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

                          E U R O P E

          Wednesday, October 8, 2025, Vol. 26, No. 201

                           Headlines



F R A N C E

SECHE ENVIRONNEMENT: S&P Affirms 'BB' ICR Despite Weaker Market
THUNDER LOGISTICS 2024-1: Fitch Affirms BB- Rating on Class E Notes


G R E E C E

METLEN ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


I R E L A N D

BECKETT MORTGAGES 2025-1: S&P Assigns B-(sf) Rating on Cl. F Notes
CROSTHWAITE PARK CLO: Moody's Affirms B3 Rating on EUR15MM E Notes
HARVEST CLO XVII: Moody's Cuts Class F-R Notes Rating to 'Caa1'
HAUS - EUROPEAN LOAN 39: DBRS Confirms B(high) Rating on D Notes
HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Class F-R-R Notes



S W E D E N

STENHUS FASTIGHETER: NCR Affirms 'BB' LongTerm Issuer Rating


U N I T E D   K I N G D O M

ADVANZ PHARMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
NUVOLA DISTRIBUTION: Quantuma Advisory Named as Administrators
PRO-PERFORMANCE AND RACING: Leonard Curtis Named as Administrators
ROBERT D. WEBSTER: Leonard Curtis Named as Administrators
TALKTALK TELECOM: Fitch Upgrades LongTerm IDR to 'CCC-'

THREE LEGGED TRANSPORT: Leonard Curtis Named as Administrators

                           - - - - -


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F R A N C E
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SECHE ENVIRONNEMENT: S&P Affirms 'BB' ICR Despite Weaker Market
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
and issue-level ratings on France-based waste treatment services
provider Seche Environnement S.A. (Seche) and its senior unsecured
bonds, with the '3' recovery rating unchanged. S&P assigned its 'B'
issue rating to the company's new proposed hybrid notes.

S&P said, "The stable outlook indicates that we expect resilient
revenue growth (both organic and driven by acquisitions) in 2025
and 2026, with S&P Global Ratings-adjusted EBITDA margins improving
to 18%-19% will drive S&P Global Ratings-adjusted debt to EBITDA to
below 4.5x and FFO to debt above 16% in 2026."

Seche aims to issue up to EUR300 million perpetual deeply
subordinated non-call 5.25-year fixed-rate resettable notes to fund
general corporate purposes, including capital expenditure (capex)
and future acquisitions.

S&P said, "We expect that Seche will experience some external
headwinds causing weaker revenue and EBITDA growth in the second
half of 2025 and resulting in delayed deleveraging compared with
previous forecasts. After a solid revenue and EBITDA performance in
the first half of 2025, with 7.5% organic growth for contributed
revenue, we expect growth to slow in the second half of the year,
driven by several factors. First, comparison with the second half
of 2024 will be unfavorable, because of strong performance in the
second half of 2024 driven by remediation activities, which the
group expects to return to normative levels this year. In addition,
the uncertain macroeconomic environment is causing delays and
hesitation in customers' decision-making, in particular in the
chemicals sector, affecting Seche's solvent regeneration and
purification activities. Furthermore, the decline in energy sale
prices has a negative impact on circular economy's activities,
which is expected to have a EUR15 million negative impact on
full-year 2025 EBITDA. Finally, the contribution of ECO Special
Waste Management Pte Ltd. (ECO), the Singapore-based hazardous
waste management solution provider acquired in July 2024, will be
lower than expected in 2025 due to the delayed ramp-up of carbon
soot incineration activities. Despite these headwinds, we view the
group's other business as resilient and expect the group to post
about 5.5%-6.0% revenue growth in 2025 with S&P Global
Ratings-adjusted EBITDA margins marginally up to 17.5% thanks to
slightly lower exceptional expenses and the accretive acquisition
of ECO.

"Our projections also factor in the acquisition of Groupe Flamme at
year-end 2025, with revenue and EBITDA contribution from 2026. The
transaction, announced on June 6, with an enterprise value
estimated at approximately EUR320 million, is pending antitrust
approval by the French regulator and is expected to close in the
fourth quarter of 2025 or first quarter of 2026. We think the
acquisition of Groupe Flamme will modestly strengthen Seche's
business risk profile by reinforcing the group's position among the
top three hazardous waste treatment providers in France and Europe.
We also think the transaction will enhance Seche's service offering
to large industrial clients in northern France and support
medium-term profitability through cost optimization and synergies.
Groupe Flamme, based in northern France, generated about EUR100
million in revenue and EUR20 million in EBITDA in 2024.

"The debt-funded acquisition, combined with the impact from low
energy prices, will temporarily weaken Seche's credit metrics. In
March 2025, Seche issued new five-year 4.5% EUR400 million senior
notes, and increased the issuance to EUR470 million in July 2025.
Part of the proceeds were used to repay the EUR212 million
outstanding under the bridge facility loan that the group had
raised to fund the acquisition of ECO in 2024. Therefore, cash on
the balance sheet as of June 30, 2025, amounted to EUR334 million,
providing flexibility to finance the acquisition of Groupe Flamme.
However, the debt-funded acquisition and lower EBITDA growth lead
us to forecast that S&P Global Ratings-adjusted debt to EBITDA will
likely remain at around 4.6x in 2025, including a pro forma
full-year contribution from Groupe Flamme (5.1x without including
the contribution from Groupe Flamme), before declining below 4.5x
by year-end 2026. We expect FFO to debt will decline to 16% in 2025
before improving to 17% in 2026. And despite a temporary weakening
in FOCF in 2025 due to the EUR15 million negative impact from lower
energy prices, we expect FOCF generation will increase to EUR65
million-EUR70 million in 2026.

"We think Seche will manage the financial impact of the acquisition
of Groupe Flamme to comply with the group's publicly stated
financial policy targets. Seche targets a reported net leverage
(company calculated) of 3.0x, with a maximum tolerance of 3.5x in
case of material acquisitions, and it aims to deleverage to 3.0x
within 12 months. This corresponds to 4.0x-4.5x as adjusted by S&P
Global Ratings and is commensurate with the current 'BB' rating.
The acquisition of Groupe Flamme may imply equity support or the
participation of a minority investor in Groupe Flamme's share
capital, in line with the mechanism implemented for the acquisition
of ECO in 2024. This would accelerate the group's deleveraging and
would provide greater headroom under the rating.

"We rate Seche's proposed up to EUR300 million hybrid notes 'B'.
The rating on Seche's proposed perpetual deeply subordinated
non-call 5.25 fixed rate resettable notes reflects the hybrids'
subordination and optional interest deferability.

"The final terms of the proposed issuance, including the total
amount, are subject to market conditions. We understand that Seche
will use the proceeds from this issuance to fund general corporate
purposes, including capex and future acquisitions. According to our
estimates, with this EUR300 million issuance, the overall hybrid
capital eligible for intermediate equity credit will represent 16%
of the group's capitalization, which is above our 15% criteria
guidance. For now, we will therefore treat the EUR34 million that
exceeds our 15% threshold as debt, and its related coupon payments
as interest in our adjusted credit metrics, until the company's
capitalization increases and moves below 15%. We expect this to
happen toward the end of 2026.

"From the issuance date, we will classify the hybrid notes as
having intermediate equity content until their first reset date,
which we understand will be more than five years (5.5) from
issuance. This is because they meet our criteria in terms of
subordination, loss absorption, and cash preservation, with
optional coupon deferability over this period. Consequently, when
we calculate our adjusted credit metrics for Seche, we will treat
50% of the principal outstanding under the hybrids as equity rather
than debt, and 50% of the related payments as equivalent to a
common dividend. We derive our 'B' issue-level rating on the
proposed hybrid issuance by notching down from our 'BB' long-term
issuer credit rating on Seche."

As per S&P's methodology, the three-notch difference reflects:

-- A two-notch deduction for subordination because S&P's 'BB'
long-term issuer credit rating on Seche is noninvestment grade,
and

-- Another one-notch deduction for payment flexibility because
interest deferral is at the option of the issuer.

-- The number of notches deducted to derive the issue-level rating
on Seche reflects S&P's view that Seche is relatively unlikely to
defer interest. Should its view change, S&P may increase the number
of notches it deducts from the issuer credit rating to derive the
issue-level rating.

According to the proposed documentation, the interest to be paid on
the securities will increase by 25 basis points (bps) 5.5 years
from issuance in 2031, and by an additional 275 bps 15 years after
the first reset date, in 2046. S&P said, "In the absence of a
replacement capital covenant, we consider the cumulative 300 bps as
a very material step-up and therefore the second step-up date as
effective maturity of the instrument. In line with our criteria, we
will reclassify the notes as having no equity content after the
first reset date in April 2031, because the remaining period until
effective maturity will be less than 15 years. If we were to
upgrade Seche to 'BBB-' or better, documentation provides that the
second step-up date would irrevocably be extended by an extra five
years to 2051 so that the instrument would still meet our residual
maturity requirement for an investment-grade issuer to keep its
intermediate equity content."

S&P said, "The notes can be called at any time under certain
circumstances, such as changes in tax law, accounting treatment,
change of methodology by rating agencies, or a change of control,
that we consider as external events. Although the notes are
perpetual instruments, the issuer can redeem the hybrids at the
make-whole redemption amount. This redemption would be at a
make-whole premium and as a result, we do not view it as a call
feature in our hybrid analysis.

"We also understand that the company intends to retain hybrids as a
permanent layer in its capital structure, as highlighted with an
intentional replacement language; therefore, when and if a call is
exercised, we would assume that Seche will replace the instruments
with a new hybrid providing a similar level of equity content."

Key factors in S&P's assessment of the securities' subordination

The proposed notes and coupons are intended to constitute the
issuer's unconditional, deeply subordinated and unsecured
obligations of the Issuer, ranking senior to any present and future
equity security of the issuer.

Key factors in S&P's assessment of the notes' deferability

S&P said, "In our view, Seche's option to defer interest payments
on the proposed notes is discretionary. However, any outstanding
deferred interest payment, plus interest accrued thereafter, will
have to be settled in cash if Seche declares or pays an equity
dividend or interest on equally ranking securities or if it redeems
or repurchases shares or equally ranking securities. However, once
Seche has settled the deferred amount, it can opt to defer interest
on the next interest payment date.

"The stable outlook indicates that we expect resilient revenue
growth (both organic and driven by acquisitions) in 2025 and 2026,
with S&P Global Ratings-adjusted EBITDA margins improving to
18%-19%, will drive S&P Global Ratings-adjusted debt to EBITDA to
below 4.5x and FFO to debt above 16% in 2026.

"We could take a negative rating action if S&P Global
Ratings-adjusted debt to EBITDA exceeded 4.5x and FFO to debt fell
below 16% -- both on a sustained basis. This could result from
difficulties in integrating recent acquisitions, such as ECO and
Groupe Flamme, and economic headwinds, or operational missteps. It
could also be the result of other sizable debt-funded acquisitions,
or shareholder returns that kept leverage high.

"We could raise the rating if S&P Global Ratings-adjusted debt to
EBITDA reduces to less than 4x and FFO to debt exceeds 20%. An
upgrade would hinge on us being certain that Seche's financial
policy would sustainably support these credit metrics."

A positive rating action would also depend on an improvement in
Seche's S&P Global Ratings-adjusted EBITDA margins and cash flow
generation.

This would likely result from the successful integration of ECO and
Groupe Flamme, and Seche's consistently solid performance in other
markets, spurring organic growth.


THUNDER LOGISTICS 2024-1: Fitch Affirms BB- Rating on Class E Notes
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Fitch Ratings has revised the Outlooks on Thunder Logistics 2024-1
DAC's notes to Negative from Stable and affirmed their ratings.

The Negative Outlooks reflect the portfolio's asset quality, the
tenant concentration risk, and the potential for prolonged vacancy
following current lease expires.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Thunder Logistics
2024-1 DAC

   A XS2896262479    LT AAAsf  Affirmed   AAAsf
   B XS2896262719    LT AA-sf  Affirmed   AA-sf
   C XS2896263360    LT A-sf   Affirmed   A-sf
   D XS2896263790    LT BBB-sf Affirmed   BBB-sf
   E XS2896263956    LT BB-sf  Affirmed   BB-sf

Transaction Summary

Thunder Logistics 2024-1 DAC is a 95% securitisation of a EUR178.7
million (originally EUR250 million) commercial real estate loan
originated by Goldman Sachs Bank USA and Societe Generale S.A. for
entities related to Blackstone Inc. The loan is backed by a
portfolio of 16 (originally 22) "big box" logistics assets located
across Spain, France, Germany and the Netherlands. The originators
retain 5% (2.5% each) of the liabilities transferred to the issuer,
in the form of an issuer loan, pari passu with the notes. Portfolio
vacancy, which is concentrated in a small number of highly vacant
properties, has increased from 19% to 36%, driven largely by the
sale of six fully occupied assets.

KEY RATING DRIVERS

Asset Releases Weaken Portfolio Quality: Six of the stronger assets
were released within six months of closing. They were all fully
let, contributing to the rise in vacancy to 36%. This was
compounded by the released assets having disproportionately low
allocated loan amounts to value ratios of between 58% and 63% (all
relative to property value rather than propco value) versus an
overall 65.4% loan-to-value ratio (LTV).

Rising Vacancy and Concentration: The net effect of releases is
that despite almost 30% of the loan having been repaid, the LTV
(based on original value) has remained broadly stable since
closing. Meanwhile, the collateral and rent roll, given the
properties are largely single let, has become more concentrated and
idiosyncratic. The top five tenants contribute about 70% of
reported gross annual rent. Higher vacancy has driven the reported
debt yield down to 6.49% (narrowly above the 6.20% cash‑trap
trigger), a level that implies an equity injection would be needed
if the loan was refinanced in prevailing conditions.

Leasing Risk: Besides some smaller lease renewals, four new
lettings have been signed on rents surpassing rental value at
closing. Unless the affected properties are released by the
borrower, there is ample time for occupancy to bounce-back and help
shore up refinancing prospects in time for loan maturity in 2029.
However, the largest tenant contributes about one-third of gross
rent across two leases expiring this month (October).

These leases will automatically extend for six months if no break
notice is given, which would postpone rather than resolve the
near-term leasing risk contributing to the Negative Outlook. The
risk is that a longer re-letting cycle for big box - one asset in
Tarragona has been vacant for five years - could depress
performance metrics in the medium term.

RATING SENSITIVITIES

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

Decrease in occupier demand, resulting in a fall in rents could
lead to negative rating action.

The change in model output that would apply with a 15pp increase in
rental value decline assumptions would imply the following
ratings:

'A+sf' / 'BBB+sf' / 'BBB-sf' / 'B+sf' / 'CCCsf'

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

Letting vacant space or achieving significant rent increases
following lease expiries could lead to positive rating action.

The change in model output that would apply with a 1pp reduction to
cap rate assumptions would imply the following ratings:

'AAAsf' / 'AA+sf' / 'Asf' / 'BBB+sf' / 'BBB-sf'

KEY PROPERTY ASSUMPTIONS (all weighted by net estimated rental
value; ERV)

Weighted average (WA) depreciation: 2.8%

Non-recoverable costs: EUR1.1 million

Fitch ERV: EUR19.2 million

'Bsf' WA cap rate: 5.0%

'Bsf' WA structural vacancy: 18.0%

'Bsf' WA rental value decline: 13.5%

'BBsf' WA cap rate: 6.1%

'BBsf' WA structural vacancy: 19.9%

'BBsf' WA rental value decline: 15.3%

'BBBsf' WA cap rate: 7.4%

'BBBsf' WA structural vacancy: 22.4%

'BBBsf' WA rental value decline: 17.0%

'Asf' WA cap rate: 8.9%

'Asf' WA structural vacancy: 24.7%

'Asf' WA rental value decline: 18.7%

'AAsf' WA cap rate: 9.5%

'AAsf' WA structural vacancy: 26.6%

'AAsf' WA rental value decline: 20.4%

'AAAsf' WA cap rate: 10.0%

'AAAsf' WA structural vacancy: 29.1%

'AAAsf' WA rental value decline: 23.4%

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

Thunder Logistics 2024-1 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.

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.



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G R E E C E
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METLEN ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Metlen Energy & Metals S.A.'s Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Outlook on the IDR is
Stable. Fitch has also affirmed the senior unsecured rating at
'BB+' and the Recovery Rating at 'RR4'.

The affirmation reflects Metlen's updated plan for the next three
to five years, which improves end-market diversification and
vertical integration in utilities and metals through growing
capacity and output and new growth pillars, although it also
increases capex needs. This is complemented by growing
opportunities in energy-related engineering, procurement and
construction (EPC) and infrastructure activities, and
working-capital unwinding from the asset rotation plan. The plan
carries execution risks linked to new businesses (largely recovery
of metals and defence), the asset rotation and the customer base
expansion.

Tight leverage headroom over the next three forecast years is
balanced by management commitment with the ratings, a record of
conservative budgeting, and a BOT pre-sale policy that reduces
execution risk. Financial flexibility is supported by strong
liquidity and growth capex deferral optionality.

Key Rating Drivers

Ambitious Mid-term Business Plan: Metlen targets EBITDA of about
EUR2 billion in the medium term (EUR1.1 billion in 2024), through
higher utility and metals capacity, and a doubling contribution
from EPC/Infrastructure. Build-operate-transfer (BOT) projects
contribution remains flat, with cash inflows likely from asset
rotation. The company expects new pillars (alumina expansion,
gallium production, metal structures for defence equipment and
metals recovery), to add around EUR400 million EBITDA by end of the
plan.

In its rating assessment Fitch applies sensitivities to volumes and
prices and introduce delays in the ramp-up of new business to
reflect execution risk, resulting in EUR1.5 billion EBITDA by 2028.
The capex plan of EUR2.5 billion for 2025-2028 is allocated roughly
half to energy and 40% to metals, including the new pillars. Most
capex is for growth (84%) and can be deferred.

Exhausted Leverage Headroom: Fitch-adjusted EBITDA net leverage
excludes project finance from international BOT projects and peaks
at 2.1x in 2025 (1.7x in 2024) and about 1.8x on average in
2026-2027, compared to a negative sensitivity of 2.0x. The Stable
Outlook reflects the company's commitment to the rating,
conservative budgeting, and ability to defer growth capex.

Protos Incident Dents Mid-Year Results: The UK Protos waste project
faced an incident that led to a subcontractor bankruptcy and a
contractor's exit, disrupting execution and raising costs. The
schedule and budget were reset in July 2025, with the impact fully
recognised in 1H25, when unit EBITDA was negative EUR132 million
(EUR12 million in 1H24). Group 1H25 EBITDA was EUR445 million (down
6% yoy), but excluding the impact normalised EBITDA was EUR577
million, above expectations. Fitch sees the Protos incident as
isolated, with the EPC backlog otherwise intact at near EUR1
billion.

Growing Vertical Integration in Utility: Metlen aims to reach about
30% market share in electricity retail supply in Greece and add
roughly 1.2GW domestic renewables, and 500MW batteries, capacity by
2028. This strengthens the natural hedge between generation and
customers in the current price volatility. Fitch expects the
Utility division to contribute about 30% consolidated EBITDA on
average to 2028.

Planned Expansion in Metals Production: Fitch projects aluminium
output to rise to about 287,000 tonnes by 2027 (245,000 tonnes in
2025), supported by secondary aluminium capacity increasing above
100,000 tonnes from about 60,000 tonnes. The company has started to
work towards increasing alumina production by almost 40% by 2028.
Strategic agreements with Rio Tinto enhance supply security: Rio
Tinto will supply bauxite during 2027-2034, while Metlen will
supply alumina for the same period, with an optional three-year
extension for both contracts. Fitch expects metals, including
increased capacity new pillars, to average near 26% of consolidated
EBITDA.

Declining Open Risk for BOT: Metlen requires new BOT projects to be
pre-sold before construction, locking in prices and valuations
early. This reduces open market exposure, internally capped at EUR1
billion, and materially de-risks development activity, which is
credit positive. Sales of projects in Australia and the UK are at
an advanced stage; Chilean projects were sold earlier this year.
Fitch expects the EBITDA contribution to average about 29% in
2025-2028.

New Platforms Entail Execution Risk: Management aims for gallium,
defence and circular metals to add around 20% of group EBITDA in
the medium term and increase end-market diversification and
contractedness (defence) to the business profile. Investments total
about EUR600 million, including new facilities in Volos and
SOMETRA. Execution was on track in 1H25. Fitch assumes about a
third of the management-expected EBITDA contribution to reflect
ramp-up risk, as circular metals is untested at scale.

Development Opportunities in EPC/Infrastructure: Metlen has
intensified its presence in domestic infrastructure projects and
concessions or projects through public-private partnerships since
2023, and construction projects for private counterparties. These
concessions provide stable post‑construction income but have
minimal near‑term impact. Fitch expects EBITDA contribution of
the energy EPC projects, Infrastructure and concessions to average
about 15% until 2028.

Vertically Integrated, Low-Cost Aluminium Producer: Metlen operates
Europe's only fully integrated bauxite-to-aluminium chain and is
the largest EU bauxite producer. Alumina output exceeds domestic
smelter needs. Bauxite self-sufficiency rose after the 2024 Imerys
Bauxites acquisition. CRU places the alumina refinery and smelter
in the first quartile of the global cost curve, with the
lowest-cost alumina in Europe and the second-largest aluminium
production regionally.

Leading Greek Energy Company: Metlen is Greece's second-largest
electricity producer. It benefits from efficient 1.7GW gas-fired
capacity that provides asset flexibility to capture better spreads,
and growing renewables in Greece and nearby markets. Retail market
share was 21% at end-1H25; the aim is to cover over 30% of domestic
consumption by 2028.

Peer Analysis

Utility (energy excluding BOT and EPC): Metlen is the largest
independent power producer in Greece and operates high-quality
assets strongly positioned in the merit order (gas-fired plants in
Greece), with increasing renewable installed capacity and growing
integration with the retail supply business. A less mature energy
market in Greece than western Europe is a key constraining factor.

Metlen's utility business profile is weaker than that of Public
Power Corporation S.A. (BB-/Stable) in Greece (which owns the main
hydroelectric power plants), and Spain's Naturgy Energy Group, S.A.
(BBB/Stable), despite its leading market position, due to a lower
installed base and lack of integration into more stable networks.
PPC's more leveraged capital structure explains the two-notch
rating differential.

Metallurgy: Metlen's metallurgy business benefits from a
competitive cost base, partial self-sufficiency in bauxite,
in-house anode production, and a captive power plant. However, its
small scale compared with Alcoa Corporation (BB+/Stable) and China
Hongqiao Group Limited (BB+/Stable), single asset base and low
exposure to value-added products constrain the group's
business-profile assessment.

Construction, including BOT: Metlen has a healthy position in
energy-project construction, with a long record and historically
solid order backlog, providing revenue visibility. However, the
business-profile assessment remains constrained by its small size
compared with Webuild S.p.A. (BB+/Stable) and Kier Group Plc
(BB+/Stable), and by a concentrated project portfolio and customer
base.

Metlen's continued expansion into solar power and storage systems
and growing presence in infrastructure should improve
diversification by business segment and increase the predictability
of results once projects are successfully delivered.

Key Assumptions

Metallurgy

- Fitch's aluminum price deck: USD2,675/t (2025), USD2,500/t
(2026), USD2,300/t thereafter

- USD/EUR: 0.91 (2025); 0.86 thereafter

- Aluminum production: 245kt (2025), 243kt (2026), rising to 287kt
from 2027

- Alumina production: 0.9mt (2024) rising to 1.1 mt (2028)

- Gallium ramping up from 2027; defence and circular metals
contributing about EUR110 million in total by 2028

Energy

- Lower European electricity prices; renewables prices at
EUR60-65/MWh supported by power purchase agreements internationally
and intercompany power purchase agreements domestically

- Renewables domestic capacity near 2.1GW by end-2028 (0.4GW
end-2024); CCGTs stable at 1.7GW

- Retail market share above 25% by 2028 (21% in 1H25; management
target 30%); stable unit margins

EPC/Infrastructure/Concessions

- EPC EBITDA sustained; renewables development margins down to
around 18%; infrastructure/concessions EBITDA around EUR140 million
by end-2028 (from about EUR50 million in 2024).

Consolidated

- EBITDA margin around 12% in 2025; recovery to 15%

- Working-capital inflows, largely driven by asset rotation,
average inflow around EUR260 million on average in 2025-2028.

- Capex around EUR2.5 billion in 2025-2028, front-loaded

- Dividend payout ratio at 35%

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- EBITDA net leverage sustained above 2.0x, excluding non-recourse
net debt and EBITDA attributed to International BOT projects

- EBITDA net leverage sustained above 2.5x on a consolidated basis

- Materially negative free cash flow (FCF)

- Net exposure to BOT projects (excluding pre-sold assets, assets
with signed power purchase agreements and non-recourse project
finance) above EUR1 billion

- Deterioration of business mix toward riskier, lower-visibility
business, which could lead to lower debt capacity

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- EBITDA net leverage sustained below 1.0x, excluding non-recourse
net debt and EBITDA attributed to International BOT projects

- EBITDA net leverage sustained below 1.5x, on a consolidated
basis

- Neutral to positive FCF

- Publicly stated commitment to a conservative financial policy
aligned with upgrade thresholds

- Improved business mix toward more stable businesses or better
revenue visibility could lead to higher debt capacity

Liquidity and Debt Structure

At end-June 2025, Metlen had EUR1.3 billion of readily available
cash and about EUR0.8 billion of undrawn committed facilities
maturing beyond 2026, including available capex lines but excluding
unused project finance debt. This comfortably covers short-term
debt of around EUR0.7 billion (including a EUR500 million bond
maturing in October 2026) and expected negative FCF of about EUR150
million to end-2026, on a consolidated basis.

Issuer Profile

Metlen is a Greek-domiciled diversified utility and metallurgy
group, that also undertakes end-to-end development of major
infrastructure and energy projects. It is active in more than 40
countries.

Summary of Financial Adjustments

Fitch deconsolidates non-recourse project financing related to
international BOT projects for the EBITDA net leverage calculation.
Accordingly, Fitch also deconsolidates the related EBITDA and cash
from the ratio.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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
   -----------              ------         --------   -----
Metlen Energy &
Metals S.A.           LT IDR BB+  Affirmed            BB+

   senior unsecured   LT     BB+  Affirmed   RR4      BB+




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

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

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

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

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

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

The transaction includes a prefunded amount of up to 24% of the
total transaction size, where the issuer can purchase loans until
the first interest payment date. This prefunded amount is high in
the context of a new originator, particularly considering the
accelerated growth of originations in recent months (e.g., 26% of
the initial portfolio was originated in July 2025). There is the
risk that the addition of new loans could adversely affect the
pool's credit quality.

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

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

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

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

  Ratings

  Class     Rating*     Class size (%)

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

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


CROSTHWAITE PARK CLO: Moody's Affirms B3 Rating on EUR15MM E Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following debt
issued by Crosthwaite Park CLO DAC:

EUR40,000,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on May 18, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on May 18, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR22,500,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on May 18, 2021
Definitive Rating Assigned A2 (sf)

EUR10,000,000 Class B-2 Senior Secured Deferrable Fixed Rate Notes
due 2034, Upgraded to A1 (sf); previously on May 18, 2021
Definitive Rating Assigned A2 (sf)

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

EUR149,000,000 Class A-1A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on May 18, 2021 Definitive
Rating Assigned Aaa (sf)

EUR151,000,000 Class A-1A Senior Secured Floating Rate Loan due
2034, Affirmed Aaa (sf); previously on May 18, 2021 Definitive
Rating Assigned Aaa (sf)

EUR10,000,000 Class A-1B Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on May 18, 2021 Definitive
Rating Assigned Aaa (sf)

EUR31,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on May 18, 2021
Definitive Rating Assigned Baa3 (sf)

EUR26,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba2 (sf); previously on May 18, 2021
Definitive Rating Assigned Ba2 (sf)

EUR15,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on May 18, 2021
Definitive Rating Assigned B3 (sf)

Crosthwaite Park CLO DAC, initially issued in February 2019 and
refinanced in May 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Blackstone Ireland Limited. The
transaction's reinvestment period ended in September 2025.

RATINGS RATIONALE

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

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

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

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

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

Performing par and principal proceeds balance: EUR490.4 million

Defaulted Securities: EUR6.9 million

Diversity Score: 64

Weighted Average Rating Factor (WARF): 2981

Weighted Average Life (WAL): 4.2 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.60%

Weighted Average Coupon (WAC): 3.40%

Weighted Average Recovery Rate (WARR): 44.20%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


HARVEST CLO XVII: Moody's Cuts Class F-R Notes Rating to 'Caa1'
---------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Harvest CLO XVII Designated Activity
Company:

EUR26,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Apr 28, 2025
Upgraded to Aa3 (sf)

EUR32,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Apr 28, 2025
Upgraded to Baa2 (sf)

EUR12,900,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to Caa1 (sf); previously on Apr 28, 2025
Affirmed B3 (sf)

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

EUR279,000,000 (Current outstanding balance EUR171,724,174) Class
A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Apr 28, 2025 Affirmed Aaa (sf)

EUR30,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 28, 2025 Upgraded to Aaa
(sf)

EUR13,500,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 28, 2025 Upgraded to Aaa
(sf)

EUR25,750,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on Apr 28, 2025
Affirmed Ba3 (sf)

Harvest CLO XVII Designated Activity Company, issued in May 2017
and reset in November 2019, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Investcorp Credit
Management EU Limited. The transaction's reinvestment period ended
in May 2024.

RATINGS RATIONALE

The upgrades on the ratings on the Class C-R and D-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in April 2025; the downgrade to the rating on the
Class F-R notes is due to par losses experienced on the portfolio
since the last rating action in April 2025.

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

The Class A-R notes have paid down by approximately EUR51.02
million (18.29% of original balance) since the last rating action
in April 2025 and EUR107.28 million (38.45%) since closing. As a
result of the deleveraging, over-collateralisation (OC) has
increased for senior tranches of the capital structure. According
to the trustee report dated August 2025[1] the Class A/B, Class C-R
and Class D-R OC ratios are reported at 152.32%, 135.66% and
119.83% compared to February 2025[2] levels of 144.57%, 131.51% and
118.57%, respectively.

At the same time, the over-collateralisation ratios of the Class
E-R and F-R notes have deteriorated since the rating action in
April 2025. According to the trustee report dated August 2025[1]
the Class E-R and the Class F-R OC ratios are reported at 109.54%
and 105.03% compared to February 2025[2] levels of 109.87% and
105.98%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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

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

Performing par and principal proceeds balance: EUR331,038,834

Defaulted Securities: EUR3,908,852

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3155

Weighted Average Life (WAL): 3.39 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.73%

Weighted Average Coupon (WAC): 4.61%

Weighted Average Recovery Rate (WARR): 43.79%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

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


HAUS - EUROPEAN LOAN 39: DBRS Confirms B(high) Rating on D Notes
----------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the bonds issued
by HAUS (European Loan Conduit No. 39) DAC (the Issuer) as
follows:

-- Class A1 at AA (high) (sf)
-- Class A2 at A (high) (sf)
-- Class B at BBB (high) (sf)
-- Class C at BB (high) (sf)
-- Class D at B (high) (sf)

Morningstar DBRS also changed the trend to Stable from Negative on
all classes.

CREDIT RATING RATIONALE

Morningstar DBRS confirmed its credit ratings on the Notes issued
under the securitization backed by a EUR 318.75 million
floating-rate loan originated by Morgan Stanley & Co. International
plc. The credit rating confirmations reflect the stabilization of
the loan performance with slight improvements of the rental
income.

The loan that was originated in July 2021 is secured by a portfolio
of 6,284 multifamily residential units across 92 sites (equivalent
to 59 properties) located in Germany. The sponsor, Brookfield
Property Group L.P. (Brookfield), continues to actively manage the
portfolio following the exit of the original seller in March 2023.

At issuance, Brookfield had a majority interest in the portfolio
(approximately 90%) with the seller (a group of high-net-worth
individuals) retaining a minority stake and the role of portfolio
asset manager. Following the seller shareholder's exit in March
2023, the sponsor gained full control and appointed a new asset
manager, MVGM Property Management Germany GmbH (MVGM), to speed up
the delivery of the initial business plan.

According to the initial business plan, the portfolio has suffered
from a period of underinvestment and the occupancy rate was around
60% at issuance. The initial business plan provided for a
refurbishment program with the aim to create significant
reversionary upside in the first two years. The plan was to achieve
a modernization rate of 75% of certain 2,264 identified as
unmodernized units across the portfolio. At cut-off, the seller
funded a capex guarantee of EUR 39.5 million and a rent guarantee
of EUR 23.3 million to cover the shortfall between the expected EUR
35 million "stabilized" rent level and the actual rent level. The
rent reserve was fully depleted during 2022 and was topped up on a
quarterly basis by the sponsor. In March 2023, when the sponsor
gained full control, the rental and capex guarantees were
substituted by an equity commitment letter, which was endorsed by
the sponsor until December 2024. Following the restructuring in
April 2025, the sponsor entered into a replacement equity
commitment letter that is in force until December 2025.

The current whole loan balance stands unchanged at EUR 318.75
million. The initial loan maturity has been extended to July 2029
from July 2026 with the possibility to extend it on an annual basis
until 28 July 2049, subject to certain condition precedents
including the hedging being in place.

Brookfield has injected EUR 139 million in equity to date, with
approximately 85.0% allocated to operating costs and capex, and the
remainder to debt service. The interest coverage ratio improved
materially to 1.08 times (x) as of July 2025 Interest Payment Date
(IPD) IPD, up from 0.52x in July 2024, driven by increased rental
income.

The property manager, MVGM, is continuing to deliver renovated
units, together with leases regearing. Leasing activity remained
dynamic; 179 leases commenced and 56 terminated in the second
quarter up to the July IPD 2025, compared with 80 signed and 56
scheduled terminations in Q1 2025, suggesting a net positive
leasing momentum. The vacancy rate decreased to 47.1% on the July
2025 IPD, from 49.3% on the previous IPD in April 2025, and from
50.9% at the time of the last review (July 2024 IPD). As of July
2025, the servicer reported that 50% (1,133 over 2,262) of the
scheduled units for refurbishment have been completed, compared
with 37% (841 out of 2,263) at the time of the last review,
reflecting steady progress across all sites and consistent
execution by the property manager.

The tenancy profile is very granular, with the top 10 properties
accounting for 40.0% of portfolio net cold rent and 39.5% of
lettable area. According to the most recent servicer report, the
portfolio annual contractual rent on the July 2025 IPD is EUR 17.8
million, up from EUR 15.8 million on July 2024 IPD and the
projected net rental income is EUR 10.4 million, up from EUR 6.4
million. The significant increase in projected net rental income is
due to the increased occupancy rate to 52.9% from 49.1% in the last
year.

Despite operational improvements, the debt yield (DY) remains below
covenant thresholds. As of the July 2025 IPD, DY stood at 3.34%,
below the cash trap covenant of 9.0%, though significantly improved
from 2.0% on the July 2024 IPD. A Class X interest diversion
trigger remains active following a breach of the 5.5% DY threshold
in 2022. The Class X Diversion Ledger balance decreased to EUR 1.6
million, down from EUR 6.0 million in July 2024, as funds were
applied to pay the interests on the notes. Since the restructuring
in April 2025, Class X rights are limited to the final principal
payment with no further interests due and payable. No new funds
will be deposited into this ledger going forward. A sequential
payment trigger event is deemed to have occurred and principal
receipts will be applied sequentially.

The loan-to-value ratio increased to 67.0%, based on the latest JLL
valuation of EUR 475.8 million as of 31 December 2024, reflecting a
4.8% value decline from the prior year. The loan remains
interest-only, with no scheduled amortization until July 2029 when,
if extended, a cash sweep will commence.

The sponsor's ongoing equity injections and operational
improvements support the current rating levels, despite continued
covenant breaches. The transaction remains reliant on sponsor
support, particularly considering the DY covenant breach and
ongoing refurbishment programme.

Morningstar DBRS maintained its net cash flow (NCF) assumption at
EUR 19.0 million and the 5.75% cap rate assumption, resulting in a
Morningstar DBRS value of EUR 331.0 million, equivalent to a
haircut of 30.4%. The interest rate cap remains effective and
mitigates floating-rate risk until July 2026. Stress scenarios
continue to support the current credit ratings, with sufficient
subordination across tranches.

The transaction benefits from a liquidity reserve facility of EUR
13.2 million available to the Class A1, Class A2, and Class B
Notes. Based on the 2.0% Euribor cap strike rate, Morningstar DBRS
estimated that the liquidity reserve would cover 16 months of
interest payment shortfalls.  Based on the Euribor cap of 4.0%, the
interest obligations on the rated notes would increase materially.
As a result, the same liquidity reserve would provide a shorter
coverage period, estimated at approximately nine months, reflecting
the reduced buffer against potential disruptions in cash flow. This
sensitivity highlights the importance of interest rate dynamics in
assessing the transaction's structural protections after notes'
maturity.

The transaction is structured with a five-year tail period to allow
the special servicer to work out the loan at maturity by July 2054
which is the final legal maturity of the notes. In April 2025
restructuring, the final notes maturity has been extended from to
July 2054 from July 2051 as per initial issuance.

Notes: All figures are in euros unless otherwise noted.


HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Class F-R-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO X DAC reset notes
final ratings.

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

   A-R XS2813167025       LT PIFsf  Paid In Full   AAAsf
   A-R-R XS3166365604     LT AAAsf  New Rating
   B-1-R-R XS3166365869   LT AAsf   New Rating
   B-1R XS2813167454      LT PIFsf  Paid In Full   AAsf
   B-2-R-R XS3166366081   LT AAsf   New Rating
   B-2R XS2813167611      LT PIFsf  Paid In Full   AAsf
   C-R XS2813167884       LT PIFsf  Paid In Full   Asf
   C-R-R XS3166366248     LT Asf    New Rating
   D-R XS2813168007       LT PIFsf  Paid In Full   BBB-sf
   D-R-R XS3166366594     LT BBB-sf New Rating
   E-R XS2813168262       LT PIFsf  Paid In Full   BB-sf
   E-R-R XS3166366750     LT BB-sf  New Rating
   F-R XS2813168429       LT PIFsf  Paid In Full   B-sf
   F-R-R XS3166366917     LT B-sf   New Rating
   X XS3166365356         LT AAAsf  New Rating

Transaction Summary

Hayfin Emerald CLO X DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
proceeds were used to redeem existing notes other than the
subordinated notes. The portfolio target par is EUR450 million.

The portfolio is actively managed by Hayfin Emerald Management LLP.
The CLO has a 3.0-year reinvestment period and a 7.0-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B+'/'B' category. The
Fitch weighted average rating factor of the current portfolio is
23.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the current portfolio is 61.6%.

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

Portfolio Management (Neutral): The transaction includes two
matrices effective from the closing date, corresponding to
fixed-rate limits of 10% and 15%, and both based on a top 10
obligor limit of 20% and a 7.0 year WAL test.

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 Fitch-stressed
portfolio analysis is eligible for a 12-month haircut, subject to a
six-year floor. This is to account for the strict reinvestment
conditions envisaged after the reinvestment period. These
conditions include passing the coverage tests, the Fitch 'CCC'
maximum limit after reinvestment and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. In its opinion, these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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 Hayfin Emerald CLO
X DAC.

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




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

STENHUS FASTIGHETER: NCR Affirms 'BB' LongTerm Issuer Rating
------------------------------------------------------------
Nordic Credit Rating (NCR) has affirmed its 'BB' long-term issuer
rating on Sweden-based commercial property manager Stenhus
Fastigheter i Norden AB (publ). The outlook is stable. At the same
time, NCR affirmed its 'N4' short-term issuer rating and 'BB-'
senior unsecured issue rating.

Rating rationale

NCR said, "The affirmation reflects Stenhus's continued solid
operational performance and our expectation of a slight rebound in
the company's occupancy rate. The rebound is driven by divestment
of assets with lower occupancy than those acquired and marginally
positive net letting trends. We expect operating margins and cash
flow to benefit from improved cost efficiency and limited growth in
overhead expenses."

"The company has significantly reduced financing costs by
refinancing a large portion of its borrowings at competitive rates,
taking advantage of the current favourable financing environment.
With lower market interest rates, which are quickly reflected in
the company's interest expenses due to its short fixed-interest
period, we expect net interest coverage to rebound to approximately
2.7x over 2026–2027e, well above its long-term target of above
2.25x. While the company has deleveraging capacity supported by
robust cash flows, we expect it to prioritise shareholder-friendly
actions to grow net asset value. Measures such as dividend
payments, share repurchases and acquisitions are expected to keep
net LTV at around 55% through 2027e. Overall, we believe the
company's shift from portfolio expansion to growing net asset value
improves visibility of debt requirements compared to its initial
growth phase. We assess that extension option of up to two years on
a significant share of the company's debt offset some risk to
liquidity, despite debt maturities being concentrated."

According to NCR, "The rating is constrained by the company's brief
operating history, high growth rates and shareholder friendly
policy. The rating is further constrained by the company's short
fixed-interest period and concentrated debt maturity profile, which
heighten sensitivity to adverse market conditions. The rating also
reflects the company's high-yielding property portfolio, which is
typically located outside central areas and is expected to attract
cyclical tenants. While we expect the company's cash flow
generation to remain strong and interest coverage to improve, the
leverage is likely to remain moderately high."

"The weaknesses are partly offset by Stenhus Fastigheter's long
lease terms, strong profitability and high occupancy. The company's
primary geographic focus, the Mälardalen region including
Stockholm, has strong economic fundamentals, which we view as a
credit strength. We take a positive view of Stenhus Fastigheter's
19% exposure to public-sector tenants, which provides stability,
while strong cash flows allow for organic deleveraging, if the
company chooses."

Stable outlook

"The stable outlook reflects our expectation that Stenhus
Fastigheter's net interest coverage will improve over our forecast
period through 2027. The outlook also reflects our expectation that
the company will remain cautious with capital expenditures and
balance acquisitions with other measures to increase net asset
value. We also expect the company to maintain adequate liquidity,
proactively manage refinancing and continue to focus on its
currently targeted property subsectors and regions.

"We could raise the rating to reflect a more conservative financial
strategy, with improved debt maturity and interest-fixing profile,
and a net loan to value (LTV) ratio below 50% and net interest
coverage above 3.5x and net debt/EBITDA around 9x over a prolonged
period."

"We could lower the rating to reflect weakened liquidity profile
due to concentrated debt maturities, a deterioration in credit
metrics, with net LTV approaching 60% over a protracted period, or
worsening market fundamentals adversely affecting profitability."




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

ADVANZ PHARMA: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed ADVANZ PHARMA HoldCo Limited's Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook. It has
also affirmed Cidron Aida Finco S.a.r.l.'s senior secured issuance
rating at 'B+' with a Recovery Rating of 'RR3'.

ADVANZ's IDR remains constrained by its scale, high leverage and
execution risks in implementing its strategy as an asset-light
multinational pharmaceutical company. The rating also reflects the
company's growing diversification across drugs, treatment areas,
and geographies, which translates into solid underlying cash flow
generation.

The Stable Outlook reflects its expectation of improvement in the
company's performance as the latest product acquisitions and
gradual recovery of supply chain disruptions from Lanreotide and
Paliperidone will offset the decline of Ocaliva sales. Meanwhile,
manageable litigation-related cash calls should considerably reduce
further related risks. In its view, the company needs to build
rating headroom in 2026 through rigorous implementation of its
strategic initiatives, coupled with the launch of its in-licenced
biosimilars, which carries meaningful execution risk but should
further solidify the company's business profile and deleveraging.

Key Rating Drivers

Limited Rating Headroom: ADVANZ's operating performance in 1H25 was
below its expectations, as EBITDA declined due to continued
supply-chain disruptions in two products (Lanreotide and
Paliperidone) and the revocation of marketing authorisation for the
highly margin-accretive Ocaliva in the EU. Fitch now expects EBITDA
leverage to be 6.0x in 2025, at its negative sensitivity level, and
with temporarily negative free cash flow (FCF) generation.

The company's credit metrics reflect minimal rating headroom, but
Fitch expects it to revert to growth in 2026 as supply chain
disruptions normalise during 2H25, coupled with contributions from
drugs acquired in 2025 and launches from the internal pipeline of
in-licenced products. This should offset the continuous decline of
Ocaliva as more jurisdictions evaluate its market access.

Execution Risks in Biosimilar Strategy: In its view, ADVANZ's
launches of in-licenced biosimilar products, to start next year,
carry meaningful execution risks related to the commercialisation
roll-out and distribution channels, alongside pricing dynamics in
the highly competitive European biosimilars market.

Consequently, Fitch takes a cautious view on the commercial
contribution from these products, which, nevertheless, will in its
view be sufficient to offset the steady decline of ADVANZ's
off-patent drug portfolio, balancing structurally lower
profitability from biosimilars with increased scale. In its view,
the company's deleveraging will be determined by the pace of
biosimilars EBITDA expansion in the short to medium term.

Negative Resolution on Litigation: Fitch assumes ADVANZ will
exhaust its current provisions related to possible past competition
infringement cases, as the Court of Appeal upheld the Competitions
and Markets Authority's decision. Fitch expects the company to pay
around GBP66 million in legal costs and fines related to the last
two cases remaining in 2025-2026. This will result in negative FCF
for 2025-2026, but Fitch believes the company has adequate
financial flexibility to accommodate those payments. The resolution
of these cases considerably reduces litigation-related
uncertainties. Fitch views further investigations stemming from
these allegations as event risk.

FCF to Improve: Its rating case assumes ADVANZ will return to
sustained positive FCF generation in 2027 after the fine payments
assumed in 2025-2026, with EBITDA margins remaining at mid-30s.
Fitch expects FCF margin to stabilise in mid single digits, after
increased milestone payments from biosimilar approvals. This is
predicated on cost increases and investments in pipeline and
marketing infrastructure, and working capital outflow as the
biosimilar projects are approved and increase production. The
asset-light manufacturing setup supports and continues to deliver
strong underlying cash generation, which Fitch assumes will be
fully reinvested in external growth opportunities.

Acquisitions to Reduce: Fitch expects ADVANZ to remain actively
seeking M&A opportunities in small niche specialist products that
complement its portfolio in the short to mid term, albeit at a
lower cost than in previous years as it focuses on developing its
internal biosimilar pipeline of products. Fitch projects it will
spend GBP200 million in 2026-2028, after investing about GBP200
million from the overfunding of the October 2024 refinancing
transaction mostly in specialist products, which will support
revenue generation in the short term, alongside in-licencing of
biosimilar candidates that support growth in the mid to long term.

Growth Opportunities in Generic Market: Structural volume growth in
generic drug markets is driven by an ageing population, higher
prevalence of chronic diseases and an increasing number of drugs
losing patent protection. Smaller groups like ADVANZ have
significant inorganic growth opportunities stemming from larger
innovative pharma companies divesting smaller off-patent drugs to
optimise portfolio. However, Fitch expects generic drug pricing to
remain under pressure, spurring investments in scale, low-cost
manufacturing, and more specialised products to protect growth and
profitability.

Peer Analysis

Fitch rates ADVANZ and conducts peer analysis using its Global
Navigator Framework for Pharmaceutical Companies. Fitch considers
its 'B' rating against other asset-light scalable specialist
pharmaceutical companies focused on off-patent branded and generic
drugs such as CHEPLAPHARM Arzneimittel GmbH (B/Stable), Pharmanovia
Bidco Limited (B-/Negative) and European generic drug manufacturer
Nidda BondCo GmbH (Stada, B/Stable).

ADVANZ's business model focuses not only on life-cycle and
intellectual property management of off-patent branded and generic
drugs, as CHEPLAPHARM and Pharmanovia do, but is also involved in
bringing new niche, specialist drugs to market through
co-development, in-licencing, and distribution agreements. This is
more similar to Stada's strategy in the specialty pharmaceuticals
segment. ADVANZ is also increasing its strategic options by
bringing biosimilars to market through in-licencing, which will
broaden its product diversification.

Unlike CHEPLAPHARM and Pharmanovia's, ADVANZ's growth will be
driven by organic growth opportunities related to the company's
biosimilar pipeline and inorganic growth through acquisition of
niche off-patent branded and generic drugs. Nevertheless, ADVANZ
will have a structurally lower margin than these peers, albeit
still strong for the rating category. This is partly driven by its
decision to develop a sales channel in certain therapeutic areas
targeting European hospitals, which calls for higher in-house
marketing and distribution expenses. In addition, in-licencing of
biosimilar products will structurally lower margins for the
company.

The company has a weaker business risk profile due to its
significantly smaller size and scale than Stada, compensated by a
less aggressive financial policy.

Key Assumptions

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

- Revenue decline in the low single digits in 2025, with the
Ocaliva sales decline and supply chain challenges from the 1H25 in
Paliperidone and Lanreotide offset by the company's latest
acquisitions. Fitch expects double-digit revenue growth in 2026 as
Lanreotide and Paliperidone increase output and initial
contributions from the biosimilar pipeline. Fitch expects
mid-to-high single digit revenue growth as ADVANZ continues to
launch its biosimilar pipeline,

- EBITDA margin around 36.5% in 2025, declining to around 34% as
the company supports the launch of its biosimilar products.

- Maintenance capex of 0.2%-0.25% of revenues through 2028,
milestone payments of 3%-5.5% of revenues in 2025-2028, related to
the approval of biosimilar products, which Fitch also views as
capex.

- Acquisitions of GBP200 million in 2025, and GBP200 million in
2026-2028. Fitch treats acquisitions accounting for up to 6%-8% of
the sales estimated to replenish organic portfolio declines in
2026-2028 as capex.

- Working-capital outflow at around 2.5% of sales in 2025. Fitch
expects it will increase in 2026-2028 to close to 4% as the company
starts the biosimilar commercialisation.

- No dividends to 2028.

Recovery Analysis

The recovery analysis is based on a going-concern approach. This
reflects the company's asset-light business model supporting higher
realisable values in financial distress compared with balance-sheet
liquidation.

Distress could arise primarily from material revenue and margin
contraction following volume losses and price pressure, given its
exposure to generic competition. For the going-concern enterprise
value calculation, Fitch continues to estimate a post-restructuring
EBITDA of about GBP200 million, which reflects organic earnings
after distress and implementation of possible corrective measures.

Fitch continues to apply a 5.5x distressed enterprise value/EBITDA
multiple, which would appropriately reflect the company's minimum
valuation multiple before considering value added through portfolio
and brand management.

Its principal waterfall analysis generated a ranked recovery in the
'RR3' band for all senior secured instruments, ranking equally
among themselves, after deducting 10% for administrative claims,
and assuming the company's committed RCF of EUR214 million will be
fully drawn prior to distress. This results in a 'B+' senior
secured debt rating, one notch above the IDR.

RATING SENSITIVITIES

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

Unsuccessful implementation of the organic growth strategy or
acquisitions that lead to:

- A sustained decline in EBITDA margins, translating into weakening
cash generation, with FCF margins declining towards the low single
digits or zero

- EBITDA leverage above 6x on a sustained basis

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

Successful implementation of the organic growth strategy,
complemented by selective and carefully executed acquisitions
leading to:

- EBITDA margin sustained above 40%, and continued strong cash
generation with FCF margins comfortably in the double digits

- EBITDA leverage at or below 4.5x on a sustained basis

Liquidity and Debt Structure

Fitch views ADVANZ's liquidity as adequate, based on the
Fitch-defined readily available cash position of around GBP251
million at end-June 2025 (excluding GBP15 million that Fitch treats
as not readily available for debt service). This is further
supported by full availability under its EUR214 million revolving
credit facility maturing in April 2031. ADVANZ's capital structure
benefits from long-dated maturities, with no debt repayment until
April 2031 after the company's refinancing at the end of last year
and in April 2025.

Issuer Profile

ADVANZ is a pharmaceutical company with focus on specialty and
hospital medicines distributed in Europe and Canada.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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
   -----------               ------        --------   -----
Cidron Aida Finco
S.a.r.l.

   senior secured      LT     B+ Affirmed    RR3      B+

ADVANZ PHARMA
HoldCo Limited         LT IDR B  Affirmed             B


NUVOLA DISTRIBUTION: Quantuma Advisory Named as Administrators
--------------------------------------------------------------
Nuvola Distribution Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2025-006476, and Kelly Mitchell and Richard Wragg of Quantuma
Advisory Limited were appointed as administrators on Sept. 18,
2025.  

Nuvola Distribution, fka Nuage Distribution Limited; Nuage
Communications Limited, engaged in telecommunications activities.

Its registered office is at Unit J, Lambs Farm Business Park,
Basingstoke Road, Swallowfield, Reading, RG7 1PQ and it is in the
process of being changed to Office D, Beresford House, Town Quay,
Southampton, SO14 2AQ

Its principal trading address is at Unit J, Lambs Farm Business
Park, Basingstoke Road, Swallowfield, Reading, RG7 1PQ

The joint administrators can be reached at:

     Kelly Mitchell
     Richard Wragg
     Quantuma Advisory Limited
     Office D, Beresford House
     Town Quay, Southampton, SO14 2AQ

Any person who requires further information may contact:

     Elli Salmon
     Email: elli.salmon@quantuma.com
     Tel No: 02380-821862


PRO-PERFORMANCE AND RACING: Leonard Curtis Named as Administrators
------------------------------------------------------------------
Pro-Performance And Racing Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Birmingham, Company & Insolvency List (ChD), Court
Number: CR-2025-BHM-000511, and Conrad Beighton and Elizabeth Welch
of Leonard Curtis were appointed as administrators on Sept. 19,
2025.  

Pro-Performance and Racing, trading as Pro-Driver, engaged in
transpoting vehicles for car dealerships.

Its registered office is at Edward House, Grange Business Park,
Whetstone, Leicester LE8 6EP

Its principal trading address is at Pro-Driver, Bedworth Road,
Bulkington, Bedworth CV12 9JA

The joint administrators can be reached at:

     Conrad Beighton
     Elizabeth Welch
     Leonard Curtis
     Cavendish House
     39-41 Waterloo Street
     Birmingham, B2 5PP

For further details, contact:

     The Joint Administrators
     Email: recovery@leonardcurtis.co.uk
     Tel No: 0121 200 2111

Alternative contact:

     Cameron Ford


ROBERT D. WEBSTER: Leonard Curtis Named as Administrators
---------------------------------------------------------
Robert D. Webster Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Company & Insolvency List (ChD), Court
Number: CR-2025-LDS-000981, and Phil Deyes and Sean Williams of
Leonard Curtis were appointed as administrators on Sept. 22, 2025.


Robert D. Webster engaged in agents involved in the sale of
machinery, industrial equipment, ships and aircraft.

Its registered office is currently at 4 - 6 Swaby's Yard,
Walkergate, Beverley, East Yorkshire, HU17 9BZ and will be changed
to 9th Floor, 7 Park Row, Leeds, LS1 5HD

Its principal trading address is at Owstwick Grange, Owstwick,
Roos, Hull, HU12 0LH; Boothferry Road, Howden, Goole, DN14 7DZ

The administrators can be reached at:

             Phil Deyes
             Sean Williams
             Leonard Curtis
             9th Floor, 7 Park Row
             Leeds, LS1 5HD

For further information, contact:

            The Joint Administrators
            Email: recovery@leonardcurtis.co.uk
            Tel No: 0113 323 8890

Alternative contact: Amelia Blythe


TALKTALK TELECOM: Fitch Upgrades LongTerm IDR to 'CCC-'
-------------------------------------------------------
Fitch Ratings has downgraded TalkTalk Telecom Group Limited's (TTG)
Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted Default)
from 'C' and subsequently upgraded the IDR to 'CCC-'.

Fitch has also downgraded the first-lien senior secured notes to
'C' and subsequently upgraded them to 'CC' with a Recovery Rating
of 'RR5'. Fitch has assigned a 'C'/'RR6' rating to the new
second-lien senior secured notes.

The upgrade follows TTG's second debt restructuring in 12 months.
The new restructuring offers time and financial flexibility to
stabilise and improve prospects. TTG still benefits from a large
customer base, coverage and relative market share, although all are
under pressure.

However, high post-restructuring EBITDA net leverage, low
Fitch-defined EBITDA margin and FCF, and significant operational
restructuring risks persist. Liquidity headroom is minimal, and
refinancing risks are high. Successful execution of the
transformation and improved refinancing prospects will be key to
positive rating movements.

Fitch has affirmed and withdrawn the rating on TTG's senior secured
second lien notes of GBP332 million. The notes have been cancelled
and replaced by senior secured second lien notes of GBP313
million.

Key Rating Drivers

New Debt Structure: TTG's debt restructuring has closed with a
multi-tiered capital structure, introducing a 1.5 lien and two
separate tiers within the second lien. The new terms have resulted
in first-lien cash interest being converted to payment-in-kind
(PIK) to maturity and maturity extended for the first lien to
February 2028. Second-lien creditors who did not consent to the
restructuring have been covenant stripped. TTG will have headroom
to raise further debt of up to GBP65 million at the first-lien
senior secured level and GBP90 million at the 1.5 lien level,
potentially providing a cushion to prevent an immediate liquidity
crisis.

High Leverage, Financial Risk: TTG's Fitch-defined EBITDA leverage
remains high, with an uncertain and challenging organic
deleveraging path. Fitch estimates net leverage will exceed 20x for
FY26 and expect it to incrementally rise with interest accruing on
the balance sheet. TTG has a substantial total debt balance of
GBP1.4 billion. New debt has no leverage covenant and a GBP5
million minimum liquidity covenant for creditors that will not be
covenant stripped, significantly lighter than the previous terms.

High Refinancing Risk Remains: Fitch believes it is highly unlikely
a par refinancing will be possible despite the extension of the
first-lien maturity to February 2028, given the amount of debt
outstanding and limited visibility on TTG's ability to deleverage
and generate sufficient cash flows to service interest payments.
Any deleveraging will require significant margin expansion to low
double digits on a Fitch basis, which is likely to prove
challenging for TTG. The company's capital structure remains
untenable in the absence of a comprehensive balance-sheet
restructuring or improving financial performance, posing
significant risk to creditors.

Negative FCF Erodes Liquidity: Fitch expects negative free cash
flow (FCF) to persist in FY26-FY28. Near-term cash absorption will
be driven by the normalisation of working capital, restructuring
costs and completion of capex investments. Fitch expects capex will
fall from GBP85 million in FY26 towards the lower end of GBP60
million-70 million. Fitch anticipates very limited revenue growth
and so Fitch expects TTG will be able to save on some customer opex
and capex. However, limited EBITDA growth suggests overall FCF
burn. Cash outflow is likely to recede in FY28 but not turn
positive, resulting in balance-sheet cash declining from FY26.

Execution Risks: Its forecasts do not factor in the full benefit of
turnaround initiatives, given operational challenges, tough market
conditions and the impact of network supplier costs. In addition,
lower customer investments may affect revenue growth and
profitability, especially in a competitive market. However,
effective automation and a faster transition to
fibre-to-the-premises could provide sustainable cost improvements.
Improved alternative network (alt-net) penetration may also
mitigate gross margin erosion. Any delay or failure to execute will
hinder deleveraging and FCF improvements.

Ongoing Operational Challenges: TTG continues to face operational
challenges. Its customer base dropped to 3.1 million in 1Q25, from
3.6 million in 2024, due partly to the disposal of a part of it.
The business is also exposed to the continued decline of legacy
products, including voice and lower bandwidth ethernet, and
intensifying competition from alternative networks. TTG's PXC
ethernet business had marginal growth of 1.3% in FY25, which
brought some value, but this was constrained by pricing pressure
for new subscribers. Fitch understands management expects to
refocus on customer acquisition activities in the second half of
FY26.

Business Model Risks: TTG operates as an aggregator and reseller in
an increasingly competitive market, where declining inflation and
limited pricing flexibility have made it difficult to sustain
earnings growth. The company still holds a major position in the
sector, but its market share has fallen to below 10%, reflecting a
rapidly shrinking customer base. Initiatives to restructure
operations, including the separation of TTG Consumer and PXC, have
yet to show meaningful results. Execution risk around cost
transformation and operational turnaround remains high, with
aggressive cuts in subscriber acquisition costs and marketing
potentially compromising growth.

M&A Possible but Uncertain: Fitch believes management's financing
decisions suggest TTG aims to stabilise and sell the business, in
whole or in parts, before its maturity wall. Its customer bases
have value for competitors for a potential trade sale, as it
remains the UK's fourth largest consumer fixed-line provider by
market share and has a competitive position in high average revenue
per user business-to-business ethernet connectivity. However, Fitch
believes any potential buyer would weigh up the cost of acquiring
TTG's customers directly in the market against the cost of
acquiring a business segment, with timing also critical as
refinancing approaches.

Peer Analysis

TTG's operating and FCF margins lag the telecom sector average,
reflecting its limited scale, unbundled local exchange network
architecture and dependence on regulated wholesale products for
last-mile connectivity. The company is less exposed to the trend of
consumers trading down or cancelling pay-TV subscriptions in favour
of alternative internet or wireless-based services, but its
business model faces weaker operating margins from its leased local
network, intense competition at the value end of the market and
evolving regulation.

Peers, such as BT Group plc (BBB/Stable) and VMED O2 UK Limited
(BB-/Negative), benefit from fully owned access infrastructure,
revenue diversification resulting from scale in multiple products,
including mobile and pay-TV, and higher operating and cash flow
margins.

A notable peer in the UK is Vodafone Group Plc's (BBB/Positive)
UK-based subsidiary, which also leases local access lines from
Openreach - BT's wholly owned network operator - and alternative
networks. However, Vodafone benefits from global diversification,
network ownership in other countries and an extensive mobile
network that allows for fixed-mobile convergent offering.

Sky plc, a subsidiary of Comcast Corp. (A-/Stable), is another
local access leased-line provider, but benefits from scale and
service diversification, with offerings at the premium and value
end (NowTV). It also has a significant competitive advantage in the
cash flow-generative traditional pay-TV segment, particularly
through its higher-value sport offerings.

The higher cash flow visibility of these peers supports greater
debt capacity for a given rating.

Key Assumptions

- Revenue decline of 9.5% in FY26 (year-end February) and 3.1%
decline in CAGR FY26-FY28

- Fitch-defined EBITDA margin of about 4.3% in FY26 and 5% in
FY27-FY28 (pre-IFRS16 basis)

- Network monetisation cash inflow recognised before FCF, but
excluded from Fitch-defined EBITDA

- Capex at 6.5% of sales in FY26, declining to 5% by FY28

- Non-recurring cash outflow includes copper-to-fibre, legacy and
exceptional costs

- M&A cash inflow of GBP50 million in FY26, including contingent
payments, reflecting disposals already signed

Recovery Analysis

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

TTG after restructuring may be acquired by a larger company that
could absorb its customer base and restructure its operations to
optimise profitability. Fitch applies an enterprise value multiple
of 4.0x and going concern EBITDA of GBP59 million. After deducting
10% for administrative claims to account for bankruptcy and
associated costs, Fitch calculates a post-reorganisation enterprise
value of GBP212 million.

In its analysis Fitch increased the first-lien, 1.5 lien and upper
tier of second-lien debt by the amount of annual interest
capitalised as PIK. Its waterfall analysis generates a ranked
recovery for TTG's first-lien senior secured debt in the 'CC'/'RR5'
band. All other funding is ranked at 'C'/'RR6' band. Although the
multiple reflects TTG's smaller scale, limited diversification and
restricted network ownership compared with peers in developed
markets, the first-lien recoveries rating could be viewed as
binary, with potential upside, given the value of TTG's customer
base.

Fitch assumes the accounts receivable securitisation facility
remains in place in a bankruptcy and therefore does not affect
recoveries for secured creditors, as demonstrated in the most
recent restructuring in December 2024.

RATING SENSITIVITIES

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

- Increasing likelihood of a debt default, debt restructuring or
bankruptcy that Fitch would classify as a distressed debt exchange,
which may lead to further downgrades of TTG's Long-Term IDR

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

- Easing refinancing risks as successful management actions result
in consistently improving operating and financial performance,
leading to meaningful deleveraging

- Positive FCF to generate organic liquidity headroom without
relying on additional debt and/or extraordinary measures

Liquidity and Debt Structure

Fitch sees low liquidity headroom for TTG to weather further
sustained operational underperformance. Incremental debt and
restructuring of terms in addition to proceeds from completed asset
sales will help meet near-term supplier payments and provide TTG
with liquidity headroom but Fitch expects FCF to remain negative
albeit improving, with receding restructuring costs and no cash
interest payments. Nevertheless, liquidity headroom is likely to
erode over the next three years. TTG's only option under its
control is to draw additional debt, which will further affect
refinancing possibilities.

The restructured capital structure will consist of GBP694 million
of senior secured first-lien debt and GBP74 million of 1.5-lien
secured debt maturing February 2028. In addition, GBP606 million of
second lien debt (GBP236 million ranking ahead of the remaining
second-lien debt) will mature in March 2028. All debt has PIK or
pay-if-you-can interest. There is also a GBP75 million receivables
purchase agreement maturing in September 2026 which will remain
super senior to all other debt. The receivables purchase agreement
can be extended.

Issuer Profile

TTG is an alternative 'value-for-money' fixed line telecom operator
in the UK, offering quad-play services to consumers and broadband
and ethernet services to business customers.

Summary of Financial Adjustments

TTG classifies customer connection costs as right of use assets,
which it depreciates under IFRS16. However, these are paid up front
as part of capex, leaving lease cash repayments lower than
depreciation of right of use assets plus interest on lease
liabilities (IFRS16 lease costs). Under its criteria, IFRS16 lease
costs should be deducted from operating profit to calculate
Fitch-defined EBITDA for this sector. Fitch treats the customer
connection element of lease costs as capex and lower IFRS16 lease
costs for the portion of lease costs that relate to one-off
customer connection costs.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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

Fitch does not provide ESG relevance scores for TalkTalk Telecom
Group Limited.

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.

   Entity/Debt              Rating            Recovery   Prior
   -----------              ------            --------   -----
TalkTalk Telecom
Group Limited         LT IDR RD   Downgrade              C
                      LT IDR CCC- Upgrade

   Senior Secured  
   2nd Lien           LT     C    New Rating    RR6

   Senior Secured
   2nd Lien           LT     C    Affirmed      RR6      C

   Senior Secured
   2nd Lien           LT     WD   Withdrawn

   senior secured     LT     C    Downgrade     RR5      CC

   senior secured     LT     CC   Upgrade       RR5


THREE LEGGED TRANSPORT: Leonard Curtis Named as Administrators
--------------------------------------------------------------
Three Legged Transport Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2025-006087, and
David Smithson and Michael Robert Fortune of Leonard Curtis were
appointed as administrators on Sept. 17, 2025.  

Three Legged Transport engaged in warehouse storage and transport.

Its registered office is at 1580 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AG

Its principal trading address is at 79 Condor Close, Woolsbridge
Industrial Estate, Three Legged Cross, Wimborne, Dorset BH21 6SU

The joint administrators can be reached at:

      David Smithson
      Michael Robert Fortune
      Leonard Curtis
      1580 Parkway, Solent Business Park,
      Whiteley Fareham,
      Hampshire, PO15 7AG

For further details, contact:

      The Joint Administrators
      Email: creditors.south@leonardcurtis.co.uk

Alternative contact: Cheryl Richards



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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