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

                          E U R O P E

          Monday, November 24, 2025, Vol. 26, No. 234

                           Headlines



F R A N C E

BABILOU FAMILY: Moody's Affirms 'B3' CFR, Outlook Remains Stable


G E R M A N Y

TUI CRUISES: Moody's Ups CFR to Ba2 & Senior Unsecured Notes to B1


I R E L A N D

CAIRN CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes


L U X E M B O U R G

GARFUNKELUX HOLDCO 3: Fitch Cuts Sr. Secured Debt Rating to 'C'
VIVION INVESTMENTS: S&P Rates Proposed Euro Hybrid Notes 'B'


S P A I N

EROSKI S. COOP: Moody's Ups CFR to B1, Rates New Sr. Sec. Notes B1


S W E D E N

TELEFONAKTIEBOLAGET LM: Moody's Alters Outlook on Ba1 CFR to Pos.


U N I T E D   K I N G D O M

ALBA 2007-1: Fitch Affirms 'CCCsf' Rating on Class F Notes
ASTON MARTIN: Fitch Lowers LT IDR to 'CCC+'
BOPARAN HOLDINGS: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
CHETWOOD FUNDING 2025-1: Fitch Assigns BB-sf Rating to Cl. X Notes
INEOS GROUP: S&P Alters Outlook to Negative, Affirms 'BB-' ICR

MOLOSSUS BTL 2025-1: Fitch Assigns B-sf Final Rating to Cl. F Debt
OSB GROUP: Moody's Rates Additional Tier 1 Notes 'Ba2(hyb)'

                           - - - - -


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F R A N C E
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BABILOU FAMILY: Moody's Affirms 'B3' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating and the B3-PD probability of default rating of Babilou
Family SAS (Babilou or the company), a France-based international
provider of childcare and early education. Concurrently, Moody's
have affirmed the B3 ratings on the EUR797 million senior secured
first-lien term loan B4 (TLB) due November 2030 and the EUR112
million senior secured multicurrency revolving credit facility
(RCF) due May 2030, both borrowed by Babilou Family SAS. The
outlook remains stable.

"The affirmation of Babilou's B3 ratings reflects the company's
strong recovery in operating performance anticipated for 2025 and
2026, supported by the successful execution of its strategic plan.
It also underscores the improvement in the company's liquidity
profile, driven by the equity injection from its shareholders,"
says Víctor García Capdevila, a Moody's Ratings Vice
President-Senior Analyst and lead analyst for Babilou.

"However, the company remains weakly positioned in the B3 rating
category due to its high Moody's-adjusted gross leverage, weak
interest coverage metrics and negative free cash flow (FCF)
generation," adds Mr. García.

The financial support demonstrated by the company's shareholders is
a governance consideration, captured under the financial strategy
and risk management factor under Moody's General Principles for
Assessing Environmental, Social and Governance Risks methodology.

RATINGS RATIONALE

Moody's anticipates a strong recovery in operating performance in
2025 and 2026. Moody's base case scenario assumes revenue growth of
2.4% in 2025 to EUR936 million and 2.2% in 2026 to EUR956 million
from EUR914 million in 2024. Moody's-adjusted EBITDA is projected
to grow by 12% to EUR185 million in 2025 and by 7% to EUR197
million in 2026 from EUR165 million in 2024. This is largely driven
by Moody's assumptions that the implementation of the strategic
plan of the new management team will continue to be implemented
successfully and the recently announced increase in Prestation de
Service Unique (PSU) rates of 2% for 2025. The key building blocks
of the strategic plan are the following: closer management of
centers, more agile and targeted marketing strategy, strong focus
on cost management, increasing occupancy rates by temporarily
increasing the share of B2C, focus organic growth on the
Netherlands and US and away from France, restructuring of
headquarter functions and a stronger, quicker and more efficient
onboarding process of new employees to mitigate persistently very
high personnel turnover.

However, despite the anticipated improvement in operating
performance, Babilou's key credit metrics are expected to remain
weak, resulting in a continued weak positioning within the B3
rating category. Moody's base case scenario projects
Moody's-adjusted gross leverage to decline to 6.3x in 2025 and 6.2x
in 2026, down from 7.1x in 2024. Interest coverage, measured as
Moody's-adjusted EBITA to interest expense, is forecast to improve
to 0.9x in 2025 and 1.0x in 2026, compared to 0.6x in 2024. Free
cash flow generation is expected to remain negative, at
approximately EUR31 million in 2025 and EUR13 million in 2026,
following a negative EUR35 million in 2024.

Babilou's ratings reflect the structural deficit of childcare seats
in France and the government's initiatives to expand capacity by
35,000 new nursery places by 2027; limited customer concentration;
a favorable regulatory environment in France that provides
extensive tax incentives and subsidies to both corporations and
parents; and Babilou's track record of revenue growth and
increasing international diversification.

However, the ratings are constrained by Babilou's high
Moody's-adjusted gross leverage, weak interest coverage metrics,
and negative free cash flow generation. Additional challenges
include the negative impact of structural staffing shortages. These
shortages result in lower occupancy rates and higher personnel
expenses. Babilou also faces pricing pressures from intensified
competition in the B2B segment. Furthermore the company is exposed
to potential adverse regulatory changes as recently observed in
Germany. There are also execution risks associated with a rapid and
ambitious organic and inorganic growth strategy.

LIQUIDITY

Moody's considers Babilou's liquidity profile to be weak but
sufficient. Babilou's shareholders, led by Antin Infrastructure
Partners, have recently approved a EUR53 million equity injection
to strengthen the company's liquidity position. Moody's base case
assumes a negative free cash flow of EUR31 million in 2025, which
would result in a year-end cash balance of EUR9 million, net of
EUR28 million in overdraft usage. Availability under the committed
EUR112 million RCF is projected at EUR70 million, bringing total
available liquidity to approximately EUR79 million by the end of
2025. Moody's also forecasts a further negative free cash flow of
around EUR13 million in 2026.

The company's RCF and TLB mature in May 2030 and November 2030,
respectively. The RCF includes a springing covenant on consolidated
senior secured net leverage of 9.5x when drawings exceed 40
percent. Moody's expects comfortable buffer under this covenant
over the next 12 to 18 months.

STRUCTURAL CONSIDERATIONS

Babilou's probability of default rating of B3-PD reflects the use
of an expected family recovery rate of 50%, as is consistent with
all first-lien covenant-lite capital structures. The EUR797 million
TLB and the EUR112 million RCF are rated B3, in line with the
company's CFR. All facilities are guaranteed by the company's
material subsidiaries and benefit from a guarantor coverage of not
less than 80% of the group's consolidated EBITDA. The security
package includes shares, bank accounts and intercompany receivables
of significant subsidiaries. The EUR137 million shareholder loan
provided by Antin receives equity credit under Moody's Hybrid
Equity Credit methodology.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects the strong recovery in operating
performance expected in 2025, driven by the successful execution of
the company's strategic plan. It also assumes an adequate liquidity
profile and a gradual improvement in key credit metrics over the
next 12 to 18 months.

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

Upward rating momentum is unlikely in the short term but could
emerge if Babilou's Moody's-adjusted gross leverage falls
significantly below 5.5x. In addition, the company would need to
demonstrate a substantial and sustained improvement in interest
coverage and a consistent ability to generate positive FCF.

The rating could come under pressure if the company's operating
performance deteriorates, resulting in an increase in
Moody's-adjusted gross leverage, weakening interest coverage,
sustained negative FCF, or a significant deterioration in its
liquidity.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Babilou is a leading international provider of childcare and early
education for infants and children under the age of six years, with
more than 56,000 seats and 1,183 centres across 10 different
countries. In 2024, Babilou generated revenue of around EUR914
million and Moody's-adjusted EBITDA of around EUR165 million. The
group is owned by Antin Infrastructure Partners (Antin, 57%), the
founders (20%), TA Associates Management, L.P (16%), RAISE
Investment SAS (5%) and the management team (2%).



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G E R M A N Y
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TUI CRUISES: Moody's Ups CFR to Ba2 & Senior Unsecured Notes to B1
------------------------------------------------------------------
Moody's Ratings has upgraded TUI Cruises GmbH's (TUI Cruises or the
company) long term corporate family rating to Ba2 from Ba3 and
probability of default rating to Ba2-PD from Ba3-PD. Concurrently,
Moody's have upgraded the company's senior unsecured notes ratings
to B1 from B2. The outlook remains stable.

The rating action balances TUI Cruises' continued improvement in
credit metrics with Moody's adjusted leverage expected to remain
around 3.5x over the next 12-18 months against the
capital-intensive nature of the business, alongside the expected
growing shareholder distributions that will limit future
deleveraging and free cash flow generation.

RATINGS RATIONALE

The rating upgrade reflects TUI Cruises' continued strong operating
performance, supported by the favourable demand environment and
ongoing fleet expansion—both of which are expected to drive
earnings growth over the next 12–18 months. As of June 2025, the
company's adjusted EBITDA increased by 43% compared to the first
half of 2024. The growth was driven by additional capacity from
Mein Schiff Relax, which joined the fleet earlier this year, and
Mein Schiff 7, added in 2024, as well as higher occupancy levels
and pricing compared to Moody's expectations.

Looking ahead, strong booking trends and further fleet
growth—particularly with Mein Schiff Flow scheduled to begin
operations in summer 2026—support Moody's forecasts for continued
robust earnings over the next 12–18 months. Consequently, Moody's
expects Moody's-adjusted leverage to decline to approximately 3.2x
in 2025 from 4.2x in 2024, and to remain around 3.5x in 2026,
despite the anticipated ECA loan drawdown in 2026 to finance Mein
Schiff Flow.

While no further fleet additions are expected until 2031 and 2033,
when two new Mein Schiff vessels are planned, shareholder
distributions to joint venture partners are expected to increase.
As a result, although capital spending requirements will
significantly decrease from 2027, Moody's expects the pace of
deleveraging to slow beyond 2026, with limited free cash flow
generation—key constraints to the rating.

Additionally, the rating remains constrained by the seasonal and
capital-intensive nature of the cruise industry, TUI Cruises'
smaller scale and lower diversification relative to larger US
peers, competition from alternative vacation options, and
substantial contracted debt repayments. The significant upfront
investments also pose risks of overcapacity and pricing pressure,
particularly if global cruise demand matures or is impacted by a
cyclical downturn.

TUI Cruises' credit quality continues to be supported by its strong
position and brand recognition in the German-speaking cruise
market, good long-term growth prospects from the favorable
demographics in its core markets, good value proposition versus
land-based vacations, a young and attractive fleet with the ability
to change itineraries, profitable business model and good operating
cash flow conversion.

OUTLOOK

The stable outlook reflects TUI Cruises continued strong operating
performance and Moody's expectations that positive booking trends
and further capacity increase will enable it to maintain Moody's
adjusted leverage around 3.5x over the next 12-18 months.

LIQUIDITY

TUI Cruises' liquidity is good supported by around EUR125 million
cash on balance sheet as of September 2025 and EUR400 million
capacity under its EUR600 million unsecured revolving credit
facility due in 2030. The company is subject to an interest bearing
debt to total assets covenant test of 0.65x and a net leverage
ratio test of 5.75x. Moody's expects the company to maintain
sufficient cushion with its covenants.

While Moody's expects continued strong annual operating cash flow
over the next 12-18 months, Moody's adjusted FCF is expected to
remain negative mainly driven by higher capex investments and
continued dividend payments. Moody's expects TUI Cruises to
partially draw its RCF to support its operations and interim
working capital needs.

STRUCTURAL CONSIDERATIONS

TUI Cruises' senior unsecured notes of EUR350 million due in 2029
and EUR375 million due in 2030 are rated B1, two notches below the
CFR. The difference to the CFR reflects the deeply subordinated
nature of these instruments, with around EUR2.6 billion of debt
ranking contractually ahead of the senior unsecured notes. The
unsecured notes rank junior to the EUR2.6 billion of ECA financing,
which has a first-lien security over a large portion of the fleet.
The EUR600 million revolving credit facility is unsecured and ranks
pari passu with the unsecured notes. Moody's used a family recovery
rate of 50% because of the mix of bank and bond debt in the capital
structure and the presence of a comprehensive financial covenant
package.

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

A ratings upgrade would require an increased scale and a higher
degree of diversification, a Moody's adjusted Debt/EBITDA sustained
below 3.0x, a continued strong EBITA/interest expense ratio while
maintaining a good liquidity profile. An upgrade would also require
a commitment to a more conservative financial policy.

Conversely, negative ratings pressure could develop if Moody's
adjusted Debt/EBITDA approaches 4.0x, EBITA/interest expense falls
below 4.0x, or the company's liquidity profile deteriorates. A more
aggressive financial policy could also put downward pressure on the
ratings.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

TUI Cruises GmbH (TUI Cruises) is a cruising company that operates
a fleet of 13 cruise vessels across two brands: Mein Schiff, a
premium/upper contemporary brand, and Hapag Lloyd Cruises, a luxury
and expedition brand. TUI Cruises sources its passengers from
Germany, Austria and Switzerland, and offers German-speaking crew
on board. TUI Cruises is a joint venture between TUI AG (Ba3
stable) and Royal Caribbean Cruises Ltd. (Baa3 positive).



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I R E L A N D
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CAIRN CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Cairn CLO XI DAC reset final ratings, as
detailed below.

   Entity/Debt         Rating           
   -----------         ------           
Cairn CLO XI DAC

   A-R              LT AAAsf  New Rating
   B-R              LT AAsf   New Rating
   C-R              LT Asf    New Rating
   D-R              LT BBB-sf New Rating
   E-R              LT BB-sf  New Rating
   F-R              LT B-sf   New Rating
   X-R              LT AAAsf  New Rating

Transaction Summary

Cairn CLO XI DAC is a securitisation of mainly senior secured loans
(at least 90%) with a component of senior unsecured, mezzanine and
second-lien loans. Note proceeds have been used to fund a portfolio
with a target par of EUR400 million. The portfolio is actively
managed by Cairn Loan Investments II LLP. The transaction has an
about three-year reinvestment period and a seven-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' category. 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 (WARR) of the identified portfolio is 60%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices effective at closing, corresponding to a seven-year
WAL. Each matrix corresponds to two different fixed-rate asset
limits at 5% and 9%. All matrices are based on a top 10 obligor
concentration limit of 20%. The transaction has a maximum exposure
of 40% to the three largest Fitch-defined industries in the
portfolio, among others. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a three-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.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed 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
passing the overcollateralisation tests and the Fitch 'CCC'
limitation test after reinvestment. Fitch believes these conditions
will reduce the effective risk horizon of the portfolio during
stress periods.

Class F Limited Safety Margin: The class F notes do not pass the
rating default rate (RDR) at 'Bsf' under the indicative portfolio
analysis. They also do not pass at 'B-sf' when tested using the
transaction's minimum and maximum fixed-rate allowances, with a
shortfall of 20bp. However Fitch has assigned 'B-sf' to the notes
because the class F notes under the current fixed-rate
concentration have a positive cushion of 20bp at that rating,
indicating a limited margin of safety.

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 three notches for the class E
notes, two notches each for the class B and C notes, one notch on
the class D notes and to below 'B-sf' for the class F notes. The
class A notes would not be affecte.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B, C
and D notes each have a one-notch rating cushion and the class D
notes have a two-notch cushion, due to the better metrics and
shorter life of the identified portfolio than the Fitch-stressed
portfolio. The class X and 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 three
notches each for the class A to D notes, and to below 'B-sf' for
the class E and F notes.

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

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

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



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

GARFUNKELUX HOLDCO 3: Fitch Cuts Sr. Secured Debt Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Garfunkelux Holdco 2 S.A.'s (Lowell)
Long-Term Issuer Default Rating (IDR) to 'CC' from 'CCC+'. Fitch
has also downgraded Garfunkelux Holdco 3 S.A.'s (GH3) senior
secured debt rating to 'C' from 'CCC+'. The Recovery Rating (RR) on
the senior secured debt is 'RR6'.

Key Rating Drivers

The downgrade reflects the increased risk of further restructuring
of Lowell's outstanding senior secured notes (Opco notes), which
Fitch would classify as a distressed debt exchange (DDE) under its
Non-Bank Financial Institutions Rating Criteria.

This follows Lowell's announcement on 11 November 2025 that it had
secured EUR200 million of new asset-backed financing (ABS),
backstopped by funds managed and advised by Arini Capital
Management, Lowell's largest single creditor. The company also
disclosed that it is working on a broader balance sheet
recapitalisation with a lock-up to be announced by 5 December 2025
and the transaction to be launched by 1 March 2026.

The transaction documentation offers participation to all holders
of the Opco notes in the new ABS facility on a pro rata basis
(EUR45.6 million is currently drawn and EUR153.9 million is
undrawn). The participation serves as a precondition for potential
further exchange of the Opco notes for the ABS notes, subject to
the broader recapitalisation transaction being agreed.

Lowell has already contributed EUR150 million of assets to the ABS
SPV as part of the total EUR543 million needed to achieve the
maximum utilisation of GBP430 million (around EUR485 million).

Increasing Risk of DDE: Fitch views the probability of Lowell
implementing a transaction that Fitch would not classify as a DDE
as low. This is based on Lowell's high leverage (5.3x gross
debt/LTM cash EBITDA, excluding proceeds from asset disposals, at
end-3Q25) and, in Fitch's view, impaired capital market access, as
illustrated by its current bond spreads.

RATING SENSITIVITIES

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

A formal launch of a debt restructuring, which Fitch would classify
as a DDE, would trigger a downgrade of the Long-Term IDR to 'C'.

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

Given Lowell's announcement of the upcoming broader balance sheet
recapitalisation exercise, upside potential for its Long-Term IDR
is limited. Positive rating action would require diminishing risk
of a DDE combined with improved market confidence and sustainable
improvement in leverage and profitability.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The downgrade of the Opco notes' debt rating to 'C'/RR6 reflects
Fitch's reduced recovery expectations following the materially
increased amount of debt ranking senior to the rated notes,
including the new ABS facility and the recent securitisation, which
remains on the balance sheet (Wolf IV).

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The Opco notes' debt rating is sensitive to changes in Lowell's
Long-Term IDR. An improvement in recovery expectations, driven, for
instance, by a reduced layer of more senior debt or an increase in
equity or more junior obligations relative to the Opco notes, could
lead Fitch to narrow the notching between the Opco notes' debt
rating and Lowell's Long-Term IDR. Fitch deems this unlikely given
Lowell's announced balance sheet recapitalisation plans.

ADJUSTMENTS

The 'cc' Standalone Credit Profile (SCP) is below the 'ccc+'
implied SCP due to the following adjustment reason: weakest link -
funding, liquidity and coverage (negative).

The 'b' business profile score is below the 'bbb' implied score due
to the following adjustment reason: business model (negative).

The 'ccc+' earnings and profitability score is below the 'bb'
implied score due to the following adjustment reason: earnings
stability (negative).

The 'cc' funding, liquidity and coverage score is below the 'b'
implied score due to the following adjustment reason: funding
flexibility (negative).

ESG Considerations

Lowell has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security due to the importance of
fair collection practices and consumer interactions and the
regulatory focus on them, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

Lowell has an ESG Relevance Score of '4' for Financial Transparency
due to the significance of internal modelling to portfolio
valuations and to associated metrics such as estimated remaining
collections, which has a negative impact on the credit profile, and
is relevant to the rating[s] 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.

   Entity/Debt                   Rating         Recovery   Prior
   -----------                   ------         --------   -----
Garfunkelux Holdco 2 S.A.   LT IDR CC Downgrade            CCC+

Garfunkelux Holdco 3 S.A.

   senior secured           LT     C  Downgrade   RR6      CCC+

VIVION INVESTMENTS: S&P Rates Proposed Euro Hybrid Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned a 'B' issue rating to Vivion
Investments S.a.r.l's proposed hybrid notes and a 'BB+' rating to
its proposed senior secured notes. S&P understands the company will
use all the proceeds to mainly refinance its existing outstanding
senior secured bond maturing in 2028. S&P understands Vivion
intends to maintain hybrid instruments as a long-term component of
its capital structure and it forecasts a hybrid capitalization rate
of about 7%-8% based on the proposed issuance, which is well below
our threshold of 15%.

S&P said, "We assess the proposed hybrid securities as having
intermediate equity content until the first reset date (at least
5.5 years from issuance), at which time the effective maturity will
fall below 15 years. We understand the instrument will have a first
step-up of 25 basis points (bps) in 5.5 years and a second step-up
of 75 bps 15 years after that, from the date of issuance. We view
the second step-up as material because, in our view, it provides an
incentive for Vivion to redeem the instrument. Therefore, we view
the second step-up date as the instrument's effective maturity date
under our criteria.

"Since we assess the new instrument as having intermediate equity
content, we will allocate 50% of the related payments on the
security as a fixed interest charge and 50% as equivalent to a
common dividend. The 50% treatment of principal and interest also
applies to our adjustment of Vivion's debt."

S&P derives its 'B' issue-level rating on the proposed securities
by notching down from our 'BB' issuer credit rating on Vivion. The
three-notch difference between the issue rating and the issuer
credit rating reflects its notching methodology:

-- A two-notch deduction for subordination because the rating on
Vivion is in the 'BB+ or lower' category; and

-- An additional one-notch deduction to reflect payment
flexibility--the deferral of interest is optional and stands with
the issuer.

Although the proposed hybrid notes are perpetual, they can be
called at any time for tax, accounting, gross-up, rating,
repurchase, or change-of-control events, which S&P views as
external events.

Key factors in our assessment of the instrument's subordination

The proposed securities (and coupons) are intended to constitute
Vivion's direct, unsecured, and subordinated obligations, ranking
senior only to the group's junior obligations, including all
classes of shares.

Key factors in our assessment of the instrument's deferability

Under the terms of the instrument, Vivion has the option to defer
interest payments at its discretion without triggering an event of
default. This means that the group might elect not to pay accrued
interest on an interest payment date because it does not have the
obligation to do so. Such deferral is discretionary and is allowed
indefinitely. However, Vivion would need to settle any outstanding
deferred interest payments if it declares or pays dividends,
redeems or repurchases shares or equal-ranking securities, or pays
interest on equally ranking securities. S&P said, "We don't
anticipate any significant disincentives that would lead Vivion to
defer coupons on its hybrid instruments, and we currently estimate
the likelihood of deferral remains low. However, we could reassess
our view of the equity content of the hybrid should any incentives
or restrictions against deferral materialize, including any
conditions applicable in any stakeholder documentation."

S&P said, "Our 'BB' issuer credit rating, with a negative outlook,
is unchanged. Although we believe that the proposed transaction
could be a positive development, our negative outlook on Vivion
reflects our expectation that the EBITDA interest coverage ratio
might not recover to a level commensurate with our current
rating."

Issue Ratings--Recovery Analysis
Key analytical factors

-- S&P assigned its 'BB+' rating and '2' recovery rating to the
proposed senior secured bond maturing in 2030.

-- Vivion currently has two existing senior secured bonds, rated
'BB+', with a recovery rating of '2'. They have a combined amount
outstanding of EUR1.4 billion, mature in 2028 and 2029, and pay a
6.5% interest rate plus payment-in-kind (PIK) interest. Pro forma
the transaction, S&P expects the total outstanding under the senior
secured outstanding bonds to reduce to about EUR1.1 billion, from
1.4 billion.

-- S&P's ratings reflect the company's robust asset base and the
limited amount of prior-ranking debt.

-- The '2' recovery rating on the secured debt reflects S&P's
expectation of substantial recovery (70%-90%; rounded estimate:
85%) for Vivion's secured lenders in the case of a default.

-- S&P said, "Our recovery rating on the senior secured notes is
capped at '2' to account for the risk that additional debt ranking
at the same or a senior level could be raised on the path to
default. It also reflects the omission from the collateral package
of direct charges over properties, which we regard as real estate
companies' most valuable assets."

-- Bondholders and noteholders benefit from a significant asset
base comprising well-located properties that generate stable
incomes in the U.K. and Germany. The German assets are held by
Golden Capital Partners; for recovery purposes, S&P only gives
credit to Vivion's 51.5% stake in its subsidiary.

-- The bond security mainly consists of share pledges, with 100%
of shares pledged on several subsidiaries, including Vivion Capital
Partners, which holds 51.5% of the shares in Golden Capital
Partners.

-- The note documentation includes limitations on total
indebtedness--a maximum maintenance LTV ratio of 65% and an
incurrence LTV ratio of 60%.

-- S&P's hypothetical default scenario assumes a severe economic
downturn in Germany and the U.K. that puts pressure on rents,
exacerbated by an increase in competition and a material decline in
asset values.

-- S&P values Vivion as a going concern, reflecting its
relationships with hotel operators and its solid German property
portfolio. S&P uses a distressed asset valuation to reflect
Vivion's robust asset base, which is valued at EUR4.1 billion as of
June 30, 2025.

Simulated default assumptions

-- Simulated year of default: 2030
-- Jurisdiction: U.K. and Germany

Simplified waterfall

-- Consolidated net enterprise value at default (after 5%
administrative costs): EUR2.5 billion

-- Priority debt linked to mortgages and the value available to
minorities at Golden Capital Partners: EUR1.0 billion

-- Value available for senior secured claims: EUR1.47 billion

-- Senior secured debt: EUR1.4 billion

    --Recovery expectations: 70%-90%; rounded estimate: 85%, with
the recovery rating at '2'

All debt amounts at default include six months of accrued
prepetition interest and all accrued PIK interest.




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

EROSKI S. COOP: Moody's Ups CFR to B1, Rates New Sr. Sec. Notes B1
------------------------------------------------------------------
Moody's Ratings upgraded to B1 from B2 the corporate family rating
of Eroski, S. Coop. (Eroski or the company). Concurrently Moody's
upgraded to B1-PD from B2-PD the probability of default rating.
Moody's also assigned a B1 rating to proposed EUR500 million backed
senior secured fixed rate notes due 2031 to be issued by Eroski.
The outlook remains stable.

Proceeds from the proposed notes, together with a new EUR370
million senior secured term loan A (TLA) and EUR72 million of the
company's cash will (1) repay existing debt including the EUR500
million backed senior secured notes maturing 2029, EUR173 million
of existing bank loans and EUR209 million subordinated debt, and
(2) pay transaction fees and related costs. The rating on the
existing senior secured notes maturing 2029 will be withdrawn upon
completion of the refinancing.

RATINGS RATIONALE

The upgrade to B1 reflects the track record of solid operating
performance of the company and Eroski's commitment to conservative
financial policies that support a more prudent liquidity management
and deleveraging, with Moody's-adjusted Debt to EBITDA at 3.3x for
the 12 months ended July 31, 2025 and trending towards 3.0x in the
next 12 to 18 months thanks to positive free cash flow directed to
the TLA scheduled amortisation.

Since its initial rating in 2023, the company has exceeded its
budget for three years in a row, despite the 2023 inflation spike
that pressured many European grocers. Eroski has maintained leading
regional market shares through price investment while preserving
EBITDA via cost efficiency and store rationalization. Moody's
expects low single digit revenue growth as Eroski sustains market
share and modestly expands its store footprint in a stable Spanish
grocery market, supported by Moody's estimated real GDP growth of
2.1% in 2026 for Spain, above the Euro area (1.3%).

Governance considerations were a driver of the rating action,
notably Eroski's financial strategy and risk management. Eroski
maintains a publicly stated objective to reduce company-defined net
leverage below 2.0x. Company-defined net leverage is 2.2x pro forma
for the transaction, and Moody's expects a decline below 2.0x
within 12 months, driven by positive free cash flow generation and
modest EBITDA growth.

The company has also repaid around EUR120 million of drawn reverse
factoring lines since the financial year that ended January 31,
2023 (financial 2023), reducing its trade payables balance to a
level that is more conservative than peers. The refinancing is
leverage neutral, it strengthens liquidity with the introduction of
a revolving credit facility (RCF) and simplifies the capital
structure by repaying a portion of Eroski's legacy subordinated
debt well in advance of its maturity.

The amortising debt also evidences prudence and deleveraging
intent. Moody's views the re-leveraging risk via dividend
recapitalisation as very limited as distributions to cooperative
members are discretionary and limited to around EUR10 to EUR15
million per year subject to available funds after TLA amortisation.


Eroski's B1 CFR also reflects the company's leading market share in
Northern Spain; stable revenue and EBITDA from its
non-discretionary grocery products; its high profitability compared
with other grocers, with a Moody's-adjusted EBITDA margin of around
10% in financial 2025; prudent financial policies targeting company
defined net leverage below 2.0x and with constraints to shareholder
distributions under the cooperative structure; and differentiation
via locally sourced products.

However, the company's CFR is constrained by the concentration of
its earnings in certain regions in Northern Spain; limited growth
prospects; its significant minority interests in two fully
consolidated joint ventures, which reduces free cash flow
generation; its only adequate liquidity with cash generation
largely allocated to amortising debt; its small size compared with
competitors such as Carrefour, Mercadona and Lidl, which may limit
pricing power; and its limited ability to raise equity because of
the nature of the cooperative ownership.

Consolidated Moody's-adjusted leverage, which stood at around 3.3x
for the 12 months ended July 31, 2025—both reported and pro forma
for the proposed refinancing—is below many B1-rated grocers.
However, this metric does not reflect the significant minority
interest of 50% in two subsidiaries, Supratuc2020, S.L. (Supratuc)
and Vegonsa Agrupación Alimentaria, S.A. (Vegalsa), which together
account for approximately 49% of the company's consolidated EBITDA.
Excluding minority interests, leverage would be closer to 3.9x.
Moody's-adjusted leverage includes interest-bearing Aportaciones
Financieras Subordinadas Eroski (AFSEs), which pay interest but
have equity-like characteristics and represent only 7% of Eroski's
total debt. Moody's expects leverage to decline slightly toward 3x
over the next 12 to 18 months, primarily driven by the mandatory
amortization of the Term Loan A and low single-digit EBITDA
growth.

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

LIQUIDITY

Eroski's liquidity is adequate. As of July 31,2025 and pro forma
for the proposed refinancing, the company had EUR202 million in
cash as well as access to a new EUR80 million senior secured RCF
fully undrawn at closing and maturing 2030.

Eroski maintains a EUR100 million MARF commercial paper program, of
which EUR37 million was drawn as of July 31, 2025. Moody's
understands that the company expects to draw a maximum of EUR40
million under the MARF.

Eroski faces moderate working capital seasonality throughout the
year, and tends to have working capital inflows in the first half
of the year and outflows in the second half. Moody's expects EUR50
million of annual free cash flow in the next 12-18 months, pro
forma for the proposed refinancing and after dividends to
minorities and cooperative members. However, cash balance will
remain broadly stable as free cash flow will be allocated to
mandatory TLA amortisation. Following the proposed refinancing
transaction, the company will not have any significant maturities
before 2031, apart from the annual amortization of the TLA.

STRUCTURAL CONSIDERATIONS

The proposed EUR500 million senior secured notes are rated B1, in
line with the CFR. The notes, the proposed EUR370 million senior
secured Term Loan A and the EUR80 million RCF rank pari passu and
ahead of the EUR125 million AFSEs. Upstream guarantees cover 51% of
group EBITDA because Supratuc and Vegalsa are not guarantors. The
below average guarantor coverage is partly offset by the
subordination of AFSEs. The B1-PD PDR, aligned with the CFR,
reflects a 50% family recovery as the structure comprises bond and
bank debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that
Moody's-adjusted debt/EBITDA will continue to reduce towards 3.0x
in the next 12-18 months, supported by stable EBITDA and debt
amortisations; interest cover will increase above 2.5x; and the
company will generate positive FCF after paying dividends and
before asset disposals.

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

Upward pressure on the rating could be considered if the company
maintains a track record of delivery on its business plan and
prudent financial policies, reducing Moody's-adjusted Debt to
EBITDA towards 2.5x, increasing Moody's-adjusted FCF/Debt to at
least 5% and improving FCF generation (after dividends and
expansion capex, as per Moody's definitions) to comfortably cover
mandatory debt repayments, further improving liquidity from current
levels.

The ratings could be downgraded if there is any evidence of more
aggressive financial policies, resulting in higher leverage or
weaker liquidity; failure to maintain positive earnings trajectory;
Moody's-adjusted leverage rises above 3.5x; FCF deteriorates such
that it does not cover debt amortisations; or Moody's-adjusted
(EBITDA-capital spending)/interest fails to improve to 2.5x or
above.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in September 2025.

Eroski's B1 rating is two notches below the scorecard-indicated
outcome of Ba2. The difference reflects the presence of significant
minority interests in two large subsidiaries, as well as its only
adequate liquidity with free cash flow covering amortising debt but
with a limited headroom.

COMPANY PROFILE

Founded in 1969 and headquartered in Elorrio, Spain, Eroski is the
fourth largest Spanish grocer with a market share of around 4%. In
2024 the company's revenue amounted to EUR5.3 billion. Eroski
operates as a cooperative organization, owned and managed by
employees and external members (consumers).



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

TELEFONAKTIEBOLAGET LM: Moody's Alters Outlook on Ba1 CFR to Pos.
-----------------------------------------------------------------
Moody's Ratings has changed to positive from stable the outlook of
Telefonaktiebolaget LM Ericsson (Ericsson), a leading global
provider of telecommunications equipment and related services to
mobile and fixed network operators. Concurrently, Moody's have
affirmed the company's Ba1 corporate family rating, its Ba1-PD
probability of default rating, and the Ba1 senior unsecured
long-term debt ratings.

"The outlook change to positive from stable reflects Ericsson's
successful execution of its strategy, reinforcing its technology
leadership in mobile networks," says Ernesto Bisagno, a Moody's
Ratings Vice President – Senior Credit Officer and lead analyst
for Ericsson.

"The positive outlook also indicates the improved credit metrics
thanks to the steady earnings recovery and resilient cash flow
generation" adds Mr. Bisagno.

RATINGS RATIONALE

The outlook change reflects Ericsson's strong operational execution
and the resulting improvement in financial performance. The global
radio access network (RAN) market has been broadly flat in 2025,
with limited growth outside China and normalization of capex in
North America. Against this environment, Ericsson sustained its
leadership in mobile networks, with modest increase in market
shares outside China.

During the first nine months of 2025, Ericsson achieved a
significant improvement in profitability, reflecting its
operational execution and cost discipline, more than offsetting a
modest decline in revenue (or flat at constant currency). Its
operating margin reached its peak level in line with 2021, driven
by structural cost reductions and a favorable business mix.

Over 2026–27, Moody's expects Ericsson's revenue to remain
broadly flat or to decline in the low single digit range,
reflecting subdued growth in the global RAN market. However,
Moody's anticipates profits will outperform revenue, supported by a
favorable product mix and a structurally improved cost base, which
will allow Ericsson to sustain resilient margins despite the
challenging market. Further margin improvements may arise from
reduced losses in the enterprise segment as operational synergies
materialise and recurring revenues scale, particularly from private
5G and API monetization.

Moody's expects the company to sustain strong cash flow generation,
based on the assumption of less material working capital volatility
and disciplined capital spending. However, free cash flow could be
constrained by shareholder distributions, as the company may
announce higher shareholder returns in 2026, reflecting its ample
liquidity position.

Based on that, Moody's expects Ericsson's Moody's adjusted leverage
to remain below 2.0x, while it will maintain a net cash position.

Ericsson's ratings reflect its significant scale and relevance as
the number two wireless telecommunication equipment manufacturer
globally; strong geographical diversification which includes a
rising exposure to the North American market, with sales well
spread across all major regions; positive free cash flow; strong
liquidity.

The ratings are constrained by projected subdued growth of the RAN
market over 2025-30; the cyclicality of the telecom equipment
industry; the company's exposure to intense competition and
technology cycles; and its high investment needs and R&D costs.

LIQUIDITY

The company's liquidity is strong, reflecting its cash and cash
equivalents balance of SEK88.4 billion as of September 2025
(including SEK42.7 billion cash and SEK45.7 billon short-term and
long-term fixed-income investments); a $2.0 billion revolving
credit facility (fully undrawn as of September 2025) maturing in
September 2028 with no financial covenants, and a $500 million
revolving credit facility due May 2027 plus 1 year extension at
lenders discretion. Maturities over the next 12-18 months are
limited and include the EUR750 million bond due in 2027.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook indicates Moody's expectations that the
company will maintain a strong financial profile over the next
12–18 months, supported by resilient operating performance, and
robust cash flow generation. The outlook also incorporates Moody's
views that the company's business model and market position will
continue to provide stability despite the subdued growth in the RAN
market.

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

Upward pressure on the ratings could develop if Ericsson sustains a
strong competitive position and technological leadership, alongside
consistent operating performance, despite subdued growth in the RAN
market. An upgrade would require Ericsson maintaining
Moody's-adjusted operating margin around the mid-teens, generating
robust free cash flow after shareholder distributions, and
maintaining a strong liquidity position alongside a conservative
balance sheet characterised by low leverage and a sizable cash
buffer, providing resilience against potential industry downturns.

Downward pressure on the ratings could arise if operating
performance weakens for a prolonged period or if the company
undertakes significant debt-funded acquisitions, resulting in its
Moody's-adjusted operating margin falling below 8%, debt/EBITDA
rising above 2.5x, both on a sustained basis, and a material
reduction in cash balances; or if free cash flow turns negative and
liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

The Ba1 rating of Ericsson is two notches below the
scorecard-indicated outcome of Baa2, reflecting the cyclicality of
the telecom equipment industry, and the company's exposure to
intense competition and technology risk.

COMPANY PROFILE

With net sales of SEK248 billion and Moody's-adjusted EBITDA of
SEK30.6 billion in December 2024, Ericsson is a leading provider of
telecommunications equipment and related services to telecom
operators globally. Its equipment is used in more than 170
countries, and around 50% of the world's 5G traffic, outside
mainland China, is carried over Ericsson Radio Networks.



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

ALBA 2007-1: Fitch Affirms 'CCCsf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has downgraded Alba 2006-2 Plc's class E notes and
affirmed the rest. Fitch has also affirmed Alba 2007-1 Plc's notes.
All tranches have been removed from Under Criteria Observation.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
ALBA 2007-1 plc

   Class A3 XS0301721832    LT A+sf  Affirmed    A+sf
   Class B XS0301706288     LT A+sf  Affirmed    A+sf
   Class C XS0301707096     LT A+sf  Affirmed    A+sf
   Class D XS0301708060     LT A+sf  Affirmed    A+sf
   Class E XS0301708573     LT A-sf  Affirmed    A-sf
   Class F XS0301708813     LT CCCsf Affirmed    CCCsf

ALBA 2006-2 plc

   Class A3a XS0271529967   LT A+sf  Affirmed    A+sf
   Class A3b XS0272876623   LT A+sf  Affirmed    A+sf
   Class B XS0271530114     LT A+sf  Affirmed    A+sf
   Class C XS0271530544     LT A+sf  Affirmed    A+sf
   Class D XS0271530973     LT A+sf  Affirmed    A+sf
   Class E XS0271531435     LT BBBsf Downgrade   A-sf  
   Class F XS0272877514     LT CCCsf Affirmed    CCCsf

Transaction Summary

The transactions are backed by non-conforming and buy-to-let (BTL)
residential mortgages originated by Money Partners Holding Limited,
Kensington Group plc and Paratus AMC Limited.

KEY RATING DRIVERS

UK RMBS Rating Criteria Updated: The rating actions reflect Fitch's
updated UK RMBS Rating Criteria (see "Fitch Ratings Updates UK RMBS
Rating Criteria", dated 23 May 2025). The main changes include
updated representative pool weighted average foreclosure
frequencies (WAFF), changes to sector selection, revised recovery
rate assumptions and changes to cash flow assumptions.

The non-conforming sector representative 'Bsf' WAFF has undergone
the biggest revision. Newly introduced borrower-level recovery rate
caps are applied to underperforming seasoned collateral, for
owner-occupied and BTL sub-portfolios in this case. Fitch applies
dynamic default distributions and high prepayment rate assumptions
rather than the previous static assumptions. The downgrade of Alba
2006-2 Plc's class E note rating is driven by the borrower-level
recovery rate caps. The Negative Outlook on the class E notes
signaled their lack of resilience to stressed recovery rates.

Insufficient Data Caps Rating: Fitch continues to cap the notes'
ratings at 'A+sf' as the collateral information received is
insufficiently detailed to support high investment-grade ratings,
as outlined in its Global Structured Finance and UK RMBS rating
criteria. Fitch generally applies assumptions when collateral
information is missing. However, a large volume of material
information was not available for both Alba deals and Fitch,
therefore, did not consider the analysis robust enough to support
ratings in the high investment-grade category.

Missing Collateral Information: Fitch has not received complete
loan level data for loans substituted after closing or current
information on certain key parameters of all mortgages in the pool.
For loans submitted after closing, key static data items were
missing, including original loan balance, adverse credit history
and borrower employment status. Fitch did not receive key data
items including annual rental income for BTL loans and the number
of months loans are in arrears.

Fitch used information from closing and assumed zero rental income
for BTL loans. No reduced transaction adjustment was applied due to
missing collateral information, despite both transactions'
three-months plus arrears outperforming its non-conforming index.

Tail Risk Present: The likelihood of performance volatility arising
from tail risks is expected to rise as the deals amortise, due to
the high proportion of owner-occupied interest-only mortgages.
Repayment of these loans depends on borrowers making principal
payments at maturity, and defaults or loan term extensions could
push recoveries beyond the notes' legal final maturity. Servicing
and liquidity facility commitment fees may also account for a
larger share of pool revenues, with the liquidity facilities
non-amortising following an irreversible trigger breach. The class
F notes for Alba 2007-2 are rated below their model-implied rating
to reflect this risk.

Small Arrears Uptick: Arrears are slightly higher for both
transactions since the March 2025 review. One-month plus arrears
for Alba 2006-2 have gone up to 18.3%, from 16.1%, and for Alba
2007-1 have increased to 20.2% from 18.9%. Later stage arrears have
increased, with three-months plus arrears increasing to 11.2% and
12.5% (10.9% and 12.2% in March 2025) for Alba 2006-2 and Alba
2007-1, respectively. However, the count of three-months plus
arrears has remained stable, suggesting some stabilisation in the
build-up of later stage arrears.

BTL Recovery Rate Cap: Both transactions have reported losses that
exceed its expectations based on the indexed value of the
properties in the pool. Fitch has, therefore, applied
borrower-level recovery rate caps to the BTL loans in the deals, 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 notes have non-amortising
reserves and are amortising pro-rata, which will continue until the
notes fall below 10% of their initial balance, unless a performance
trigger is breached. This has led to a gradual increase in credit
enhancement for all notes since the last review and supports the
affirmations.

ESG Factors - Data Transparency and Privacy: The ratings have been
capped at 'A+sf' due to missing key data items, such as annual
rental income, the number of months in arrears and the current
interest rate type of loans.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes.

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

Alba 2006-2:

Class A3a/A3b: 'A+sf'

Class B: 'A+sf'

Class C: 'A+sf'

Class D: 'A-sf'

Class E: 'BB-sf'

Class F: Below 'CCCsf'

Alba 2007-1:

Class A3: 'A+sf'

Class B: 'A+sf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'BBBsf'

Class F: '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 credit enhancement and,
potentially, upgrades.

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

Alba 2006-2:

Class A3a/A3b: 'A+sf'

Class B: 'A+sf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'A+sf'

Class F: 'BB-sf'

Alba 2007-1:

Class A3: 'A+sf'

Class B: 'A+sf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'A+sf'

Class F: 'A+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
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of closing. The subsequent
performance of the transactions over the years is consistent with
its expectations given the operating environment and Fitch is,
therefore, satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

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

ALBA 2006-2 and ALBA 2007-1 have an ESG Relevance Score of '5' for
Data Transparency and Privacy due to lack of or inconsistent data,
which has a negative impact on the credit profile, and is highly
relevant to the rating, resulting in a cap on the maximum
achievable ratings.

ALBA 2006-2 and ALBA 2007-1 have an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy and Data Security due to
a material concentration of interest-only loans, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ALBA 2006-2 and ALBA 2007-1 have an ESG Relevance Score of '4' for
Human Rights, Community Relations, Access and Affordability due to
mortgage pools with limited affordability checks and self-certified
income, 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.

ASTON MARTIN: Fitch Lowers LT IDR to 'CCC+'
-------------------------------------------
Fitch Ratings has downgraded Aston Martin Lagonda Global Holdings
PLC's (AML) Long-Term Issuer Default Rating (IDR) to 'CCC+', from
'B-'. Fitch has also downgraded Aston Martin Capital Holdings
Limited's senior secured rating to 'B-' from 'B'. The Recovery
Rating remains at 'RR3'.

The downgrade reflects deteriorating liquidity due to materially
weaker, negative free cash flow (FCF) in 9M25. Fitch now forecasts
a Fitch-adjusted 2025 FCF shortfall of about GBP400 million, well
below its prior expectations. Fitch expects FCF to remain negative
until 2028, even after capex and opex cuts, and likely improvement
to operating profitability in 2026.

AML depends on external funding to cover FCF shortfalls. Its major
shareholder, Yew Tree Consortium, demonstrated and stated further
commitment to provide support, but this will be tested as Fitch
expects significant cash funding needs in 2026-2027. Additional
debt is a less viable option, as it would further raise the FCF
break-even, given double-digit interest costs on outstanding
notes.

Key Rating Drivers

Deteriorating Liquidity: AML's reported liquidity (available cash
and committed credit lines) declined to about GBP248 million at
end-September 2025, from GBP514 million at end-2024, following
reported negative FCF generation of GBP415 million. This was
despite a capital increase of GBP53 million and GBP106 million
proceeds from the sale of the F1 team stake. Fitch expects FCF to
be close to break-even in 4Q25, but consider the company's
liquidity headroom to be minimal. AML has no undrawn credit lines,
while the reported cash includes advance payments collected for the
newly launched Valhalla model.

Cash Burn Continues: Fitch expects AML's FCF to remain negative
until 2028, versus its prior expectation of a return to positive
FCF in 2027. The revision reflects considerably weaker product
demand, which weighs on volumes and average selling prices. Its
downward revisions to FCF expectations follow a materially
weaker-than-anticipated 2025 FCF trajectory, driven by challenging
markets, product recalls and dealer support measures, despite
reductions in opex and capex.

Shareholder Support Vital: Shareholder support remains vital, given
AML's deteriorating liquidity and continued negative cash flow
generation in its forecasts. The Yew Tree Consortium confirmed in
2025 its support, by subscribing to another capital increase after
the one performed at end-2024. However, support will likely be
tested further as Fitch projects AML will need significant cash
injections over the next three years to meet shortfalls. Further
debt raising may be a less viable option as it would further
pressure leverage and raise the FCF break-even.

Heightened Market Challenges: AML continues to face difficult
market conditions. APAC sales fell 17% year over year in 9M25, with
declines accelerating quarter on quarter in 2025. Excess dealer
inventory persists, requiring AML's support. Key challenges include
intensifying competition, softer luxury demand and new luxury
taxation. AML is working to better align wholesale with retail, but
inventory imbalances remain. In 9M25, vehicle sales in APAC region
were roughly equal to those in the UK.

US Uncertainty: Customer uncertainty has risen in the US - AML's
single largest market by sales in 2024 - following tariff
introductions and despite relative advantage from the US-UK trade
deal versus European peers. AML implemented an additional 3% price
increase, after a June hike, which nearly offset the effect of
tariffs. Unit sales in Americas, after a strong 1Q driven by
pre-buy activity, fell slightly in 2Q and the decline accelerated
in 3Q.

Operating Profitability Revision: Fitch forecasts operating margins
to fall sharply in 2025, with an improvement in 2026 as Fitch
expects AML to benefit from an enriched product mix, driven by the
limited-edition Valhalla, and cost control. However, its forecasts
remain well below its previous expectations. Its rating case, for
2026-2028, forecasts slightly higher EBIT than break-even and
insufficient EBITDA to cover capex and net interest expenses.

Order Book Visibility Remains Low: AML, unlike its leading peers in
the luxury segment, lacks revenue visibility. The order book at
end-September on core model was up to five months, in line with
end-2024, while part of 2026 production and the full 2027
production of the limited-edition Valhalla remain to be sold. AML
is increasing efforts to align production, wholesale and retail
sales, and stimulate demand, but has so far made limited progress,
despite a fully refreshed product line.

Opex and Capex Savings: AML is stepping up its efforts to reduce
opex and rationalise capex in 2025. It plans to reduce adjusted
selling, general and administrative expenses and capex to GBP275
million and GBP350 million respectively, from GBP300 million and
GBP400 million guided at the beginning of the year. It now expects
to save about GBP300 million on capex in five years, by
reprioritising investments and taking advantage of the current
electrification delays. However, the limited-edition Valhalla
represents the only AML hybrid model for the company, while some
peers are already offering several hybrid variants in their core
product line.

Peer Analysis

AML is the car manufacturer with the highest leverage and weakest
FCF generation among Fitch's rated auto original equipment
manufacturers (OEMs). Its leverage and cash generation compare
unfavourably with that of OEMs in the premium and mass market
subsector. Fitch expects FCF generation to progressively improve
but remain negative in 2026-2027 as the company navigates through
weakening luxury goods demand in China and uncertainties posed by
US tariffs.

AML's brand is well recognised within the luxury sector. However,
management's focus on creating product scarcity and desirability
with product specials and variants has so far not translated into
order books and pricing power aligned with that of leading peers in
the industry. In 2025, the company focused on clearing excess
inventory in certain geographies, thereby diluting its pricing
power and margins, while the order book remains well below one year
despite a refreshed new line-up.

AML is also one of the smallest rated auto manufacturers. Its
business is dependent on the manufacturing and sale of a handful of
models, which is similar to McLaren Holding's. This dependence
could drive higher cash flow volatility than that of peers.

Key Assumptions

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

- Revenue CAGR of 2.1% for 2024-2028, led by specials deliveries
with modest core model contribution. Revenue to contract to about
GBP1.3 billion in 2025, on weaker-than-expected demand in China and
the US

- EBITDA margin in the high teens in 2026-2028, driven by higher
gross margins from Valhalla and efforts to rationalise the cost
base

- Net working capital outflows at 1.3% of revenue on average during
2025-2028

- Annual capex averaging about GBP330 million for 2025-2028, in
line with the company's investment rationalisation initiatives

- Significant cash capital injections in 2026-2027 to cover FCF
shortfall

- Restricted cash at about 2.5% of sales

Recovery Analysis

The recovery analysis assumes that AML would be reorganised as a
going concern in bankruptcy rather than liquidated.

- Fitch assumes a 10% administrative claim.

- Fitch ranks the senior secured notes (GBP635 million and USD960
million) and other bank debt as subordinated to the GBP170 million
super senior revolving credit facility and the GBP40 million
factoring facility.

- Fitch uses Fitch-adjusted EBITDA of GBP250 million to reflect its
view of a sustainable, post-reorganisation EBITDA on which Fitch
bases the enterprise valuation.

- Fitch uses a multiple of 4.0x to estimate the going-concern
EBITDA to reflect the company's post-reorganisation enterprise
value. The multiple incorporates AML's brand value and engineering
expertise as a luxury auto manufacturer. The multiple is broadly in
line with that of niche OEM peers, which have solid business
profiles but continued negative FCF generation.

- The recovery computation leads to a ranked recovery for the
senior secured debt of 'RR3', supporting the 'B-' debt rating, one
notch above the IDR.

RATING SENSITIVITIES

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

- Further liquidity deterioration due to also continued negative
FCF generation or lack of shareholder support

- EBITDA leverage above 5.0x for a sustained period

- EBITDA interest coverage consistently below 2x

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

- Break-even FCF generation

- EBITDA leverage sustainably below 4.0x

Liquidity and Debt Structure

AML's liquidity deteriorated in 9M25 on deeply negative FCF
generation. As at end-September 2025, reported readily available
cash declined to GBP247 million, from GBP360 million at end-2024,
despite a GBP160 million drawing under the revolving credit
facility (RCF), GBP53 million capital increase proceeds and GBP106
million inflow from the F1 team stake sale. As a result, liquidity
headroom has greatly diminished, as at the latest reporting date,
after having exhausted its committed credit lines.

The company has demonstrated access to debt and equity markets, but
Yew Tree Consortium support remains key to funding additional cash
shortfalls. Weaker-than-expected results and turnaround delays are
impairing the ability to raise funds without the main shareholder
involvement. Between 2020 and 2024, AML received nearly GBP2
billion of equity injections, including roughly GBP440 million in
2023-2024. Yew Tree also subscribed to an additional capital
increase in 2025.

Issuer Profile

AML is the ultimate holding company of Aston Martin Investment Ltd
and its fully owned subsidiaries, including Aston Martin Lagonda
Group Ltd and Aston Martin Capital Holdings Ltd.

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
   -----------                 ------           --------   -----
Aston Martin Lagonda
Global Holdings PLC      LT IDR CCC+ Downgrade             B-

Aston Martin Capital
Holdings Limited

   senior secured        LT     B-   Downgrade    RR3      B

BOPARAN HOLDINGS: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Boparan Holdings Limited's Long-Term
Issuer Default Rating (IDR) to 'B+, from 'B'. The Outlook is
Stable. Fitch has also upgraded the senior secured rating to 'B+'
from 'B' with a Recovery Rating of 'RR4'.

The upgrade reflects Boparan's stronger financial profile driven by
improved operating performance and robust execution of the business
plan, leading to EBITDA margins stabilising at around 7%. Combined
with the recent debt reduction, this has resulted in EBITDA
leverage well below 4x in FY25 (financial year to July) and
sustained positive free cash flow (FCF) generation. The rating
remains constrained by Boparan's limited scale and low product and
geographic diversification.

The Stable Outlook reflects its expectation of steady EBITDA growth
with EBITDA margins maintained at around 7%, supported by product
premiumisation and cost optimisation measures with reduced
execution risks. Fitch expects this to sustain FCF margins of at
least 1%, combined with contained credit metrics.

Key Rating Drivers

Structural Profitability Improvement: Fitch projects the EBITDA
margin will rise to 6.8% in FY26 from 6.5% in FY25 and remain at
around 7% in the medium term, supported mainly by efficiency
measures, premiumisation and automation across production lines.
Inflation-driven labour cost pressures persist, which may not be
fully covered by price increases, but Fitch notes Boparan's
investments in automation to reduce manual labour, which Fitch
believes will help soften margin pressure.

Positive FCF: The upgrade was mainly driven by its expectation of a
sustained positive FCF generation with an FCF margin of at least
1%. This FCF profile will be supported by increased operating
profitability with steadily expanding EBITDA. This will allow
Boparan to accommodate temporarily higher capex for manufacturing
efficiency in FY26. Total investments are projected to peak at over
3% in FY26, temporarily leading to neutral FCF, before investment
moderates to just over 2% from FY27, resulting in at least 1% FCF
margins.

FCF will also benefit from GBP 90million of deferred tax, providing
room for dividend capacity of around GBP20million -GBP30million a
year from FY27.

Improved Credit Metrics: The upgrade was also driven by Boparan's
improved financial profile as a sustainably increased EBITDA and
debt prepayments have led to meaningfully stronger leverage and
interest coverage metrics. In addition, Fitch notes robust
cash-flow based leverage improvement with (cash from operations
less capex)/debt projected to remain at or above 10% from FY27,
after the capex spike in FY26. This leverage measure demonstrates
Boparan's structurally improved credit risk profile, supporting the
upgrade, despite limited underlying profitability and concentration
risks.

Comfortable Leverage, Deleveraging Capacity: EBITDA growth and debt
repayment led to leverage declining to 3.3x in FY25 from 4.4x in
FY24. Fitch forecasts further leverage reduction to 3.1x in FY26
and below 3x through FY29 supported by organic growth. Fitch
considers this leverage conservative for the rating, supporting the
upgrade despite Boparan's niche scale and limited diversification.
The company has updated its financial policy to target leverage
below 1.5x by FY30 (broadly corresponding to Fitch-calculated
EBITDA gross leverage of 3.0x-3.5x), which Fitch views as a sign of
commitment to a conservative leverage profile.

Scale Constraint, Limited Diversification: Boparan's rating remains
constrained by its niche scale with EBITDA projected to approach
GBP200 million by FY29, while its focus is solely on the UK. The
protein business accounts for nearly 75% of Boparan's revenue, with
poultry the core processed animal protein and the remainder from
the ready meals category. Boparan is exposed to key customer
concentration risk in poultry and ready meals in the UK,
particularly with sales to Marks and Spencer Group plc. However,
Fitch projects the group will increase diversification, especially
in the ready meals segment, through category innovation.

Leading UK Poultry Producer: Boparan has a leading position in the
UK, accounting for nearly one-third of the country's poultry
market. The company maintains meaningful weight in this market and
benefits from established relationships with key customers,
including grocery chains, the food-service channel and
packaged-food producers. It also benefits from an integrated supply
chain through its former joint venture with PD Hook, the UK's
largest supplier of broiler chicks. This adds to the stability of
livestock supply and ensures sufficient processing capacity
utilisation.

Favourable Market Fundamentals: Boparan operates in food categories
with sound fundamental growth prospects. Fitch assumes resilient
low-to-mid single-digit growth in poultry consumption, which is the
fastest-growing protein globally, due to its low cost versus other
proteins, as well as consumer perception that it is a healthier
option than beef and pork. Boparan's large exposure to discount
retailers should support the resilience of its sales volumes during
weaker economic growth.

Peer Analysis

Boparan's credit profile is constrained by the group's modest size,
with EBITDA just above USD200 million, and limited albeit improving
FCF generation, as well as by its mono-focus in the UK. It has
lower profitability than most of its peers, such as Minerva S.A.
(BB/Stable) and Pilgrim's Pride Corporation (BBB-/Stable), which
Fitch believes is due to limited self-sufficiency and some
operating inefficiencies that Boparan is addressing. Its profits
remain under potential pressure from energy, distribution,
packaging and labour cost inflation, which may not be fully covered
if costs increase.

Key Assumptions

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

- Revenue declining by 1.7% in FY26 followed by a growth of
approximately 4.5%-5% annually through FY29

- EBITDA margin increasing gradually to 7.2% by FY29

- Cash pension contribution at GBP32-GBP26 million for FY26-FY29,
as reflected in funds from operations

- Capex to increase to GBP81 million in FY26, reflecting further
investment in the UK poultry business before normalising in the
range of GBP60 to GBP70 million to FY29

- Broadly stable use of factoring over FY26-FY29

- Dividend payments assumed by Fitch at GBP20-GBP30 million a year
from FY27

- No M&A

Recovery Analysis

The recovery analysis assumes that Boparan would be reorganised as
a going concern (GC) in bankruptcy rather than liquidated. Fitch
has assumed a 10% administrative claim.

Boparan's GC EBITDA is estimated at GBP80 million, reflecting its
view of a sustainable, post-reorganisation EBITDA, on which Fitch
bases the enterprise valuation (EV). An EV/EBITDA multiple of 4.5x
is used to calculate a post-reorganisation valuation and reflects a
mid-cycle multiple consistent with the protein business industry
and, particularly, with that of peers with similar market shares
and brands.

Fitch views Boparan's receivables factoring as super senior in the
waterfall, which would not be available to the group during and
post-distress and which Fitch expects would be replaced with
alternative funding. In addition, Fitch assumes the supply-chain
finance provided by Boparan's clients would remain only partly
available during and post-distress, assuming likely sharp reduction
in contract size during financial distress. Fitch assumes the GBP80
million revolving credit facility (RCF) is fully drawn on default.
The waterfall analysis generated a ranked recovery for the GBP390
million SSNs in the 'RR4' Recovery Rating band, ranking after its
GBP80 million committed RCF. This indicates a 'B+'/'RR4' instrument
rating for the senior secured debt, in line with the IDR.

RATING SENSITIVITIES

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

- EBITDA leverage above 4x on a sustained basis

- EBITDA margins below 6% and FCF margins below 1% on a sustained
basis, particularly if combined with an aggressive dividend policy

- EBITDA interest coverage below 3x

- (CFO-capex)/debt sustained at low single digits

- Insufficient liquidity to cover 2029 and 2030 pension payments

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

Fitch does not envisage an upgrade to the 'BB' rating category
unless the group achieves wider scale and broader diversification
supporting EBITDA growth to GBP300 million combined with:

- EBITDA margin maintained above 7% with FCF margins of at least 2%
on a sustained basis

- (CFO-Capex)/debt sustained above 10%

- EBITDA leverage below 3x with comfortable headroom on a sustained
basis

Liquidity and Debt Structure

Fitch forecasts Boparan's available cash balance at around GBP170
million at FYE26. Improving operating performance with minimal
working-capital outflows should support positive FCF despite higher
projected capex.

Boparan will also have access to the fully undrawn GBP80 million
RCF. It has no major debt maturing before 2029, when the GBP390
million senior secured notes come due.

Issuer Profile

Boparan is the UK's leading poultry meat producer, providing around
one-third of all poultry products consumed in the UK. It also
supplies ready meals and bakery products (buns and rolls) to major
UK food retailers including Marks & Spencer.

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
   -----------                    ------        --------   -----
Boparan Holdings Limited    LT IDR B+  Upgrade             B

Boparan Finance plc

   senior secured           LT     B+  Upgrade    RR4      B

CHETWOOD FUNDING 2025-1: Fitch Assigns BB-sf Rating to Cl. X Notes
------------------------------------------------------------------
Fitch Ratings has assigned Chetwood Funding 2025-1 PLC's notes
final ratings, as detailed below.

   Entity/Debt                   Rating              Prior
   -----------                   ------              -----
Chetwood Funding 2025-1 PLC

   Class A1 XS3216965973      LT AAAsf  New Rating   AAA(EXP)sf
   Class A2 XS3216966195      LT AAAsf  New Rating   AAA(EXP)sf
   Class B XS3216966278       LT AAAsf  New Rating   AAA(EXP)sf
   Class C XS3216966351       LT A+sf   New Rating   A+(EXP)sf
   Class D XS3216966435       LT BBB+sf New Rating   BBB+(EXP)sf
   Class E XS3216966518       LT BBsf   New Rating   BB(EXP)sf
   Class X XS3216966609       LT BB-sf  New Rating   BB-(EXP)sf

Transaction Summary

Chetwood Funding 2025-1 PLC is a static pass-through securitisation
of buy-to-let (BTL) mortgage loans originated in England and Wales.
The loans in the pool were mainly originated between 2023 and 2025
by three lenders, Landbay Partners Ltd. (43.5%), LendInvest BTL
Ltd. (34.5%), and Paratus AMC Ltd. under the brand name Foundation
Home Loans (22%).

Chetwood Financial Limited, acting in the capacity of the seller,
is a UK retail savings bank that partners with originators to
provide senior warehouse finance and to acquire assets through
forward flow agreements or whole-loan portfolio purchases.

KEY RATING DRIVERS

Prime BTL Underwriting: The securitised portfolio comprises loans
originated by three prime BTL lenders that operate in the same
market segment and follow broadly similar underwriting standards.
The originators have advanced significant BTL volumes since 2018,
with performance broadly in line with peers'. Fitch has assigned a
transaction adjustment of 1.0x to foreclosure frequency (FF), in
line with other prime BTL lenders.

Low-Seasoned Assets: Over 90% of loans in the provisional mortgage
pool were originated in and after 2024. The pool has a weighted
average (WA) original loan-to-value (OLTV) and a WA current LTV
(CLTV) of 77%, leading to a WA sustainable LTV (sLTV) of 87.2%. The
pool also has a Fitch-calculated WA interest coverage ratio (ICR)
of 98.3%.

Fixed Hedging Schedule: The issuer entered into a swap at closing
to mitigate the interest rate risk arising from the fixed-rate
mortgage loans prior to their reversion date. The swap is based on
a defined schedule assuming no defaults and a 3.5% constant
prepayment rate (CPR) rather than on the balance of fixed-rate
loans in the pool. If loans default or if the CPR is higher than
3.5%, the issuer will be over-hedged. The excess hedging is
beneficial to the issuer in a rising interest-rate environment and
detrimental when interest rates are falling.

Alternative High Prepayment Rates: All loans will pay a fixed
interest rate reverting to a floating rate and are subject to early
repayment charges. The point at which these loans are scheduled to
revert from a fixed rate to the relevant follow-on rate determines
the timing of prepayments. Fitch has therefore applied an
alternative high prepayment stress that tracks the fixed rate
reversion profile of the pool. The prepayment rate applied is
floored at 5% during the periods of low reversion activity and
capped at a maximum of 40% a year.

PIR Constrains Class C Rating: The class C to X notes, unlike class
A1, A2 and B notes, do not have a sufficiently funded liquidity
reserve to mitigate payment interruption risk (PIR) during a period
of payment interruption. The limited availability of the reserve
fund or any other source of liquidity for the class C note
constrains its maximum achievable rating below the model-implied
rating.

RATING SENSITIVITIES

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

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

Fitch found that a 15% increase in the WAFF and a 15% decrease in
the WA recovery rate (RR) would result in downgrades of no more
than one notch on the class B and C notes, two notches on the class
D notes and more than one category on the class X notes. The other
notes' ratings would not be affected.

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 credit enhancement levels
and, potentially, upgrades. Fitch found that decrease in the WAFF
of 15% and an increase in the WARR of 15% would result in an
upgrade of up to two notches for the class D. The class A and B
notes are already rated at the maximum 'AAAsf', and the class C
notes are capped at 'A+sf' by PIR. The class E and X notes' ratings
would not be affected.

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.

INEOS GROUP: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlooks to negative on two
petrochemical companies owned by Ineos Ltd. (the Ineos group),
namely Ineos Group Holdings S.A. (IGH), and Ineos Quattro Holdings
Ltd. (Ineos Quattro). At the same time, the 'BB-' issuer credit
ratings were affirmed.

S&P took the following rating actions:

-- Ineos Group Holdings S.A.—S&P said, "We revised the outlook
to negative from stable and affirmed the 'BB-' long-term issuer
credit rating. At the same time, we revised down our assessment of
the stand-alone credit profile (SACP) to 'b+' from 'bb-',
reflecting our expectation that adjusted debt-to-EBITDA will peak
at over 9.0x in 2025-2026, before reducing to about 6.0x when
Project One starts its operations in 2027. We also affirmed our
'BB-' issue ratings on the group's instruments, with unchanged
recovery ratings."

-- Ineos Quattro Holdings Ltd.—S&P said, "We revised the outlook
to negative from stable and affirmed the 'BB-' long-term issuer
credit rating. At the same time, we revised down the SACP to 'b+'
from 'bb-', reflecting our expectation that EBITDA will stay
broadly flat in 2025, contrasting our previous expectations for
earnings growth and adjusted leverage reduction. We also affirmed
our 'BB-' issue ratings on the group's instruments, with unchanged
recovery ratings."

Ineos Ltd. – Group Credit Profile (GCP)

S&P said, "In our view, weaker than previously anticipated earnings
in 2025 and uncertain recovery in 2026 will translate into higher
financial leverage for Ineos Ltd. compared with our previous
expectations. Weak industry conditions, partly owing to
tariff-induced uncertainty, translated into lower earnings in the
first nine months of 2025. As a result, we revised down our
forecasts for subsidiaries IGH and Ineos Quattro--the larger
petrochemical entities in the group accounting for about 65% of its
EBITDA. Specifically, we now forecast that IGH will generate EBITDA
of EUR1.4 billion-EUR1.5 billion in 2025 (including the negative
impact of earnings from the scheduled turnaround in Lavera and the
costs associated with the start-up of Project One), about 30% lower
than the EUR2.06 billion it generated in 2024 and about 10% lower
than our previous expectation of EUR1.6 billion. For Ineos Quattro,
we estimate adjusted EBITDA to remain broadly flat at EUR800
million in 2025, from EUR774 million in 2024. Partly offsetting
these, we expect Ineos Energy's (not rated) earnings to grow to
over EUR1 billion in 2025, from about EUR660 million in 2024,
thanks to its latest acquisition of oil and gas assets in the U.S.
Gulf from CNOOC in April. Ineos Energy is Ineos' oil and gas
business with operations in the North Sea and the U.S., and
represents the largest contributor in Ineos Ltd.'s EBITDA besides
IGH and Ineos Quattro.

"We expect earnings to recover only modestly in 2026, mainly thanks
to cost-saving and cash-preservation actions by management rather
than a broad-based market recovery. We also factor in the
completion of the turnaround in Lavera (which had a negative impact
on 2025 earnings). Despite somewhat different dynamics across the
companies, most markets are experiencing weak demand and healthy
supply, leading to low operating rates and margins that S&P Global
Ratings expects to persist until at least 2027. This is further
exacerbated by trade tensions in 2025, which increased uncertainty
and resulted in cautious buying behavior from customers,
consequently having a negative impact on demand for petrochemicals.
On the other hand, capacity additions--predominantly in
China--continue to contribute to market oversupply, while many
capacity closures in Europe and Asia--which could partly offset
supply growth and to some extent restore operating rates to more
normal levels--have been moved to 2027 and thereafter.

"For Ineos Ltd. we estimate that EBITDA will decline modestly to
about EUR3.6 billion in 2025 from about EUR3.8 billion in 2024, as
lower earnings from IGH due to a weak market; and Ineos Enterprises
(not rated), due to the disposal of Composites business, more than
offsetting growth for Ineos Energy. At the same time, we forecast
that adjusted debt (which includes our adjustments for net pension
liabilities, leases, and asset retirement obligations such as
decommissioning and restoration costs that are typical for the oil
and gas sector) to grow only marginally at the Ineos Ltd. level, as
higher indebtedness at IGH, Ineos Quattro, and Ineos Energy
(through the drawdown of its reserves based lending and term loan
facilities to fund its latest acquisition of oil and gas assets in
the U.S. Gulf from CNOOC in April) is largely offset by the EUR1.7
billion disposal of Ineos Enterprises' composites business to KPS
Capital Partners LP in March. In 2026, we forecast Ineos Ltd.
EBITDA to grow to over EUR4 billion, thanks to growth across all
entities and the full-year impact of the acquisition of the U.S.
Gulf oil and gas assets.

"As a result, we forecast that adjusted debt to EBITDA for the
wider Ineos group will exceed 6.0x in 2025 (including Project
One-related debt and adjustments for net pension liabilities,
leases, and asset retirement obligations) and recover in 2026
toward 5.5x--a level we view as commensurate with the 'bb-' GCP. We
estimate that the impact of the ring-fenced Project One-related
debt on these metrics of the wider Ineos group will be substantial,
adding about 1.0x of leverage in 2025 and 2026.

"We affirmed the ratings on IGH and Ineos Quattro because we assess
the creditworthiness of the parent, Ineos Ltd., at 'bb-', which is
higher than the SACPs of IGH and Ineos Quattro. We use our group
rating methodology to assess our ratings on IGH, Ineos Quattro, and
their related entities, which means that our ratings on IGH and
Ineos Quattro continue to reflect the creditworthiness of the wider
Ineos group and therefore, the potential for extraordinary support
(or extraordinary negative intervention). Because we view them as a
core members of this group, we equalize our ratings on IGH and
Ineos Quattro with our GCP assessment for the wider Ineos group.
According to our estimates, IGH and Ineos Quattro account for about
90% of adjusted debt, and well-over 90% of reported debt (as
adjustments such as decommissioning and restoration costs represent
the majority of Ineos Energy's adjusted debt), but only about 65%
of total EBITDA. This means that the GCP benefits from the
contribution of entities with lower leverage, such as Ineos Energy,
which has expanded in recent years following acquisitions of
onshore and offshore oil and gas assets in the U.S. (partly funded
by a related-party loan from IGH), and its earnings are now
comparable with those of Ineos Quattro. Ineos Enterprises also has
lower leverage. It has significantly reduced its indebtedness
following the disposal of its composites business to KPS Capital
Partners LP, for about EUR1.7 billion in 2025. We currently assess
the creditworthiness of the parent higher than that of IGH and
Ineos Quattro, which both concentrate a noteworthy portion of the
group's total debt."

Ineos Group Holdings (IGH)

S&P said, "We revised down our assessment of IGH's SACP to reflect
weaker credit metrics in 2025 and 2026. IGH's credit ratios are
sensitive to earnings volatility. Despite our forecast for lower
EBITDA compared with our previous estimates, we expect S&P Global
Ratings-adjusted debt to remain broadly unchanged at about EUR14
billion. This is thanks to cash-preservation measures, including
modestly lower capital expenditure (capex), including Project One,
of about EUR2.1 billion in 2025 and our forecast of a working
capital inflow (versus previous expectations for an outflow) that
somewhat contain the impact of lower earnings on cash generation.
As a result, we expect adjusted debt to EBITDA to peak at over 9.0x
in 2025 and 2026 (including our adjustments for net pension
liabilities and leases, along with the drawn portion of project
financing for Project One), mainly driven by lower EBITDA. This is
above the 4.5x-5.5x threshold we consider commensurate with the
'bb-' SACP. We expect adjusted debt to EBITDA to recover to about
6.0x only in 2027, thanks to the contribution of Project One. As a
result, we view credit metrics as more commensurate with a 'b+'
SACP."

Adjusted debt to EBITDA is high and free operating cash flow (FOCF)
is negative, partly influenced by the debt to fund the construction
of Project One. S&P said, "We estimate that the company would have
generated positive FOCF, even during bottom-of-cycle conditions,
when we exclude the debt-funded portion of project financing from
its capex, almost throughout the construction period. In addition,
if the ring-fenced project financing is excluded, we forecast an
improvement in adjusted leverage by about 2.0x in 2025-2026, all
else being equal."

S&P said, "We forecast IGH's EBITDA will decline to EUR1.4
billion-EUR1.5 billion in 2025--lower than our previous
estimate--and recover only modestly in 2026, as subdued market
conditions persist. The revised forecasts reflect the impact of
weak demand across most end markets, partly attributed to
tariff-induced uncertainty that has led to cautious buying behavior
by Ineos' customers. In the first nine months of 2025, IGH's
adjusted EBITDA declined to about EUR1.1 billion from about EUR1.8
billion over the same period in 2024. We believe that the olefins
and polymers market will remain oversupplied at least until 2027.
While a total of about 4.6 million metric tons per year of European
ethylene capacity was slated to close, we note that some of these
plants were already offline, while others will close as late as
2027, therefore limiting the pace of recovery (for further details,
see "European Petrochemical Producers: Down But Not Out," Sept. 25,
2025) As a result, we forecast only modest EBITDA growth to EUR1.6
billion-EUR1.7 billion in 2026. This will mainly owe to
management's actions to control costs and the completion of the
turnaround of the Lavera cracker, which has had a negative impact
on 2025 earnings, while we anticipate underlying market conditions
will remain broadly unchanged. Our forecast also factors in a
modest increase in Project One-related costs, such as hiring and
training of personnel.

"We expect a step-up in EBITDA from 2027, as Project One begins its
operations and the industry gradually restores its operating
margins. We believe that IGH is well positioned to benefit from an
improvement in supply and demand conditions, which we expect only
in 2028. Our view of its earnings quality remains unchanged, as the
company continues to benefit from a favorable cost position,
particularly considering that its ethane crackers located on the
U.S. Gulf Coast, remain at the low end of the global cost curve,
trailing only Middle Eastern producers, while its ethane cracker in
Rafnes, Norway (and in the near-term, its cracker in Antwerp,
Belgium) sit low in the European cost curve, thanks to imported
ethane's economic advantage relative to naphtha, on which European
petrochemical producers remain largely reliant. Moreover, the
investment in Project One has solid strategic foundations, in our
view. The cracker will benefit from an integrated value chain, with
demand from Ineos downstream operations meaning that the volumes
produced by Project One will--over time--replace ethylene volumes
that Ineos purchases from the merchant market. In addition, Ineos
has developed material knowhow since it has started importing
ethane from the U.S. in 2013 for its U.K. and Norwegian crackers,
with long-term logistics agreements in place, along with
investments in export terminals and associated midstream
operations. Therefore, we estimate that Project One will account
for the majority of adjusted EBITDA growth in 2027 to about EUR2.3
billion. Our forecast considers that Project One will ramp up its
operations during the first half of the year and will reach its
targeted output during second or third quarter 2027. At this stage,
we assume lower earnings from shipping and trading because these
assets will be increasingly utilized to supply IGH's own needs,
including Project One."

  Ineos Group Holdings--Forecast summary

  Period ending     Dec-31-2023     2024    2025    2026    2027   


  (Mil. EUR)          2023a    2024a   2025e   2026f   2027f
  
  EBITDA                   1,692    2,056   1,400-  1,600-  2,300-
                                            1,500   1,700 2,400

  Less: Cash interest paid (943) (1,088) ~(1,050) ~(1,000)~(1,000)

  Less: Cash taxes paid    (226)    (74)    (200)    (200)   (300)

  Funds from operations     523      894  200-300  400-500  ~1,100
      (FFO)
  Cash flow from operations 815    1,190  400-500     ~500  ~1,000
      (CFO)

  Capital expenditure     1,396    1,631   ~2,100   ~1,500    ~700
  (capex); including
  Project One

  Free operating cash      (651)    (565)  ~(1,500)  ~(900)  ~400  

  flow (FOCF); including  
  Project One-related capex

  Dividends                 250        0        0        0    200

  Discretionary
  cash flow (DCF)          (901)    (565)  ~(1,500)  ~(900)  ~200

  Debt (reported);
  including               9,990    12,821  ~15,200 ~15,000 ~14,500
  ring-fenced debt
  
  Plus:
  Lease liabilities debt  1,070     1,030    1,030   1,030   1,030

  Plus: Pension and
  other postretirement debt 587       708      708     708     708

  Less: Accessible cash
  and liquid Investments (1,414) (2,141) ~(2,900) ~(1,600)~(1,400)

  Plus/(less): Other        599       624        0       0       0

  Debt                   10,831    13,042  ~14,000  ~15,100~15,000

  Adjusted ratios     

  Debt/EBITDA (x)           6.4       6.3      9.7     9.2     6.3

  EBITDA interest
  coverage (x)              2.2       2.2      1.4     1.6     2.3

  FOCF/debt (%)            (6.0)     (4.3)   (10.9)   (5.8)    2.7

  EBITDA margin (%)        11.4      12.7      9.7    11.3    12.7

All figures are adjusted by S&P Global Ratings, unless stated as
reported.
a--Actual.
e--Estimate.
f--Forecast.
€--Euro.
~Approximately.

Outlook

The negative outlook indicates that credit metrics at the wider
Ineos group have weakened due to subdued demand affecting
profitability; and organic and inorganic investments resulting in
higher debt levels.

S&P said, "In our base case, we expect that the challenging
macroeconomic environment will continue to depress demand for
cyclical commodity chemicals, and that oversupply conditions will
persist in the remainder of 2025 and in 2026, due to new industry
capacity and subdued demand. Accordingly, we forecast IGH's S&P
Global Ratings-adjusted EBITDA will decline to EUR1.4
billion-EUR1.5 billion in 2025 from EUR2.06 billion in 2024,
leading to adjusted leverage of over 9.0x (including project
financing for Project One)."

Downside scenario.

S&P said, "We could lower our rating on IGH if the creditworthiness
of the wider Ineos group does not improve over the next 12 months,
or if its liquidity deteriorates. This could occur if we did not
see a recovery in profits and credit metrics at the larger entities
(including IGH, Ineos Quattro and Ineos Energy) in 2026 so that
adjusted debt to EBITDA for the wider Ineos group does not reduce
toward 5.5x; or if the group does not proactively address any
upcoming debt maturities, notably Ineos Quattro's January 2027
maturities, resulting in weaker liquidity for the parent."

Upside scenario

S&P could revise its outlook to stable if its view of the credit
quality of the wider Ineos group improves, while proactively
addressing any upcoming debt maturities. This would be the case if
cost reduction measures, along with a modest recovery across the
market segments of the wider Ineos group leads to adjusted debt to
EBITDA reducing to toward 5.5x in 2026.

MACROBUTTON EMPTY733|24 Liquidity

S&P said, "We view IGH's liquidity as strong because we forecast
liquidity sources will exceed uses by over 1.5x in the 12 months
from Oct. 1, 2025, and by over 1.0x in the subsequent 12 months. In
our view, management is committed to maintaining strong liquidity,
and we note the absence of maintenance covenants and an undemanding
maturity profile. In terms of capex, we include both maintenance
and the equity-funded portion of growth capex as part of our
analysis, as the company has secured the funding for Project One
through committed project financing."

IGH's principal liquidity sources as of Oct. 1, 2025, include:

-- About EUR2.6 billion of unrestricted cash;

-- S&P's estimate of cash funds from operations (FFO) of EUR400
million-EUR500 million in the next 12 months, and EUR900
million-EUR1.0 billion in the subsequent 12 months;

-- A working capital inflow of about EUR30 million in the next 12
months.

S&P expects liquidity uses during the same period to include:

-- About EUR600 million of current interest-bearing debt (mainly
the Rain facility due in June 2026) in the next 12 months, and
about EUR500 million of debt maturities and scheduled amortization
in the subsequent 12 months;

-- EUR800 million-EUR900 million of capex in the next 12 months
and up to EUR700 million in the subsequent 12 months (excluding
debt-funded capex for Project One);

-- Seasonal working capital outflows of up to EUR25 million in the
next 12 months and potential working capital outflows of about
EUR150 million in the subsequent 12 months.

  Ratings Score Snapshot

  Issuer Credit Rating            BB-/Negative/--
  Business risk:                  Satisfactory
  Country risk                    Very Low
  Industry risk                   Moderately high
  Competitive position            Satisfactory
  Financial risk:                 Highly Leveraged
  Cash flow/leverage              Highly Leveraged
  Anchor                          b+

  Modifiers:

  Diversification/Portfolio effect   Neutral (no impact)
  Capital structure                  Neutral (no impact)
  Financial policy                   Neutral (no impact)
  Liquidity                          Strong (+1 notch)
  Management and governance          Moderately Negative
                                     (no impact)
  Comparable rating analysis         Negative (-1 notch)
  Stand-alone credit profile:        b+
  Group credit profile               bb-
  Entity status within group         Core

Ineos Quattro Holdings (Ineos Quattro)

S&P said, "We have revised down our view of Ineos Quattro's SACP to
'b+' from 'bb-' to reflect weaker credit metrics in 2025 and 2026
compared with our previous base case. In our updated base case, we
expect Quattro's adjusted debt to EBITDA to stay at around 8x in
2025 and around 7.0x in 2026, which well exceeds our rating
downgrade trigger of 6.0x. In the first nine months of 2025,
Quattro's reported EBITDA decreased by 15.4 % year on year to
EUR640 million, which translated into net reported debt to EBITDA
of 6.9x over around EUR7.5 billion or reported debt (mostly senior
term loans and notes) including around EUR313 million of finance
leases (as of Sept. 30, 2025). This was despite several
cost-efficiency measures, including fixed-cost reductions and a
hiring freeze. Ineos Quattro implemented cash-preservation
measures, including capex reduction, some plant closures, site
reconfigurations, and non-core asset disposals. Supported by a
positive working capital inflow in the third quarter of EUR160
million, more than offsetting the negative working capital outflow
of EUR97 million in the first two quarters of 2025, this allowed
Ineos Quattro to maintain positive operating cash flows (on the
reported basis) of EUR375 million in the first nine months of 2025.
However, these were almost fully absorbed by interest payments
(EUR354 million over the same period), hindering deleveraging. We
expect a continuing pressure on Ineos Quattro's EBITDA in 2026,
given the weak market conditions, and we believe that the
deleveraging path will be longer than our earlier expectations,
with potential improvement visible only in 2028 or thereafter.

"Our liquidity assessment for Quattro is currently supported by
availability of around EUR1.8 billion of cash as of Sept. 30, 2025,
but we note around EUR1 billion of debt maturities due in January
2027. We understand that management intends to refinance via the
capital markets in the next few months, in which it has a solid
track record. That being said, the protracted downside in the
industry may result in weaker investor sentiment. Ineos Quattro
also displayed negative discretionary cash flow in the first six
months of the year (negative EUR155 million), which highlights the
risk of its depleting cash balance absent market improvement. To
sustain the rating, we believe Ineos Quattro's management will need
to approach the capital markets for refinancing not later than
early 2026. Additionally, we factor in that the cash balance at the
level of the group is around EUR2.8 billion. We assume that the
group will be able and willing to step in if Ineos Quattro is not
able to access the capital markets or redeem maturities from its
own available cash (although this is not our base case), which
allows us to equalize the issuer credit rating on Ineos Quattro
with the GCP ('bb-'). We might revise our approach if we believe
that group support has weakened."

  Ineos Quattro--Forecast summary

  Period
  Ending      Dec-31-2023     2024     2025    2026     2027

(Mil. EUR)         2023a     2024a    2025e   2026f    2027f

  EBITDA            903       774     750-800 900-950 1,050-1,100

  Funds from
  operations (FFO)  264       56       150-200 300-350  550-600

  Capital
  expenditure
  (capex)           611       318      200     250       300

  Dividends         524       0        0       0         500

  Debt              5,937     5,983    6,300-  6,300-    6,700-
                                       6,400   6,400     6,800
  Adjusted ratios
  Debt/EBITDA (x)   6.6       7.7      About   About     6.0-6.5
                                       8.0     7.0
  EBITDA interest
  coverage (x)      2.0       1.2      1.2     1.4       1.8

  FOCF/debt (%)     0.6       (0.7)    0-1.0   0.5-1.5   3.0-4.0

  EBITDA margin (%) 7.3       6.1      About   About     8.0-8.5
                                       6.0     7.0

All figures are adjusted by S&P Global Ratings, unless stated as
reported.

a--Actual.
e--Estimate.
f--Forecast.
EUR--Euro.

Liquidity

S&P said, "We continue to view Ineos Quattro's liquidity as
adequate because we expect that its liquidity sources will exceed
uses by more than 6.0x over the 12 months started Oct. 1, 2025. We
cap our liquidity assessment at adequate, because we believe that
Ineos Quattro does not have a track record of maintaining strong
liquidity through adverse cycle conditions. Our assessment assumes
that debts will be refinanced sufficiently in advance of
maturities."

Ineos Quattro's principal liquidity sources as of Oct. 1, 2025, for
the following 12 months include:

-- About EUR1.8 billion of unrestricted cash; and

-- S&P estimates of cash FFO of around EUR240 million.

S&P expects liquidity uses during the same period to include:

-- Minimal debt maturities of about EUR25 million in the next 12
months, and about EUR1 billion of debt amortization in the
subsequent 12-24 months, which S&P expects will be refinanced by
early 2026;

-- Moderate working capital outflows of up to 40 million; and

-- About EUR240 million of capex.

Outlook

The negative outlook indicates that credit metrics at the wider
Ineos group have weakened due to subdued demand affecting
profitability; and organic and inorganic investments resulting in
higher debt levels.

S&P said, "In our base case, we expect that the challenging
macroeconomic environment will continue to depress demand for
cyclical commodity chemicals, and that oversupply conditions will
persist in the remainder of 2025 and in 2026, due to new industry
capacity and subdued demand. Accordingly, we forecast Ineos
Quattro's S&P Global Ratings-adjusted EBITDA will decline to about
EUR800 million in 2025, broadly unchanged compared with 2024, and
will recovery only insignificantly to around EUR900 million in
2026, leading to adjusted leverage of 7x-8x."

Downside scenario

S&P said, "We could lower our rating on Ineos Quattro if the
creditworthiness of the wider Ineos group does not improve over the
next 12 months, or if its liquidity deteriorates. This could occur
if we did not see a recovery in profits and credit metrics at the
larger entities (including IGH, Ineos Quattro, and Ineos Energy) in
2026 so that adjusted debt to EBITDA for the wider Ineos group does
not reduce toward 5.5x; or if the group does not proactively
address any upcoming debt maturities, notably Ineos Quattro's
January 2027 maturities, resulting in weaker liquidity."

Upside scenario

S&P said, "We could revise our outlook to stable if our view of the
credit quality of the wider Ineos group improves, while it
proactively addresses any upcoming debt maturities. This would be
the case if cost reduction measures, along with a modest recovery
across the market segments of the wider Ineos group leads to
adjusted debt to EBITDA reducing to toward 5.5x in 2026."

  Ratings Score Snapshot

  Issuer Credit Rating        BB-/Negative/--
  Business risk:              Satisfactory
  Country risk                Very Low
  Industry risk               Moderately high
  Competitive position        Satisfactory
  Financial risk:             Highly Leveraged
  Cash flow/leverage          Highly Leveraged
  Anchor                      b+

  Modifiers:

  Diversification/Portfolio effect   Neutral (no impact)
  Capital structure                  Neutral (no impact)
  Financial policy                   Neutral (no impact)
  Liquidity                          Adequate (no impact)
  Management and governance          Moderately Negative
                                     (no impact)
  Comparable rating analysis         Neutral (no impact)
  Stand-alone credit profile:        b+
  Group credit profile               bb-
  Entity status within group         Core

MOLOSSUS BTL 2025-1: Fitch Assigns B-sf Final Rating to Cl. F Debt
------------------------------------------------------------------
Fitch Ratings has assigned Molossus BTL 2025-1 PLC (Molo 2025-1)
final ratings, as detailed below.

   Entity/Debt          Rating              Prior
   -----------          ------              -----
Molossus BTL
2025-1 PLC

   A XS3170342029    LT AAAsf  New Rating   AAA(EXP)sf
   B XS3170342706    LT AAsf   New Rating   AA(EXP)sf
   C XS3170342888    LT Asf    New Rating   A-(EXP)sf
   D XS3170343001    LT BBBsf  New Rating   BBB-(EXP)sf
   E XS3170343183    LT BB-sf  New Rating   B+(EXP)sf
   F XS3170343266    LT B-sf   New Rating   B-(EXP)sf
   G XS3170343340    LT NRsf   New Rating   NR(EXP)sf
   Z XS3170344074    LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Molo 2025-1 is a securitisation of buy-to-let (BTL) mortgages
originated in England and Wales by ColCap Financial UK Limited
(ColCap). ColCap is a wholly owned subsidiary of ColCap Financial
Limited, an Australian non-bank mortgage lender.

KEY RATING DRIVERS

Limited Performance Data: The loans within the pool have similar
characteristics to standard UK BTL mortgages. However, ColCap UK
only started originating BTL mortgages in 2019, under the brand
Molo Finance, and did not have material origination volumes until
2021. The limited history of origination and subsequent performance
data are sufficiently mitigated through the available proxy data
and adjustments made to the foreclosure frequency (FF) in Fitch's
analysis.

Assets with Low Seasoning: Loans originated in and after 2024
constitute 95.8% of the underlying pool. The pool has a weighted
average (WA) original loan-to-value ratio (LTV) of 72.7% and a WA
current LTV of 72.6%, leading to a WA sustainable LTV of 80.9%. The
pool has a Fitch-calculated WA interest coverage ratio of 115.8%.

Prefunding Mechanism: The transaction includes a prefunding reserve
where funds raised surplus to requirements are set aside. These
funds may be used to purchase further loans to add to the asset
pool before the first interest payment date. There are no portfolio
limits. However, the additional loan criteria require that loans
are only sourced from the seller's pipeline as at 31 August 2025.
The stratification of loans in the pipeline are not materially
different from the pool, so Fitch does not expect any change in the
pool's credit profile.

Product Switches Drive Excess Spread: The current WA interest rate
is 5.2%, but the level of excess spread will be reduced by the
ability of the transaction to retain product switches. Up to 5% of
the original balance of the pool (including prefunded loans) can be
retained after a product switch. The minimum interest rate of
product switches is at a level that produces a post-swap margin of
1.4%.

The point at which these loans are scheduled to revert from a fixed
rate to the variable rate will likely determine when prepayments
will occur. Fitch has therefore applied an alternative high
prepayment stress that tracks the fixed-rate reversion profile
(including retained product switches) of the pool. The prepayment
rate applied is floored at 5% during periods of no reversion and
capped at a maximum 40% a year during peaks of reversions.

Fixed Hedging Schedule: At closing, the issuer entered a swap
agreement to mitigate the interest rate risk arising from the
fixed-rate mortgage loans before their reversion date. The swap
will follow a pre-defined schedule rather than on the balance of
fixed-rate loans. If the loans prepay or default, the issuer will
be over-hedged. The excess hedging is beneficial to the issuer in a
rising interest-rate environment and detrimental in decreasing
interest rate scenarios. For product switch loans, the issuer will
enter into a product switch interest rate swap or make a product
switch interest rate swap adjustment, maintaining a minimum
post-swap yield of 1.4% on the product switch loans.

Guarantee for Unrated Swap Provider: MUFG Securities EMEA Plc, one
of the swap providers, is unrated. A deed poll guarantee is
provided by MUFG Bank, Ltd, a Fitch-rated entity incorporated in
Japan and eligible to provide credit support. Fitch has received a
legal opinion confirming that the guarantee, as supplemented and
amended by the deeds of supplement and amendment, constitutes
legal, valid, binding and enforceable obligations under English
law.

However, no sufficient legal assurance has been provided for the
enforceability of the guarantee as supplemented and amended under
Japanese law. Fitch has assessed a scenario without the MUFG
Securities EMEA Plc hedging and found that the notes' ratings would
not be lower than the assigned ratings, despite the transaction
being partly unhedged in this scenario.

Final Ratings Above Expected Ratings: The final ratings on the
class C, D and E notes are one notch higher than their expected
ratings. This is due to the notes' final margins being lower than
those provided to Fitch for the expected ratings analysis,
resulting in higher available excess spread.

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 credit enhancement 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 WA foreclosure frequency
(FF) and 15% decrease of the WA recovery rate (RR) would imply the
following:

Class A: 'AAAsf'

Class B: 'A+sf'

Class C: 'BBB+sf'

Class D: 'BB+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 credit enhancement 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: 'BBB-sf'

Class F: 'B-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 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.

OSB GROUP: Moody's Rates Additional Tier 1 Notes 'Ba2(hyb)'
-----------------------------------------------------------
Moody's Ratings has assigned a Ba2 (hyb) preferred stock
non-cumulative rating to OSB GROUP PLC's (OSBG or the group)
Additional Tier 1 (AT1) notes.

All other existing ratings of OSBG and OneSavings Bank plc (OSB or
the bank) and stable outlooks remain unaffected by this rating
action.

RATINGS RATIONALE

The Ba2 (hyb) rating assigned to OSBG's AT1 notes reflect the
bank's Adjusted Baseline Credit Assessment (BCA) of baa2 and the
results of Moody's Advanced Loss Given Failure (LGF) analysis,
which indicate that the AT1 instruments are likely to face
extremely high loss-given-failure, reflecting their deep
subordination and fully discretionary coupon features. These
considerations result in the ratings that are positioned three
notches below the Adjusted BCA.

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

Moody's could upgrade OSBG's preferred stock non-cumulative rating
if the bank's BCA is upgraded. The BCA could be upgraded if OSBG
demonstrates a material improvement in asset quality and a
sustained strengthening of profitability, without a meaningful
increase in the risk profile of its loan portfolio.

Moody's could downgrade OSBG's preferred stock non-cumulative
rating if the bank's BCA is downgraded. The BCA could be downgraded
if OSBG's asset quality materially weakens, if it is unable to
maintain its market position in buy-to-let lending, leading to
reduced profitability, or if its capitalisation declines beyond its
target levels. The BCA downgrade could also occur if the group's
liquidity deteriorates meaningfully or if the stability of its
funding profile weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2025.

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


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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