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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

          Friday, October 10, 2025, Vol. 26, No. 203

                           Headlines



C Z E C H   R E P U B L I C

ALTHEA ACQUISITION: Moody's Assigns 'B2' CFR, Outlook Stable


F R A N C E

ELECTRICITE DE FRANCE: S&P Rates Hybrid Capital Securities 'B+'


G E R M A N Y

FORTUNA CONSUMER 2025-2: Moody's Assigns B3 Rating to Cl. F Notes
FORTUNA CONSUMER 2025-2: S&P Assigns CCC(sf) Rating on G Notes


G R E E C E

DANAOS CORP: S&P Rates Up to $500MM Unsecured Notes 'BB+'


I R E L A N D

AURIUM CLO VIII: S&P Assigns B-(sf) Rating on Class F-R Notes
CVC CORDATUS VII: Fitch Assigns B-(EXP)sf Rating on Cl. F-R-R Notes
CVC CORDATUS VII: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
DRYDEN 35 EURO 2014: Moody's Affirms Ba3 Rating on Class E-R Notes
HARVEST CLO XXX: S&P Assigns Prelim. B-(sf) Rating on Cl. F-R Notes

HAYFIN EMERALD X: S&P Assigns B-(sf) Rating on Class F-R-R Notes
JUBILEE CLO 2025-XXXII: S&P Assigns Prelim. 'B-' Rating on F Notes


L U X E M B O U R G

CHRYSAOR BIDCO: Moody's Cuts CFR to 'B3', Outlook Stable
VIVION INVESTMENTS: S&P Affirms 'BB' LT ICR, Outlook Negative


N E T H E R L A N D S

INFINITAS LEARNING: S&P Assigns 'B-' ICR, Outlook Stable


U N I T E D   K I N G D O M

C. BROWN & SONS: Teneo Financial Named as Administrators
CROWNHILL TOPSOIL: Leonard Curtis Named as Administrators
HONEST PAYROLL: Cowgills Limited Named as Administrators
K WEST TRANSPORT: RCM Advisory Named as Administrators
LONDON CARDS 3: S&P Assigns CCC(sf) Rating on Class X-Dfrd Notes

PEARCROFT DEVELOPMENTS: CG & Co Named as Administrators
PICKLES&CO LTD: Leonard Curtis Named as Administrators
PREFERRED RESIDENTIAL 05-2: S&P Affirms 'B-' Rating on E1c Notes
PREFERRED RESIDENTIAL 06-1: S&P Affirms 'B-' Rating on E1c Notes
WE ARE ELECTRIC: Oury Clark Named as Administrators



X X X X X X X X

[] BOOK REVIEW: Taking Charge

                           - - - - -


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C Z E C H   R E P U B L I C
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ALTHEA ACQUISITION: Moody's Assigns 'B2' CFR, Outlook Stable
------------------------------------------------------------
Moody's Ratings has assigned a B2 corporate family rating and B2-PD
probability of default rating to Althea Acquisition Bidco S.a r.l.
(Zentiva or the company), the new parent company of Zentiva's
restricted group. In addition, Moody's have assigned a B2 rating to
Zentiva's proposed EUR2.6 billion senior secured term loan B (TLB)
due 2032 and EUR350 million senior secured revolving credit
facility (RCF) due 2032. Concurrently, Moody's have withdrawn the
B2 CFR and B2-PD PDR of AI Sirona (Luxembourg) Acquisition
S.a.r.l., the former parent company of Zentiva's restricted group.
The outlook on Zentiva is stable.

This follows the announced acquisition of Zentiva by GTCR LLC
(GTCR) from Advent International, which is expected to close in
early 2026.

The proceeds from the proposed EUR2.6 billion term loan, along with
about EUR1.1 billion of equity and EUR535 million of preferred
equity certificates (PECs), will fund the EUR3.92 billion
acquisition price, EUR130 million of cash on Zentiva's balance
sheet, and cover about EUR140 million of transaction costs.

RATINGS RATIONALE

The rating action reflects Moody's expectations that over the next
12-18 months, Zentiva's credit metrics will return to levels
commensurate with a B2 rating from currently weak levels. Pro forma
the transaction, Moody's adjusted debt/EBITDA (leverage) is about
7x for the 12 months ended June 30, 2025. This high leverage
primarily resulted from a large debt-funded dividend distribution
completed in May 2025. The acquisition of Zentiva by GTCR involves
only a slight increase of the company's gross debt, which has a
limited impact on its leverage. The B2 rating also considers
Zentiva's consistent organic revenue growth since its carve-out
from Sanofi in 2018, along with improving efficiencies and coverage
of drugs losing exclusivity. These factors have supported the
company's ability to deleverage at a rapid pace and generate
positive free cash flow (FCF).

Governance considerations, including Zentiva's financial policy,
with notably a tolerance for high leverage and a concentrated
ownership, were drivers of the rating action.

Over the next 12-18 months, Moody's forecasts organic revenue
growth in the mid- to high-single-digits in percentage terms,
driven by new product launches, continued organic growth of
existing drug portfolio, and the contribution of recent
acquisitions. Moody's forecasst that Moody's-adjusted leverage will
decline to below 6x in the next 12-18 months, and that interest
coverage, defined as Moody's-adjusted EBITA to interest expense,
will improve to around 2.5x. The company's Moody's-adjusted FCF
generation is expected to remain solid at around EUR70 million-
EUR80 million per year in the next 12-18 months.

Zentiva's B2 rating continues to reflect its solid market position
in the countries where it operates; its diverse product portfolio
and good coverage of small molecules that lose exclusivity until
the end of the decade; and its solid profit margin, driven by its
cost competitive business model.

The B2 rating also takes into account Zentiva's overall moderate
scale, compared with that of rated global peers, and limited
geographical presence outside of Europe; the commoditised nature of
its generics portfolio, although its over-the-counter (OTC) and
specialty product exposure has increased; and its highly leveraged
capital structure and appetite for acquisitions, which could delay
leverage reduction.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

LIQUIDITY

Zentiva has a good liquidity supported by a cash balance expected
to amount to EUR130 million at acquisition closing, a EUR350
million RCF due 2032 which is expected to be undrawn, and
Moody's-adjusted FCF generation of EUR70 million- EUR80 million
annually over the next 12-18 months.

The RCF is subject to a senior secured net leverage covenant of
11x, tested quarterly if more than 40% of the facility is drawn.
Moody's expects the company to have significant capacity under this
covenant.

STRUCTURAL CONSIDERATIONS

Zentiva's capital structure mainly comprises a senior secured term
loan and a senior secured RCF, both rated B2, which are guaranteed
by operating companies representing at least 80% of consolidated
EBITDA and share a security package consisting primarily of share
pledges. The B2-PD PDR is in line with the CFR and reflects a 50%
family recovery rate which is typical for covenant-lite bank debt
structures.

The financing of Zentiva's acquisition by GTCR comprises EUR535
million of PECs which will be sourced from third-party investors
and sit outside of the restricted group. In Moody's views, the
presence of such an instrument increases the risks that the company
could upstream cash or raise debt at the restricted group to repay
or service this instrument, which would pressure Zentiva's credit
quality.

Nevertheless, Moody's notes the management's track record of
driving earnings growth and Moody's rating factors in the
expectation that this strategy will continue, as GTCR intends to
keep the FCF generated within the business to mainly reinvest it in
M&A, and has no intention to use the company's FCF to service this
instrument.

COVENANTS

Moody's have reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include
wholly-owned subsidiaries representing 5% or more of consolidated
EBITDA. Companies incorporated in Austria, Czech Republic, Denmark,
England and Wales, France, Germany, Italy, Luxembourg, the
Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Sweden and
Switzerland are required to provide guarantees and security.
Security will include a floating charge over substantially all
assets in England and Wales (subject to exceptions), as well as
over key shares, intracompany receivables and material bank
accounts.

Incremental facilities are permitted up to the greater of EUR440
million and 100% of EBITDA. Unlimited pari passu debt is permitted
if the senior secured net leverage ratio (SSNLR) is 6.0x or less.
Unlimited restricted payments are permitted if the total secured
net leverage ratio (TSNLR) is 5.25x or less; and unlimited
subordinated debt repayments are permitted if TSNLR is 5.75x or
less (in both cases, with step-downs if funded from the available
amount). Any permitted investment is allowed if SSNLR or TSNLR is
6.25x or less; SSNLR or TSNLR is not made worse after such
investment; or if funded from the available amount. Asset sale
proceeds are only required to be applied in full where SSNLR is
greater than 5.75x.

Adjustments to consolidated EBITDA include uncapped cost savings
and synergies projected to result from actions in which substantial
steps have been, will be or are committed to be taken.

In the event that consolidated EBITDA increases above the reference
EBITDA, the fixed numerical cap component of all such baskets shall
be deemed to increase to the highest amount of the grower component
reached from time to time, without reduction thereof.

The above are proposed terms, and the final terms may be materially
different.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Zentiva will
continue to have a strong operating performance over the next 12-18
months, which will drive credit metrics improvements and notably
drive leverage down to below 6x. The outlook also considers that
any potential M&A will be funded conservatively and not hinder
deleveraging.

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

Upward rating pressure is currently limited in light of the weak
credit metrics and the presence of the PECs outside of the
restricted group. Upward pressure could arise if Zentiva continues
to deliver a solid operating performance and maintains conservative
and predictable financial policies, including visibility on M&A
strategy and potential shareholder distributions. Numerically, an
upgrade would require Moody's-adjusted gross debt/EBITDA reducing
below 5x, Moody's-adjusted FCF to debt improving towards the high
single digits in percentage terms, and a Moody's-adjusted EBITA to
interest expense exceeding 3x, all on a sustained basis.

Conversely, downward pressure could develop if Zentiva fails to
demonstrate a steady improvement in credit metrics and deleveraging
over the next 12-18 months, as per its current business plan, if
its operating performance deteriorates or if it undertakes
leveraging transactions, such as debt-funded acquisitions or
shareholder distributions. Quantitatively, a downgrade could occur
if its Moody's-adjusted gross debt/EBITDA does not decline to
around 6x by 2026, or if its Moody's-adjusted EBITA to interest
expense reduces below 2x or its Moody's-adjusted FCF materially
deteriorates. Downward pressure could also develop if liquidity
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
published in September 2025.

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

COMPANY PROFILE

Zentiva is a leading European generics company headquartered in the
Czech Republic. It holds leading market positions in the Czech
Republic, Slovakia and Romania, and strong positions in Germany,
France, Italy and other Central and Eastern Europe (CEE) markets,
with an increasing share of consumer healthcare and specialty
products. Zentiva benefits from a vertically integrated model
through the value chain. It generated net sales of EUR1.6 billion
and company-adjusted EBITDA of EUR407 million in 2024.




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ELECTRICITE DE FRANCE: S&P Rates Hybrid Capital Securities 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue ratings to the
new EUR1.25 billion perpetual, optionally deferrable, and
subordinated hybrid capital securities issued by Electricite de
France S.A. (EDF; BBB/Positive/A-2).

This week, Electricite de France S.A. (EDF) issued an unsecured
deeply subordinated hybrid note for EUR1.25 billion and will use
the proceeds mainly to refinance hybrids it will tender.

The company also launched a tender offer on its EUR1 billion green
perpetual subordinated notes with a first call on Jan. 22, 2026,
and its £1.25 billion reset perpetual subordinated notes with a
first call on Jan. 29, 2026, of which EUR501.3 million and £628.7
million are currently outstanding.

S&P said, "We therefore expect EDF's stack of hybrid capital that
is eligible for an intermediate equity credit assessment to remain
at about EUR10 billion, consistent with our expectations.

"According to our estimates, after these transactions, the overall
amount of hybrid capital eligible for an intermediate equity credit
assessment will remain close to EUR10 billion (EUR10.047 billion at
year-end 2024) and remain comfortably below our 15% upper guidance
for intermediate equity content. EDF is using the proceeds to
replace the tendered amounts of the notes stepping up in January
2026. We maintained our assessment of intermediate equity content
on EDF's hybrid stock, since both tendered issues are entirely
refinanced by this week's issuance. We continue to expect EDF's
total hybrid stock will not decrease significantly below EUR10
billion.

"We consider the new securities to have intermediate equity content
until the first reset date because they meet our criteria in terms
of their ability to absorb losses and preserve cash in times of
stress, including through their subordination and the deferability
of interest at the company's discretion in this period. We
therefore assign intermediate equity content to the new hybrid
instruments until their first reset dates set 5.25 years after
issuance; and revised our assessment of the equity content of the
hybrid to be redeemed to minimal."

S&P arrive at its 'B+' issue rating on the new security by notching
down from its 'BBB' long-term issuer credit rating on EDF because
we:

-- Include one notch of uplift from the 'bb-' stand-alone credit
profile (SACP), to reflect potential extraordinary government
support.

-- Deduct one notch for subordination because S&P's long-term
issuer credit rating on EDF is investment grade (that is, higher
than 'BB+'); and

-- Deduct an additional notch for payment flexibility, to reflect
that the deferral of interest is optional.

S&P said, "To reflect our view of the intermediate equity content
of the new securities, we allocate 50% of the related payments as a
fixed charge and 50% as equivalent to a common dividend. The 50%
treatment of principal and accrued interest also applies to our
adjustment of debt."

EDF can redeem the securities for cash at any time from the first
interest reset date, which will be more than five years after
issuance, and on any coupon payment date thereafter. Although
perpetual, they can be called at any time for tax, accounting,
ratings, or a substantial repurchase event. If any of these events
occur, EDF intends to, but is not obliged to, replace the
instruments. S&P said, "In our view, this statement of intent
mitigates the issuer's ability to repurchase the notes on the open
market. We understand that the interest to be paid on the security
will increase by 25 basis points (bps) at the reset date three
months after the first call date, and by a further 75 bps 20 years
after the reset date. We consider the cumulative 100 bps as a
material step-up, which is currently unmitigated by any binding
commitment to replace the instrument at that time. We believe this
step-up provides an incentive for the issuer to redeem the
instrument on its first reset date."

S&P said, "Consequently, we will no longer recognize the instrument
as having intermediate equity content after its first reset date
because the remaining period until its economic maturity would, by
then, be less than 20 years. However, we classify the instrument's
equity content as intermediate until its first reset date, so long
as we think that the loss of the beneficial intermediate equity
content treatment will not cause the issuer to call the instrument
at that point. EDF's willingness to maintain or replace the
instrument in the event that the equity content is reclassified as
minimal is underpinned by its statement of intent."

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

In S&P's view, EDF's option to defer payment on the securities is
discretionary. This means that EDF may elect not to pay accrued
interest on an interest payment date because it has no obligation
to do so and can defer indefinitely. However, any outstanding
deferred interest payment, plus interest accrued thereafter, will
have to be settled in cash if EDF declares or pays an equity
dividend or interest on equally ranking securities, and if EDF
redeems or repurchases shares or equally ranking securities.
However, once EDF has settled the deferred amount, it can still
choose to defer on the next interest payment date.

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

The securities will constitute deeply subordinated obligations,
ranking senior only to ordinary shares of EDF S.A. (the issuer) and
to any other class of the issuer's share capital (including
preference shares) pari passu among themselves and with all other
present and future deeply subordinated obligations of the issuer
and subordinated to present and future "titres participatifs" or
"prets participatifs" issued by or granted to the issuer, ordinary
subordinated obligations, and unsubordinated obligations of the
issuer.




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FORTUNA CONSUMER 2025-2: Moody's Assigns B3 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
Notes issued by Fortuna Consumer Loan ABS 2025-2 Designated
Activity Company:

EUR474.5M Class A Floating Rate Asset Backed Notes due October
2035, Definitive Rating Assigned Aaa (sf)

EUR58.5M Class B Floating Rate Asset Backed Notes due October
2035, Definitive Rating Assigned Aa1 (sf)

EUR39M Class C Floating Rate Asset Backed Notes due October 2035,
Definitive Rating Assigned A1 (sf)

EUR32.5M Class D Floating Rate Asset Backed Notes due October
2035, Definitive Rating Assigned Baa3 (sf)

EUR22.1M Class E Floating Rate Asset Backed Notes due October
2035, Definitive Rating Assigned Ba3 (sf)

EUR10.4M Class F Floating Rate Asset Backed Notes due October
2035, Definitive Rating Assigned B3 (sf)

EUR13M Class G Floating Rate Asset Backed Notes due October 2035,
Definitive Rating Assigned Caa2 (sf)

EUR9.8M Class X Fixed Rate Asset Backed Notes due October 2035,
Withdrawn (sf); previously on Aug 26, 2025 Assigned (P)Baa3 (sf)

Moody's have decided to withdraw the rating following a review of
the issuer's request to withdraw its rating. Please refer to
Moody's Ratings' Withdrawal of Credit Ratings Policy, available on
Moody's website.

RATINGS RATIONALE

The transaction is a 12-month revolving cash securitisation of
unsecured consumer loans originated via the auxmoney GmbH (not
rated) loan origination platform to obligors located in the
Germany. These loans were brokered to Süd-West-Kreditbank
Finanzierung GmbH, as the initial lender, which subsequently
transferred them to warehouse facilities. Prior to the closing of
this transaction, the loans were sold to auxmoney Investments
Limited, which acts as the seller in this transaction.
CreditConnect GmbH (wholly owned subsidiary of auxmoney GmbH) will
act as the servicer of the portfolio during the life of the
transaction.

As of September 26, 2025, the definitive portfolio of EUR593.3M
shows 100% performing contracts with a weighted average seasoning
of around 5 months. The portfolio consists of fixed rate amortizing
loans (100%), which have equal instalments during the life of the
loan. During the revolving period the portfolio will be ramped up
to EUR650M with newly originated loans that are in line with
eligibility and replenishment criteria of the transaction.

According to Moody's Ratings, the transaction benefits from credit
strengths such as: (i) a granular portfolio, (ii) a simple product
mix with a portfolio of amortizing fixed rate loan products, and
(iii) excess spread at closing. Furthermore, the Notes benefit from
a cash reserve funded at closing at 1.5% of the initial Notes
balance of Class A to G Notes. The reserve will mainly provide
liquidity to pay senior expenses, hedging costs and the coupon on
the Class A to F Notes.

However, Moody's notes that the transaction features some credit
weaknesses such as: (i) an unrated originator, (ii) a revolving
period of 12 months, (iii) pro rata principal repayments of the
Class A to F Notes from closing, and (iv) an interest rate mismatch
risk which is mitigated via a fixed floating interest rate swap.
Various mitigants have been included in the transaction structure
such as a back-up servicer facilitator (Cafico Corporate Services
Limited), an independent cash manager, as well as estimation
language.

Moody's analysis focused, among other factors, on (1) an evaluation
of the underlying portfolio of financing agreements, (2) the
macroeconomic environment, (3) historical performance information,
(4) the credit enhancement provided by subordination, cash reserve
and excess spread, (5) the liquidity support available in the
transaction through the reserve fund, and (6) the legal and
structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
8.0%, a recovery rate of 25.0% and Aaa portfolio credit enhancement
("PCE") of 20.0% related to the receivables. The expected defaults
and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. Expected defaults, recoveries and PCE
are parameters used by us to calibrate Moody's lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 8.0% are higher than the EMEA
Consumer ABS average and are based on Moody's assessments of the
lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative considerations,
such as the revolving period.

Portfolio expected recoveries of 25.0% are in line with the EMEA
Consumer ABS average and are based on Moody's assessments of the
lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 20.0% is higher than the EMEA Consumer ABS average and is
based on (i) Moody's assessments of the borrower credit quality,
(ii) the replenishment period of the transaction, and (iii)
benchmark transactions. The PCE level of 20.0% results in an
implied coefficient of variation ("CoV") of 31.8%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

Factors that may cause an upgrade of the ratings of the Notes
include a better than expected performance of the pool together
with an increase in credit enhancement of the Notes.

Factors that would lead to a downgrade of the ratings of the Notes
include: (i) increased counterparty risk leading to potential
operational risk of (a) servicing or cash management interruptions
or (b) the risk of increased swap linkage due to a downgrade of the
swap counterparty ratings, and (ii) economic conditions being worse
than forecast resulting in higher portfolio arrears and losses.


FORTUNA CONSUMER 2025-2: S&P Assigns CCC(sf) Rating on G Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fortuna Consumer
Loan ABS 2025-2 DAC's class A to G-Dfrd notes. At closing, the
issuer also issued unrated class X-Dfrd notes.

auxmoney GmbH (auxmoney) and its wholly owned subsidiary
CreditConnect GmbH have been operating in the German consumer
market since 2007.

This is auxmoney's seventh ABS securitization and the first that
S&P has rated.

The underlying collateral comprises unsecured consumer loan
receivables without specific purpose, originated by
Süd-West-Kreditbank Finanzierung GmbH (SWK Bank) and brokered via
auxmoney as a part of marketplace lending in Germany. All the loans
feature a fixed interest rate.

The transaction has a 12-month revolving period, subject to early
amortization upon the occurrence of certain events, including
performance-based tests.

The notes pay one-month Euro Interbank Offered Rate plus a margin,
the combination being subject to a floor of zero.

The notes pay down pro rata at the start of the amortization
period, unless a sequential amortization event occurs.

Subordination provides credit enhancement. In addition, the notes
benefit from excess spread and the excess of the liquidity reserve
above its required amount following reserve amortization, which is
released to the interest priority of payments and may be used to
cure the principal deficiency ledgers.

Principal proceeds can be used to cure senior expenses and interest
shortfalls for the class A to F-Dfrd notes if interest proceeds are
not sufficient. In addition, a liquidity reserve fund (amortizing
subject to a floor) covers any senior expense and interest
shortfalls on the class A to F-Dfrd notes.

S&P said, "Our ratings address timely payment of interest and
ultimate payment of principal on the class A notes and ultimate
payment of interest and principal on the class B-Dfrd to F-Dfrd
notes. When an interest deferrable class of notes becomes the most
senior, then interest must be paid in a timely manner.

"Our structured finance sovereign risk criteria, counterparty
criteria, and operational risk analysis do not constrain the
ratings. We believe that the transaction documentation adequately
mitigates counterparty and legal risk in line with our counterparty
and legal criteria."

  Ratings

  Class     Rating*    Class size (%)

  A         AAA (sf)     73.00
  B-Dfrd    AA (sf)       9.00
  C-Dfrd    A (sf)        6.00
  D-Dfrd    BBB (sf)      5.00
  E-Dfrd    BB+ (sf)      3.40
  F-Dfrd    BB- (sf)      1.60
  G-Dfrd    CCC (sf)      2.00
  X-Dfrd    NR            1.50

* S&P's ratings address timely payment of interest and ultimate
payment of principal on the class A notes and ultimate payment of
interest and principal on the other classes. When a deferred class
of notes becomes the most senior, interest must be paid promptly.
NR--Not rated.




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DANAOS CORP: S&P Rates Up to $500MM Unsecured Notes 'BB+'
---------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to the proposed senior unsecured notes of up to
$500 million, with a maturity of up to seven years, to be issued by
container shipping company Danaos Corp. (BB+/Stable/--). The
recovery rating of '3' indicates its expectation of meaningful
recovery (50%-70%; rounded estimate: 65%) in the event of default
and reflects the benefits from the estimated residual at-default
value of the company's assets after satisfying the prior-ranking
and secured creditors ahead of the unsecured claims. The recovery
rating on the notes is capped at '3', with recovery prospects of
65%, based on the unsecured nature of the debt.

The proposed notes will rank pari passu with all Danaos' existing
unsecured senior debt. Danaos intends to use the proceeds to
refinance existing senior unsecured notes and some bank loans, and
for general corporate purposes. The issue-level and recovery
ratings on the proposed notes are based on preliminary information
and subject to their successful issuance and our satisfactory
review of the final documentation.

S&P said, "We expect the documentation for the proposed notes will
be broadly in line with that for the existing notes. At this stage,
we understand that the documentation for the proposed notes
contains standard incurrence covenants, while we note that the
secured debt is amortizing and includes financial maintenance
covenants such as minimum liquidity of $30 million, consolidated
net leverage of less 6.5x (with no step downs), and interest
coverage ratio of less than 2.5x.

"In our default scenario, we assume deterioration in trading
conditions, with container liners going into restructuring or
default. We anticipate a significant contraction of global trade
coinciding with delivery of new vessels, leading to a severe
industry oversupply, which we expect to depress charter rates and
vessel values. We consider that this would impair Danaos' cash flow
generation and constrain its ability to refinance bullet debt,
leading to a payment default in or before 2030.

"We value Danaos as a going concern, underpinned by our view that
the business would retain more value as an operating entity and
would be reorganized in a bankruptcy scenario. Danaos could sell
individual ships to other tonnage providers to generate liquidity.
We consequently use a discrete asset valuation to evaluate the
recovery prospects associated with the owned assets, on the basis
of deteriorated second-hand vessel market values."

Simulated default scenario

-- Year of default: 2030
-- Jurisdiction: U.S.

Simplified waterfall

-- Gross enterprise value at default: About $2,488 million

-- Net enterprise value available to debtors after administrative
costs (10%): $2,239 million

-- Secured debt claims: About $1,217 million[1]

-- Value available to the unsecured notes: $1,022 million

-- Unsecured debt claims: About $521 million[1]

    --Recovery rating: 3

-- Recovery expectation: 50%-70% (rounded estimate 65%)[2]

[1] All debt amounts include six months' prepetition interest.
[2] Rounded down to the nearest 5%.




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AURIUM CLO VIII: S&P Assigns B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aurium CLO VIII
DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing,
the issuer has EUR31.4 million unrated subordinated notes from the
existing transaction and issued an additional EUR18.1 million
subordinated notes.

This transaction is a reset of the already existing transaction,
which S&P rates. The existing classes of notes were fully redeemed
with the proceeds from the issuance of the replacement notes on the
reset date. The ratings on the original notes have been withdrawn.
Spire Management Ltd. manages the transaction.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,763.90
  Default rate dispersion                                 574.08
  Weighted-average life (years)                             4.38
  Weighted-average life extended to cover the
  length of the reinvestment period (years)                 5.00
  Obligor diversity measure                               177.33
  Industry diversity measure                               23.92
  Regional diversity measure                                1.31

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.32
  Actual target 'AAA' weighted-average recovery (%)        36.92
  Actual target weighted-average spread (net of floors; %)  3.77
  Actual target weighted-average coupon                     3.44

Rating rationale

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

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

S&P said, "In our cash flow analysis, we used the EUR550 million
target par amount, the identified weighted-average spread (3.74%),
the identified weighted-average coupon (3.44%), and the identified
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on Oct. 6, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain, as established
by the initial cash flows for each rating, and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

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

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

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

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

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

Environmental, social, and governance

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

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

  X      AAA (sf)     5.00      N/A     Three/six-month EURIBOR
                                        plus 0.89%

  A-R    AAA (sf)   341.00    38.00     Three/six-month EURIBOR
                                        plus 1.32%

  B-R    AA (sf)     59.13    27.25     Three/six-month EURIBOR
                                        plus 1.85%

  C-R    A (sf)      32.23    21.39     Three/six-month EURIBOR
                                        plus 2.15%

  D-R    BBB- (sf)   39.27    14.25     Three/six-month EURIBOR
                                        plus 2.90%

  E-R    BB- (sf)    26.13     9.50     Three/six-month EURIBOR
                                        plus 5.35%

  F-R    B- (sf)     16.50     6.50     Three/six-month EURIBOR
                                        plus 8.25%

  Sub notes   NR     49.50      N/A     N/A

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

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


CVC CORDATUS VII: Fitch Assigns B-(EXP)sf Rating on Cl. F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund VII DAC reset
notes expected ratings. The assignment of final ratings is
contingent on the receipt of final documents conforming to
information already reviewed.

   Entity/Debt          Rating           
   -----------          ------           
CVC Cordatus Loan
Fund VII DAC

   A-R-R-R           LT AAA(EXP)sf  Expected Rating
   B-R-R-R           LT AA(EXP)sf   Expected Rating
   C-R-R-R           LT A(EXP)sf    Expected Rating
   D-R-R-R           LT BBB-(EXP)sf Expected Rating
   E-R-R             LT BB-(EXP)sf  Expected Rating
   F-R-R             LT B-(EXP)sf   Expected Rating

Transaction Summary

CVC Cordatus Loan Fund VII DAC is a securitisation of mainly senior
secured obligations (at least 96%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. All
except the subordinated notes will be refinanced, with the
remaining proceeds to be invested in additional assets until the
target par amount is reached.

The portfolio will have a target par of EUR400 million. The
portfolio is managed by CVC Credit Partners Investment Management
Limited. The collateralised loan obligation (CLO) will have a
4.6-year reinvestment period and a 7.5-year weighted average life
test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.5.

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-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 59.3%.

Diversified Portfolio (Positive): The deal will have a
concentration limit for the 10 largest obligors at 20%. It will
also include various other concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio of 39% and a maximum fixed-rate assets limit at 10%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date, one year after
closing. The WAL extension will automatically be subject to
conditions including satisfying the collateral-quality tests and
the aggregate collateral balance being at least equal to the
reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing the coverage tests and the Fitch 'CCC'
bucket limitation test after reinvestment, and a WAL covenant that
gradually steps down before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the actual portfolio, may occur if
the loss expectation is larger than assumed due to unexpectedly
high levels of default and portfolio deterioration. The class
B-R-R-R and D-R-R-R to F-R-R notes each have a rating cushion of
two notches and the class C-R-R-R notes have a cushion of one notch
due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio. The class A-R-R-R has
no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for the notes.

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for CVC Cordatus Loan
Fund VII 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.


CVC CORDATUS VII: S&P Assigns Prelim. B-(sf) Rating on F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to CVC
Cordatus Loan Fund VII DAC's class A-R, B-R, C-R, D-R, E-R, and F-R
notes. At closing the issuer will have unrated subordinated notes
outstanding from the existing transaction and also issue EUR5.30
million of additional subordinated notes.

This transaction is a reset of the already existing transaction,
that S&P did not rate. The issuance proceeds of the refinancing
debt will be used to redeem the refinanced debt, and pay fees and
expenses incurred in connection with the reset.

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

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

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

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

-- The transaction's legal structure, which we expect to be
bankruptcy remote.

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,907.61
  Default rate dispersion                                 494.07
  Weighted-average life (years)                             4.34
  Weighted-average life extended to cover
  the length of the reinvestment period (years)             4.66
  Obligor diversity measure                               127.15
  Industry diversity measure                               21.83
  Regional diversity measure                                1.46

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.30
  Target 'AAA' weighted-average recovery (%)               36.29
  Target weighted-average spread (%)                        3.81
  Target weighted-average coupon (%)                        4.04

Liquidity facility

This transaction has a EUR1.5 million liquidity facility, provided
by The Bank of New York Mellon, with a maximum commitment period of
four years and an option to extend for a further one or two
additional one-year periods.

The margin on the facility is 2.50% and drawdowns are limited to
the amount of accrued but unpaid interest on CDOs. The liquidity
facility is repaid using interest proceeds in a senior position of
the waterfall or repaid directly from the interest account one
business day earlier than the payment date.

For S&P's cash flow analysis, it assumes that the liquidity
facility is fully drawn throughout the six-year period and that the
amount is repaid just before the coverage tests breach.

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.66 years after
closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.00%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all rating levels. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

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

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

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

The class A-R and E-R notes can withstand stresses commensurate
with the assigned preliminary ratings.

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.08% (for a portfolio with a weighted-average
life of 4.66 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.66 years, which would result
in a target default rate of 14.91%.

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

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

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

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

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

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

Environmental, social, and governance

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and will be managed by CVC Credit
Partners Group Ltd.

  Ratings

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

  A-R    AAA (sf)   243.543   39.11    Three/six-month EURIBOR  
                                       plus 1.33%

  B-R    AA (sf)      46.90   27.39    Three/six-month EURIBOR
                                       plus 2.00%

  C-R    A (sf)       24.80 21.19    Three/six-month EURIBOR
                                       plus 2.35%

  D-R    BBB- (sf)    28.80 13.99    Three/six-month EURIBOR
                                       plus 3.30%

  E-R    BB- (sf)     18.00  9.49    Three/six-month EURIBOR
                                       plus 5.70%

  F-R    B- (sf)      12.00  6.49    Three/six-month EURIBOR
                                       plus 8.42%

  Additional
  sub. Notes   NR      5.30   N/A     N/A

  Sub notes    NR     45.00   N/A     N/A

*The preliminary ratings assigned to the class A-R and B-R notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C-R, D-R, E-R, and F-R
notes address ultimate interest and principal payments.
§Solely for modelling purposes--the actual spreads may vary at
pricing. The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


DRYDEN 35 EURO 2014: Moody's Affirms Ba3 Rating on Class E-R Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Dryden 35 Euro CLO 2014 Designated Activity Company:

EUR22,100,000 Class B-1A-R Senior Secured Floating Rate Notes due
2033, Upgraded to Aaa (sf); previously on Jun 18, 2024 Upgraded to
Aa1 (sf)

EUR20,000,000 Class B-1B-R Senior Secured Fixed Rate Notes due
2033, Upgraded to Aaa (sf); previously on Jun 18, 2024 Upgraded to
Aa1 (sf)

EUR15,100,000 Class C-1A-R Mezzanine Secured Deferrable Floating
Rate Notes due 2033, Upgraded to Aa2 (sf); previously on Jun 18,
2024 Affirmed A2 (sf)

EUR10,000,000 Class C-1B-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2033, Upgraded to Aa2 (sf); previously on Jun 18, 2024
Affirmed A2 (sf)

EUR28,100,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Baa1 (sf); previously on Jun 18, 2024
Affirmed Baa3 (sf)

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

EUR261,400,000 (Current outstanding amount EUR179,407,828) Class
A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Jun 18, 2024 Affirmed Aaa (sf)

EUR24,700,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Jun 18, 2024
Affirmed Ba3 (sf)

EUR12,800,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Caa1 (sf); previously on Jun 18, 2024
Downgraded to Caa1 (sf)

Dryden 35 Euro CLO 2014 Designated Activity Company, issued in
March 2015 and refinanced in May 2017 and January 2020, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by PGIM Limited. The transaction's reinvestment period
ended in July 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1A-R, Class B-1B-R, Class
C-1A-R, Class C-1B-R and Class D-R notes are primarily a result of
the deleveraging of the Class A-R notes following amortisation of
the underlying portfolio since the payment date in July 2024.

The affirmations on the ratings on the Class A-R, Class E-R and
Class F-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 EUR81.99
million (31.37%) in the last 12 months. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated August 2025[1] the Class A/B, Class C,
Class D, Class E and Class F OC ratios are reported at 150.01%,
134.74%, 120.96%, 110.98% and 106.43% compared to August 2024[2]
levels of 138.22%, 127.66%, 117.61%, 109.99% and 106.42%,
respectively.

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: EUR335.11m

Defaulted Securities: EUR0

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3178

Weighted Average Life (WAL): 3.56 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.94%

Weighted Average Coupon (WAC): 3.82%

Weighted Average Recovery Rate (WARR): 41.55%

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 "Collateralized
Loan Obligations" published in Oct 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as 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.

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 XXX: S&P Assigns Prelim. B-(sf) Rating on Cl. F-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXX DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer will issue unrated subordinated notes.

This transaction is a reset of the already existing transaction
that closed in September 2023. The existing classes of notes will
be fully redeemed with the proceeds from the issuance of the
replacement notes on the reset date. The ratings on the original
notes will be withdrawn on the reset date.

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

The portfolio's reinvestment period ends 4.50 years after closing;
the non-call period ends 1.5 years after closing.

The preliminary ratings assigned to the reset notes reflect our
assessment of:

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

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The experience of the collateral manager's team, which can
affect the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2820.07
  Default rate dispersion 516.50
  Weighted-average life (years) 4.46
  Obligor diversity measure 137.95
  Industry diversity measure 22.66
  Regional diversity measure 1.23

  Transaction key metrics

  Portfolio weighted-average rating
  derived from our CDO evaluator B
  'CCC' category rated assets (%) 0.25
  Target 'AAA' weighted-average recovery (%) 36.60
  Target floating-rate assets (%) 96.79
  Target weighted-average coupon 4.41
  Target weighted-average spread (net of floors; %) 3.80

S&P said, "We understand that the portfolio will be
well-diversified at closing. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

"In our cash flow analysis, we used the 400 million target par
amount, the covenanted targeted weighted-average spread (3.70%),
and the covenanted targeted weighted-average coupon (4.50%), as
indicated by the collateral manager. We assumed the identified
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios, for each liability rating category.

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

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.42% (for a portfolio with a weighted-average
life of 4.46 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.46 years, which would result
in a target default rate of 14.27%.

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

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

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

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

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also assessed the
sensitivity of our ratings on the class A-R to E-R notes, based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

  Preliminary ratings

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

  A-R    AAA (sf)   244.00    39.00    Three /six-month EURIBOR
                                       plus 1.32%

  B-R    AA (sf)     47.00    27.25    Three/six-month EURIBOR
                                       plus 1.95%

  C-R    A (sf)      24.50    21.13    Three/six-month EURIBOR
                                       plus 2.30%

  D-R    BBB- (sf)   28.50    14.00    Three/six-month EURIBOR
                                       plus 3.20%

  E-R    BB- (sf)    18.00     9.50    Three/six-month EURIBOR
                                       plus 5.45%

  F-R    B- (sf)     12.00     6.50    Three/six-month EURIBOR
                                       plus 8.50%

  Sub.   NR          31.40      N/A    N/A

*The preliminary ratings assigned to the class A-R, and B-R notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C-R, D-R, E-R, and F-R
notes address ultimate interest and principal payments.
§Solely for modeling purposes as the actual spreads may vary at
pricing. The payment frequency permanently switches to semiannual
and the index switches to six-month SONIA when a frequency switch
event occurs.
EURIBOR – Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
Sub.--Subordinated.


HAYFIN EMERALD X: S&P Assigns B-(sf) Rating on Class F-R-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Hayfin Emerald
CLO X DAC's class X, A-R-R, B-1-R-R, B-2-R-R, C-R-R, D-R-R, E-R-R,
and F-R-R notes. At closing, the issuer had unrated subordinated
notes outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
that closed in June 2024. The existing classes of notes were fully
redeemed with the proceeds from the issuance of the replacement
notes on the reset date. The ratings on the original notes have
been withdrawn.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs, upon which the
notes pay semiannually.

This transaction has a 1.04-year non-call period, and the
portfolio's reinvestment period will end 3.04 years after closing.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings weighted-average rating factor      2,587.94
  Default rate dispersion                                  721.33
  Weighted-average life (years)                              4.34
  Obligor diversity measure                                132.51
  Industry diversity measure                                18.45
  Regional diversity measure                                 1.22

  Transaction key metrics

  Total par amount (mil. EUR)                              444.95
  Defaulted assets (mil. EUR)                                8.57
  Number of performing obligors                               190
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            3.29
  'AAA' actual portfolio weighted-average recovery (%)      36.46
  Actual weighted-average spread (%)                         3.60
  Actual weighted-average coupon (%)                         3.16

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and bonds on
the effective date. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR444.95 million par
amount, which reflects the lower of the recovery or market value of
senior secured loans issued by Altice France S.A., currently rated
'D' and Covis Finco SARL currently rated 'SD'. The actual
weighted-average spread (3.60%), the actual weighted-average coupon
(3.16%), and the actual portfolio weighted-average recovery rates
for all rating levels. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

"Until the end of the reinvestment period on Oct. 18, 2028, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1-R-R to E-R-R notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings on the notes. The class
X, and A-R-R notes can withstand stresses commensurate with the
assigned ratings.

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 21.90% (for a portfolio with a weighted-average
life of 4.34 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.34 years, which would result
in a target default rate of 13.88%.

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

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

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

S&P said, "In addition to our standard analysis, to indicate how
rising pressures among speculative-grade corporates could affect
our ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X to E-R-R notes based on
four hypothetical scenarios.

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

Hayfin Emerald CLO X is a European cash flow CLO securitization of
a revolving pool, comprising mainly euro-denominated senior secured
loans and bonds issued by speculative-grade borrowers. Hayfin
Emerald Management LLP manages the transaction.

Environmental, social, and governance

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

  Ratings

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

  X      AAA (sf)     2.00    N/A       Three/six-month EURIBOR
                                        plus 0.85%

  A-R-R  AAA (sf)   279.00    37.30     Three/six-month EURIBOR
                                        plus 1.26%

  B-1-R-R AA (sf)    28.20    27.59     Three/six-month EURIBOR
                                        plus 2.00%

  B-2-R-R AA (sf)    15.00    27.59     4.875%

  C-R-R   A (sf)     27.00    21.52     Three/six-month EURIBOR
                                        plus 2.50%

  D-R-R   BBB- (sf)  33.30    14.03     Three/six-month EURIBOR
                                        plus 3.50%

  E-R-R   BB- (sf)   18.90     9.79     Three/six-month EURIBOR
                                        plus 6.25%

  F-R-R   B- (sf)    14.90     6.44     Three/six-month EURIBOR
                                        plus 8.10%

  Sub. Notes  NR     37.10    N/A       N/A

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

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


JUBILEE CLO 2025-XXXII: S&P Assigns Prelim. 'B-' Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Jubilee CLO 2025-XXXII DAC's class A-1 to F notes. At closing, the
issuer will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
BSP CLO Management LLC will manage the transaction.

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

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

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

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

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

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

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

The portfolio's reinvestment period will end approximately 4.7
years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2, 773.09
  Default rate dispersion                                   545.30
  Weighted-average life (years)                               4.84
  Obligor diversity measure                                 174.21
  Industry diversity measure                                 19.99
  Regional diversity measure                                  1.19

  Transaction key metrics

  Total par amount (mil. EUR)                               500.00
  Defaulted assets (mil. EUR)                                 0.00
  Number of performing obligors                                199
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                             0.20
  Actual 'AAA' weighted-average recovery (%)                 37.09
  Actual portfolio weighted-average spread (%)                3.79
  Actual portfolio weighted-average coupon (%)                4.28

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs. As
such, we have not applied any additional scenario and sensitivity
analysis when assigning preliminary ratings to any class of notes
in this transaction.

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (3.65%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We assumed weighted-average recovery rates in
line with those of the identified portfolio presented to us. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1, B-2, C, D-1, and E notes
could withstand stresses commensurate with higher preliminary
ratings than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
the assigned preliminary ratings. The class A-1, A-2, D-2, and F
notes can withstand stresses commensurate with the assigned
preliminary ratings."

"Until the end of the reinvestment period on July 25, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

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

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

"At closing, we expect the transaction's legal structure to be
bankruptcy remote, in line with our legal criteria.

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

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-1 to E notes to four
hypothetical scenarios."

Environmental, social, and governance factors

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

Jubilee CLO 2025-XXXII is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. BSP CLO Management LLC will manage the
transaction.

  Preliminary ratings

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

  A-1    AAA (sf)   305.00    39.00     Three/six-month EURIBOR
                                        plus 1.32%

  A-2    AAA (sf)     7.50    37.50     Three/six-month EURIBOR
                                        plus 1.70%

  B-1    AA (sf)     42.50    26.50     Three/six-month EURIBOR
                                        plus 1.85%

  B-2    AA (sf)     12.50    26.50     Fixed 5.00%

  C      A (sf)      30.00    20.50     Three/six-month EURIBOR
                                        plus 2.20%

  D-1    BBB- (sf)   36.25    13.25     Three/six-month EURIBOR
                                        plus 3.00%

  D-2    BBB- (sf)    2.75    12.70     Three/six-month EURIBOR
                                        plus 4.00%

  E      BB- (sf)    17.25     9.25     Three/six-month EURIBOR
                                        plus 5.25%

  F      B- (sf)     13.75     6.50     Three/six-month EURIBOR
                                        plus 8.25%

  Sub notes   NR     46.15      N/A     N/A

*The preliminary ratings on the class A-1, A-2, B-1, and B-2 notes
address timely interest and ultimate principal payments. Our
preliminary ratings on the other rated notes address ultimate
interest and principal payments.
§ Solely for modeling purposes as the actual spreads may vary at
pricing. The payment frequency switches to semi-annual and the
index switches to six-month EURIBOR when a frequency switch event
occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

CHRYSAOR BIDCO: Moody's Cuts CFR to 'B3', Outlook Stable
--------------------------------------------------------
Moody's Ratings has downgraded Chrysaor Bidco S.a r.l's (Alter
Domus) long-term corporate family rating to B3 from B2 and the
probability of default rating to B3-PD from B2-PD. Concurrently,
Moody's downgraded to B3 from B2 the company's instrument ratings
for the EUR1.35 billion equivalent senior secured term loan B
(TLB), the EUR100 million equivalent senior secured delayed draw
term loan (DDTL) as well as to the EUR200 million senior secured
revolving credit facility (RCF) issued by Chrysaor Bidco S.a r.l.
Moody's also assigned B3 instrument ratings to the proposed
fungible TLB add-ons issued by Chrysaor Bidco S.a r.l. The outlook
remains stable.

RATINGS RATIONALE

The downgrade to B3 reflects Alter Domus' aggressive financial
policy with a second sizeable leveraging transaction in two
consecutive years, contrary to Moody's expectations for the B2
rating level.

Alter Domus plans to fund a EUR708 million dividend distribution
with EUR665 million equivalent fungible add-on to the existing EUR
and USD TLB tranches and EUR43 million of cash. The DDTLs are
expected to be cancelled after the transaction closes. This
transaction will increase Alter Domus' Moody's-adjusted gross debt
by 50% to around EUR2.0 billion. This will raise Moody's-adjusted
Debt/EBITDA by 2.5x to around 8x from 5.6x as of June 2025 and
Alter Domus' annual interest cost by about EUR45 million.

Alter Domus' capital structure will reset to levels seen after
Cinven's buyout in March 2024, which raised Moody's-adjusted
Debt/EBITDA above 8.0x. There are only two quarters of operational
trading under the new capital structure in H1 2025 since the
closing of the buyout in October 2024. In that period the company's
Moody's-adjusted free cash flow (FCF) generation was slightly
negative, somewhat burdened by working capital seasonality for
annual bonus payouts. Moody's expects FCF to remain negative over
the next 12 months until expected further EBITDA improvements
offset the increased interest.

Moody's find the current dividend distribution and quick
re-leveraging aggressive and not in line with Moody's expectations
for a B2 rating. The high gross debt leaves Alter Domus vulnerable
to delays in profitability improvements or market weakness. Moody's
now do not expect Alter Domus to consistently operate under Moody's
gross leverage expectation of below 6.5x to maintain a B2 rating.
The company is likely to use its capacity to re-lever for further
shareholder distributions or M&A transactions. In the B2 rating,
Moody's expected a prudent financial policy with measured growth
and a balanced M&A funding mix supported by the strong FCF
generation capacity of the company.

That said, Alter Domus has shown significant deleveraging potential
over the last 18 months. The company benefits from strong organic
growth, with revenues growing 18% in 2024 and 15% in H1 2025. The
company-reported EBITDA margin improved to 33.9% in H1 2025 from
30.6% in 2023. Despite some softness in net fund flows, the
outsourcing trend towards specialized providers of alternative
asset funds' back and middle office operations continued,
contributing to 80% of 2024 revenue. Alter Domus's strong market
position in Europe, especially in Luxembourg, and North America
(around 40% of revenue each) supported the company's strong pricing
initiatives, costs controls and margin improvement. This resulted
in Moody-adjusted gross leverage decreasing to around 6.2x in 2024
and further to 5.6x as of June 2025.

Alter Domus' CFR is further supported by its recurring revenues,
which usually service a fund over its lifetime (on average 12-15
years); good quality of service and long-lasting customer
relationships with most major alternative asset managers; good
inflation pass-through mechanisms; around 18% organic annual
revenue CAGR between 2016-2024; solid profitability, although some
volatility is expected due to fast topline ramp-up; and long-dated
maturity profile.

The CFR is constrained by Alter Domus' high financial leverage
leading to limited expected FCF generation of up to 1% FCF/Debt in
2026 burdened by high one-off expenses for margin-enhancing
initiatives, growth capex and the leveraged capital structure.
Also, there is a risk of increased competition in the consolidating
industry or pricing pressure or technological changes that could
result in lower margins, although Moody's have not observed such
developments yet.

ESG CONSIDERATIONS

Governance considerations have been a primary driver of this rating
action, reflecting Alter Domus' aggressive debt-funded dividend
distribution and limited track record of balanced financial
policy.

OUTLOOK

Moody's expects Alter Domus' strong EBITDA increase capacity to be
constrained by the company's highly levered capital structure and
aggressive financial policy. This will result in Moody's-adjusted
gross leverage remaining above 6.5x through re-leveraging cycles
with limited FCF generation around break-even or low single digit
percentages as measured by FCF/Debt in 2025 and 2026.

LIQUIDITY

Alter Domus' liquidity is adequate. It benefits from the EUR200
million undrawn RCF maturing in 2031 and unrestricted cash of
around EUR40 million as of June 2025 pro forma for the dividend
distribution. Moody's expects potential negative FCF generation in
the next few quarters before the company grows into its reset
capital structure, supported by its strong mid-term FCF generation
capacity.

There are no significant short-term maturities. All TLBs and the
RCF mature in 2031. The RCF is constrained by a springing senior
secured net leverage covenant at 10.2x (as per SFA definition)
tested if drawn by more than 40%. Moody's expects compliance with
the covenant.

STRUCTURAL CONSIDERATIONS

Moody's rates the EUR1.35 billion equivalent senior secured TLB
(both EUR640 million and $777.5 million tranches) or around EUR2.0
billion following the fungible TLB as well as EUR200 million RCF at
B3 in line with the CFR. They rank pari passu and share the same
security, including mainly share pledges and intercompany
receivables and are guaranteed by 80% of company's EBITDA. Moody's
understands there are no other significant debt instrument in the
structure and the above instruments account for the majority of
debt.

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

Factors that could lead to an upgrade:

-- Clear evidence and track record of disciplined financial
policies leading to Debt/EBITDA sustained well below 6.5x

-- Continued business growth and maintenance of strong margin
levels

-- EBITA/Interest being above 2.0x

-- Sustained positive FCF generation at least at single percentage
levels (FCF/Debt)

Factors that could lead to a downgrade:

-- Structural margin deterioration from current levels signaling
losing market share, increased competition or service quality
issues

-- Debt/EBITDA increases above 8.0x without prospects of swift
deleveraging

-- EBITA/Interest is well below 1.5x on a sustained basis

-- Negative FCF generation or deteriorating liquidity

-- More aggressive financial policy or M&A activity

PRINCIPAL METHODOLOGY

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

The scorecard-indicated outcome as of FY2024 is B1, two notches
above the assigned rating of B3. The two notch difference is
explained by the increased debt amount following the proposed
debt-funded dividend distribution in October 2025 as well as the
aggressive financial policy.

COMPANY PROFILE

Chrysaor Bidco S.a r.l (Alter Domus) is a Luxembourg based provider
of middle and back office solutions for fund administration (mainly
alternatives) and debt capital markets as well as data analytics.
It is majority owned by private-equity firm Cinven after a buyout
in 2024. Minority shareholders include the founders, management as
well as private-equity firm Permira who share the remaining
ownership.

The company's service covers 23 countries and it employs around
5,000 people. The company generated around EUR842 million of
revenues and around EUR276 million of EBITDA (company adjusted) in
2024.


VIVION INVESTMENTS: S&P Affirms 'BB' LT ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Vivion Investments S.a.r.l and its 'BB+' issue rating on its
senior secured notes.

S&P said, "The negative outlook indicates that we could lower the
rating within the next six months if Vivion fails to improve its
EBITDA interest coverage ratio to 1.8x, its adjusted debt to EBITDA
remains above 9.5x, or the debt-to-debt plus equity ratio increases
to above 60%."

Vivion's first-half 2025 results indicate a further weakening of
operating performance compared to the first half of 2024. This,
coupled with persistent higher funding costs, has kept Vivion's S&P
Global Ratings-adjusted EBITDA interest coverage ratio at about
1.2x as of June 30, 2025--significantly below S&P's previous
expectations of 1.6x by 2025 and its downside threshold of 1.8x.

S&P said, "That said, we understand Vivion's management is in
advanced discussions regarding potential credit enhancement
measures aimed at restoring the coverage ratio to 1.8x. We will
closely monitor developments over the next three months.

"Despite the company's relatively weak EBITDA interest coverage, we
expect leverage to remain relatively low and well within our
thresholds for a 'BB' rating. We anticipate that S&P Global
Ratings-adjusted debt to EBITDA will improve to 8.6x-8.7x (9.6x as
of June 30, 2025) and debt to debt plus equity will decrease to
40%-41% (46.6%) over the next 12 months, primarily supported by
planned measures.

"We understand Vivion is in an advanced stage of negotiations
regarding potential credit enhancement measures mainly aimed at
restoring its coverage ratio to 1.8x, a level commensurate with the
'BB' rating. As of June 30, 2025, the company's adjusted EBITDA
interest coverage ratio for the first half of 2025 remained at
1.2x, (1.2x as of Dec. 31, 2024, and 1.6x as of Dec. 31, 2023) well
below our previous base-case expectation of 1.6x and our rating
downside threshold of 1.8x. The weaker coverage ratio was largely
due to a decline in German office occupancy, which fell to 75% as
of June 2025, compared with 82% the previous year, and sustained
higher funding costs, with the company's adjusted weighted-average
cost of debt remaining at about 7.2%-7.3% (including the payment in
kind [PIK] interest on the outstanding bonds) as of June 30, 2025."
S&P understands Vivion could take the following measures to improve
credit metrics:

-- Reducing net debt through cash proceeds from potential asset
disposals, or the issuance of equity or equity-like instruments or
other measures.

-- Early refinancing of the existing higher-cost debt at more
favorable rates.

-- Projected recovery in EBITDA from both hotel assets and a
slight improvement in German office occupancy.

S&P anticipates, based on the above measures, the average cost of
debt could decrease to approximately 6.0%-6.3% over the next six
months, contributing to lower absolute interest expenses. This,
alongside potential higher EBITDA generation, could improve
Vivion's EBITDA interest coverage ratio to 1.6x-1.8x in 2026.

Vivion's operating performance weakened during the first half of
2025, primarily due to a further decline in German office
occupancy. For the first half of June 2025, occupancy in Vivion's
German office portfolio decreased to 75%, compared with 79% in
December 2024 and 82% as of June 2024. This decline is largely
attributable to increased vacancy within a single asset in Essen,
with overall occupancy declining to 91% in June 2025, from 95% a
year previously. S&P said, "We still anticipate continued
challenges in the German office segment over the next six to 12
months, stemming from muted demand for office space and ongoing
uncertainty related to geopolitical factors impacting corporate
real estate decisions. That said, we understand Vivion is in
advanced negotiations with potential tenants to sign new leases,
and to extend existing leases. We therefore anticipate German
office occupancy levels could improve gradually to approximately
78%-82% over the next 12 months, reaching about 84%-85% by 2027
(taking into consideration rent-free periods and tenants'
incentives). This projected improvement could be supported by
returning office trends, a lower supply of new office space in key
German cities, and moderate upcoming lease maturities of about
10%-11% in 2026. Furthermore, we understand that the acquisition of
hotel asset--the Fermina hotel in Berlin acquired in 2024--should
begin contributing to rental income in the near future."

S&P said, "We forecast Vivion's like-for-like rental income will
contract by approximately 3.0%-3.5% in 2025, primarily reflecting
the impact of vacancies within the German office portfolio.
However, some of this negative impact could be mitigated by our
expectation of positive indexations (we note that all Vivion's U.K.
leases and more than 90% of its German leases are indexed to
inflation or include step-up rent components). We then expect
rental income growth to turn positive, with projected like-for-like
growth of 3.0%-3.5% in 2026 and 2.0%-2.5% in 2027, assuming a
slight improvement in German office occupancy rates and the
incremental contribution from the acquired hotel assets.

"Despite the company's relatively weak EBITDA interest coverage,
its leverage remains relatively low. As of the first half of 2025,
adjusted debt to EBITDA was 9.6x and debt to debt plus equity was
46.6%. We anticipate that the company's debt-to-EBITDA ratio could
improve to approximately 8.6x-8.7x over the next 12 months, driven
by expected full contribution in rental income from acquired hotel
assets and lower leverage. We anticipate that debt to debt plus
equity could improve to 40%-41%, incorporating our assumption of a
flat portfolio valuation in 2025. This is consistent with the
nearly flat valuation reported as of the first half of 2025 and we
expect yields to stabilize this year. Our projections also assume
slightly lower net debt levels, reflecting the anticipated use of
cash proceeds from potential planned credit enhancement measures."

Vivion's liquidity remains adequate, supported by a strong cash
position and limited short-term debt maturities for the 12 months
from July 1, 2025. As of June. 30, 2025, Vivion's cash and liquid
assets stood at about EUR427 million (including EUR13.0 million of
marketable securities), which is more than sufficient to cover its
next 12 months of debt maturities of about EUR140 million. The
company recently extended the maturity of a EUR33 million German
secured bank loan to 2027. S&P said, "We understand that it is in
discussion with banks to refinance an additional EUR128 million of
secured bank loans, at or before their maturity dates. Of its debt,
99% is fixed or hedged, which limits volatility risk arising from
interest-rate movements. The company had sufficient headroom under
its covenants, as of June 30, 2025. A high proportion of its cash
is held at Vivion's subsidiary (around EUR303 million as of June
30, 2025), Golden Capital Partners, but we understand there are no
restrictions limiting Vivion from accessing this cash, if needed,
via intracompany loans or dividend payments. We note that as of
June 30, 2025, Vivion's weighted-average debt maturity (WAM) stood
at 3.2 years, very close to our rating threshold of a minimum of
three years. That said, we understand that Vivion is taking credit
enhancement measures to ensure a WAM of comfortably above three
years, going forward."

The negative outlook indicates that S&P could lower the rating
within the next six months if Vivion fails to improve its EBITDA
interest coverage ratio to 1.8x, or its adjusted debt to EBITDA
remains above 9.5x, or the debt-to-debt plus equity ratio increases
to above 60%.

S&P could downgrade Vivion if it fails to maintain:

-- EBITDA interest coverage close to 1.8x sustainably;
-- Debt to EBITDA below 9.5x; or
-- Debt to debt plus equity below 60%.

S&P could also lower the rating if Vivion's operating performance
deteriorates, so that occupancy rates decline or rental growth is
lower than anticipated, or if it sees further asset devaluations.

S&P could revise the outlook to stable if:

-- EBITDA interest coverage remains at or above 1.8x;

-- Debt to EBITDA remains below 9.5x;

-- Debt to debt plus equity remains well below 60%;

-- Liquidity remains adequate and Vivion's operating
performance--including occupancy rates, rental growth, and asset
values--remains stable; and

-- The company maintains a prudent financial policy under which it
uses its high cash balance to make asset acquisitions that would
increase its asset and EBITDA bases or prioritizes the repayment of
high-interest debt.




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

INFINITAS LEARNING: S&P Assigns 'B-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Infinitas Learning International B.V. and its 'B-' issue rating
to its EUR624 million term loan B (TLB), with recovery ratings at
'3' (55% recovery prospects).

S&P said, "The stable outlook reflects the resilience and stability
of recurring demand from public schools, together with our
expectation of adjusted debt to EBITDA of 6.5x-7.0x in 2025,
declining toward 6.0x in 2026. We anticipate FOCF to debt should
remain below 5% and liquidity should remain adequate over the next
12 months."

Infinitas is a Dutch educational publisher operating in five
European countries and specializing in the
kindergarten-to-12th-grade (K-12) segment of the industry.

The group benefits from solid government relationships providing
revenue stability and visibility, as well as a flexible content
delivery model and significant digital capabilities but is
constrained by limited organic growth prospects in the K-12
segment.

Infinitas' elevated leverage, in the range of 6.5x-7.0x expected in
2025, reflects its ownership by private equity group NPM Capital,
while its expected modest free operating cash flow (FOCF) after
lease payments of EUR13 million in 2025 is materially affected by
high development cost requirements.

Infinitas has relatively low organic growth prospects within the
regulated European K-12 education publishing industry in Europe.
Infinitas competes in a niche segment of the education industry,
with about 75% of its EUR389 million revenues in 2024 generated in
the K-12 education publishing segment. The group also operates in
the vocational and professional publishing segments and is a player
in digital education apps through Futurewhiz. The K-12 publishing
segment in Infinitas' countries of operation is characterized by
solid relationships with the different government authorities,
which provide revenue stability and visibility in the medium to
long term. Nevertheless, potential for organic growth in this
segment is limited and dependent on price increases that are
usually pegged to inflation and on curriculum updates in the
different geographies, which are normally phased in over many
years. Moreover, organic growth through expansion into new
geographies is challenging, as established players not only benefit
from existing relationships with authorities and consolidated
brands, but also from a solid distribution network that would be
complicated to build from scratch.

Although Infinitas has limited geographic diversity in few European
countries, it enjoys leading market positioning in those markets.
Infinitas is present in five countries: the Netherlands (40% of
sales), Portugal (19%), Belgium (16%), Poland (13%), and Sweden
(7%). Futurewhiz, the group's Dutch based online learning business,
represents the remaining 5% of sales. In these markets, Infinitas
operates within a defined regulatory framework where textbooks and
digital resources must comply with ministry guidance and be
approved by education authorities. The group is the second largest
player in its core K-12 publishing segment, which illustrates its
market relevance and established relationships with the different
government authorities and schools in those countries. This
leadership position in the market is supported by Infinitas'
flexible content delivery model, offering either printed (35% of
sales), digital (18% of sales), or blended solutions (46% of
sales), and allowing it to adapt to educational reforms and
developments in recent years. S&P believes that Infinitas' flexible
offering is suitable in an environment where there is lack of
infrastructure in many schools to support a fully digitalized
model.

S&P said, "We expect Infinitas' development of AI capabilities will
help to reduce development costs in the medium term. Infinitas
incurs development costs of EUR20 million-EUR25 million annually
due to curriculum updates and to stay competitive in its content
delivery. To mitigate these costs, the group is investing in AI and
is already using its existing capabilities, with the necessary
proper human oversight, to support some aspects of its content
authoring process. We expect this strategy to reduce development
costs in the medium term. Nevertheless, over extended use of AI or
inappropriate supervision of this technology in its content
development could potentially result in reputational damage for
Infinitas. Furthermore, we do not believe there would be high
acceptance from teachers and students' parents for AI developed
content."

Infinitas has consolidated its market position in Europe. Infinitas
has been owned by private equity sponsor NPM Capital since 2021.
Under NPM's ownership, the group has primarily grown through
acquisitions. Revenues rose to EUR389 million in 2024 from EUR207
million in 2020, while S&P Global Ratings-adjusted EBITDA expanded
to EUR96 million from EUR55 million over the same period. The group
has also diversified its operations as it was primarily
concentrated in the Netherlands, with two-thirds of its revenue
base coming from this country in 2020, followed by Belgium and
Sweden. During this period the key acquisitions were as follows:

-- Futurewhiz in 2021, providing K-12 digital educational
content,

-- LeYa in 2022, the No. 2 player in K-12 educational and general
publishing in Portugal,

-- Averbode in 2022, a Belgian publisher of educational books and
magazines targeted at K-12 students (Averbode's educational book
segment was integrated into the group, and the magazine segment was
discontinued),

-- WSiP in 2024, the second largest and longest-established
publisher of K-12 textbooks in Poland.

This consolidation strategy remains the backbone of Infinitas'
growth and is reflected in the group's recent acquisition of
Prelum, a publishing company in the Netherlands specialized in
healthcare education. Although the group remains a small player
within the educational publishing industry and the broader
education industry, it targets becoming the pan-European leader in
educational content, and S&P expects it will continue to pursue
bolt-on acquisitions.

S&P said, "We expect Infinitas to continue to expand in 2025 and
2026. We forecast revenue will increase to about EUR408 million in
2025 from EUR389 million in 2024. This is growth is fueled by the
acquisition of Prelum but also by Futurewhiz's scaling of its
digital platforms, by the increased penetration of blended
offerings in Belgium, and by new releases to meet curriculum
updates, as well as new blended products in Sweden. Moreover, we
expect revenue to be boosted by recovery in Poland following market
challenges experienced in 2024 and from inflation-driven price
increases in the Netherlands, partially offset by lower activity in
Portugal because of the cycle of new curriculum adoption in 2025.
However, we forecast adjusted EBITDA will remain relatively stable
at around EUR96 million in 2025, with adjusted EBITDA margin
marginally decreasing to around 23.5% from 24.8% in 2024 because we
expect higher personnel costs and exceptional costs primarily
related to acquisitions. For 2026, we forecast revenue to increase
to EUR426 million and adjusted EBITDA above EUR103 million, on the
back of positive phasing in the Netherlands and Poland as a
consequence of the start of a new curriculum update cycle, with
adjusted EBITDA margin increasing above 24% as the cost base
normalizes."

Infinitas' high leverage and modest cash generation constrain the
rating. The group closed 2024 with S&P Global Ratings-adjusted debt
to EBITDA of 6.4x, and we expect this figure to increase to about
6.7x in 2025--due to the company's EUR25 million increase in its
TLB in March of this year primarily to fund its Prelum
acquisition--before decreasing to 6.2x in 2026. S&P said, "We
believe Infinitas' FOCF is considerably constrained by annual
capital expenditure (capex) of EUR35 million-EUR40 million,
including development costs. There is a limited track record of
Infinitas generating sizable FOCF after leases as it was neutral in
2023 and reached EUR13 million in 2024 due to EBITDA expansion as
well as working capital inflows due to positive effects in the
timings of payments and content delivery, and lower cash taxes. We
expect FOCF after leases to remain relatively stable at EUR13
million in 2025 as working capital and cash taxes normalize,
mitigated by lower interest payments as a result of Infinitas'
double refinancing of its TLB in 2025, which has lowered the
instrument's interest margin to 3.7% from 4.5%. As the company
expands its EBITDA base in 2026, we forecast FOCF after lease
payments will increase to EUR25 million. However, we expect FOCF to
debt will remain below 5% over our forecast horizon through 2026,
consistent with our 'B-' rating."

S&P said, "We anticipate Infinitas will continue to pursue
debt-funded acquisitions. Our view of the group's financial risk
profile is also constrained by our assessment of the shareholder's
financial policy. Although, we have not incorporated any major
acquisitions in our base case, we understand that NPM Capital's
strategy with Infinitas is to continue to build a leading European
learning solution platform, and we therefore expect Infinitas will
continue to seek out acquisition opportunities. This strategy could
impact Infinitas' deleveraging profile, as the company has
consistently pursued a dynamic, debt-funded acquisition strategy.

"The stable outlook reflects the resilience and stability of
recurring demand from public schools in the countries where
Infinitas operates. We expect Infinitas' adjusted leverage to be in
the 6.5x-7.0x range in 2025 and to decline toward 6.0x in 2026. We
estimate that the group's FOCF to debt will remain below 5%. Under
our base case, we expect Infinitas to maintain adequate liquidity
over the next 12 months.

"We could lower the rating within the next 12 months if Infinitas'
operating performance significantly underperforms our base case. A
downgrade could occur if the group posted lower EBITDA, negative
FOCF, and a constrained liquidity position, causing us to view the
group's capital structure as unsustainable in the medium term.

"We could raise the rating on Infinitas if its performance
materially exceeded our base case. We could consider an upgrade if
the group maintained its adjusted debt to EBITDA sustainably below
7.0x while improving FOCF to debt above 5%, and at the same time
pursuing a prudent financial policy that supported lower leverage.
A positive rating action would depend on Infinitas maintaining
adequate liquidity and having sufficient sources to cover liquidity
requirements, including seasonal working capital needs."




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

C. BROWN & SONS: Teneo Financial Named as Administrators
--------------------------------------------------------
C. Brown & Sons (Steel) Limited was placed into administration
proceedings in the High Court of Justice Business and Property in
Manchester, Insolvency and Companies List (ChD), Court Number:
CR-CR-2025-MAN-001321, and Paul James Meadows and Julian Heathcote
of Teneo Financial Advisory Limited were appointed as
administrators on Sept. 26, 2025.  
       
C. Brown & Sons (Steel) engaged in the cold running of narrow
strips.
       
Its registered office is c/o Teneo Financial Advisory Limited, The
Colmore Building, 20 Colmore Circus Queensway, Birmingham B4 6AT.

       
Its principal trading address is at Cochrane House, Pedmore Road,
Dudley, West Midlands, DY2 0RL.
       
The joint administrators can be reached at:
       
     Paul James Meadows
     Julian Heathcote
     Teneo Financial Advisory Limited
     The Colmore Building
     20 Colmore Circus Queensway
     Birmingham, B4 6AT

For further details, contact:
       
     The Joint Administrators
     Tel No: 0121 619 0120
       
Alternative contact:

     Alia Khan


CROWNHILL TOPSOIL: Leonard Curtis Named as Administrators
---------------------------------------------------------
Crownhill Topsoil & Aggregates Limited was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts of England & Wales, Insolvency & Companies List
(Chd), Court Number: CR-2025-006622, and Sean Ward and Siann
Huntley of Leonard Curtis were appointed as administrators on Sept.
25, 2025.  

Crownhill Topsoil engaged in construction activities.

Its registered office and principal trading address is at The Old
Heritage Brickwork, Caldicot Road, Rogiet, Monmouthshire, Wales,
NP26 3TF

The joint administrators can be reached at:

             Sean Ward
             Siann Huntley
             Leonard Curtis, Sophia House
             28 Cathedral Road
             Cardiff, CF11 9LJ

For further details, contact:

            The Joint Administrator
            Email: recovery@leonardcurtis.co.uk

Alternative contact:

            Monty Nash
            Email: Monty.Nash@leonardcurtis.co.uk


HONEST PAYROLL: Cowgills Limited Named as Administrators
--------------------------------------------------------
Honest Payroll Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency and Companies List (ChD), No CR-2025-MAN of
1324, and James Fish and Craig Johns of Cowgills Limited were
appointed as administrators on Sept. 19, 2025.  

Honest Payroll Limited is a UK-based company offering payroll,
accountancy, and umbrella company services to contractors,
agencies, and their end clients.

Its registered office and principal trading address is at Lower
Chapel White Cross Business Park, South Road, Lancaster, LA1 4XQ.

The joint administrators can be reached at:

         James Fish
         Craig Johns
         Cowgills Limited
         Fourth Floor Unit 5B
         The Parklands
         Bolton BL6 4SD
         Email: Katie.Parker@cowgills.co.uk
         Tel No: 0161-827-1200

For further details, contact:

         Katie Parker
         Cowgills Limited
         Fourth Floor Unit 5B
         The Parklands
         Bolton BL6 4SD
         Tel No: 0161-672-5763


K WEST TRANSPORT: RCM Advisory Named as Administrators
------------------------------------------------------
K West Transport Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency and Companies Court (ChD), Court
Number: CR-2025-006530, and Richard Cacho of RCM Advisory Limited
was appointed as administrators on Sept. 29, 2025.  

K West Transport engaged in freight transport by road.

Its registered office is at Sandywood Depot Lumns Lane, Swinton,
Manchester, M27 8LH.

The joint administrators can be reached at:

         Richard Cacho
         RCM Advisory Limited
         64-66 Westwick Street, Norwich
         Norfolk, NR2 4SZ

For further details, contact:

         RCM Advisory Limited
         Tel No: 01603331960
         Email: jenson@rcmadvisory.co.uk


LONDON CARDS 3: S&P Assigns CCC(sf) Rating on Class X-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
London Cards Master Issuer PLC series 3's asset-backed
floating-rate class A, B-Dfrd, C-Dfrd, D-Dfrd, and X-Dfrd notes.

The class X-Dfrd notes are excess spread notes. Subordinated to the
class D-Dfrd note is an originator variable funding note (VFN),
which, together with the class A, B-Dfrd, C-Dfrd, and D-Dfrd notes,
represents the collateralized debt.

The assets backing the notes comprise credit card receivables
arising under designated VISA accounts granted to limited liability
companies and limited liability partnerships, originated by New
Wave Capital Ltd., trading as Capital on Tap (CoT) in the U.K. This
is the third securitization of receivables originated by CoT and
the second that we have rated. This series is the first public
issuance from this master trust structure.

The transaction has an initial scheduled revolving period of three
years during which principal collections will be reinvested to
purchase additional receivables, subject to early amortization upon
the occurrence of certain events including performance-based tests.
CoT can extend the revolving period for an additional 12 months
with no change to the notes' original terms and conditions.

The rated notes will pay a floating rate of interest plus a margin.
If they are not redeemed by the original scheduled redemption date
the margin will increase to a higher step-up margin except the
class X-Dfrd notes.

A combination of note subordination and available excess spread
provides credit enhancement on the collateralized debt.
Additionally, the class A, B-Dfrd, C-Dfrd, and D-Dfrd notes also
benefit from liquidity provided by an amortizing reserve fund.
Amounts exceeding the required reserve fund amount are released to
the revenue priority of payments.

CoT will remain the initial servicer of the portfolio. Following a
servicer termination event Lenvi Servicing Ltd. will assume
servicing of the portfolio.

S&P said, "Our preliminary ratings in this transaction are not
constrained by our counterparty or operational criteria. We expect
the legal opinions will adequately address any legal risk in line
with our legal criteria."

  Ratings

  Class  Prelim rating*   Prelim amount (mil. GBP)

  A          AAA (sf)         TBD
  B-Dfrd     AA (sf)          TBD
  C-Dfrd     A (sf)           TBD
  D-Dfrd     BBB (sf)         TBD
  X-Dfrd     CCC (sf)         TBD

*S&P's preliminary ratings address timely payment of interest and
ultimate repayment of principal by legal final maturity on the
class A notes and the ultimate payment of interest and principal on
the other rated notes.
TBD--To be determined.


PEARCROFT DEVELOPMENTS: CG & Co Named as Administrators
-------------------------------------------------------
Pearcroft Developments Crowmarsh Hill Ltd was placed into
administration proceedings in the High Court of Justice, Business &
Property Courts of England & Wales, Insolvency & Companies, Court
Number: CR-2025-006776, and Edward M Avery-Gee and Daniel
Richardson of CG & Co, were appointed as administrators on Sept.
30, 2025.  

Pearcroft Developments was into the development of building
projects.

Its registered office and principal trading address is at  4 King
Square, Bridgwater, Somerset, United Kingdom, TA6 3YF.

The joint administrators can be reached at:

     Edward M Avery-Gee
     Daniel Richardson
     CG & Co
     27 Byrom Street
     Manchester M3 4PF

For further details, contact:

     Claire Usher
     Tel No: 0161 527 1232
     Email: claire.usher@cg-recovery.com


PICKLES&CO LTD: Leonard Curtis Named as Administrators
------------------------------------------------------
Pickles&Co Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number:
CR-2025-NCL-000115, and Iain David Nairn and Sean Williams of
Leonard Curtis were appointed as administrators on Sept. 29, 2025.


Pickles&Co Ltd. engaged in veterinary practice.

Its registered office is at Unit 13, Kingsway House, Kingsway, Team
Valley Trading Estate, Gateshead NE11 0HW

Its principal trading address is at 126 New Kings Road, London, SW6
4LZ

The joint administrators can be reached at:

         Iain David Nairn
         Sean Williams
         Leonard Curtis
         Unit 13, Kingsway House
         Kingsway Team Valley Trading Estate
         Gateshead, NE11 0HW

For further details, contact:

         Tel: 0191 933 1560
         Email: recovery@leonardcurtis.co.uk

Alternative contact:

         Ryan Butler


PREFERRED RESIDENTIAL 05-2: S&P Affirms 'B-' Rating on E1c Notes
----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'A+ (sf)' its credit
ratings on Preferred Residential Securities 05-2 PLC's class C1a
and C1c notes, and to 'BB+ (sf)' from 'BB (sf)' its rating on the
class D1c notes. At the same time, S&P affirmed its 'B- (sf)'
rating on the class E1c notes. S&P has resolved the UCO placements
of all classes of notes.

S&P said, "The rating actions follow our credit and cash flow
analysis as of the March 2025 payment date. We have also factored
in the most recent transaction information that we received in the
June 2025.

"Performance has shown minor deterioration since our previous
review in May 2024. Arrears, as per the March 2025 loan level data,
have increased to 44.78% from 42.30%. The percentage increase in
arrears mostly reflects the reduced pool size rather than an actual
increase in arrears."

Cumulative losses have increased marginally to 3.57% from 3.56% at
our previous review.

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

  Portfolio WAFF and WALS

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

  AAA           63.40     13.37       8.48
  AA            60.27      7.87       4.74
  A             58.54      2.04       1.19
  BBB           56.15      2.00       1.12
  BB            53.74      2.00       1.07  
  B             53.13      2.00       1.06

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

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

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

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

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

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

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

"The available credit enhancement for the class D1c notes can also
withstand stresses at a higher rating level. However, given the
level of arrears, the tail-end risk associated with interest-only
maturities, and the relatively low credit enhancement when
accounting for very severe arrears, we limited our upgrade at the
'BB' rating level. We therefore raised our rating on this class of
notes to 'BB + (sf)' from 'BB (sf)'.

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

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (237 months), the transaction has
a low pool factor (7.12%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

The loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland. Preferred Residential
Securities 05-2 is a U.K. nonconforming RMBS transaction originated
by Preferred Mortgages Ltd.


PREFERRED RESIDENTIAL 06-1: S&P Affirms 'B-' Rating on E1c Notes
----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'A+ (sf)' its credit
ratings on Preferred Residential Securities 06-1 PLC's class C1a
and C1c notes. At the same time, S&P affirmed its 'A (sf)' ratings
on the class D1a and D1c notes, and its 'B- (sf)' rating on the
class E1c notes. S&P has resolved the UCO placements of all classes
of notes.

The rating actions follow its credit and cash flow analysis of the
most recent transaction information as of the June 2025 investor
report.

S&P said, "On July 25, 2025, we placed our ratings on all classes
of Preferred Residential Securities 06-1 PLC's notes under criteria
observation (UCO) following the publication of our revised
counterparty criteria.

"Following our review, we raised our ratings on the class C1a and
C1c notes, and affirmed our ratings on the class D1a, D1c, and E1c
notes. We have resolved the UCO placements, concluding that a
counterparty risk cap no longer applies."

Performance has shown minor deterioration since S&P's previous
review in March 2025. As per the June 2025 loan level data, arrears
have increased to 33.20% from 31.80%. The increase in arrears
primarily reflects the reduced pool size rather than an actual
increase in arrears.

Cumulative losses have increased marginally to 3.58% from 3.57% at
our previous review.

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

  Portfolio WAFF and WALS

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

  AAA           51.88     14.54      7.54
  AA            47.47      8.63      4.10
  A             45.01      2.00      0.90
  BBB           42.56      2.00      0.85
  BB            40.11      2.00      0.80
  B             39.49      2.00      0.79

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

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

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

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

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

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

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

"The available credit enhancement for the class D1a and D1c notes
can also withstand stresses at higher rating levels than those
currently assigned. However, we have limited our upgrades on these
notes given the level of arrears, the tail-end risk associated with
interest-only maturities, and the relatively low credit enhancement
when accounting for very severe arrears. We therefore affirmed our
'A (sf)' ratings on the class D1a and D1c notes.

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

"We consider the transaction's resilience in case of additional
stresses to some key variables, in particular defaults and loss
severity, to determine our forward-looking view. We considered the
sensitivity of the ratings to increased defaults, extended
recoveries, and higher interest rates, and the ratings remain
robust. Given its high seasoning (237 months), the transaction has
a low pool factor (6.80%), which tends to amplify movement in
arrears. We have considered the tail-end risk associated with the
low pool factor in our analysis."

The loan pool comprises first- and second-ranking mortgages on
properties in England, Wales, and Northern Ireland, and standard
securities on properties in Scotland. Preferred Residential
Securities 06-1 is a U.K. nonconforming RMBS transaction originated
by Preferred Mortgages Ltd.


WE ARE ELECTRIC: Oury Clark Named as Administrators
---------------------------------------------------
We Are Electric Limited was placed into administration proceedings
in the High Court of Justice, Court Number: CR-2025-006685, and
Nick Parsk and Carrie James of Oury Clark Chartered Accountants
were appointed as administrators on Sept. 26, 2025.  

We Are Electric, trading as WeeVee, engaged in activities auxiliary
to financial intermediation.

Its registered office is at 59-60 Russell Square, London, WC1B 4HP
  
Its principal trading address is at One Lyric Square, London, W6
0NB
  
The joint administrators can be reached at:

     Nick Parsk
     Carrie James
     Oury Clark Chartered Accountants
     Herschel House
     58 Herschel Street, Slough
     Berkshire, SL1 1PG

For further details, contact:
  
     The Joint Administrators
     Tel: 01753 551 111
     Email: IR@ouryclark.com
  
Alternative contact:

     Alex Goderski




===============
X X X X X X X X
===============

[] BOOK REVIEW: Taking Charge
-----------------------------
Taking Charge: Management Guide to Troubled Companies and
Turnarounds

Author: John O. Whitney
Publisher: Beard Books
Softcover: 283 Pages
List Price: $34.95
Order a copy today at:
http://beardbooks.com/beardbooks/taking_charge.html    

Review by Susan Pannell

Remember when Lee Iacocca was practically a national hero? He won
celebrity status by taking charge at a company so universally known
as troubled that humor columnists joked their kids grew up thinking
the corporate name was "Ayling Chrysler." Whatever else Iacocca may
have been, he was a leader, and leadership is crucial to a
successful turnaround, maintains the author.

Mediagenic names merit only passing references in Whitney's book,
however. The author's own considerable experience as a turnaround
pro has given him more than sufficient perspective and acumen to
guide managers through successful turnarounds without resorting to
name-dropping. While Whitney states that he "share[s] no personal
war stories" in this book, it was, nonetheless, written from inside
the "shoes, skin, and skull of a turnaround leader." That sense of
immediacy, of urgency and intensity, makes Taking Charge compelling
reading even for the executive who feels he or she has already
mastered the literature of turnarounds.

Whitney divides the work into two parts. Part I is succinctly
entitled "Survival," and sets out the rules for taking charge
within the crucial first 120 days. "The leader rarely succeeds who
is not clearly in charge by the end of his fourth month," Whitney
notes. Cash budgeting, the mainstay of a successful turnaround, is
given attention in almost every chapter. Woe to the inexperienced
manager who views accounts receivable management as "an arcane
activity 'handled over in accounting.'" Whitney sets out 50
questions concerning AR that the leader must deal with – not
academic exercises, but requirements for survival.

Other internal sources for cash, including judiciously managed
accounts payable and inventory, asset restructuring, and expense
cuts, are discussed. External sources of cash, among them banks,
asset lenders, and venture capital funds; factoring receivables;
and the use of trust receipts and field warehousing, are handled in
detail. Although cash, cash, and more cash is the drumbeat of Part
I, Whitney does not slight other subjects requiring attention. Two
chapters, for example, help the turnaround manager assess how the
company got into the mess in the first place, and develop
strategies for getting out of it.

The critical subject of cash continues to resonate throughout Part
II, "Profit and Growth," although here the turnaround leader
consolidates his gains and looks ahead as the turnaround matures.
New financial, new organizational, and new marketing arrangements
are laid out in detail. Whitney also provides a checklist for the
leader to use in brainstorming strategic options for the future.

Whitney's underlying theme -- that a successful business requires
personal leadership as well as bricks and mortar, money and
machinery -- is summed up in a concluding chapter that analyzes the
qualities that make a leader. His advice is as relevant in this
1999 reprint edition as it was in 1987 when first published.

John O. Whitney had a long and distinguished career in academia and
industry. He served as the Lead Director of Church and Dwight Co.,
Inc. and on the Advisory Board of Newsbank Corp. He was Professor
of Management and Executive Director of the Deming Center for
Quality Management at Columbia Business School, which he joined in
1986.  He died in 2013.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *