---

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

                          E U R O P E

          Friday, November 21, 2025, Vol. 26, No. 233

                           Headlines



F R A N C E

ARGENT MIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable


G E R M A N Y

SC GERMANY 2023-1: Moody's Cuts Rating on EUR11.2MM F Notes to B2
STANDARD PROFIL: S&P Upgrades ICR to 'CCC+', Outlook Stable


I R E L A N D

BBAM EUROPEAN VII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
HARVEST CLO XXX: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes
NORTHWOODS CAPITAL 19: Moody's Cuts Class F Notes Rating to Caa2
OCP EURO 2024-9: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Debt
SEQUOIA LOGISTICS 2025-1: S&P Raises E Notes Rating to 'BB+ (sf)'



I T A L Y

GOLDEN BAR 2025-2: Fitch Corrects Expected Class A2 Notes Rating
YOUNI ITALY 2025-2: S&P Assigns Prelim B+ (sf) Rating to E Notes


L U X E M B O U R G

ARDAGH GROUP: S&P Ups ICR to 'CCC+' After Restructuring
BELRON GROUP: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
EOS FINCO: S&P Downgrades ICR to 'CCC-' on Debt Restructuring Risk


N O R W A Y

TGS ASA: S&P Affirms 'BB-' ICR, Alters Outlook to Negative


S L O V E N I A

NOVA LJUBLJANSKA: S&P Rates New Additional Tier 1 Bond 'BB-'


S P A I N

BANCAJA 10: S&P Affirms 'D (sf)' Rating on Class E notes
PROPULSION (BC) FINCO: S&P Affirms 'B' LT ICR on Dividend Recap


S W E D E N

SAMHALLSBYGGNADSBOLAGET AB: Fitch Affirms 'CCC' Long-Term IDR
SBB HOLDING: Fitch Puts 'CCC+' Long-Term IDR on Watch Positive
TRANSCOM TOPCO: S&P Puts 'B-' Rating on Watch Neg. on Debt Exchange


U N I T E D   K I N G D O M

AUBURN 15: Fitch Alters Outlook on 'B+sf' Cl. F Notes Rating to Neg
BARROW FUNDING: Fitch Hikes Rating on Class F Notes to 'Bsf'
CITADEL 2024-1: DBRS Confirms B Rating on Class F Notes
CURZON MORTGAGES: Fitch Lowers Rating on Class G Notes to 'B-sf'
GATWICK AIRPORT: Fitch Rates New GBP475MM Bond Issuance 'BB(EXP)'

LP FORTY EIGHT: Turpin Barker Appointed as Administrators
ODFJELL DRILLING: Moody's Affirms 'B1' CFR, Outlook Remains Stable
ODFJELL DRILLING: S&P Affirms 'B+' ICR on Rig Acquisition
PIERPONT BTL 2024-1: DBRS Confirms BB(high) Rating on X Notes

                           - - - - -


===========
F R A N C E
===========

ARGENT MIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to France-based Sebia's new holding company, Argent Midco S.A.S.,
and assigned a 'B' issue rating to its new debt to be issued at
Argent Bidco SAS and Argent Finco LLC. S&P's recovery rating on the
new debt instruments is '3', signaling recovery prospects of 50%.

S&P's outlook on Argent Midco S.A.S. is stable because we assume
the group will pursue its strong growth trajectory, with
high-single-digit revenue growth and a still extremely high
operating margin (exceeding 50%), enabling adjusted debt to EBITDA
of below 7x in 2026 and EBITDA cash interest coverage permanently
above 2.5x.

On Nov. 17, 2025, France-based Sebia, the leading provider of
clinical protein electrophoresis instruments and reagents announced
a change in its capital structure following the dilution of its
current shareholders, CVC, La Caisse, and Tethys, all of which will
be reinvesting a significant proportion of their proceeds into the
transaction. The consortium led by Warburg Pincus is acquiring a
large minority stake of 50.1% with controlling governance rights.

The new capital structure will include a term loan B (TLB) of
EUR1,470 million, a U.S. dollar TLB of EUR430 million equivalent.

The 'B' rating reflects Sebia's highly leveraged capital structure,
tempered by a solid cash-flow generation model which allows
comfortable EBITDA cash interest coverage exceeding 2.5x. The new
capital structure will be more leveraged than the previous one with
a rise in cash-paying debt to EUR1.9 billion from about EUR1.15
billion previously. Cash interests will also materially increase to
about EUR110 million per year from about EUR73 million. S&P
understands that the group's adjusted debt to EBITDA will be close
to 7.5x at year-end 2025 but will decrease to below 7x in 2026 and
to close to 6.3x in 2027. These financial metrics, combined with
EBITDA cash interest coverage constantly above 2.5x, are
commensurate with its 'B' ratings.

S&P said, "Sebia's operating performance has so far been extremely
strong, and we anticipate continued high-single-digit revenue
growth in the future. Sebia's unparalleled expertise in capillary
and gel electrophoresis provides the group with a leading position
in multiple myeloma testing, a segment with about 8% annual growth
prospects. Sebia's large installed base and low-cost positioning
offers an extremely attractive solution for diagnostics, and the
group's attrition rate is close to zero. Sebia has also expanded
its expertise beyond oncology and now addresses immunology and rare
diseases. Its biomarkers are also well placed to address unmet
needs in the future. The group's business model offers lots of
predictability with 82% of 2024 revenues stemming from reagents. We
expect the group's sales will reach about EUR550 million in 2025,
equivalent to an impressive 12% compound annual growth rate in the
past three years. Reported EBITDA margins of about 50%, well above
average for diagnostics, also reflect the group's very solid
positions.

"We expect robust cash-flow generation owing to the asset-light
model and extremely high operating margins. A high EBITDA margin of
about 50%, combined with relatively low capital expenditure (capex)
of about EUR50 million pave the way for robust free operating cash
flow (FOCF) of close to EUR80 million annually. Our base case
anticipates that the cash balance will therefore increase to about
EUR200 million at year-end 2027, providing flexibility for bolt-on
acquisitions. Acquisitions are part of the group's strategy. Sebia
has improved its earning diversification and further strengthened
its revenue base thanks to the previous acquisitions of Orgentec
Group and Zeus Scientific, in vitro diagnostics companies, as well
as Scimedx, a producer of specialized autoimmunity slides, in
September 2024.

"The stable outlook reflects our view that Sebia will maintain a
path of solid profitable organic growth supported by continued
strong demand across all segments: oncology, genetic hemoglobin,
auto-immunity, and diabetes.

"We forecast the financial leverage on the cash-interest-paying
debt will stand close to 7.5x in 2025 and will decrease by on
average a half point year on year afterward, approaching 6.0x in
2028. We expect EBITDA cash interest coverage to exceed 2.5x."

S&P's would take a negative rating action if:

-- Sebia were to deviate from our expected deleveraging path;

-- Adverse operating performance caused EBITDA to decrease and
weakened cash interest coverage to below 2.5x; or

-- FOCF declined to neutral or turned negative.

This would most likely happen if the group's profitability
materially deteriorated due to unexpected operating setbacks or a
technological disruption.

An upgrade would hinge on the company's ability and willingness to
deleverage and sustainably maintain its S&P Global Ratings-adjusted
debt to EBITDA below 5.0x. This would imply a firm commitment from
the financial sponsor owners and could be inconsistent with the
objective to maximize shareholder return.




=============
G E R M A N Y
=============

SC GERMANY 2023-1: Moody's Cuts Rating on EUR11.2MM F Notes to B2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of the Class B and C Notes
in SC Germany S.A., Compartment Consumer 2023-1. The upgrade action
reflects the increased levels of credit enhancement for the
affected Notes following the irreversible switch from pro rata to
sequential amortization of the Notes. Moody's also downgraded the
rating of the junior ranking Class E and Class F Notes due to the
switch to sequential amortization of the Notes, worse than expected
collateral performance, reduction in overcollateralization due to
recorded PDL and limited availability of excess spread to repay
Class F Notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

EUR605.6M Class A Notes, Affirmed Aaa (sf); previously on Aug 24,
2023 Definitive Rating Assigned Aaa (sf)

EUR40M Class B Notes, Upgraded to Aaa (sf); previously on Aug 24,
2023 Definitive Rating Assigned Aa1 (sf)

EUR42.4M Class C Notes, Upgraded to Aa2 (sf); previously on Aug
24, 2023 Definitive Rating Assigned Aa3 (sf)

EUR41.6M Class D Notes, Affirmed Baa1 (sf); previously on Aug 24,
2023 Definitive Rating Assigned Baa1 (sf)

EUR42.4M Class E Notes, Downgraded to Ba2 (sf); previously on Aug
24, 2023 Definitive Rating Assigned Ba1 (sf)

EUR11.2M Class F Notes, Downgraded to B2 (sf); previously on Aug
24, 2023 Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades are prompted by an increase in credit enhancement for
Class B and C Notes following the irreversible switch from pro rata
to sequential amortization of the Notes. The downgrade of the Class
E and Class F Notes is prompted by the switch to sequential
amortization of the Notes, worse than expected collateral
performance, reduction in overcollateralization due to recorded PDL
and limited availability of excess spread to repay Class F Notes.

Increase in Available Credit Enhancement and change in the
Allocation of Principal Payments

The Notes principal payments waterfall changed irreversibly to
sequential from the previous pro rata payment due to the occurrence
of a Sequential Payment Trigger Event, linked to the cumulative net
loss ratio exceeding 3.50% as of the payment date in August 2025.

Sequential amortization led to the increase in credit enhancement
available for the Class B and Class C Notes.

For instance, the credit enhancement of the Class B Notes increased
to 23.0% from 20.8% and for the Class C Notes to 17.2% from 15.5%,
since closing, respectively.

At the same time, the switch to sequential payment, reduction in
overcollateralization due to recorded PDL and limited availability
of excess spread had a detrimental effect on future cash flows
expected to be paid on the Class E and F Notes.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's expected
default rate and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has continued to deteriorate
since closing. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 0.80% of current
pool balance. Cumulative defaults, as of October 2025 payment date,
stand at 4.14% of original pool balance up from 1.74% a year
earlier.

Moody's increased Moody's default probability assumption to 7.2%
from 6.75% of the current portfolio balance, which translates into
a 7.5% default probability assumption based on the original
portfolio balance, up from 6.90%. The assumption for the fixed
recovery rate is unchanged at 15%.

Moody's also reassessed Moody's Portfolio Credit Enhancement
("PCE") assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in
Germany. As a result, Moody's have maintained the PCE assumption at
18%.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.

STANDARD PROFIL: S&P Upgrades ICR to 'CCC+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Standard Profil Automotive GmbH to 'CCC+' from 'SD' (selective
default). S&P also assigned its 'CCC+' issue rating and '3'
recovery rating to the group's EUR145 million super-senior notes,
and its 'CCC-' issue rating and '6' recovery rating to the EUR83
million reinstated notes at Hawk MidCo S.a.r.l., reflecting their
structural subordination.

S&P said, "The stable outlook reflects our expectation that
Standard Profil will maintain sufficient liquidity to fund its
operations over at least the next 12 months, supported by its lack
of significant debt maturities until 2030. We also assume that
operational performance will gradually recover from early 2026
onward.

"Following the restructuring, we expect Standard Profil's S&P
Global Ratings-adjusted leverage to remain above 6x in 2026 and for
the group to deleverage well below 6x in 2027 under the new capital
structure. The transaction established a new Luxembourg- based
holding structure comprising Hawk TopCo S.A. and Hawk MidCo,
through which new shareholders--mainly existing noteholders and new
money providers--now hold 100% of the group. As part of the
restructuring, Hawk MidCo issued EUR83 million of reinstated senior
secured notes, representing the remaining portion of the original
EUR275 million notes after a significant debt haircut, with revised
terms and a 10% exit fee. In addition, the Standard Profil
Automotive GmbH issued EUR145 million of senior secured notes
bearing 8.5% cash interest and a 20% exit fee. The capital
structure also includes EUR27 million of bilateral loans, EUR30.6
million of lease obligations, EUR11 million of unfunded pension
obligations, EUR26 million of trade receivables sold, and a EUR15
million payment-in-kind instrument issued by Hawk TopCo to Actera,
the former shareholder, which we now treat as debt. Proceeds from
the new funding refinanced existing debt, partially released prior
secured notes, and strengthens the group's liquidity position.
"Although the overall debt quantum has decreased following the
restructuring, we expect leverage to remain elevated, the lower
cash interest burden should support improved coverage metrics, with
funds from operations (FFO) cash interest coverage remaining above
1.5x from 2026 onward.

"We expect Standard Profil's FOCF to remain negative over the next
two years, reflecting elevated capex and adverse working capital
movements. For 2026, we forecast negative FOCF of EUR20
million-EUR25 million, followed by a low single digit negative FOCF
in 2027, resulting in a cumulative outflow of EUR25 million-EUR30
million. Although profitability is set to improve, high investment
requirements and ongoing production ramp-ups will continue to weigh
on cash generation coupled with meaningful cash interest payments
of about EUR26 million. Following the completion of the debt
restructuring, we understand that the company will hold between
EUR50 million and EUR55 million in cash, alongside an additional
EUR19.4 million of liquidity available through an equity commitment
and a committed super-senior term loan facility, providing a
cushion against near-term operating volatility and balancing the
expected cash burn in the next 12-18 months. However, negative FOCF
and limited access to short-term funding instruments such as a
revolving credit facility (RCF) constrain the group's financial
flexibility and, coupled with still-high leverage, our rating on
the group. In our view, a reduction in negative cash flow is
crucial in sustaining the rating and preserving liquidity
headroom.

"We expect Standard Profil's revenues to recover materially over
the next 24 months, although risks remain to the baseline due to
the subdued environment in the auto market. We expect revenue to
increase 3%-4% in 2026, accelerating to 9%-10% in 2027. Supporting
this will be a high level of contracted business, raising content
per vehicle, and newly awarded programs with major original
equipment manufacturers (OEMs) enter series production and recently
secured battery electric vehicle (BEV) platforms ramp up. These
drivers, together with price renegotiations and strong backlog
coverage through fiscal 2027, should support a solid recovery from
the depressed revenue levels of 2024-2025. Although the broader
auto sector continues to face stress from weak European demand,
slower-than-anticipated BEV adoption, and persistently high input
and labor costs that constrain suppliers' profitability and cash
generation, we think structural trends, such as the shift toward
larger vehicles, the continued expansion of SUV and premium
segments, and growing penetration of frameless and flush glazing
systems, will underpin medium-term growth in the body-sealing
market, which we expect to outperform overall light-vehicle
production. In this context, the company's diversified customer
base, established relationships with major OEMs, and broad
geographic footprint--particularly in China and the rest of the
world--should position it well to capture incremental market
opportunities as production gradually recovers.

"We expect Standard Profil's profitability to improve markedly over
the next 24 months, supported by lower restructuring costs and
operating leverage, ongoing cost-efficiency measures, and a more
favorable revenue mix. From 2026, higher production volumes and the
phasing out of temporary cost burdens should enhance operating
efficiency, while procurement savings, automation, and process
optimization, particularly at larger facilities, including Mexico,
are set to structurally reduce labor intensity and improve usage.
We forecast S&P Global Ratings-adjusted EBITDA of about EUR58
million in 2026 and EUR78 million in 2027, corresponding to margins
of about 13% and 16%, respectively. The improvement reflects higher
volumes and contribution margins from new programs, mix benefits
from premium and BEV-related platforms, and sustained cost
discipline. While execution risk and input cost inflation remain
potential constraints, we expect profitability to recover to levels
more consistent with the company's historical margin profile by
2027.

"The stable outlook reflects our expectation that Standard Profil
will maintain sufficient liquidity to fund its operations over at
least the next 12 months, supported by its lack of significant debt
maturities until 2030. We also assume that operational performance
will gradually recover from early 2026 onward. We do not expect any
covenant compliance challenges over the next 12 months."

S&P could lower its rating on Standard Profil if:

-- S&P observes continued operational challenges leading to
weaker-than-expected operating performance resulting in further
cash flow deficits, pressuring liquidity.

-- Covenant headroom tightens.

-- The company undertakes a liability management transaction that
S&P could view as distressed debt exchange or a restructuring.

S&P could take a positive rating action in the next 12 months if it
is confident that performance is improving and leading to:

-- Sustainable positive FOCF of EUR5 million-EUR10 million.

-- Leverage declining to more sustainable levels of about 6x.

-- FFO cash interest coverage staying above 2x.




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

BBAM EUROPEAN VII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned BBAM European CLO VII DAC final ratings,
as detailed below.

   Entity/Debt                 Rating           
   -----------                 ------           
BBAM European
CLO VII DAC

   A XS3190837156           LT AAAsf  New Rating
   B XS3190837313           LT AAsf   New Rating
   C XS3190837669           LT Asf    New Rating
   D XS3190837826           LT BBB-sf New Rating
   E XS3190838394           LT BB-sf  New Rating
   F XS3190838634           LT B-sf   New Rating
   Sub Notes XS3190838980   LT NRsf   New Rating

Transaction Summary

BBAM European CLO VII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by RBC Global
Asset Management (UK) Limited. The CLO has a 4.7-year reinvestment
period and an 8.5-year weighted average life test (WAL) at
closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 23.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.5%.

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

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 5% and 10% and
two one year after closing with the same fixed-rate limits. All
four matrices are based on a top 10 obligor concentration limit of
20%. The closing matrices correspond to an 8.7-year WAL test while
the forward matrices correspond to a 7.7-year WAL test.

The switch to the forward matrices is subject to the aggregate
collateral balance (defaults at Fitch collateral value) being at
least at the reinvestment target par balance. The transaction has
reinvestment criteria governing the reinvestment similar to those
of other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash-flow Modelling (Positive): The WAL test is defined so that the
maximum risk horizon is 8.7 years at closing, instead of the 8.5
years defined based in the offering circular. Due to this, its
analysis considers the starting WAL as 8.7 years.

The WAL used for the transaction's stress portfolio analysis is 12
months less than the assumed WAL covenant (subject to a floor of
six years) to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing the coverage tests and the Fitch
'CCC' bucket limitation test post reinvestment, as well as a WAL
covenant that progressively steps down before and after the end of
the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

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

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

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to four notches, except for the
'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, meaning the notes are able to
withstand larger than expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses on the remaining portfolio.

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

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

DATA ADEQUACY

BBAM European CLO VII DAC

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

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

ESG Considerations

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

HARVEST CLO XXX: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXX DAC final ratings, as
detailed below.

   Entity/Debt             Rating                Prior
   -----------             ------                -----
Harvest CLO XXX DAC

   A XS2653485214       LT PIFsf  Paid In Full   AAAsf
   A-R XS3192351677     LT AAAsf  New Rating     AAA(EXP)sf
   B-1 XS2653494471     LT PIFsf  Paid In Full   AAsf
   B-1-R XS3192351750   LT AAsf   New Rating     AA(EXP)sf
   B-2 XS2653494554     LT PIFsf  Paid In Full   AAsf
   B-2-R XS3206520903   LT AAsf   New Rating
   C XS2653494638       LT PIFsf  Paid In Full   Asf
   C-R XS3192351834     LT Asf    New Rating     A(EXP)sf
   D XS2653494711       LT PIFsf  Paid In Full   BBB-sf
   D-R XS3192351917     LT BBB-sf New Rating     BBB-(EXP)sf
   E XS2653494802       LT PIFsf  Paid In Full   BB-sf
   E-R XS3192352055     LT BB-sf  New Rating     BB-(EXP)sf
   F XS2653494984       LT PIFsf  Paid In Full   B-sf
   F-R XS3192352139     LT B-sf   New Rating     B-(EXP)sf

Transaction Summary

Harvest CLO XXX DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien last-out loans and
high-yield bonds. On the issue date, the existing notes except the
subordinated notes will be refinanced. The portfolio is managed by
Investcorp Credit Management EU Limited. The CLO has a reinvestment
period scheduled to end on a fixed date and a 7.5-year weighted
average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor of the identified
portfolio is 24.9.

High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 58.68%.

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

Portfolio Management (Neutral): The deal has two Fitch test matrix
sets corresponding to fixed-rate asset limits of 5% and 10% and a
top 10 obligor limit at 20%. One is effective at closing and
corresponds to a WAL test of 7.5 years while another corresponds to
a WAL of seven years and is effective from six months after
closing. The switch to the forward matrix is subject to the
aggregate collateral balance (with defaults at collateral value)
being at least equal to the reinvestment target par balance

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

WAL Step-Up Feature (Neutral): The transaction could extend the WAL
test by one year from one year after closing if the aggregate
collateral balance (with defaulted obligations carried at the lower
of Fitch and another rating agency's collateral value) is at least
at the reinvestment target par amount and all the tests are
passing.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio and matrices analysis is 12 months less than the
WAL covenant. This is to account for structural and reinvestment
conditions after the reinvestment period, including the
over-collateralisation tests and the Fitch 'CCC' limitation test
passing after reinvestment. Fitch believes these conditions will
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class C-R notes have a one-notch
cushion, the class B-R, D-R, E-R and F-R notes have two-notch
cushions, and the class A-R notes have no rating cushion.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to two notches, except for the 'AAAsf' rated notes,
which are at the highest level on Fitch's scale and cannot be
upgraded.

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

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

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

DATA ADEQUACY

Harvest CLO XXX DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Harvest CLO XXX
DAC.

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

NORTHWOODS CAPITAL 19: Moody's Cuts Class F Notes Rating to Caa2
----------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following notes
issued by Northwoods Capital 19 Euro Designated Activity Company:

EUR11,000,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Downgraded to Caa2 (sf); previously on Jan 31, 2025
Affirmed Caa1 (sf)

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

EUR248,000,000 (Current outstanding amount EUR240,750,958) Class A
Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Jan 31, 2025 Affirmed Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Affirmed Aa1 (sf); previously on Jan 31, 2025 Upgraded to Aa1
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Affirmed Aa1 (sf); previously on Jan 31, 2025 Upgraded to Aa1 (sf)

EUR24,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed A2 (sf); previously on Jan 31, 2025
Affirmed A2 (sf)

EUR28,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Jan 31, 2025
Affirmed Baa3 (sf)

EUR21,500,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Jan 31, 2025
Affirmed Ba3 (sf)

Northwoods Capital 19 Euro Designated Activity Company, issued in
November 2019, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Northwoods European CLO Management LLC. The
transaction's reinvestment period ended in May 2024.

RATINGS RATIONALE

The rating downgrade on the Class F notes is primarily a result of
deterioration in over-collateralisation ratios since the last
rating action in January 2025.

The affirmations on the ratings on the Class A, Class B-1, Class
B-2, Class C, Class D and Class E 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 over-collateralisation ratios of the rated notes have
deteriorated since the rating action in January 2025. According to
the trustee report dated December 2024[1] the Senior, Class C,
Class D and Class E OC ratios are reported at 135.75%, 125.11%,
114.82% and 108.00% compared to September 2025[2] levels of
134.89%, 124.06%, 113.64% and 106.75%, respectively. There is no OC
test associated with the Class F in the transaction.

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: EUR382.2m

Defaulted Securities: EUR0

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3022

Weighted Average Life (WAL): 3.74 years

Weighted Average Spread (WAS) (before accounting for
Euribor/reference rate floors): 3.72%

Weighted Average Coupon (WAC): 4.31%

Weighted Average Recovery Rate (WARR): 41.96%

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 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: Once reaching the end of the
reinvestment period in May 2024, the main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

OCP EURO 2024-9: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Debt
------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2024-9 DAC reset debt final
ratings, as detailed below.

   Entity/Debt                       Rating                Prior
   -----------                       ------                -----
OCP Euro CLO 2024-9 DAC

   Class A Loan                   LT PIFsf  Paid In Full   AAAsf
   Class A Notes XS2793125035     LT PIFsf  Paid In Full   AAAsf
   Class A-R XS3208460561         LT AAAsf  New Rating
   Class AL-R                     LT AAAsf  New Rating
   Class B-1 Notes XS2793125209   LT PIFsf  Paid In Full   AAsf
   Class B-2 Notes XS2795694749   LT PIFsf  Paid In Full   AAsf
   Class B-R XS3208460645         LT AAsf   New Rating
   Class C Notes XS2793124228     LT PIFsf  Paid In Full   Asf
   Class C-R XS3208462344         LT Asf    New Rating
   Class D Notes XS2793125381     LT PIFsf  Paid In Full   BBB-sf
   Class D1-R XS3208462856        LT BBB-sf New Rating
   Class D2-R XS3219308247        LT BBB-sf New Rating
   Class E Notes XS2793125548     LT PIFsf  Paid In Full   BB-sf
   Class E-R XS3208462930         LT BB-sf  New Rating
   Class F Notes XS2793125894     LT PIFsf  Paid In Full   B-sf
   Class F-R XS3208463078         LT B-sf   New Rating
   Class X Notes XS2795694319     LT PIFsf  Paid In Full   AAAsf
   Class X-R XS3208460488         LT AAAsf  New Rating

Transaction Summary

OCP EURO CLO 2024-9 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to redeem all the existing notes, except the
subordinated notes, and to fund the portfolio with a target par of
EUR500 million.

The portfolio is actively managed by Onex Credit Partners Europe
LLP. The collateralised loan obligation (CLO) has an about 4.5-year
reinvestment period and an eight-year weighted average life (WAL)
test covenant at closing. The transaction can extend the WAL by one
year on or after the WAL step-up determination date, which is six
months after the closing date, and subject to conditions.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 62.7%.

Diversified Asset Portfolio (Positive): The transaction also
includes various concentration limits, including a top 10 obligor
concentration limit of 17.5% and a maximum exposure to the three
largest Fitch-defined industries at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has four matrices:
two effective at closing with fixed-rate limits of 5% and 12.5%,
and two effective 12 months after closing with the same fixed-rate
limits, provided the collateral principal amount (defaults at Fitch
collateral value) is above the reinvestment target par balance. All
four matrices are based on a top 10 obligor concentration limit of
20%. The closing matrices correspond to an eight-year WAL covenant,
while the forward matrices correspond to a seven-year WAL
covenant.

The transaction's 4.5-year reinvestment period is governed by
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on or after the step-up date, which is six months after
closing. The WAL extension is subject to conditions including
passing the collateral-quality, portfolio-profile and coverage
tests and the collateral principal amount (defaulted obligations at
their Fitch-calculated collateral value) being at least at the
reinvestment target par balance. If the WAL extension occurs before
18 months after closing, the manager will apply the closing
matrices and be allowed to switch to the forward matrices only
after this period.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit after reinvestment, and a WAL covenant that progressively
steps down over time, both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A loan, class X-R, A-R, B-R and
C-R notes and would lead to downgrades of one notch each for the
class D-1-R and D-2-R and E-R notes, and to below 'B-sf' for the
class F-R notes

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than Fitch assumed due to
unexpectedly high levels of defaults and portfolio deterioration.
The class C-R notes have a rating cushion of three notches, and the
class B-R, D-1-R, D-2-R, E-R and F-R notes each have a cushion of
two notches, due to the better metrics and shorter life of the
current portfolio than the Fitch-stressed portfolio. The class A
loan and the class X-R and A-R notes do not have any rating cushion
as they are already at the highest achievable rating.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
each for the class A loan and the class A-R, B-R, C-R, D-1-R and
D-2-R notes, and below 'B-sf' for the class E-R and F-R notes.

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' debt, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO 2024-9
DAC reset notes.

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

SEQUOIA LOGISTICS 2025-1: S&P Raises E Notes Rating to 'BB+ (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Sequoia Logistics
2025-1 DAC's class B notes to 'AA+ (sf)' from 'AA- (sf)', class C
notes to 'AA (sf)' from 'A (sf)', class D notes to 'A+ (sf) from
'BBB (sf)', and class E notes to 'BB+ (sf)' from 'BB (sf)'. At the
same time, S&P affirmed its 'AAA (sf)' rating on the class A notes.
S&P has resolved the UCO placements of all classes of notes.

Rating rationale

The rating actions follow the publication of our global CMBS
criteria. The transaction's credit and cash flow characteristics
have remained stable since closing. S&P's S&P Global Ratings value
is 5.3% higher than at closing, because its value is now net of
purchase costs, so it no longer deducts 5% from the gross value.

Transaction overview

Sequoia Logistics 2025-1 is a CMBS transaction backed by a loan
secured on a pan-European portfolio of 53 logistic assets in four
European jurisdictions. The portfolio comprises 831,254 square
meters of accommodation and is valued at EUR766.6 million as of
December 2024. The current loan-to-value (LTV) ratio is 65.0% for
the securitized debt, based on the appraised value assuming a
corporate sale, which is EUR807 million.

The five-year loan is interest only. The senior loan, which matures
in February 2030, has a loan balance of EUR498.60 million,
reflecting a 65.00% market senior loan LTV ratio for the
transaction. It is an interest-only loan, and it does not provide
for default financial covenants before a permitted change in
control of the property owner/sponsor. However, there are cash trap
mechanisms set at 80.0% LTV ratio, or if the debt yield is less
than 7.5%.

The senior loan is secured by a portfolio of assets located in
France (44%), Finland (27%), the Netherlands (26%), and Germany
(2%). The property portfolio is 96% last-mile logistics and is
concentrated in key European logistic hubs, including Paris (35% of
total enterprise value), Helsinki (25%), Amsterdam (11%), and
Berlin (2%). The portfolio includes 40 multi-let assets and 13
single-let assets.

Since closing, there have been only two interest payment dates. The
servicer reports no material change in the performance of the
properties and there has been no amortization.

Credit evaluation

S&P said, "We consider that the assets' potential to produce net
cash flow (NCF) is EUR45.9 million on a sustainable basis,
unchanged from closing. This is based on the current contractual
rent grossed up to full occupancy. We adjusted the fully let rent
for 12.0% vacancy and 11.1% nonrecoverable expenses. Our vacancy
and nonrecoverable expenses assumptions remain unchanged since
closing.

"We consider 7.2% to be an appropriate weighted-average
capitalization rate for the portfolio, given the property type,
portfolio quality, and location.

"We applied the weighted-average cap rate to the S&P Global Ratings
NCF to determine the properties' sustainable value at EUR643.6
million, which represents a 16.0% haircut to the EUR766.6 million
asset value. Our value is adjusted for deferred maintenance and
lease-up costs as we underwrite a slightly lower vacancy than
in-place. We removed the industrial outdoor storage (IOS) assets
from the calculation of the NCF and added 50% of their open market
value to our S&P Global Ratings value."

  S&P Global Ratings' key assumptions

                                   Current review Closing
                                   (November 2025) (February 2025)

  S&P Global Ratings rent fully let
  (mil. EUR)                               58.7         58.7
  S&P Global Ratings vacancy (%)           12.0         12.0
  S&P Global Ratings nonrecoverable
  expenses (%)                             11.1         11.1
  S&P Global Ratings net cash flow
  (mil. EUR)                               45.9         45.9
  S&P Global Ratings capitalization
  rate (%)                                  7.2          7.2
  S&P Global Ratings gross value
  (mil. EUR)                              638.5        638.5
  Purchase costs (%)                        N/A          5.0
  Additions and subtractions
  (mil. EUR)                                5.1          5.1
  S&P Global Ratings net value
  (mil. EUR)                              643.6        611.4
  Haircut to asset value (%)              (16.0)       (20.2)

  S&P Global Ratings LTV ratio
  (before recovery rate adjustments; %)    81.5         87.8

LTV--Loan to value.
N/A--Not applicable.

Property and loan-level adjustments

For this transaction, S&P made a 11.25% net positive advance rate
adjustment to our recovery rates, which reflects property
diversification, an asset quality score of 3.9, and an income
stability score of 3.9.

Other analytical considerations

The liquidity facility is available to fund an expenses shortfall,
a property protection shortfall, or an interest shortfall on the
class A, B, C, or D notes. There have been no liquidity facility
drawings to date. The class E notes do not benefit from liquidity
support and S&P has therefore capped its rating at 'BB+ (sf)'.

S&P said, "We also assessed whether the cash flow from the
securitized assets would be sufficient to make timely payments of
interest and ultimate repayment of principal by the notes' legal
final maturity date, after considering available credit enhancement
and allowing for transaction expenses and liquidity support. In
these scenarios, we used a stressed note interest rate to assess
whether the issuer will still have sufficient revenue to meet its
interest payment obligations. Our stressed interest coverage ratio
(ICR) is 0.89x, but the available liquidity support (EUR21 million)
is sufficient to cover the expected shortfalls over a two-year
period, in our view.

"Our analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the assigned ratings."

Rating actions

S&P said, "Our ratings address the issuer's ability to meet timely
payment of interest on the class A, B, C, and D notes, ultimate
payment of interest on the class E notes, and payment of principal
not later than the legal final maturity in February 2038 on all
classes of notes. The legal final maturity date is initially in
February 2037. However, the servicer has the option to extend the
loan once by 12 months beyond the extended loan maturity date in
2030. Should the servicer choose to exercise this option, the legal
final maturity date will be automatically extended to February
2038.

"Our opinion of the long-term sustainable value is slightly higher
than at closing, following a change in our criteria. The S&P Global
Ratings value is now net of purchase costs, so we no longer deduct
5% from the gross value. Therefore, the S&P Global Ratings LTV
ratio is 81.5%, down from 87.8% at closing.

Our analysis of the credit metrics indicates higher ratings on the
class B, C, and E notes than those assigned. However, we adjusted
the ratings on the class B and C notes down one notch to reflect
the subordination.

"Additionally, the class E notes do not benefit from liquidity
support, constraining the rating at 'BB+ (sf)'. We therefore raised
the rating to 'BB+ (sf)' from 'BB- (sf)'."

S&P affirmed its 'AAA (sf)' rating on the class A notes.




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

GOLDEN BAR 2025-2: Fitch Corrects Expected Class A2 Notes Rating
----------------------------------------------------------------
This is a correction of a release issued on 28 October 2025. It
includes the withdrawal of the expected rating on the class A2
notes.

Fitch Ratings has assigned Golden Bar (Securitisation) S.r.l. -
Series 2025-2 (GB 2025-2) notes final ratings, as detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Golden Bar (Securitisation)
S.r.l. - Series 2025-2

   A IT0005670903            LT AA+sf  New Rating
   B IT0005671125            LT AAsf   New Rating
   C IT0005671133            LT A-sf   New Rating
   D IT0005671141            LT BBBsf  New Rating
   E IT0005671158            LT BBB-sf New Rating
   F IT0005671166            LT BB+sf  New Rating

Transaction Summary

GB 2025-2 is a securitisation of unsecured consumer loans and
vehicles loans with standard and flexible amortisation or balloon
repayment granted to individuals (persone fisiche) and individual
entrepreneur borrowers, by Santander Consumer Bank S.p.A. (SCB),
with a revolving period of two months. SCB is wholly owned by
Santander Consumer Finance, S.A. (A/Stable/F1), the consumer credit
arm of Banco Santander, S.A. (A/Stable/F1).

The class B notes' final rating is one notch higher than the
expected rating, due to the revised margins on all classes of
notes.

The class A2 notes were not issued. Consequently, Fitch has
withdrawn the expected rating on these notes.

KEY RATING DRIVERS

Diverse Portfolio Composition: Fitch's base-case default
expectations are set at 6% for personal loans, 1.5% for new
vehicles, 3% for used vehicles and 1.25% for balloon loans. Fitch
assigned the same base case to flexible and standard auto loans,
consistent with the predecessor transaction, as historical
performance is not materially different.

Pro Rata Subject to Triggers: The class A to E notes will repay pro
rata until a sequential redemption event occurs. Fitch views a
switch to sequential amortisation as unlikely in the base case, due
to the gap between its portfolio loss expectations and performance
triggers. The mandatory switch to sequential paydown when the
collateral balance falls below a certain threshold mitigates tail
risk.

No Servicing Fees Modelled: The deal envisages an amortising
replacement servicer fee reserve that will be funded on certain
triggers being breached. The reserve is adequate to cover its
stressed servicer fees at the notes' maximum achievable rating
throughout the transaction's life. Consequently, Fitch has not
modelled servicing fees in its cash flow analysis, resulting in
higher excess spread being available to the structure.

Excess Spread Notes Rating Cap: The class F excess spread notes are
not collateralised and their interest and principal will be paid
from the available excess spread. The notes will amortise from the
issue date and in the two-month revolving period. Fitch caps the
rating on these notes at 'BB+sf', in line with its Global
Structured Finance Rating Criteria.

'AA+sf' Sovereign Cap: The class A notes are rated at their highest
achievable rating, six notches above Italy's sovereign Long-Term
Issuer Default Rating (IDR; BBB+/Stable/F1), which is the cap for
Italian structured finance and covered bonds. The Stable Outlook on
the class A notes reflects that on the sovereign.

RATING SENSITIVITIES

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

At the applicable rating cap, the class A notes rating is sensitive
to changes in Italy's Long-Term IDR, as a downgrade of Italy's IDR
and downward revision of the 'AA+sf' rating cap for Italian
structured finance transactions would trigger downgrades of notes
rated at this level.

Unexpected increases in the frequency of defaults or decreases in
recovery rates that could produce loss levels larger than the base
case and could result in negative rating action on the notes. For
example, a simultaneous increase in the default base case by 25%
and decrease in the recovery base case by 25% would lead to up to
three-notch downgrades of the class B to E notes.

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

An upgrade of Italy's IDR and revision of the related rating cap
for Italian structured finance transactions could trigger an
upgrade of the class A notes.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce loss levels lower than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades of up to two notches for the class B to D notes,
provided there are no other qualitative elements that could limit
the ratings.

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

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

ESG Considerations

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

YOUNI ITALY 2025-2: S&P Assigns Prelim B+ (sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Youni Italy
2025-2 S.r.l.'s class A and B-Dfrd to E-Dfrd notes and class X
notes. At closing, the issuer will also issue unrated class F, and
R notes.

This is Younited, Italian branch's (Younited) third public consumer
loan transaction. The underlying collateral comprises Italian
consumer loan receivables which Younited granted to its private
customers. The loans do not feature balloon payments.

As of the cutoff date, the preliminary pool comprised 30,134 loans,
with a total current principal balance of EUR216.2 million. This
pool includes the 5% share that will be retained by the originator
for regulatory purposes. At closing, the loans retained by the
originator will be selected randomly.

The entire portfolio will comprise consumer loans. All the loans
have a French amortization plan with no balloon payments. The
borrowers are all private individuals. The transaction will be
static, and the notes will be amortizing from the first payment
date. The transaction will have separate interest and principal
waterfalls. The interest waterfall will feature a principal
deficiency ledger (PDL) mechanism, by which the issuer can use
excess spread to cure defaults.

The class A to F notes are backed by the collateral. The class X
notes are excess spread notes. They are repaid through the interest
waterfall as long as there is available excess spread.

The reserve will provide liquidity support to all the rated notes.
The issuer will be able to use principal proceeds to cure interest
shortfalls on the most senior class.

The rated notes will amortize pro rata, unless a sequential
amortization event occurs. The transaction will then switch
permanently to sequential amortization.

The assets will pay a monthly fixed interest rate, and the rated
notes will pay one-month Euro Interbank Offered Rate (EURIBOR) plus
a margin subject to a floor of zero. The rated notes will benefit
from an interest rate swap which, in S&P's opinion, will mitigate
the risk of potential interest rate mismatches between the
fixed-rate assets and floating-rate liabilities.

S&P said, "Our preliminary rating on the class A notes addresses
the timely payment of interest. Our preliminary ratings on the
other tranches address the ultimate payment of interest until each
class becomes the most senior outstanding, and timely payment of
interest thereafter. For all the rated notes, our preliminary
ratings address the ultimate payment of principal by legal final
maturity.

"The class X notes are not able to withstand our stresses at the
'B' rating level. We believe their repayment does not depend on
favorable conditions, given that the issuer would be able to meet
its obligations under these tranches in a steady state scenario. We
therefore assigned our preliminary 'B- (sf)' rating to these notes
in line with our criteria.

"The class A notes have sufficient credit enhancement to withstand
our stresses at the 'AA' level. Our structured finance sovereign
risk criteria constrain our preliminary rating on this class at
'AA+ (sf)', six notches above our long-term unsolicited sovereign
credit rating on Italy (BBB+).

"We expect counterparty risk to be adequately mitigated in line
with our counterparty criteria. Our operational risk criteria do
not cap our ratings in this transaction. We expect the final
documentation at closing to adequately mitigate legal risk in line
with our legal criteria."

  Ratings
                    Prelim. amount
  Class  Rating*  (% initial portfolio balance§)

  A         AA (sf) 80.50
  B-Dfrd    A (sf)  6.00
  C-Dfrd    BBB (sf)  5.00
  D-Dfrd    BB (sf)  4.50
  E-Dfrd    B+ (sf)  3.00
  F         NR            1.0
  X         B-           2.50
  R         NR            0.0

*S&P's rating on the class A notes addresses the timely payment of
interest and ultimate payment of principal, while its ratings on
the other classes address the ultimate payment of interest until
they become the most senior class of notes, and timely payment of
interest afterward. Payment of principal is no later than the legal
final maturity date.
NR--Not rated.




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

ARDAGH GROUP: S&P Ups ICR to 'CCC+' After Restructuring
-------------------------------------------------------
S&P Global Ratings raised our long-term issuer credit ratings on
Luxembourg-based metal and glass packaging producer Ardagh Group
S.A. to 'CCC+' from 'SD' (selective default).

S&P said, "We also assigned a 'B' issue rating and '1' recovery
rating on the $1.5 billion first-lien senior secured notes issued
by Ardagh Group, and assigned a 'CCC' issue rating and '5' recovery
rating on the second-lien senior secured notes co-issued by Ardagh
Group and Ardagh Packaging Finance PLC.

"We removed our issue and recovery ratings on Ardagh Packaging
Finance's refinanced senior secured notes. We also removed our
ratings on Ardagh Packaging Finance's senior unsecured notes and
ARD Finance's payment-in-kind (PIK)-toggle notes, as they were
written-off upon completion of the capital restructuring.

"We raised our issuer credit rating on AMP to 'B-' from 'CCC+'. The
recovery rating on the senior secured notes issued by AMP remains
'1' and we raised our issue rating on the notes to 'B+' from 'B'.
The recovery rating on the senior unsecured notes issued by AMP
remains '5, and we raised our issue rating on the notes to 'CCC+'
from 'CCC'. We assigned a 'B+' issue rating and recovery rating of
'1' on AMP's proposed senior secured notes. We expect the issuance
to amount to $1.28 billion.

"The stable outlook reflects our expectation that Ardagh Group's
cash generation will turn positive in 2025 but remain insufficient
compared to its high indebtedness."

On Nov. 12, 2025, Ardagh Group completed a capital restructuring
that improved its liquidity position and its debt maturity profile.
Its subsidiary Ardagh Metal Packaging Finance PLC (AMP) is tapping
the capital markets to refinance about $917 million debt and $294
million preference shares.

S&P said, "Despite our expectations of positive S&P Global
Ratings-adjusted free operating cash (FOCF) generation, we view the
FOCF generation as insufficient for the group's high financial
indebtedness. Therefore, in our view the new capital structure is
unsustainable. Challenging market conditions in the glass packaging
segment make Ardagh Group dependent on favorable business,
financial, and economic conditions to meet its financial
commitments."

The capital restructuring improved the company's liquidity position
and maturity profile. The company completed the capital
restructuring, which relates to debt borrowed by the group's glass
packaging entities. Under the restructuring the group raised $1.5
billion first-lien senior secured notes, which refinanced the
EUR790 million loan provided to Ardagh Investments Holdings
S.a.r.l.; and funded a $300 million payment to existing
shareholders (for the indirect purchase of Ardagh Group by certain
lenders), leaving about $274 million in cash on balance sheet. The
existing senior secured notes (about $2.7 billion) were exchanged
for new second-lien notes, split into a U.S. dollar tranche and a
euro tranche. The senior unsecured notes and the PIK notes issued
by ARD Finance were written off and ownership of the group passed
to these creditors.

S&P said, "We view the capital structure as unsustainable. The debt
restructuring enhanced Ardagh Group's liquidity profile as it
extended maturities and provided new debt funding, it also reduced
the group's annual interest burden. Despite this, we continue to
view FOCF generation as insufficient for its high debt level. Cash
generation remains undermined by the current softness in glass
packaging sales, significant working capital and maintenance
capital needs, and high interest costs.

"We assigned a 'B-' long term issuer credit rating on AMP. Although
we continue to view AMP as a core subsidiary of Ardagh Group, our
issuer credit rating acknowledges this year's recovery in the
beverage can segment and our view that AMP's credit profile is
stronger than Ardagh Group's. We expect AMP to generate S&P Global
Ratings-adjusted FOCF of EUR300 million in 2025 and EUR350 million
in 2026. The rating also recognizes AMP's ringfenced financing
structure and a high degree of insulation (as evidenced by the
recent capital restructuring) from default proceedings relating to
Ardagh Group.

"We assigned ratings on AMP's proposed note issuances. AMP is
planning to raise up to $1.28 billion senior secured notes due in
2030. The proceeds from the proposed note issuance will repay the
$600 million senior secured notes due 2027, repay the EUR269
million term loan provided by Apollo (equivalent to around $317
million), and refinance the preference shares provided by Ardagh
Group (about $294 million). The transaction leads to a slight
increase in AMP's leverage of $294 million. We assigned a 'B+'
issue rating and recovery rating of '1' on these proposed notes
issued by AMP. We will review these ratings once we receive the
final documentation."

Ardagh Group S.A.

The stable outlook reflects our expectation that Ardagh Group's
cash generation will turn positive in 2025 but remain insufficient
compared to its high indebtedness.

Ardagh Metal Packaging Finance PLC

The stable outlook on AMP reflects our expectation that AMP will
continue to generate positive FOCF of EUR300 million in the next 12
months and pay dividends.

Ardagh Group S.A.

S&P said, "We could lower our rating on Ardagh Group and its glass
packaging subsidiaries if we think that the chances of a default or
another debt restructuring would increase in the next 12 months."
This could happen if a material operating underperformance led to a
liquidity shortfall.

Ardagh Metal Packaging Finance PLC

S&P said, "We could lower our issuer credit rating on AMP if its
operating performance deteriorated due to weaker demand or a
decline in cash generation or profitability. We could also lower
our rating if we anticipated a liquidity shortfall at AMP."

Ardagh Group S.A.

S&P said, "We consider any upside to the ratings as highly unlikely
in the near term due its very high debt burden and low cash
generation. That said, we could raise the rating if the company's
capital structure became more sustainable, supported a recovery in
demand for glass packaging and substantially stronger cash
generation."

Ardagh Metal Packaging Finance PLC

S&P could raise its issuer credit rating on AMP if Ardagh Group's
credit profile improved, supported by a recovery in demand for
glass packaging and substantially stronger cash generation.


BELRON GROUP: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Belron Group SCA's (Belron) Long-Term
Issuer Default Rating (IDR) at 'BB'. The Outlook is Stable. Fitch
has also affirmed the senior secured instruments issued by Belron
Finance 2019 LLC, Belron UK Finance Plc and Belron Finance Limited
at 'BB+' with a Recovery Rating of 'RR2'.

The rating affirmation reflects Belron's strong business profile,
underpinned by scale and essential service coverage, supporting
continuous demand for non-cyclical windshield replacement.
Operations are geographically diversified, though not by business
line. Belron has strong profitability and pre-dividend free cash
flow (FCF), although the latter is offset by shareholder-friendly
policies. The rating is constrained by a net leverage forecast of
5.4x at end-2025 that is weak for the rating.

The Stable Outlook reflects Belron's strong pre-dividend cash flows
enabling deleveraging towards the rating sensitivity.

Key Rating Drivers

Deleveraging on Track: Fitch expects EBITDA net leverage to decline
to 5.4x at end-2025 from 6.1x at end-2024. It is broadly in line
with its prior forecast of 5.2x for end-2025, even though it is
high for the rating and above its negative sensitivity of 5.0x.
Fitch expects leverage to continue to reduce, driven by EBITDA
growth, reaching 4.9x by end-2026.

Capital Allocation Policy Key: Strong cash generation and high
dividend distributions are central to Belron's deleveraging
capacity. The company has a solid record of managing leverage, and
Fitch expects this prudent approach to continue, supporting
ratings. Any aggressive shift in capital allocation that increases
leverage would put pressure on the ratings.

Competitive Advantage in Scale: Belron is a leading car-glass
repair company and among the largest service peers rated by Fitch,
with Fitch-adjusted EBITDA reaching over EUR1.3 billion in 2024.
Fitch views the business profile as strong, underpinned by leading
market shares in Europe and North America, which support
profitability. Scale in core markets provides a significant
competitive advantage over smaller regional competitors,
reinforcing its strong business profile assessment.

Strong Profitability: Fitch forecasts Belron's EBITDA margin at
about 21% (20.9% in 2024) in the short to medium term, which is
strong for the rating. Belron's service model has low capital
intensity at about 2% of revenue, and most of its costs are
variable. The increasing penetration of advanced driver assistance
systems (ADAS) and the associated need for specialist calibration
are major structural supports for margins.

Customer Diversification: Most of Belron's revenues stem from
contracts with insurers, with no significant concentration on any
single insurer or end-customer. Supplier exposure is similarly
diversified: Belron has contracted suppliers across nearly all
vehicle model ranges in the geographies where it operates, enabling
continued service without disruptions and limiting counterparty
risk.

Steady Customer Relationships: Belron's insurer contracts are
typically short term, implying ongoing renegotiation risk. This is
mitigated by a strong record of contract renewals, benefiting from
the breadth of its service area, plus quality and cost of services.
This is measured by customer surveys, which serve as one of the key
inputs for contract renewal. Belron's brand awareness is also much
stronger than that of its the smaller competitors.

Limited Range of Services: Fitch expects Belron's revenues from the
recalibration of windshields to gradually increase as windshields
get more complex, with increasing ADAS installations and
accelerating electric vehicle transition. The change, which is
mainly regulatory driven, especially in Europe, means Fitch expects
the shift to be rapid and accretive to Belron's margins.
Nevertheless, Fitch considers these services broadly in line with
the glass replacement and repair business, with no meaningful
diversification to other auto service opportunities.

Peer Analysis

Belron is one of the largest service companies in its publicly
rated portfolio. Its size and scale ensure strong market shares
similar to Rentokil Initial Plc's (BBB/Stable), which result in
comparable profitability.

Belron's EBITDA margins of about 21% are aligned with the 'A'
rating median in its criteria for service companies. However, its
FCF is weaker due to shareholder-friendly policies. Fitch expects
Belron to continue deleveraging, reducing Fitch-adjusted EBITDA net
leverage towards 4.9x by end-2026. This would be similar to Radar
Topco SARL's (BB-/Stable) but above its forecasts for Albion Holdco
Limited (BB-/Stable) and Rentokil.

Key Assumptions

- Mid single-digit revenue growth for 2025-2028

- EBITDA margin remaining at about 21% for 2025-2028

- Capex at about 2% of revenue

- Common dividends of about EUR300 million a year

- Small bolt-on acquisitions of EUR60 million a year

Recovery Analysis

The 'BB+' debt ratings reflect their equal ranking, operating
company guarantees and shared security. The instruments are
cross-collateralised with other senior secured debt, with no
material subordination. Fitch therefore rates Belron's category 2
first-lien debt one notch above the IDR, consistent with its
generic approach for instruments of companies with 'BB' IDRs.

RATING SENSITIVITIES

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

- Evidence of major contract losses or like-for-like sales decline,
with an EBITDA margin below 15% on a sustained basis

- EBITDA net leverage sustained above 5x

- FCF margins below 1% on a sustained basis

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

- Sustainable FCF margins above 2%, combined with an EBITDA net
leverage below 4.0x

Liquidity and Debt Structure

Belron's liquidity is solid. At 27 June 2025, the company reported
about EUR280 million of cash. This, together with expected positive
post-dividend FCF generation and access to an undrawn revolving
credit facility of about EUR1.14 billion maturing in 2029, provides
sufficient coverage of the minor short-term debt maturities.

Belron's senior secured facilities were refinanced in 2024, with
maturities of five and seven years, leaving the company with no
material scheduled debt repayments until 2029.

Issuer Profile

Belron is the global leader in vehicle glass repair and replacement
as well as recalibration, with revenue of EUR6.4 billion in 2024.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
Belron Finance
Limited

   senior secured    LT     BB+ Affirmed    RR2      BB+

Belron UK
Finance Plc

   senior secured    LT     BB+ Affirmed    RR2      BB+

Belron Group SCA     LT IDR BB  Affirmed             BB

Belron Finance
2019 LLC

   senior secured    LT     BB+ Affirmed    RR2      BB+

EOS FINCO: S&P Downgrades ICR to 'CCC-' on Debt Restructuring Risk
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
global telco distributor Eos Finco S.a.r.l. (Netceed) to 'CCC-'
from 'CCC+' and its issue-level rating on its senior secured debt
to 'CCC-' from 'CCC+'.

The negative outlook indicates the potential for a downgrade within
the next six months if Netceed announces a debt restructuring
process that S&P considers to be equivalent to a default.

S&P said, "The downgrade reflects a greater likelihood of a debt
restructuring that we consider to be equivalent to a default over
the near term. We understand that the company is in discussions
with its lenders on a debt restructuring. This comes as the
previously agreed deferral of principal amortization under the U.S.
dollar term loan tranche and interest payments on all term loans
and revolving facilities as well as the covenant relief expire on
Dec. 31, 2025. In addition, the company's ongoing underperformance
results to sustained high leverage which we forecast to be more
than 30.0x in 2025, and free operating cash flow deficit. We expect
that a restructuring transaction and recapitalization would
significantly reduce Netceed's interest burden and leverage."

Operating performance for year to date to August 2025 is broadly in
line with the budget but continues to reflect challenging market
conditions. Year-to-date revenue growth is negative 11.5% compared
with the budget and negative 20% year over year given the ongoing
negative impact from the loss of the Altice business as well as a
slower pick up of data center-related procurement. Despite the
lower revenue growth, the company reported gross margin increased
by 190 basis points compared with the budget and is broadly in line
with 2024 thanks to a positive mix effect of stronger growth in
Belgium, the Netherlands, and Luxembourg where profitability is
higher, while operating costs declined by about 11% year over year
and 5% compared with the budget. The lower operational expenditure
is linked to the realization of cost saving initiatives
that--alongside the gross margin expansion--helps to offset the
revenue decline, with company reported EBITDA broadly in line with
budget at about EUR50 million. Due to the restructuring activities
and cost saving initiatives, reported EBITDA is constrained by
almost EUR40 million of exceptional costs year to date leading to
ongoing negative free operating cash flow generation of at least
EUR60 million by end-2025 given cash outflows also include one
quarter of interest payments of about EUR42 million and debt
amortization of about EUR9 million.

Nonetheless, S&P thinks that Netceed will remain current on its
obligations to trade creditors throughout, thanks to the liquidity
enhancing measures entered in May 2025. These include a EUR70
million factoring facility and the authorization of a super senior
basket of up to $150 million.

The negative outlook indicates the potential for a downgrade within
the next six months if Netceed announces a debt restructuring
process that S&P considers to be equivalent to a default.

S&P said, "We could lower our rating on Netceed if it announces a
debt restructuring that we consider as equivalent to a default or
if it misses any principal or interest payments.

"We could raise our rating on Netceed if we no longer view a
default scenario as highly probable over the next six months. This
could occur for instance if the company secures alternative
financing that we expect will provide it with a comfortable
liquidity cushion."



===========
N O R W A Y
===========

TGS ASA: S&P Affirms 'BB-' ICR, Alters Outlook to Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on seismic services and technology company TGS ASA and its
senior secured notes and revised the outlook to negative.

The negative outlook reflects the possibility of a downgrade in the
next 12 months if the company's FFO to debt remains below 45%
meaning that net debt as reported by the company is expected to be
above the company's targeted interval of $250 million-$350
million.

S&P anticipates that TGS ASA's (TGS) deleveraging prospects could
take a hit in 2025-2026 because of a less supportive market
environment than expected, which, in turn, could affect the
company's EBITDA and cash generation.

S&P said, "As a result, under our revised base case we now
anticipate the company's S&P Global Ratings-adjusted funds from
operations (FFO) to debt should decline to about 40%-45% in 2025. A
level we see as relatively soft for its rating. In addition, the
visibility remains low because of the company's lumpiness of order
intake and consequently its cash generation.

"We think that the headroom for our rating on TGS has reduced on
the back of relatively unsupportive market dynamics. Since we first
assigned our rating on TGS at the end of 2024, the market
conditions in the oil and gas sector have weakened resulting in us
lowering our assumption Brent oil price to $60 per barrel (/bbl)
for 2026 from $75/bbl when we first assigned the rating (for
further information please see "S&P Global Ratings Revises
Hydrocarbon Price Deck Assumptions," Nov. 10, 2025). As a result,
under our updated base case we now anticipate that the company's
S&P Global Ratings' FFO to debt should be about 40%-45% in 2025
while meaningful uncertainty remains for 2026. During the first
nine months of 2025, TGS' reported EBITDA reached $652 million
($694 million pro forma for the same period a year ago). The
performance was driven mostly by the North Sea, Brazil, and Gulf of
Mexico but overall affected by low levels of sales, some
operational challenges in projects in Asia as well as lower than
expected contribution from joint venture partners on multi-client
projects. The backlog has also declined from $749 million as of
end-2024 to $473 million as of end-September 2025, an about 35%
drop. We note that third quarter performance has improved compared
with the second quarter of 2025, but we lack visibility as to
whether this rebound will be sustainable.

"We anticipate that the company's aims to reduce net debt to $250
million-$350 million might take a few more years. The company is
planning to distribute about $120 million dividends in 2025 (as it
aims to keep steady dividends after $90 million distribution in the
first nine months) while its capital expenditure (capex)
requirements remain sizable, including large multi-client spending
to build its data library and manage its fleets. Although we think
that the company's recent revision of the capex (excluding
multi-client investments) for 2025 to $110 million against $135
million earlier is positive. This, coupled with lower than
anticipated cash flow generation, led to a net debt position of
$432 million at the end of September 2025, based on the company's
definition, down from about $500 million as of year-end 2024, above
their financial target of $350 million. In our revised base case,
we do not anticipate the $350 million mark to be met in 2025
anymore and it is uncertain this will be reached in 2026-2027
either absent a tangible improvement in market conditions. We
anticipate free operating cash flow (FOCF) of about $200
million-$250 million annually in 2025-2026, falling short of our
expectation of at least $250 million and slowing the debt reduction
trajectory."

TGS' main constrains remain its exposure to the volatile and
capital-intensive oil and gas (O&G) sector despite the company's
cost discipline. The reduced company demand has not yet fully been
offset by the company's actions to adjust its costs and achieve
synergies from the 2024 acquisitions of PGS. S&P said, "We
understand that gross operating cost have been reduced by $150
million relative to 2024 and that there is potential to further
streamline operations. The company has reduced its fleet from seven
to six vessels. However, for the foreseeable future the company's
performance will likely depend on the O&G industry's conditions
(the renewables division accounts for less than 5% of revenue and
it is difficult to predict when a sustainable increase might
occur). Despite offering diversified services, the company is
ultimately exposed to what we view as a volatile industry and is
not immune to severe downturns. The nature of its business also
requires steady, sizable investment to develop technology and
maintain its assets. The quasi-duopoly in the market (Shearwater is
TGS' most direct competitor) reduces the risk related to
overcapacity, and a large portion of its projects and profits are
not linked to exploration, which is even more cyclical than
production contracts."

The negative outlook reflects the potential for a downgrade over
the next 12 months if the company's credit metrics weakens because
of higher than anticipated leverage.

S&P could lower the rating in the coming 12 months if:

-- FFO to debt fell below 45% on a prolonged basis absent
company's remedial actions to timely reduce the debt burden. This
could stem from lower-than-expected profitability, adverse market
conditions affecting demand for its services, or an inability to
implement cost synergies.

-- The company cannot reduce net debt rapidly or deviates
unexpectedly from its financial policies, including via large,
debt-funded acquisitions or distributions to shareholders.

S&P could stabilize the outlook in the next 12 months if the
company builds some headroom on the rating by improving FFO to debt
comfortably and sustainably above 45% and managing to reduce net
debt toward $350 million. Increased FOCF generation of at least
$250 million, and an improvement of market conditions leading to
better visibility on the company's demand could support this.




===============
S L O V E N I A
===============

NOVA LJUBLJANSKA: S&P Rates New Additional Tier 1 Bond 'BB-'
------------------------------------------------------------
S&P Global Ratings affirmed its long- and short-term issuer credit
ratings on Nova Ljubljanska Banka D.D. (NLB) at 'BBB+/A-2'. The
outlook is stable.

S&P said, "In addition, we affirmed our 'BBB+' issue ratings on
NLB's senior unsecured (senior preferred), 'BB+' rating on its Tier
2 debt instrument, and the 'BB-' rating to the existing additional
tier 1 (AT1) debt instruments. We assigned our 'BB-' rating to the
newly announced AT1 bond, reflecting the equal documentation to the
existing bond."

On Nov. 17, 2025, Nova Ljubljanska Banka (NLB), the largest bank in
Slovenia, announced it would issue its first benchmark EUR300
million additional tier 1 (AT1) bond through a public offering.
This follows a private, institutional AT1 transaction in September
2022.

The AT1 bond adds to the bank's capital ratios, bringing its
risk-adjusted capital ratio (RAC) to an estimated 10.3% at year-end
2025, from 9.6% in 2024.

S&P said, "We think high organic loan growth and potential
acquisitions within its core operating region, Southeastern Europe,
will largely absorb additional buffers of the AT1 bond, keeping the
RAC ratio close to 10.0% in the next two years.

"The affirmation reflects our view that NLB's planned hybrid
issuance will not lead to sustainably higher capital ratios in the
next two years. On Nov. 17, 2025, NLB announced it would issue a
benchmark EUR300 million AT1 bond in a public offering, which we
rate at 'BB-', in line with the current rating on the existing AT1
bond that NLB issued in September 2022. Higher-than-expected loan
growth in 2025 and 2026, coupled with NLB's unchanged target to
acquire selected financial services companies in Southeastern
Europe (SEE) are key reasons why the bank is asking for more
capital from investors. The AT1 bond will give NLB more room to
grow in a region where economic growth is well above that of the
eurozone, and financial leverage of the private sector is low. We
think it contributes to last year's announced "Strategy 2030," in
which management has defined goals to make NLB a larger and more
diversified bank in the SEE region. We believe that portfolio
growth of the bank, organic or through acquisitions, will largely
absorb the additional capital buffers from the AT1 bond.

"On a pro-forma basis, the issuance will add slightly more than 150
basis point (bps) to NLB's regulatory Tier 1 capital ratio, which
was 15.1% in September 2025. The issuance is also positive for the
bank's risk-adjusted capital (RAC) ratio, increasing it by about 70
bps, from 9.6% in 2024, to an estimated 10.3% in 2025. We assign
intermediate equity content to the AT1 bond, given its
loss-absorption feature on a going concern basis and its perpetual
maturity with no call option within the first five years, among
other factors. After 2025, we expect the RAC ratio will remain
close to 10.0%, considering growth of S&P Global Ratings'
risk-weighted assets for NLB of about 12% in 2025, followed by
about 10% in 2026. More importantly, potential mergers and
acquisitions in the SEE region could lead to a significant one-time
drop in NLB's capital ratios, including the RAC ratio. Although we
note execution risks related to large acquisitions, we consider
NLB's good track record of integrating acquired banks and nonbanks,
as well as merging these with group entities. We understand that
the bank's dividend payout guidance remains unchanged, at 50% of
net profits for 2025 and 50%-60% for 2026.

"NLB has defined ambitious growth targets with its Strategy 2030
initiative, and we believe the new AT1 bond moves it closer to
them. We expect the bank to continue showing strong profitability
and maintain a robust balance sheet. The quality of NLB's loan book
has remained resilient, despite rising credit risks because of U.S.
trade policies toward the EU during 2025. These could negatively
affect countries where the bank has its core operations by hitting
its export-oriented clients, for example pharmaceutical, auto,
aluminum, and steel companies. We think NLB will continue to expand
in the SEE region with an annual balance sheet growth of 5%-10%.
Despite the bank's ambitious targets, we believe it will maintain a
cautious risk appetite and will not take excessive risk that could
lead to unexpected financial losses. Good corporate governance and
risk management practices have contributed to NLB's substantial
asset quality improvement in recent years. Leaving asset quality
issues in the past, the management is in a good position to focus
on innovation and advance the bank's business model, in our view.

"NLB's profitability and funding profiles remain stronger than
those of its peer group of banks. In June 2025, we raised our
ratings on NLB because of its financial outperformance compared
with peers' and what we perceive as consistent execution of the
business strategy. We think key performance indicators like return
on average equity (ROAE) and the nonperforming asset (NPA) ratio
will continue to outperform that of most peer banks. Our updated
financial projections for 2025-2027 foresee a ROAE that will move
between 15.5% and 17.5%, while the NPA ratio will remain about
2.0%. NLB benefits from its strong deposit franchise across all
member banks that helps to fund local lending. Its groupwide
liquidity ratios are stronger than those of most peers. The excess
liquidity and the bank's high market shares in retail (37% as of
end-September 2025) and corporate deposits (24%) in Slovenia are
key factors why the bank's funding costs are low. In SEE, NLB is
also among the largest banks with a strong franchise that has
historically translated into good market shares and high deposit
growth in the region. That said, we continue to believe that NLB
has a relatively concentrated funding profile compared with that of
market-leading European banks, mainly based on short-term customer
deposits. The share of sight deposits was 82% of total customer
deposits as of September 2025. These could move quickly in case of
stress, although NLB deposits have remained sticky and resilient,
despite multiple instances of market turbulence in recent years.
Specifically in Slovenia, we think NLB would benefit from
flight-to-quality if there was market panic, which adds to NLB's
rating strength.

"The stable outlook reflects our view that NLB will maintain a
robust balance sheet and solid financial performance over the next
12-24 months while continuing to deliver on its Strategy 2030, with
the goal to become a larger and more diversified bank in SEE. We
expect NLB will create value from its bank acquisitions on
successful integrations and synergies while maintaining its risk
appetite.

"We could take a negative rating action if we saw a greater,
longer-lasting economic deterioration in NLB's core markets or
intensified competition in Slovenia that could pressure the bank's
asset quality and profitability. This could translate into a rise
of nonperforming assets or hit profits, which could lead to
underperformance in some of its key peer banks.

"We could also lower the ratings if the additional loss-absorbing
capacity (ALAC) ratio of NLB's Slovenian resolution group dropped
below 3.5% because of aggressive growth in Slovenia or failure to
keep ALAC-eligible bonds at a sufficient level.

"We could take a positive rating action if NLB diversified its
business model through further geographic or product expansion,
leading to a more robust franchise and resiliency against
challenging operating conditions in key markets. Its ability to
control and maintain risks and governance standards across acquired
banks is a precondition for further upside to the ratings.

"We could also take a positive rating action if NLB were to operate
with a RAC ratio that is sustainably higher than 10% while
maintaining sound asset quality metrics and a restrained risk
appetite."




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

BANCAJA 10: S&P Affirms 'D (sf)' Rating on Class E notes
--------------------------------------------------------
S&P Global Ratings raised to 'CCC+ (sf)' from 'D (sf)', to 'CCC
(sf)' from 'D (sf)', and to 'CCC- (sf)' from 'D (sf)' its credit
ratings on Bancaja 10, Fondo de Titulizacion de Activos' class B,
C, and D notes, respectively. At the same time, S&P affirmed its
'AAA (sf)' and 'D (sf)' ratings on the class A3 and E notes,
respectively.

The rating actions follow S&P's full analysis of the most recent
information we have received and the transaction's current
structural features.

After applying S&P's global RMBS criteria, expected losses
decreased due to a decline in our WAFF and WALS assumptions. Its
lower WAFF assumption results from a lower effective loan-to-value
(LTV) ratio, and the lower WALS assumption reflects a lower current
LTV ratio.

  Credit analysis results

  Rating    WAFF (%)   WALS (%)

  AAA       11.63      2.00
  AA         8.24      2.00
  A          6.59      2.00
  BBB        4.87      2.00
  BB         3.15      2.00
  B          2.74      2.00

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

S&P said, "Loan-level arrears total 1.49%, and overall
delinquencies remain well below our Spanish RMBS index. Several
defaulted loans still need to be worked out, with a high proportion
having defaulted during the financial crisis. Given the uncertainty
on when these recoveries might be realized and to test the
outstanding notes' ability to repay without the benefit of such
recoveries, we gave no credit to recoveries on already defaulted
assets. Cumulative defaults represent 11.87% of the closing pool
balance. The class B, C, D, and E notes' interest deferral triggers
have been breached. The reserve fund is being replenished.

"Our operational risk, rating above the sovereign, and legal risk
analyses remain unchanged since our previous review, and no rating
caps relating to these risks apply to the transaction.

"The swap counterparty is JPMorgan Chase Bank. Considering the
remedial actions defined in the swap counterparty agreement, which
are not in line with our counterparty criteria, the transaction's
maximum achievable rating is 'AA-'. This equates to the resolution
counterparty rating (RCR) on JPMorgan Chase Bank, unless we delink
our ratings from the counterparty.

"The class A3, B, C, and D notes' credit enhancement has increased
as of July 2025 since our last review to 41.93%, and to 25.08%,
11.60%, and 4.86%, respectively, due to the amortization of the
notes.

"Considering the results of our credit and cash flow analysis, the
higher available credit enhancement, and that these notes have
cured all previous unpaid interest and resumed timely payment of
interest since 2023, we raised to 'CCC+ (sf)', 'CCC (sf)', and
'CCC- (sf)' from 'D (sf)' our ratings on the class B, C, and D
notes, respectively. Under our cash flow analysis, these classes
could withstand stresses at a higher level than the current
ratings. However, we have limited our upgrades based on the
position of timely interest payments in the waterfall, which are
subordinated to the principal payments of the most senior class
notes until the notes become the most senior. This is because the
interest deferral triggers have been breached, and he reserve fund
is still being replenished. In line with our 'CCC' ratings
criteria, we consider repayment of these classes to depend on
favorable business, financial, and economic conditions.

"We affirmed our 'AAA (sf)'rating on the class A notes given the
available credit enhancement as the transaction deleverages. This
rating is delinked from our long-term RCR on the swap counterparty.
We affirmed our 'D (sf)' rating on the class E notes to reflect
unpaid interest payments after interest deferral trigger
breaches."

Bancaja 10 is a Spanish RMBS transaction that securitizes a pool of
residential mortgage loans. It closed in January 2007.


PROPULSION (BC) FINCO: S&P Affirms 'B' LT ICR on Dividend Recap
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Propulsion (BC) Finco S.a.r.l. (ITP Aero) and its issue rating
on the existing EUR948 million equivalent TLB. S&P also assigned a
'B' rating to the new term loan B (TLB). The recovery rating is '3'
(rounded estimate 50%).

The stable outlook reflects S&P's expectation that ITP Aero's
revenue and EBITDA will continue to increase, and the group will
generate more than EUR100 million in FOCF through 2026. It also
reflects its expectation that leverage will trend toward 6.0x (5.0x
excluding CPECs) by the end of fiscal 2026 (ending Dec. 31) and
FFO/cash interest cover will be more than 3x at the same time.

S&P said, "Although the proposed dividend recap leaves the group's
credit metrics within the thresholds for the current rating, we
consider headroom will be narrow for the next six-to-12 months. ITP
Aero will use the new debt proceeds and some cash on balance sheet
to pay a dividend to its shareholders of about EUR800 million, to
fully repay its EUR948 million existing TLB, and to pay about EUR10
million of associated transaction fees. The dividend
recapitalization follows a previous EUR185 million TLB add-on in
January 2024 to acquire BP Aerospace. Following the transaction,
ITP Aero's S&P Global Ratings-adjusted debt will increase to about
EUR2.45 billion. We expect S&P Global Ratings-adjusted leverage
will spike to slightly more than 7x in 2025 (slightly above 6x
excluding the CPECs) but then improve through 2026 toward 6x (5x
excluding CPECs). We also forecast funds from operations (FFO) cash
interest coverage of more than 3.0x in 2025 and 2026 (2.6x in
2024)."

S&P's forecasted adjusted debt figure for fiscal 2025 includes:

-- The EUR1.325 billion-equivalent new TLB;

-- About EUR338 million in CPECs;

-- About EUR637 million in bilateral facilities; and

-- Reported lease liabilities of about EUR36 million (as of Sept.
30, 2025).

ITP Aero will continue its robust operating performance through
2026, growing revenues and strengthening its EBITDA margins. The
wider aerospace and defense industries are benefiting from strong
demand for new commercial aircraft and rising government defense
budgets as a result of the Russia-Ukraine and Israel-Hamas wars.
For full-year 2025, we expect ITP Aero's revenues will increase to
comfortably more than EUR1.8 billion. The group had a solid
third-quarter 2025, with revenues up 19% compared with the same
period in 2024. For full-year 2026, S&P forecasts revenues to grow
to about EUR2.1 billion.

S&P said, "We note positively that ITP Aero was recently awarded a
contract for FCAS phase 1B, civil MRO licenses for some key engine
platforms, has signed several new contracts with GE and Pratt &
Whitney, and has now integrated the Hucknall facility. We also note
that management will continue to consider revenue- and
EBITDA-accretive M&A, although none is contracted at this time, and
we therefore do not currently include any M&A spend in our
forecast. We expect that the group's S&P Global Ratings-adjusted
EBITDA margins will rise to more than 18% in 2025 and about 20% in
2026, from 17.4% in 2024, mainly because of increased operational
leverage as the business scales up, with an increasing contribution
from the highly profitable aftermarket business. Management
continues to pursue ways to streamline and improve the group's cost
base.

"ITP Aero will generate about EUR50 million in S&P Global
Ratings-adjusted FOCF in 2025, by our estimates, then more than
EUR100 million in 2026 (EUR65 million in 2024). We assume capital
expenditure (capex) will average about 4.5% of its revenues, or
about EUR100 million per year, for production capacity and growth.
ITP Aero will likely see working-capital-related cash outflows of
up to EUR120 million in 2025 and up to EUR100 million in 2026, as
it needs to maintain healthy inventory levels to support higher
growth. In our view, 2025 will mark the peak of combined capex and
working-capital-related cash spending before slightly reducing
through 2026.

"If final documentation departs from the materials reviewed, we
reserve the right to revise our ratings. Potential changes include
(but are not limited to) shares terms, utilization of the loan
proceeds, maturity, size and conditions of the loans, financial and
other covenants, security, and ranking.

"The stable outlook reflects our expectation that ITP Aero's
revenue and EBITDA will continue to increase, and the group will
generate more than EUR100 million of FOCF through 2026. It also
reflects our expectation that leverage will trend toward 6.0x (5.0x
excluding CPECs) by the end of fiscal 2026 (ending Dec. 31) and
FFO/ cash interest cover will be more than 3x at the same time.

"We could lower the rating if commercial flying hours fail to
continue to recover toward pre-pandemic levels, leading to
prolonged weakened demand for ITP Aero's products and resulting in
weaker profitability, negative FOCF, and/or FFO cash interest
coverage below 2x. A downgrade could also result from continued
aggressive measures, such as additional dividend recapitalization
transactions or debt-funded acquisitions leading to debt to EBITDA
(excluding CPECs) above 6x on a sustained basis.

"At this stage, upside is limited within the next 12 months. We
could consider raising the rating if better-than-expected operating
prospects led to adjusted debt (excluding CPECs) to EBITDA reducing
to below 5x on a sustainable basis without any new aggressive
dividend payouts. Furthermore, an upgrade would depend on healthy
cash flow generation, such that FOCF to debt approaches 10%."




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

SAMHALLSBYGGNADSBOLAGET AB: Fitch Affirms 'CCC' Long-Term IDR
-------------------------------------------------------------
Fitch Ratings has affirmed SBB - Samhallsbyggnadsbolaget i Norden
AB's (SBB Parent) Long-Term Issuer Default Rating (LT IDR) at 'CCC'
and its senior unsecured rating at 'CC', with a recovery rating of
'RR6'.

The ratings reflect the sale of SBB group's end-3Q25 SEK35 billion
community service portfolio to Public Property Invest AS (PPI,
BBB+/Stable) netting about SEK26.3 billion proceeds for SBB group,
which Fitch believes will predominantly be used to reduce secured
and unsecured debt.

SBB Parent's ratings continue to reflect its weakened capital
structure, following the transfer of most of its assets and bonds
to its subsidiary Samhallsbyggnadsbolaget i Norden Holding AB
(publ) (SBB Holding; CCC+/RWP) as part of a voluntary tender and
exchange offer of bonds in December 2024.

Key Rating Drivers

Sale of Assets: SBB group's sale of community service properties to
PPI includes about SEK3.2 billion of assets at SBB Parent. These
assets are attached to their relevant secured debt.

Deploying Sale Proceeds: SBB Parent plans to repay all its secured
debt, releasing relevant assets to be sold to PPI. The SBB group
also plans to prepay about SEK1.4 billion of senior unsecured bonds
that remained at SBB Parent after the December 2024 tender and
exchange transaction.

Resultant SBB Parent Debt: Fitch believes that after the asset sale
and any debt repayments SBB Parent will have about SEK8.9 billion
of hybrid bonds. These deeply subordinated instruments are
non-performing, with coupon deferral triggered. Fitch no longer
applies equity credit to the hybrid bonds retained by SBB Parent
following conversion of some of them to unsecured debt in December
2024, due to their lack of permanence under Fitch's Corporates
Hybrids Treatment and Notching Criteria. These non-performing
instruments are rated 'C', three notches below the IDR.

Beneficial Aker Equity Participation: Aker Property Group became a
shareholder in SBB Parent in May 2025 through a sale of assets to
PPI and exchange of some of Aker's PPI shares for SBB Parent
shares. Aker now holds 8.63% of SBB Parent's equity and about
28.76% of voting rights. Aker also injected equity and will own
33.32% of PPI, pro-forma for this transaction. Fitch believes that
in Aker SBB Parent has a shareholder that could help improve the
group's capital structure.

Weak Credit Profile: SBB Parent's ratings are driven by its
insufficient rental income generation, which translates into less
than 1x EBITDA net interest cover, despite the deferral of its
hybrid coupons and high leverage. Fitch differentiates SBB Parent's
weakened credit profile from its stronger subsidiary, SBB Holding,
and the structural subordination of its bondholders by rating SBB
Parent one notch below SBB Holding's IDR.

Peer Analysis

SBB Holding's community service portfolio peer is Assura plc
(BBB+/Negative), which builds and owns modern general
practitioners' facilities in the UK, with approved rents indirectly
paid by the state National Health Service and a 11.2 years weighted
average unexpired lease term.

At GBP3.1 billion (EUR3.6 billion), its portfolio is smaller than
SBB Parent's consolidated group portfolio. Its net initial yield
(NIY) as at end-March 2024 was 5.1%, reflecting its UK community
service activities, versus SBB Holding's 5.7% for its Nordic
community service assets at end-2024. Assura has a 99% occupancy
rate and specific-use assets. Assura's downgrade rating sensitivity
to 'BBB' includes net debt/EBITDA greater than 9.5x.

Relevant for the group's SBB Residential Property AB activities,
Sveafastigheter's SEK28.1 billion (EUR2.5 billion) Swedish
residential-for-rent portfolio provides stable rental income with a
similar profile to other portfolios in heavily regulated
jurisdictions, such as Germany and France, including those owned by
Heimstaden Bostad AB (BBB-/Stable), Vonovia SE (BBB+/Stable), SCI
LAMARTINE (BBB+/Stable) and D.V.I. Deutsche Vermögens- und
Immobilienverwaltungs Gmbh (BBB-/Stable).

Sveafastigheter's portfolio is comparable with Heimstaden Bostad's
and Vonovia's Swedish portfolios, although with a greater focus on
the largest cities than Vonovia. Sveafastigheter lacks the
geographical diversification and scale benefits of the materially
larger portfolios of some peers.

Under Fitch's EMEA Real Estate Navigator, many of SBB group's
portfolio factors are investment grade.

Key Assumptions

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

- Secured debt repaid and relevant assets sold or transferred to
PPI

- Hybrid interest continues to be deferred

Recovery Analysis

Its recovery analysis assumes SBB Parent would be liquidated rather
than restructured as a going concern in a default.

Recoveries are based on an independent valuation of its investment
property portfolio at end-2Q25. Fitch has used SBB Parent's
directly held properties' values of about SEK3.2 billion, to which
it has applied a standard 20% discount. Fitch has used SBB Parent's
retained unsecured and subordinated hybrid debt amounts, after some
bonds were exchanged into bonds at SBB Holding.

Fitch assumes no cash is available for recoveries. After deducting
a standard 10% for administrative claims, Fitch assumes that no
unencumbered investment property assets are available to unsecured
creditors. Its existing directly held investment property is
designated for SEK2.4 billion secured creditors who rank ahead of
SBB Parent's unsecured creditors.

Fitch's principal waterfall analysis generates a ranked recovery
for senior unsecured debt of 'RR6', leading to a 'CC' unsecured
debt rating.

Fitch estimates a ranked recovery of 'RR6' given the structural
subordination of SBB Parent's hybrids. As loss absorption has been
triggered with the deferral of coupons, the instrument rating is
'C', three notches below SBB Parent's IDR.

Fitch will recalculate these Recovery Ratings once SBB group's
plans to deploy the divestment proceeds are known.

RATING SENSITIVITIES

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

- Failure to execute, or provide visibility, of a plan to address
near-term debt maturities

- Actions pointing to a widespread potential renegotiation of SBB
Parent's debt terms and conditions, including a material reduction
in lenders' terms sought to avoid a default

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

- Evidence that refinancing risk has eased, including improved
capital markets' receptivity to the SBB group

- A material reduction in leverage

Liquidity and Debt Structure

At end-2Q25, SBB Parent's available liquidity was about SEK500
million. It also has access to a SEK2.5 billion asset-backed
facility held at SBB Holding of which SEK500 million remains
undrawn. It has no revolving credit facilities available for
drawdown.

The SBB group has announced its intention to prepay, or tender at
par, the remaining SBB Parent debt and bonds using the PPI disposal
proceeds.

SBB Parent's average cost of debt at end-2Q25 was 2.5%, excluding
hybrids (averaging 3.3%).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

SBB Parent has an ESG Relevance Score of '4' for Governance
Structure to reflect previous key person risk (the previous chief
executive officer) and continuing different voting rights among
shareholders affording greater voting rights to the key person. SBB
Parent has an ESG Relevance Score '4' for Financial Transparency,
reflecting an investigation by the Swedish authorities into the
application of accounting standards and disclosures. These
considerations have a negative impact on the credit profile and are
relevant to the ratings in conjunction with other factors. However,
these factors are improving under the new management within the SBB
group.

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
   -----------                  ------         --------   -----
SBB –
Samhallsbyggnadsbolaget
i Norden AB               LT IDR CCC Affirmed             CCC
                          ST IDR C   Affirmed             C

   Subordinated           LT     C   Affirmed    RR6      C

   senior unsecured       LT     CC  Affirmed    RR6      CC

   senior unsecured       ST     C   Affirmed             C

SBB Treasury Oyj

   senior unsecured       LT     CC  Affirmed    RR6      CC

SBB HOLDING: Fitch Puts 'CCC+' Long-Term IDR on Watch Positive
--------------------------------------------------------------
Fitch Ratings has placed Samhallsbyggnadsbolaget i Norden Holding
AB (publ)'s (SBB Holding) 'CCC+' Long-Term Issuer Default Rating
(LT IDR) and senior unsecured ratings on Rating Watch Positive
(RWP). The Recovery Rating is RR4.

The RWP reflects the sale of SBB group's end-3Q25 SEK35 billion
community service portfolio to Public Property Invest AS (PPI,
BBB+/Stable), netting about SEK11 billion cash for SBB Holding,
which Fitch believes will predominantly be used to reduce debt.
Fitch expects to resolve the RWP when planned debt repayments are
completed and the final debt structure of SBB Holding is known.

SBB Holding's consolidated community service portfolio has
maintained stable rents and operational metrics. Similarly, its
62%-owned Sveafastigheter AB's (publ) (BBB-/Positive) SEK28.1
billion residential-for-rent portfolio and 49%-owned Nordiqus AB's
SEK38.7 billion education portfolio have had stable performance.
SBB Holding is owned by SBB - Samhallsbyggnadsbolaget i Norden AB
(SBB Parent, LT IDR: CCC).

Key Rating Drivers

Sale of Community Service Portfolio: A portfolio of about SEK35
billion (including SBB Parent assets) is being acquired by PPI at
an 8.3% discount to book value. The transaction values the
portfolio at about SEK32.1 billion. Net of the Castlelake debt, SBB
Holdings will receive SEK6 billion in PPI shares and SEK11 billion
in cash.

Within SBB Holding's consolidated SEK52.4 billion investment
property portfolio, about SEK21 billion is directly held community
service properties. There are also two 100%-owned
Castlelake-financed entities, totalling SEK15 billion of community
service assets, which have their own secured debt (SEK11 billion).
Net proceeds received by SBB Holdings is calculated net of this
Castlelake debt.

Deploying Sale Proceeds: Fitch assumes that SBB Holding will
allocate most of the SEK11 billion net cash proceeds towards
repayment of its senior unsecured bonds. Fitch believes the company
will prioritise near-term 2026 (SEK5.8 billion) and 2027 (SEK7.8
billion) maturing bonds, although management also cited deploying
proceeds "in the most value accretive way".

Beneficial Aker Equity Participation: Aker Property Group became a
shareholder in SBB Parent in May 2025 through a sale of assets to
PPI and exchanging some of Aker's PPI shares for SBB Parent's
shares. Aker now holds 8.63% of SBB Parent's equity and about
28.76% of the voting rights. Aker also injected equity and will own
33.32% of PPI pro-forma for this transaction. In Aker, SBB Parent
has a shareholder that could help improve the group's capital
structure.

Resultant SBB Holding: After the asset sale SBB Holding will become
an investment holding company, which Fitch will rate under its
Investment Holding Company Criteria. It will have three big equity
interests: Nordiqus (49% ownership, education sector);
Sveafastigheter (62%, residential-for-rent); and PPI (pro forma
39.99%, community services). Dividends from PPI and Nordiqus and
interest from Nordiqus' vendor loan will cover interest on senior
unsecured bonds. Sveafastigheter does not expect to pay dividends
in the near term. Options to address SBB Holding's bond include
part-sale of equity interests. SBB Holding has a SEK5.0 billion
portfolio of development assets.

PPI Equity Investment: The acquisition of SBB's community service
portfolio will increase PPI's scale and diversification. The
combined pan-Nordic NOK53 billion (SEK50 billion) portfolio's
annualised rental income for the combined community service
portfolio will be NOK3.6 billion pro forma at end-3Q25 compared
with PPI's NOK1 billion. This acquired portfolio benefits from long
CPI-indexed leases backed by government-linked tenants with a
6.7-year weighted average unexpired lease term (WAULT) and 94%
occupancy. Fitch treats PPI as deconsolidated and only includes its
recurring rental-derived cash dividends within SBB Holding's
EBITDA.

Sveafastigheter Equity Investment: Sveafastigheter's SEK28.9
billion residential-for-rent portfolio is in expanding regions
around Sweden, including Stockholm-Mälardalen, and university
cities, Malmö-Öresund and Gothenburg. This stable business
profile is combined with moderate leverage and forecast interest
cover above 2.0x. Fitch deconsolidates Sveafastigheter and only
includes its potential recurring rental-derived cash dividends
within SBB Holding's EBITDA.

Nordiqus Equity Investment: SBB Holding also owns 49.8% of
Nordiqus, with Brookfield holding the rest. This is a SEK38.7
billion portfolio of Nordic educational assets benefiting from
mostly government funding-backed, long-term rental contracts. Fitch
deconsolidates Nordiqus and includes its cash dividend payments or
interest income on its SEK5.3 billion (nominal value) vendor loans
within SBB Holding's EBITDA.

SBB Residential Property AB: This segregated SEK6.1 billion
residential-for-rent portfolio is part-funded by preference shares
held by Morgan Stanley. Net of their expensive coupon, little
rental-derived dividends flow to SBB Holding.

Weak Financial Profile: SBB Holding's financial profile remains
weak despite the expected reduction in debt. Fitch calculates SBB
group's pro forma net debt/EBITDA to be above 25x. Dividends from
investments will allow SBB Holding to cover its cash interest
expense for the resultant assumed smaller loan book with EBITDA net
interest cover around 1.5x, helped by its low average cost of debt
of about 2.5%.

Peer Analysis

SBB Holding's peer in the community service portfolio is Assura plc
(BBB+/Negative), which builds and owns modern general
practitioners' facilities in the UK, with approved rents indirectly
paid by the state National Health Service and a 11.2 years WAULT.
At GBP3.1 billion (EUR3.6 billion), its portfolio is smaller than
SBB Parent's consolidated group portfolio.

Assura's net initial yield as of end-March 2024 was 5.1%,
reflecting its UK community service activities, versus SBB
Holding's 5.7% for its Nordic community service assets at end-2024.
Assura has a 99% occupancy rate and specific-use assets. Assura's
downgrade rating sensitivity to 'BBB' includes net debt/EBITDA
greater than 9.5x.

Relevant for SBB Residential Property AB, Sveafastigheter's SEK28.1
billion (EUR2.5 billion) Swedish residential-for-rent portfolio
provides stable rental income with a similar profile to other
portfolios in heavily regulated jurisdictions, such as Germany and
France, including those owned by Heimstaden Bostad AB
(BBB-/Stable), Vonovia SE (BBB+/Stable), SCI LAMARTINE
(BBB+/Stable) and D.V.I. Deutsche Vermögens- und
Immobilienverwaltungs Gmbh (BBB-/Stable).

Sveafastigheter's portfolio is comparable with Heimstaden Bostad
and Vonovia's Swedish portfolios, although with greater focus on
the largest cities than Vonovia. Sveafastigheter lacks the
geographical diversification and scale benefits of the materially
larger portfolios of some peers.

Under Fitch's EMEA Real Estate Navigator, many of SBB group's
portfolio factors are rated investment-grade.

Key Assumptions

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

- Cash received from JVs of SEK600 million-700 million a year,
mostly comprising PPI and Nordiqus dividends and interest on
Nordiqus's vendor loan

- Completion of existing retained development projects by 2025 and
modest spend thereafter; total capex to average about SEK300
million annually to 2028

Recovery Analysis

Its recovery analysis assumes that SBB Holding would be liquidated
rather than restructured as a going concern in a default.

SBB Holding's recoveries are based on the end-2Q25 independent
valuation of the investment property portfolio. Fitch has used the
end-2Q25 non-pledged property values of about SEK21.2 billion as
unencumbered investment property assets. This deducts pledged
properties transferred to Sveafastigheter after end-3Q24. Fitch
applies a standard 20% discount to the portfolio's value.

Fitch assumes no cash is available for recoveries. This analysis
also attributes zero value to various investments in equity stakes,
including the SEK9.1 billion Nordiqus equity, SEK4.7 billion
Sveafastigheter equity and SEK5.3 billion Nordiqus vendor loan.
After deducting a standard 10% for administrative claims, the total
amount of unencumbered investment property assets Fitch assumes
available to unsecured creditors is about SEK15.4 billion.

Fitch's principal waterfall analysis generates a ranked recovery
for senior unsecured debt of 'RR4', leading to a 'CCC+' unsecured
debt rating. Fitch will recalculate this Recovery Rating once SBB
Holdings' plans to deploy the divestment proceeds are known.

RATING SENSITIVITIES

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

- Failure to execute, or provide visibility, of a plan to address
the near-term debt maturities

- Actions pointing to a widespread potential renegotiation of SBB
Holding's debt terms and conditions, including a material reduction
in lenders' terms sought to avoid a default

- Reduction in SBB Holding's directly held unencumbered investment
property portfolio relative to its unsecured debt would lead to a
lower Recovery Rating and senior unsecured rating

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

- Evidence that refinancing risk has eased, including improved
capital markets receptivity to the SBB group

- Proceeds from disposals used to prepay the sizeable 2026 debt
maturities, and increasing liquidity

- A material reduction in leverage

Liquidity and Debt Structure

SBB Holding's consolidated accounts' representation of available
cash at end-2Q25 was SEK2.0 billion, of which SEK1.0 million was
attributed to Sveafastigheter. This is further supported by a
SEK500 million availability under its SEK2.5 billion asset-backed
facility. SBB Holding's next significant debt maturity, about
SEK5.8 billion, is in August 2026 and should be covered by net
proceeds from the asset sale to PPI.

SBB Holding's end-2024 average cost of debt was 2.5%, excluding
hybrids (averaging 3.3%), the higher-coupon Morgan Stanley
preference shares (at 13% cost) in SBB Residential Property AB, and
the debt (now being prepaid) in the non-consolidated
Castlelake-funded SBB Infrastructure AB and SBB Social Facilities
(375bp-500bp plus Stibor/Euribor). Derivatives, together with
fixed-rate debt, provide interest rate coverage of SBB Holding's
debt for three years on average.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

SBB Holding has an ESG Relevance Score of '4' for Governance
Structure to reflect previous key person risk (the previous CEO)
and continuing different voting rights among shareholders affording
greater voting rights to the key person. SBB Parent has an ESG
Relevance Score '4' for Financial Transparency, reflecting an
ongoing investigation by the Swedish authorities into the
application of accounting standards and disclosures. Both these
considerations have a negative impact on the credit profile and are
relevant to the ratings in conjunction with other factors. However,
these factors are improving under the new management within the SBB
group.

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
   -----------                 ------              --------  -----
Samhallsbyggnadsbolaget
i Norden Holding
AB (publ)                LT IDR CCC+ Rating Watch On         CCC+

   senior unsecured      LT     CCC+ Rating Watch On   RR4   CCC+

TRANSCOM TOPCO: S&P Puts 'B-' Rating on Watch Neg. on Debt Exchange
-------------------------------------------------------------------
S&P Global Ratings placed its 'B-' ratings on Sweden-based customer
relationship management (CRM) services company Transcom TopCo AB
and its debt on CreditWatch with negative implications.

The CreditWatch placement reflects the uncertainty regarding the
final terms and execution of the exchange offer, and S&P aims to
resolve the CreditWatch once the exchange offer has been
completed.

S&P views the proposed debt exchange as proactive treasury
management. To address its upcoming maturities, Transcom is
launching a public debt exchange that is subject to minimum
acceptance rate of 90%. The transaction includes:

Exchange of the outstanding EUR380 million senior secured notes due
in December 2026 for new senior secured notes due January 2030. The
investors consenting at or before the early tender deadline will
receive an upfront cash payment of 15% of the value of the existing
notes and a 0.5% cash consent fee. The rest of the consenting
investors will receive 100% of the value in the form of new notes.
The new notes will carry a margin of EURIBOR plus 6.00% in cash,
which is a 75 basis point (bp) increment to the existing coupon,
plus payment-in-kind interest of 1.75% in year one, 3.25% in year
two, and 5.00% from year three and thereafter.

The terms indicate that, for nonconsenting noteholders, the
security on the existing notes will be removed, the maturity
extended to January 2031, and those notes will be subordinated to
the exchanged notes.
To fund the upfront cash repayment, the sponsors will contribute
EUR50 million in the form of preference shares at Transcom TopCo
AB. S&P excludes these preference shares from its financial
analysis because S&P thinks that they will act as loss-absorbing or
cash-conserving capital in times of stress.

S&P said, "If the bond exchange is implemented, the maturity of the
EUR75 million super senior revolving credit facility (RCF) will be
extended to July 2029 (and remains fully undrawn pro forma the
transaction). Given the current terms of the transaction, if
holders of 90% or more of the notes consent, we would not view this
transaction as a distressed exchange. This is because it is
conducted several quarters in advance of the debt's maturity, with
exchange at par, a partial upfront repayment, and compensation in
the form of a higher interest rate. However, if the terms of the
exchange offer were to change, we could reassess this view.

"If the transaction fails to close and the company does not extend
the debt's maturity by January 2026, we could lower the ratings by
several notches, reflecting the increased likelihood of a near-term
liquidity crisis or distressed debt restructuring.

"We forecast Transcom's operating performance will improve in 2026.
In the first nine months of 2025, Transcom's revenue totaled
EUR547.8 million, a 0.7% year-on-year reduction that was mainly due
to adverse impacts from foreign currency exchange rates, while new
contract wins broadly compensated for client losses from 2024. The
company's renewed focus on sales initiatives led to net new clients
(wins less ended contracts) of about EUR38 million in the first
nine months of 2025. The reported EBITDA and margin remained almost
flat at EUR53.4 million and 9.7%, respectively, mainly as growth in
higher-margin offshore volumes and cost-reduction initiatives is
offset by higher one-off costs. For 2025, we expect a slight
decline of 0.5% in revenue and an improvement in the S&P Global
Ratings-adjusted EBITDA margin to 10.8% (+40 bps year on year)
despite high outlays for the cost-optimization plan, which is
expected to generate EUR10 million in cost savings from 2026 (EUR6
million in 2025). For 2026, we forecast revenue growth of 2.0%-2.5%
driven by new client gains and increased sales to existing clients.
We forecast S&P Global Ratings-adjusted EBITDA to increase by 40
bps in 2025 and by 20 bps–40 bps in 2026, thanks to growth of
higher-margin offshore volumes, cost-reduction initiatives,
improved digital capabilities, and nonrecurring items of EUR11
million to EUR12 million, down from EUR14.0 million in 2025.
Although we saw some improvement in operating performance in the
third quarter of 2025, we believe the uncertain macroeconomic
environment, automation of lower-value tasks, and
investment-related expenses for generative AI pose a risk to our
base case.

"The transaction will moderately reduce leverage. Assuming all
investors consent before the early tender deadline, gross debt will
reduce by EUR57 million after the transaction. We forecast S&P
Global Ratings-adjusted debt to EBITDA at 5.2x in 2025 and 5.3x in
2026 and funds from operations cash interest coverage at 1.8x in
2025, improving to about 2.0x in 2026. However, we anticipate that
free operating cash flow will remain mildly negative (about -EUR15
million after leases) as the company's EBITDA growth in 2026 is
offset by increased capital expenditure of 3%-4% of sales. Despite
this, we believe the company can maintain adequate liquidity in the
next 12 months based on availability on the RCF, cash on the
balance sheet, and no near-term debt maturities. Based on these
credit metrics, and all else being equal, we would anticipate a
rating of 'B-' after the transaction, albeit with a negative
outlook reflecting possible risks to our base case until the
company demonstrates a track record of commercial momentum and
margin-enhancing measures bear fruit despite a challenging trading
environment. We would anticipate a rating on the exchanged notes in
line with the issuer credit rating.

"The CreditWatch placement reflects the uncertainty regarding the
final terms and execution of the exchange offer, and we aim to
resolve the CreditWatch once the exchange offer has been
completed.

"We could lower our ratings if the final terms of the exchange
offer differ materially from our expectations or if the proposed
offer does not go ahead and the company does not extend its debt
maturities by January 2026, which would increase refinancing
risks.

"If the transaction proceeds as contemplated with a minimum consent
of 90%, or the company extends its debt maturities in a way that we
do not see as a distressed restructuring, we could affirm our 'B-'
ratings. This scenario would entail us viewing Transcom as capable
of effectively navigating macroeconomic- and industry-related
headwinds, maintaining adequate liquidity, and reporting credit
measures commensurate with the rating.

"After closing of the proposed transaction, all else being equal,
we consider it likely that the issuer credit rating on Transcom
would be 'B-', since the transaction will ultimately improve the
company's balance-sheet structure, and refinancing risks after
transaction will be limited because the new notes will not mature
earlier than January 2030. There is a high likelihood that the
outlook would be negative, reflecting risks to our base case posed
by macroeconmic uncertainty and industry headwinds."




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

AUBURN 15: Fitch Alters Outlook on 'B+sf' Cl. F Notes Rating to Neg
-------------------------------------------------------------------
Fitch Ratings has revised Auburn 15 plc's class E-F notes to
Negative Outlook from Stable. Fitch has removed all tranches from
Under Criteria Observation.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Auburn 15 plc

   Class A1 NRR Loan Note   LT AAAsf  Affirmed   AAAsf
   Class A1 XS2813764540    LT AAAsf  Affirmed   AAAsf
   Class A2 XS2813764979    LT AAAsf  Affirmed   AAAsf
   Class B XS2813765190     LT AA+sf  Affirmed   AA+sf
   Class C XS2813765356     LT A-sf   Affirmed   A-sf
   Class D XS2813765513     LT BBB-sf Affirmed   BBB-sf
   Class E XS2813765786     LT BB+sf  Affirmed   BB+sf
   Class F XS2813765869     LT B+sf   Affirmed   B+sf

Transaction Summary

Auburn 15 plc is a securitisation of predominantly buy-to-let (BTL)
residential mortgage assets originated by Capital Home Loans
Limited and secured against properties in the UK. The pool also
contains a small proportion of owner-occupied loans.

The assets were previously securitised in the Towd Point Mortgage
Funding Auburn series of transactions, most recently Auburn 12, 13
and 14. The seller is Auburn Seller DAC, which is also the provider
of the representations and warranties, while Topaz Finance Limited
is the legal title holder and servicer.

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). Key changes include updated
representative pool weighted average foreclosure frequencies
(WAFF), changes to sector selection, revised recovery rate
assumptions, and changes to cash flow assumptions. In addition,
Fitch now applies dynamic default distributions and high prepayment
rate assumptions rather than the previous static assumptions.

The most significant revision was to the non-conforming sector
representative 'Bsf' WAFF and introduction of borrower level
recovery rate caps to underperforming seasoned collateral. The
Negative Outlook of the class E to F notes signal rating pressure
should late arrears increase materially in the short-to-medium
term.

Stable Asset Performance: The transaction's performance has
remained broadly stable since closing in May 2024. Both one month
plus and three months plus arrears have fallen by 0.9pp and 0.7pp,
respectively since the last review in January 2025. Auburn is
performing in line with comparable legacy BTL deals and is
outperforming Fitch's Non-Conforming Index. Repossessions and
losses have also remained stable, with a significant portion of
delinquent loans managed through the receiver of rent mechanism.

Transaction Adjustment: The pool mainly comprises highly seasoned
BTL loans. Fitch analysed the pool using its BTL-specific
assumptions, applying a transaction adjustment factor of 1.5x to
FF. The higher adjustment reflects the deal's historical
performance, with the proportion of loans in arrears by more than
three months consistently underperforming Fitch's BTL index.

Recovery Rate Cap Applied: The transaction's reported losses exceed
its expectations, based on the indexed value of the properties in
the pool. Fitch has, therefore, applied borrower-level recovery
rate (RR) caps to the BTL loans in the deal, in line with those
applied to non-conforming loans, where the RR cap is 85% at 'Bsf'
and 65% at 'AAAsf'.

Increased Credit Enhancement: The affirmation of the senior notes
is supported by increased credit enhancement (CE), provided by the
notes' subordination. CE is adequate to withstand stresses at the
current ratings, despite the arrears levels and big loss severity.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing delinquencies and
defaults that could reduce CE available to the notes. In addition,
unexpected declines in recoveries could result in lower net
proceeds, which may make certain notes susceptible to negative
rating action, depending on the extent of the decline in
recoveries.

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

Class A: 'AAAsf'

Class B: 'A+sf'

Class C: 'BBsf'

Class D: 'Bsf'

Class E: 'CCCsf'

Class F: distressed rating

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 15% decrease in the WAFF and 15%
increase of the WARR would imply the following:

Class A: 'AAAsf'

Class B: 'AA+sf'

Class C: 'A+sf'

Class D: 'A-sf'

Class E: 'BBBsf'

Class F: '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 deal 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, its
assessment of the information relied upon for its analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

ESG Considerations

Auburn 15 plc has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to a
proportion of interest-only loans in legacy owner-occupied
mortgages, 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.

BARROW FUNDING: Fitch Hikes Rating on Class F Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has upgraded Barrow Funding PLC's class E and F notes
and affirmed the others. Fitch has removed all ratings from Under
Criteria Observation.

   Entity/Debt           Rating             Prior
   -----------           ------             -----
Barrow Funding PLC

   A XS2755901266     LT AAAsf   Affirmed   AAAsf
   B XS2755901696     LT AA-sf   Affirmed   AA-sf
   C XS2755902074     LT A-sf    Affirmed   A-sf
   D XS2755902587     LT BBB-sf  Affirmed   BBB-sf
   E XS2755903718     LT BBsf    Upgrade    BB-sf
   F XS2755904013     LT Bsf     Upgrade    B-sf

Transaction Summary

The transaction is a securitisation of UK non-conforming
owner-occupied (OO) mortgages originated by Bank of Scotland Plc in
the UK between 2003 and 2009.

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 frequency (WAFF),
changes to sector selection, revised recovery rate assumptions and
changes to cashflow assumptions.

The most significant revision was to the non-conforming sector
representative 'Bsf' WAFF. Fitch has applied newly introduced
borrower-level recovery rate caps to underperforming seasoned OO
and buy-to-let collateral. In its cash flow analysis. Fitch now
applies dynamic default distributions and high prepayment rate
assumptions rather than static assumptions previously. The updated
criteria resulted in a 2.5pp increase in the 'AAA' expected loss
for the non-defaulted asset balance for this transaction.

CE Build-up: All notes have benefited from a build-up in credit
enhancement (CE) since the last review in February 2025, driven by
the relatively large proportion of the pool that was redeemed or
repurchased on the last two payment dates, the sequential
amortisation of the notes and a reserve fund that builds up as the
liquidity reserve amortises. These improvements are reflected in
the upgrades and affirmations of the notes.

Stable Asset Performance: Arrears have remained stable since the
transaction closed in May 2024. Loans in arrears by one month or
more were 21.6% in August 2025, up slightly from 21.2% in February
2025 (last review). The proportion of late-stage arrears, defined
as loans in arrears by three months or more, also remained stable
at 16.4% in August 2025. There has been no material increase in the
proportion of loans that are in arrears, but loans have moved
deeper into arrears, with loans in arrears by six months or more
increasing to 14.2% in August 2025 from 12.7% in February 2025.

Late-Stage Arrears Loans: Fitch's analysis assumes that loans
greater than 12 months in arrears are defaulted for the purposes of
its asset and cash flow modelling in line with the updated UK RMBS
Rating Criteria. Fitch has classified 11.5% of the pool as
defaulted, with only principal recovery assumed. The majority of
the late-stage arrears, 9.8% of the pool, are deeply in arrears by
more than 18 months.

Ratings Below MIR: To account for a potential increase in
late-stage arrears, Fitch has affirmed or limited the upgrades to
one notch below the model-implied ratings (MIR) for the class B, C,
D, E and F notes by considering the resilience to a 15% increase in
the WAFF.

RATING SENSITIVITIES

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

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

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

Class A: 'AA+sf'

Class B: 'Asf'

Class C: 'BBB-sf'

Class D: 'B+sf'

Class E: 'B-sf'

Class F: Below 'B-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 15% decrease in the WAFF and 15% increase of the
weighted average recovery rate would result in the following:

Class A: 'AAAsf'

Class B: 'AA+sf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'A-sf'

Class F: 'BBB-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.

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

Barrow Funding PLC has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the pool
having an interest-only maturity concentration of legacy
non-conforming OO loans of greater than 20%, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Barrow Funding PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant portion of the pools containing OO loans advanced with
limited affordability checks, 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.

CITADEL 2024-1: DBRS Confirms B Rating on Class F Notes
-------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Citadel 2024-1 PLC (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (high) (sf)
-- Class E Notes confirmed at BB (high) (sf)
-- Class F Notes confirmed at B (sf)
-- Class X Notes upgraded to AA (high) (sf) from BB (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date. The ratings on the Class B, Class C, Class D, Class
E and Class F Notes address the timely payment of interest when
they are the most senior class of notes outstanding, and the
ultimate repayment of principal by the legal final maturity date.
The rating on the Class X Notes addresses the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date. In Morningstar DBRS' cash flow analysis, interest
due on the Class X Notes is paid timely, in the respective credit
rating stress scenario.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the October 2025 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels.

The transaction is a securitization of UK second-lien mortgage
loans originated by UK Mortgage Lending Limited (UKML; formerly
Optimum Credit Limited). UKML is a specialist UK second charge
mortgage lender based in Cardiff, UK, and has offered financing to
homeowners in England, Wales, and Scotland since its launch in
November 2013. Pepper UK Limited is the primary and special
servicer of the portfolio.

PORTFOLIO PERFORMANCE

As of the October 2025 payment date, loans two to three months in
arrears represented 0.7% of the outstanding portfolio balance, and
loans more than three months in arrears represented 1.7%. No loans
have defaulted as of the October 2025 payment date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base-case PD and LGD
assumptions at the B (sf) credit rating level to 10.7% and 81.7%,
respectively.

CREDIT ENHANCEMENT

CE is provided by the subordination of the respective junior notes.
Current CE levels to the rated notes compared with the CE levels at
closing are as follows:

-- Class A CE is 37.2%, up from 30.0%
-- Class B CE is 30.8%, up from 25.0%
-- Class C CE is 24.4%, up from 20.0%
-- Class D CE is 18.0%, up from 15.0%
-- Class E CE is 12.3%, up from 10.5%
-- Class F CE is 5.9%, up from 5.5%

The Class X Notes do not benefit from hard credit enhancement and
are redeemed through available excess spread. Since closing the
Class X notes have quickly amortized down to an outstanding balance
of GBP 2.0 million from GBP 13.0 million.

The transaction benefits from a liquidity reserve fund (LRF), which
covers senior fees, interest on the Class A and B notes, and senior
deferred consideration. The LRF is currently at its target level of
GBP 2.8 million, equal to 1.8% of the outstanding Class A and B
notes balance.

Citibank N.A., London Branch acts as the account bank for the
transaction. Based on the Morningstar DBRS private credit rating on
Citibank N.A., London Branch, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit rating assigned to the Class A Notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions " methodology.

Banco Santander SA acts as the swap counterparty. Morningstar DBRS'
Long Term Critical Obligations Rating on the swap counterparty,
currently AA (low), is above the first credit rating threshold as
described in Morningstar DBRS' " Legal and Derivative Criteria for
European and Asia-Pacific Structured Finance Transactions"
methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.

CURZON MORTGAGES: Fitch Lowers Rating on Class G Notes to 'B-sf'
----------------------------------------------------------------
Fitch Ratings has downgraded Curzon Mortgages PLC's class B, C, D,
E, F and G notes and affirmed its A2 and X notes. All notes have
been removed from Under Criteria Observation.

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Curzon Mortgages PLC

   A2 XS2603650370     LT AAAsf  Affirmed    AAAsf
   B XS2603650537      LT A+sf   Downgrade   AAsf
   C XS2603650883      LT BBB-sf Downgrade   Asf
   D XS2603651931      LT BB-sf  Downgrade   BBB+sf
   E XS2603652400      LT B-sf   Downgrade   BBBsf
   F XS2603652582      LT B-sf   Downgrade   BB+sf
   G XS2603653556      LT B-sf   Downgrade   B+sf
   X XS2603655098      LT CCCsf  Affirmed    CCCsf

Transaction Summary

The transaction is a securitisation of UK owner-occupied (OO) loans
originated by Northern Rock Plc, mainly between 2006 and 2008. The
loans were previously securitised under the Chester B1 Plc deal.

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). Key changes include updated
representative pool weighted average foreclosure frequencies
(WAFF), changes to sector selection, revised recovery rate (RR)
assumptions and changes to cash flow assumptions.

The most significant revision was to the non-conforming sector
representative 'Bsf' WAFF. Fitch has applied newly introduced
borrower-level recovery rate caps to underperforming seasoned
owner-occupied (OO) and buy-to-let (BTL) collateral. In its cash
flow analysis. Fitch now applies dynamic default distributions and
high prepayment rate assumptions rather than static assumptions
previously.

Sector Selection: The pool's performance is considerably worse than
Fitch's Prime Index and in line with its Non-Conforming Index.
Fitch has consequently modelled the transaction, using the
non-conforming sector assumptions rather than adjusting the UK
prime assumptions, as Fitch did at closing. Fitch has treated loans
more than 12 months in arrears as defaulted, which affects 8.4% of
the total asset balance as at September 2025, under its updated
rating criteria.

Transaction Adjustment: Fitch has applied its non-conforming
assumptions, alongside an OO transaction adjustment (TA) of 1.0x to
FF. This is because the transaction's historical performance of
loans that were three months or more in arrears has broadly been in
line with its Non-Conforming Index.

Increasing Credit Enhancement: Credit enhancement (CE) has
continued to build, due to the sequential amortisation of the notes
and the deal's static general reserve fund, providing increased
protection for the notes to absorb losses from the asset pool. CE
for the most senior notes has increased to 28%, from 24.6%, at the
last review in February 2025, which supports the affirmation to the
class A2 notes.

Deteriorating Asset Performance: The proportion of loans in arrears
for more than one month has increased to 27.1% from 25.5% since the
previous review, due mostly to portfolio amortisation. Fitch may
downgrade further, should asset performance continue to worsen,
with rising arrears and repossessions.

High Fees: Servicing fees incurred by the deal recently were higher
than its expectations. This is likely driven by the large number of
arrears and defaults within the portfolio, which typically require
more workout from the servicer and result in higher charges. This
further supports the downgrades in this rating action.

RATING SENSITIVITIES

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

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

In addition, unexpected declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries.

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

Class A2: 'A+sf'

Class B: 'BBBsf'

Class C: 'B+sf'

Class D: 'CCCsf'

Class E: below 'CCCsf'

Class F: below 'CCCsf'

Class G: below 'CCCsf'

Class X: below 'CCCsf'

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 15% fall in the WAFF and 15% rise in the WARR
would imply the following:

Class A2: 'AAAsf'

Class B: 'AAsf'

Class C: 'A-sf'

Class D: 'BBBsf'

Class E: 'BBsf'

Class F: 'Bsf'

Class G: 'B-sf'

Class X: below 'CCCsf'

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 its analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

ESG Considerations

Curzon Mortgages PLC has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due the high
proportion of interest-only loans in legacy OO mortgages, which has
a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

Curzon Mortgages PLC has an ESG Relevance Score of '4' for Exposure
to Social Impacts due to the high proportion of borrowers in the
pool that have already reverted to a floating rate and are
currently paying a high standard variable rate. These borrowers may
not be in a position to refinance. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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. ESG Relevance Scores are not inputs in the
rating process; they are an observation of the materiality and
relevance of ESG factors in the rating decision.

GATWICK AIRPORT: Fitch Rates New GBP475MM Bond Issuance 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Gatwick Airport Finance plc's (GAF)
proposed GBP475 million bond issuance a 'BB(EXP)' expected rating
with a Stable Outlook. Fitch has also affirmed Gatwick Funding
Limited's (GF) notes at 'BBB+' with a Stable Outlook.

The proceeds from GAF's new issuance will refinance the existing
GBP450 million bond (BB/Stable) due in April 2026 and fund
transaction costs.

The final rating is contingent on the receipt of final documents
materially conforming to information already received.

RATING RATIONALE

The 'BB(EXP') rating on GAF's notes reflects the structural
subordination of GAF's debt to the GF ring-fenced group. GAF's debt
rating is notched down twice from the group's consolidated profile,
which includes GF and GAF debt, due to the structural subordination
of GAF debt to GF debt, and GAF's reliance on a single asset (GF).
The new notes do not have a dedicated liquidity line for debt
service, but this is mitigated by the robust distance to lock up at
GF and the commitment to maintaining six months of debt service as
cash.

The affirmation of GF's notes reflects Gatwick's financial
performance remaining broadly in line with its expectations. In
addition, management's flexibility in adjusting capex and equity
distributions should mitigate a potentially softer traffic
environment, with projected leverage in Fitch's rating case below
the 'BBB+' rating sensitivity of 6.5x.

GAF's full ownership of and dependency on the group, and GAF's
covenants tested at the consolidated level, justifies the
consolidated approach.

KEY RATING DRIVERS

Revenue Risk - Volume - High Midrange

Second-Largest in Strong Catchment Area: Gatwick is the
second-largest airport in the UK, serving as an
origin-and-destination, leisure-oriented airport with a strong
catchment area (London and south-east UK) of 15 million people. It
competes with Heathrow, a primary hub and long-haul full-service
airport, and Stansted Airport, which focuses on low-cost carriers
(LCCs). Gatwick's traffic has been less resilient than EMEA peers
to economic downturns, but Fitch believes this has improved due to
its focus on the growing LCC market and long-term contracts with
airlines.

Revenue Risk - Price - Midrange

Commitments Monitored by Regulator: The airport operates under
'light-handed' regulation. The contract framework establishes
legally binding commitments between the airport and airlines,
creating a default tariff for all airlines. New commitments for
2025-2029 feature an annual increase of gross yield at CPI less 1%
in the first two years and CPI for the final two years of the
extension period. The framework enables bespoke bilateral
contracts, giving the airport pricing flexibility. The contracts
incentivise traffic and protect revenue against moderate downside.

Infrastructure Development & Renewal - Stronger

Modern Facilities, Flexible Capex: Gatwick has considerable
experience managing its asset base and has carried out major works
in recent years, maintaining and improving its infrastructure. It
has a fairly complex operational footprint with a fully owned
single main runway, standby runway and two terminals. In the medium
term, there are some runway capacity constraints, but the
terminals' capacity can be increased by modular capex projects.
Short- and medium-term maintenance needs are well defined. The
investment programme is significant but modular.

Debt Structure - GF - Midrange; Debt Structure - GAF - Midrange

Debt Structure at GF - Midrange

Bullet Debt, Protective Features: GF's debt programme benefits from
a strong security and covenant package. All debt is senior ranking,
with no material exposure to interest-rate risk. The reliance on
bullet debt creates refinancing risk, although near-term needs are
low, maturities are fairly evenly spread and Gatwick has a record
of access to capital markets. GF's debt assessment benefits from a
strong liquidity position and a dedicated GBP250 million undrawn
liquidity facility. There are no outstanding maturities until
2026.

Debt Structure at GAF - Midrange

Reliance on Dividends Upstream:

The proposed GBP475 million five-year fixed rate bullet bonds will
be used to refinance the existing GBP450 million bonds due in April
2026. Debt service at GAF is reliant on dividends being upstreamed
from the ring-fenced group. These distributions are flexible and
can be adjusted in line with profitability. The removal of the
GBP70 million debt service reserve account, which was established
during the pandemic period, is credit negative, but mitigated by
the shareholders' commitment to maintain six months of debt service
as cash at GAF. GAF's debt has no material exposure to
interest-rate risk, but the reliance on bullet debt (single bullet
GBP475 million in 2030) creates refinancing risk.

Distributions from the group are GAF's sole source of earnings and
cash flow to support its debt interest costs. Fitch views GAF's
cash flow as having minimal or no diversity and its obligations are
structurally subordinated to the group's operating needs.
Distributions could be volatile and put pressure on debt service at
GAF if the group's cash flow is impaired. GAF debt has a lower
rating due to its deep structural subordination to GF's debt.

Financial Profile

Under Fitch's rating case, projected net debt/EBITDA reaches 6.5x
over 2025-2029. Consolidated net debt/EBITDA, including GAF's debt,
exceeds the leverage of the ring-fenced group by around 0.7x under
the rating case, which is below Fitch's downgrade sensitivity.

PEER GROUP

Heathrow Funding Limited (class A notes A-/Stable) is larger in
terms of traffic and has a stronger operational profile as its
traffic is more resilient. Consequently, it can tolerate higher
leverage with a debt structure broadly aligned with GF's notes.
Heathrow's class B notes (BBB/Stable) are a notch below GF's notes
as its stronger operations are offset by higher leverage.

Manchester Airport Group Funding PLC (MAG; senior secured notes:
BBB+/Stable) is a larger company by traffic and geographical
diversification, with three airports (Manchester Airport, Stansted
Airport in London and East Midlands Airport). However, MAG had a
larger decline in traffic during the financial crisis. Gatwick has
a stronger business profile and more protective debt features,
including dedicated reserves and liquidity facilities for debt
service, while MAG has lower leverage, which results in the same
ratings.

GF's higher projected leverage broadly offsets a stronger catchment
area than Brussels Airport Company S.A./N.V.'s (senior secured
debt: BBB+/Stable).

RATING SENSITIVITIES

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

GF:

- Projected Fitch net debt/EBITDA above 6.5x on a sustained basis
under the rating case or failure to prefund its bullet debt well in
advance of legal maturities

GAF:

- Weaker-than-expected financial performance, which would trigger
dividend lock-up and liquidity not being replenished, or failure to
prefund its bullet debt well in advance of legal maturity

- Projected consolidated Fitch net debt/EBITDA above 7.7x on a
sustained basis under the rating case

- Failure to maintain liquidity equal to six months of debt
service

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

GF:

- Projected Fitch net debt/EBITDA below 5.5x on a sustained basis
under the rating case with shareholders' commitment to not
releverage the company

GAF:

- An upgrade of GF, coupled with strong liquidity

- Projected consolidated Fitch net debt/EBITDA below 6.7x on a
sustained basis under the rating case

TRANSACTION SUMMARY

GAF is going to issue a five-year GBP475 million bond to refinance
its existing GBP450 million bond due in April 2026.

Summary of Financial Adjustments

Operating leases are removed from financial liabilities. Operating
lease expenses are captured as an operating expense, reducing
EBITDA.

ESG Considerations

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

   Entity/Debt                   Rating                      Prior
   -----------                   ------                      -----
Gatwick Funding
Limited

   Gatwick Funding
   Limited/Airport
   Revenues - Senior
   Secured Debt/1 LT          LT

   GBP 300 mln Class
   A bond/note 02-Mar-2028
   XS0596919299               LT BBB+    Affirmed            BBB+

   GBP 300 mln bond/note
   02-Mar-2043 XS0596919539   LT BBB+    Affirmed            BBB+

   GBP 300 mln Class A
   bond/note 23-Jan-2039
   XS0733786130               LT BBB+    Affirmed            BBB+

   GBP 350 mln Class A
   bond/note 27-Mar-2036
   XS1047788523               LT BBB+    Affirmed            BBB+

   GBP 300m bond/note
   07-Oct-2048 XS1502174581   LT BBB+    Affirmed            BBB+

   GBP 350 mln 3.125%
   Class A bond/note
   28-Sep-2041 XS1691441924   LT BBB+    Affirmed            BBB+

   GBP 300 mln Class A
   bond/note 26-Feb-2050
   XS1781266793               LT BBB+    Affirmed            BBB+

   Class A Series
   2019-1 GBP 300 mln
   2.875% bond/note
   5-Jul-2051 XS2022203801    LT BBB+    Affirmed            BBB+

   GBP 300 mln 2.5%
   bond/note 15-Apr-2032
   XS2332199830               LT BBB+    Affirmed            BBB+

   GBP 250 mln 5.5%
   bond/note 04-Apr-2042
   XS2795681258               LT BBB+    Affirmed            BBB+

   EUR 750 mln 3.625%
   bond/note 16-Oct-2035
   XS2919214937               LT BBB+    Affirmed            BBB+

   EUR 750 mln 3.875%
   bond/note 24-Jun-2037
   XS3101855313               LT BBB+    Affirmed            BBB+

Gatwick Airport
Finance plc

   Gatwick Airport
   Finance plc/Airport
   Revenues - Senior
   Secured Debt/1 LT          LT

   GBP 450 mln 4.375%
   bond/note 07-Apr-2026
   XS2329602135               LT BB      Affirmed            BB

   Gatwick Airport Finance
   plc/Airport Revenues –
   Senior Secured Debt –
   Expected Ratings/1         LT

   GBP 475 mln bond/note      LT BB(EXP) Expected Rating

LP FORTY EIGHT: Turpin Barker Appointed as Administrators
---------------------------------------------------------
LP SD Forty Eight Limited was placed into administration in the
High Court of Justice, Court Number CR-2025-007839.

The company operates as a dispensing chemist in specialised
stores.

Its registered office is at Jhoots Pharmacy Scott Arms Medical
Centre, Whitecrest, Great Barr, Birmingham, B43 6EE.

Its principal trading address is The Litchdon Medical Centre,
Landkey Road, Barnstaple, Devon, EX32 9LL; 2-3 The Square,
Holsworthy, Devon, EX22 6DL; Caen Medical Centre, Station Yard,
Braunton, EX33 1LR.

The joint administrators appointed on Nov. 6, 2025 are:

  Martin C. Armstrong
  Andrew Richard Bailey
  Turpin Barker Armstrong
  Allen House, 1 Westmead Road
  Sutton, Surrey, SM1 4LA

For further details, contact:

  Tel: 020 8661 7878
  Email: jhoots.creditors@turpinba.co.uk

ODFJELL DRILLING: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed the B1 long-term corporate family
rating and the B1-PD probability of default rating of Odfjell
Drilling Ltd. (ODL), a UK headquartered entity with main operating
hub in Norway, which provides harsh environment offshore drilling
services. Concurrently, Moody's have also assigned a B1 instrument
rating to the $650 million backed senior secured notes due 2031 to
be issued by ODL's indirectly wholly-owned subsidiary Odfjell Rig
III Ltd. The B1 instrument rating of Odfjell Rig III Ltd.'s
existing $390 million (nominal amount) backed senior secured notes
due 2028 remains unchanged and will be withdrawn upon full and
successful refinancing of the 2028 notes. The outlook on both
entities remains stable.

Net of fees and transaction costs, proceeds from ODL's new $650
million senior secured notes will be deployed towards (i) the
refinancing outstanding amounts in relation to both the 2028 notes
($290million outstanding at the issue of the new bond) and the
Deepsea Nordkapp rig's bank facility ($128 million) (ii) the
partial financing of the acquisition of the Deepsea Bollsta rig and
(iii) general corporate purposes of ODL.

RATINGS RATIONALE

Even though ODL's fully debt-funded acquisition of the Deepsea
Bollsta rig announced on November 17, 2025 [1] will:

1. Re-leverage the company's balance sheet to 2.2x
Moody's-adjusted gross debt to EBITDA (leverage) on a pro forma
basis at year-end 2025, and

2. Weigh heavily, albeit temporarily on Moody's-adjusted free cash
flow generation in 2025

The rating action indicates that ODL's credit profile remains
commensurate with a B1 rating. Moody's expects ODL's key credit
metrics to improve swiftly back towards Moody's requirements for
the current rating in the course of 2026. Moody's assessments
incorporates: the substantial earnings and cashflow contribution
from the new rig, which is firmly contracted to subsidiaries of
Equinor ASA to Q1 2028; progressive debt reduction in line with the
scheduled amortisation of the new capital structure; assumed
successful contract extensions for the Deepsea Nordkapp beyond late
2026 and a prudent management of shareholder distributions.

Because Moody's expects leverage to hover around 1.7x over the next
12-18 months under Moody's base case, the headroom in the current
rating category has reduced. However, ODL's pro forma strong FCF
generation, increased scale and moderately declining asset
concentration offset the elevated leverage for the rating.

ODL's credit quality continues to reflect the company's solid
standing as an offshore driller with a long and proven operational
track record; top-tier fleet with harsh-environment capabilities;
good liquidity and prudent financial policies. It also reflects the
company's small fleet, exclusive focus on drilling services that
implies dependence on customers' investment appetite and some
re-contracting risk in the course of 2027 on four out of the five
owned rigs.

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

ESG CONSIDERATIONS

Governance considerations were a driver of the rating action. ODL's
fully debt-funded rig acquisition adds to likely increases in
shareholder remuneration from 2025 onwards (subject to board
approval). Nevertheless, good visibility on cashflow generation in
the next 12-18 months, ability to flex dividends if needed and a
long history of stable operational track record and disciplined
capital allocation mitigate risks arising from ODL's re-leveraged
capital structure.

LIQUIDITY

ODL's liquidity is good pro forma for the planned comprehensive
refinancing. Moody's assessments reflects:

-- return to positive FCF generation from 2026 onwards

-- modest reliance on the $150 million revolving credit facility
due January 2031

-- good headroom under financial covenants including maintenance
of (i) unrestricted cash balances above $50 million; (ii) equity to
total assets above 30% and book equity in excess of $600 million;
(iii) current assets to current liabilities (excluding those
related to financial debt) above 1x and (iv) net debt to EBITDA
(company-defined) below 3.0x

-- absence of meaningful sources of alternate liquidity, because
all owned assets are pledged as security to the debt facilities.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that ODL's credit
metrics will progressively and comfortably re-align to Moody's
rating requirements by year-end 2026. Moody's expects ODL to abide
by conservative financial policies, including approaching
shareholder remuneration prudently.

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

An upgrade would be primarily driven by ODL's success in
re-contracting and boosting its revenue backlog in combination with
a strong outlook for global offshore rig markets and greater
diversification of its business profile. An upgrade would also
require a continued track record of rising profitability (on a
Moody's-adjusted EBIT basis) as well as maintenance of a strong
balance sheet with leverage trending towards 0.5x, sustained strong
positive FCF generation and prudent financial policies.

Conversely, ODL's ratings would be downgraded if the company's:

-- Backlog and earnings deteriorate materially, so that gross
leverage exceeds 1.75x and EBITDA / Interest expense falls below
5x

-- FCF generation turns negative, as a result of weaker operating
performance, aggressive shareholder remuneration and debt-funded
acquisitions

-- Liquidity weakens, or refinancing risk increases

STRUCTURAL CONSIDERATIONS

The B1 backed senior secured instrument rating assigned to the new
notes due 2031 is in line with ODL's CFR. This reflects the notes'
first lien claim on the assets of ODL's subsidiaries that own and
operate the Deepsea Aberdeen, the Deepsea Atlantic and the Deepsea
Nordkapp semi-submersibles and pari passu ranking with other
separate obligations of the issuer secured by the Deepsea Stavanger
and Deepsea Bollsta rigs. The B1 instrument rating also reflects
the absence of material claims ranking behind the company's secured
obligations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Oilfield
Services published in October 2025.

ODL's B1 rating is two notches below the scorecard indicated
outcome based on historic metrics for the last twelve months ended
September 2025. This differential reflects ODL's small fleet size,
customer concentration and exposure to volatile upstream capital
spending, factors that could rapidly erode the company's backlog
when commodity prices fall.

ODFJELL DRILLING: S&P Affirms 'B+' ICR on Rig Acquisition
---------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating of 'B+' on
Odfjell Drilling Ltd. (ODL). S&P also affirmed its 'BB' issue-level
rating and '1' recovery rating on the company's existing $310
million senior secured notes due 2028. The recovery rating reflects
its expectation for 95% recovery, and S&P anticipates it will
withdraw its rating on the notes as soon as the transaction is
settled. S&P also assigned a 'BB' issue-level rating and '1'
recovery rating to ODL's $650 million proposed senior secured
first-lien bond. The '1' recovery rating indicates its expectation
for very high (90%-100%; rounded estimate: 95%) recovery of
principal in the event of a payment default.

The stable outlook reflects S&P's view that ODL's credit measures
will remain commensurate with the ratings over the next 12 months,
with debt to EBITDA well below 3.0x, supported by continued robust
drilling activity on the Norwegian continental shelf.

Odfjell Drilling Ltd. (ODL), through its subsidiary Odfjell Rig III
Ltd., intends to raise a $650 million, 5.25-year senior secured
first-lien notes public offering. S&P said, "We understand it will
use the proceeds, together with additional $309 million in bank
debt and $3 million cash on hand, to fund the redemption of the
existing $310 million senior secured notes due 2028, repay the
existing bank facility on Deepsea Nordkapp amounting to $133
million, fully repay the $15 million revolving credit facility
(RCF) currently outstanding, and finance the acquisition of its new
rig for $480 million from its $250 million bank facility.
We regard the acquisition as relatively low risk because the rig
comes with a long-term contract with Equinor of two years. At the
same time, we continue to believe that the group has a limited
scale with five rigs only, pro forma the transaction operating in
Norway."

S&P said, "We anticipate ODL's leverage will remain well within the
bands of its current 'B+' rating. ODL is paying $480 million for a
rig that is on a firm contract with Equinor until Q1 2028, and we
anticipate it will add about $100 million in company-reported
annual EBITDA to the group's current annual run rate expected
EBITDA of $450 million-$500 million for 2025.

"The transaction a is good strategic fit given the company's strong
expertise in the region and the already strong relationship with
Norway's largest oil and gas producer. We anticipate pro forma the
proposed acquisitions, the company's fleet will increase to five
owned units from four. We believe its fleet consisting of a handful
of rigs continues to compare negatively with similarly rated peers
such as Valaris and Seadrill because unforeseen events hampering
ODL's ability to operate one rig would have a material impact on
its cash flows.

"That said, we view the acquisition as marginally positive for the
company's business. Under our revised base case, we anticipate its
debt to EBITDA will be 1.5x-2.0x in 2026-2027 on average. This is
marginally better compared with 1.9x recorded by the company in
2024. Therefore, we continue to expect S&P Global Ratings-adjusted
leverage of 2x-3x, well entrenched with its 'B+' rating.

"Above-average operating efficiency and profitability continue to
support the ratings. While ODL's fleet is small, we believe it is
very well managed, with an overall utilization rate of close to 99%
over the past few years. This, combined with the rigs' high
technological specifications, allows the company to contract the
rigs more often and at higher day rates than peers. This supports
ODL's superior profitability, with EBITDA margins of over 40% on
average. However, we note the own fleet's EBITDA is materially
higher

"Furthermore, the acquired rig does not impact the supply demand
situation in Norway given the unit is already present on the
Norwegian Continental Shelf. We should also see backlog increases
to $2.2 billion (compared to $1.5 billion at the end of
third-quarter 2025), thanks to the $355 million added from new rig
Deepsea Bollsta and the new contract for Deepsea Aberdeen allowing
for strong revenue visibility well into 2027 and beyond. This will
provide the company with ample headroom for capital expenditure
(capex) and some shareholder remuneration. ODL's strong customer
relationships, notably with Equinor, are being strengthened, and
work for Aker BP and other large operators in Norway lead us to
believe the company will continue to have a superior ability to
contract the rigs, even at low points of the cycle."

ODL takes a prudent approach to its balance sheet in the context of
high industry volatility. Despite drilling being a cyclical
industry, ODL is less prone to large EBITDA variations thanks to
its long-term contracts with clients, as well as the harsh
environmental conditions in Norway, which limit the number of rigs
that can work there. The company went through the previous industry
downturn without experiencing a default or distressed exchange. S&P
therefore believes its prudent leverage target of company-defined
net debt to EBITDA of at most 2x at even at the bottom of the cycle
and the absence of dividend payments if debt to EBITDA is above
2.25x supports the rating. The announced transaction will only
temporarily increase leverage, but to a level that is comfortably
within our anticipated range for the rating level.

S&P said, "We expect very high recovery prospects for the new
proposed $650 million senior secured notes. We understand the
company will use the proceeds, together with additional $309
million bank debt and $3 million cash at hand, to fund the
redemption of the existing $310 million senior secured notes due
2028, repay the existing bank facility on Deepsea Nordkapp
amounting to $150 million, repay in full the $15 million RCF
currently outstanding, and finance the acquisition of its new rig
for $480 million from a $250 million bank facility. In our view,
the company's sources of liquidity will be more than enough to
cover its uses because at signing it will have backstop facilities
to fund the acquisition should the proposed bond issuance be
postponed.

"The stable outlook reflects our expectation that ODL will reduce
its leverage after the acquisition of its fifth rig thanks the long
terms nature of its contracts, providing it with the scope to face
headwinds at lower points in the cycle. We believe its fleet of
rigs will continue to achieve above-average utilization and
efficiency rates. We anticipate debt to EBITDA of 2x-3x, which is
commensurate with the 'B+' rating.

"We could lower our rating on ODL if we anticipate weaker credit
metrics, such as debt to EBITDA consistently above 3.0x or funds
from operations to debt below 30%." This could occur if:

-- Weaker commodity prices impair demand for offshore drilling
services, making it more challenging for the company to re-contract
its rigs at favorable day rates; and

-- ODL adopts a more aggressive financial policy on dividends and
capital spending.

S&P views the rating upside as limited in light of ODL's asset and
geographic concentration. Such upside is linked to increased scale
and cash flow generation, with less dependence on individual
assets. The rating upside could also rise if the company's
financial policy targets become much more stringent, for example
with a capital structure that is close to free of net debt such
that debt to EBITDA would be well below 1.5x at all points of the
cycle.

PIERPONT BTL 2024-1: DBRS Confirms BB(high) Rating on X Notes
-------------------------------------------------------------
DBRS Ratings Limited confirmed its AAA (sf) credit rating on the
Class A Notes issued by Pierpont BTL 2024-1 Plc (the Issuer) and
extended the Under Review with Developing Implications (UR-Dev.)
status as follows:

-- Class B Notes UR-Dev. at AA (low) (sf)
-- Class C Notes UR-Dev. at A (sf)
-- Class D Notes UR-Dev. at BBB (high) (sf)
-- Class E Notes UR-Dev. at BBB (low) (sf)
-- Class X Notes UR-Dev. at BB (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal by the legal
final maturity date in September 2061. The credit ratings on the
Class B, Class C, Class D, and Class E Notes address the timely
payment of interest when most senior and the ultimate payment of
principal by the legal final maturity date. The credit rating on
the Class X Notes addresses the ultimate payment of interest and
principal by the legal final maturity date.

The credit ratings on the Class B, Class C, Class D, Class E, and
Class X Notes were placed UR-Dev. following the finalization of the
"Interest Rate and Currency Stresses for Global Structured Finance
Transactions" methodology on 10 September 2025. For further
details, please see https://dbrs.morningstar.com/research/462251.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of August 31, 2025 (corresponding to the September 2025
payment date);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions; and

-- Current available credit enhancement (CE) to the rated notes to
cover the expected losses at their respective credit rating levels
as of the September 2025 payment date.

The transaction is a securitization of first-lien mortgage loans
secured against buy-to-let residential properties located in the
United Kingdom. The mortgage loans were originated by LendInvest
BTL Limited (LendInvest) and MTF (LE) Limited (MTF) (the
Originators), two specialized lenders active in the UK BTL space,
and subsequently purchased by JPMorgan Chase Bank, N.A., London
Branch.
The first optional redemption date on the notes is at the September
2029 payment date and coincides with the step-up of the margins.

PORTFOLIO PERFORMANCE

Delinquencies have been low since closing. As of 31 August 2025,
loans two to three months in arrears and more than three months in
arrears were 0.1% and 0.2% of the outstanding portfolio balance,
respectively. There were no cumulative defaults.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at the B (sf) credit rating level at 2.7% and 17.8%,
respectively.

CREDIT ENHANCEMENT AND RESERVES

CE is provided by the subordination of the junior classes (except
the Class X Notes).

As of the September 2025 payment date, CE increased as follows
since closing:

-- CE to the Class A Notes to 11.5% from 11.2%;
-- CE to the Class B Notes to 4.1% from 4.0%;
-- CE to the Class C Notes to 1.9% from 1.9%;
-- CE to the Class D Notes to 0.8% from 0.8%; and

The liquidity reserve is available to cover senior fees, interest,
swap payments, and principal via the principal deficiency ledgers
(PDLs) on the Class A and Class B Notes. As of the September 2025
payment date, the liquidity reserve was at its target level of
approximately GBP 3.3 million.

As of the September 2025 payment date, all PDLs were clear and
there was no cumulative deferred interest.

Citibank, N.A., London Branch (Citibank London) acts as the account
bank for the transaction. Based on Morningstar DBRS' private credit
rating on Citibank London, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to the account bank to be consistent with the
credit rating assigned to the Class A Notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European
Structured Finance Transactions" methodology.

J.P. Morgan SE acts as the swap counterparty for the transaction.
Morningstar DBRS' private rating on J.P. Morgan SE is consistent
with the first credit rating threshold as described in Morningstar
DBRS' "Legal and Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *