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

                          E U R O P E

          Wednesday, November 5, 2025, Vol. 26, No. 221

                           Headlines



A U S T R I A

HYPO VORARLBERG: Moody's Rates New AT1 Perpetual Notes 'Ba2(hyb)'


B O S N I A   A N D   H E R Z E G O V I N A

NASA BANKA: S&P Affirms 'B-/B' ICRs on Change of Ownership


I R E L A N D

ARMADA EURO IX: Fitch Assigns 'B-sf' Final Rating on Class F Notes
ARMADA EURO IX: S&P Assigns B-(sf) Rating on Class E Notes


L U X E M B O U R G

AUNA SA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable


R U S S I A

UZBEKHYDROENERGO JSC: Fitch Affirms BB LongTerm IDR, Outlook Stable


S P A I N

NEINOR HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

AFRICELL GLOBAL: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
BISTRO L!VE: FRP Advisory Named as Administrators
ION TRADING: S&P Withdraws 'B' ICR on Loan Repayment
JJU SOLUTIONS: Leonard Curtis Named as Administrators
LONDON BRIDGE 2025-1: S&P Affirms 'B-(sf)' Rating on X-Dfrd Notes

PEAK ANALYSIS: Bailey Ahmad Named as Administrators
SPECTRUM TILES: RSM UK Named as Administrators
UK LOGISTICS 2025-2: Moody's Assigns Ba3 Rating to Class E Notes
VICTORIA PLC: Fitch Keeps 'CCC' Rating on Watch Negative
WILLARD CONSERVATION: Leonard Curtis Named as Administrators


                           - - - - -


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A U S T R I A
=============

HYPO VORARLBERG: Moody's Rates New AT1 Perpetual Notes 'Ba2(hyb)'
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba2(hyb) rating to Hypo Vorarlberg
Bank AG's (Hypo Vorarlberg, deposits A3 negative/senior unsecured
A3 negative, Baseline Credit Assessment baa2) proposed Swiss
franc-denominated Additional Tier 1 (AT1) perpetual capital
instrument (the notes) with non-viability loss absorption
features.

The perpetual notes include a call option for the issuer after 5.25
years and the principal will be written down should the bank's
Common Equity Tier 1 (CET1) ratio fall below 5.125%. Distributions
may be cancelled in full or in part on a non-cumulative basis at
the issuer's discretion or mandatorily in the case of insufficient
"available distributable items".

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's have reviewed.

RATINGS RATIONALE

The proposed AT1 notes are contractual non-viability preferred
securities, and are available to absorb losses based on the
European Union's Bank Recovery and Resolution Directive (BRRD)
framework. In a bank resolution, they rank senior only to the most
junior obligations, including ordinary shares and CET 1 capital.
Coupons are cancelled on a non-cumulative basis at the bank's
discretion, and on a mandatory basis subject to availability of
distributable funds and breach of applicable regulatory capital
requirements.

The assigned Ba2(hyb) rating reflects (1) Hypo Vorarlberg's baa2
Baseline Credit Assessment (BCA) and Adjusted BCA; (2) the high
loss-given-failure under Moody's Advanced Loss Given Failure (LGF)
analysis, resulting in a one-notch downward adjustment from the
bank's Adjusted BCA; and (3) the higher payment risk associated
with the non-cumulative coupon skip mechanism, resulting in an
additional two-notch downward adjustment. This also takes into
consideration the principal write-down feature of the notes in
combination with their deeply subordinated status in liquidation.

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

The rating of the notes could be upgraded if Hypo Vorarlberg's BCA
and Adjusted BCA gets upgraded. Conversely, the rating of the notes
could be downgraded if the bank's BCA and Adjusted BCA gets
downgraded.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2024.

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




===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

NASA BANKA: S&P Affirms 'B-/B' ICRs on Change of Ownership
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long- and short-term issuer
credit ratings to Nasa Banka a.d. Banja Luka. The outlook is
stable.

The stable outlook indicates that S&P expects Nasa Banka will
maintain its niche market position over the next 12 months, while
maintaining sufficient profitability and adequate asset quality.

In 2025, Nasa Banka a.d. Banja Luka (Nasa Banka) underwent a change
in ownership structure. The bank, previously held by one member of
a controlling family was repositioned under Galens d.o.o., the main
vehicle of the family's real estate interests. In our view, the
ownership transfer does not affect the bank's creditworthiness.

Nasa Banka's small scale, regional concentration, and below-average
financial performance remain weaknesses.

S&P forecasts the risk-adjusted capital (RAC) ratio to remain
stable at 6%-7%, but the weak earnings capacity limits its ability
to maneuver and makes the bank reliant on shareholder equity
injections to facilitate growth.

S&P said, "In our view, Nasa Banka's resilience is unchanged,
despite the change of ownership. In July 2025, Nasa Banka was
repositioned under Galens d.o.o., a Serbia-based real estate
construction company founded in 2004, which holds 100% of Nasa
Banka. Therefore, we view Galens as Nasa Bank's parent.
Nevertheless, Nasa Banka has no brand overlap, no meaningful
operational linkages, and no funding dependency on Galens.
Moreover, regulatory restrictions limit related party exposures and
shareholder distributions. While Nasa Banka may receive capital
injections to support future growth, we do not view them as
essential to sustain the bank in its current shape and allow it to
meet its financial commitments.

"We continue to view Nasa Banka's small scale and regional
concentration as a rating weakness. With total assets of
konvertibilna marka (BAM) 398 million (EUR204 million) as of
September 2025, Nasa Banka is a very small bank by global
standards, representing about 3% of the market in Republika Srpska,
one of the two subsovereign entities of Bosnia and Herzegovina.
Smaller institutions like Nasa Banka face greater challenges in
absorbing the operational costs associated with investments in
digitalization, personnel, and regulatory compliance. Our 7% return
on equity (ROE) forecast for 2025 reflects the positive impact from
the sale of two nonperforming loans, which compensates for the
forecast 15% increase in operating expenses. We expect that a
5%–10% reduction in headcount will limit the operating expense
growth in 2026. However, profitability and operational efficiency
are likely to lag peers over the medium term. Specifically, for
2026 and 2027 we forecast an average ROE of about 6%-7% and a
cost-to-income ratio of about 80%, both materially weaker than the
systemwide forecasts of 12%–13% ROE and 55% cost-to-income
ratio.

"We expect a gradual shift toward retail banking. Historically,
Nasa Banka's loan portfolio was skewed toward corporate loans,
which accounted for about two-thirds of the portfolio until 2024.
However, the bank aims to expand its retail segment, thereby
reducing concentration risks and improving earnings predictability.
The share of household loans increased to 42% as of September 2025
from 35% as of end 2024. That said, continued growth in retail
lending will require sustained investment in digital infrastructure
and efforts to enhance brand visibility, particularly in the major
urban centers across Republika Srpska.

"We think that Nasa Banka's capacity to absorb credit losses
remains constrained. In our view, the bank is more exposed to
economic downturns and sector-specific risks due to its regional
and single-name concentrations within the corporate portfolio. The
top 20 corporate loans represent approximately 1.3x the bank's
total adjusted capital, and 20% of the corporate loan book is
concentrated in the commercial real estate sector. With
below-average earnings capacity, the bank's pre-provision operating
income covers expected credit losses by only 2.0x-3.0x, indicating
a weaker buffer than peers. On a positive note, we think Nasa Banka
has improved its underwriting standards since the change in
management in 2019. We also acknowledge that most of these
single-name concentrations are mitigated by collateral and
guarantees. Therefore, we forecast cost of risk will average 60
basis points (bps)-70 bps and a nonperforming assets ratio of 4%-5%
though 2025-2027.

"We expect that Nasa Banka's RAC ratio to remain at 6%-7% through
2027. Based on the management's growth targets we forecast loan
growth of at least 10%-15% annually over the next few years. Our
RAC forecast acknowledges the bank's limited internal capital
generation and assumes that Nasa Banka will continue to fully
retain its earnings. While the owner may provide further capital
injections to support growth, we assume that the bank would curtail
its growth plans if it does not receive additional capital."

Customer deposits are the key pillar of Nasa Banka's funding base,
similar to most peers in developing countries. As of September
2025, customer deposits represented about 90% of the bank's funding
base. Customer deposits increased by 22% between December 2024 and
September 2025 supporting the bank's growth trajectory. Two thirds
of this increase is driven by corporate deposits, which show higher
concentrations. That said, granular household deposits remain the
dominant funding source representing 70% of customer deposits and
the customer loan-to-deposit ratio was 68% in September 2025,
indicating that loans are adequately covered by available deposits.
Moreover, Nasa Banka maintains adequate liquidity buffers with
broad liquid assets covering total assets by about 30%.

S&P said, "The stable outlook indicates that we expect Nasa Banka
to maintain capital commensurate with its business growth over the
next 12 months. We do not expect it to compromise on its risk
standards or profitability for the sake of rapid growth. In our
base case, we assume that Nasa Banka's related party exposure is
unlikely to increase by a material amount. Moreover, we anticipate
that the bank will continue to refrain from business relations with
politically exposed persons, which might damage its standing.

"We could lower the rating in the next 12 months if we see material
risks that challenge the viability of Nasa Banka's business.
Although not in our base case, this could occur, for example, if
its capital buffer decreased or material nonfinancial risks emerge.
We will monitor the bank's lending standards and the development of
its asset quality indicators to gain confidence that the bank will
not compromise on its risk appetite.

"We do not expect to raise the ratings within the next 12 months,
because the bank will need longer to transform itself and gain
sufficient scale and efficiency to generate tangible and
sustainable benefits. Over the longer term, we could upgrade Nasa
Banka if it significantly improves its position in the local market
without undermining its risk profile and capitalization, and it
materially and sustainably improves its risk-adjusted profitability
and efficiency to levels comparable with peers. There could also
not be undue negative intervention from the parent company and the
bank's creditworthiness would need to be sufficiently resilient if
the parent came under stress."




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

ARMADA EURO IX: Fitch Assigns 'B-sf' Final Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO IX DAC's final ratings,
as detailed below.

   Entity/Debt               Rating              Prior
   -----------               ------              -----
Armada Euro CLO IX DAC

   A XS3148251872         LT AAAsf  New Rating   AAA(EXP)sf

   B XS3148252094         LT AAsf   New Rating   AA(EXP)sf

   C XS3148252417         LT Asf    New Rating   A(EXP)sf

   D XS3148252680         LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3148252920         LT BB-sf  New Rating   BB-(EXP)sf

   F XS3148253142         LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3148253498           LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Armada Euro CLO IX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Brigade Capital
Europe Management LLP. The collateralised loan obligation (CLO) has
a reinvestment period of about 4.5 years and an 8.5 year weighted
average life (WAL) test limit.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the indicative portfolio is 64.5%.

Diversified Asset Portfolio (Positive): The transaction includes
three sets of Fitch test matrices, one of which is effective at
closing. Each set includes two matrices with fixed-rate obligation
limits of 5% and 10%. The closing matrix set corresponds to a top
10 obligor concentration limit of 20%, and an 8.5-year WAL
covenant. The forward matrix sets correspond to the same top 10
obligors limit, one with a 7.5-year WAL test covenant and the other
at seven years.

The forward matrices will be effective 12 months and 18 months,
respectively, after closing, provided the aggregate collateral
balance (defaults carried at Fitch-calculated collateral value) is
at least at the reinvestment target par balance, among other
conditions. The transaction also includes various other
concentration limits, including a maximum exposure to the
three-largest Fitch-defined industries in the portfolio of 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time. In Fitch's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The rated
notes each have a rating cushion to a downgrade of up to two
notches, due to the better metrics of the identified portfolio than
the Fitch-stressed portfolio.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode 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 result in downgrades of three notches each on the
class A and D notes, four notches each on the class B and C notes
and to below 'B-sf' for the class E and F notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to an
upgrade of up to four notches each for the rated notes, except for
the 'AAAsf' 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 to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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


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

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 transaction has a 1.5-year noncall period and the portfolio's
reinvestment period will end 4.5 years after closing.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  S&P Global Ratings' weighted-average rating factor    2,729.56
  Default rate dispersion                                 607.33
  Weighted-average life (years)                             5.04
  Obligor diversity measure                                98.20
  Industry diversity measure                               21.99
  Regional diversity measure                                1.32

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.00
  Actual target 'AAA' weighted-average recovery (%)        36.66
  Actual target weighted-average spread (net of floors; %)  3.76
  Actual target weighted-average coupon                      N/A

N/A--Not applicable.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual identified weighted-average spread (3.74%), the
covenanted weighted-average coupon (5.00%), and the actual target
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on April 30, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

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

The class A notes can withstand stresses commensurate with the
assigned rating.

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

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds and is managed by Brigade Capital Europe
Management LLP.

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. For this transaction,
the documents prohibit assets from being related to certain
activities. Accordingly, since the exclusion of assets from certain
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§

  A       AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                         plus 1.31%

  B       AA (sf)      44.00    27.00    Three/six-month EURIBOR
                                         plus 1.85%

  C       A (sf)       24.00    21.00    Three/six-month EURIBOR
                                         plus 2.25%

  D       BBB- (sf)    29.00    13.75    Three/six-month EURIBOR
                                         plus 3.00%

  E       BB- (sf)     17.00     9.50    Three/six-month EURIBOR
                                         plus 5.25%

  F       B- (sf)      12.00     6.50    Three/six-month EURIBOR
                                         plus 8.17%

  Sub notes   NR       33.60      N/A    N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to 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
===================

AUNA SA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Luxembourg-domiciled health care services provider Auna S.A. S&P
also assigned its 'B+' issue-level rating and a recovery rating of
'3' to the proposed new senior secured notes due 2032. At the same
time, S&P lowered its issue-level rating on Auna's 2029 senior
secured notes to 'B+' from 'BB-' and revised its recovery rating on
those notes to '3' from '2'.

S&P said, "The stable outlook on Auna reflects our view of steady
operating performance while the company keeps credit metrics in
line with our rating expectations. Moreover, we expect the proposed
refinancing to provide greater liquidity headroom for the next
12-18 months.

"Auna S.A. intends to execute a debt refinancing transaction for up
to $825 million in funding. If successful, we would view the
transaction as positive because it will extend Auna's average debt
life and significantly strengthen its liquidity position in the
next 12 months.

"We still expect Auna to keep credit metrics consistent with the
rating level, with S&P Global Ratings-adjusted gross debt to EBITDA
of 3.5x-4.0x and EBITDA interest coverage of 2.0x-2.5x by the end
of 2026.

"We expect Auna to complete a large debt refinancing transaction in
the next few weeks as it aims to improve its liquidity position.
Auna intends to issue up to $400 million in senior secured notes
with a seven-year tenor, primarily to refinance most of its
existing secured notes due 2029 through a cash tender offer.
Concurrently, the company will borrow a new syndicated secured term
loan denominated in Mexican pesos (MXN), equivalent to about $375
million, and a new secured term-loan in Peruvian nuevo soles (PEN),
equivalent to about $50 million. Auna will use all proceeds to
repay existing term loans and part of its 2029 notes, and for
working capital facilities and transaction costs and fees.

"Assuming the refinancing closes as we expect, Auna's weighted
average debt life will increase above five years, from about 3.6
years as of June 2025. Moreover, we believe that the pro forma debt
maturity profile will help the company significantly improve its
liquidity sources over uses ratio to above 1.2x in the next 12
months.

"Still, to revise its liquidity position to a stronger category, we
would require evidence that Auna can maintain adequate liquidity,
including sufficient covenant headroom, over time, even during
economic and industry downturns. This will become more important
once scheduled debt amortizations of the new term loans start in
2027. On the other hand, failure to close the proposed refinancing
could pressure Auna's credit quality, given its current high
short-term debt mainly related to working capital lines and
scheduled debt amortizations under the existing syndicated term
loan.

"We expect Auna's earnings to soften in 2025 but its credit metrics
to remain consistent with the current rating level. We now expect
consolidated revenue growth of 2%-3% and EBITDA margins of about
21% in 2025, compared to our prior expectations of about 8% and
22%. Revenue and EBITDA are lagging our prior expectations, mainly
due to the depreciation of the Mexican peso and Colombian peso
relative to the Peruvian nuevo sol, as well as some operational
setbacks in the Mexican market that have resulted in lower capacity
use in recent quarters. The lower top-line generation, coupled with
the proposed transaction costs and fees, should result in slightly
weaker credit metrics in 2025. We expect adjusted gross debt to
EBITDA of about 4.2x and EBITDA interest coverage of about 2.0x,
but metrics will still be commensurate with our rating
expectations.

"We believe Auna's business model will continue benefiting from
long-term structural factors, helping it lower leverage in 2026. We
expect Auna's revenue will resume growing at 8%-9% in 2026. In our
view, the turnaround and ramp-up of the Mexican operating strategy,
coupled with long-term structural factors across its markets, will
likely support Auna's growth trajectory. The lack of public and
private infrastructure that results in a low ratio of hospital beds
per habitants, higher waiting average times in public health care
sector, and growing share of elderly population are long-term
structural factors that should continue to support Auna's medium-
to long-term growth prospects. In terms of profitability, we expect
EBITDA margins will rebound to 22%-23%, considering higher
utilization rates, pricing adjustments, and diluted fixed costs.

"We expect capital expenditures (capex) to remain relatively low at
4%-5% of consolidated revenues over the next two years. Auna
doesn't need notable capacity expansion, given its current
installed capacity and utilization rates, which should support free
cash flow generation. However, we do not discount higher investment
in the future, particularly in Peru and Colombia. Moreover, subject
to complying with its covenants, Auna plans to distribute dividends
in 2026. Nonetheless, we expect the company to improve its credit
metrics, with adjusted gross debt to EBITDA of about 3.7x and
EBITDA interest coverage of about 2.5x by the end of 2026.

"Our rating on Auna continues to reflect its leading market
position, geographic diversification, and good profitability. Auna
remains one of the largest private health care services providers
in Latin American Spanish-speaking countries. In our view, the
company benefits from a leading market position in the region's
underserved and growing private health care markets. It has a
vertically integrated oncology program and affordable costs, as
well as horizontally integrated regional high complexity health
care service networks. We also consider its diversified health care
service offerings, and its profitability that's in line with the
average among global health care service providers.

"The stable outlook on Auna reflects our view of steady operating
performance and that it will post S&P Global Ratings-adjusted gross
debt to EBITDA of 3.5x-4.0x and EBITDA interest coverage of
2.0x-2.5x by the end of 2026. We also anticipate that the proposed
refinancing transaction will provide more headroom to its liquidity
position over the next 12 months.

"We could lower the ratings over the next six to 12 months if,
contrary to our expectations, the company's short-term debt remains
elevated, pressuring its liquidity position, or if it increases its
leverage due to operating setbacks or more aggressive financial
policies." S&P would take a negative rating action if any of the
following factors occur:

-- Auna's short-term debt increases pressure on its liquidity
position, such that S&P believes the company has a material
liquidity deficit;

-- The company breaches covenants without a clear action plan to
obtain a waiver; or

-- Auna's gross debt to EBITDA reverts to 5x or above on a
consistent basis, or if its EBITDA interest coverage falls to 1.5x
or below.

Although unlikely in the next 12-18 months, an upgrade would depend
on stronger operating and financial performance, improving key
credit metrics, and a stronger liquidity position, consistently.
S&P could raise the ratings if:

-- S&P sees a track record of prudent liquidity management in the
next 24 months, considering liquidity sources over uses of cash
well above 1.2x and covenant headroom above 20%;

-- Adjusted gross debt to EBITDA fall to 3.0x-3.5x, while its
funds from operations to debt is consistently above 12%; and
EBITDA interest coverage is close to 3x.




===========
R U S S I A
===========

UZBEKHYDROENERGO JSC: Fitch Affirms BB LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Uzbekhydroenergo JSC's (UGE) Long-Term
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. The
company's Standalone Credit Profile (SCP) is 'b+'.

The affirmation reflects its expectation that the share of UGE's
debt guaranteed by Uzbekistan (BB/Stable) will remain at or above
75% for 2025-2027, leading to UGE's rating being equalised with
Uzbekistan's under Fitch's Government-Related Entities Rating
Criteria (GRE criteria). If this share decreases below 75% in the
medium to long term, the rating construction will change and be
based on the key factors under the GRE criteria.

UGE's SCP reflects low tariff visibility, limited access to
external funding and operating environment limitations. Key
strengths are a gradual increase in scale, monopoly position in
hydro generation in Uzbekistan, high operating profitability and
management's prudent approach to leverage. Fitch may revise UGE's
SCP up if the company improves financial flexibility with greater
access to funding on a non-guaranteed basis, while maintaining
conservative leverage.

Key Rating Drivers

Rating Equalisation with State: UGE's IDR is equalised with
Uzbekistan's rating due to more than 75% of the long-dated debt
being guaranteed by the government. The company attracted around
USD20 million of commercial loans without government guarantee in
2024 and its goal is to fund most new projects though own funds and
non-guaranteed debt. Fitch expects the share of non-guaranteed debt
be about 25% in 2026-2027, with the possibility of further increase
over the medium to long term. As of 3Q25, the share of guaranteed
debt was 84%.

Evolving Rating Construction: The decreasing share of guaranteed
debt may lead to a different rating construction. However, the
execution of the ambitious investment plan may be subject to delays
and the company's ability to raise large sums of non-guaranteed
debt is unproven, and so the approach is still appropriate. A more
established record of maintaining high capex and raising steadily
larger amounts of non-guaranteed debt would lead us to rate the
company on the basis of the four main factors of the GRE
assessment, which could change over time.

Growing Independence: Fitch expects UGE to become increasingly
autonomous, with improved governance as the regulatory framework
matures. The board of directors includes two independent members,
which is credit positive. The government aims to float up to 7% of
the company's capital through an initial public offering and
potential secondary offerings until 2027.

Unchanged GRE Assessment: Its GRE assessment remains unchanged,
with a support score of 20, implying 'Strong Expectations' of
support. Fitch assesses decision-making and oversight as 'Very
Strong', given strong government control over strategy and
operations, and precedents of support as 'Very Strong' due to a
large share of the issuer's debt being guaranteed by the state.
Fitch assesses incentives to support as 'Not Strong Enough' given
the company's relatively small size in the domestic market, modest
debt and lack of publicly traded instruments.

Prudent Approach to Leverage: Management's ambitious investment
plan is mitigated by its prudent approach to leverage. Fitch
expects the company to target an EBITDA net leverage of 3.0x over
the long term, without ever exceeding 3.5x. Management's target
translates into a funds from operations (FFO) leverage of close to
3.5x, commensurate with the 'b+' SCP. Fitch forecasts FFO leverage
to average around 3.0x over 2025-2028, in line with the current
SCP.

Ambitious Capex Plan: The company's investment plan remains aligned
with Uzbekistan's goal of modernising power plants and raising
capacity until 2030. Fitch forecasts capex to average UZS3.6
trillion (USD300 million) a year between 2025 and 2028, compared
with an average UZS1.7 trillion (USD140 million) over 2021-2024.
UGE has a more extensive pipeline of potential projects it can
invest in, beyond the investments included in its forecasts, if
there is available funding and sufficient leverage headroom,
according to its internal financial policy.

Uncertain but Supportive Tariffs: The Uzbek regulatory framework
remains a key rating constraint for UGE as it lacks multi-year
visibility on the tariff-setting mechanism and has unusual
features, such as the length of the transition. Past tariff rises
have kept pace with UGE's investment efforts and Fitch expects this
relationship to remain.

High Counterparty Risk: Cash collections remain dependent on other
parties of the electricity value chain and material working capital
build-up has historically been a key constraint. Trade receivables
decreased by UZS386 billion in 9M25, in line with forecast lower
revenues, which Fitch views as a credit positive development. An
increasing record of adequate working capital changes could be
positive for the rating.

Concentrated Asset Base: UGE's asset base is concentrated by number
of assets, geography and technology. Its largest hydro power plant
(HPP) cascade accounts for close to 40% of its installed capacity
and generation is exposed to Uzbekistan's hydro resources. This
concentration is mitigated by the company's efficient operations
and very low marginal generation costs.

Improved FX Expectations: Fitch forecasts a less pronounced
depreciation of the Uzbek soum than under its previous
expectations. This is positive for UGE given the mismatch between
soum-denominated revenues and largely hard currency-denominated
debt. The improved expectations are in line with Fitch's recent
upgrade of Uzbekistan's sovereign rating.

Peer Analysis

UGE has a slightly weaker business profile than Turkish renewable
energy producers Zorlu Enerji Elektrik Uretim A.S. (B+/Negative)
and Aydem Yenilenebilir Enerji Anonim Sirketi (B/Positive). All
three companies benefit from high EBITDA margins, but the Turkish
peers have better asset quality and higher revenue visibility as
they sell electricity on the free market or under a support
mechanism, which provides fixed US dollar-denominated feed-in
tariffs for 10 years. The local operating environment is a weakness
for all three companies.

ENERGO-PRO a.s. (BB-/Negative), a utility operating in Bulgaria,
Georgia, Turkiye and Spain, benefits from stronger operating and
regulatory environments than UGE, and from integration into
networks resulting in a higher debt capacity than UGE's.

UGE's financial profile is stronger than that of the peers above.

Like Thermal Power Plants Joint Stock Company (BB/Stable; SCP: ccc)
and Regional Electrical Power Networks JSC (BB/Stable; SCP: ccc),
UGE benefits from almost all its debt being guaranteed by the state
or provided by the state via the Ministry of Economy and Finance,
which justifies its ratings being equalised with Uzbekistan's.
Among other GREs, JSC Almalyk Mining and Metallurgical Complex's
(BB/Stable; SCP: b+) ratings are also equalised with the
sovereign's due to 'Very Likely' support. The rating of JSC Navoi
Mining and Metallurgical Company (BB/Stable; SCP: bb+) is
constrained by the sovereign's.

Key Assumptions

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

- Domestic GDP growth on average at 5.5% a year over 2025-2028

- US dollar averaging around 13,300 Uzbek soum over 2025-2028,
signalling a devaluation against the US dollar

- Electricity production volume averaging 8.1 terawatt-hours over
2025-2028

- Effective tariffs to grow 10% in 2026, and to follow inflation
from 2028

- Average capex close to UZS3.6 trillion (USD300 million) annually
over 2025-2028

- Negligible dividends

RATING SENSITIVITIES

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

- A sovereign downgrade

- Significant weakening of links with the state

- Share of guaranteed debt falling below 75% on a sustained basis,
assuming unchanged GRE assessment

- Operational underperformance, ambitious capex programme, material
trade receivables build-up or dividends resulting in a
deterioration in the financial profile (FFO leverage exceeding 4.0x
on a sustained basis), which could be negative for the SCP

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

- A sovereign upgrade, assuming the government continues
guaranteeing over 75% of total debt

- A more transparent and predictable operating and regulatory
framework (including implementation of multi-year tariffs) together
with a stronger financial profile (FFO leverage below 3.0x on a
sustained basis), which could be positive for the SCP

Liquidity and Debt Structure

At end-2024, UGE had cash and equivalents of UZS28 billion (USD2
million) against short-term debt of UZS1.1 trillion (USD80
million). UGE plans to repay short-term debt from operational cash
flow. Cash balances are mostly held in local currency with domestic
banks. The company has raised UZS746 billion of new debt during
2025.

UGE's debt is represented by mostly low-interest
government-guaranteed loans in US dollars and euros from national
and foreign banks. The maturity profile is well spread as most of
the loans are amortising. Fitch expects UGE to continue generating
negative free cash flow over 2025-2028, including a growing trade
receivables stock.

UGE is subject to FX risk as almost 100% of its debt is denominated
in foreign currencies while most of its revenue is in Uzbek soum.
The company does not hedge its FX risks.

Issuer Profile

UGE is a 100% state-owned company which controls all HPPs in
Uzbekistan. The company has 2.3GW installed capacity and about a
10% share of electricity production in Uzbekistan.

Public Ratings with Credit Linkage to other ratings

UGE's rating is linked to Uzbekistan's IDR.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating          Prior
   -----------               ------          -----
Uzbekhydroenergo JSC   LT IDR BB  Affirmed   BB




=========
S P A I N
=========

NEINOR HOMES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Neinor Homes, S.A.'s Long-Term Issuer
Default Rating (IDR) at 'B+' and senior secured rating at 'BB-',
with a Recovery Rating of 'RR3', and removed them from Rating Watch
Negative (RWN). The Outlook on the IDR is Stable.

The rating actions reflect Fitch's expectation that Neinor Homes'
net debt to EBITDA will decline from its spike following Neinor
Homes takeover offer to acquire 100% of AEDAS Homes, S.A.U. (IDR:
BB-/RWN). The transaction has not yet completed, but Fitch
forecasts that Neinor Homes will benefit from the enlarged group's
cash flows to service acquisition-related debt and gradually
improve its net leverage metrics over the next 12 months.

Fitch placed Neinor Homes on RWN in June 2025 when the takeover
offer was made public. The proposed transaction has obtained
clearance from the Spanish Foreign Direct Investment Board and the
Spanish Antitrust authority and is expected to close by end-2025.

Key Rating Drivers

Takeover Offer for AEDAS: In June 2025, Neinor Homes announced a
voluntary takeover offer to acquire 100% of AEDAS Homes for
EUR1,070 million (equity value). Castlelake, L.P., which owns 79%
of AEDAS Homes, entered a firm, irrevocable agreement to tender its
entire stake to Neinor Homes. To initiate the offer period, Neinor
Homes is pending approval of the prospectus by the National
Securities Market Commission and expects to complete the
transaction in 4Q25.

Purchase Price Fully Funded: The transaction is backed by about
EUR1.25 billion in committed capital, including funds injected into
a newly established special-purpose vehicle wholly owned by Neinor
Homes. The capital structure includes about EUR500 million in
equity, funded by Neinor Homes through a combination of cash
(EUR275 million) and a capital increase of EUR225 million, fully
subscribed by the company's largest shareholders. In October 2025,
Neinor Homes completed a further capital increase of EUR140
million, strengthening its capital structure.

Including Apollo-Funded Acquisition Debt: A BidCo entity set up to
own AEDAS will raise up to EUR750 million through the issue of
freely transferable notes. The notes will be amortising and mature
in four years and will be initially subscribed by funds managed,
advised or controlled by Apollo. The proceeds will be used to
finance the acquisition and to partially repay AEDAS's debt,
including its EUR255 million unsecured bond. Apollo noteholders
have no recourse to Neinor Homes, but Fitch includes it as debt for
the consolidated group profile as Neinor Homes will likely support
its equity investment.

Largest Spanish Homebuilder: The transaction involves the
acquisition of a substantial landbank of 15,500 units or 20,249
units including co-investments and managed projects. At completion,
the enlarged group will have access to the largest landbank in
Spain, accounting for around 43,200 units. Pro-forma for the
transaction, Fitch assumes the combined group to generate revenue
close to EUR2 billion and EBITDA at above EUR250 million.

Good Revenue Visibility: At end-September 2025, Neinor Homes'
standalone order book comprised more than 4,500 units (EUR1.6
billion), providing clear visibility of management's targeted sales
for 2026-2027. The company has a solid record of achieving a
year-end presales ratio of about 70%-75% of targeted sales for the
next year and about 30%-35% pre-sales for the following year. The
company tracks the rate at which stock is sold, which averaged
4.5%-6.0% a month over the past three years. The cancellation rate
remains at a historical low.

Bonds' Change of Control Clause: If there is a change of control,
under the relevant documentation AEDAS is required to offer to
repurchase the EUR255 million 4% coupon bond due August 2026 at
100% of principal plus accrued and unpaid interest. This obligation
is triggered on a qualifying change of control, providing
noteholders with the option to have their notes repurchased at the
specified premium.

Group Leverage Expected to Reduce: The acquisition of AEDAS should
temporarily increase the leverage of the resulting combined group.
The consolidated debt capital structure will include the new EUR750
million acquisition debt, Neinor Homes' EUR425 million senior
secured notes maturing in 2030 and developer loans. Fitch forecasts
net debt/EBITDA pro-forma for the consolidated profile to be about
3.5x for 2025. EBITDA net interest cover should remain comfortably
above 3x.

Buoyant Housing Demand: Housing demand in Spain gained momentum in
2H24 to 1H25, driven by declining interest rates and mortgage
affordability, after a 10.2% volume decline in 2023. Transaction
values have increased at about 7% year on year, supported by a
moderate price appreciation reflecting a tight near-term supply.
Fitch expects housing demand to remain high in 2026.

Peer Analysis

Neinor Homes targets the medium-to-high-end market for its modern
apartments, with an average selling price (ASP) of around
EUR330,000 per unit pre-sold in the year to September. This is
higher than that of Neinor Homes' domestic peer Via Celere
Desarrollos Inmobiliarios, S.A.U. (B+/Stable; ASP: EUR312,000) and
is expected to rise.

Like Spanish homebuilders, The Berkeley Group Holdings plc
(BBB-/Stable) primarily offers city apartments, with a higher ASP
of GBP644,000 due to its focus on London-centric developments. In
contrast, Miller Homes Group (Finco) PLC (B+/Stable) and Maison
Bidco Limited (trading as Keepmoat; BB-/Stable), UK-based peers,
focus on affordable, single-family homes outside London.

Spanish homebuilders' funding profiles have similarities with the
UK homebuilders. UK and Spanish homebuilders have to fund land
acquisition before marketing and development costs up until
completion. Customer deposits are small (5% to 10% in the UK and up
to 20% in Spain). UK homebuilders can reduce the upfront cost of
land acquisition by using option rights.

In Spain, land vendors may offer deferred payment terms, reducing
the initial cash outflow for homebuilders. Kaufman & Broad S.A.
(BBB-/Stable) is one of France's largest homebuilders and has the
best funding profile among its European rated peers. Its customers
pay in staged instalments through the construction phase. The
French homebuilder can acquire land after marketing and use option
land, further benefiting its working capital

Key Assumptions

Fitch's Key Assumptions for its Rating Case for this issuer

- About 2,000-2,200 build-to-sell deliveries a year in 2024-2026
(Neinor Homes) and around the same branded AEDAS Homes

- Joint venture fees for the provision of development services to
gradually increase to EUR20-25 million a year in the next three
years

- Dividend distribution of around EUR250 million yearly over the
next two years

- No additional M&A

Recovery Analysis

Fitch uses a liquidation approach for homebuilders as potential
buyers' primary focus would be valuable assets such as land and
ongoing developments rather than keep the business as a going
concern.

Fitch's recovery analysis has assumed a fully drawn EUR40 million
super-senior revolving credit facility (RCF) as first-lien secured
debt and development and asset-level financing debt of EUR174
million (at June 2025). These are typically secured against
developments and land, and rank above the new senior secured
notes.

The EUR425 million senior secured notes are pledged to assets on
three main operating subsidiaries (Neinor Peninsula, S.L.U., Neinor
Sur, S.L.U and Neinor Norte, S.L.U., and intercompany receivables
owed to the issuer of guarantors).

Neinor Homes' key assets are its inventories of EUR1.1 billion at
end-June 2025, which include its sites and land, construction
work-in-progress and completed buildings with almost no deferred
land payment. Neinor Homes' development assets are valued by
Savills and CBRE.

Fitch used an 80% advance rate for Neinor Homes' customers trade
receivable (EUR58.6 million) and a 50% advance rate for inventory.
Fitch treated the EUR425 million senior secured bond as second-lien
debt. Under Fitch's Recovery Ratings Criteria, with IDRs of 'B+'
the Recovery Rating is capped at 'RR3', allowing it a one-notch
uplift above the IDR.

RATING SENSITIVITIES

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

- EBITDA net leverage above 4x

- Restrictive cashflow circulation within the multi-layered group

- Negative FCF over a sustained period

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

- EBITDA net leverage below 3.0x

- Reduced FCF volatility

Liquidity and Debt Structure

Neinor Homes' liquidity at 1H25 was ample. It comprised a EUR40
million super-senior RCF and about EUR446 million of reported total
cash. This includes EUR225 million raised as a capital increase
aimed at partially funding the acquisition of AEDAS Homes. Neinor
Homes has no corporate debt maturing until 2030 when the senior
secured notes - recently increased by EUR100 million to EUR425
million - will be due. At 1H25, Neinor Homes had EUR174 million of
land and developer loans, typically drawn by the group and its
subsidiaries, to fund new projects and repaid on completions and
sale.

Issuer Profile

Neinor Homes is a Spain-based homebuilder operating in the
country's largest communities.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Neinor Homes, S.A.    LT IDR B+  Affirmed              B+

   senior secured     LT     BB- Affirmed     RR3      BB-




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

AFRICELL GLOBAL: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed African mobile services provider
Africell Global Holdings Ltd's Long-Term Issuer Default Rating
(IDR) of 'B-' with a Stable Outlook. Fitch has also affirmed
Africell Holding Limited's senior secured rating of 'B-' with a
Recovery Rating of 'RR4'.

The affirmation reflects its belief that Africell's 2025 financial
performance will recover to normalised levels after some pressure
in 2024. However, Fitch believes liquidity remains constrained over
the next two years, while Africell continues to make significant
investments. Positive rating movements would need consistent
revenue and EBITDA growth in combination with conservative leverage
and, crucially, a stronger liquidity buffer to manage downside
risks.

The rating is affected by weak operating environments and
foreign-exchange (FX) risks, including a mismatch between debt and
cash flow generation. Africell benefits from a diversified revenue
base, leading market shares in Gambia and Sierra Leone, and
positive demand drivers in Africa.

Key Rating Drivers

EBITDA Recovery, Execution Critical: Africell's Fitch-defined
EBITDA margin fell to 13% in 2024 from 22% in 2023. Fitch expects
the EBITDA margin to recover to 23% on 12% revenue growth in 2025
with material improvement indicated by current trading in three
countries. Fitch forecasts further decline in Gambia before
stabilisation due to the impact of a price war. The Public
Utilities Regulatory Authority introduced a data floor price of 50
dalasi per GB in August 2025.

Fitch's base case forecasts assume Africell's EBITDA margin will
reach 27% by 2027 on increased subscribers and average revenue per
user, and improvements in the cost base. There is potential for
Africell to exceed its margin forecasts faster, but the uncertain
nature of operating conditions of Africell's markets introduces
execution risks.

Deleveraging After 2024 Spike: Africell's EBITDA leverage rose to
7.0x in 2024, well above its expectations, after Fitch EBITDA
underperformed its forecast due a combination of a sharper impact
from the delay of capex funded from the new bond, competitive
pressures in Gambia and higher central costs than forecast. The
company used incremental funds of around USD90 million from the
bond issuance for capex, but most funds were deployed from end-2024
with benefits starting to accrue from 2Q25.

Fitch therefore forecasts EBITDA leverage at 3.5x in 2025, with
further deleveraging in 2026-2028 trending below 2.5x, conservative
for the rating, absent additional financing or FX pressure.
Additional leverage headroom may provide an opportunity to use
external financing under covenants to bolster liquidity.

Near-Term Financial Flexibility Constrained: The refinancing
provided liquidity to fund expansionary capex and unwind payables
balances built up from 2023. Liquidity remains limited in 2025,
with Africell relying on local overdrafts to maintain balance-sheet
cash. Interest cover remains weak, which Fitch forecasts at 2.7x in
2025. Africell has an available USD30 million revolving credit
facility (RCF) to pay bond interest, but underperformance to
management's expectations will challenge liquidity, potentially
requiring capex cuts and managing working capital to conserve cash.
Fitch believes liquidity can improve if Africell is in line with
its forecasts over 2025-2027, or faster on outperformance.

FCF to Improve: Free cash flow (FCF) had a USD70 million outflow in
2024. Fitch forecasts another USD23 million in 2025 and improvement
to low single digits in 2027 due to EBITDA growth. Fitch forecasts
high capex as Africell improves infrastructure to handle rising
mobile penetration and the voice-to-data shift, ease network
congestion and expand into greenfield sites. Fitch's base case
forecast cash flow from operations less capex to debt to trend
towards 2.5% by 2027. Fitch-defined EBITDA and cash flows for the
Democratic Republic of Congo are affected by high tower lease costs
- Africell leases colocation on telecom towers from Helios Towers
plc (BB-/Stable).

Market Positions: Africell is the leading operator in mobile
services in Gambia and Sierra Leone, where it has over 50% and just
under 50% market shares, respectively. In Angola, where Africell is
comfortably in second place, Fitch expects its share to grow
towards 30% over the next two years. In contrast, Africell is
challenger in the Democratic Republic of Congo. Market share is
critical for telecom operators offering economies of scale. A
strong position can give an operator a shield against competitive
threats, greater pricing flexibility and improved operating
leverage.

Market Growth Prospects: Africell operates in countries with market
expansion driven by demographic changes and low telecoms
penetration. Africell's organic prospects are supported by mobile
services forming a critical communication channel. Voice and data
penetration in Africell's markets is lower than in western markets.
Fitch expects subscriber numbers and data usage to grow by double
digits annually to 2030, driven by economic growth and better
access to content and services. Africell's strong understanding of
its local markets supports brand building, and customer acquisition
and retention.

Geographic Diversification, Weak Operating Environment: Africell's
geographically diversified portfolio of operating assets provides
diversification benefits as each country benefits from exports of
uncorrelated goods and services to drive its economy. However,
Africell operates in countries with weak operating environments.
Even in the absence of transfer and convertibility risks, Fitch
considers the ratings of corporates operating in such markets to be
adversely influenced by factors such as fragile economic structures
and uncertain governance and regulation. Its rating thresholds are
therefore tighter than those for peers operating in more developed
markets.

Applicable Country Ceiling of 'B-': Fitch assessed the cash flows
as originating from countries with Country Ceilings of 'B-' to
capture the currency mismatch between cash flow and debt, and
transfer and convertibility risks. Fitch considers net cash flows
generated and up streamed to the holding company from Angola,
Gambia, Sierra Leone, and the Democratic Republic of Congo.

Peer Analysis

Close peer Axian Telecom Holding and Management Plc's (Axian
Telecom, B+/Stable) higher rating reflects the benefits of deriving
a large portion of its revenue and cash flows from countries with
stronger operating environments such as Tanzania, lower leverage
and greater financial flexibility. Axian benefits from a more
mature business model offering a greater range of critical services
such as financial and digital products, supporting customer
retention and spend. Fitch sets Africell's EBITDA net leverage
thresholds 0.5x tighter at all rating levels due to the weaker mix
of countries in which it operates.

Other local pan-African peers include integrated operators such as
the regional operations of Airtel Africa plc and Vodacom Group
Limited - subsidiaries of multinational telecoms operators Bharti
Airtel Limited (BBB-/Stable) and Vodafone Group plc (BBB/Positive),
respectively - and South African telecoms group MTN Group Limited.
All benefit from greater scale, and service line and geographical
diversification.

VEON Ltd. (BB-/Stable) benefits from lower leverage and greater
financial flexibility, reflecting its stronger operating profile
with well-established or leading positions in all its markets.

Infrastructure peers include IHS Holding Limited (B+/Stable) and
Helios Towers, which are emerging-market tower companies, and
Liquid Telecommunications Holdings Limited (CCC+), a wholesale
network and enterprise services provider. All have high exposure to
emerging markets with fairly weak operating environments and
material FX risks. However, they benefit from higher debt capacity
due to their mission-critical infrastructure and lower exposure to
volatile direct consumer services, which support lower overall
business risk.

The ratings of Turkcell Iletisim Hizmetleri A.S (BB-/Stable) and
Turk Telekomunikasyon A.S. (BB-/Stable) are constrained by Country
Ceiling and sovereign rating considerations, respectively, and are
also affected by FX risks.

Key Assumptions

- Revenue growth for 2025 of 12% and 11% for 2025; CAGR of around
9% over 2024-2028

- Fitch-defined EBITDA margin (pre-IFRS16 basis) at 23% in 2025,
25% in 2025 and trending to 28% by 2028

- Working-capital outflow of -5% of sales in 2025 and average
working capital outflow at 3% of revenue in 2026-2028

- Capex at 14% of revenue in 2025 and averaging 14% over 2026-2028

- No common dividends during 2025-2028

Recovery Analysis

The recovery analysis considers Africell as a going concern (GC) in
bankruptcy and that it would be reorganised rather than liquidated
given its valuable portfolio of assets including critical
infrastructure and strong market positions in its regions.

Fitch would expect a default to come from factors such as higher
competitive intensity, increased technological risk, loss of key
contracts, adverse regulatory or political actions or considerable
currency depreciation in key geographies. After restructuring,
Africell may be acquired by a larger company that will absorb its
network, exit certain business lines or cut back its presence in
certain less favourable geographies, reducing its scale.

Fitch estimates that post-restructuring GC EBITDA for Africell
would be around USD70 million. Fitch applied an enterprise value
(EV) multiple of 3.0x to the GC EBITDA to calculate a
post-reorganisation EV of USD189 million, after deducting 10% for
administrative claims to account for bankruptcy and associated
costs. The multiple is broadly in line with other emerging-market
telecom operators' but lower than pure infrastructure operators.

The recovery analysis includes a USD300 million senior secured bond
and a USD30 million RCF assumed fully drawn upon default. Fitch
assumes all this is equally ranked. Fitch has conservatively
assumed that the debt will be structurally subordinated to any
local facilities held at operating companies.

Its waterfall analysis generated a ranked recovery in the 'RR4'
band. According to its 'Country-Specific Treatment of Recovery
Ratings Rating Criteria', the instrument rating is also capped at
'B-'/'RR4' due to jurisdictional factors given the African
exposure.

RATING SENSITIVITIES

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

- FCF margin consistently negative, requiring permanent RCF
drawdowns or inability to meet debt service over the next 12
months

- Liquidity risks arising from challenges in moving cash out of
operating companies to service offshore debt

- EBITDA interest coverage below 2.5x for a sustained period

- Deterioration in operating metrics with EBITDA leverage
consistently above 4.7x

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

- Maintenance of strong market positions and profitability in core
markets with EBITDA leverage below 3.7x on a sustained basis in
combination with cash flow from operations less capex/total debt
consistently above 2.5% and positive FCF margin in low single
digits, providing sufficient headroom to withstand adverse foreign
exchange and operating risks

- EBITDA interest coverage sustained above 3.5x

- Improvement in the operating environment of the countries in
which Africell is present or favourable change in the geographical
mix of cash flows

- Fitch-defined hard-currency debt-service cover ratio remaining at
least 1.5x for one year, which would be a pre-requisite for the
Foreign-Currency IDR to be one notch above the applicable 'B-'
Country Ceiling

Liquidity and Debt Structure

Africell had USD18 million of cash on its balance sheet at end-June
2025, of which USD24 million was drawn from local overdraft
facilities. Fitch believes USD25 million cash was held at the
holding company as of September 2025 although a significant portion
will be used towards bond interest. Fitch forecasts a cash balance
of around USD10 million at end-2025 and end-2026 before reaching
USD15 million in 2027, all before the use of the USD30 million RCF,
although this includes any local overdrafts, which Fitch also
treats as debt.

The RCF is primarily reserved to service hard-currency interest.
Fitch expects FCF to turn positive in 2027, but consistently
negative FCF will put adverse pressure on liquidity as it may
require Africell to draw down on its RCF, covenants permitting, in
the absence of organic or external liquidity support. Africell's
USD300 million bond matures in October 2029.

Issuer Profile

Africell is an African mobile services provider with around 14
million subscribers (at September 2025), mostly pre-paid, with
well-established competitive positions in Gambia and Sierra Leone
and a growing presence in Angola and the Democratic Republic of
Congo.

Criteria Variation

Fitch applied a criteria variation to the Non-Financial Corporates
Exceeding the Country Ceiling Criteria, which normally requires a
Country Ceiling to be assigned by the sovereign team. Africell
operates in some countries that Fitch does not rate. Fitch has
therefore carried out an internal assessment, rather than obtaining
the credit opinion normally required in the 'B' rating category, to
determine the appropriate Country Ceiling for Africell.

Its internal assessment is predicated on an informal indication
received from the sovereign team in terms of both the likely
sovereign rating and Country Ceiling of the countries where
Africell operates and has control - Gambia, Sierra Leone and the
Democratic Republic of Congo. Africell also operates in Angola. As
a result of the sovereign team's feedback, Fitch determined that
the most appropriate Country Ceiling is 'B-', in accordance with
its Non-Financial Corporates Exceeding the Country Ceiling
Criteria. However, the Country Ceiling is not a constraint on the
Foreign-Currency IDR for Africell.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
Africell Holding
Limited

   senior secured    LT     B-  Affirmed     RR4      B-

Africell Global
Holdings Ltd         LT IDR B-  Affirmed              B-


BISTRO L!VE: FRP Advisory Named as Administrators
-------------------------------------------------
Bistro L!Ve Limited was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2025-BHM-581, and John
Anthony Lowe and Yasmin Bhikha of FRP Advisory Trading Limited were
appointed as administrators on Oct. 17, 2025.  

Bistro L!Ve engaged in amusement and recreation activities.

Its registered office is at 89-91 Charles Street, Leicester, LE1
1FA to be changed to Ashcroft House, Ervington Court, Meridian
Business Park, Leicester, LE19 1WL

Its principal trading address is at 89-91 Charles Street,
Leicester, LE1 1FA

The joint administrators can be reached at:

              John Anthony Lowe
              Yasmin Bhikha
              FRP Advisory Trading Limited
              Ashcroft House, Ervington Court
              Meridian Business Park, Leicester
              LE19 1WL

For further details:

              The Joint Administrators
              Tel No: 0116 303 3333

Alternative contact:

              Josh Carter
              Email: cp.leicester@frpadvisory.com


ION TRADING: S&P Withdraws 'B' ICR on Loan Repayment
----------------------------------------------------
S&P Global Ratings said that it had withdrawn all its ratings on
ION Trading Technologies Ltd. (ION Markets). At the time of the
withdrawal, the issuer credit rating was 'B' and the outlook was
stable.

ION Platform Finance US Inc. and ION Platform Finance S.a.r.l., the
debt issuing subsidiaries of ION Platform Investment Group Ltd.
(ION Platform) announced that ION Platform exchanged substantially
all existing notes of ION Trading Finance Ltd. and ION Trading
Technologies S.a.r.l. for new notes at ION Platform.

Additionally, all term debt under ION Markets' existing credit
agreement was repaid.


JJU SOLUTIONS: Leonard Curtis Named as Administrators
-----------------------------------------------------
JJU Solutions Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-001477, and Mike Dillon and Andrew Knowles of Leonard
Curtis were appointed as administrators on Oct. 23, 2025.  
  
JJU Solutions engaged in the construction of utility projects.
  
Its registered office is at 79 Moss Lane, Styal, Wilmslow,
Cheshire, SK9 4LQ

Its principal trading address is at Unit 2, Oakenclough Mill,
Preston, PR3 1TB

The joint administrators can be reached at:

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

For further details, contact:

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

Alternative contact:

         Amelia Heeds


LONDON BRIDGE 2025-1: S&P Affirms 'B-(sf)' Rating on X-Dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA (sf)', 'A (sf)',
'BBB+ (sf)', 'BB+ (sf)', 'B+ (sf)', and 'B- (sf)' credit ratings on
the class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd
notes in London Bridge Mortgages 2025-1 PLC.  S&P also resolved the
UCO placements.

The transaction closed on June 4, 2024, and the ratings were placed
under criteria observation following the publication of S&P's  our
revised counterparty criteria. S&P reviewed the transaction, and
its capital structure based on the latest July 2025 investor
report, applying the same credit analysis and results as at
closing.

The rating actions reflect the removal of previously modeled
commingling loss. The collections are swept daily and under S&P's
revised counterparty criteria, the exposure to the servicer is
minor and does not constrain the ratings.

S&P said, "Following our updated cash flow analysis, we affirmed
our ratings on the class A, B-Dfrd, and C-Dfrd notes. Available
credit enhancement remains commensurate with the assigned ratings.

"The class D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes pass stresses
in our standard run at rating levels higher than those assigned
when removing the commingling loss-based stresses. However, we
affirmed our ratings, consistent with our assessment at closing,
considering the results of additional sensitivity runs, notably the
potential repercussions of the cost-of-living crisis, including
higher defaults and longer foreclosure timing stresses, as well as
sensitivity to reductions in excess spread caused by prepayments."

The transaction is backed by a BTL and owner-occupied pool of
first-ranking residential mortgages in the U.K.


PEAK ANALYSIS: Bailey Ahmad Named as Administrators
---------------------------------------------------
Peak Analysis and Automation Limited was placed into administration
proceedings in the High Court of Justice Business & Property Courts
in Manchester Insolvency & Companies List (ChD), No 001317 of 2025,
and Nicholas Cusack and Paul Bailey of Bailey Ahmad Ltd T/A BABR
were appointed as administrators on Oct. 24, 2025.  

Peak Analysis specialized in research and experimental development
on natural sciences and engineering.

Registered office: Unit 6 Armstrong Mall, Southwood Business Park,
Hampshire, Farnborough, GU14 0NR

Principal trading address: Unit 6 Armstrong Mall, Southwood
Business Park, Hampshire, Farnborough, GU14 0NR Unit 10, Aston Down
Business Park, Minchinhampton, GL6 8GA

The joint administrators can be reached at:

          Nicholas Cusack
          Paul Bailey
          Bailey Ahmad Ltd T/A BABR
          Sussex Innovation Centre
          Science Park Square
          Brighton, East Sussex, BN1 9SB

For further details, contact:

          Harrison Jacques on 020 8662 6070


SPECTRUM TILES: RSM UK Named as Administrators
----------------------------------------------
Spectrum Tiles Ltd was placed into administration proceedings in
the In the High Court of Justice Business and Property Courts of
England and Wales Insolvency and Companies List (ChD), Court
Number: CR-2025-007499, and Christopher Ratten and Matthew Haw of
RSM UK Restructuring Advisory LLP were appointed as administrators
on Oct. 27, 2025.  

Spectrum Tiles have agents that specialized in the sale of tile
supplies.

Its registered office and principal trading address is at 137 Wigan
Road, Euxton, Chorley, PR7 6JH.

The joint administrators can be reached at:

         Matthew Haw
         RSM UK Restructuring Advisory LLP
         25 Farringdon Street
         London, EC4A 4AB

            -- and --

         Christopher Ratten
         RSM UK Restructuring Advisory LLP
         Landmark, St Peter's Square
         1 Oxford Street, Manchester M1 4PB

Correspondence address & contact details of case manager:

         Rob Hart
         RSM UK Restructuring Advisory LLP
         Landmark, St Peter's Square
         1 Oxford Street
         Manchester M1 4PB

For further details, contact:

         The Joint Administrators
         Tel: 0161-834-4000
              020-3201-8000


UK LOGISTICS 2025-2: Moody's Assigns Ba3 Rating to Class E Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the debt issuance of UK Logistics 2025-2 DAC (the "Issuer"):

GBP267.18M Class A Commercial Mortgage Backed Floating Rate Notes
due 2035, Definitive Rating Assigned Aaa (sf)

GBP48.45M Class B Commercial Mortgage Backed Floating Rate Notes
due 2035, Definitive Rating Assigned Aa3 (sf)

GBP50.873M Class C Commercial Mortgage Backed Floating Rate Notes
due 2035, Definitive Rating Assigned A3 (sf)

GBP82.77M Class D Commercial Mortgage Backed Floating Rate Notes
due 2035, Definitive Rating Assigned Baa3 (sf)

GBP57.735M Class E Commercial Mortgage Backed Floating Rate Notes
due 2035, Definitive Rating Assigned Ba3 (sf)

Moody's have not assigned a definitive rating to the GBP0.2M Class
X Commercial Mortgage Backed Notes of the Issuer.

UK Logistics 2025-2 DAC is a true sale transaction backed by one
floating rate loan secured on 114 industrial and logistics
properties located throughout the UK. The loan was advanced by four
original lenders, with a majority share being subsequently sold to
the Issuer, and it provides refinancing for a subset of
Blackstone's portfolio of industrial and logistics assets. The loan
is secured by a diverse portfolio of properties which are
predominantly multi-let. There is some geographic concentration in
the Midlands and the North West but the overall granularity is
high, with over 1,000 tenants and units spread across the multi-let
and mid-box industrial and logistics sectors.

RATINGS RATIONALE

The rating action is based on (i) Moody's assessments of the real
estate quality and characteristics of the collateral, (ii) analysis
of the loan terms and (iii) the legal and structural features of
the transaction.

Moody's derive a loss expectation for the securitised loan based on
Moody's assessments of (i) the loan's default probability both
during its term and at maturity, and (ii) the value of the
collateral. Default risk assumptions are medium for the loan.

Moody's loan to value ratio (LTV) on the securitised loan at
origination is 79.5%. Inter-alia, Moody's have assigned a property
grade of 2.0 to the portfolio (on a scale of 1 to 5, with 1 being
the best).

The key strengths of the transaction include (i) the diversified
portfolio and tenant base, (ii) the reversionary potential of the
portfolio, and (iii) the experienced sponsor and property manager.

Challenges in the transaction include (i) elevated loan default
risk due to low interest coverage ratios and a relatively high
Moody's LTV, (ii) lack of amortisation, (iii) rising vacancy rates
in UK industrial properties and (iv) weak release provisions.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "EMEA
Commercial Mortgage-backed Securitisations" published in June
2025.

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

Main factors or circumstances that could lead to a downgrade of the
ratings are generally (i) a decline in the property values backing
the underlying loans or (ii) an increase in default risk
assessment.

Main factors or circumstances that could lead to an upgrade of the
ratings are generally (i) an increase in the property values
backing the underlying loans, or (ii) a decrease in default risk
assessment.


VICTORIA PLC: Fitch Keeps 'CCC' Rating on Watch Negative
--------------------------------------------------------
Fitch Ratings has maintained Victoria PLC's ratings on Rating Watch
Negative (RWN).

The action follows Victoria's withdrawal of the tender offer to
exchange its 2028 senior secured notes (SSNs) and reflects its
expectation that another refinancing proposal is likely in the
short term, which could constitute a distressed debt exchange (DDE)
under its criteria.

The RWN further reflects Victoria's moderate liquidity, high
leverage, and projected negative free cash flow (FCF) over
FY26-FY29 (year-end March). Fitch expects to resolve the RWN once
the company has announced its refinancing proposal.

Key Rating Drivers

Continued Refinancing Uncertainty: Fitch views Victoria's
withdrawal of the tender offer to exchange its 2028 SSNs for
second-priority notes (SPNs) as underscoring its limited
refinancing options and heightening the uncertainty around the
company's future capital structure. Fitch expects a further
proposal to refinance the 2028 notes in the short term, to mitigate
the risk associated with the springing maturity clause in the
first-priority notes (FPNs). Fitch continues to expect any
potential transaction to be treated as a DDE under its criteria,
given the likelihood of materially reduced terms for existing
creditors.

Fitch forecasts continued demand weakness to drive a revenue
decline in FY26, followed by a modest recovery with 2.6% growth in
FY27. Fitch expects liquidity to remain moderate, with increased
use of Victoria's revolving credit facility (RCF) to fund negative
FCF and one-off restructuring costs.

Limited Financial Flexibility: Fitch forecasts Victoria to generate
negative FCF across FY26-FY29, driven by insufficient EBITDA to
fund its higher interest costs and forecast annual capex plan.
Fitch expects leverage to stay above the sector's 'CCC' midpoint
(7.0x) through FY26-FY29 with financial flexibility constrained
amid heightened refinancing risk.

High Leverage: Fitch forecasts Victoria's leverage to increase to a
high 13.0x at FYE26, before falling to 8.0x by FYE29. The initial
increase reflects higher debt after its debt restructuring in
September 2025, alongside its assumption that its preferred equity
would be refinanced with debt in FY26 to avoid triggering the
change-of-control clause within the bond documentation, which could
arise if the preference equity is converted into equity. Further,
continued underperformance in EBITDA remains a risk until its
meaningful recovery, which Fitch expects only from FY27-FY28. This
implies leverage will sharply increase in FY26-FY27.

Peer Analysis

Victoria is larger than peers like PCF GmbH (CCC+) and comparable
in size with Hestiafloor 2 (Gerflor: B+/Stable). However, it
remains far smaller than Mohawk Industries, Inc. (BBB+/Stable) and
slightly smaller than Tarkett Participation (B+/Positive). Gerflor
has superior geographical diversification than Victoria, but both
companies maintain high exposure to Europe, including the UK.

Tarkett benefits from broader geographical diversification. Similar
to many building product companies, Victoria has limited market
diversification, with a predominantly residential focus, whereas
Tarkett and Gerflor have greater exposure to commercial real estate
markets.

Victoria's forecast EBITDA margins remain higher than those of
Tarkett (7%-8%), benefiting from a more focused product mix and
less exposure to the lower-margin North American subsector.
However, Victoria's EBITDA margins lag those of Gerflor, which
benefits from strong market diversification and a specialised
product mix. Fitch projects Victoria's EBITDA leverage to be 13.0x
by FYE26, substantially higher than Gerflor's and Tarkett's.

Key Assumptions

- Revenue to decline 0.6% in FY26 due to subdued demand, before
rising 2.6% in FY27 and 5%-6% annually in FY28 and FY29

- EBITDA margin to improve to 8.2% in FY26 and about 10.5%-12% for
FY27- FY29, driven by increased volumes and proposed cost savings
plan

- Annual working capital consumption of 0.7% of revenue in FY26 and
broadly neutral during FY27-FY29

- Annual capex of GBP65 million during FY26-FY29

- No dividends, mergers and acquisitions or preferential share
redemption to FY29

- Refinancing of preferred equity into debt to be completed in
FY26

Recovery Analysis

- The recovery analysis assumes that Victoria would be reorganised
as a going concern in bankruptcy rather than liquidated and
considers the current capital structure.

- Fitch assumes a 10% administrative claim.

- The RCF is fully drawn and super senior, alongside few local
facilities, after a restructuring, according to Fitch's criteria.
The company's factoring line is super senior (deducted from
estimated enterprise value). Senior unsecured debt consists of
overdraft facilities and other bank loans, which rank behind senior
secured debt.

- New FPNs issued in September 2025 (2029 maturities) of GBP576
million (GBP528 million plus payment-in kind component of coupon
for next 12 months) rank after the RCF.

- SSNs of GBP8 million maturing in 2031 and GBP143 million maturing
in 2028 rank next in the security waterfall after the new FPNs.

- The going-concern EBITDA estimate of GBP120 million reflects its
view of a sustainable, post-reorganisation EBITDA, upon which Fitch
bases the valuation of the company, also considering the most
recent acquisitions/disposals.

- Fitch uses an enterprise value multiple of 5.0x to calculate a
post-reorganisation valuation, reflecting Victoria's leading
position in its niche markets (soft flooring and ceramic tiles),
long-term relationship with blue-chip companies and a loyal
customer base.

- The waterfall analysis for the FPNs result in a ranked recovery
in the 'RR3' band, indicating an instrument rating of 'CCC+' and,
for the remaining portion of SSNs, a recovery in the 'RR6' band
indicating an instrument rating of 'CC'.

RATING SENSITIVITIES

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

- Deterioration in liquidity affecting refinancing ability or a
refinancing proposal that would constitute DDE

- Weaker-than-expected business turnaround, leading to a continued
delay in the deleveraging trajectory

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

- Improving visibility of refinancing of 2028 notes due to
operational improvement

Liquidity and Debt Structure

At FYE25, Victoria's liquidity was supported by around GBP68
million of readily available cash (net of Fitch-restricted cash for
working capital adjustments), alongside large drawings on its RCF,
which were primarily used to redeem the previous RCF and other
general corporate purposes. Fitch forecasts, Victoria will generate
cumulative negative FCF of GBP45 million between FY26 and FY27.

At end-1HFY26, Victoria's debt structure consisted of GBP130
million of RCF maturing in January 2030, GBP528 million of FPNs due
in August 2029, GBP143 million notes due in March 2028 and
approximately GBP8 million notes due in August 2031. Preferred
equity amounted to GBP282.5 million at the end of March 2025.

Issuer Profile

Victoria is an alternative investment market-listed, UK-based
company involved in designing, manufacturing and distributing
flooring products.

External Appeal Committee Outcome

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt         Rating                     Recovery   Prior
   -----------         ------                     --------   -----
Victoria PLC     LT IDR CCC Rating Watch Maintained          CCC

   senior
   secured       LT     CC  Rating Watch Maintained   RR6    CC

   senior
   secured       LT    CCC+ Rating Watch Maintained   RR3    CCC+


WILLARD CONSERVATION: Leonard Curtis Named as Administrators
------------------------------------------------------------
Willard Conservation Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales Insolvency and Companies, Court Number:
CR-2025-007384, and Nicola Elaine Layland and Michael Robert
Fortune of Leonard Curtis were appointed as administrators on Oct.
22, 2025.  
   
Willard Conservation fka Willard Developments Limited is a
manufacturer of conservation machines and tools.

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

Its principal trading address is at The Workshop, Leigh Road,
Chichester, West Sussex, PO19 8TT
  
The joint administrators can be reached at:
  
          Nicola Elaine Layland
          Michael Robert Fortune
          Leonard Curtis
          1580 Parkway
          Solent Business Park Whiteley
          Fareham, Hampshire PO15 7AG
  
For further details, contact:

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

Alternative contact:

          David Manning



                           *********


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

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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
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *