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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 12, 2025, Vol. 26, No. 226

                           Headlines



G E O R G I A

BANK OF GEORGIA: Moody's Rates New Senior Unsecured Notes 'Ba2'


G E R M A N Y

ARAGON HOLDCO: Moody's Lowers CFR to Caa1, Outlook Remains Stable
PEACH PROPERTY: Moody's Ups CFR to B2 & Alters Outlook to Positive
SCHAEFFLER AG: Moody's to Rate New EUR Unsecured Notes 'Ba1'


I R E L A N D

BAIN CAPITAL 2020-1: Moody's Ups Rating on EUR5.4MM F Notes to B1
BARINGS EURO 2019-2: Moody's Cuts EUR20.5MM E Notes Rating to Ba3
BLACK DIAMOND 2017-2: Moody's Ups Rating on EUR18MM E Notes to Ba1
PALMER SQUARE 2021-2: S&P Assigns B-(sf) Rating on Cl. F-R Notes
PALMER SQUARE 2024-1: Moody's Affirms Ba3 Rating on Cl. E-R Notes



N E T H E R L A N D S

BME GROUP: S&P Affirms 'B-' LongTerm ICR, Outlook Negative


T U R K E Y

FIBABANKA ANONIM: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
ZIRAAT BANKASI: Moody's Gives B3(hyb) Rating to AT1 Capital Notes


U N I T E D   K I N G D O M

ASIMI FUNDING 2025-2: S&P Assigns Prelim. B(sf) Rating on X Notes
AVIATION PLC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
BELL EDUCATIONAL: BDO LLP Appointed as Joint Administrators
CHESHIRE 2021-1: Fitch Lowers Rating on Class E Notes to 'B-sf'
HOPS HILL NO. 4: Fitch Affirms 'BB+sf' Rating on Class E Notes

HYDROGEN VEHICLE: Opus Restructuring Appointed as Administrators
SCOTCH FROST: Begbies Traynor Appointed as Interim Administrators
UK PRO GROUP: Begbies Traynor Appointed as Administrators
V7 RECRUITMENT: FRP Advisory Appointed as Administrators

                           - - - - -


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G E O R G I A
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BANK OF GEORGIA: Moody's Rates New Senior Unsecured Notes 'Ba2'
---------------------------------------------------------------
Moody's Ratings has assigned a Ba2 local-currency senior unsecured
rating to JSC Bank of Georgia (BoG)'s planned issuance of
GEL-denominated notes. The outlook on the Ba2 rating is negative.

RATINGS RATIONALE

ASSIGNMENT OF SENIOR UNSECURED RATING

The proposed notes will constitute senior unsecured and
unsubordinated obligations of BoG and the Ba2 rating assigned to
them reflects the bank's ba2 Baseline Credit Assessment (BCA). The
rating does not benefit from government support uplift despite
BoG's significant systemic importance because the bank's ba2
Adjusted BCA is in line with the Government of Georgia Ba2 issuer
and senior unsecured bond ratings.

Although the rating is not capped by the foreign currency country
ceiling of Baa3, Moody's have considered it for this
GEL-denominated issuance because all payments will be made in USD
at the prevailing exchange rate.

BoG's ba2 BCA reflects its very strong profitability, driven by its
entrenched domestic market position, and solid capitalisation.
These strengths are balanced by the bank's considerable foreign
currency lending along with high credit growth, high deposit
dollarisation and some reliance on market funding and non-resident
deposits further constraining the bank's funding profile, although
mitigated by good liquidity.

RATING OUTLOOK

The negative outlook on the Ba2 senior unsecured rating is driven
by the negative outlook on the Government of Georgia, similarly to
the negative outlook on BoG's Ba2 long-term deposit ratings.

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

An upgrade of the rating is unlikely given the negative outlook.
However, the outlook may change back to stable if the outlook on
the sovereign rating changes to stable.

The senior unsecured rating could be downgraded in case the
Government of Georgia's rating is downgraded. The rating could also
be downgraded if operating conditions weaken (as reflected in
Moody's Macro Profile for the country), or if the bank's solvency
and liquidity were to deteriorate materially. Specifically, this
could be the result of a sharp rise in problem loans, significant
capital outflows or a material increase in deposit dollarisation,
and a large depreciation of the Georgian lari.

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.




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G E R M A N Y
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ARAGON HOLDCO: Moody's Lowers CFR to Caa1, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has downgraded Aragon HoldCo GmbH's (Amedes or the
company) corporate family rating to Caa1 from B3 and its
probability of default rating to Caa1-PD from B3-PD. Moody's have
downgraded to Caa1 from B3 the instrument ratings on the EUR135
million senior secured revolving credit facility (RCF) and the
senior secured term loan B of EUR820 million issued under Aragon
BidCo GmbH. The outlook for all entities remains stable.

RATINGS RATIONALE

The ratings action reflects the weakening of Amedes' financial and
credit profile, with Moody's-adjusted credit metrics having
remained outside the B3 rating guidance for an extended period,
alongside a weakening liquidity position. In Moody's views, the
company's capital structure could become unsustainable without a
material increase in EBITDA and cash flow generation. The downgrade
also reflects Amedes' weaker positioning relative to B3-rated
European laboratory peers.

Governance considerations were a key driver for this rating action,
as tolerance to high leverage and reduced liquidity buffer are part
of financial strategy and risk management characteristics. Moody's
reflects this risk in lowering Amedes' governance issuer profile
score (IPS) to G-5 from G-4 and accordingly the Credit Impact Score
(CIS) to CIS-5 from CIS-4.

Over the past two years, Amedes underperformed relative to budget,
primarily due to delays and challenges in executing the energize
Amedes transformation and IT modernization programs. These issues
have led to elevated exceptional costs, increased reliance on
external personnel, and disruptions in key laboratories such as
Goettingen. In H1 2025, the company reported normalized EBITDA of
EUR63.2 million—24% below budget—and exceptional costs of
EUR16.5 million, 62% above budget. Amedes' earnings quality is
complicated by the extensive EBITDA add-backs. Moody's do not treat
these optimization-related costs as one-off items, given their
multi-year nature and recurring impact on earnings.

For 2025, Moody's forecasts an adjusted gross debt to EBITDA ratio
of 11.6x, adjusted EBITA to interest expense of 0.7x, and
approximately EUR20 million of negative free cash
flow—significantly weaker than prior expectations for a B3
rating. Moody's projects that the adjusted gross debt to EBITDA
ratio will improve to 9.6x in 2026, and the adjusted EBITA to
interest expense ratio will reach 1.0x. However, this relative
deleveraging is highly dependent on the successful execution of
operational improvements. If the company does not deliver the
expected efficiencies, these credit metrics could weaken further.

More generally, the Caa1 ratings reflect the company's sizable
position in the clinical laboratory testing services industry in
Government of Germany (Aaa stable) and Government of Belgium (Aa3
negative); a degree of revenue diversification, underscored by
expertise in specialty testing and the operation of clinical
medicine facilities; the positive demand trends for clinical
laboratory tests and healthcare services.

Conversely, the ratings are constrained by the limited scale and
concentration in Germany; the exposure to change in regulation and
continuous tariff pressure, which will limit organic growth; the
high fixed-cost base and execution risk related to company's
optimization programme; and the highly leveraged financial profile
and weakening liquidity.

LIQUIDITY

Amedes has a weak liquidity. It had EUR19 million of cash and EUR34
million of undrawn revolving credit facility as of June 30, 2025.
Amedes' term loan B and RCF have maturity dates set for 2028 and
2027, respectively. The company relies on its RCF to finance the
capital expenditures associated with its transformation plan. At
the same time, Moody's notes that a portion of this capital
expenditure is allocated for growth rather than maintenance. This
distinction allows for a potential reduction in capital spending
pace if the liquidity situation weakens.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Amedes'
operating performance and credit metrics will improve over the next
12 to 24 months, on the back of the business optimization efforts.
It also assumes that there will be steady quarter-on-quarter
improvements in profitability and EBITDA generation, as well as the
volume of exceptional items will be substantially negated by end
2026.

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

Upward rating pressure could arise if adjusted gross debt to EBITDA
falls below 7.5x; adjusted EBITA to interest expense trends towards
1.5x; and adjusted free cash flow to debt becomes positive – all
on a sustained basis. In addition, an upgrade would presume the
absence of detrimental regulatory shifts or negative changes in
financial policy; the absence of any indications of potential debt
restructuring scenarios; and the company's ability to prudently
manage the upcoming debt maturities.

Downward rating pressure could arise if the company fails to
achieve its EBITDA growth targets, if liquidity weakens further, if
deleveraging is not prioritized, or if the risk of debt
restructuring or other forms of default increases.

PRINCIPAL METHODOLOGY

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

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

Founded in 1987 and headquartered in Hamburg, Amedes is an
integrated healthcare diagnostic provider in Germany and Belgium
with focus on specialty and complex tests. It operates around 50
laboratories and 35 clinical medicine sites. The company employs
over 4,400 people, including more than 600 physicians and
scientists. Amedes is jointly owned by Goldman Sachs and OMERS
(Ontario Municipal Employees Retirement System), each holding
37.5%, while Axa owns the remaining 25%.


PEACH PROPERTY: Moody's Ups CFR to B2 & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings has upgraded the long-term corporate family rating
of Peach Property Group AG (PPG) to B2 from B3, with a positive
outlook. Previously, the rating was on review for upgrade. This
concludes the review for upgrade initiated on August 18, 2025. At
the same time, Moody's have withdrawn the backed senior unsecured
Caa2 rating of Peach Property Finance GmbH, as the obligation is no
longer outstanding. Previously, the rating was on review for
upgrade.

The rating action reflects:

-- PPG successfully eliminating near-term refinancing risk;

-- Moody's expectations that the company's disposal programme for
non-strategic assets will materially reduce leverage; and

-- A track record of improving operating performance.

RATINGS RATIONALE

PPG has fully addressed its short-term refinancing needs through a
series of transactions in 2025. Most notably, the company repaid
its backed senior unsecured bond due November 2025 using proceeds
from a new EUR410 million secured loan with Castlelake, L.P.
(Castlelake). This followed the extension in September 2025 of
EUR203 million in secured debt maturities to 2032. Moody's also
expects the convertible bond maturing in May 2026 to be repaid with
proceeds from the CHF 50 million equity raise completed in July
2025. These actions have significantly strengthened the company's
liquidity and maturity profile, with the next major debt maturity
now falling in 2028.

The company's strategy is now centred on the disposal of
non-strategic assets, which Moody's expects will materially reduce
leverage and improve credit metrics. Moody's-adjusted debt/gross
assets is forecast to improve to 47-49% over the next two years,
down from 57% in 2024, while net debt/EBITDA is expected to decline
towards 17x from 19x. The disposal programme is already underway,
with 65% of the non-strategic portfolio in the marketing process,
out of a total market value of EUR406 million as of June 2025.
However, Moody's expects EBITDA/interest expense to remain weak at
around 1.1x over the next 12-18 months, reflecting the higher
interest rates on the new debt facilities. The company's financial
flexibility is also limited by a small pool of unencumbered assets
and reliance on secured lending.

PPG's operating performance continues to improve, supported by
stabilising property valuations, consistent like-for-like rental
growth and declining vacancy rates. In the first half of 2025,
like-for-like rental growth was close to 4%, and strategic
portfolio vacancy fell to 4.9%. These trends reflect an improved
market environment, targeted investments in refurbishment and a
customer-centric management approach, which Moody's expects will
further support occupancy and earnings growth.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations are material to PPG's credit quality. The
company exhibits an aggressive financial strategy, as demonstrated
by a lack of early refinancing for its debt maturities and elevated
leverage. Nonetheless, the recent track record of continued
shareholder support is positive.

LIQUIDITY

PPG's liquidity is currently adequate, supported by an estimated
EUR80-90 million cash balance post-refinancing and a new EUR30
million capital expenditure facility with Castlelake. PPG benefits
from the absence of near-term maturities, although successful
execution of the disposal programme is necessary to maintain
liquidity and reduce leverage.

STRUCTURAL CONSIDERATIONS

PPG's B2 CFR references its senior secured rating, as secured
funding forms the majority of the company's capital structure.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that PPG will
reduce its debt levels through the planned disposal programme,
enabling the company to achieve credit metrics consistent with a
higher rating, supported by ongoing operational improvements.

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

The ratings could be upgraded if: the disposal programme is
successfully executed, with proceeds used for debt repayment,
resulting in improving leverage; EBITDA/interest expense increases
above 1.1x; PPG demonstrates sustained strong operating
performance, including continued growth in like-for-like rents and
asset values; and the company maintains an adequate liquidity
profile.

The ratings could be downgraded if: operating performance
deteriorates, such as declining rental income, asset values or
increased vacancies; EBITDA/interest expense falls below 1.0x; the
disposal programme fails, resulting in continued reliance on
external financing and higher leverage; or liquidity weakens
materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in May 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.

CORPORATE PROFILE

PPG is a Zurich-based real estate company focused on regulated
residential rental housing in Germany. As of June 30, 2025, the
company owned 21,945 residential units with a total market value of
EUR1.9 billion, primarily located in North Rhine-Westphalia. The
strategic portfolio represents 79% of total assets, with the
remainder classified as non-strategic and targeted for disposal.


SCHAEFFLER AG: Moody's to Rate New EUR Unsecured Notes 'Ba1'
------------------------------------------------------------
Moody's Ratings said that it expects to assign a Ba1 instrument
rating to Schaeffler AG's ("Schaeffler" or "group") proposed issue
of EUR senior unsecured benchmark size notes under its senior
unsecured debt issuance program, which is rated (P)Ba1.

The expected Ba1 instrument rating on the new senior unsecured
notes would be in line with Schaeffler's Ba1 long-term corporate
family rating and the Ba1 instrument ratings on the group's
outstanding senior unsecured notes due 2026, 2027, 2028, 2029, 2030
and 2031. The outlook is stable.

Schaeffler will use the proceeds of the new issuance to early
refinance upcoming debt maturities as well as for general corporate
purposes.

Schaeffler's Ba1 CFR is supported by (i) the company's substantial
scale and broad product offering in the automotive original
equipment (OE), industrial and aftermarket businesses, (ii)
significant synergy potential from the integration of Vitesco
Technologies Group AG (Vitesco), (iii) profitability above the auto
supplier industry average, supported by significant industrial and
automotive aftermarket activities; (iv) ability to innovate,
illustrated by numerous patents and significant R&D spending, and
(v) Moody's expectations of continued strong growth in e-mobility
areas in the medium to long term, where order intake has rapidly
accelerated recently; (vi) its stable and conservative financial
policy and good liquidity.

Factors constraining the rating include (i) Schaeffler's exposure
to cyclical end markets, particularly automotive OE, (ii) continued
pressure on profit margins, mainly in the automotive OE business,
where high upfront investments into e-mobility weighs on margins,
but also in the industrial business, (iii) execution risks related
to the execution of efficiency measures and the integration of
Vitesco; (iv) negative free cash flows at times of low
profitability, cash outs for restructuring and continued dividend
payments to shareholders, and (v) its exposure to environmental
risk, especially regarding tightening carbon emission regulations.

The stable outlook reflects Moody's expectations that Schaeffler
will be able to achieve the material benefits expected from the
integration of Vitesco into Schaeffler, which should help to
gradually improve profitability and achieve metrics in line with
Moody's expectations for a Ba1, including a debt/EBITDA (Moody's
adjusted) in a range of 3.0x-3.5x and a Moody's adjusted EBIT
margin in a range of 5%-7% within the next 12-18 months.

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
the leading manufacturers of roller bearings and linear products
worldwide, primarily for the automotive industry as well as
industrial end-markets such as offroad, rail, industrial
automation, aerospace or renewable energy. In 2024, Schaeffler
generated revenue of EUR18.2 billion and around EUR811 million
reported EBIT before special items (4.5% margin). Schaeffler
completed the merger with Vitesco Technologies Group AG on October
1, 2024.




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BAIN CAPITAL 2020-1: Moody's Ups Rating on EUR5.4MM F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Bain Capital Euro CLO 2020-1 Designated Activity
Company:

EUR17,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aaa (sf); previously on Dec 12, 2023
Upgraded to Aa3 (sf)

EUR20,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to A1 (sf); previously on Dec 12, 2023
Upgraded to Baa2 (sf)

EUR17,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Ba1 (sf); previously on Dec 12, 2023
Upgraded to Ba2 (sf)

EUR5,400,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Upgraded to B1 (sf); previously on Dec 12, 2023 Upgraded
to B2 (sf)

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

EUR182,400,000 (Current outstanding amount EUR59,067,864) Class A
Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Dec 12, 2023 Affirmed Aaa (sf)

EUR15,300,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Dec 12, 2023 Upgraded to Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Affirmed Aaa (sf); previously on Dec 12, 2023 Upgraded to Aaa (sf)

Bain Capital Euro CLO 2020-1 Designated Activity Company, issued in
December 2020, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Bain Capital Credit US CLO Manager, LLC.
The transaction's reinvestment period ended in January 2024.

RATINGS RATIONALE

The rating upgrades on the Class C, D, E and F notes are primarily
a result of the deleveraging of the Class A notes following
amortisation of the underlying portfolio since the payment date in
October 2024.

The affirmations on the ratings on the Class A, B-1 and B-2 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-1 notes have paid down by approximately EUR115.0
million (63.0%) in the last 12 months and EUR123.3 million (67.6%)
since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated October 2025[1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 163.06%, 143.42%, 125.62%, 113.25% and 109.95% compared
to November 2024[2] levels of 140.46%, 129.61%, 118.83%, 110.71%
and 108.45%, respectively. Moody's notes that the October 2025
principal payments are not reflected in the reported OC ratios.

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

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
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: EUR168.2m

Defaulted Securities: EUR2.0m

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3057

Weighted Average Life (WAL): 3.06 years

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.30%

Weighted Average Recovery Rate (WARR): 43.12%

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 October 2025.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


BARINGS EURO 2019-2: Moody's Cuts EUR20.5MM E Notes Rating to Ba3
-----------------------------------------------------------------
Moody's Ratings has downgraded the ratings on the following notes
issued by Barings Euro CLO 2019-2 Designated Activity Company:

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to Ba3 (sf); previously on May 17, 2024
Affirmed Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to Caa2 (sf); previously on May 17, 2024
Downgraded to Caa1 (sf)

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

EUR240,000,000 (Current outstanding balance EUR226,098,093) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on May 17, 2024 Affirmed Aaa (sf)

EUR10,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 17, 2024 Affirmed Aaa
(sf)

EUR18,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aa1 (sf); previously on May 17, 2024 Upgraded to Aa1
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa1 (sf); previously on May 17, 2024 Upgraded to Aa1 (sf)

EUR25,200,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on May 17, 2024
Affirmed A2 (sf)

EUR25,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa3 (sf); previously on May 17, 2024
Affirmed Baa3 (sf)

Barings Euro CLO 2019-2 Designated Activity Company, issued in
January 2020 and partially refinanced in February 2022, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Barings (U.K.) Limited. The transaction's reinvestment
period ended in July 2024.

RATINGS RATIONALE

The rating downgrades on the Class E and Class F notes are
primarily a result of weakening of the certain credit metrics of
the underlying pool. Securities with ratings of Caa1 or lower
currently make up 10.21% and include an exposure to several large
assets that have been recently downgraded. This contributed to the
Moody's calculated WARF of 3015. In addition, the transaction's WAC
and WAS vectors have reduced. As per trustee report dated October
2025[1] the WAC and WAS are reported as 3.19% and 3.63%,
respectively, as compared to 3.71% and 3.95% as of October
2024[2].

The affirmations on the ratings on the Class A-1-R, Class A-2-R,
Class B-1-R, Class B-2, Class C-R and Class D-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 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 methodology
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: EUR370.3m

Defaulted Securities: EU 2.04m

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3015

Weighted Average Life (WAL): 3.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.63%

Weighted Average Coupon (WAC): 3.20%

Weighted Average Recovery Rate (WARR): 42.76%

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

Additional uncertainty about performance is due to the following:

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

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

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

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


BLACK DIAMOND 2017-2: Moody's Ups Rating on EUR18MM E Notes to Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Black Diamond CLO 2017-2 Designated Activity Company:

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Apr 3, 2025
Upgraded to A3 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Apr 3, 2025
Upgraded to Ba2 (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B2 (sf); previously on Apr 3, 2025
Affirmed Caa1 (sf)

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

EUR56,000,000 (Current outstanding balance EUR37,933,803) Class B
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Apr 3, 2025 Affirmed Aaa (sf)

EUR30,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Aaa (sf); previously on Apr 3, 2025
Upgraded to Aaa (sf)

Black Diamond CLO 2017-2 Designated Activity Company, issued in
December 2017, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Black Diamond CLO 2017-2
Adviser, L.L.C.. The transaction's reinvestment period ended in
January 2022.

RATINGS RATIONALE

The rating upgrades on the Class D, E and F notes are primarily a
result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in April 2025.

The affirmations on the ratings on the Class B and C 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.

Since the last rating action in April 2025, the Class A-1, A-2, A-3
and A-4 notes have been repaid in full, and the Class B notes have
paid down by approximately EUR18.1 million (32.3%). As a result of
the deleveraging, over-collateralisation (OC) has increased across
the capital structure. According to the trustee report dated
October 2025[1], the Class A/B, Class C, Class D, Class E and Class
F OC ratios are reported at 265.38%, 172.84%, 137.22%, 118.16% and
108.08% compared to February 2025[2] levels of 208.40%, 154.63%,
129.72%, 115.19% and 107.13%, respectively. Moody's notes that the
October 2025 principal payments are not reflected in the reported
OC ratios.

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

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
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: EUR134.5m

Defaulted Securities: USD0.7m

Diversity Score: 26

Weighted Average Rating Factor (WARF): 3404

Weighted Average Life (WAL): 3.09 years

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.87%

Weighted Average Recovery Rate (WARR): 45.42%

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 Moody's are analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Around 5.4% of the collateral pool consists of debt obligations
whose credit quality Moody's have assessed by using credit
estimates.

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

-- Foreign currency exposure: The deal has a significant exposure
to non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss of
rated tranches.

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.


PALMER SQUARE 2021-2: S&P Assigns B-(sf) Rating on Cl. F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Palmer Square
European CLO 2021-2 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer also has unrated subordinated notes
outstanding from the original transaction.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date and
the ratings on the original notes were withdrawn.

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

The transaction has a 1.5-year non-call period and the portfolio's
reinvestment period will end approximately five 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      2572.70
  Default rate dispersion                                 663.26
  Weighted-average life (years)                             4.67
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.67
  Obligor diversity measure                               170.54
  Industry diversity measure                               23.56
  Regional diversity measure                                1.39

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                               0.00
  Number of performing obligors                              196
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.86
  'AAA' weighted-average recovery (%)                      35.83
  Actual weighted-average spread (%)                        3.55
  Actual weighted-average coupon (%)                        2.97

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 senior
secured bonds. 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 EUR400 million par amount,
the covenanted weighted-average spread of 3.30%, the covenanted
weighted-average coupon of 2.50%, actual weighted-average recovery
rates at the 'AAA' rating level with a 1% haircut ( 35.83%), and
actual weighted-average recovery rates at other 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 current counterparty criteria.

S&P said, "Under 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.

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

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-R to D-R notes could withstand
stresses commensurate with higher rating levels 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.

"The class A-R notes can withstand stresses commensurate with the
assigned 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
'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 has
recently been issued in Europe.

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 22.85% (for a portfolio with a weighted-average
life of 4.67 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.67 years, which would result
in a target default rate of 14.48%.

-- S&P has not believe that there is a one-in-two chance of this
tranche 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.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that the ratings assigned
are commensurate with the available credit enhancement for all
classes of 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 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 credit 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 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§

  A-R    AAA (sf)    240.00   40.00    3-month EURIBOR plus 1.30%
  B-R    AA (sf)      50.20   27.45    3-month EURIBOR plus 1.85%
  C-R    A (sf)       24.30   21.38    3-month EURIBOR plus 2.15%
  D-R    BBB- (sf)    29.50   14.00    3-month EURIBOR plus 3.15%
  E-R    BB- (sf)     17.00    9.75    3-month EURIBOR plus 5.40%
  F-R    B- (sf)      13.00    6.50    3-month EURIBOR plus 8.34%
  Sub notes   NR      55.90     N/A    N/A

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

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


PALMER SQUARE 2024-1: Moody's Affirms Ba3 Rating on Cl. E-R Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Palmer Square European Loan Funding 2024-1 Designated
Activity Company:

EUR45,000,000 Class B-R Senior Secured Floating Rate Notes due
2033, Upgraded to Aaa (sf); previously on Apr 7, 2025 Assigned Aa1
(sf)

EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aa3 (sf); previously on Apr 7, 2025
Assigned A2 (sf)

EUR20,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Baa1 (sf); previously on Apr 7, 2025
Assigned Baa3 (sf)

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

EUR254,911,315 (Current outstanding amount EUR186,213,498) Class
A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Apr 7, 2025 Assigned Aaa (sf)

EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Apr 7, 2025
Assigned Ba3 (sf)

Palmer Square European Loan Funding 2024-1 Designated Activity
Company, originally issued in April 2024 and later refinanced in
April 2025 is a static collateralised loan obligation (CLO) backed
by a portfolio of mostly high-yield senior secured European loans.
The portfolio is serviced by Palmer Square Europe Capital
Management LLC. The servicer may sell assets on behalf of the
Issuer during the life of the transaction. Reinvestment is not
permitted and all sales and unscheduled principal proceeds received
will be used to amortize the notes in sequential order.

RATINGS RATIONALE

The rating upgrades on the Class B-R, C-R and D-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in April 2025.

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

The Class A-R notes have paid down by approximately EUR68.7 million
(27% of original balance) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated October
2025[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 141.12%, 127.35%, 117.75% and 109.45% compared to April
2025[2] levels of 132.73%, 122.52%, 115.11% and 108.52%,
respectively.

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

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
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: EUR325.6m

Defaulted Securities: EUR2.2m

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2916

Weighted Average Life (WAL): 3.89 years

Weighted Average Spread (WAS): 3.61%

Weighted Average Coupon (WAC): 3.64%

Weighted Average Recovery Rate (WARR): 44.62%

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 October 2025.

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

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 servicer or be delayed
by an increase in loan amend-and-extend restructurings. Fast
amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the servicer'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.




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

BME GROUP: S&P Affirms 'B-' LongTerm ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit and
issue ratings on the Netherlands-based building material
distributor BME Group Holding B.V.

S&P said, "The negative outlook reflects the risks that we could
lower the rating on the company if the prolonged weak demand and
business conditions result in higher-than-expected S&P Global
Ratings-adjusted leverage and sustained negative FOCF after lease
payments, such that these consume BME's liquidity headroom in
2026."

BME Group's earnings and cash flow remain challenged, particularly
Germany and Switzerland, despite operational recovery in the
Netherlands, Belgium, and France; and resilient markets in Spain
and Portugal.

S&P said, "We expect the company's free operating cash flow (FOCF)
after lease payments to improve in the next couple of years, albeit
remaining negative; and for its S&P Global Ratings-adjusted
leverage to remain elevated, at over 10x in 2025-2026.

"Mitigating this, we continue to view BME's liquidity as adequate,
supported by healthy cash holdings, proceeds from the company's
cash savings programs and real estate disposals, and lack of
immediate maturity risk.

"We continue to view BME's liquidity as adequate, which supports
the rating. We expect that the company's liquidity will remain at
current level, with sources exceeding uses by more than 1.5x over
the next 12 months. Following the refinancing of the remaining part
of its term loan B1 in July 2025, BME has no major financial debt
maturity before September 2029. The company's liquidity is
supported by the cash on the balance sheet of EUR115 million at
June 2025, as well as proceeds from its CashGuard program, which
contributed with cash liquidity sources of about EUR27 million from
completed disposal of real estate in the first nine months of 2025.
The full availability of the revolving credit facility (RCF)
remains constrained by a lack of headroom under its covenants due
to elevated leverage, especially if the cash and cash-equivalent
position deteriorated significantly. The company has not used the
RCF so far in 2025 and does not intend to by year-end. In our view,
BME's adequate liquidity remains the main supportive factor of the
rating. However, any higher-than-expected negative FOCF in our
base-case scenario could dent BME's liquidity. We will also monitor
any RCF drawings, which could be a sign of mounting liquidity
pressure.

"We expect BME's operating performance will moderately improve
starting from 2026. The company's reported revenue of about EUR2.5
billion in first-half 2025, which in our view indicates that its
revenue would remain below our expectation of about EUR5.0 billion
in 2025, which at the time included the contribution from
Austria-based subsidiary Quester. We now expect revenue to drop
about 2.0% in 2025, to about EUR4.8 billion, from EUR4.9 billion in
2024, related mainly to the divestment of Quester in June 2025 and
prolonged negative developments in Germany, which have outweighed
positive developments in the remaining segments. BME's end-markets,
notably in residential, seem to have bottomed out. In 2026, we
project moderate revenue growth of 3.3%-3.5%, due mainly to a
gradual recovery in Germany. Furthermore, we expect BME's S&P
Global Ratings-adjusted EBITDA margin will improve gradually to
4.3%-4.7% in 2025, from 4.2% in 2024, owing to cost savings and the
removal of Quester's negative contribution after its investment in
June 2025. We expect further improvement in the S&P Global
Ratings-adjusted EBITDA margin to 4.9%-5.3% in 2026, due to a
slight recovery in business, resulting improved operating leverage,
and continued cost savings.

"We expect FOCF after lease payments to slightly improve in
2025-2026 but remain negative. We expect S&P Global
Ratings-adjusted FOCF of EUR20 million-EUR40 million in 2025 and
EUR50 million-EUR70 million in 2026, widening from EUR2.9 million
in 2024. We anticipate the company will optimize its capital
expenditure (capex) at EUR42 million-EUR47 million in 2025 and
EUR25 million-EUR40 million in 2026, which is slightly below the
usual approximately 1% of sales. We anticipate working capital cash
inflow of EUR30 million-EUR50 million in 2025 and up to EUR20
million in 2026, based on optimization through efficient inventory
management. We expect that adjusted FOCF after lease payments will
remain negative, at EUR70 million-EUR85 million in 2025 and EUR40
million-EUR50 million in 2026, which follows EUR100 million-EUR105
million in 2024. Our base-case scenario assumes EUR100
million-EUR110 million of annual lease payments in 2025-2026.

"We expect adjusted leverage to remain elevated in 2025-2026 but
would modestly improve year-on-year. We estimate BME's S&P Global
Ratings-adjusted debt to EBITDA will remain at 11.5x-12.0x in 2025,
compared with 12.4x at end-2024. It is driven by adjusted debt
remaining near 2024's levels, as a slight reduction of leases is
partially offset by moderate additional debt from the mortgage over
real estates in Portugal completed in third-quarter 2025; and
lower-than-expected EBITDA, although this is slightly improved from
2024. We anticipate overall moderate recovery in underlying markets
starting from second-half 2026, mainly due to the indirect effect
of the German government's infrastructure program, which we expect
will have a positive impact on customer sentiment. For 2026, we
anticipate that adjusted leverage will remain elevated, slightly
near 10x. Furthermore, FFO to cash interest coverage is projected
to be below 1.5x in 2025 and slightly above in 2026.

"The negative outlook reflects the risk that we could lower the
rating on BME if the prolonged weak demand and business conditions
result in higher-than-expected S&P Global Ratings-adjusted leverage
and sustained negative FOCF after lease payment, such that it
consumes BME's liquidity headroom in 2026."

S&P could lower the rating if:

-- The company's liquidity deteriorates to less than adequate.
This could occur if business recovery does not materialize as
expected, resulting in continued and increased negative operating
cash flow and a deterioration of its cash holdings. Factoring
facilities not being renewed as planned and drawings on the RCF
could also signal weakening liquidity.

-- The company's leverage remained elevated and worsens for a long
period, such that S&P views its capital structure as no longer
sustainable.

-- S&P views actions to remedy any elevated liquidity pressures as
a or tantamount to a distressed exchange.

-- S&P could revise the outlook to stable if BME's leverage
sizably improved and FOCF after lease payments turned positive.
This would most likely reflect improved market conditions,
particularly in Germany, but also in other core markets.




===========
T U R K E Y
===========

FIBABANKA ANONIM: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Fibabanka Anonim Sirketi's (Fiba)
Long-Term (LT) Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B+' from 'B', and its Viability Rating (VR) to 'b+' from
'b'. Fitch has also upgraded the bank's National LT Rating to
'A(tur)' from 'A-(tur)'. The rating Outlooks are Stable.

The upgrade reflects Fitch's improved assessment of the Turkish
operating environment, as shown by the agency's revision of the
operating environment score for Turkish banks to 'bb-'/stable from
'b+'/positive. It also considers the bank's maintenance of stable
risk and financial profiles due to improved operating conditions.

Key Rating Drivers

VR Drives Ratings: Fiba's IDRs and National LT Rating are driven by
its standalone creditworthiness, as reflected in its VR. The VR
considers the bank's limited franchise - although this is supported
by the expansion of digital banking operations - and its adequate
capitalisation, above-sector-average earnings and adequate funding
profile. The VR also considers the bank's high share of unsecured
retail lending, which puts pressure on asset quality in a high
interest rate environment. The bank's 'B' Short-Term IDRs are the
only possible option mapping to LT IDRs in the 'B' rating
category.

Improved, Still Challenging Operating Environment: The upward
revision of its assessment of the Turkish operating environment
reflects the normalisation and a stronger record of the country's
monetary policy. This has reduced refinancing risks and improved
external market access, policy credibility and consistency, and
exchange-rate stability despite financial market volatility.
However, banks are still exposed to still-high - albeit declining -
inflation, slowing economic growth, domestic political volatility
and multiple macroprudential regulations, despite simplification
efforts.

Digital-Orientated, Small Franchise: Fiba's small franchise
(end-1H25: 0.4% of sector assets) results in limited pricing power.
Nevertheless, its digital banking channels and, notably,
partnerships with well-known retailers across Turkiye, through
which it provides instant loans via its application-based channel,
drive its 7 million customer base and 1% market share in personal
finance lending.

Exposure to Consumer Loans: Fiba has grown below sector averages in
1H25 and 2024. FC loans (end-1H25: 18% of gross loans) remained
below the sector average (39%). A high share of unsecured retail
loans (25% of gross loans) creates credit risks due to rising rates
and slower GDP growth, although these are granular, fixed rate and
in lira.

Asset-Quality Risks: Fiba's Stage 3 (non-performing loans; NPL)
ratio rose to 2% at end-1H25 (end-2024: 1.3%), mainly coming from
an unsecured retail loan portfolio similar to the sector. Stage 2
loans were 7.7% of gross loans at end-1H25 (end-2024: 8.3%), with
about 60% restructured loans and 7% average reserve coverage. Total
reserves covered 122% of NPLs at end-1H25 (down from 166% at
end-2024 but still adequate). Exposure to risky segments, including
unsecured retail, keeps credit risks high. Fitch expects the NPL
ratio to be around 3% by end-2026.

Above Sector Average Profitability: Fiba's operating profitability
declined but remained high in 1H25 (6.3% of risk-weighted assets),
due mainly to high cost of risk and operating expenses, although
this is largely offset by net interest income growth in addition to
contribution from fees and trading income. Fitch expects Fiba's
average operating profit to be 4.5%-5% of risk-weighted assets in
2026, due to decline in net interest margin and lower lending
growth.

Adequate Capitalisation: Fiba's common equity Tier 1 (CET1) ratio
declined to 12.6% at end-1H25 (12.2% excluding forbearance) from
14.7% at end-2024, mainly driven by a tightening of forbearance,
dividend payment and loan growth. The total capital ratio was
higher at 21.6% (21% excluding forbearance) at end-1H25. This
includes about USD200 million subordinated debt (maturing in 2027),
which only contributes partially to capital due to amortisation,
USD150 million additional Tier 1 (AT1) notes and TRY100 million AT1
debt from its shareholder. Fitch expects Fiba's CET1 ratio
including forbearance to remain around 14% at end-2026.

Mainly Deposit-Funded, Adequate FX Liquidity: Fiba is largely
funded by customer deposits (end-1H25: 79% of total funding;
loans/deposits ratio of 82%), 31% of which were in FC, below the
sector average of 39%. The share of FC wholesale funding (20% of
total funding) is high, but is mainly composed of subordinated debt
maturing in 2027, AT1 notes and FC repo with domestic
counterparties.

The bank's FC liquidity is mainly composed of FC swaps with foreign
counterparties and FC cash are enough to repay maturing external
debt within one year. Fitch expects Fiba's loans/deposits ratio to
increase slightly closer to 90% by end-2026.

Rating Sensitivities

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

Fiba's LT IDRs are mainly sensitive to a downgrade of its VR.

The VR is sensitive to downward revision of the operating
environment or a sovereign downgrade. An erosion in the bank's
capitalisation buffers (CET1 ratio sustained below 10%), likely
driven by worse-than-expected asset quality deterioration or a
sharp increase in risk appetite, or pressure on profitability and
FC liquidity, could also lead to a downgrade of the VR.

The Short-Term IDRs are sensitive to a multi-notch downgrade of the
LT IDRs.

Fiba's National LT Rating is sensitive to a negative change in the
entity's creditworthiness relative to that of other rated Turkish
issuers in local currency.

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

An upgrade of Fiba's IDRs and VR would require an upgrade of the
Turkiye sovereign rating and upward revision of the operating
environment, while maintaining overall stable risk and financial
profiles.

The Short-Term IDRs are sensitive to positive changes in the LT
IDRs.

The National LT Rating is sensitive to a positive change in Fiba's
creditworthiness in local currency relative to other rated Turkish
issuers.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Fitch upgraded Fiba's AT1 notes to 'CCC+' from 'CCC' due to the
upgrade of its anchor rating. The AT1 notes are rated three notches
below the bank's VR, comprising two notches for loss severity given
the notes' deep subordination, and one notch for incremental
non-performance risk given their full discretionary, non-cumulative
coupons. In accordance with its criteria, Fitch has applied three
notches from Fiba's VR, instead of the baseline four notches, as
its VR is below the 'BB-' threshold. Fitch has also assigned a
Recovery Rating of 'RR6' to the AT1 notes.

Fitch upgraded Fiba's subordinated notes' rating to 'B-' from
'CCC+' following the one-notch upgrade of the bank's VR anchor
rating. The subordinated notes' rating is notched down twice from
its VR, anchor rating for loss severity, reflecting its expectation
of poor recoveries in case of default. The Recovery Rating of these
notes is 'RR6'.

The bank's 'no support' Government Support Rating reflects Fitch's
view that support from the Turkish authorities cannot be relied on,
given the bank's small size and limited systemic importance. In
addition, support from Fiba's shareholders, while possible, cannot
be relied on.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Fiba's AT1 notes rating is primarily sensitive to a change in its
VR anchor rating. The notes' rating is also sensitive to an
unfavourable revision in Fitch's assessment of incremental
non-performance risk.

Fiba's subordinated debt rating is sensitive to a change in its VR
anchor rating.

An upgrade of Fiba's 'no support' Government Support Rating is
unlikely given its limited systemic importance.

VR ADJUSTMENTS

The operating environment score of 'bb-' for Turkish banks is lower
than the category implied score of 'bbb', due to the following
adjustment reason: sovereign rating (negative).

The business profile score of 'b+' is below the category implied
score of 'bb' due to the following adjustment reason: market
position (negative).

The asset quality score of 'b+' is below the category implied score
of 'bb' due to the following adjustment reason: concentrations
(negative).

The earnings and profitability score of 'bb-' is below the category
implied score of 'bbb' due to the following adjustment reason:
revenue diversification (negative).

The capitalisation and leverage score of 'b+' is below the category
implied score of 'bb' due to the following adjustment reason: risk
profile and business model (negative).

The funding and liquidity score of 'b+' is below the category
implied score of 'bb' due to the following adjustment reason:
deposit structure (negative).

ESG Considerations

The ESG Relevance Score for Management Strategy of '4' reflects an
increased regulatory burden on all Turkish banks. Management
ability across the sector to determine own strategy and price risk
is constrained by regulatory burden and also by the operational
challenges of implementing regulations at bank level. This has a
moderately negative impact on Fiba's credit profile and is relevant
to its ratings in combination with other factors.

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

   Entity/Debt                     Rating        Recovery   Prior
   -----------                     ------        --------   -----
Fibabanka Anonim
Sirketi            LT IDR             B+ Upgrade            B
                   ST IDR             B  Affirmed           B
                   LC LT IDR          B+ Upgrade            B
                   LC ST IDR          B  Affirmed           B
                   Natl LT        A(tur) Upgrade          A-(tur)
                   Viability          b+ Upgrade            b
                   Government Support ns Affirmed           ns

   Subordinated    LT                 B- Upgrade    RR6     CCC+   


   subordinated    LT               CCC+ Upgrade    RR6     CCC


ZIRAAT BANKASI: Moody's Gives B3(hyb) Rating to AT1 Capital Notes
-----------------------------------------------------------------
Moody's Ratings has assigned a foreign currency B3(hyb) rating to
T.C. Ziraat Bankasi A.S.'s (Ziraat Bank: long-term deposit ratings
Ba3 stable, Baseline Credit assessment (BCA) ba3) perpetual,
non-cumulative Additional Tier 1 (AT1) capital notes expected to be
issued under the bank's USD13 billion Global Medium Term Note
Programme.

RATINGS RATIONALE

The notes are unsecured and perpetual, featuring a call option
after five years. They include a non-cumulative coupon suspension
mechanism and principal write-down if the Common Equity Tier 1
(CET1) ratio drops below 5.125%. The terms and conditions of the
certificates incorporate Basel III-compliant non-viability language
in accordance with Turkiye's Banking Regulation and Supervision
Agency.

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.

The assigned B3(hyb) rating reflects: (1) Ziraat Bank's BCA and
Adjusted BCA of ba3; (2) Moody's standard notching guidance for
contractual non-viability preferred securities with optional
non-cumulative coupon suspension, resulting in a position that is
three notches below the operating bank's Adjusted BCA of ba3.

The positioning of the B3(hyb) rating at three notches below Ziraat
Bank's ba3 BCA and Adjusted BCA, captures the high-loss severity in
case the bank reaches the point of non-viability, resulting in a
one-notch downward adjustment from the BCA; and two additional
negative notches due to the risk of coupon payment suspension and
principal write-down.

The certificates are perpetual and in liquidation, they rank senior
only to junior obligations, including ordinary shares. Coupons may
be skipped on a non-cumulative basis at Ziraat Bank's discretion,
and on a mandatory basis provided there is unavailability of
distributable funds, breach of applicable regulatory capital
requirement, non-satisfaction of solvency conditions and regulatory
discretion. However, a dividend stopper applies in case of interest
cancellation.

The principal of the AT1 certificates will be written down
permanently if Ziraat Bank's regulator determines, upon the
incurrence of a consolidated or non-consolidated loss, that the
bank has become, or it is probable it will become, non-viable
without a write-down or a public injection of capital. A
non-viability event occurs (1) should the bank's operating license
be revoked or (2) if the bank is to be transferred to the Turkish
Savings Deposit Insurance Fund. The principal write-down is either
partial or full.

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

The rating on Ziraat Bank's AT1 notes would be upgraded if the
bank's ba3 Adjusted BCA was upgraded. Ziraat Bank's Adjusted BCA
could be upgraded if (1) Turkiye's sovereign rating of Ba3 is
upgraded as the bank's BCA is already at the sovereign rating
level; and (2) the bank maintains its solid standalone fundamentals
unchanged

Conversely, the rating on Ziraat Bank's AT1 notes would be
downgraded if the ba3 Adjusted BCA of the bank were to be
downgraded. Ziraat Bank's Adjusted BCA could be downgraded if (1)
the bank's solvency and funding profile deteriorate beyond
anticipated asset quality and profitability weakening; (2) the
Turkish authorities revert to unorthodox policies; and/or (3)
Turkiye's sovereign rating of Ba3 is 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.




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

ASIMI FUNDING 2025-2: S&P Assigns Prelim. B(sf) Rating on X Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Asimi
Funding 2025-2 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
F-Dfrd, G-Dfrd, and X-Dfrd notes. At closing, the issuer will also
issue unrated Y and Z certificates.

Asimi Funding 2025-2 is the third public securitization of a
portfolio of unsecured consumer loans originated and serviced by
Plata Finance Ltd. (Plata) in the U.K.

As part of the transaction's prefunding mechanism, the issuer may
purchase additional loans by the first interest payment date, up to
a maximum amount of £62.0 million (25.31% of the potential maximum
portfolio).

The class A to G-Dfrd notes redeem pro rata, subject to sequential
amortization triggers.

The class A notes benefit from a dedicated fully funded reserve
fund and the remaining rated notes (except class G-Dfrd and X-Dfrd
notes) benefit from a general reserve fund. Both reserve funds are
available to provide liquidity support, pay interest and principal
deficiency ledgers on specified notes, and expenses.

Plata will remain the initial servicer of the loans, with Equiniti
Gateway Ltd. (trading as Lenvi) acting as standby servicer.
Barclays Bank PLC acts as the interest rate swap provider.

S&P expects to assign ratings on the closing date subject to an
ongoing satisfactory review of the transaction documents and legal
opinions.

  Preliminary ratings

                              Preliminary
  Class       Prelim rating   class size (%)

  A               AAA (sf)     62.50
  B-Dfrd          AA (sf)       9.00
  C-Dfrd          A (sf)        7.00
  D-Dfrd          A- (sf)       5.75
  E-Dfrd          BBB (sf)      6.75
  F-Dfrd          BB- (sf)      7.50
  G-Dfrd          B- (sf)       1.50
  X-Dfrd§         B (sf)        6.50
  Y Certificates   NR            N/A
  Z Certificates   NR            N/A

*S&P's preliminary rating on the class A notes addresses timely
payment of interest and ultimate repayment of principal. Its
ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
G-Dfrd, and X-Dfrd notes address the ultimate repayment of both
interest and principal, and consider the timely payment of
interest, including any previously deferred amounts, once the class
is the most senior.
§The class X-Dfrd notes are not asset-backed. Their proceeds will
fund the reserve accounts and pay any issuance expenses.
Dfrd--Deferrable.
NR--Not rated.
N/A--Not applicable.


AVIATION PLC: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Avation PLC's (Avation) Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also
assigned a final long-term debt rating of 'B'/'RR4' to the senior
unsecured bond issued by Avation Group (S) Pte. Ltd. (Avation
Group) under its existing USD1 billion global medium-term note
programme. Avation Group, a 100%-owned subsidiary of Avation, is
the group's applicant member of the Singapore Aircraft Leasing
Scheme.

The assignment of the final rating follows the receipt of documents
conforming to information already received. The final rating is the
same as the expected rating assigned on 21 October 2025. Please see
"Fitch Assigns Expected 'B(EXP)'/'RR4' Rating to Avation's Senior
Unsecured Bonds".

Key Rating Drivers

Easing Near-Term Refinancing Risk: Fitch expects Avation to
complete the issuance of a USD300 million 5.5-year 8.50% senior
unsecured bond in November 2025. The company will use the bond
proceeds to refinance its outstanding USD298 million 8.25%
unsecured bond due in October 2026 at par. The completion of the
refinancing will ease the company's near-term refinancing pressure.
However, refinancing risk associated with concentrated future
unsecured bond maturities in May 2031 remains a structural weakness
for its overall credit profile.

Established Aircraft Lessor: Avation's Long-Term IDR reflects its
modest franchise as an established global lessor of current
technology narrowbody and widebody aircraft and ATR turboprops,
operating record through economic and market cycles, absence of
material orderbook commitments, which reduces placement and funding
risks compared with peers, and an experienced management team.

Concentrated Portfolio: Rating constraints include the company's
significant lessee concentration in emerging markets, a smaller and
less-liquid aircraft portfolio per Fitch's Global Aircraft Tiers
compared with higher-rated peers, elevated refinancing risks, a
weaker liquidity profile, high leverage on a debt-to-tangible
equity basis, and modest net spread on a risk-adjusted basis

Sector Constraints: Rating constraints applicable to the aircraft
leasing industry more broadly include the monoline nature of the
business, vulnerability to exogenous shocks, sensitivity to higher
oil prices, inflation and unemployment, which dampen travel demand,
potential exposure to residual value risks, reliance on wholesale
funding sources, and material competition. These constraints are
intensified by Fitch's expectation of a less favourable operating
environment, including moderating travel demand due to slowing
global economic growth.

High Lessee Concentration: Avation had a small and relatively
concentrated portfolio at end-June 2025, with 33 owned aircraft
leased to 16 airlines across 14 countries. The top-five lessees -
VietJet, Air Baltic Corporation AS, Philippine Airlines, Lufthansa
and EVA Air - accounted for about 67% of net book value (NBV). The
concentration declined from 72% at end-December 2024 as the company
added a few new lessees into the portfolio, including Etihad
Airways and Clic Air.

Fitch expects the company to continue diversifying its lessee mix,
but concentration is likely to remain high relative to peers given
Avation's limited scale. Avation, similar to other aircraft
lessors, collects security deposits and maintenance reserves to
mitigate the risks for lessees with weaker credit profiles.

Less-Liquid Fleet: Avation's portfolio had an NBV of USD820 million
and an orderbook of 10 ATR 72-600s at end-June 2025 with a purchase
right to acquire an additional 24 of the same type through June
2034. The portfolio comprised 14 narrowbody (57% of NBV), 17
regional (26%) and two widebody (17%) aircraft at end-June 2025,
with an average age of 8.5 years. The portfolio consisted of a
higher proportion of less-liquid tier 2 (56%) and tier 3 (10%)
aircraft relative to peers, as categorised by Fitch.

Modest Net Spread: Net spread (lease yield - funding costs) should
normalise in 2026 after rising to 6.5% in the financial year ended
June 2025 (FY25) from an average of 3.7% in FYE21-FYE24 due to
large maintenance reserve income. This is within the 'b' benchmark
range of 1%-5% for aircraft lessors with a sector risk operating
environment score in the 'bb' category. Avation's net spread is
modest on a risk-adjusted basis relative to peers, weighed down by
high funding costs. The impact of a higher coupon rate for the new
unsecured issuance should be mitigated by potential US interest
rate cuts and management's plan to further optimise funding
structure and lower funding costs.

High Leverage: Avation's Fitch-calculated leverage (gross debt to
tangible equity), which excludes aircraft purchase rights from
tangible equity, was 4.3x at FYE25. Leverage could increase
modestly to 4.4x on a pro forma basis after the bond refinancing.
The company's leverage target on a net debt-to-equity basis is
below 3.0x, which corresponds to about 5.0x based on Fitch's core
leverage benchmark metric and is the highest among Fitch-rated
peers. Fitch expects leverage to remain below the company's target,
given the modest expected growth from the ATR orderbook, and the
opportunistic narrowbody fleet expansion.

Weak Liquidity: The company's liquidity coverage is generally
weaker than peers' and it currently has no undrawn committed credit
facilities. Liquidity coverage for contracted aircraft purchases
and upcoming debt maturities over the next 12 months was around
1.1x at FYE25 compared with an average of 0.9x from FYE21-FYE24,
based on its liquidity sources, including USD48 million in
unrestricted cash, and its expectation of operating cash flow over
the next 12 months.

This is consistent with the 'b' benchmark range for the funding,
liquidity and coverage metric for finance and leasing companies
with a 'bb' category sector risk operating environment score. The
liquidity coverage would increase to 1.4x after including the USD33
million in net proceeds from the completed sale of a B777-300ER in
liquidity sources. However, Fitch believes its liquidity may
decline if the company deploys the cash proceeds from the sale of
the aircraft to repay debt or purchase new aircraft.

RATING SENSITIVITIES

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

Leverage, measured by gross debt to tangible equity, approaching
5.5x, rapid expansion that is not accompanied by consistent
underwriting standards and commensurate growth in capital levels
and staffing, and deterioration in residual value realisations
could lead to negative action on Avation's IDR.

Negative rating actions could also be driven by the credit
deterioration of underlying lessees, particularly those that
represent a meaningful portion of Avation's portfolio; net margin
falling below 3%, driven by elevated funding costs or weakening
lease yields on a risk-adjusted basis; a material shift in funding
mix with unsecured debt reducing to below 30%; and/or refinancing
pressure ahead of sizeable upcoming maturities.

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

Positive rating action could be driven by a decline in the
debt-to-tangible equity ratio towards 3.0x and reduced
concentration in the maturity schedule with the liquidity coverage
ratio improving to above 1.0x and net spread widening to over 5% on
a sustained basis. Enhance scale efficiency with higher geographic
and/or lessee diversification, provided such actions are undertaken
at a moderate pace and do not adversely affect underwriting or
pricing terms, would also be positive for the ratings.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The unsecured bond rating is equalised with Avation's IDR as the
bonds will constitute Avation's direct, unconditional,
unsubordinated and unsecured obligations under the guarantee, and
rank equally with all other unsecured obligations of Avation. The
bonds' rating also reflects Fitch's expectation of average
recoveries for senior unsecured debtholders.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating assigned to the senior unsecured debt is sensitive
primarily to changes in Avation's Long-Term IDR and the relative
recovery prospects of the instrument. Action on Avation's rating
would cause the bond rating to move in tandem. In addition, the
unsecured debt rating could be notched below Avation's IDR should
secured debt increase as a percentage of total debt such that the
unencumbered pool contracts and affects expected recoveries on the
senior unsecured debt.

ADJUSTMENTS

The asset quality score has been assigned below the implied score
due to the following adjustment reason: concentrations and asset
performance.

The capitalisation and leverage score has been assigned below the
implied score due to the following adjustment reason: risk profile
and business model.

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
   -----------                ------          --------   -----
Avation Group (S)
Pte. Ltd.

   senior unsecured     LT     B  New Rating    RR4      B(EXP)

Avation PLC             LT IDR B  Affirmed               B


BELL EDUCATIONAL: BDO LLP Appointed as Joint Administrators
-----------------------------------------------------------
Bell Educational Services Ltd entered administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2025-007364 and Danny Dartnaill, Timothy Townley and Mark
Thornton of BDO LLP were appointed as joint administrators on Nov.
4, 2025.

The company was into the education sector.

Its registered office is at 1 Red Cross Lane, Cambridge, CB2 0QU
(to be changed to c/o BDO LLP, 5 Temple Square, Temple Street,
Liverpool, L2 5RH)

Its principal trading address is at 1 Red Cross Lane, Cambridge,
CB2 0QU

The joint administrators can be reached at:

     Danny Dartnaill
     Timothy Townley
     BDO LLP
     Thames Tower
     Level 12, Station Road
     Reading, RG1 1LX

     Mark Thornton
     BDO LLP
     Central Square
     29 Wellington Street
     Leeds, LS1 4DL

For further information, contact:

     Katalin Pongo
     Email: BRCMTLondonandSouthEast@bdo.co.uk


CHESHIRE 2021-1: Fitch Lowers Rating on Class E Notes to 'B-sf'
---------------------------------------------------------------
Fitch Ratings has downgraded Cheshire 2021-1 PLC's class D and E
notes and affirmed the others.

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Cheshire 2021-1 PLC

   A XS2386503721      LT AAAsf  Affirmed    AAAsf
   B XS2386503994      LT AAsf   Affirmed    AAsf
   C XS2386504026      LT A-sf   Affirmed    A-sf
   D XS2386504299      LT BB+sf  Downgrade   BBB-sf
   E XS2386504372      LT B-sf   Downgrade   B+sf
   F XS2386504455      LT CCCsf  Affirmed    CCCsf

Transaction Summary

Cheshire 2021-1 PLC is a multi-originator securitisation of legacy
owner-occupied and buy-to-let (BTL) mortgages. The three largest
lenders are GMAC-RFC Limited, Future Mortgages Limited and
Mortgages 1 Limited. The transaction is a refinancing of the
Dukinfield II PLC issuance.

KEY RATING DRIVERS

UK RMBS Rating Criteria Updated: The rating actions reflect Fitch's
updated UK RMBS Rating Criteria (see "Fitch Ratings Updates UK RMBS
Rating Criteria", dated 23 May 2025). The main changes include
updated representative pool weighted average foreclosure
frequencies (WAFF), changes to sector selection, revised recovery
rate assumptions and changes to cash flow assumptions. The
non-conforming sector representative 'Bsf' WAFF has undergone the
biggest revision. Newly introduced borrower-level recovery rate
caps are applied to underperforming seasoned collateral.

Fitch now applies dynamic default distributions and high prepayment
rate assumptions, rather than the previous static assumptions. The
downgrades of the class D and E notes are primarily driven by
application of the borrower-level recovery rate cap.

Buy-to-Let Recovery Rate Cap: Non-conforming assets have reported
losses that exceed those expected based on the indexed value of the
properties in the pool. Fitch has applied borrower-level recovery
rate caps to the BTL loans in the transaction in line with those
applied to non-conforming loans, where the recovery rate cap is 85%
at 'Bsf' and 65% at 'AAAsf'.

Asset Performance Deterioration: Total arrears remain very high but
appear to have stabilised since the last review (November 2024),
with both the number and value of loans in arrears declining in
line with pool amortisation. One-month-plus arrears stand at 44%
and three-month-plus arrears at 36%, placing the transaction among
the weakest performers in Fitch's UK non-conforming RMBS
portfolio.

Despite the early signs of stabilisation at this high level,
migration into later-stage arrears remains a key risk. Fitch has
treated assets in arrears by nine months or more as defaulted as
well as constraining the class B notes' rating one notch below its
model implied rating to account for ongoing performance
deterioration.

Deferred Interest: Interest payments on the class F notes are
currently being deferred, with interest accruing on the deferred
amounts. Under the transaction documents, deferred interest is not
considered an event of default for the class B notes and below and
is payable at the final legal maturity date of 21 December 2049.
The deferrals reflect insufficient revenue funds resulting from the
high pool arrears. Continued high arrears may lead to further
increases and compounding of interest deferrals. Additionally,
there is an outstanding principal deficiency ledger of
approximately GBP0.5 million resulting from losses incurred on the
collateral.

Increased CE: Credit enhancement (CE) has strengthened since the
last review as a result of principal redemptions, supporting the
affirmations of the senior notes despite the weak collateral
performance. CE for the class C notes increased to 15% from 14%, to
24% from 22% for the class B notes and to 33% from 32% for the
class A notes.

Adjustments for Non-Conforming Transactions: The transaction's
performance is notably weaker than the sector index. According to
its criteria, mixed transactions with owner-occupied loans (UK
non-conforming assumptions) and pre-2014 BTL originations typically
warrant a minimum 1.5x increase to the BTL sub-pool. Due to the
transaction's underperformance relative to the sector average,
Fitch has applied a higher 2x adjustment.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening of the latter is
highly correlated to increasing levels of delinquencies and
defaults that could reduce the CE available to the notes.
Unanticipated declines in recoveries could also result in lower net
proceeds, which may make certain notes susceptible to negative
rating action, depending on the decline in recoveries. Fitch's
analysis revealed that a 15% increase in the WAFF, along with a 15%
decrease in the weighted average recovery rate (WARR), would imply
downgrades of up to three notches for the class B, C and five
notches for D notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potentially upgrades.
Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The impact on the notes could be upgrades of up to four notches for
the class C, D, F notes, five notches for the class E notes.

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.

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

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

ESG Considerations

Cheshire 2021-1 PLC has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to exposure
to compliance risks including fair lending practices, mis-selling,
repossession/foreclosure practices, consumer data protection (data
security), which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Cheshire 2021-1 PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to exposure
to accessibility to affordable housing, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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


HOPS HILL NO. 4: Fitch Affirms 'BB+sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has upgraded Hops Hill No. 4 plc's class B and C
notes and affirmed the others. Fitch has removed all ratings from
Under Criteria Observation.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Hops Hill No.4 plc

   Class A XS2802115167   LT AAAsf  Affirmed    AAAsf
   Class B XS2802116561   LT AAAsf  Upgrade     AAsf
   Class C XS2802116645   LT A+sf   Upgrade     Asf
   Class D XS2802116991   LT BBB+sf Affirmed    BBB+sf
   Class E XS2802117023   LT BB+sf  Affirmed    BB+sf

Transaction Summary

Hops Hill No.4 plc is a securitisation of buy-to-let (BTL)
mortgages originated in England and Wales by Keystone Property
Finance Limited. The transaction contains collateral previously
securitised in Hops Hill No.1 plc as well as more recent
origination.

KEY RATING DRIVERS

UK RMBS Rating Criteria Updated: The rating actions reflect its
updated UK RMBS Rating Criteria (see Fitch Ratings Updates UK RMBS
Rating Criteria, dated 23 May 2025). Key changes include updated
representative pool weighted average foreclosure frequencies
(WAFF), changes to sector selection, revised recovery rate
assumptions and changes to cashflow assumptions. Fitch now applies
dynamic default distributions and high prepayment rate assumptions,
rather than static assumptions.

The updated criteria and latest portfolio information resulted in a
decrease in the expected loss by 2.6pp and 1.2pp at 'AAAsf' and
'Asf', respectively, since the prior review in May 2025, resulting
in the upgrade of the class B and C notes.

Stable Asset Performance: Arrears greater than one month were 1.2%
as at September 2025 and there have been no possessions or losses
in the pool since closing in May 2024. The transaction's
performance has been better than the Fitch UK BTL index average,
reflecting the high quality of the collateral pool, despite the
limited history of origination and performance data available at
closing. The strong asset performance, combined with the updated UK
RMBS Rating Criteria, supports the upgrades.

CE Build-Up: The asset performance and prepayments have led to an
increase in the notes' credit enhancement (CE) levels. CE improved
to 12.9% for the class A notes, 7.1% for the class B notes and 2.3%
for the class C notes, from 11.5%, 6.3% and 2.1%, respectively, at
the previous review (May 2025 payment date). The increased credit
support to the rated notes resulted in greater resilience to
losses, leading to the affirmations of the senior notes and
upgrades of the mezzanine notes.

Rating Cap on Mezzanine Notes: The liquidity reserve only covers
senior fees and class A and B interest. Interest on the class C and
D notes cannot be deferred without causing an event of default when
the notes become the most senior class. The collection account bank
is an operational continuity bank and transfers funds daily from
receipt. The servicer provides a declaration of trust on the
collection account bank for the benefit of the issuer.
Consequently, Fitch considers payment interruption risk to be
mitigated up to 'A+sf'.

Class D and E Ratings Constrained: The class D and E notes are not
entirely collateralised by the mortgage loans and are instead
expected to be repaid through release of the liquidity reserve to
principal available funds or from revenue available funds through
the turbo amortisation mechanism. Fitch has affirmed the class D
notes below their model-implied ratings due to partial reliance on
excess revenue. The class E notes' rating is constrained at 'BB+sf'
due to its full reliance on excess revenue, in line with Fitch's
Global Structured Finance Rating Criteria.

RATING SENSITIVITIES

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

Performance may be affected by changes in market conditions and
economic environment. Weakening of the latter is highly correlated
to increasing levels of delinquencies and defaults that could
reduce the CE available to the notes. Unanticipated declines in
recoveries could also result in lower net proceeds, which may make
certain note ratings susceptible to negative rating actions,
depending on the decline in recoveries.

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

Class A: 'AAAsf'

Class B: 'AA+sf'

Class C: 'A+sf'

Class D: 'BBB+sf'

Class E: 'BB+sf'

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

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

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

Class A: 'AAAsf'

Class B: 'AAAsf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'BB+sf'

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

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

DATA ADEQUACY

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

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

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

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

ESG Considerations

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


HYDROGEN VEHICLE: Opus Restructuring Appointed as Administrators
----------------------------------------------------------------
Hydrogen Vehicle Systems Ltd entered administration in the Court of
Session (Scotland), and Paul Dounis and Mark Harper of Opus
Restructuring LLP were appointed as joint administrators on Oct. 6,
2025.

The company engaged in the manufacture of motor vehicles;
manufacture of electrical and electronic equipment for motor
vehicles and their engines; and manufacture of other parts and
accessories for motor vehicles.

Its registered office is at Park View House, 96 Caledonia Street,
Glasgow, Scotland, G5 0XG

The joint administrators can be reached at:

     Paul Dounis
     Mark Harper
     Opus Restructuring LLP
     8 Walker Street
     Edinburgh, EH3 7LA

For further information, contact:

     The Joint Administrators
     Tel No: 0131 322 8416

Alternative contact:

       Victoria Paterson
     Tel No: 0131 322 8419


SCOTCH FROST: Begbies Traynor Appointed as Interim Administrators
-----------------------------------------------------------------
Scotch Frost of Glasgow Limited (the "Company"), James Paul
McShane, and Yasuki Kitabayashi (in respect of the Company)
presented a petition on October 31, 2025 to the Hamilton Sheriff
Court -- craving the Court inter alia, that an administration order
be granted in respect of the Company and that interim
administrators be appointed.

The Sheriff, by interlocutor dated November 4, 2025, ordained any
persons claiming an interest, to lodge answers thereto if so
advised, in the hands of the Sheriff Court at Hamilton, 4 Beckford
St, Hamilton ML3 0BT within 21 days after intimation, service or
advertisement.

In the meantime, the Court appointed Kevin Mapstone, Asher Miller
and Paul Weber of Begbies Traynor (Central) LLP, of 2 Bothwell
Street, Glasgow, G2 6NT, as interim joint administrators.

The company operated in a supply/distribution business
(importer/distributor of chilled and frozen produce).

The Company's registered office is at Hornal Road, Bothwell Park
Industrial Estate, Uddingston, Glasgow, G71 6NZ.

The interim joint administrators can be reached at:

     Kevin Mapstone
     Asher Miller
     Paul Weber
     Begbies Traynor (Central) LLP
     2 Bothwell Street
     Glasgow, G2 6NT

For further information, contact:

       Levy & McRae
       70 Wellington Street
       Glasgow, G2 6UA


UK PRO GROUP: Begbies Traynor Appointed as Administrators
---------------------------------------------------------
UK Pro Group Ltd entered administration in the High Court of
Justice, Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number CR-2025-001510, and Louise
Longley and Mark Malone of Begbies Traynor (Central) LLP were
appointed as joint administrators on Oct. 31, 2025.

The company operated in specialised construction activities.  It
previously traded under the name Prosweep UK Ltd until Aug. 13,
2025.

Its registered office is at Suite G04, 1 Quality Court, Chancery
Lane, London, WC2A 1HR

The joint administrators can be reached at:

     Louise Longley
     Begbies Traynor (Central) LLP
     Floor 2, 10 Wellington Place
     Leeds, LS1 4AP

     Mark Malone
     Begbies Traynor (Central) LLP
     11th Floor, One Temple Row
     Birmingham, B2 5LG

For further information, contact:

     Chloe Fletcher
     Email: chloe.fletcher@btguk.com
     Tel No: 0113 209 1038


V7 RECRUITMENT: FRP Advisory Appointed as Administrators
--------------------------------------------------------
V7 Recruitment Limited entered administration in the High Court of
Justice, Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number CR-2025-001463, and Simon Farr
and Anthony Collier of FRP Advisory Trading Limited were appointed
as joint administrators on Oct. 31, 2025.

The company operated business support service activities.

Its registered office is at c/o FRP Advisory Trading Ltd, 4th
Floor, Abbey House, 32 Booth Street, Manchester, M2 4AB

Its principal trading address is at the Hive, 4th Floor, 51 Lever
Street, Manchester, M1 1FN

The joint administrators can be reached at:

     Simon Farr
     FRP Advisory Trading Limited
     4th Floor, Abbey House
     32 Booth Street
     Manchester, M2 4AB

For further information, contact:

     Email: cp.manchester@frpadvisory.com
     Tel No: 0161 833 3344

Alternative contact:

     Kade Doherty
     Email: cp.manchester@frpadvisory.com



                           *********


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

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