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

                          E U R O P E

          Wednesday, December 10, 2025, Vol. 26, No. 246

                           Headlines



A Z E R B A I J A N

AZERBAIJAN: S&P Affirms Then Withdraws 'BB+/B' SCRs, Pos. Outlook


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

RAIFFEISEN BANK: Moody's Affirms 'B1' Long Term Deposit Rating


I R E L A N D

BAIN CAPITAL 2018-2: Moody's Affirms B3 Rating on EUR11.6MM F Notes
CARYSFORT PARK CLO: Moody's Affirms B3 Rating on EUR12MM E Notes
CONTEGO CLO XII: S&P Assigns B- (sf) Rating to Class F-R Notes
CVC CORDATUS XVII: Moody's Affirms B3 Rating on EUR16.2MM F Notes
ELM PARK: S&P Assigns Prelim. B- (sf) Rating to Class F-R Notes

MARGAY CLO IV: S&P Assigns B- (sf) Rating to Class F Notes


L U X E M B O U R G

ALTICE INTERNATIONAL: S&P Lowers ICR to 'CCC', Outlook Negative


N E T H E R L A N D S

YOUR.WORLD BV: S&P Alters Outlook to Negative, Affirms 'B' LT ICR


R U S S I A

NAVOIYURAN: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
UZPROMSTROYBANK JSCB: S&P Affirms 'BB-/B' ICRs, Outlook Stable


S P A I N

CAIXABANK RMBS 2: Moody's Ups Rating on EUR272MM Cl. B Notes to B2
EDREAMS ODIGEO: S&P Downgrades ICR to 'B', Outlook Negative
TDA IBERCAJA 5: Moody's Ups Rating on EUR4.8MM Cl. D Notes from Ba1
ZEGONA HOLDCO: Moody's Hikes CFR to Ba2, Alters Outlook to Stable


U N I T E D   K I N G D O M

10 DENHAM STREET PROPERTY: RSM UK Appointed as Joint Administrators
10 DENHAM STREET: RSM UK Appointed as Joint Administrators
11 POPES LANE LLP: RSM UK Appointed as Administrators
11 POPES LANE: RSM UK Appointed as Administrators
ASDA (BELLIS FINCO): S&P Downgrades LT ICR to 'B', Outlook Stable

BLUESTAR PRODUCTS: Leonard Curtis Appointed as Joint Administrators
EVOKE PLC: S&P Affirms 'B-' Notes Rating, Alters Outlook to Neg.
GALAXY FINCO: Moody's Puts 'B2' CFR on Review for Upgrade
INFINITY BIDCO: S&P Affirms 'B' LT ICR, Outlook Negative
MERAKI RESTAURANTS: Begbies Traynor Appointed as Administrators

NATIONAL TIMBER: Alvarez & Marsal Appointed as Joint Administrators
PETRA DIAMONDS: S&P Downgrades ICR to 'SD' on Distressed Exchange
POWERVAULT LTD: Menzies LLP Appointed as Administrators
SDM FABRICATION: FRP Advisory Appointed as Administrators
SILVEN RECRUITMENT: FTS Recovery Appointed as Joint Administrators

TORO PRIVATE: S&P Assigns 'CCC+' ICR, Outlook Stable

                           - - - - -


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A Z E R B A I J A N
===================

AZERBAIJAN: S&P Affirms Then Withdraws 'BB+/B' SCRs, Pos. Outlook
-----------------------------------------------------------------
On Dec. 5, 2025, S&P Global Ratings revised its outlook on
Azerbaijan to positive from stable. At the same time, S&P affirmed
its 'BB+/B' long- and short-term foreign and local currency
sovereign credit ratings on Azerbaijan. S&P subsequently withdrew
the ratings at the issuer's request.

Outlook

S&P said, "At the time of the withdrawal, the positive outlook
reflected our view that tensions between Azerbaijan and Armenia
have eased, with a sustained de-escalation, progress toward a peace
agreement, and planned defense-spending cuts in both countries'
2026 budgets. These developments lower conflict-related tail risks
and, if sustained, could strengthen investor confidence and support
medium-term growth through improved regional connectivity.
Azerbaijan also continues to maintain exceptional fiscal and
external buffers, anchored by substantial assets managed by the
sovereign wealth fund, the State Oil Fund of the Republic of
Azerbaijan (SOFAZ), a persistent net general government asset
position, and low public debt, which provide significant
shock-absorption capacity."

Downside scenario

S&P's view at the time of withdrawal was that it could revise the
outlook back to stable if Azerbaijan's fiscal balances materially
weakened. This could occur, for example, if oil production declines
more rapidly than expected as mature fields deplete, leading to
lower hydrocarbon revenue and wider budget deficits.

Upside scenario

S&P considered that it could raise the ratings if Azerbaijan
sustains strong fiscal and external surpluses and if the
normalization process with Armenia advances in a lasting and
credible manner.

Rationale

In S&P's view, Azerbaijan's credit fundamentals will strengthen
over the medium term, supported by meaningful progress in the peace
process with Armenia and the continued preservation of exceptional
fiscal and external buffers. The Aug. 8, 2025, U.S.-brokered joint
declaration committed Azerbaijan and Armenia to mutual recognition,
the renunciation of territorial claims, accelerated border
delimitation, and the reopening of regional transport routes,
marking the most constructive phase in relations for decades.
Although not yet a formal peace treaty, implementation has already
begun to yield tangible outcomes. In November 2025, a train
carrying around 1,000 tons of Kazakh wheat transited through
Azerbaijan to Armenia for the first time in more than 30 years,
indicating a gradual normalization of regional economic
connectivity. Both governments also plan to reduce defense spending
in their 2026 budgets, signaling increased confidence in the
de-escalation process. If sustained, these developments could
support confidence, improve the investment environment, and raise
medium-term growth potential through deeper trade and transport
integration across the South Caucasus.

At the same time, Azerbaijan maintains one of the strongest
sovereign balance sheets among its rated peers. Large assets
managed by SOFAZ, a persistent net general government asset
position, and low public debt provide significant shock-absorption
capacity and help shield the economy from hydrocarbon price
volatility. These buffers underpin macroeconomic stability even as
growth remains modest due to maturing oil fields and plateauing gas
production.

Institutional and economic profile: Meaningful de-escalation has
been achieved, yet the formal peace framework remains incomplete

The peace process has improved markedly, with the 2025 declaration
lowering near-term conflict risks and both governments signaling
confidence by cutting defense spending in their 2026 budgets.

Hydrocarbon output remains on a declining trajectory, with falling
oil production and flat gas volumes limiting growth prospects,
despite moderate non-oil expansion.

Long-term economic prospects remain subdued, with limited
diversification and maturing oil fields constraining medium-term
growth even under stable political and external conditions.

The peace process between Armenia and Azerbaijan has entered its
most constructive phase in decades, but the transition from a
high-level political declaration to a comprehensive, legally
grounded settlement remains incomplete. The August 2025
U.S.-brokered declaration delivered a decisive breakthrough by
committing both sides to mutual recognition and accelerated border
delimitation and the reopening of regional transport routes. Yet,
because the agreement is not legally binding, core institutional
components (such as security guarantees, monitoring arrangements,
and provisions for former Karabakh Armenians) have not been
codified, limiting its durability.

Implementation since the declaration has moved slowly. The most
politically sensitive barrier to a full treaty remains Azerbaijan's
expectation that Armenia will amend its constitution to remove
language implying potential claims on Karabakh, a change that faces
significant domestic resistance in Yerevan. The earlier dispute
over an extraterritorial corridor to Nakhchivan has been settled
politically, with both sides accepting that all new routes will
operate fully under host-state sovereignty. However, the detailed
design of security protocols, customs procedures, and
infrastructure sequencing still needs to be agreed.

The risk of a return to large-scale conflict has declined
significantly, but the absence of a formal peace treaty means the
process depends heavily on continued political will and progress in
technical negotiations. Without mutually acceptable security and
operational arrangements, the current phase of stability could
prove vulnerable to domestic or regional shocks. Notably, both
governments plan to reduce defense spending in their 2026 budgets,
a shift that further signals reduced near-term military tensions
and confidence in the political trajectory of the peace process.

S&P said, "We consider Azerbaijan's broader institutional settings
to be comparatively weak relative to peers at the 'BB+' rating
level, despite prudent fiscal policies that have allowed the
authorities to save hydrocarbon windfalls as a future buffer.
Political authority is highly centralized in the presidency and the
executive administration, with limited institutional checks and
balances and constrained legislative and judicial independence.
President Ilham Aliyev has been in office since 2003, following his
father, Heydar Aliyev. The country held a snap presidential
election in February 2024 and an early parliamentary election in
September 2024. The president and pro-presidential parties secured
large majorities in both contests, with limited formal opposition
participation. We do not expect notable changes in the policy
direction over the near term."

Economic activity expanded by 1.5% in the second half of the year
compared with the same period last year. Growth was driven by the
nonhydrocarbon sector, while hydrocarbons continued to weigh on
overall output amid lower prices and reduced production. For the
full year, S&P expects real GDP growth to slow to 1.8%, down from
4.1% in 2024. Over the first 10 months of the year, oil production
fell by 4.6% to around 556,000 barrels per day (bpd), a decline of
roughly 27,000 bpd compared with the same period last year. Natural
gas output rose by 1.7% to about 849,000 bpd (oil-equivalent), an
increase of only around 14,000 bpd (oil-equivalent), underscoring
that the modest rise in gas output does not offset the sharper
decline in oil production. As a result, overall hydrocarbon
activity remains in negative territory.

These dynamics are set to persist. Oil production is likely to edge
lower in 2026 as the Azeri–Chirag–Deepwater Gunashli (ACG)
complex continues to mature. Additional investment by foreign
operators are slowing, but not halting, the underlying decline. Gas
output will remain broadly flat, with Azerbaijan operating close to
its medium-term peak and limited new volumes scheduled before the
end of the decade. With hydrocarbons contributing little to growth
and diversification progressing gradually, S&P expects real GDP
growth to remain subdued (around 1.7% in 2026) and relatively weak
over the next few years. Over the longer term, several upstream
projects (including the next phase of Absheron, the ACG deep gas
project, and the development of Umid, Babek, and Karabakh) could
support gas production, although all remain at early planning
stages and would take years to materialize.

Flexibility and performance profile: Extensive fiscal and external
buffers bolster macroeconomic resilience

Azerbaijan maintains one of the strongest external balance sheets
among its peers, with SOFAZ assets expected to exceed external debt
through 2028 and the net international investment position
averaging about 76% of GDP.

Despite conservative budget assumptions, actual fiscal outcomes
tend to outperform, with consolidated balances remaining close to
1% of GDP over 2025-2028 owing to lower-than-planned spending and
sustained SOFAZ savings.

Gas revenue will remain structurally weaker than oil revenue,
meaning that even as gas output grows, fiscal dependence on oil
will continue and budget sensitivity to oil prices will remain
high.

Azerbaijan's external balance sheet remains one of its strongest
credit features, underpinned by the sizable foreign-currency assets
accumulated in SOFAZ. These buffers provide substantial insulation
against external shocks. S&P said, "We expect external liquid
assets to remain above the country's external debt stock through at
least 2028, while the net international investment position
averages about 76% of GDP over 2025-2028. Although the economy
remains exposed to terms-of-trade volatility, the scale of
Azerbaijan's net external asset position should materially mitigate
the impact of adverse price cycles on external liquidity and the
broader economy. We expect the current account to remain close to
3% of GDP on average during 2025-2028, shifting into a small
deficit by 2028 as hydrocarbon output plateaus and import demand
rises alongside investment needs."

Current budget discussions indicate that the government will target
a central government deficit of around 2.3% of GDP for 2026, based
on an oil-price assumption of US$65 per barrel (/bbl). Our baseline
oil price forecast is slightly more conservative--US$60/bbl in
2026, rising to US$65/bbl in 2027-2028--implying some downside risk
to the revenue envelope relative to official assumptions. Even so,
we expect the consolidated general government position to remain in
surplus over 2025-2028, averaging a deficit of 1% of GDP. Although
the medium-term fiscal framework projects recurrent state budget
deficits through 2029, such projections have historically proven
conservative, given lower-than-planned expenditure execution and
ongoing SOFAZ savings.

Despite the rapid increase in natural-gas production volumes over
2018-2021, fiscal receipts from gas remain far lower than those
from oil. Through the first nine months of 2025, SOFAZ received
only US$410 million, or about Azerbaijani new manat (AZN) 697
million, from the Shah Deniz gas-condensate field, compared with
roughly AZN6.2 billion from the ACG oil field--around nine times as
much. This gap reflects the structure of existing
production-sharing agreements and the lower fiscal yield of gas
exports, even when regional prices are elevated. While gas output
may rise gradually as new phases and fields come online, we expect
gas-related fiscal inflows to remain modest unless contract terms
or price realizations change materially.

Azerbaijan's net fiscal asset position remains a core credit
strength and closely mirrors its strong external balance sheet. S&P
said, "We expect the consolidated net general government asset
position to remain above 50% of GDP through 2028, supported by
continued SOFAZ savings and low public debt. Our measure of net
general government debt includes only SOFAZ's externally held
liquid assets (the sovereign's most readily deployable buffers) and
excludes less-liquid holdings (around 10% of GDP in 2024), which
would take longer to mobilize under stress."

Fiscal transparency compares favorably with that of many regional
peers, including several Gulf Cooperation Council (GCC) sovereigns.
SOFAZ publishes detailed audited annual reports with clear
disclosure of its asset composition, investment strategy, and
performance. However, despite its strong transparency, Azerbaijan's
net general government asset position remains more modest than
those of larger GCC sovereign wealth funds.

AqrarKredit's liabilities, which amounted to about AZN9.06 billion
(as of October 2025) in sovereign-guaranteed loans from the Central
Bank of Azerbaijan (CBAR) linked to legacy banking-sector support,
are included in our measure of general government debt. Excluding
these guaranteed obligations, direct gross government debt is low:
it was roughly 13% of GDP at end-2024, with a favorable structure.
About half is in local currency and most external obligations are
owed to official creditors. Commercial foreign-currency debt
remains limited to two Eurobonds maturing in 2029 and 2032, keeping
refinancing risks contained.

S&P expects Azerbaijan to maintain the manat's peg to the U.S.
dollar at AZN1.7 per US$1, supported by regular foreign exchange
interventions and a solid reserve position. CBAR's reserves
increased to US$11.4 billion as of Oct. 31, 2025 (around four
months of current-account payments), providing a meaningful buffer
under our baseline oil-price assumptions. However, given the
economy's reliance on hydrocarbon revenue, a prolonged period of
weak oil prices could prompt the authorities to consider a
controlled exchange-rate adjustment to preserve reserves. The peg
anchors inflation but limits CBAR's monetary-policy autonomy, a
constraint reinforced by its still-developing operational
framework. Deposit dollarization has fallen to 29%, from 55% before
the COVID-19 pandemic, supported by higher manat deposit rates and
exchange-rate stability. However, it remains highly sensitive to
confidence and, in a renewed foreign exchange pressure scenario, a
rapid shift back into foreign-currency deposits is likely.

Azerbaijan has launched a series of reforms under its 2024-2026
Financial Sector Development Strategy, aimed at strengthening
prudential regulation and bank supervision. The authorities are
phasing in Basel III standards and piloting a risk-based
supervisory framework, alongside initiatives to enhance governance,
disclosure, and macroprudential oversight. Implementation remains
at an early stage but, once fully operational, these reforms should
help narrow gaps with international regulatory practices.
Meanwhile, the banking sector has maintained a stable funding
profile supported by a steadily expanding deposit base. Deposit
dollarization has declined toward regional peer levels but remains
significantly higher than loan dollarization, resulting in
structural currency mismatches between foreign-currency liabilities
and predominantly manat-denominated assets.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed; Outlook Action
                                         To             From
  Azerbaijan

  Sovereign Credit Rating        BB+/Positive/B     BB+/Stable/B
  Transfer & Convertibility Assessment   BB+

  Ratings Withdrawn

  Azerbaijan

  Sovereign Credit Rating              NR/--/NR     BB+/Positive/B
  Transfer & Convertibility Assessment   NR               BB+




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

RAIFFEISEN BANK: Moody's Affirms 'B1' Long Term Deposit Rating
--------------------------------------------------------------
Moody's Ratings has affirmed Raiffeisen Bank d.d. Bosna i
Hercegovina's (RBBiH) B1/NP local-currency and B3/NP
foreign-currency long- and short-term bank deposit ratings. The
outlook on the bank's long-term deposit ratings remains stable.

At the same time Moody's also affirmed RBBiH's b3 Baseline Credit
Assessment (BCA) and the b1 Adjusted BCA; its B1/NP local-currency
and B3/NP foreign-currency long- and short-term Counterparty Risk
Ratings; and the B1(cr)/NP(cr) long- and short-term Counterparty
Risk Assessments.

RATINGS RATIONALE

RATINGS AND BCA AFFIRMATION

The affirmation of RBBiH's B1 local-currency deposit rating is
driven by the affirmation of the bank's b3 standalone BCA and two
notches of affiliate support uplift from Raiffeisen Bank
International AG (RBI, deposits/senior unsecured A1 stable, BCA
baa3).

RBBiH's b3 standalone BCA reflects its robust capital buffers,
including strong leverage, with the tangible common equity (TCE)
to-risk-weighted assets ratio at 20.7% as of the end of 2024,
improved loan quality along with good coverage of problem loans by
provisions, and strengthened profitability. These strengths are
counterbalanced by high asset risks in Bosnia and Herzegovina's
(BiH, B3 stable) challenging operating environment. The bank is
further challenged from the lack of a lender of last resort given
the restrictions from the country's currency board arrangement,
although risks are mitigated by a healthy level of high-quality
liquid assets at 24% of tangible bank assets (TBAs) as of
end-2024.

The b3 BCA is constrained by the sovereign rating because RBBiH
operates predominantly in BiH and is therefore exposed to sovereign
event risk, despite the bank's low direct government exposure and
its solid financial performance that is commensurate with a b2
financial profile.

RBBiH's b1 Adjusted BCA continues to incorporate two notches of
affiliate support uplift from Moody's assessments of a high
probability of support from RBI. This is based on RBI's 100% stake
in RBBiH, the parent's ongoing operational support and oversight,
RBBiH's use of the Raiffeisen logo and name and the strategic fit
to RBI's Western Balkans presence.

RBBiH's B3 foreign-currency deposit rating remains constrained by
the B3 foreign-currency country ceiling.

STABLE OUTLOOK

The stable outlook on the bank's long-term deposit ratings is
aligned with the stable outlook on the sovereign. It reflects both
the fact that RBBiH's BCA is constrained by the sovereign rating,
and Moody's expectations that its financial performance will remain
solid, including capital levels significantly above regulatory
requirements, mitigating operating environment pressures.

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

Because RBBiH's ratings are at the respective domestic and
foreign-currency country ceilings, ratings could only be upgraded
upon an upgrade of the sovereign rating and related ceilings.
RBBiH's BCA is also constrained by the sovereign rating and an
upgrade would be contingent on an upgrade of the sovereign rating.

RBBiH's ratings could be downgraded if the sovereign rating is
downgraded. Significantly reduced willingness by RBI to provide
support to RBBiH could also result in a ratings downgrade. The
bank's ratings could also be downgraded if the BCA is downgraded,
which may be due to a significant deterioration in the operating
environment that would adversely impact RBBiH's asset quality,
profitability and capital.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings 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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I R E L A N D
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BAIN CAPITAL 2018-2: Moody's Affirms B3 Rating on EUR11.6MM F Notes
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Bain Capital Euro CLO 2018-2 Designated Activity
Company:

EUR29,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Mar 4, 2025
Upgraded to Aa1 (sf)

EUR18,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Mar 4, 2025
Upgraded to A3 (sf)

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

EUR232,500,000 (Current outstanding balance 67,989,342) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Mar 4, 2025 Affirmed Aaa (sf)

EUR13,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Mar 4, 2025 Affirmed Aaa
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Mar 4, 2025 Affirmed Aaa (sf)

EUR22,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Mar 4, 2025
Affirmed Ba2 (sf)

EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Mar 4, 2025
Downgraded to B3 (sf)

Bain Capital Euro CLO 2018-2 Designated Activity Company, issued in
November 2018 and refinanced in April 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
European loans. The portfolio is managed by Bain Capital Credit US
CLO Manager, LLC. The transaction's reinvestment period ended in
January 2023.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in March 2025.

The Class A notes have paid down by approximately EUR87.5 million
(37.7%) since the last rating action in March 2025 and EUR164.5
million (70.8%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated November 2025[1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 188.15%, 146.32%, 127.85%, 110.90% and 103.92% compared
to February 2025[2] levels of 149.00%, 129.14%, 118.85%, 108.39%
and 103.76%, respectively.

The affirmations on the ratings on the Class A, B-1, B-2, E and F
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR194.8 million

Defaulted Securities: EUR3.5 million

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3209

Weighted Average Life (WAL): 3.06 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.73%

Weighted Average Coupon (WAC): 4.31%

Weighted Average Recovery Rate (WARR): 43.28%

Par haircut in OC tests and interest diversion test: 2.31%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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

CARYSFORT PARK CLO: Moody's Affirms B3 Rating on EUR12MM E Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Carysfort Park CLO DAC:

EUR40,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Apr 7, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR28,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Apr 7, 2021
Definitive Rating Assigned A2 (sf)

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

EUR244,000,000 (Current outstanding amount EUR243,868,469) Class
A-1 Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Apr 7, 2021 Definitive Rating Assigned Aaa (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Apr 7, 2021
Definitive Rating Assigned Baa3 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Apr 7, 2021
Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Apr 7, 2021
Definitive Rating Assigned B3 (sf)

Carysfort Park CLO DAC, issued in April 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Blackstone Ireland Limited. The transaction's reinvestment period
ended in July 2025.

RATINGS RATIONALE

The rating upgrades on the Class A-2 and Class B notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in July 2025.

The affirmations on the ratings on the Class A-1, Class C, Class D
and Class E notes are primarily a result of the expected losses on
the notes remaining consistent with their current rating levels,
after taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR398.2m

Defaulted Securities: EUR2.6m

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2988

Weighted Average Life (WAL): 4.04 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.57%

Weighted Average Coupon (WAC): 3.14%

Weighted Average Recovery Rate (WARR): 44.35%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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

This transaction is a reset of the already existing transaction
that closed in December 2023. S&P withdrew its ratings on the
existing classes of notes, which were fully redeemed with the
proceeds from the issuance of the replacement notes.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,896.32
  Default rate dispersion                                 511.53
  Weighted-average life (years)                             4.17
  Obligor diversity measure                               147.31
  Industry diversity measure                               22.30
  Regional diversity measure                                1.37
  
  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.13
  Actual 'AAA' weighted-average recovery (%)               36.04
  Actual weighted-average spread (%)                        3.85
  Actual weighted-average coupon (%)                        4.44

Rating rationale

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

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

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the actual weighted-average spread (3.85%), and
actual weighted-average coupon (4.44%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all the rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.69% (for a portfolio with a weighted-average
life of 4.64 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.64 years, which would result
in a target default rate of 14.85%.

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

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

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

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

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

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average.

"For this transaction, the documents prohibit assets from being
related to certain industries. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

  Ratings

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

  X      AAA (sf)      2.00     38.00         3mE + 1.00%
  A-R    AAA (sf)    248.00     38.00         3mE + 1.32%
  B-R    AA (sf)      42.00     27.50         3mE + 1.90%
  C-R    A (sf)       24.00     21.50         3mE + 2.40%
  D-R    BBB- (sf)    28.00     14.50         3mE + 3.30%
  E-R    BB- (sf)     20.00      9.50         3mE + 5.95%
  F-R    B- (sf)      12.00      6.50         3mE + 8.58%
  Sub    NR           42.40       N/A         N/A

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

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate (EURIBOR).


CVC CORDATUS XVII: Moody's Affirms B3 Rating on EUR16.2MM F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CVC Cordatus Loan Fund XVII DAC:

EUR32,350,000 Class B-1-R Senior Secured Floating Rate Notes due
2033, Upgraded to Aa1 (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,300,000 Class B-2-R Senior Secured Fixed Rate Notes due
2033, Upgraded to Aa1 (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR33,750,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to A1 (sf); previously on Jul 2, 2021
Definitive Rating Assigned A2 (sf)

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

EUR334,800,000 Class A-R Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Jul 2, 2021 Definitive
Rating Assigned Aaa (sf)

EUR39,150,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Jul 2, 2021
Definitive Rating Assigned Baa3 (sf)

EUR25,650,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Jul 2, 2021
Definitive Rating Assigned Ba3 (sf)

EUR16,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed B3 (sf); previously on Jul 2, 2021
Definitive Rating Assigned B3 (sf)

CVC Cordatus Loan Fund XVII DAC, issued in June 2020 and refinanced
in July 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by CVC Credit Partners European CLO Management
LLP. The transaction's reinvestment period ended in November 2025.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1-R, Class B-2-R and
Class C-R notes are primarily a result of the benefit of the
transaction having reached the end of the reinvestment period in
November 2025.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR532.7m

Defaulted Securities: EUR5.0m

Diversity Score: 61

Weighted Average Rating Factor (WARF): 2913

Weighted Average Life (WAL): 4.08 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.60%

Weighted Average Coupon (WAC): 3.97%

Weighted Average Recovery Rate (WARR): 42.95%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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

ELM PARK: S&P Assigns Prelim. B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Elm Park
CLO DAC's class A-loan and class X-R to F-R notes. At closing,
there will be outstanding unrated subordinated notes from the
existing transaction.

This transaction is a reset of the already existing transaction.
The existing classes of notes and loan will be fully redeemed with
the proceeds from the issuance of the replacement notes and loan on
the reset date.

The portfolio's reinvestment period will end approximately 4.5
years after closing, while the noncall period will end 1.5 years
after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,782.23
  Default rate dispersion                                 589.96
  Weighted-average life (years)                             3.94
  Weighted-average life extended to cover
  the length of the   reinvestment period (years)           4.50
  Obligor diversity measure                               161.37
  Industry diversity measure                               20.69
  Regional diversity measure                                1.21

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.35
  Target 'AAA' weighted-average recovery (%)               36.72
  Target weighted-average coupon (%)                        3.38
  Target weighted-average spread (net of floors; %)         3.58

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments.

Rating rationale

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

"In our cash flow analysis, we used the EUR496 million target par
amount, the covenanted weighted-average spread (3.48%), and the
covenanted weighted-average coupon (3.40%) as indicated by the
collateral manager. We have assumed the targeted weighted-average
recovery rates at all rating levels (36.72% at the 'AAA' rating
level). We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category."

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes and loan. This may allow for the principal proceeds to
be characterized as interest proceeds when the collateral par
exceeds this amount, subject to a limit, and affect the
reinvestment criteria, among others. This feature allows some
excess par to be released to equity during benign times, which may
lead to a reduction in the amount of losses that the transaction
can sustain during an economic downturn. Hence, in S&P's cash flow
analysis, it assumed a starting collateral size of less than target
par (i.e., the EUR500 million target par minus the EUR4 million
maximum reinvestment target par adjustment amount).

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-R-R-R to D-R-R-R notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment period from closing until June 11, 2030, during which
the transaction's credit risk profile could deteriorate, we have
capped the assigned preliminary ratings.

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 22.34% (for a portfolio with a weighted-average
life of 4.5 years), versus if we were to consider a long-term
sustainable default rate of 3.2% for 4.5 years, which would result
in a target default rate of 14.40%.

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

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

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

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-loan and class X-R to
E-R-R-R notes based on four hypothetical scenarios. These
sensitivity runs are also run on reduced target par amount as per
the paragraph above.

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

Environmental, social, and governance

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

  Preliminary ratings

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

  X-R      AAA (sf)    1.50    N/A    Three/six-month EURIBOR
                                      plus 1.00%

  A-R-R-R  AAA (sf)  198.25   39.00   Three/six-month EURIBOR
                                      plus 1.30%

  A-loan   AAA (sf)  106.75   39.00   Three/six-month EURIBOR
                                      plus 1.30%

  B-R-R-R  AA (sf)    57.00   27.60   Three/six-month EURIBOR
                                      plus 1.95%

  C-R-R-R  A (sf)     30.00   21.60   Three/six-month EURIBOR
                                      plus 2.30%

  D-R-R-R  BBB- (sf)  37.00   14.20   Three/six-month EURIBOR
                                      plus 3.20%

  E-R-R-R  BB- (sf)   22.50    9.70   Three/six-month EURIBOR
                                      plus 5.65%

  F-R      B- (sf)    16.00    6.50   Three/six-month EURIBOR
                                      plus 8.58%

  Sub.     NR         56.93     N/A   N/A

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

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


MARGAY CLO IV: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Margay CLO IV
DAC's class A-1 and A-2 Loan and class A, B, C, D, E, and F notes.
At closing, the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes and loans will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes will switch to semiannual payments.

The portfolio's reinvestment period ends approximately 5 years
after closing, and its non-call period ends 2 years after closing.

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,675.40
  Default rate dispersion                                 470.26
  Weighted-average life (years)                             4.97
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.12
  Obligor diversity measure                               145.99
  Industry diversity measure                               22.08
  Regional diversity measure                                1.18

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.50
  Target actual 'AAA' weighted-average recovery (%)        36.18
  Target actual weighted-average spread (net of floors; %)  3.66
  Target actual weighted-average coupon                     5.22

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenant weighted-average spread (3.60%), the covenant
weighted-average coupon (3.60%), and the actual weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category."

Until the end of the reinvestment period on Jan. 19, 2031, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes and loans. This test
looks at the total amount of losses that the transaction can
sustain as established by the initial cash flows for each rating,
and it compares that with the current portfolio's default potential
plus par losses to date. As a result, until the end of the
reinvestment period, the collateral manager may through trading
deteriorate the transaction's current risk profile, as long as the
initial ratings are maintained.

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

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

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

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

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

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

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

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

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 25.86% (for a portfolio with a
weighted-average life of 5.1 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for 5.1 years, which
would result in a target default rate of 16.32%."

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 and A-2
loans and class A, B, C, D, and E notes based on four hypothetical
scenarios.

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

Margay CLO IV DAC securitizes a portfolio of primarily
senior-secured leveraged loans and bonds, and it is managed by M&G
Investment Management Ltd.

Environmental, social, and governance

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

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

  A         AAA (sf)   114.80    38.00     Three/six-month EURIBOR

                                           plus 1.28%

  A-1 Loan  AAA (sf)    83.20    38.00     Three/six-month EURIBOR

                                           plus 1.28%

  A-2 Loan  AAA (sf)    50.00    38.00     Three/six-month EURIBOR

                                           plus 1.28%

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

                                           plus 2.00%

  C         A (sf)      23.00    21.25     Three/six-month EURIBOR

                                           plus 2.35%

  D         BBB- (sf)   29.00    14.00     Three/six-month EURIBOR

                                           plus 3.30%

  E         BB- (sf)    18.00     9.50     Three/six-month EURIBOR

                                           plus 5.65%

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

                                           plus 8.74%

  Sub notes   NR        31.80      N/A     N/A

*S&P's ratings on the class A-1 and A-2 loans and class A and B
notes address timely interest and ultimate principal payments. Our
ratings on the class C, D, E, and F notes address ultimate interest
and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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



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

ALTICE INTERNATIONAL: S&P Lowers ICR to 'CCC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered to 'CCC' from 'CCC+' its long-term
issuer credit rating on Altice International S.a.r.l. S&P also
lowered to 'CCC' from 'CCC+' our rating on Altice Financing S.A.'s
senior secured debt and lowered to 'CC' from 'CCC-' its rating on
Altice Finco S.A.'s senior unsecured debt. The recovery rating on
the senior secured debt was revised to '4' from '3', now indicating
its expectation of about 35% (from 60% earlier) recovery
prospects.

The negative outlook on Altice International reflects the risk of a
covenant violation, debt restructuring, or default over the next 12
months.

On Nov. 28, 2025, Altice International announced major corporate
actions, including classifying its valuable Portuguese operations
(Altice Portugal S.A.) as an unrestricted subsidiary and removing
its Dominican Republic and its subsidiaries' operations (held under
Altice Caribbean S.a.r.l.) from the consolidated group and also
classifying them as an unrestricted subsidiary.

Altice Portugal's issuance of new EUR750 million debt (with
capacity of additional EUR2 billion) has bolstered the group's
liquidity position during weaker earnings and our anticipation of
covenant pressure, but the recent designation of subsidiaries that
collectively generate 75% of EBITDA as unrestricted weakens the
guarantor and security package for secured lenders.

Given large approaching maturities in 2027 and already formed
lender group, we think that a distressed exchange, which we would
deem tantamount to default, is more likely than not in the next 12
months.

S&P said, "The downgrade to 'CCC' reflects an increasing likelihood
of Altice International undertaking a liability management exercise
within the next 12 months, potentially including a distressed debt
exchange, which we would consider a default. On Nov 28, 2025,
Altice International announced significant corporate restructuring
actions. These actions include classifying Altice Portugal as an
unrestricted subsidiary and removing Altice Caribbean, which
accounts for approximately 18% of the group's total EBITDA, from
the consolidated group, also classifying them as unrestricted
subsidiaries. Subsequently, Altice Portugal issued a EUR750 million
loan, with the proceeds designated for general corporate purposes,
including working capital and funding existing debt obligations of
Altice International. While we acknowledge this has temporarily
bolstered the group's liquidity, the recent action by classifying
operations that collectively generate 75% of EBITDA as unrestricted
subsidiaries appears as an aggressive first step in negotiations
that senior lenders will likely initiate now, in our view.
Consequently, we believe a distressed debt exchange, which we
consider a default, is more likely than not to occur within the
next 12 months.

"Following the removal of the Dominican Republic operations from
the consolidated group, we now forecast an elevated adjusted
leverage of 13x-14x over the forecast period. Although the
segment's performance has been relatively weak, the Dominican
Republic operations represent a high-margin, cash-generative
business, measured as EBITDA minus capital expenditure (capex),
contributing approximately 12% of total group revenue and 18% of
total group EBITDA in 2024. With the full deconsolidation of these
operations, we now expect revenue to decline by approximately 15%
in 2025 before stabilizing in 2026. In conjunction with the
significant restructuring costs incurred in the first nine months
of 2025 due to the recent voluntary employee reduction program and
termination agreements signed in summer 2025, we now forecast a
reported EBITDA contraction of approximately 30% in 2025, with an
improvement of 8% expected in 2026, reflecting a moderation of
restructuring costs in 2026. We continue to forecast negative free
cash flow after leases in 2025 and 2026, as moderate capex
reductions will not offset the loss of cash flow from the
deconsolidated Dominican assets and the group's elevated interest
burden due to higher debt. We estimate adjusted debt (gross) to
increase due to the recent new debt issuance at Altice Portugal
S.A. As a result, we now forecast S&P Global Ratings-adjusted
leverage to increase and stay elevated at 13x-14x in 2025 and
2026.

"We continue to see risks to Altice International's liquidity
position, which may increase further when the significant 2027
maturities come due. The additional debt issued at Altice Portugal
(which we understand has been upstreamed to Altice International)
has temporarily boosted Altice International's liquidity. The
company's reported liquidity position reached approximately EUR1
billion in on Sept. 30, 2025, pro forma for the effect of
classifying Altice Portugal and Altice Caribbean as unrestricted
subsidiaries. We believe Altice International will have sufficient
funds to cover the next 12 months' debt maturities and anticipated
free operating cash burn. However, we believe it no longer has
covenant headroom under its revolving credit facility (RCF)
facilities. While the company can repay the RCF to maintain a level
below 40% drawn each quarter, avoiding covenant trigger events, we
believe this is unsustainable and further indicates the company may
be unable to repay large debt maturities in 2027 at par. We note
that the company has announced a strategic review of its asset
portfolio, suggesting potential asset disposals that could further
improved liquidity buffer. However, the size and timing of these
disposals remain unclear."

The negative outlook on Altice International reflects the risk of a
covenant violation, debt restructuring, or default over the next 12
months.

S&P said, "We could lower our ratings if a default appears
inevitable within the next six months. This could happen if the
company entered into a liability management exercise, including a
distressed exchange, which we would deem tantamount to default.

"We could raise the ratings if we no longer envision a default or
distressed exchange within the next 12 months and if the company
maintains a significant liquidity cushion in a sustainable manner."



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

YOUR.WORLD BV: S&P Alters Outlook to Negative, Affirms 'B' LT ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Your.World B.V. to
negative from stable. At the same time, S&P affirmed the 'B'
long-term ratings on the company and its senior secured debt.

The negative outlook indicates a potential downgrade within the
next 12 months if Your.World B.V. does not consistently demonstrate
EBITDA growth that outpaces the growth of its adjusted debt. This
could occur if the company fails to revitalize revenue growth,
experiences higher-than-expected operating expenses, or incurs
significant acquisition-related exceptional costs.

Your.World's deleveraging trajectory faces significant challenges.
S&P said, "While the company anticipates a return to substantial
reported EBITDA growth of 14% in 2026 (after 10% in 2025), driven
by price increases, upselling initiatives, prudent cost management,
and decreasing acquisition-related expenses, we have concerns
regarding their ability to consistently grow EBITDA faster than the
increasing debt balance. We remain mindful that a failure to
achieve a substantial EBITDA growth could impede the company's
long-term deleveraging ability. This is because preferred equity
carries a high accruing interest rate, which outpaces our
forecasted 2%-3% revenue growth in 2026. We treat the preference
shares as debt because we think that it will eventually be repaid
fully or partially in the medium term, even though there is no
stated maturity. Moreover, additional mergers and acquisitions
could further hinder deleveraging efforts and cost management.
Given Your.World's limited operating track record, recent
underperformance, and the ongoing acquisitions, the impact of the
expected EBITDA rebound remains uncertain. This uncertainty could
lead to sustained weak credit metrics with adjusted debt to EBITDA
exceeding 10x, although excluding the preference shares, this ratio
is comparatively low at about 5x relative to other 'B' rated
peers."

Your.Cloud will continue to weigh on revenue growth and the EBITDA
margin. This operating group, which focuses on managed workspace
services, accounts for more than half of the group's revenue but
exhibited muted growth and lower margins in the past years compared
with Your.Online. This is weighing the company's overall growth and
EBITDA margin compared to peers such as team.blue and group.one.
Your.Cloud's performance could significantly influence Your.World's
financial health in the medium term. S&P expects any deleveraging
to be driven by the group's EBITDA growth rather than cash
accumulation, given the company's ongoing acquisition appetite.
Therefore, the improvements in Your.Cloud's operational efficiency
and revenue generation will be critical to supporting the company's
deleveraging efforts. Additionally, the Your.Cloud segment has
lower recurring revenue of about 75% versus almost 100% for
Your.Online, undermining earnings stability compared to peers and
increasing vulnerability to economic fluctuations.

Your.World possesses a solid business foundation built on a large
customer base, geographic reach, good cash flow generation. The
company serves more than 1.2 million customers through Your.Online
and more than 6,000 customers through Your.Cloud, with a strong
presence in key European markets including the Netherlands,
Germany, France, Spain, and the UK. This broad geographic footprint
mitigates country-specific economic risks and provides
opportunities for expansion. Revenue concentration is also limited,
with the top 5 customers accounting for less than 5% of total
revenue. Furthermore, S&P forecasts the company will generate an
annual free operating cash flow (FOCF) exceeding EUR80 million,
providing a valuable cushion to manage debt, fund strategic
investments, and weather potential economic headwinds. This good
cash flow generation underscores the underlying resilience of the
business model despite the challenges facing the deleveraging.

The negative outlook indicates a potential downgrade within the
next 12 months if Your.World B.V. does not consistently demonstrate
EBITDA growth exceeding the growth of its adjusted debt. This could
occur if the company fails to revitalize revenue growth,
experiences higher-than-expected operating expenses, or incurs
significant acquisition-related exceptional costs.

S&P said, "We could lower the ratings if the company fails to grow
EBITDA faster than its adjusted debt, leading to adjusted debt to
EBITDA exceeding 10.0x, or 7.5x excluding preference shares, and
adjusted FOCF to debt sustainably below 5%.

"We could revise the outlook to stable if we see EBITDA growing
consistently faster than debt, with adjusted debt to EBITDA
sustainably below 10x and FOCF to debt remaining above 5%. In our
view this could result from faster-than-expected revenue and EBITDA
growth underpinned by pricing and packaging improvements, while
containing operating and exceptional costs through well-executed
acquisitions."





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

NAVOIYURAN: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Uzbekistan-based uranium
producer Navoiyuran (previously named State-owned Enterprise
"Navoiuranium") to positive from stable and affirmed its 'BB-'
long-term issuer credit rating on the company and its 'BB-' issue
rating on its senior unsecured notes.

The positive outlook reflects that we could upgrade Navoiyuran over
the next 12 months if the company continues its strong performance
into 2026, consistent with its production growth and profitability
targets.

Navoiyuran has expanded production beyond S&P's base case.

S&P understands the company is targeting further production growth,
while maintaining strong profitability, helping it to sustain
strong credit metrics.

The outlook revision reflects Navoiyuran's robust production and
strategic partnerships. S&P said, "The company significantly
outperformed both its stated targets and our initial projections in
2024, producing 5,200 tons of uranium. We anticipate continued
production expansion, underpinned by sustained demand within its
core end markets and a favorable increase in uranium spot prices,
to propel sales growth. Navoiyuran's robust contractual framework
further bolsters this positive performance, with 99% of revenue
currently derived from contracted agreements, alongside the
acquisition of nine new licenses for mineral deposits and a
doubling of capital investment. We believe Navoiyuran will generate
sufficient capacity to secure additional contracts, thereby
enhancing revenue visibility in the near term."

EBITDA is set to surge by 2025 amid cost increases. S&P said, "We
project a substantial increase in the company's S&P Global
Ratings-adjusted EBITDA over the next 24 months, reaching a range
of Uzbekistani soum (UZS) 10.0 trillion to UZS11.0 trillion,
compared with UZS7.9 trillion in 2024. However, we anticipate that
the benefits derived from reduced fixed costs, resulting from
increased sales volumes over this period and increasing uranium
spot prices, will partially be mitigated by several factors. These
include elevated costs of materials and components utilized in
production, offset by favorable foreign exchange translation
effects stemming from the depreciation of the Uzbek soum against
the U.S. dollar. Moreover, we anticipate that increased expenses
related to shipping, transportation, storage, and employee benefits
will also squeeze earnings. In the longer term, as uranium spot
prices stabilize, the establishment of strategic joint ventures
with Orano Mining and Nurlikum Mining, with additional partnerships
anticipated to be finalized during this period, is expected to
attract increased foreign investment and support sustained
profitability growth."

S&P said, "We expect Navoiyuran will continue to maintain
conservative credit metrics, with S&P Global Ratings-adjusted debt
to EBITDA below 1x. We anticipate that Navoiyuran's credit metrics
will remain healthy over the next two years. Since its inception in
2022, the company has maintained a consistently low leverage ratio
of below 1.0x throughout the economic cycle. While Navoiyuran has
raised UZS3.8 trillion in eurobonds, refinancing its UZS1.6
trillion term loan, we expect it to retain a considerable cushion
below the 1.0x threshold, supported by projected increases in
earnings and a capital structure with a weighted-average maturity
of five years. We believe that the increased capital expenditure
(capex) and meaningful dividends will preclude meaningful
discretionary cash flow, but given the low leverage, this remains
commensurate with a higher rating. Nevertheless, potentially
volatile cash flow, attributable to the company's concentrated
operations and exposure to fluctuating uranium prices, remain a key
consideration in our overall assessment of Navoiyuran's financial
risk profile. We would also closely monitor the government's
policies regarding Navoiyuran's dividend distributions, as some
Uzbek government-owned miners, such as Navoi Mining and
Metallurgical Co. (NMMC) or Almalyk MMC JSC, distribute close to
100% of their net income.

The positive outlook reflects that we could upgrade Navoiyuran over
the next 12 months if the company sustains current production and
profitability levels, while maintaining funds from operations (FFO)
to debt above 60%."

S&P could revise its outlook on Navoiyuran to stable if:

-- An operational setback occurred, leading to reduced cash flows
coupled with high capex needs to restore production to current
levels.

-- It made excessive shareholder distributions in any form,
leading to a significant decrease in FFO to debt to less than 60%.

S&P could upgrade Navoiyuran if:

-- It builds on its track record of delivering stable production
and continued margin growth.

-- The company commits to modest leverage through the cycle, as
well as FFO to debt comfortably above 60%.


UZPROMSTROYBANK JSCB: S&P Affirms 'BB-/B' ICRs, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on Uzbekistan-based Uzpromstroybank JSCB; the
outlook remains stable.

S&P said, "The stable outlook reflects our view that the bank will
maintain its solid business position in Uzbekistan, supported by
the increased capitalization with the AT1 issuance, while improving
its asset quality, which will support its credit profile in the
coming 12 months.

"In October 2025, Uzpromstroybank issued a $300 million perpetual
additional tier one capital (AT1) instrument. We consider the note
as having intermediate equity content and include it in our measure
of total adjusted capital (TAC).

"The note strengthened Uzpromstroybank's capitalization, increasing
S&P Global Ratings forecast risk-adjusted capital ratio (RAC) to
about 8.5%-8.8% by year-end 2025, a level we continue to see as
adequate to cover risks in its operations.

"We view Uzpromstroybank's AT1 issue as having intermediate equity
content. We believe the instrument will support the bank's efforts
to diversify its long-term funding profile. We understand the
issuance complies with prudential requirements and will be included
in the bank's AT1 equity under Uzbekistan regulations."

S&P's view of this note as having intermediate equity content
reflects our understanding that this note:

-- Is a perpetual, regulatory AT1 capital instrument;

-- Contains no step-up features or other incentives to redeem it;
and

-- Can absorb losses on a going-concern basis through the
nonpayment of coupons, at Uzpromstroybank's full discretion.
S&P understands that the note would be subject to bail-in, either
through a write-down or a conversion into equity under the bail-in
powers of Uzbekistan's relevant authority, but this would occur at
the point of nonviability.

Uzpromstroybank's AT1 issuance has bolstered the group's
capitalization. S&P said, "We expect that the AT1 note of $300
million (Uzbekistani sum [UZS]3.6 trillion) and forecasted UZS1.3
trillion profits for full-year 2025 will boost the bank's TAC to
about UZS13.8 trillion by year-end 2025 from UZS9.8 trillion on
June 30, 2025. We assigned an intermediate equity content
assessment to the AT1 note, and so we included it in TAC in the
amount equivalent of up to 33% of adjusted common equity. We
forecast that S&P Global Ratings RAC ratio will increase to about
8.5%-8.8% at year-end 2025 from 6.6% at year-end 2024. This solid
level of capital relieves pressure on the bank's capitalization as
the bank continues to expand its balance sheet. Planned annual loan
growth of about 15% will lead to some modest attrition in capital
headroom, but not to such an extent that the bank's RAC ratio drops
below 8% by year-end 2027."

S&P said, "The stable outlook reflects our view that the bank will
maintain its solid business position in Uzbekistan, supported by
increased capitalization following the AT1 issuance, while
gradually improving its asset quality, which will support its
credit profile in the coming 12 months.

"We could consider a negative rating action over the next 12 months
if, contrary to our expectations, the bank's asset quality
deteriorates and remains worse than that of its domestic peers, or
if the bank accelerates its growth, which would put pressure on its
capitalization resulting in our forecast RAC ratio falling below
7%.

"We could consider a positive rating action over the next 12 months
if we concluded that the bank's stand-alone credit profile improved
to a level comparable with peers with a 'bb' SACP. For example, we
would consider a positive rating action on Uzpromstroybank if the
bank's capitalization materially strengthened and our forecast RAC
ratio sustainably improved to above 10%, which is, however, not our
base case scenario."




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

CAIXABANK RMBS 2: Moody's Ups Rating on EUR272MM Cl. B Notes to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of six notes across three
Spanish residential mortgage-backed securities (RMBS) transactions:
CAIXABANK RMBS 1, FT, CAIXABANK RMBS 2, Fondo de Titulizacion, and
CAIXABANK RMBS 3, FONDO DE TITULIZACION.

The rating action concludes Moody's reviews of six notes placed on
review for upgrade on October 6, 2025
(https://urlcurt.com/u?l=vFzU0f) following the increase of the
Government of Spain's ("Spain") local-currency bond country ceiling
to Aaa from Aa1 on September 26, 2025.

Spain's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Spanish issuer under Moody's
methodologies, including structured finance transactions backed by
Spanish receivables, is Aaa (sf).

Issuer: CAIXABANK RMBS 1, FT

EUR12851M Class A Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR1349M Class B Notes, Upgraded to Baa1 (sf); previously on Oct
6, 2025 Ba1 (sf) Placed On Review for Upgrade

Issuer: CAIXABANK RMBS 2, Fondo de Titulizacion

EUR2448M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR272M Class B Notes, Upgraded to B2 (sf); previously on Oct 6,
2025 B3 (sf) Placed On Review for Upgrade

Issuer: CAIXABANK RMBS 3, FONDO DE TITULIZACION

EUR2295M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR255M Class B Notes, Upgraded to B3 (sf); previously on Oct 6,
2025 Caa2 (sf) Placed On Review for Upgrade

RATINGS RATIONALE

The rating upgrades reflect the increase in the Spanish
local-currency country ceiling to Aaa from Aa1 for the affected
notes in the three transactions. Further, this action takes into
account the decreased key collateral assumptions, namely the
Portfolio Expected Loss (EL) and for CAIXABANK RMBS 2, Fondo de
Titulizacion also the MILAN Stressed Loss due to better than
expected collateral performance for the subordinated notes, as well
as Moody's assessments of past interest shortfall and future missed
interests for Class B Notes in CAIXABANK RMBS 1, FT.

Decreased Country Risk

The rating action follows Moody's increases of Spain's
local-currency bond country ceiling to Aaa from Aa1 on September
26, 2025. This local-currency bond ceiling increase followed the
upgrade of the Government of Spain's issuer and bond ratings to A3
with a stable outlook from Baa1 and a positive outlook. The
decrease in sovereign risk is reflected in Moody's quantitative
analysis for the affected tranches. By increasing the maximum
achievable rating for a given portfolio loss, the methodology
alters the loss distribution curve and implies a lower probability
of high loss scenarios, which has a positive impact on all notes,
including mezzanine and junior notes.

Revision of key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolios reflecting the collateral
performance to date.

All three transactions have shown stable performance since the last
review. For CAIXABANK RMBS 1, FT, 90+ days arrears currently stand
at 2.06%, up from 1.98% from a year ago, and cumulative defaults
are 1.83%, up slightly from 1.67%. For CAIXABANK RMBS 2, Fondo de
Titulizacion, +90 days arrears remain at 1.92%, a reduction from
2.01% one year ago, and cumulative defaults are 1.87%, compared to
1.70% a year earlier. For CAIXABANK RMBS 3, FONDO DE TITULIZACION,
arrears are 3.43%, down from 3.50%, and cumulative defaults are
1.94%, up from 1.68% a year ago.

Caixabank RMBS 1, FT

Moody's decreased the expected loss assumption to 3.28% as a
percentage of current pool balance due to the stable performance.
The revised expected loss assumption corresponds to 2.28% as a
percentage of original pool balance from 2.46%.

Caixabank RMBS 2, Fondo de Titulizacion

Moody's decreased the expected loss assumption to 3.31% as a
percentage of current pool balance due to the stable performance.
The revised expected loss assumption corresponds to 2.5% as a
percentage of original pool balance from 3.05%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, Moody's have decreased the MILAN Stressed Loss
assumption to 10.2% from 12.3%.

Caixabank RMBS 3, FONDO DE TITULIZACION

Moody's decreased the expected loss assumption to 6.46% as a
percentage of current pool balance due to the stable performance.
The revised expected loss assumption corresponds to 3.9% as a
percentage of original pool balance from 4.05%.

Assessment of Interest Shortfalls and likelihood of prolonged
missed interest

The interest of Class B Notes in the three transactions is
subordinated to the replenishment of the reserve fund until they
become the most senior tranche. The upgrade of Class B Notes in
CAIXABANK RMBS 1, FT has taken into account the permanent economic
loss resulting from the 2.5 years over which interest was deferred
without interest on deferred interest being due. While all interest
shortfalls have since been recouped, the transaction structure does
not mandate interest-on-interest following non-payment of interest.
Moody's analysis has also considered potential future interest
deferrals that Moody's expects to be ultimately recouped.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

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

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

EDREAMS ODIGEO: S&P Downgrades ICR to 'B', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
online travel agency eDreams ODIGEO S.A. (eDreams) to 'B' from
'B+'.

S&P said, "At the same time, we lowered our issue rating on the
company's EUR375 million senior secured notes to 'B' from 'B+',
maintaining the '3' recovery rating (50%-70%; rounded estimate:
55%). We also lowered our issue rating on the company's super
senior EUR205 million revolving credit facility (RCF) to 'BB-' from
'BB' with the recovery rating unchanged at '1' (90%-100%; rounded
estimate: 95%).

"The negative outlook reflects the material execution risks and
aggressive financial policy related to eDreams' recently announced
new strategic plan. This is alongside the current operational
challenges caused by the company's dispute with Ryanair. We could
lower our rating on eDreams' if the company does not perform in
line with our expectations."

eDreams announced its new strategic plan that requires considerable
investments into customer acquisition for long-term growth, which
coupled with operational challenges the company is currently facing
in its existing market, will weigh on EBITDA generation and
profitability in the medium term.

S&P expects eDreams' S&P Global Ratings-adjusted leverage to
increase by more than 6.0x for fiscal 2027 (ending March 31, 2027)
and to about 7.5x for fiscal 2028, compared to the 3.3x expected
for fiscal 2026, while maintaining positive free operating cash
flow (FOCF) with deleveraging well below 6.0x starting in fiscal
2029.

The downgrade follows eDreams' announcement of its new strategic
plan and guidance of operational challenges in its existing
markets. Although eDreams posted solid revenue and EBITDA growth
for the first half of fiscal 2026, the company announced it is
currently facing significant operational challenges caused by
Ryanair's increased efforts to block content from its online travel
agency platform. This not only materially impacts the transactions
related to this airline, but it also weighs on the Prime member
base in its core markets, which S&P thinks will increase at a
slower pace than previously anticipated. At the same time, eDreams
announced a new strategic plan to drive long-term growth,
consisting of three main pillars: First, the rollout of monthly and
quarterly subscription options (with a yearly commitment) for Prime
member's annual subscriptions; second, the entry into five new
middle-income markets--Argentina, Poland, the UAE, Mexico, and
South Africa; and third, the launch of new products such as Rail.

S&P said, "We expect leverage to substantially increase to about
7.5x by fiscal 2028 from the expected 3.3x in fiscal 2026 before
deleveraging well below 6.0x in fiscal 2029. The new strategic plan
entails considerable investments into customer acquisition starting
in fiscal 2027 as it expands into new markets and products. This is
coupled with our expectation that eDreams' will grow at a
significantly lower rate than previously anticipated in its
existing markets due to the current operational context. We
forecast S&P Global Ratings-adjusted EBITDA to increase to about
EUR120 million in fiscal 2026 from EUR90 million in fiscal 2025,
with the adjusted EBITDA margin improving to 17.5% from 13.4%. The
rollout of the new strategic plan will materially deteriorate
adjusted EBITDA to about EUR60 million in fiscal 2027 and to about
EUR50 million in fiscal 2028, with adjusted EBITDA margins
contracting to about 8.7% and 6.4%, respectively. Our adjusted
EBITDA includes between EUR45 million-EUR60 million of capitalized
development costs and between EUR2 million-EUR7 million of
nonrecurring items for the forecast period. We expect adjusted
leverage to increase to more than 6.0x in fiscal 2027 and to about
7.5x in fiscal 2028. After this investment phase, we expect returns
to the strategic plan to materialize by fiscal 2029 with
significant growth of eDreams' Prime member base contributing to
deleveraging well below 6.0x.

"We forecast eDreams will continue to generate positive FOCF.
Despite the lower expected growth in Prime subscribers and the
introduction of monthly and quarterly subscriptions, which will
weigh on the year-on-year deferred revenue produced, we still
expect eDreams to generate positive FOCF in the medium term. We
anticipate eDreams to have capital expenditure (capex) needs of
between EUR60 million-EUR80 million annually, including capitalized
development costs, during the forecast period and cash outflows of
about EUR18 million and EUR6 million related to Prime deferred
revenue in fiscal 2026 and fiscal 2027, respectively, but it will
benefit from structurally positive working capital inflows related
to the transactional aspect of its business of between EUR10
million-EUR12 million annually. We forecast adjusted FOCF to reach
EUR36 million in fiscal 2026 and EUR24 million in fiscal 2027. As
the Prime subscriber base growth accelerates starting in fiscal
2028, we expect Prime deferred inflows will positively contribute
to FOCF increasing to about EUR51 million in fiscal 2028.

"We think that the new strategic plan poses significant execution
risks for eDreams, limiting the company's rating headroom. Although
we acknowledge the sound execution of eDreams' strategy in its core
markets thus far, having increased its Prime subscriber base from 2
million to 7.25 million from 2021 until 2025, the company will be
rolling out an aggressive plan to drive growth in the long term,
with a limited track record of the sustainability of eDreams' Prime
membership model.The growth plan entails entering emerging volatile
markets such as Argentina and Mexico, where the company does not
enjoy the same brand equity it does in its more stable European
markets, and penetrating the consolidated European rail market,
where customers primarily book tickets through the respective
service provider. The introduction of monthly and quarterly
subscriptions could potentially lead to increased churn rates,
despite the yearly subscription commitment--if customers decide to
effectively unsubscribe by blocking payments for example, which
could negatively impact the subscriptions' profitability. We think
eDreams is exposed to all the previous risks at the expense of
substantially increasing leverage in the medium term, which leaves
the company with very little headroom in the current rating. We
think that any deviation in the execution strategy could have
material ramifications in the long-term sustainability of eDreams'
business model.

"We view eDreams' announced additional share buybacks as aggressive
and will limit its financial flexibility throughout the investment
phase. On top of the new strategic plan that entails significant
executions risks, the company has announced additional share
buybacks of EUR100 million over the next 24 months. This is the
period when eDreams will be executing the bulk of its investments
of its new strategic plan, and the company will use cash flow
generation to remunerate shareholders, resulting in negative
discretionary cash flow for the forecast period. eDreams currently
has an adequate liquidity with availability of about EUR146 million
under its EUR225 million RCF (as of Sept. 30, 2025), while
discretionary, we think the announced share buybacks will limit
eDreams' financial flexibility in a period of accrued risk.

"The negative outlook reflects the material execution risks and
aggressive financial policy related to eDreams' recently announced
new strategic plan. This is alongside the current operational
challenges caused by the company's dispute with Ryanair. We expect
S&P Global Ratings-adjusted leverage will increase to about 7.5x by
fiscal 2028, with FOCF remaining positive, with credit metrics
rapidly improving from fiscal 2029 with leverage reducing well
below 6.0x, as eDreams' Prime member base increases significantly
on the back of the company's growth strategy."

S&P could take a negative rating action if eDreams is not able to
successfully execute the new strategic plan that aims at revamping
its business model and the company's current operational challenges
continue while maintaining an aggressive financial policy resulting
in the following:

-- S&P Global Ratings-adjusted debt to EBITDA remaining above 6.0x
on a sustained basis without deleveraging prospects;

-- Adjusted FOCF significantly deteriorating beyond our base case;
or

-- Materially deteriorating liquidity.

S&P could also take negative action if eDreams' operational
performance does not normalize, and the company pursues share
buybacks.

S&P could revise the outlook to stable if eDreams performs in line
with our base, and it expects that eDreams to deliver in the
execution of its new strategic plan deriving in sustainable growth
in the new markets and verticals while maintaining growth prospects
and a robust Prime subscriber base in its existing markets,
ultimately resulting in the following:

-- Adjusted leverage decreasing to below 6.0x; and

-- Maintaining structurally positive adjusted FOCF.


TDA IBERCAJA 5: Moody's Ups Rating on EUR4.8MM Cl. D Notes from Ba1
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of eleven notes in TDA
IBERCAJA 5, FTA (Ibercaja 5), TDA IBERCAJA 6, FTA (Ibercaja 6) and
TDA IBERCAJA 7, FTA (Ibercaja 7), three Spanish RMBS transactions.

The rating action concludes Moody's reviews of eleven notes placed
on review for upgrade on October 06, 2025
(https://urlcurt.com/u?l=EQJbQk) following the increase of the
Government of Spain's ("Spain") local-currency bond country ceiling
to Aaa from Aa1 on September 26, 2025.

Spain's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Spanish issuer under Moody's
methodologies, including structured finance transactions backed by
Spanish receivables, is Aaa (sf).

Issuer: TDA IBERCAJA 5, FTA

EUR1002M Class A2 Notes, Upgraded to Aaa (sf); previously on Oct
6, 2025 Aa1 (sf) Placed On Review for Upgrade

EUR32.4M Class B Notes, Upgraded to Aa1 (sf); previously on Oct 6,
2025 A1 (sf) Placed On Review for Upgrade

EUR10.8M Class C Notes, Upgraded to Aa3 (sf); previously on Oct 6,
2025 Baa2 (sf) Placed On Review for Upgrade

EUR4.8M Class D Notes, Upgraded to Aa3 (sf); previously on Oct 6,
2025 Ba1 (sf) Placed On Review for Upgrade

Issuer: TDA IBERCAJA 6, FTA

EUR1440M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR30M Class B Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR15M Class C Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa3 (sf) Placed On Review for Upgrade

EUR15M Class D Notes, Upgraded to Aa2 (sf); previously on Oct 6,
2025 A2 (sf) Placed On Review for Upgrade

Issuer: TDA IBERCAJA 7, FTA

EUR1900M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa1 (sf) Placed On Review for Upgrade

EUR100M Class B Notes, Upgraded to Aaa (sf); previously on Oct 6,
2025 Aa3 (sf) Placed On Review for Upgrade

EUR70M Class C Notes, Upgraded to Caa2 (sf); previously on Oct 6,
2025 Ca (sf) Placed On Review for Upgrade

RATINGS RATIONALE

The rating upgrades reflect the increase in the Spanish
local-currency country ceiling to Aaa from Aa1 for the affected
notes previously rated Aa1 (sf) in all three transactions. For the
Class C Notes in Ibercaja 7, the upgrade reflects the
better-than-expected collateral performance. For the other notes
previously rated below Aa1 (sf), the rating upgrades reflect the
decreased country risk, increased levels of credit enhancement and
the better-than-expected collateral performance.

Decreased Country Risk

The upgrades follow Moody's increases of Spain's local-currency
bond country ceiling to Aaa from Aa1 on September 26, 2025. This
local-currency bond ceiling increase followed the upgrade of the
Government of Spain's issuer and bond ratings to A3 with a stable
outlook from Baa1 and a positive outlook.

Spain's country ceiling, and therefore the maximum rating that
Moody's can assign to a domestic Spanish issuer under Moody's
methodologies, including structured finance transactions backed by
Spanish receivables, is Aaa (sf). The decrease in sovereign risk is
reflected in Moody's quantitative analysis for the affected
tranches. By increasing the maximum achievable rating for a given
portfolio loss, the methodology alters the loss distribution curve
and implies a lower probability of high loss scenarios, which has a
positive impact on all notes, including mezzanine and junior
notes.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolios reflecting the collateral
performance to date.

The transactions continue to demonstrate strong performance, with
low arrears and no material additional defaults since the most
recent rating actions. The remaining loans in the pools have shown
resilience since 2022 despite elevated interest rates and
affordability pressure due to high inflation.

Furthermore, the securitized portfolios are highly granular, with
no significant concentrations and very low weighted-average indexed
loan-to-value (LTV) ratios. Spain's robust labor market recovery,
coupled with real wage growth and rising house prices, is expected
to underpin stable performance for the seasoned collateral backing
these transactions.

The performance of the transactions has continued to improve. 90
days plus arrears currently stand at 0.13%, 0.34% and 0.35% of
current pool balance for Ibercaja 5, 6 and 7 respectively, hence at
stable and historically low levels over the past years. Cumulative
defaults as a percentage of original pool balance remained largely
stable at 2.26%, 3.67% and 1.92% compared to 2.21%, 3.65% and 1.89%
one year ago for Ibercaja 5, 6 and 7, respectively.

Moody's decreased the expected loss assumption as a percentage of
current pool balance to 0.40%, 0.58% and 0.68% due to the improving
performance. These expected loss assumptions correspond to 0.74%,
1.39% and 0.93% as a percentage of original pool balance down from
0.84%, 1.50% and 1.15% for Ibercaja 5, 6 and 7, respectively.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expect the portfolio to incur in a severe economic stress.
As a result, Moody's have maintained the MILAN Stressed Loss
assumption at 4.70% for Ibercaja 5 and 6 and decreased the
assumption to 4.00% from 5.30% for Ibercaja 7.

Increase in Available Credit Enhancement

Reserve funds at floor have led to an increase in the credit
enhancement available in these transactions, despite the pro-rata
amortization of the notes.

For instance, the credit enhancement for the Class D Notes in
Ibercaja 5 and 6, and the Class B Notes in Ibercaja 7 increased to
4.23%, 7.11% and 7.25% from 3.50%, 6.05% and 7.00% one year ago.

The pro-rata amortization of the notes' principal is subject to
curable performance triggers such as 90 days plus arrears being
below a certain threshold for each tranche and the reserve fund
being at the target level. Furthermore, once the pool factor falls
below 10%, sequential amortization will be incurably triggered,
increasing the pace of credit enhancement build-up. The pool factor
currently stands at 11.82%, 16.42% and 24.14% for Ibercaja 5, 6 and
7, respectively.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's analysis considers the upgrade of Banco Santander, S.A.
(Spain), the swap counterparty's, CR assessment to A2(cr) from
A3(cr).

Moody's analysis considered the risks of additional losses on the
notes if they were to become unhedged following a swap counterparty
default by using the CR assessment as reference point for swap
counterparties. Moody's concluded that the ratings of the Class C
Notes in Ibercaja 5 and the Class D Notes in Ibercaja 6 are
constrained by the swap agreement entered between the issuer and
Banco Santander, S.A. (Spain).

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS securities may focus on aspects that become
less relevant or typically remain unchanged during the surveillance
stage.

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

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

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

ZEGONA HOLDCO: Moody's Hikes CFR to Ba2, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Zegona HoldCo Limited's (Zegona)
long-term corporate family rating and senior secured term loan B1
to Ba2 from Ba3 and its probability of default rating to Ba2-PD
from Ba3-PD. Moody's also upgraded to Ba2 from Ba3 the ratings of
Zegona Finance plc. The outlook on the two entities changed to
stable from positive.

The Ba3 backed senior secured term loan B rating of Zegona Finance
LLC has been withdrawn due to it being repaid. Previously Zegona
Finance LLC's outlook was positive.

"The upgrade primarily reflects Zegona's strong operating
performance since the new management team took over, its cost and
capital expenditure efficiency initiatives, and its commitment to
deleveraging under its financial policy. Additionally, the
indicated EUR200 million proceeds from the two recent FiberCo
transactions will reduce net debt to EUR3.4 billion and bring
management-reported net leverage to 2.58x. Moody's expects credit
metrics to continue improving in line with the company's stated
financial policy," said Carlos Winzer, a Moody's Ratings Senior
Vice President and lead analyst for Zegona.

On November 27, 2025 Zegona disclosed the proposed allocation of
the EUR1.8 billion proceeds from the two recent FiberCo
transactions. The proposal is to return EUR1.6 billion to
shareholders and use the remaining EUR200 million for debt
reduction. The EUR1.6 billion shareholder return includes a EUR1.4
billion special dividend (GBP1.62 per Zegona ordinary share) and a
EUR200 million share buyback programme. The special dividend
includes a EUR975 million to settle the Vodafone Group Plc
financing in full and a EUR440 million pro rata payment for
remaining ordinary shareholders.

"While the capital allocation plan is primarily
shareholder-oriented and not a key factor in the rating action,
Moody's recognizes that it contributes to simplifying the company's
capital structure and provides some support for debt reduction. The
announcement aligns with Zegona's strategy for Vodafone Holdings
Europe SLU (Vodafone Spain) and its broader operational goals,"
added Carlos Winzer.

RATINGS RATIONALE

The Ba2 CFR reflects: (1) Zegona's strong position in the Spanish
telecom market, offering converged fixed, mobile and pay-TV
services, (2) high-quality mobile network infrastructure, (3)
potential for further margin and profitability improvement under
its optimization plan and (4) a conservative net leverage target of
1.5x–2.0x (management-reported), equivalent to Moody's-adjusted
gross leverage of around 2.5x–3.0x.

Zegona has made substantial progress in its strategic priorities,
particularly by expanding fiber-to-the-home (FTTH) coverage through
two major FibreCos. In March, Vodafone Spain launched Fiberpass in
partnership with Telefónica S.A. (Telefónica), with AXA IM Alts
acquiring a 40% stake, expected to close in Q1 2026. In August, GIC
agreed to purchase a 25% stake in PremiumFiber, the FiberCo with
MasOrange Holdco Limited (MasOrange). These milestones are offset
by (1) exposure to Spain's highly competitive telecom market, where
revenue growth is expected to remain flat, and (2) execution risks
associated with Zegona's turnaround and cost-efficiency
initiatives.

Moody's forecasts revenue growth to remain broadly flat over the
next two to three years, with a focus on converged offerings and
expansion in B2B and wholesale segments.

Vodafone Spain continues to grow its added customer base with total
broadband customers reaching 2.59 million and contract mobile lines
surpassing 10.15 million as of end September 2025. The company
attributed this expansion to ongoing investments in customer
propositions, new branding for its Lowi segment, and churn
reduction initiatives. Commercial activity was further boosted by a
successful back-to-school campaign and enhanced content offerings,
including the addition of TV services to Lowi.

Moody's had anticipated a challenging but improving outlook for
Zegona, with Moody's forecasts of flat revenue, gradual margin
expansion, and a reduction in leverage driven by cost efficiencies
and the execution of the company's optimization plan. Moody's
expects Moody's-adjusted gross leverage to peak at around 3.9x in
March 2025 and to decline to 3.3x by March 2026, with EBITDA
margins rising from 34.7% in 2025 to 39.3% in 2026. Free cash flow
was projected to remain modest in 2025 before improving
substantially in 2026, supported by lower capital expenditures and
the phasing out of restructuring costs.

The actual results for the six months ended September 30, 2025,
reveal that Zegona's margin and cash flow performance have exceeded
Moody's expectations. Vodafone Spain reported an EBITDAaL margin of
37% for the half-year, up three percentage points from the prior
year, and a cash flow margin of 23%, more than five points higher
than the previous period. Operating cash flow (EBITDAaL minus
capex) surged 30% year-over-year to EUR411 million, outpacing
Moody's previous expectations. These improvements were driven by
the successful execution of over 700 cost and capex reduction
initiatives, including headcount reductions, renegotiation of
contracts, and IT consolidation. The company's refinancing
activities also reduced annual interest costs, further supporting
cash generation.

On the revenue side, however, results were in line with or slightly
below expectations. Moody's had forecasted revenue to remain
broadly flat, with a slight decline in 2025 due to the transition
of the Finetwork agreement and a more aggressive commercial
strategy. The interim report confirms that revenue for the period
was EUR1.79 billion, consistent with the anticipated softness and
reflecting ongoing competitive pressures in the Spanish telecom
market. The company's market share in both mobile and fixed
segments has stabilized.

One area of positive deviation is the pace of margin improvement
and cash flow generation, which have both outperformed the cautious
outlook Moody's had set. The rapid execution of the FiberCo joint
ventures with MasOrange and Telefónica has also progressed as
planned, with monetization well advanced and expected to deliver
further cost savings and capital structure optimization.

The group's financial performance strengthened further as Zegona
refinanced its debt, reducing annual interest costs and
streamlining its capital structure. The company repaid its Term
Loan A facility and partially redeemed secured notes, extending
backed senior secured Term Loan B and Euro backed senior secured
notes at more favorable rates. Net debt stood at EUR3.6 billion at
the end of September, with cash and cash equivalents rising to
EUR303 million.

Moody's notes that principal risks related to the execution of the
strategy and financing have decreased, including the execution of
the FibreCo transactions and improved debt terms.

Other challenges persist. The group continues to face industry-wide
pressures, including the need to stabilize top-line revenue,
execute cost reductions, and manage the integration of new
FibreCos. Additionally, the company's ability to maintain its
growth trajectory depends on successful completion of network
transformation, realization of cost savings, and continued access
to capital markets on favorable terms.

LIQUIDITY

Zegona's liquidity is supported by a cash balance of around EUR303
million as of September 2025, Moody's expectations of positive FCF
generation for the next three years, full availability under the
EUR500 million backed senior secured revolving credit facility due
2029 and comfortable capacity under covenants.

The EUR500 million revolving credit facility has a springing
covenant, tested when it is drawn above 40% at 4.25x net leverage.
Net leverage is calculated before lease capitalization and
excluding the amortization of capitalized client acquisition
costs.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Zegona's
Moody's-adjusted gross debt to EBITDA will trend towards 3x in the
next 18 to 24 months, supported by EBITDA growth from the cost
savings plan as well as lower capex than historical levels. In
addition, the stable outlook incorporates the assumption that the
company will generate positive and growing free cash flow (FCF)
after dividends, it will maintain a solid liquidity profile and
will not engage in large debt-financed M&A transactions.

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

Upward rating pressure could develop if Zegona delivers on its
business plan, improves its operating performance and margin growth
while it demonstrates a conservative financial policy driving a
reduction in leverage, such that its Moody's-adjusted gross
debt/EBITDA declines below 2.5x, and its FCF remains positive, both
on a sustained basis.

Downward pressure on the rating could develop if Zegona's operating
performance deteriorates leading to weaker credit metrics, such as
Moody's-adjusted gross debt/EBITDA remains sustainably above 3x; it
conducts large debt-funded M&A or shareholder distributions that
materially diverge from the company's stated deleveraging
trajectory, as evidenced by its net leverage target of 1.5x–2.0x;
or its liquidity materially weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

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

Zegona HoldCo Limited, the parent company of Vodafone Holdings
Europe SLU (Vodafone Spain), is the third-largest
telecommunications operator in Spain. It offers mobile, broadband,
pay-TV and fixed-line services to residential and business
customers. As of September 30, 2025, Zegona had around 10.2 million
contract mobile lines and 2.6 million broadband lines. For the last
12 months ended September 2025, the company reported revenue of
EUR3.6 billion and adjusted EBITDAaL of EUR1.3 billion. Zegona
HoldCo Limited is 100% owned by Zegona Communications PLC.



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

10 DENHAM STREET PROPERTY: RSM UK Appointed as Joint Administrators
-------------------------------------------------------------------
10 Denham Street Property Management Limited was placed into
administration proceedings in the Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), Court No.
CR-2025-008318, and Lee Van Lockwood and Christopher Ratten of RSM
UK Restructuring Advisory LLP were appointed as joint
administrators on Nov. 25, 2025.

10 Denham Street Property Management Limited specialized in the
letting and operating of own or leased real estate.

Its registered office is and principal trading address is 124 City
Road, London, England, EC1V 2NX.

The joint administrators can be reached at:

      Lee Van Lockwood  
      RSM UK Restructuring Advisory LLP  
      Central Square, 5th Floor  
      29 Wellington Street  
      Leeds, LS1 4DL  

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

Correspondence address &
contact details of case manager:

     Ross Taylor  
     RSM UK Restructuring Advisory LLP
     Central Square, 5th Floor
     29 Wellington Street
     Leeds, LS1 4DL
     Tel: 0113 285 5000

Contact details of the Joint Administrators:

     Lee Lockwood
     Tel: 0113 285 5000

     or

     Christopher Ratten
     Tel: 0161 830 4000

10 DENHAM STREET: RSM UK Appointed as Joint Administrators
----------------------------------------------------------
10 Denham Street LLP was placed into administration proceedings in
the Business and Property Courts of England and Wales, Insolvency &
Companies List (ChD), Court No. CR-2025-008320, and Lee Van
Lockwood and Christopher Ratten of RSM UK Restructuring Advisory
LLP were appointed as joint administrators on Nov. 25, 2025.

10 Denham Street LLP specialized in the development of building
projects.

Its registered office and principal trading address is 124 City
Road, London, EC1V 2NX.

The joint administrators can be reached at:

      Lee Van Lockwood  
      RSM UK Restructuring Advisory LLP  
      Central Square, 5th Floor  
      29 Wellington Street  
      Leeds, LS1 4DL  

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


Correspondence address &
contact details of case manager:

     Ross Taylor  
     RSM UK Restructuring Advisory LLP
     Central Square, 5th Floor
     29 Wellington Street
     Leeds, LS1 4DL
     Tel: 0113 285 5000

Contact details of the Joint Administrators:

     Lee Lockwood
     Tel: 0113 285 5000

     or

     Christopher Ratten
     Tel: 0161 830 4000


11 POPES LANE LLP: RSM UK Appointed as Administrators
-----------------------------------------------------
11 Popes Lane LLP was placed into administration proceedings in the
Business and Property Courts of England and Wales, Insolvency &
Companies List (ChD), Court No. CR-2025-008319, and Lee Lockwood
and Christopher Ratten of RSM UK Restructuring Advisory LLP were
appointed as administrators on Nov. 25, 2025.

11 Popes Lane LLP specialized in the development of building
projects.

Its registered office and principal trading address is 124 City
Road, London, EC1V 2NX.

The administrators can be reached at:

     Lee Lockwood
     RSM UK Restructuring Advisory LLP  
     Central Square, 5th Floor  
     29 Wellington Street  
     Leeds, LS1 4DL  

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

Correspondence address &
contact details of case manager:

     Ross Taylor
     RSM Restructuring Advisory LLP
     Central Square, 5th Floor
     29 Wellington Street
     Leeds, LS1 4DL
     Tel: 0113 285 5000

Contact details for Joint Administrators:

     Lee Lockwood
     Tel: 0113 285 5000

     or

     Christopher Ratten
     Tel: 0161 830 4000

11 POPES LANE: RSM UK Appointed as Administrators
-------------------------------------------------
11 Popes Lane Property Management Limited was placed into
administration proceedings in the High Court of Justice  Business
and Property Courts of England and Wales, Insolvency and Companies
List (ChD), Court No. CR-2025-008316, and Lee Lockwood and
Christopher Ratten of RSM UK Restructuring Advisory LLP were
appointed as administrators on Nov. 25, 2025.

11 Popes Lane Property Management Limited specialized in the
letting and operating of own or leased real estate.

Its registered office and principal trading address is 124 City
Road, London, EC1V 2NX.

The administrators can be reached at:

     Lee Lockwood
     RSM UK Restructuring Advisory LLP  
     Central Square, 5th Floor  
     29 Wellington Street  
     Leeds, LS1 4DL  

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

Correspondence address &
contact details of case manager:

     Ross Taylor
     RSM Restructuring Advisory LLP
     Central Square, 5th Floor
     29 Wellington Street
     Leeds, LS1 4DL
     Tel: 0113 285 5000

Further details contact:

     Lee Lockwood
     Tel: 0113 285 5000

     or

     Christopher Ratten
     Tel: 0161 830 4000

ASDA (BELLIS FINCO): S&P Downgrades LT ICR to 'B', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Asda's (Bellis Finco) ultimate parent, Bellis Finco PLC, and the
issue rating on the senior secured debt to 'B' from 'B+', with the
recovery rating on the debt unchanged at '3'.

S&P said, "The stable outlook reflects our expectation that the
group will navigate the disruption from Project Future and
reestablish its competitive standing in a challenged trading
environment in the U.K. as macroeconomic headwinds persist. We
expect of the company to deleverage towards 8.8x in 2026 (7.3x
excluding PIK instruments). However, free operating cash flow
(FOCF) after leases will remain subdued--close to breakeven-- in
2025 and below GBP100 million in 2026."

Operational disruptions related to Project Future have continued to
test the group's performance for longer than expected. While
Project Future had been largely completed by August 2025,
management reported further disruption into September and the
fourth quarter, weakening product availability, the online shopping
experience, and overall operations. Management has confirmed that
the rate of incidents of Project Future malfunctioning has
significantly slowed since mid-November 2025, but overall, the
positive impact of the "Formula for Growth" strategy on earnings is
delayed by about six months. This has also come at an additional
cost, and S&P now forecasts total operating costs related to
Project Future to be close to GBP280 million in 2025.

Asda's third-quarter trading performance reflects the challenges
related to Project Future and the competitive and macroeconomic
environment. The group's total reported revenue fell by 3.5% for
the first nine months of 2025 compared with the same period last
year, to GBP19.2 billion, with like-for-like sales, excluding fuel,
declining by 2.6%. Since the beginning of the year, the group has
faced strong competition from both the incumbents and discounters
in the U.K., which added to the disruption from Project Future and
has shrunk market share to 11.6% (as of Nov. 2, 2025, according to
Kantar Worldpanel), from 12.6% a year ago. Furthermore, high
investments in prices and increasing pressure on the cost base,
including the higher minimum living wage and National Insurance
tax, have reduced the group's adjusted EBITDA by 30.4% to GBP590
million.

S&P said, "While we expect some improvement in Asda's performance
in the upcoming months, we project 2025 revenue to drop by about
2.5% and remain relatively flat in 2026. We forecast sales across
all business lines to decline, with food sales falling by close to
2%-3% in 2025. This contraction is due to the drop in availability
and impact to customer experience in large Asda stores and online
from Project Future disruption, with sales only marginally
increasing in 2026 as food inflation helps to recover revenue
growth. George (clothing and general merchandise), which has
historically generated a stable revenue stream, has also been
hampered by the operational disruption and we expect it to remain
flat in 2025, only marginally improving toward 1%-2% in 2026.
Similarly, fuel (close to 20% of group revenue) continues to be
challenged by volume declines and we anticipate a 5% drop in sales
in 2025. We, therefore, forecast S&P Global Ratings-adjusted EBITDA
of about GBP850 million in 2025 as a result of lower gross margins
due to price investments as well as higher wages and other
operating costs, and higher-than-previously anticipated costs
related to Project Future. In 2026, we forecast the group will
start to improve its like-for-like performance toward the second
half of the year, boosting profitability, which, together with the
complete wind down of Project Future costs, will lead to S&P Global
Ratings-adjusted EBITDA of close to GBP1.3 billion.

"We expect the group to maintain adequate liquidity, despite weaker
FOCF after leases. The trading underperformance will result in
lower-than-expected FOCF after leases, which we now forecast to be
break-even in 2025 and then increase only toward GBP100 million in
2026. This corresponds to about GBP400 million in 2025 and GBP500
million-GBP600 million in 2026 of FOCF according to the
management's definition and therefore below our previous
expectation and management's previous guidance of about GBP600
million. Nevertheless, the group still has an adequate liquidity
profile with about GBP1 billion of cash pro forma of the recent
sale-and-leaseback transaction and fully available revolving credit
facility (RCF) of GBP793 million.

"Consequently, we anticipate debt to EBITDA will climb to 12.8x
(10.7x excluding PIK instruments) in 2025 before declining toward
8.8x (7.3x excluding PIK) in 2026. The drop in profitability in
2025, as well as the additional leases following the
sale-and-leaseback transaction, will lead to S&P Global
Ratings-adjusted debt to EBITDA of 12.8x in 2025, above our
previous expectation of 10.4x. We expect leverage to decline in
2026 thanks to improving EBITDA metrics, although total debt will
remain elevated. The group entered two sale-and-leaseback
transactions in November 2025 to dispose of 24 Asda stores and one
distribution center, with net proceeds of GBP531 million. The
additional cash adds liquidity but constrains the group's
flexibility in the future to use its asset base. While the
transaction was permitted under the existing debt documentation, we
note that it also reflects a weakening in the security package,
with fewer assets available in a hypothetical default scenario.

"The stable outlook on Asda reflects our expectation that the group
will navigate the disruption relating to Project Future and
reestablish its competitive standing in a challenged trading
environment in the U.K. as macroeconomic headwinds persist. We
expect revenue to drop by about 2.5%-3.0% in 2025 because
disruption from Project Future has been significantly harsher than
anticipated, with a return to marginal growth in 2026. We expect
this to translate into S&P Global Ratings-adjusted EBITDA of GBP1.3
billion and adjusted debt to EBITDA of about 8.8x in 2026, after
the spike of more than 12x in 2025 as earnings return to growth and
EBITDA recovers. However, FOCF after leases will remain
subdued--close to break even in 2025 and still below GBP100 million
in 2026 as the group increases capital expenditure (capex) toward
GBP400 million. It also reflects our view that liquidity will
remain adequate over the next 12 months thanks to the fully
available RCF and GBP1 billion of cash on balance sheet.

"We could lower the rating if the group faced further material
disruption from Project Future or other delays in turning around
the business, and therefore failed to recover its profitability and
cash generation." This could lead to a significant shortfall in
earnings persisting for longer than S&P currently anticipates, such
that:

-- S&P Global Ratings-adjusted debt to EBITDA exceeds 9x
(7.0x-7.5x excluding PIK instruments);

-- FOCF after leases remain weak, constraining Asda's capacity to
sustainably invest capex in its estate;

-- The decline in profitability is structural and we no longer
believe that Asda can achieve an S&P Global Ratings-adjusted EBITDA
margin of 5% over our forecast horizon; or

-- The group does not present a credible plan to address its 2028
maturities in a timely manner.

-- This could happen if the group fails to recover its competitive
position in the market or manage its cost base efficiently or if
the group pursues a more aggressive financial policy than
expected.

S&P could raise its ratings on Asda if the group significantly
outperforms our base case and returns to sustainable growth in
earnings, profitability, and cash flow generation such that:

-- S&P Global Ratings-adjusted EBITDA margins sustainably improve
to at least 5%;

-- S&P Global Ratings-adjusted debt to EBITDA falls below 7.5x
(6.0x-6.5x excluding PIK instruments) along with the financial
policy commitment of further deleveraging; and

-- FOCF after leases meaningfully and sustainably increases as the
group stabilizes its market position and delivers on its
operational initiatives while maintaining healthy levels of
investment in its estate.

An upgrade would also depend on Asda addressing its 2028 maturities
on time, allowing it to focus on achieving its strategic and
operational priorities.


BLUESTAR PRODUCTS: Leonard Curtis Appointed as Joint Administrators
-------------------------------------------------------------------
Bluestar Products Ltd was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in Leeds,
Company & Insolvency List (ChD), Court No. CR-2025-LDS-001148, and
Mike Dillon and Chris Knott of Leonard Curtis were appointed as
joint administrators on Nov. 25, 2025.

Bluestar Products Ltd specialized in the manufacture of steel drums
and similar containers.

Its registered office is at C/O Sempar, Office 2, 026 Innovation
Centre, 7 Keele University, Keele, Staffordshire, ST5 5NU.

Its principal trading address is 139 Sutherland Rd, Longton,
Stoke-on-Trent, ST3 1HZ.

The joint administrators can be reached at:

     Mike Dillon  
     Chris Knott  
     Leonard Curtis  
     Riverside House  
     Irwell Street  
     Manchester, M3 5EN  

Further details contact:

     The Joint Administrators
     Tel: 0161 831 9999
     Email: recovery@leonardcurtis.co.uk
     Alternative contact: Helen Hales

EVOKE PLC: S&P Affirms 'B-' Notes Rating, Alters Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Evoke PLC to negative and
affirmed its 'B-' rating on Evoke and its senior secured and
unsecured notes. The recovery rating on the debt remains unchanged
at '3', but S&P revised the estimated recovery prospects to 50%
from 55%.

S&P said, "The negative outlook reflects our view that we may lower
the rating if the company is not able to timely and effectively
implement mitigating actions and potentially surpass the announced
target, leading us to view leverage increasing significantly above
8x with negative FOCF on a prolonged basis, meaning that we see
higher risks that the company could not refinance its upcoming debt
maturities due in January 2028 (revolving credit facility [RCF])
and July 2028 (EUR450 million floating rate notes and US$575
million term loan B [TLB])."

The U.K. government Autumn Budget, announced on Nov. 26, 2025,
increased remote gambling taxes. Evoke PLC estimates the increase
will push up costs by GBP80 million in 2026 and about GBP125
million-135 million on an annualized basis (before mitigations)
once tax changes are fully implemented from April 2027.

The group has announced that 50% of the EBITDA impact could be
mitigated over the medium term through revised customer
proposition, lower marketing spending, and reduced operating costs,
among other measures.

S&P expects the group to face some execution risk, in addition to
the uncertainty on the market dynamics and revenue momentum
following the mitigating plans, and that the magnitude of the
announced actions may not be sufficient to drive Evoke's return to
structurally positive cash flow or deleveraging from the 8x that it
expects in 2025.

The increase in U.K. gambling taxes will disrupt Evoke's
deleveraging trajectory, despite plans to mitigate the tax
increase. The U.K. government announced on Nov. 26, 2025, that the
remote gaming duty will increase to 40% from 21% starting April 1,
2026, and a new 25% remote betting duty will be imposed starting
April 1, 2027, while the general betting duty will remain at 15%.
The increase excludes horseracing, self-service betting terminals,
spread betting, and pool bets, among other activities. The duty on
land-based bingo will be abolished from April 1, 2026. Evoke
expects a cost increase of GBP80 million in 2026, before accounting
for its mitigating efforts, and about GBP125 million-135 million on
an annualized basis accounting for the increase in the sports
betting duty from April 2027. S&P now projects S&P Global
Ratings-adjusted debt to EBITDA will remain at about 8x over
2025-2027 which is subject to successful and timely implementation
of its mitigating plans.

Cost-cutting measures will effectively constrain top-line growth.
S&P said, "We expect the group would be able to pull various
levers, including revising its customer proposition and cutting
marketing expense. Reducing bonuses, free bets, and spins
(collectively "generosity"), which are subject to duties, could
directly reduce the costs. However, we believe the effect of such
actions will be partly netted off by the potential volume loss of
customers due to the lesser product appeal, which could be
exacerbated by scaling down marketing expense. The ability to grow
average revenue per user on softer volumes and to maintain its
market share depends on the group's execution of the reduction in
generosity in relation to the timing and scale of similar
initiatives by other operators. Also, we need to assess the
effectiveness of the group's ongoing push for a more targeted
marketing strategy (a shift to product-led from promotions-led
marketing) and the returns of its investment in product innovation
and the optimization of the customer journey. In our view, the tax
increase will transform the U.K. gaming and betting market into an
even more competitive landscape and drive greater differentiation
in the credit quality of established operators."

S&P said, "We also expect Evoke to drive down operating costs and
optimize the scale of its retail business by balancing costs and
the brand recognition benefits that its high street shops bring to
the top line. We assume that will entail some increase in
exceptional costs, in addition to the William Hill platform
migration costs and other outlays related to cost savings that were
already part of our base case.

"Moreover, we expect the group has flexibility to reduce some
capitalized development costs in 2026-2027, which we now assume at
about GBP75 million annually compared with GBP85 million before. As
such, we revised down our forecasts of S&P Global Ratings-adjusted
EBITDA to about GBP243 million in 2026 and GBP240 million in 2027.
Our adjusted EBITDA is computed after capitalized development
cost.

"We see execution risks associated with the group's ambition to
sustain positive free operating cash flow (FOCF) after leases after
the tax changes. We expect the cost savings from mitigating
measures and the timing effect of gambling tax payments will
support FOCF after leases which, based on our projections, will
increase to about GBP35 million in 2026 followed by about GBP20
negative in 2027. We think that the incremental tax impact on costs
and the impact of Evoke's cost-mitigating measures on the top line
will outweigh the underlying improvement in the group's operating
performance from its strategic initiatives. Faced with a
structurally less profitable U.K. gambling market after the tax
changes, while Evoke has withdrawn its financial targets, we expect
the group will prioritize cash flow generation and deleveraging. In
addition to some of the announced cost-saving measures, we assume
that the group has some flexibility to downsize its capital
expenditure (capex) to preserve cash, without adversely affecting
the progress and quality of product innovation and technological
improvements in its existing markets, including the higher-growth
international core markets.

"Our FOCF estimate includes annual capex of at least GBP100 million
and cash interest expense of about GBP160 million. Our current
forecast of interest expense does not consider any potential
refinancing of the existing debt that we expect will be at higher
interest rate in the prevailing market conditions, which will
likely pressure the limited headroom under our forecast of FOCF
after leases absent unforeseen improvements in trading conditions.

"We still believe the management's strategic initiatives and fast
growth in the international core markets will support FOCF after
leases turning out positive for 2025. The group sustained negative
FOCF after leases in 2024 at GBP59 million amid fierce competition
and soft demand in U.K. retail trading and marketing, along with
bonuses' inefficiency in driving player volume and value in the
U.K. online segment. The cash outflow has also been because of
expenses related to the integration and transformation costs to
execute a series of revenue- and margin-enhancing initiatives to
recover from the impact of safer gambling measures in the sector in
2023." Based on Evoke's performance in the first nine months of
2025, S&P believes that FOCF after leases for the full year will
turn positive at about GBP6 million on the back of:

-- The return to growth in the U.K. retail segment, seeing 6%
increase in year-on-year revenue for the first nine months of 2025,
helped by weaker win margins in the prior year, the rollout of new
gaming cabinets across its shops completed in March 2025, and the
upgrade of self-servicing betting terminals that began in the
second half of 2025.

-- Modest growth in the U.K. and Ireland online segment, with
revenue growing only 1% in the first nine months of 2025,
constrained by softer volumes in the 888 brand from a shift to a
more return-focused marketing strategy, somewhat offsetting major
user experience improvements and strong product launches at William
Hill.

-- Accelerated growth organically and inorganically in the
international markets, with revenue growing 8% in the first nine
months of 2025 driven by Italy, Denmark, and Romania.

Liquidity provides some cushion in the near term. S&P expects
liquidity sources will exceed liquidity uses more than 1.5x over
the next 12 months, as of the end of first half of 2025. S&P said,
"Under our assumptions, the group has GBP121 million of
unrestricted cash (net of customer deposits and restricted
short-term deposits), about GBP90 million-GBP100 million cash funds
from operations (FFO), and GBP129 million available under the new
GBP200 million RCF due in January 2028 with springing maturity. We
assume adequate headroom under the springing covenant set at 7.65x
net debt to EBITDA as defined in the debt documentation. We also
expect the group to maintain financial discipline; we did not
factor in any dividend or shareholder payouts in our base case.
Moreover, we do not factor any one-off large business disposals in
our forecast unless committed. We view the GBP121 million legal and
regulatory provision related to its customer claims in Austria and
other jurisdictions as an event risk. Given that the court
proceedings and negotiations with regulatory bodies could take
multiple years to unfold, it is too early to determine the timing
and impact of the legal cases on the group's credit metrics. It is
not our base-case assumption that such claims would trigger a
significant liquidity outflow in the short term."

The negative outlook reflects execution risks associated with the
timely and effective implementation of Evoke's mitigating actions
in the face of higher U.K. remote gambling duties. This could lead
to a higher-than-expected deterioration in credit metrics, such as
adjusted debt to EBITDA not improving compared with current levels
while FOCF after leases turning negative again from 2026 onwards.

S&P said, "We could lower our rating if we see the capital
structure as unsustainable, meaning that we do not see clear
deleveraging trajectory from the current levels, or if FOCF after
leases dips into negative territory for a prolonged time. Further
pressure on the rating could arise if we see higher refinancing
risk of its 2028 debt maturities, or its liquidity deteriorates
such that we no longer expect the group has sufficient cash to meet
its obligations.

"We could revise the outlook back to stable if the group manages to
execute its strategy and return to a credible deleveraging path
from the current levels of S&P Global Ratings-adjusted debt to
EBITDA, while FOCF after leases is positive and sustainably
growing. A positive rating action would also require our view that
the company has lower refinancing risk associated with its upcoming
maturities in 2028."


GALAXY FINCO: Moody's Puts 'B2' CFR on Review for Upgrade
---------------------------------------------------------
Moody's Ratings has placed the B2 corporate family rating and B2-PD
probability of default rating of Galaxy Finco Limited (Galaxy
Finco), which is an intermediate holding company of Domestic &
General Group Holdings Limited (D&G or the group), on review for
upgrade. Moody's also placed the B2 ratings of the backed senior
secured bonds and backed senior secured Term Loan B issued by
Galaxy Bidco Limited (Galaxy Bidco), the immediate subsidiary of
Galaxy Finco, on review for upgrade. Previously, the outlook for
both issuers was stable.

The rating action follows the announcement that Asurion, LLC
(Asurion), a global leader in technology care, support and
protection, will acquire D&G, a leading provider of appliance care
products across the UK and Europe. The parties aim to complete the
transaction in mid-2026, pending regulatory approvals.

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

The review for upgrade of Galaxy Finco's CFR and Galaxy Bidco's
backed senior secured debt reflects Moody's expectations that
Asurion will provide support to the D&G group, if needed. Moody's
expects Galaxy Bidco will retain its debt following the
transaction, however this is subject to regulatory approval.
Following the acquisition, Moody's expects D&G to retain a degree
of operational independence.

D&G's expanding US operations may be structurally integrated into
Asurion and hence may no longer form part of the Galaxy Finco
restricted group. If this occurred, the transfer of the group's US
business to Asurion would be credit negative for D&G on a
standalone basis, as Moody's expects the business to grow
profitably and generate free cash flow. This concern is mitigated
by Moody's expectations that Asurion would support D&G's debt.

Galaxy Finco 's existing B2 CFR reflects the group's strong market
position in the UK, providing extended warranties for domestic
appliances, growing franchise in Europe and the US, strong revenue
visibility driven by good retention rates and new business growth
and a solid track record of stable EBITDA growth through the
economic cycle. Offsetting these factors are execution risk in
achieving profitable growth and cash generation in the US business,
high leverage and low or negative free cash flow as the group
invests in growth and technology.

Moody's expects D&G's financial flexibility metrics to remain
relatively stable. Moody's estimates D&G's gross debt-to-EBITDA
ratio to be around 5.4x as of March 30, 2025 (per Moody's
calculations).

Instrument Ratings

The ratings on Galaxy Bidco's backed senior secured notes and the
backed senior secured Term Loan B are in line with the CFR which
reflects the low level of obligations ranking senior to financial
debt, namely trade payables and lease obligations in operating
subsidiaries.

The probability of default rating is in line with the CFR
reflecting Moody's assumptions of a 50% recovery rate typical for
transactions including a mix of bank debt and bonds.

The successful completion of the acquisition by Asurion could lead
to a rating upgrade for Galaxy Finco. If the transaction does not
proceed, Galaxy Finco's ratings and outlook would revert back to
its standalone level before the announcement.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in February 2024.

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

INFINITY BIDCO: S&P Affirms 'B' LT ICR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on European aluminum systems manufacturer Corialis' intermediate
parent company Infinity Bidco 1 Ltd. and its issue rating on its
EUR974 million-equivalent term loan B (TLB).

The negative outlook reflects that we could lower the rating on
Infinity Bidco 1 Ltd. if there is a further delay in end-market
recovery, resulting in a reduced likelihood of S&P Global
Ratings-adjusted debt to EBITDA recovering to below 6.5x until the
end of 2026.

S&P said, "We forecast that Corialis will generate positive free
operating cash flow (FOCF) and maintain adequate liquidity in 2026.
We project positive FOCF of about EUR15 million-EUR25 million in
2025 before improving to EUR25 million-EUR35 million in 2026.
Capital expenditure (capex) will reduce to about EUR31 million in
2025 from EUR53 million in 2023 and EUR77 million in 2022, since
the company has completed its growth projects by adding new
presses, painting lines, warehouses, and capacity expansion in the
U.K., Eastern Europe, France, and Portugal.

"We consider Corialis' adequate liquidity position to be a credit
strength. As of Oct. 31, 2025, the RCF of EUR150 million was fully
undrawn. The proposed A&E transaction aims to extend the maturity
of the RCF and the existing TLB by three years, to January 2031 and
July 2031 respectively. We view this transaction as credit positive
as it will significantly improve Corialis' maturity profile. The
company will therefore have sufficient time to fully integrate the
acquisition of Gutmann, as management expects all synergies to be
realized by 2029, before the next refinancing.

"We anticipate Corialis' operating performance will strengthen in
2026, as the building market gradually recovers. Pro forma the
acquisition of Gutmann, sales increased by 4.5% over the past 12
months compared to 2024. We view this increase as a first sign of
recovery, following the challenging conditions in the building
materials sector since 2023. Almost all regions show positive
development in 2025. Systems' sales (68% of group sales) increased
by 6% on a like-for-like (LFL) basis, due to higher top-line sales
in Eastern Europe (15%) and the U.K. (3%). Engineered Solutions'
sales (32% of group sales) increased by 1.0% LFL, driven by
increased sales prices, which have risen to EUR4.05 per kilo
compared with EUR3.87 per kilo last year. Overall, we project
Corialis' sales to increase by 6.4% LFL in 2025 before improving by
10.0% in 2026.

"We forecast Corialis' EBITDA margin will be about 15.2% in 2025,
before improving to 15.5%-16.0% in 2026 and 16.0%-16.5% in 2027.
That said, we anticipate the rebound will be gradual and
potentially skewed toward the second half of 2026, reflecting our
view of the challenging conditions in residential construction.

"We expect our adjusted debt-to-EBITDA metric for Corialis will
decrease below our downside trigger in 2026, after peaking at 7.4x
in 2024. We expect its adjusted debt to EBITDA to decrease to
7.0x-7.2x in 2025, owing to slightly higher EBITDA. We forecast the
first half of 2026 will remain challenging, due to still-subdued
demand for building materials, and therefore we expect adjusted
leverage will remain elevated until mid-year 2026. That said, we
anticipate some recovery in the second part of 2026. Overall, we
now forecast adjusted EBITDA at EUR145 million-EUR150 million in
2025--about EUR10 million lower than our previous base case. We
continue to forecast material improvement to EUR160 million-EUR170
million in 2026, translating into adjusted debt to EBITDA at
7.0x-7.2x in 2025 and about 6.0x-6.5x in 2026. The company's debt
mainly comprises term loans of EUR719 million and GBP224 million
due in July 2031. We make limited adjustments for leases,
factoring, and pension liabilities. We do not net the EUR67 million
of cash (as of October 2025) in our adjusted debt calculation due
to the company's private-equity ownership. We note the company does
not plan to pay dividends in the near term.

"The integration of Gutmann is progressing well and expected to
support Corialis' results in 2026. We view Corialis' operating
performance as resilient, with management maintaining margins and
executing on cost-saving initiatives despite the challenging
conditions in the building-materials market. We understand that the
integration of Gutmann is advancing in line with management's
expectations following the early-2025 acquisition. The transaction
was funded through a EUR90 million fungible add-on to the TLB and
EUR47 million of cash. It extends Corialis' geographic reach in the
DACH (Germany, Austria, Switzerland) region, broadens its product
range, and creates cross-selling opportunities. For 2025, we
estimate Gutmann will contribute EUR140 million-EUR145 million of
revenue and EUR9 million-EUR11 million of EBITDA. In 2026, we
expect about EUR4.1 million of synergies, primarily from cost
optimization, coupled with the progressive ramp-up of Gutmann's
operations to support further earnings accretion. Our EBITDA
forecast for 2026 is therefore supported by the assumption of no
exceptional integration, coupled with disciplined cost management,
continued savings execution, and the strengthening contribution
from Gutmann.

"The negative outlook reflects that we could lower our rating on
Corialis if there is a further delay in end-market recovery,
resulting in reduced likelihood of S&P Global Ratings-adjusted debt
to EBITDA recovering to below 6.5x until the end of 2026."

S&P could lower the ratings if:

-- Operating performance remains subdued, leading to sustained
elevated leverage of more than 6.5x;

-- FOCF turns negative, leading to weakening liquidity; or

-- Corialis undertakes material debt-funded acquisitions or
shareholder returns that translate into higher gross debt and
leverage.

S&P could revise the outlook to stable if Corialis' debt to EBITDA
declines sustainably below 6.5x, while the company generates
positive FOCF.


MERAKI RESTAURANTS: Begbies Traynor Appointed as Administrators
---------------------------------------------------------------
Meraki Restaurants Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England & Wales, Insolvency and Companies List, Court No.
CR-2025-008208, and Jack Caten and Mark Robert Fry of Begbies
Traynor (London) LLP were appointed as administrators on Nov. 26,
2025.

Meraki Restaurants Limited specialized in leisure - bars and
restaurants.

Its registered office is at 5 Market Yard Mews, 194-204 Bermondsey
Street, London, SE1 3TQ.

Its principal trading address is 80-82 Great Titchfield St, London,
W1W 7QT.

The administrators can be reached at:

     Jack Caten  
     Mark Robert Fry  
     Begbies Traynor (London) LLP  
     31st Floor  
     40 Bank Street  
     London, E14 5NR  

For further information, contact:

     Andrew Isaacs  
     Begbies Traynor (London) LLP  
     Email: andrew.isaacs@btguk.com  
     Tel: 020 7516 1500

NATIONAL TIMBER: Alvarez & Marsal Appointed as Joint Administrators
-------------------------------------------------------------------
National Timber Group Scotland Limited was placed into
administration proceedings in the Court of Session, No. P1189/25,
and Michael Magnay, Gemma Quinn, and Jonathan Marston of Alvarez &
Marsal Europe LLP were appointed as joint administrators on Nov.
26, 2025.

National Timber Group Scotland Limited's agents are involved in the
sale of timber and building materials.

Its registered office and principal trading address is Thornbridge
Yard, Laurieston Road, Grangemouth, FK3 8XX.

The joint administrators can be reached at:

     Michael Magnay
     Gemma Quinn
     Jonathan Marston
     Alvarez & Marsal Europe LLP
     Suite 3, Avery House
     69 North Street
     Brighton, BN41 1DH
     Tel: +44 (0) 20 7715 5200

For further information contact:

     Dimitri Golovanovs  
     Tel: +44 (0) 20 7715 5223  
     Email: INS_NATGSL@alvarezandmarsal.com

PETRA DIAMONDS: S&P Downgrades ICR to 'SD' on Distressed Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
diamond producer Petra Diamonds Ltd. to 'SD' from 'CC'. S&P also
lowered its issue rating on the senior secured second-lien notes
issued by Petra Diamonds US Treasury PLC to 'D' from 'CC'.

S&P expects to raise our issuer credit rating on Petra Diamonds to
the higher end of the 'CCC' category or potentially the lower end
of the 'B' category after incorporating the company's new capital
structure post-restructuring and cash flow outlook.

On Nov. 28, 2025, Petra Diamonds completed its implementation deed,
finalizing its capital structure restructuring and refinancing.

S&P said, "We consider the transaction a distressed exchange
resulting in a selective default ('SD') because we deem the
compensation noteholders will receive as inadequate relative to the
concessions granted. We maintain this view notwithstanding
noteholders accepting the debt restructuring voluntarily and the
absence of a legal default."

The downgrade follows Petra Diamonds' completion of a distressed
debt exchange. As part of the transaction, the company extended the
maturity of its senior secured bank debt (revolving credit
facility; RCF) to December 2029 from January 2026 and amended the
terms of the RCF. The maturity of the 9.75% senior secured
second-lien notes was also extended to March 2030 from March 2026,
accompanied by several amendments. These include the introduction
of a cash-or-equity interest payment mechanism, allowing the
issuer, at its discretion, to pay interest in company equity
instead of cash. The cash interest rate was also increased to 10.5%
(or 11.5% if interest is paid in equity). The transaction also
includes approximately GBP18.8 million raised through an equity
rights issue underwritten by certain existing shareholders. S&P
said, "Although we view the transaction as a necessary step toward
improving the company's capital structure and liquidity, we assess
it as distressed rather than opportunistic. Absent the exchange,
the company would likely have been unable to repay the outstanding
balances on its RCF and senior secured second-lien notes, which in
our view would have resulted in a conventional default.
Furthermore, we believe the additional compensation Petra Diamonds
is providing its lenders is insufficient given the maturity
extensions. The amended senior secured second-lien notes carry an
interest rate up to 175 basis points higher than the existing
coupon, depending on whether interest payments are made in cash or
equity. We view the revised pricing as materially below what the
company would be required to pay for new capital under current
market conditions and what an issuer with a similar risk profile
would have to pay to raise new capital."

S&P said, "We intend to review our ratings on the company,
including the issuer credit rating and issue-level ratings,
shortly. We expect to incorporate the company's revised capital
structure, updated cash flow outlook, and our forward-looking
assessment of its creditworthiness into our analysis. In our view,
the maturity extensions, amended terms, and new capital injection
strengthen Petra Diamonds' capital structure by pushing out
near-term debt maturities and improving liquidity. These
developments reduce refinancing risk over the medium term and
provide greater flexibility for the company to execute its
operating strategy. As a result, we expect to raise our issuer
credit rating on Petra Diamonds to the higher end of the 'CCC'
category or potentially the lower end of the 'B' category."


POWERVAULT LTD: Menzies LLP Appointed as Administrators
-------------------------------------------------------
Powervault Ltd, trading as Powervault, was placed into
administration proceedings in the High Court of Justice, Court No.
CR-2025-008259, and Jonathan David Bass and Giuseppe Parla of
Menzies LLP were appointed as administrators on Nov. 21, 2025.

Powervault Ltd specialized in the manufacture of other electrical
equipment.

Its registered office is at 4th Floor, 399-401 Strand, London,
England, WC2R 0LT.

Its principal trading address is Spaces, 6 Liddell Rd, London, NW6
2ET.

The administrators can be reached at:

   Jonathan David Bass  
   Giuseppe Parla  
   Menzies LLP  
   4th Floor, 95 Gresham Street  
   London, EC2V 7AB  

Further details contact:
   
   The Administrators
   Tel: +44 (0) 3309 129456
   Email: DUnderwood@menzies.co.uk  
   Alternative contact: Dan Underwood

SDM FABRICATION: FRP Advisory Appointed as Administrators
---------------------------------------------------------
SDM Fabrication Limited was placed into administration proceedings
in the High Court of Justice, Court No. CR-2025-007730, and Hayley
Watson, Christopher McKay, and Richard Bloomfield of FRP Advisory
Trading Limited were appointed as joint administrators on Nov. 27,
2025.

SDM Fabrication Limited specialized in construction activities not
elsewhere classified.

Its registered office is at 27-29 Old Market, Wisbech, PE13 1NE, to
be changed to Dencora Court, 2 Meridian Way, Norwich, NR7 0TA.

Its principal trading address is Foundry Way, March, PE15 0WR.

The joint administrators can be reached at:

     Hayley Watson
     Christopher McKay
     Richard Bloomfield
     FRP Advisory Trading Limited
     Dencora Court, 2 Meridian Way
     Norwich, NR7 0TA

Further details contact:

     Joint Administrators  
     Tel: 01603 703173  
     Email: cp.norwich@frpadvisory.com
     Alternative contact: Jordan Fawcett


SILVEN RECRUITMENT: FTS Recovery Appointed as Joint Administrators
------------------------------------------------------------------
Silven Recruitment Limited, fka LUPFAW 321 Limited, was placed into
administration proceedings in the High Court of Justice, Business
and Property Court in Manchester Company and Insolvency List Court
No. CR-2025-001574, and Alan Coleman and Marco Piacquadio of FTS
Recovery Limited were appointed as joint administrators on Nov. 25,
2025.

Its registered office is Clarence House, 4 Clarence Street,
Manchester, M2 4DW.

Its principal trading address is Clarence House, 4 Clarence Street,
Manchester, M2 4DW.

The joint administrators can be reached at:

     Alan Coleman
     FTS Recovery Limited
     Suite 1A, 40 King Street
     Manchester, Greater Manchester
     M2 6BA

     Marco Piacquadio
     FTS Recovery Limited
     Ground Floor, Baird House
     Seebeck Place, Knowlhill
     Milton Keynes, MK5 8FR

Further details contact:

     The Joint Administrators  
     Tel: 0161 464 3834  
     Email: stephanie.villian@ftsrecovery.co.uk
     Alternative contact: Stephanie Villain

TORO PRIVATE: S&P Assigns 'CCC+' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'CCC+' long-term issuer credit
rating on Toro Private Holdings I Ltd. The entity is wholly owned
by Travelport Technology Ltd., (CCC+/Stable/--) and S&P views it as
a core subsidiary of the group.

The stable outlook on the long-term issuer credit rating mirrors
that on Travelport Technology, given Toro Private's integral
relationship with the Travelport group.

S&P said, "We equalize our 'CCC+' long-term issuer credit rating on
Toro Private Holdings I Ltd. (Toro Private) with that on Travelport
Technology Ltd. Toro Private is a wholly owned and fully integrated
subsidiary of Travelport Technology, and we view it as a core
subsidiary of the overall group. As such, we assigned our 'CCC+'
issuer credit rating in line with our existing rating on Travelport
Technology.

"Our stable outlook on Toro Private mirrors that on Travelport
Technology, given the subsidiary's integral relationship within the
group and reflects our expectation that Travelport Technology will
have material EBITDA improvement over the next two years."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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