and profitability improvements will result in
adjusted debt to EBITDA falling below 7.0x, EBITDA interest
coverage improving to and staying materially above 2.0x, and FOCF
before exceptional cash outflows being positive in 2026, all while
Delivery Hero maintains ample liquidity cushion to cover cash
outflows from contingent liabilities.

S&P said, "We project a significant EBITDA increase for Delivery
Hero in 2025 and 2026, and free operating cash flow (FOCF) before
exceptional cash outflows turning positive in 2026, following
rising gross merchandise value (GMV) across regions and increased
monetization of the group's large customer base.

"Despite expected large cash outflows related to couriers'
reclassification contingencies, we expect the group will maintain
strong liquidity headroom, supported by its substantial cash
balance and availability under the upsized EUR840 million revolving
credit facilities.

"The upgrade reflects our projected strong EBITDA growth in 2025
and 2026, leading to a rapid reduction in S&P Global
Ratings-adjusted leverage. Delivery Hero generated positive S&P
Global Ratings-adjusted EBITDA for the first time in 2024, and we
project substantial EBITDA increases in 2025 and 2026, with
adjusted EBITDA approaching EUR1 billion in 2026 on sustained
strong revenue growth and improved profitability. Since we assigned
the rating in 2022, Delivery Hero has gradually narrowed EBITDA
losses and turn unprofitable regions to positive EBITDA ones.
Having achieved a large scale and customer base, especially since
the acquisition of Glovo in 2022, the group's revenue and EBITDA
growth will come from further market penetration, increased order
frequency and larger basket sizes, rollout of subscription
programs, and continued growth in advertising business (AdTech)
revenue. Furthermore, we expect pricing initiatives, order
stacking, increased profitability of its grocery and quick commerce
business Dmart, improved operating leverage, and control of
overhead costs to boost profitability. Despite potential turbulence
from the global economy, competitive pressure in Asia and the
Middle East, and slower profitability improvement in Europe with
the transition to a more expensive employment-based operating model
in Spain, we view positively the group's leverage reduction path,
with our S&P Global Ratings-adjusted EBITDA falling below 7.0x in
2026, supporting our 'B' rating.

"We expect all operating segments to be profitable in 2026, with
strong contributions from the Middle East and Asia, the group's
largest regions. Both the Middle East and Asia have been profitable
for more than three years, but the group's largest market of South
Korea has experienced declines in GMV since 2023 due to intense
competition. Delivery Hero's initiatives to retain higher-value
customers by enhancing its product offering and accelerating the
deployment of own-delivery services led to higher revenue and
EBITDA from Asia despite GMV decreasing. We also expect the group's
quick commerce segment to turn profitable in the coming 12 months,
after Delivery Hero resized Dmart's footprint to allow for greater
store usage. On the other hand, we expect Europe to post EBITDA
losses in 2025, partly due to the transition to employment-based
model for the couriers' fleet in Spain.

"Excluding exceptional cash outflows that will impair results in
2025 and 2026, we project FOCF to be break-even in 2025 and close
to EUR250 million in 2026. We expect the group's profitable growth
to drive positive FOCF, excluding the cash outflows relating to a
EUR329 million settlement to clear out allegations of antitrust
violations following investigations by the European Commission in
2022 and 2023. Our base-case assumptions also factor in about
EUR450 million one-off payments to Spanish authorities for social
security claims, late payment charges and fines, and value-added
tax claims related to legal disputes concerning food delivery
riders' employment status in Spain. These EUR450 million claims are
part of the total EUR520 million-EUR860 million contingent
liabilities exposure in Spain, and we project that the remaining
about EUR400 million claims would be paid out in 2026. On the other
hand, we factor the positive impact from a EUR212 million
cancellation fee received from Uber, following the termination of
the agreement to acquire Delivery Hero's Taiwan business due to
local competition authorities vetoing the deal. Additional
provisions, such as in Italy, or increase in contingencies related
to the legal status of riders in some European and Latin American
countries, could slow EBITDA and cash flow growth, but the group's
solid underlying performance supports our projected credit metrics
improvement and provide sufficient headroom to offset these risks.

"We forecast ample liquidity to cover debt maturities and
exceptional cash outflows in the next 24 months. In our base-case
scenario, we estimate that liquidity sources, including cash on the
balance sheet, available revolving credit facility (RCF) funds, and
funds from operations will cover liquidity uses by more than 1.5x
in the next 24 months. In our view, Delivery Hero has demonstrated
prudent liquidity risk management since we assigned the rating,
including proactive refinancing of bond maturities through new
issuances (EUR1 billion convertible bonds issued in 2023 amid
volatile financial market conditions) and the extension of its
senior secured TLB and RCF through an amend-and-extend transaction
in March 2024. The group has maintained a solid cash balance
exceeding EUR1.5 billion at each half-year end over the past four
years and upsized its RCF to EUR840 million in second-quarter 2025
(from EUR600 million at year-end 2024), providing additional
liquidity headroom. The group's access to sources of capital, and
proven ability to refinance even during difficult market
conditions, speak to its high standing in credit markets and solid
banking relationships. This all supports the revision of our
liquidity assessment to strong from adequate. Delivery Hero remains
exposed to foreign exchange rate risk because of currency mismatch
between revenue and debt service requirements. However, this has
improved since the redenomination of the euro term facility into
Korean won in 2024, and the risk will continue to fall as its
European business improves its cash flow.

"The stable outlook reflects our expectation that continued top
line growth and profitability improvements will result in adjusted
debt to EBITDA falling to below 7.0x, EBITDA interest coverage
improving to and staying materially above 2.0x, and FOCF before
exceptional cash outflows being positive in 2026, while Delivery
Hero maintains ample liquidity cushion to cover potential cash
outflows from contingent liabilities.

"We could lower the rating if Delivery Hero's liquidity buffer
weakens or if the group's operating performance deteriorates and
its EBITDA margin does not improve, resulting in delayed
deleveraging and sustained FOCF deficits. This could happen because
of heightened competition, GMV declines, increased labor costs, or
adverse regulatory actions resulting in higher operating expense or
large cash outflows.

"We could raise the rating if Delivery Hero continues to increase
EBITDA such that we expect the group to achieve leverage below 5.0x
and generate solid FOCF while maintaining ample liquidity headroom.
This would result from continued solid GMV growth, increased order
frequency and sizes, expansion of the subscription-based model, or
increased contribution from advertising revenue."




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I R E L A N D
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CARLYLE EURO 2013-1: S&P Assigns B-(sf) Rating in Cl. E-R-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class X,
A-1-RR-R, A-2-R-R, B-R-R, C-R-R, D-R-R, and E-R-R notes issued by
Carlyle Euro CLO 2013-1 DAC. The issuer has EUR20.10 million
unrated subordinated notes outstanding from the existing
transaction and issued an additional EUR22.0 million subordinated
notes.

Carlyle Euro CLO 2013-1 DAC is a European cash flow CLO
transaction, securitizing a portfolio of primarily senior secured
leveraged loans and bonds. S&P said, "This transaction is a reset
of the already existing transaction which we rated. We withdrew our
ratings on the existing classes of notes, which were fully redeemed
with the proceeds from the issuance of the replacement notes."
Carlyle CLO Management Europe LLC manages the transaction.

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

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

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

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,805.80
  Default rate dispersion                                   462.53
  Weighted-average life (years)                               4.23
  Weighted-average life extended to cover
  the length of the reinvestment period (years)               5.00
  Obligor diversity measure                                 130.37
  Industry diversity measure                                 18.38
  Regional diversity measure                                  1.35

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                             1.35
  Actual target 'AAA' weighted-average recovery (%)          35.95
  Actual target weighted-average spread (net of floors; %)    3.73
  Actual target weighted-average coupon                       3.61

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.73%), the actual
weighted-average coupon (3.61%), the covenanted weighted average
recovery rate at the 'AAA' rating level (35.95%), and the actual
weighted-average recovery rate at all other rating levels in line
with our CLO criteria. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

The ratings uplift for the class E-R-R notes reflects several key
factors, including:

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.49% (for a portfolio with a weighted-average
life of 4.23 years and a reinvestment period of five years), versus
if it was to consider a long-term sustainable default rate of 3.2%
for five years, which would result in a target default rate of
16%.

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

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

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

S&P said, "Until the end of the reinvestment period on Sept. 19,
2030, the collateral manager may substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

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

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

Environmental, social, and governance

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

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

  Ratings


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

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

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

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

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

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

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

  E-R-R     B- (sf)     12.00     6.50     Three-month EURIBOR
                                           plus 8.51%

  Sub       NR          42.10     N/A N/A

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

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


NASSAU EURO III: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Nassau Euro CLO III DAC reset notes
final ratings.

   Entity/Debt                 Rating           
   -----------                 ------           
Nassau Euro CLO III DAC

   Class A-R XS3150862566   LT AAAsf  New Rating
   Class B-R XS3150862723   LT AAsf   New Rating
   Class C-R XS3150863028   LT Asf    New Rating
   Class D-R XS3150863457   LT BBB-sf New Rating
   Class E-R XS3150863614   LT BB-sf  New Rating
   Class F-R XS3150863960   LT B-sf   New Rating

Transaction Summary

Nassau Euro CLO III DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR370
million. The portfolio is actively managed by Nassau Corporate
Credit (UK) LLP (Nassau). The CLO has a 4.5-year reinvestment
period and a seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
25.0.

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 64.3%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits, including a 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 (Neutral): The transaction includes two
matrices corresponding to fixed-rate limits of 5% and 10%, which
are both effective at closing and based on a top 10 obligor
concentration limit of 26.5% and a seven-year WAL test covenant.
The transaction includes reinvestment criteria similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio, with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio and matrices analysis is floored at six years
(i.e. 12 months lower than the closing WAL test). This reduction to
the risk horizon accounts for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing both the coverage tests and the
Fitch 'CCC' test post reinvestment as well 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 default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A-R and
B-R notes and lead to downgrades of no more than one notch for the
class C-R, D-R and E-R notes and to below 'B-sf' for the class F-R
notes.

Based on the current 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
Fitch-stressed portfolio, the class A-R to F-R notes display rating
cushions of two notches.

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
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to three
notches for the class A-R to E-R notes and to below 'B-sf' for the
class F-R notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
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 Fitch-stressed
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 on stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 Nassau Euro CLO III
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.


PRIMROSE RESIDENTIAL 2022-1: Fitch Affirms CCC Rating on G Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Primrose Residential 2022-1 DAC's
(Primrose) and Merrion Square Residential 2023-1 DAC's (MS2023-1)
notes.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Primrose Residential
2022-1 DAC

   A XS2460259752       LT AAAsf  Affirmed   AAAsf
   B XS2460260255       LT AA-sf  Affirmed   AA-sf
   C XS2460260842       LT A-sf   Affirmed   A-sf
   D XS2460260925       LT BBBsf  Affirmed   BBBsf
   E XS2460261147       LT BBsf   Affirmed   BBsf
   F XS2460267771       LT B-sf   Affirmed   B-sf
   G XS2460267938       LT CCCsf  Affirmed   CCCsf

Merrion Square
Residential 2023-1 DAC

   A XS2647846463       LT AAAsf  Affirmed   AAAsf
   B XS2647846976       LT AA+sf  Affirmed   AA+sf
   C XS2647847198       LT Asf    Affirmed   Asf
   D XS2647847354       LT BBB+sf Affirmed   BBB+sf
   E XS2647847438       LT BBsf   Affirmed   BBsf
   F XS2647847602       LT B-sf   Affirmed   B-sf

Transaction Summary

Primrose is a securitisation of first-lien residential mortgage
assets originated pre-global financial crisis by three Irish
lenders; the seller is Ailm Residential DAC, representations and
warranties are provided by Morgan Stanley Principal Funding, Inc.,
and servicing is carried out by Mars Capital Finance Ireland DAC
and Pepper Finance Corporation (Ireland) DAC, which also remain the
legal title holders.

MS2023-1 is a securitisation of first-lien Irish residential and
commercial mortgage assets originated predominantly between 2005
and 2008 by several lenders, comprising 57.4% owner-occupied loans
by current balance, 28.3% buy-to-let, and 14.3% SME loans; the pool
was previously securitised across Shamrock 2021-1 DAC and
Strandhill RMBS DAC, neither of which Fitch rated.

KEY RATING DRIVERS

Alternative Multiples; Recovery Rate Cap: The rating actions
reflect the update of Fitch's European RMBS Rating Criteria on 30
October 2024. Fitch applied a 3.0x transaction adjustment (TA) to
MS2023-1's foreclosure frequency (FF) and maintained a 2.0x TA on
Primrose. The TA reflects the difference between the performance of
the portfolios and the criteria-derived transaction-specific
weighted average (WA) FF. Fitch has therefore applied lower rating
multiples in its analysis as described in the criteria. Both
transactions are subject to an 85% borrower-level recovery rate
cap.

Performance in Line with Previous Review: At end-July 2025, loans
more than 90 days in arrears remained broadly stable at almost 20%
for MS2023-1 and close to 21% for Primrose. The two portfolios
include a significant portion of restructured loans, about 47% by
current balance as of July 2025 for both transactions. The build-up
of available credit enhancement (CE) has offset weaker performance,
supporting the affirmations with Stable Outlooks.

Non-Liquidity Reserves Drawings: Since closing, there have been
draws on the non-liquidity reserve funds, which stand at around 98%
and 4% of the respective targets for MS2023-1 and Primrose, leading
to an uncleared principal deficiency ledger of about EUR13.0
million (53.7% of MS2023's class Z2 notes) and EUR9.3 million (100%
of Primrose's class Z notes). This is due to pool underperformance
and limited excess spread. Fitch's expected case scenario projects
the non-liquidity reserves will be fully depleted.

MS2023-1 SME Loans Criteria Variation: At July 2025, the pool
contains around 13% by current balance of SME loans backed by
either land or commercial properties. These are small ticket loans
that are mostly agricultural loans to farmers and small businesses,
with a current average balance of EUR49,000. The valuations for
these loans are subject to commercial market value decline
assumptions, as stated in Fitch's European RMBS Rating Criteria.

Fitch determined the WAFF for the SME sub-pool based on historical
performance data provided at closing. Fitch also assessed the
impact of subsidies potentially supporting the performance of the
agricultural loans, in line with its SME Balance Sheet
Securitisation Rating Criteria. The determination of the WAFF for
the SME sub-pool represents a variation to the European RMBS Rating
Criteria and SME Balance Sheet Securitisation Rating Criteria.

MS2023-1 Property Valuations Criteria Variation: Fitch relied on
1,716 original valuations provided at closing, representing around
34.6% by loan count. Updated valuations were provided at closing
for 4,216 loans (of which 1,009 had both original and updated
valuations), which were either desktop or drive-by valuations
undertaken between 2015 and 2019. Where an updated valuation was
used in the absence of an original valuation, Fitch applied a 5%
haircut to the valuation amount. This is a variation from the
European RMBS Rating Criteria.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce CE available to the
notes

In addition, unanticipated 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 a 15%
decrease in the WA recovery rate (RR) indicate downgrades of one
notch for Primrose's class D to G notes and MS2023-1's class A to F
notes.

A downgrade of the European Union's rating (AAA/Stable/F1+) may
also affect Merrion Square notes' ratings given the reliance on
subsidies supporting SME loan performance in the portfolio. Fitch
tested a sensitivity whereby a 100% WAFF was assumed for the SME
loans in ratings above 'A+sf' (a scenario where the European
Union's rating was downgraded by up to four notches), which led to
model-implied two-notch downgrades of the class A and B notes.

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 CE levels and upgrades. Fitch
found a decrease in the WAFF of 15% and an increase in the WARR of
15% indicate upgrades of up to two notches for the class C and D
notes in both transactions.

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

Merrion Square Residential 2023-1 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.

Prior to the transaction closing, 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.

Primrose Residential 2022-1 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.

Prior to the transaction closing, 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.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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.


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

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

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

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,798.91
  Default rate dispersion                                  376.65
  Weighted-average life (years)                              4.94
  Obligor diversity measure                                151.42
  Industry diversity measure                                21.43
  Regional diversity measure                                 1.21

  Transaction key metrics

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

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

"In our cash flow analysis, we used the EUR400 million target par
amount. Additionally, we modeled the covenanted weighted-average
spread (3.65%), the covenanted weighted-average coupon (4.50%), and
the actual portfolio weighted-average recovery rates (WARR) for all
rated notes, except the class A notes, where we used the covenanted
WARR of 36.00%. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

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

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

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

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

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

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

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

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

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

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

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

-- S&P does not envision this tranche defaulting in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

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

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

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

Environmental, social, and governance

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

Voya Euro CLO IX DAC reset is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated leveraged loans and bonds. The transaction is a
broadly syndicated CLO that is managed by KKR Credit Advisors
(Ireland) Unlimited Co.

  Ratings

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

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

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

[] ITALY: Bankruptcy Sale Scheduled for October 30
--------------------------------------------------
One lot of 12,402 diamonds, certified by IGI, GIA, HRD and GECI,
identified and appraised will be put up for sale, pursuant to Art.
107 of the Italian Bankruptcy Law, on October 30, 2025 at 3:30 p.m.
Rome Time (2:30 p.m. GMT) starting at a price of USD8 million -
minimum bid increments USD10,000.00.

Curator: Attorney Maria Grazia Giampieretti
         E-mail: m.giampieretti@studiogiampieretti.it
         Mobile: +393384882744

Coadjutor: Dott. Daniela Ortelli  
           E-mail: dortelli.mi@duseconsulting.com
           Mobile: +393423301034

For information, consult the National Portal of Public Sales at
https://portalevenditepubbliche.giustizia.it.

Court of Milan, Bankruptcy IDB Spa RG 41/2019 - G.D. Dr. Luca
Giani




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

MATTERHORN TELECOM: Fitch Affirms BB- LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Matterhorn Telecom Holding S.A.'s (Salt)
Long-Term Issuer Default Rating (IDR) at 'BB-', with a Stable
Outlook, and affirmed Matterhorn Telecom S.A.'s existing senior
secured debt at 'BB+', with a Recovery Rating of 'RR2'. Fitch has
also assigned an expected senior secured debt rating of 'BB+
(EXP)'/'RR2' to a prospective EUR500m note issue and expects a
EUR180 million fungible add-on to its existing Term Loan B due in
2032.

Salt intends to acquire 90% of GP Holdings (GP), which indirectly
holds about 50% of Monaco Telecom Group (MTG), operating in Monaco,
Malta, and Cyprus. The acquisition will be funded with new senior
secured debt and, a shareholder and vendor loan. Proceeds will also
refinance the remaining EUR362 million notes due in September
2026.

Salt's IDR reflects its stable Swiss mobile position,
above-sector-average EBITDA margin and manageable leverage, which
offset a smaller, although slightly increasing, market share and
scale versus peers. The rating also incorporates the GP
acquisition. The deal will slightly strengthen Salt's business
profile, supported by Monaco Telecom's strong domestic market
position. This has led to an increase of 0.1x in the rating's
leverage thresholds.

Key Rating Drivers

Stable Swiss Mobile Market Position: The Swiss mobile market is
dominated by Swisscom, the incumbent operator, which competes on
service and product quality. It has one of the western European
telecoms sector's highest mobile (54.7%) and fixed-broadband
(45.5%) subscribers market shares. The mobile market is
structurally stable, with three network operators. Salt has a
mobile market share of about 18.0%, at the lower end of its
European alternative operator peer group, but gradually increasing
over the past three years, which supports good revenue stability.

Lean Business Model: Salt's low customer market share has not
impeded its ability to generate EBITDA margins comparable with
larger European peers. At end-2024, the company's Fitch-defined
EBITDA margin was 42.1%, above average for its alternative operator
peer group, reflecting strong execution and a lean cost structure.
MTG has a lower Fitch-defined EBITDA margin, at about 38.2%, but
Fitch expects Salt to retain a consolidated margin at about 42.0%,
even as lower-margin fixed broadband contribution rises in the
revenue mix over the next four years.

Modest Operating Profile Improvement: Salt will acquire 90% of GP,
which jointly owns 50% of Monaco Telecom with the Monaco
government, broadening its footprint and improving the cash
conversion rate. Monaco Telecom is a monopoly in the principality
operating under a concession agreement renewed in 2021 until 2040.
Epic Malta leads mobile (42% share) but has a low fixed-line share
of 7% in a three-player market. Epic Cyprus is second in mobile
(28%) but lags in fixed-line (8%) in a four-player market. Both
Epic entities have access to fibre to the home networks through
wholesale agreements; Epic Cyprus is also deploying its own fibre,
targeting 50% coverage by 2027.

Limited Scale and FCF Diversification: On a proportionate basis,
MTG contributes about 12% of Salt's EBITDAaL, providing a limited
improvement in scale. Pre-dividend free cash flow (FCF)
contribution is higher at about 27%, benefiting from low taxation,
low working-capital needs and lower capex intensity, which supports
cash flow resilience and improves the group mix.

Increased Leverage Capacity: Fitch has relaxed EBITDA net leverage
thresholds for the rating by 0.1x to reflect the mix effect of
stable FCF contributions from Monaco Telecom's domestic market.
Fitch considers the quality of cash flows from Cyprus and Malta in
line with Salt's Swiss operations. Fitch's base case forecasts
suggest that Salt will be able to comfortably manage leverage
within the thresholds of its rating given strong pre-dividend FCF,
which Fitch projects to remain CHF140 million-150 million over the
next three to four years.

Fibre Broadband Growth Opportunity: As of March-2025, Salt had
about 277,000 fixed-broadband subscribers, equating to a national
market share of about 6%. Fitch's base case projects that the
company will attain a fixed-market share of above 10% over the next
four years. Assuming stable pricing for the product at CHF49.95, it
should increase broadband revenues by a CAGR of about 15% compared
with 2024. This growth will improve cash flow diversification and
reduce dependency on mobile services.

IRU Deal Lowers Execution Risk: Salt's long-term fibre access is
secured through indefeasible right of use (IRU)-based agreements
with Swisscom and regional utilities, providing 20-year access with
ownership-like economics. IRUs are purchased only on customer
acquisition, materially reducing operational and financial risks
versus own-build fibre and accelerating market access. This model
supports infrastructure-like margins, while enabling line
portability within each supplier footprint, improving use and
visibility on returns.

Phased IRU Payments Build Liability: Staggered IRU payments over
about 10 years smooth upfront deployment costs, bolster free cash
flow and reduce peak funding needs, improving project payback.
However, deferred consideration creates a rising IRU liability. At
end-2024, the discounted liability was CHF501 million and based on
higher broadband additions, Fitch estimates it would exceed CHF600
million from 2026, assuming a broadband market share of about
8.5%.

Fitch's IRU Treatment: Fitch treats annual IRU cash costs as cash
capex, in line with its approach across western European telecoms.
However, the liability contributes towards a lower EBITDA net
leverage threshold for the rating by about 0.4x relative to peers.
This is broadly equivalent to the effect of treating the IRU cost
as opex, with the total asset base amortised over 20 years.

Consolidated Approach, No Governance Impact: Fitch expects to rate
Salt on a fully consolidated basis for MTG, in line with how the
company will report. Fitch considers the acquisition from a related
party neutral from a governance point of view, due to an
independent fair-value assessment and industrial rationale for the
transaction.

Peer Analysis

Salt's rating is in line with that of its alternative European
telecom operator peers, such as The Sunrise Holding Group
(BB-/Positive), Telenet Group Holding N.V. (BB-/Stable) and VMED O2
UK Limited (BB-/Negative). However, Salt has a lower leverage
capacity at each rating band. This reflects its competitive
position, market share, higher dependency on mobile service revenue
and IRU payable liabilities. These factors are partially offset by
its lean, cash-generative business model, growth prospects in fixed
broadband and higher EBITDA margin

Lower-rated peers, such as eircom Holdings (Ireland) Limited or
VodafoneZiggo Group B.V. (both B+/Stable), have wider rating
thresholds than Salt. However, they manage leverage at higher
levels or have sold a stake in their fixed-line network and face
structural revenue decline from legacy voice calls or declining
market shares.

Salt's rating thresholds are slightly tighter than Telefonica
Deutschland Holding AG's (BBB/Stable), a higher-rated peer. The
former's leverage capacity is affected by its IRU payable
liabilities and smaller scale, but these factors are partially
offset by its fixed-line ownership in three of its markets and
higher EBITDA margin. Compared with Telecom Italia S.p.A.
(BB/Positive), Salt has wider rating thresholds, as Telecom Italia
owns only its mobile infrastructure and is exposed to FX risk in
Brazil.

Key Assumptions

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

- Revenue of about CHF1.5 billion in 2025, increasing annually by
1.7%-1.9% over the next three years

- Fitch-defined EBITDA margin of about 42.0% in the next four
years

- Minority dividends of CHF55 million in 2025 and CHF47 million
over the next three years

- Cash tax of CHF53 million-56 million in the next four years

- Capex at 18% of revenue in 2025, before gradually increasing to
19.7% by 2027

- Dividend payment of CHF205 million in 2025, stabilising at about
CHF198 million over the next three years

RATING SENSITIVITIES

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

- Fitch-defined EBITDA net leverage above 4.3x on a sustained
basis

- A material decline in EBITDA or free cash flow on a sustained
basis, driven by competitive or technology-driven pressures in core
businesses

- A financial policy that results in reduced financial flexibility,
higher long-term leverage targets or related-party transactions

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

- Cash flow from operations less capex/debt trending above 7.5% on
a sustained basis

- Fitch-defined EBITDA net leverage below 3.4x on a sustained
basis

- Large increase in broadband market share and continued stable or
improving mobile service revenue leading to improved cash flow
diversification

Liquidity and Debt Structure

At end-1H25, Salt had CHF221 million of cash and cash equivalents
and an undrawn CHF60 million super senior revolving credit
facility, providing cover for near-term cash requirements.
Following the refinancing of its 2026 notes, the next maturity will
be in 2028, when its CHF200 million notes are due.

Fitch rates Salt's senior secured rating at 'BB+' in accordance
with its Corporates Recovery Ratings and Instrument Ratings
Criteria, under which it applies a generic approach to instrument
notching for 'BB' rated issuers. Fitch labels Salt's debt as
'Category 2 first lien', according to its criteria, resulting in a
Recovery Rating of 'RR2', with a two-notch uplift from the IDR to
'BB+'.

Issuer Profile

Salt is Swiss telecom operator offering mobile services as its core
business alongside an expanding fixed-broadband offering. Following
the acquisition of a 90% stake in GP Holdings, the company will own
a 50% stake in Monaco Telecom Group with operations in Monaco,
Malta and Cyprus.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt            Rating                  Recovery   Prior
   -----------            ------                  --------   -----
Matterhorn Telecom
Holding S.A.        LT IDR BB-     Affirmed                  BB-

Matterhorn
Telecom S.A.

   senior secured   LT     BB+(EXP)Expected Rating   RR2

   senior secured   LT     BB+     Affirmed          RR2     BB+




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

JUBILEE PLACE 8: S&P Assigns Prelim. B-(sf) Rating on 3 Tranches
----------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Jubilee Place 8 B.V.'s class A, X1, and X2 notes and class B-Dfrd
to F-Dfrd interest deferrable notes. At closing, the issuer will
also issue unrated S1 and S2 certificates and unrated class R
notes.

Jubilee Place 8 is an RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties located in
the Netherlands.

The loans in the pool were originated by DNL 1 B.V. (DNL; 14.06%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 59.92%;
trading as Nestr), and Community Hypotheken B.V. (Community;
26.02%; trading as Casarion).

All three originators are experienced lenders in the Dutch BTL
market. The key characteristics and performance to date of their
mortgage books are similar with peers. Moreover, Citibank N.A.,
London Branch (Citi) maintains significant oversight in operations,
and due diligence is conducted by an external company, Fortrum,
which completes an underwriting audit of all the loans for each
lender before a binding mortgage offer can be issued.

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

The underwriting criteria target prime, professional landlords with
no adverse credit history. S&P views all three originators' lending
standards positively, given their experience in the Dutch BTL
market.

Credit enhancement for the notes will comprise subordination, a
reserve fund, and excess spread. Because the notes pay down
sequentially, credit enhancement builds up over time, enabling the
structure to withstand performance shocks.

A cash advance facility only provides liquidity support to the
class A and B-Dfrd notes once they become the most senior note
outstanding. The reserve fund will be partially funded at closing,
with the remaining amount to be funded from principal receipts.
Hence, no liquidity support will be available for the other rated
notes, other than principal collections once they become the most
senior class of notes outstanding, but they are deferrable notes,
and all interest accrued before they become the most senior notes
is due at maturity. Any excess amount in the liquidity reserve over
the required amount will be released to the principal priority of
payments.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote and
the transaction documents to be compliant with our legal criteria.
However, we still need to complete our review of the legal
opinions, and we expect to assign credit ratings on the closing
date subject to a satisfactory review of these opinions."

  Capital structure

  Class   Prelim. Rating   Class size (%)

  A          AAA (sf)      90.00
  B-Dfrd     AA- (sf)       5.25
  C-Dfrd     A (sf)         2.75
  D-Dfrd     BBB+ (sf)      1.40
  E-Dfrd     B- (sf)        0.30
  F-Dfrd     B- (sf)        0.30
  X1         B- (sf)        2.50
  X2         CCC+ (sf)      1.00
  S1         NR              N/A
  S2         NR              N/A
  R          NR              N/A

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


NORMEC 1 BV: S&P Affirms 'B' LongTerm ICR Amid New Debt Issue
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Normec 1 B.V. and its 'B' issue rating on its first-lien term
loan. The recovery rating on the term loan is unchanged at '3'.

The stable outlook indicates that S&P expects Normec to maintain
its strong organic growth in 2025-2026 and to increase its EBITDA
as recent acquisitions are integrated. This will support positive
FOCF and a reduction in leverage toward 8.0x over the next 12-18
months.

Normec 1 B.V. is issuing a new EUR150 million fungible add-on to
its existing EUR765 million term loan B. The group is also raising
EUR155 million in additional payment in kind (PIK) debt at the
holding company level. The proceeds will be used to repay funds
drawn from the revolving credit facility (RCF) and fund the
company's recently announced expansion in the U.S.

Although leverage will be higher after the transaction closes than
we previously forecast, we anticipate that Normec's leverage will
fall from 2026 and that the company will generate positive free
operating cash flow (FOCF) from its strong organic growth and by
integrating its acquisitions.

Due to the proposed incremental EUR305 million debt, Normec's
leverage will be elevated in 2025. The EUR150 million tap of the
existing EUR765 million term loan B, combined with the EUR155
million of PIK debt issued by group holding company Normec Holdings
B.V., will depress the group's credit metrics, relative to our
previous forecasts. S&P Global Ratings-adjusted debt to EBITDA is
now estimated at 9.9x in 2025 (8.6x excluding the PIK). Including
the annualized impact of acquisitions in 2025 brings leverage to
about 8.5x. That said, Normec plans to use the proceeds to fund
EBITDA-accretive acquisitions.

S&P said, "Nevertheless, we consider that Normec's sound operating
performance will counterbalance the additional debt. Our forecast
suggests that EBITDA uplift from both organic growth and the
group's bolt-on acquisitions will enable Normec to reduce its
leverage toward 8.0x in 2026. On a pro forma basis, we estimate
that debt-funded bolt-on acquisitions will add revenue of over
EUR200 million to the group and close to EUR40 million of EBITDA."

FOCF generation is forecast to turn positive, reaching over EUR18
million in 2025 and over EUR35 million by 2026. This contrasts with
FOCF that was negative by EUR18 million in 2024. Normec's operating
performance is expected to support both improved cash flow
generation and stronger interest coverage ratios, going forward. In
addition, the group's interest coverage ratios will be preserved by
the inclusion of PIK debt. S&P said, "As a result, we anticipate
that funds from operations (FFO) cash interest coverage will reach
2.0x in 2025 and 2.4x in 2026 (1.1x in 2024). That said,
integration and restructuring costs were elevated in 2024, and we
view these as key risks to Normec's cash flow and interest coverage
metrics. Our base case factors in broadly stable exceptional costs
of about EUR24 million as the company continues its acquisition
strategy."

S&P said, "We forecast organic revenue growth of 6% in 2025 and
above 7% in 2026 and 2027. As of end-June 2025, Normec reported
year-on-year organic revenue growth of 6%, on a like-for-like
basis, despite the loss of a large health care contract. This
supports our view that total revenue growth, including
acquisitions, will exceed 30% in both 2025 and 2026 before
stabilizing around 17% in 2027. We expect growth to be underpinned
by resilient end markets and increased regulation providing Normec
with a fillip across its key markets. In addition, we view Normec's
entrance into the U.S. market favorably because it offers
opportunities for faster organic growth and higher operating
margins. Lower exceptional expenses, as a percentage of sales,
combined with the integration of margin-accretive acquisitions, are
expected to support a 100 basis point increase in adjusted EBITDA
margins and broadly stable profitability in 2026 and 2027.

"The transaction leaves minimal rating headroom at the 'B' level.
Normec's adjusted debt-to-EBITDA ratio rose to 9.6x at year-end
2024, primarily because of by higher-than-expected restructuring
and integration costs. We regard the transaction as aggressive
because incurring additional debt will delay deleveraging. Although
we acknowledge the cash-preserving nature of the new PIK debt,
underperformance at some entities, further restructurings, or
integration costs beyond our current base case, would depress our
cash flow forecast and could prompt us to lower the rating. The
company's deleveraging would also be delayed if it undertook
significant debt-funded acquisitions or shareholder returns beyond
our current expectations, which could result in credit metrics that
are no longer commensurate with the 'B' rating.

"The stable outlook indicates that we expect Normec to maintain
good revenue growth that supports increased EBITDA over the next 12
months, based on solid demand from its noncyclical end markets, and
underpinned by supportive regulatory requirements linked to
testing, inspection, and certification services, as well as
incremental contributions from its bolt-on acquisitions. This will
support positive FOCF and a reduction in leverage toward 8.0x over
the next 12-18 months."

S&P could consider lowering the rating in the next 12 months if:

-- Normec fails to generate FOCF that is comfortably positive;

-- FFO cash interest coverage remains below 2x; or

-- The company adopts a more-aggressive financial policy and
undertakes shareholder returns or significant debt-funded
acquisitions, so that leverage does not decrease from current
levels.

Although S&P considers an upgrade unlikely in the near term, it
could occur if Normec reduced leverage below 5x and increased FFO
to debt above 12%, for a sustained period. An upgrade would also
depend on the company's financial sponsors committing to
maintaining a more-conservative financial policy.




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

AMMEGEN LIMITED: BDO LLP Named as Administrators
------------------------------------------------
Ammegen Limited was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of Birmingham,
Insolvency and Companies List (ChD), Court Number:
CR-2025-BHM-000482, and Lee Causer and Benjamin Peterson of BDO LLP
were appointed as administrators on Sept. 9, 2025.

Ammegen Limited engaged in engineering related to scientific and
technical consulting activities.

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

Its principal trading address is at Greenbank House, Hartshorne
Road, Woodville, Swadlincote, Derbyshire, DE11 7GT

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:

               Rebecca Thompson
               Tel No: +44 (0)151 237 4472
               Email: BRCMTNorthandScotland@bdo.co.uk


AYDEM RENEWABLES: S&P Assigns 'B' Rating on Secured Green Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to the proposed
senior secured green notes issued by Aydem Renewables, subject to
successful execution of the transaction.

Aydem Renewables will use the proceeds from these proposed notes to
purchase for cash its 7.75% senior secured green notes due 2027, as
announced on Sept. 18, 2025. The outstanding amount for the notes
was about $539 million on the day the transaction was announced.

Should the issuance not go ahead, S&P could reassess its liquidity
position and the credit quality of the company.


BAXTER KELLY: Kroll Advisory Named as Administrators
----------------------------------------------------
Baxter Kelly 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-2025-006268, and Benjamin John Wiles and Philip Dakin of Kroll
Advisory Ltd were appointed as administrators on Sept. 12, 2025.  

Baxter Kelly engaged in the construction of domestic buildings.

Its registered office and principal trading address is at 2 Parker
Court, Staffordshire Technology Park, Staffordshire, ST18 0WP

The joint administrators can be reached at:

     Benjamin John Wiles
     Philip Dakin
     Kroll Advisory Ltd
     The News Building, Level 6
     3 London Bridge Street
     London SE1 9SG

For further details, contact:

     The Administrators
     Tel: +44(0)20-7089-4700

Alternative contact:

     George Durrant
     Email: george.durrant@kroll.com


CHRISTIES (FOCHABERS): FRP Advisory Named as Administrators
-----------------------------------------------------------
Christies (Fochabers) Limited was placed into administration
proceedings in the The Court of Session, No P911 of 2025, and
Graham Smith and Michelle Elliot of FRP Advisory Trading Limited
were appointed as administrators on Sept 10, 2025.  

Christies (Fochabers) engaged in silviculture and other forestry
activities.

Its registered office is at Arradoul Farm, Arradoul, Buckie, AB56
5BB to be changed to Suite B, 4th Floor, Meridian, Union Row,
Aberdeen, AB10 1SA

Its principal trading address is at Arradoul Farm, Arradoul,
Buckie, AB56 5BB

The joint administrators can be reached at:

         Graham Smith
         Michelle Elliot
         FRP Advisory Trading Limited
         Suite B, 4th Floor Meridian
         Union Row
         Aberdeen AB10 1SA

For further details, contact:

         The Joint Administrators
         Tel No: 0330 055 5455

Alternative contact:

         Niamh Fraser
         Email: cp.edinburgh@frpadvisory.com


DUNSTALL HOLDINGS: PricewaterhouseCoopers Named as Administrators
-----------------------------------------------------------------
Dunstall Holdings Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency and Companies List (ChD), No
CR-CR-2025-BHM-000470, and Timothy Andrew Higgins and Edward
Williams and Jane Steer of PricewaterhouseCoopers LLP were
appointed as administrators on Sept. 10, 2025.  

Dunstall Holdings engaged in activities of head offices.

Its registered office and principal trading address is at Old Hall,
Dunstall, Burton-On-Trent, England, DE13 8BE.

The joint administrators can be reached at:

         Timothy Andrew Higgins
         Edward Williams
         PricewaterhouseCoopers LLP
         1 Chamberlain Square
         Birmingham, B3 3AX

          -- and --

         Jane Steer
         PricewaterhouseCoopers LLP
         Central Square, 29 Wellington Street
         Leeds, LS1 4DL

For further details, contact:

         Tel No: 0113 289 4000
         Email: uk_rvt_suppliers@pwc.com


ENFERM MEDICAL: Moorfields Named as Administrators
--------------------------------------------------
Enferm Medical Ltd. was placed into administration proceedings in
the High Court of Justice, Business and Property Courts, Company &
Insolvency List (ChD), No 996233 of 2025, and Andrew Pear and
Michael Solomons of Moorfields were appointed as administrators on
Sept. 9, 2025.  

Its registered office and principal trading address is at Elder
House West, Elder Gate, Milton Keynes, MK9 1LR

The joint administrators can be reached at:
  
     Andrew Pear
     Michael Solomons
     Moorfields
     82 St John Street
     London EC1M 4JN
     Tel No: 020-7186-1144

For further details, contact:

     Heather Gibb
     Moorfields
     82 St John Street
     London EC1M 4JN
     Tel No: 020 7186 1156
     Email: heather.gibb@moorfieldscr.com


EUROSAIL 2006-1: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
---------------------------------------------------------------
S&P Global Ratings raised to 'AA (sf)' from 'A+ (sf)' its credit
ratings on Eurosail 2006-1 PLC's class C1a and C1c notes. At the
same time, S&P affirmed its 'B (sf)' ratings on the class D1a and
D1c notes and 'B- (sf)' rating on the class E1c notes. S&P has
resolved the UCO placements of all classes of notes.

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

Performance has been relatively stable since S&P's previous review
in September 2024. Arrears, as per the June 2025 investor report,
have increased to 30.99% from 29.8%. The percentage increase in
arrears mostly reflects the reduced pool size rather than an actual
increase in arrears.

Cumulative losses have increased marginally to 4.28% from 4.27 % at
S&P's previous review.

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

  Portfolio WAFF and WALS

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

  AAA           48.27     17.62     8.50
  AA            43.93     12.51     5.50
  A             41.46      5.36     2.22
  BBB           38.52      2.57     0.99
  BB            35.51      2.00     0.71
  B             34.76      2.00     0.70

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

The reserve fund is at target, and it is not amortizing after
breaching 90+ days arrears and cumulative loss triggers. Given the
sequential amortization, credit enhancement has increased since
S&P's previous review. This offsets the higher WAFF in our cash
flow analysis.

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

S&P said, "The application of our revised counterparty criteria no
longer constrains the ratings in this transaction. The notes were
capped due the exposure to the bank account provider, Barclays Bank
PLC, which failed to take remedial actions in 2012 when it was
downgraded. Under the revised criteria, we can remove the cap if we
believe there is sufficient available credit enhancement, if a
reason for the failure to implement a committed remedial action is
provided, and if we believe the transaction's performance is
satisfactory.

"Moreover, in line with the revised criteria, we can classify the
exposure to the bank account provider as "low" because it has a
resolution counterparty rating. Furthermore, the replacement
trigger ('A-') is higher than 'BBB', which results in a maximum
supported rating of 'AAA'. Given the high level of available credit
enhancement, the transaction's robust performance, and the fact
that Barclays Bank attempted to remedy following its downgrade but
ultimately decided against this due to potential operational risks
arising from a replacement, we removed the cap on the notes.

"Likewise, we assessed the collateral framework of the swap
provided by Barclays Bank PLC as “low”. The combination of our
assessment of the collateral framework and the rating triggers is
now commensurate with a maximum rating of 'AAA'.

"Considering the results of our updated credit and cash flow
analysis, the available credit enhancement for the class C1a and
C1c notes is sufficient to withstand the stresses that we apply at
the 'AA' rating level. We therefore raised our ratings on these
notes to 'AA (sf)' from 'A+ (sf)'.

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

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

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (232 months), the transaction has
a low pool factor (6.29%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

Eurosail 2006-1 PLC is a UK nonconforming RMBS transaction that
closed in May 2006. The loan pool comprises first- and
second-ranking mortgages on properties in England, Wales, and
Northern Ireland, and standard securities on properties in
Scotland. This transaction is backed by nonconforming U.K.
residential mortgages originated by Southern Pacific Mortgage Ltd.
and Southern Pacific Personal Loans Ltd.


EUROSAIL 2006-3NC: S&P Affirms 'B-(sf)' Rating on Class E1c Notes
-----------------------------------------------------------------
S&P Global Ratings raised to 'AA (sf)' from 'A+ (sf)' its credit
ratings on Eurosail 2006-3NC PLC's class C1a and C1c notes. At the
same time, S&P affirmed its 'B (sf)' ratings on the class D1a and
D1c notes and 'B- (sf)' rating on the class E1c notes. S&P has
resolved the UCO placements of all classes of notes.

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

Performance has been relatively stable since S&P's previous review
in September 2024. Arrears, as per the June 2025 investor report,
have increased to 40.77% from 40.18%. The percentage increase in
arrears mostly reflects the reduced pool size rather than an actual
increase in arrears.

Cumulative losses have increased marginally to 4.41% from 4.40% at
S&P's previous review.

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

  Portfolio WAFF and WALS

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

  AAA             59.00      19.96        11.77
  AA              55.28      15.20         8.40
  A               52.82       7.87         4.16
  BBB             50.04       4.61         2.31
  BB              47.12       2.92         1.38
  B               46.40       2.00         0.93

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

The reserve fund is at target, and it is not amortizing after
breaching 90+ days arrears and cumulative loss triggers. The
liquidity facility is at target and is also not amortizing. Given
the sequential amortization, credit enhancement has increased since
S&P's previous review. This offsets the higher WAFF in its cash
flow analysis.

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

S&P said, "The application of our revised counterparty criteria no
longer constrains the ratings in this transaction. The notes were
capped due the exposure to the bank account provider, Barclays Bank
PLC, which failed to take remedial actions in 2012 when it was
downgraded. Under the revised criteria, we can remove the cap if we
believe there is sufficient available credit enhancement, if a
reason for the failure to implement a committed remedial action is
provided, and if we believe the transaction's performance is
satisfactory.

"Moreover, in line with the revised criteria, we can classify the
exposure to the bank account provider as "low" because it has a
resolution counterparty rating. Furthermore, the replacement
trigger ('A-') is higher than 'BBB', which results in a maximum
supported rating of 'AAA'. Given the high level of available credit
enhancement, the transaction's robust performance, and the fact
that Barclays Bank attempted to remedy following its downgrade but
ultimately decided against this due to potential operational risks
arising from a replacement, we removed the cap on the notes.

"Likewise, we assessed the collateral framework of the swap
provided by Barclays Bank PLC as "low". The combination of our
assessment of the collateral framework and the rating triggers is
now commensurate with a maximum rating of 'AAA'.

"Considering the results of our updated credit and cash flow
analysis, the available credit enhancement for the class C1a and
C1c notes is sufficient to withstand higher rating stresses.
However, considering the level of arrears and the tail-end risk
deriving from interest-only maturities, we limited the upgrade to
the 'AA' rating level. We therefore raised to 'AA (sf)' from 'A+
(sf)'our ratings on these notes.

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

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

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (229 months), the transaction has
a low pool factor (7.61%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

The loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland. This transaction is backed by
nonconforming U.K. residential mortgages originated by Southern
Pacific Mortgage Ltd. and Southern Pacific Personal Loans Ltd. in
November 2006.


GREENBANK TEROTECH: BDO LLP Named as Administrators
---------------------------------------------------
Greenbank Terotech Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Court Number: 2025-BHM-000483, and Lee Causer
and Benjamin Peterson of BDO LLP were appointed as administrators
on Sept. 9, 2025.

Greenbank Terotech engaged in manufacturing.

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


OEG GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed OEG Global Limited's (OEG) Long-Term
Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch
also affirmed the EUR540 million senior secured notes, issued by
OEG Finance PLC, jointly and severally guaranteed by OEG and
important group subsidiaries, at 'BB-'. The Recovery Rating is
'RR3'.

OEG's rating reflects its comparatively small scale and the
execution risk of integrating acquisitions and increasing
project-based renewables activities. Rating strengths are its
leading positions in the cargo carrying units (CCUs) market for
offshore oil and gas, earnings visibility for 18-24 months, its
operational record and longstanding customer relationships. The
Stable Outlook reflects its forecast that EBITDA gross leverage
will decline to 4.4x by end-2026.

Key Rating Drivers

Strong Market Position: OEG holds strong positions for CCU rentals
in key regions such as Europe, APAC, the Middle East and Africa,
supported by its operational record and longstanding customer
relationships. The company aims to increase its presence in South
America. OEG will prioritise acquisitions over shareholder
distributions. However, opportunities for further acquisitions in
the CCU market are limited. OEG is expanding its technical services
offerings in its growing renewables division to build a niche
business similar to its CCU business with oligopolistic
characteristics.

Deleveraging Capacity and Small Scale: Fitch forecasts
Fitch-adjusted EBITDA gross leverage at about 5x for 2025, up from
4.1x in 2024, before reducing to 4.4x in 2026 and 4x by 2027. The
increase anticipated for 2025 will be driven by the acquisition of
Trinity Rental Services, a weaker dollar inflating the reported
value of the company's euro-denominated debt and weaker performance
in the renewables business. Fitch expects robust free cash flow
(FCF) generation over the next three years, with net debt reduction
above USD30 million a year.

Mid-cycle EBITDA of USD150 million-160 million (after treating
leases as operating expense) underlines OEG's modest scale compared
with peers' and is a constraint on its rating.

Financial Policy in Focus: OEG aims to manage net debt to EBITDA
within 2.5x-3.5x (as defined by the company). The upper end of this
range can exceed its negative rating sensitivity of Fitch-defined
EBITDA gross leverage of 4.5x, which will likely be the case at
end-2025. However, Fitch expects metrics to improve with a full
year earnings contribution from Trinity Rental Services in 2026,
incremental organic growth and limited debt amortisation (mainly
deferred considerations for acquisitions).

Moderate Earnings Visibility: More than 50% of OEG's EBITDA is
recurring, based on low customer churn (in the low single digits)
and limited available rental equipment capacity (across all
suppliers) in the regional markets in the CCU division. Customers
value quality and timely services more than cost, and these are
OEG's competitive advantages. Earnings visibility in the largely
project-based renewables segment is lower. OEG has a presence in
key hubs across offshore oil and gas and renewables, but also moves
teams across countries, depending on contract opportunities and
shifting demand.

Business Model Entails Execution Risk: Fitch views contract
structures that allow considerable pass through of fluctuating or
inflationary costs as important to maintaining OEG's margins, which
are significant for a business services company. Sustaining this
margin depends on the company maintaining discipline in contractual
terms, particularly for larger contracts. Integrating recently
acquired businesses in different jurisdictions also entails
execution risk, including ensuring adequate oversight and
implementation of common governance procedures and best practices.

Cyclical End-Markets: Fitch considers demand for OEG's services to
be robust over 2025-2028 as offshore oil and gas exploration and
development increases and the global pipeline for offshore wind in
renewables remains substantial. Profits at large energy companies
are under pressure but CCU rentals or niche technical services
represent a small absolute cost, and are unlikely to be a priority
in these companies' cost-cutting. Fitch does not assume margin
pressure for OEG in mid-cycle market conditions but expect pricing
and contract terms to weaken in a downturn, particularly in oil and
gas.

Peer Analysis

Fitch compares OEG with other business services peers with a strong
market position and recurring revenues, including TTD Holding III
GmbH (B/Stable) - a German sanitary/toilet cabins, containers and
ancillary products and services provider - and Albion HoldCo
Limited (BB-/Stable) - the owner of UK-based temporary power and
energy supply provider Aggreko plc.

TTD Holding benefits from an entrenched position in its key
markets, particularly Germany. The business focuses on the
construction and events industries, which are cyclical sectors.
EBITDA margins are 25%-30% and free cash flow margins are in the
low to mid-single digits despite a challenging market.

Fitch forecasts OEG's EBITDA margin at about 25% and FCF margins in
the mid-single digits. However, more challenging market conditions
are now unfolding for OEG's end-markets, so the company's
resilience in such conditions will only be tested over the next
12-18 months. TTD Holding has higher forecast gross leverage of
about 6x over the medium term, compared with 4x-4.5x for OEG.

Albion benefits from wide geographical and end-market
diversification, which mitigates exposure to volatility in any
particular sector or customer. Fitch estimates Albion's
Fitch-calculated EBITDA margin at 35%-36% for 2024 and forecast it
to rise to 39% over the medium term. Fitch expects FCF to be
consistently negative over the next four years as its undertakes
large, discretionary capex.

Albion's scale is much larger at about USD1 billion EBITDA,
compared with OEG's mid-cycle USD150 million-160 million. Fitch
estimates Albion's EBITDA leverage at 4.3x at end-2024, before
gradually declining to 3.4x at end-2027.

Key Assumptions

Key Assumptions Within Its Rating Case for the Issuer:

- Mid-single-digit revenue growth over 2025-2028, before
acquisitions

- Fitch-defined EBITDA margins of 21.5% in 2025 and closer to 25%
in the next three years

- Capex in line with management guidance

- Dividend of USD22.5 million in 2025 and USD2.5 million in the
next three years

- Completion of the Trinity Rental Services acquisition in 2025 and
M&A spending of USD20 million annually on average in 2026-2028

- Asset sales of USD4 million-6 million a year

Recovery Analysis

The recovery analysis assumed OEG would be considered a going
concern in bankruptcy and that it would be reorganised rather than
liquidated.

Going-concern EBITDA of USD97.5 million (pro forma for the Trinity
Rental Services acquisition and reflecting changes in FX driven by
a weaker US dollar, as more than half of earnings are in European
currencies) after restructuring reflects a potential loss of major
customers in each of OEG's segments, and margin erosion in
renewables projects. It also assumes moderate market recovery after
restructuring and management efforts to improve performance.

Fitch used a multiple of 5.0x to calculate a post-reorganisation
valuation, reflecting OEG's small size and exposure to cyclical
end-markets, but also its leading market position in the CCU
market, good revenue visibility and moderate barriers to entry
stemming from its market position and long customer relationships.

Fitch assumes the super senior revolving credit facility of USD75
million is fully drawn at default. Fitch includes around USD26.7
million of existing pari passu debt along with the EUR540 million
notes.

After deducting 10% for administrative claims, Fitch's analysis
resulted in a waterfall-generated recovery computation for the
senior secured notes in the 'RR3' band, indicating an expected
'BB-' instrument rating.

RATING SENSITIVITIES

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

- EBITDA gross leverage above 4.5x on a sustained basis

- EBITDA interest coverage below 3x on a sustained basis

- Operating underperformance resulting from a loss of large
customers, significant pricing or cost pressure or margin-dilutive
debt-funded acquisitions leading to negative FCF on a sustained
basis

- Introduction of a dividend policy that limits deleveraging
capacity and maintaining company-defined gearing at the upper end
of its targeted range

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

- Successful implementation of the expansion strategy leading to an
increase in scale while maintaining EBITDA gross leverage below
3.5x

- EBITDA interest coverage above 4x on a sustained basis

- Positive FCF generation on a sustained basis

Liquidity and Debt Structure

At end-June 2025 OEG held around USD65 million of cash (pro forma
for the Trinity Rental Services acquisition) and had available
USD74.9 million of committed revolving credit facilities (with
maturity in March 2029). Fitch expects the group to generate
positive FCF in 2026-2028. This, together with manageable near-term
maturities, will keep the business funded until end-2027 (assuming
growth investments and capex are limited to USD20 million a year).

Issuer Profile

OEG is a UK-based leading energy solutions business providing
infrastructure, logistics and technical services to the offshore
oil and gas industry (around 75% of earnings) and offshore
renewable projects (around 25% of earnings).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
OEG Finance PLC

   senior secured      LT     BB- Affirmed    RR3      BB-

OEG Global Limited     LT IDR B+  Affirmed             B+


ORIFLAME INVESTMENT: Fitch Hikes LongTerm IDR to 'CC'
-----------------------------------------------------
Fitch Ratings has downgraded Oriflame Investment Holding Plc's
Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default),
from 'CC', following a coupon payment default on its EUR250 million
floating-rate and USD550 million fixed-rate notes due on August 15,
2025, after the expiry of original cure period. Fitch has
subsequently upgraded Oriflame's IDR to 'CC'. Fitch has also
affirmed the company's senior secured ratings at 'C' and revised
down the Recovery Rating to 'RR6', from 'RR5'.

The 'CC' rating reflects Oriflame's ongoing debt restructuring
negotiations with creditors. The company announced a restructuring
plan with support from more than 91% of bondholders on 18 March
2025. Negotiations to amend and extend its revolving credit
facility (RCF) continue. The lock-up agreement pertaining to the
restructuring would end on 2 October 2025. A debt restructuring or
further concessions could represent a Distressed Debt Exchange
(DDE) under Fitch's criteria.

Fitch will reassess the IDR, following Oriflame's agreement with
most of its lenders on all debt, based on the new capital
structure, business prospects and liquidity.

Key Rating Drivers

Missed, Uncured Coupon Payment: The downgrade to 'RD' reflects
Oriflame's failure to pay the missed coupon on its euro senior
secured notes due 15 August 2025 after the original 30-day cure
period expired. The company obtained a waiver to defer the coupon
until the lock-up agreement terminates or becomes ineffective, with
payment due within 10 business days after the deferral ends. Fitch
treats the lapse of the original grace period without payment as
'RD'.

Ongoing Debt Restructuring: The subsequent IDR upgrade to 'CC'
reflects the restructuring. The recapitalisation plan depends on
support from RCF lenders and has a target completion in 3Q25. The
plan, which Fitch views as a DDE, reduces the bond principal to
EUR260 million, including lock-up fees, from EUR779 million.
Bondholders and shareholders will provide EUR24.5 million and
EUR25.5 million, respectively, in new money.

Lock-Up Agreement Extension: The lock-up agreement signed on 18
March 2025 is extended to 2 October 2025 but could be extended
further with creditor and shareholder consent. Failure to extend
would lead to an immediate default. Fitch will downgrade the IDR to
'C' if the extension and restructuring terms are agreed and an
exchange date is set. Fitch expects to downgrade the IDR to 'RD' on
the implementation of the DDE, before reassessing the credit
profile after restructuring and assigning a new rating.

Substantial Insolvency Risk: Oriflame's EUR100 million RCF was
drawn by EUR85 million at end-June 2025 and matures in early
November 2025; cash was EUR49.9 million at end-June 2025. Fitch
expects liquidity to be unfunded until the completion of the DDE.

Impaired Internal Cash Generation: Fitch expects free cash flow to
remain negative in 2025 after a deep loss in 2024, reflecting
Oriflame's still weak trading and fragile profitability, with high
execution risk in the operational turnaround. Revenue fell 9% in
1H25 despite the rollout of the company's Beauty Community Model
and entries into new geographies. It continued to be loss-making as
savings from cost measures were offset by higher marketing costs,
incremental distribution and infrastructure costs from a new
distribution centre, and lower operating leverage on weaker sales
volume.

Peer Analysis

Oriflame's closest sector peer is Natura Cosmeticos S.A.
(BB+/Stable), which also operates in the direct-selling beauty
market. The latter has stronger business and financial profiles
than the former, which are reflected in their multi-notch rating
differential. Like Oriflame, Natura is geographically diversified
with exposure to emerging markets but benefits from greater
diversity across sales channels and a substantially larger scale in
the sector as the fourth-largest pure beauty company globally after
its acquisition of Avon Products Inc.

Oriflame is rated several notches lower than THG PLC (B+/Stable),
which operates in the beauty and well-being consumer market. The
latter is smaller, as it operates mostly in the UK and Europe,
although its revenue is rising rapidly, organically and through
M&A.

Oriflame is comparable with Accell Group Holding B.V. (CCC) as both
face acute operational difficulties. Accell completed a capital
restructuring in February 2025.

Key Assumptions

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

- Revenue to decline by about 9% in 2025

- EBITDA to remain negative in 2025

- Capex at about EUR5 million a year to 2028

- No dividends to 2028

- No M&A to 2028

Recovery Analysis

The recovery analysis assumes Oriflame will be treated as a going
concern in bankruptcy and reorganised rather than liquidated. Fitch
assumes a 10% administrative claim.

In its bespoke recovery analysis, Fitch estimates going concern
EBITDA available to creditors of about EUR50 million, down from
EUR60 million. This is sustainable EBITDA, after reorganisation,
that would allow Oriflame to retain a viable business model. The
company's value is linked to intangible assets, including brands,
product knowledge and customer base. The revision reflects its
expectation that the reorganisation will consider options, such as
disposals of assets that can generate average industry margins for
trade buyers. Increasing uncertainty about the turnaround and
weakening operating performance point to further erosion of
creditor value after a workout.

A multiple of 4.0x is applied to EBITDA to calculate a
post-reorganisation valuation, reflecting its assessment of
Oriflame's underlying brand and intellectual property rights value.
This multiple is about half of its 2019 public-to-private
transaction multiple of 7.2x.

The company's super senior EUR100 million RCF is assumed to be
fully drawn on default and ranks senior to its senior secured notes
of EUR779 million. The waterfall analysis generated a ranked
recovery for its EUR250 million and USD550 million senior secured
notes in the 'RR6' band, indicating a 'C' rating, under Fitch's
Criteria, one notch below the IDR. The above recovery does not
represent the recovery rate from the company's restructuring plan.

RATING SENSITIVITIES

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

- Uncured payment default (such as failure to pay interest on any
material financial obligation), entering into a formal debt
restructuring recognised as a DDE under Fitch's criteria, or
entering bankruptcy, administration or other formal winding-up
procedure

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

- No upside until the capital structure is overhauled

Liquidity and Debt Structure

At end-June 2025, Oriflame had a cash balance of EUR49.9 million
and access to an undrawn EUR15 million RCF. This liquidity headroom
is insufficient to support business needs in the next six months,
given continued cash losses.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
Oriflame Investment
Holding Plc            LT IDR RD Downgrade             CC  
                       LT IDR CC Upgrade

   senior secured      LT     C  Affirmed     RR6      C


REA VALLEY: PricewaterhouseCoopers LLP Named as Administrators
--------------------------------------------------------------
Rea Valley Tractors Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency and Companies List (ChD), No
CR-2025-BHM-000473, and Timothy Andrew Higgins and Edward Williams
of PricewaterhouseCoopers LLP were appointed as administrators on
Sept 10, 2025.  

Rea Valley Tractors engaged in installation of industrial machinery
and equipment.

Its registered office and principal trading address is at Old Hall,
Dunstall, Burton-On-Trent, England, DE13 8BE.

The joint administrators can be reached at:

         Timothy Andrew Higgins
         Edward Williams
         PricewaterhouseCoopers LLP
         1 Chamberlain Square
         Birmingham, B3 3AX

           -- and --

         Jane Steer
         PricewaterhouseCoopers LLP
         Central Square, 29 Wellington Street
         Leeds, LS1 4DL

For further details, contact:

         Tel No: 0113 289 4000
         Email: uk_rvt_suppliers@pwc.com


VENATOR MATERIALS: Moody's Cuts CFR to 'C', Outlook Stable
----------------------------------------------------------
Moody's Ratings has downgraded Venator Materials plc's (Venator)
Corporate Family Rating to C from Caa3 and Probability of Default
Rating to D-PD from Caa3-PD. At the same time, Moody's have
downgraded the company's backed Senior Secured First-Out Term Loan
and Senior Secured First-Out Delayed Draw Term Loan to Ca from Caa1
and the backed Senior Secured Exit Term Loan and Senior Secured
Delayed Draw Term Loan issued by Venator Materials LLC and Venator
Finance S.a r.l. (NEW) to C from Caa3. The rating outlook is stable
for both entities. All ratings will be withdrawn due to limited
financial disclosure and the pending disposition of Venator's
assets.

On September 02, Venator announced that Alvarez & Marsal have been
appointed joint administrators to Venator Materials plc, the top,
non-trading, holding company in the Venator Group, as well as two
other non-trading holding companies, Venator Materials
International UK Limited and Venator Investments UK Limited.
According to the company, Venator's main UK trading company,
Venator Materials UK Limited, and US and French businesses are
outside of insolvency process and continue to operate.

Governance is a key driver for the action.

RATINGS RATIONALE

The appointment of joint administrators indicates Venator's has
entered an insolvency process in the UK, with the administrators
taking over control of the company, initiating payment moratorium
and assets disposition.

Moody's expects relatively low recovery rates on the company's
outstanding debt including $100 million First-Out term loan and
$175 million Term Loan given the high cost position of its
facilities in Europe and reduced asset value amid a prolonged
downturn in the TiO2 sector. Venator has four major production
facilities in the UK, Germany, Spain and Malaysia, after the
closure of Duisburg TiO2 and Scarlino facilities and the divesture
of its 50% stake in LPC. The company consumed a large amount of
cash due to weak end markets, business restructuring and facility
closures. High energy costs in Europe, elevated interest rates in
the US and property sector sluggishness in China weighed on TiO2
demand and kept prices low, despite some relief from the EU's
anti-dumping duties on Chinese TiO2.

Venator's First-Out Term Loan ranks ahead of the Exit Term Loan,
given its super priority priming liens and guarantees on all Exit
Term Loan collateral and first out repayment on all asset sale
proceeds.

ESG Considerations

Venator's Credit Impact Score of CIS-5 indicates its rating could
have been significantly higher without the consideration of ESG
factors. In particular, the company's recent financial distress
indicates very weak governance.

Headquartered in the United Kingdom, Venator Materials plc is one
of the world's largest producer of titanium dioxide pigments used
in paint, paper, and plastics, and a producer of performance
additives for a variety of end markets. Venator completed a
financial restructuring as a part of Chapter 11 in October 2023.

The principal methodology used in these ratings was Chemicals
published in October 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.


YBS DECORATION: Insolvency One Named as Administrators
------------------------------------------------------
YBS Decoration Services Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts In Leeds, Insolvency and Companies List, No.
CR-2025-LDS-000884, and Zane Collins of Insolvency One Limited was
appointed as administrators on Sept. 12, 2025.  

YBS Decoration Services engaged in glass bottle decoration
services.

Its registered office is at Uwm House, 6 Fusion Court, Leeds, West
Yorkshire, LS25 2GH

Its principal trading address is at Waindyke Way, Normanton
Industrial Estate, Normanton, Wakefield, WF6 1TP

The joint administrators can be reached at:

          Zane Collins
          Insolvency One Limited
          1 Aire Street Leeds LS1 4PR

For further details, contact:

          Zane Collins
          Email: zane.collins@insolvencyone.co.uk



                           *********


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

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