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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 17, 2025, Vol. 26, No. 251

                           Headlines



B E L G I U M

UNITED PETFOOD: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable


F R A N C E

BERTRAND FRANCHISE: Moody's Cuts CFR & Senior Secured Notes to B3


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Fitch Affirms 'B' IDR, Outlook Stable


I R E L A N D

ARES EUROPEAN XVII: Fitch Puts 'B-sf' Final Rating to F-R Notes
ELM PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes


N O R W A Y

NORDIC PAPER: Fitch Assigns 'B+' Long-Term IDR, Outlook Positive


T U R K E Y

TURKIYE SISECAM: Fitch Affirms 'B' Long-Term IDR, Outlook Negative


U N I T E D   K I N G D O M

ASIMI FUNDING 2024-1: Moody's Ups GBP17.15MM F Notes Rating to Caa2
BIFFA GROUP: Fitch Puts 'BB-' Final Rating to GBP830MM Notes
ENGAGE LOCUMS: Sanderlings Appointed as Administrators
HELIARC HUSTLERS: Parker Andrews Appointed as Administrators
HYDRATE DRINKS: Begbies Traynor Appointed as Administrators

I-LOGIC TECHNOLOGIES: Moody's Withdraws B2 Corporate Family Rating
INEOS GROUP: Moody's Lowers CFR to B2, Outlook Remains Negative
INEOS QUATTRO: Moody's Downgrades CFR & Senior Secured Debt to B3
NEIL SIMON: Leonard Curtis Appointed as Joint Administrators
NEWS TRANSPORT: RMT Appointed as Joint Administrators

PETRA DIAMONDS: Moody's Ups CFR to Caa1, Alters Outlook to Stable
PILGRIMS OF MARCH: DMC and Begbies Named as Joint Administrators
SOLAR TECHNOLOGY: Begbies Traynor Appointed as Administrators
UROPA 2007-01B: Fitch Affirms 'B-sf' Rating on Class B2a Notes
WATCHES OF BATH: Moore Kingston, Begbies Named as Administrators

WAVE STUDIOS: Begbies Traynor Appointed as Joint Administrators

                           - - - - -


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B E L G I U M
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UNITED PETFOOD: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed United Petfood Group BV's (United
Petfood) Long-Term Issuer Default Rating (IDR) at 'BB-'. The
Outlook is Stable. Fitch has also affirmed senior secured debt
issued by United Petfood Finance at 'BB+' with a Recovery Rating of
'RR2'.

The rating reflects United Petfood's solid position as one of the
leading producers of private label products and third-party brands
in the European pet food industry, with a broad manufacturing
network and strong innovation capabilities, in combination with
adequate credit metrics.

The Stable Outlook reflects Fitch's expectations of resilient
EBITDA and a healthy free cash flow (FCF) margin over the rating
horizon (2025-2028), supported by growing scale and earnings
expansion from organic and acquisitive growth. It also reflects
increasing diversification in the US market and cross selling
opportunities.

Key Rating Drivers

Resilient Profitability: Fitch projects United Petfood's
profitability to decline by 150bp compared to 2024, reflecting a
softer European market due to competition from branded products,
which Fitch expects to ease in 2026 amid the continuing softer
consumer environment. From 2026, Fitch forecasts EBITDA to rise to
23% and above, supported by the company's expanding scale and
increasing share of more profitable wet food and snacks, along with
receding cost inflation, despite rising labour expenses.

Robust profitability is further supported by the company's premium
positioning and low demand elasticity in the pet food industry.
Bolt-on M&A may lead to a potential temporary margin dilution.

Positive and Growing FCF: Fitch expects FCF margins to remain
positive at 4%-6% in 2025-2027, supported by resilient
profitability, despite an increased capex of 7.5%-8.0% of revenue
in 2025-2026 and additional working capital investment tied to
extended payment terms with some US customers to support the
company's penetration and expansion in the new market.

Moderate Diversification: Fitch considers United Petfood's product
offering as limited given a predominant focus on dry pet food,
which was 83% of sales in 2025. In terms of geographic
diversification, the group remains highly reliant on Western Europe
(66% of sales in 2025). This is offset by a well-balanced offering
across premium, mainstream and economic price points. Fitch expects
diversification to improve due to ongoing investment in wet and
snack production capacity as well as a growing presence in the US
and Turkish markets. The company intends to increase
diversification to APAC and the Middle East in the long term.

Adequate Leverage; Growing Headroom: The affirmation reflects
adequate leverage metrics for the moderately diversified business
model, but with a growing leverage headroom. Fitch estimates United
Petfood's EBITDA gross leverage at 4.0x at end-2025, reducing to
3.6x at end-2026. The expected deleveraging will mainly be driven
by EBITDA growth, supported by the ramp-up of recently penetrated
US market, capacity expansion in Europe and its assumptions of
continuing bolt-on M&A, mostly financed from internally generated
cash flow.

Continued Strong Growth Prospects: Fitch projects revenue to
increase organically by 8% in 2025 and 8.5% in 2026 due to capacity
expansion in the recently entered US market as well as planned
capacity growth in the UK and Romania, along with additional
production lines at existing plants in Spain, France, Poland and
Turkey. Until 2028, Fitch estimates revenue CAGR of 9%, supported
by solid organic growth, growing cross-selling, improved price mix
and product premiumisation. This organic growth is likely to be
aided by bolt-on acquisitions, which are part of the group's
business development strategy.

Balanced Customer Base: United Petfood benefits from a balanced
client portfolio of co-manufacturing contracts from brand owners
and private label orders from retailers, in addition to exposure to
specialty customers. A record of strong relationships with brand
owners and presence in the premium price segment underpin United
Petfood's healthy profitability and high growth prospects against
the broader packaged food industry.

The retail segment ensures resilient sales volumes, while also
benefiting from growing premiumisation and innovation in the
private label goods category. The rating reflects moderate customer
concentration risks and a record of long-lasting relationships,
with a low churn rate of below 2% of revenue per year.

Leading European Pet Food Producer: United Petfood is one of
Europe's largest third-party manufacturers of pet food for retail
chains, small-to-medium brand owners and specialty retailers. The
company has been growing quickly via M&A and expansion projects in
addition to healthy organic sales growth, increasing its revenue to
an estimated EUR1.5 billion at end-2025 from EUR138 million in
2017.

Peer Analysis

United Petfood is rated one notch below Nomad Foods Limited
(BB/Stable), Europe's largest frozen food producer, with a
considerably wider product diversification and stronger FCF given a
modest capital intensity, despite a slightly lower operating
profitability. However, the gap in the two companies' credit
profiles is reducing; Nomad has fully exhausted its rating
headroom, though remains supported by its financial policy
commitment, while Fitch expects United Petfood to build a
comfortable rating headroom over the medium term.

United Petfood is rated one notch below Ulker Biskuvi Sanayi A.S.
(BB/Stable) - Turkiye's largest confectionary producer, whose
rating is constrained by the Country Ceiling. Ulker has a
comparable business profile, but significantly lower net leverage
of below 2x compared with United Petfood's net leverage of
3.0x-4.0x.

United Petfood is larger and has a wider geographical
diversification than Sammontana Italia S.p.A. (B+/Stable). The
rating differential is supported by United Petfood's stronger
profitability, lower exposure to commodity price volatility and
lower leverage.

United Petfood is larger and more profitable than La Doria S.p.A.
(B+/Stable), an Italian manufacturer of private-label tomato,
vegetable and fruit derivatives. The one-notch differential is
driven by lower leverage and stronger cash conversion.

United Petfood is rated two notches above Sigma Holdco BV (Flora
Food; B/Stable), whose rating is weighed down by significantly
higher EBITDA leverage that Fitch projects at about 7x in
2025-2027, partly balanced by Flora Food's considerably stronger
business profile as a global market leader in plant-based spreads,
bigger size, solid brand portfolio and wider geographical
diversification.

Fitch’s Key Rating-Case Assumptions

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

- Mid- to-high single-digit organic revenue growth through to 2028

- EBITDA margin at about 23% over the rating horizon

- Working capital-related cash outflows of about EUR30 million a
year through to 2028

- Capex at 7.5%-8% of sales in 2025-2026 before reducing to 7%
thereafter

- Bolt-on acquisitions of about EUR50 million a year from 2026

- No dividend payments

Recovery Analysis

The two-notch uplift to the rating of the senior secured EUR1,225
million Term Loan B (TLC) to 'BB+' reflects its view of
above-average recovery prospects. These are supported by moderate
leverage and the absence of prior ranking debt class in the capital
structure. The TLB and the revolving credit facility (RCF) share
the same collateral and rank equally among themselves. The TLB is
issued by the group's financing subsidiary United Petfood Finance.

RATING SENSITIVITIES

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

EBITDA margin falling below 15% and FCF below 5% of sales due to
weakening in operating performance

Financial policy changes leading to EBITDA leverage sustained above
4.5x

EBITDA interest coverage below 4.5x

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

Strong operating performance with continuing growth in scale, and
increased product diversification while maintaining solid
profitability, combined with increasing EBITDA above EUR400
million

Maintenance of EBITDA margin above 20%, translating into an FCF
margin in the mid-single digits

Maintenance of conservative financial policy reflected in EBITDA
leverage consistently below 3.5x

Sufficient level of financial reporting disclosure, providing a
full set of financial statements and supplementary information

Liquidity and Debt Structure

Fitch estimates United Petfood's freely available cash balance at
end-2025 to be about EUR9 million after restricting EUR20 million
for daily operational purposes. This is complemented by access to a
EUR200 million undrawn committed RCF. Fitch estimates this should
be sufficient for operations and debt servicing in light of
positive FCF and no significant debt maturing before 2032.

Issuer Profile

United Petfood is one of Europe's leaders in the sector of private
label pet food manufacturing. Product offering primarily includes
dry pet food, which accounts for 83% of sales, followed by wet pet
food and biscuits and snacks.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                   Rating         Recovery   Prior
   -----------                   ------         --------   -----
United Petfood Group BV    LT IDR BB- Affirmed             BB-

United Petfood Finance

   senior secured          LT     BB+ Affirmed    RR2      BB+



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F R A N C E
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BERTRAND FRANCHISE: Moody's Cuts CFR & Senior Secured Notes to B3
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Moody's Ratings has downgraded to B3 from B2 the long-term
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Bertrand Franchise Finance (Bertrand Franchise or
the company), the subsidiary of Bertrand Franchise S.A.S., a
leading multi-brand food service franchising platform in France.

Concurrently, Moody's have downgraded to B3 from B2 the rating on
the EUR1,150 million backed senior secured notes (SSN) due in 2030.
The outlook has been changed to stable from negative.

"The downgrade reflects Bertrand Franchise's prolonged high
leverage compared to Moody's B2 rating threshold due to the softer
than expected performance in 2025. This was mainly driven by the
weak consumer sentiment limiting discretionary spending and the
unstable political and geopolitical environment in France, which
weigh on the sector" says Fernando Galeote, a Moody's Ratings
Analyst and lead analyst for Bertrand Franchise.

"Consequently, the company's credit metrics will remain weaker for
longer than previously anticipated, at a level more commensurate
with the B3 rating", adds Mr Galeote.

RATINGS RATIONALE

The rating action mainly reflects the company's higher leverage and
weaker interest coverage compared to Moody's previous expectations.
Moody's estimates that Bertrand Franchise's Moody's-adjusted
debt/EBITDA as of year-end 2025 will be nearly flat compared to
previous year at 7.4x. This is primarily driven by the
lower-than-expected EBITDA generation in 2025 due to the lower
number of restaurant openings, mainly in Bertrand Casual Food
(BCF), and decreased store traffic.

Moody's expects deleveraging to occur at a slower pace than
previously anticipated, with gross leverage projected at 6.9x in
2026 and 6.3x in 2027. Additionally, Moody's expects that Bertrand
Franchise's interest coverage, measured as Moody's-adjusted
EBIT/Interest Expense, will remain weak at around 1.2x in 2025, and
to increase towards 1.4x in 2026. Despite this, the company's
refinancing risk is mitigated by its long-dated debt maturity
profile, with the SSN due in July 2030, and the very good
liquidity.

In the first nine months of 2025, Bertrand Franchise generated
EUR2.2 billion system-wide sales (SWS), an increase of EUR140
million compared to the same period in 2024. This growth was
primarily driven by 52 net restaurant openings in the last twelve
months (LTM), including 100 new openings offset by 48 closures
mainly related to the network rationalization of Pitaya. The
increase also reflects the acquisition of 28 Le Paradis du Fruit
stores and 5 Hanoï Cà Phê stores, both completed in the last
quarter of 2024. Despite the SWS increase of approximately 6.7%,
EBITDA generated in the first nine months of the year remained flat
at around EUR223 million. This was due to the decreased store
traffic and negative like-for-like sales, combined with a
significant rise in beef prices, which mainly affected the margins
of Burger King and Hippopotamus restaurants. As a result, LTM
September 2025 Moody's-adjusted debt/EBITDA increased to 7.7x from
7.5x as of December 2024, reflecting the flat EBITDA and the
increasing lease liabilities related to the new restaurants.

Moody's anticipates that Bertrand Franchise will continue to
deliver top line growth that will be largely fueled by the ongoing
expansion of the Burger King network, which has a robust pipeline
of around 50 new openings per year, and the rollout of the Casual
Food brands. Moody's expects the company to continue to open
franchised stores through its asset-light business model, which
requires a limited amount of capital expenditures (capex) and
allows for more protection from raw materials inflation, supporting
its free cash flow (FCF) generation in the future.

Moody's updated base case scenario anticipates a Moody's-adjusted
EBITDA around EUR300 million in 2025 to grow slightly above EUR320
million in 2026. This translates into a Moody's-adjusted gross
leverage of 7.4x in 2025, which will decrease towards 6.9x in 2026,
reflecting a slower pace compared to Moody's previous expectations.
Interest coverage, measured as EBIT over interest expense, will now
remain below 1.5x until 2027. Weaker operating performance will
result in a negative, although limited, FCF generation in 2025,
which Moody's expects to breakeven next year before gaining a more
solid positive territory from 2027.

The B3 CFR continues to be supported by: (1) the company's
exclusive rights in France to the globally recognised Burger King
brand, which has an extensive international track record; (2) its
attractive portfolio of Burger King brand restaurants,
strategically located and with favourable lease terms; (3) the
concept diversification and growth opportunities primarily through
owned brands in the Casual Food perimeter; (4) the resilience of
its business model, underscored by its asset-light structure and a
robust franchise network; and (5) very good liquidity characterised
by a substantial cash balance and a long-term debt maturity
profile.

The rating also factors in: (1) elevated leverage and low interest
coverage; (2) the company's limited geographic diversification; and
(3) the execution risk associated with restaurant openings in a
highly competitive market.

LIQUIDITY

Liquidity is very good supported by cash balance of EUR200 million
as of September 2025 and access to the fully undrawn EUR165 million
revolving credit facility (RCF) due 2029. In addition, Moody's
expects Bertrand Franchise to generate positive, although limited,
FCF in the next 12-18 months.

The company's ability to draw on the RCF is subject to a springing
covenant of net leverage not exceeding 8.0x (step-downs to a
minimum level of 7.0x by December 31, 2026), tested when the
facility is more than 40% drawn. Moody's expects Bertrand Franchise
to maintain adequate capacity against the covenant threshold.

STRUCTURAL CONSIDERATIONS

The B3 instrument rating of the EUR1,150 million SSN is in line
with the CFR, reflecting that this instrument represents most of
the company's financial debt. However, the backed senior secured
notes are subordinated to the EUR165 million super senior RCF. The
SSN and the super senior RCF share the same security package and
guarantees, with the RCF benefiting from priority claim on
enforcement proceeds. The security package comprises pledges over
the shares of the borrower and guarantors, as well as bank accounts
and intragroup receivables, and will be guaranteed by the group's
operating subsidiaries representing at least 75% of the
consolidated EBITDA. Moody's considers the security package to be
weak, in line with Moody's approach for share-only pledges.

The B3-PD probability of default rating on Bertrand Franchise
reflects the assumption of a 50% family recovery rate, given the
weak security package and the covenant-lite structure, which
includes only a springing covenant on the RCF, tested when its
utilisation is above 40%.

In addition, Moody's highlight the presence of EUR458 million
preference shares outside of the restricted group defined by the
lenders of Bertrand Franchise Finance. There is risk that this
preferred equity could be refinanced with debt inside the
restricted group once sufficient financial flexibility develops.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Bertrand
Franchise will continue to grow its top line driven by new
restaurant openings and the increase in SWS, thereby decreasing its
Moody's-adjusted debt/EBITDA to below 7.0x in the next 12-18
months. The stable outlook also factors in a prudent approach to
debt-funded acquisitions.

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

Upward pressure on the rating could develop if credit metrics
improve on the back of network growth, with Moody's-adjusted
debt/EBITDA decreasing below 6.0x and Moody's-adjusted
EBIT/interest expense above 1.5x, both on a sustained basis. Before
considering an upgrade, the company's free cash flow generation
must demonstrate consistent improvement over time.

Negative rating pressure could arise if Moody's-adjusted leverage
further deteriorates due to prolonged operating underperformance or
Moody's-adjusted EBIT/interest expense declines below 1.0x.
Additionally, if underlying free cash flow turns negative on a
sustained basis or the company's liquidity weakens materially, this
could further contribute to negative pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurants
published in September 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.

COMPANY PROFILE

Headquartered in Paris, Bertrand Franchise stands as the leading
multi-brand food service franchising platform in France, with a
network of over 1,160 restaurants and approximately EUR3.0 billion
in system-wide sales for the last twelve months ended in September
2025. The company operates a diverse portfolio of 11restaurant
brands that cater to a wide range of attractive food service market
segments, from QSR to casual dining formats, addressing all-day
consumption occasions. The company owns or controls 10 out of the
11 restaurant brands in its portfolio (Au Bureau, Hippopotamus,
Léon, Volfoni, Pitaya, Jôyô, Chik'Chill, Le Paradis du Fruit and
Hanoï Cà Phê), while having the master franchise in France for
Burger King. Its restaurant network spans across attractive
locations throughout France and the company partners with more than
400 franchisees, who together operate 88% of Bertrand Franchise's
restaurant network as of September 2025. The company reported
revenues of EUR950 million and adjusted EBITDA of EUR284 million
for the last twelve months ended in September 2025. Bertrand
Franchise is controlled by Groupe Bertrand (60.8%), Bridgepoint
(21.2%) and AlpInvest and Goldman Sachs Asset Management (18%).



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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Fitch Affirms 'B' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed CHEPLAPHARM Arzneimittel GmbH's
(Cheplapharm) Long-Term Issuer Default Rating (IDR) at 'B'. The
Outlook is Stable.

The affirmation balances Cheplapharm's expected high leverage until
2028 and the slow structural organic decline of its portfolio of
off-patent established and niche drugs, with strong operating
margins and free cash flow (FCF) generated by its asset-light
business model in a non-cyclical sector.

The Stable Outlook reflects Fitch's expectation that the group will
continue to generate substantial positive FCF and that its
performance will remain adequate over the forecast period, with
organic revenue decline contained to low-single digits and stable
EBITDA margins. Fitch assumes no material acquisitions in 2026 and
only small acquisitions from 2027, which should lead to EBITDA
leverage between 6.0x and 6.5x during the next three years.

Key Rating Drivers

Operational Transformation Stabilises Performance: Fitch expects
Cheplapharm to execute its operational transformation programme by
end-2026, which has already helped stabilise the business and
contain EBITDA reduction. Fitch expects EBITDA in 2025 to be just
slightly below 2024, with slightly higher revenues offsetting a
mild contraction of Fitch-calculated EBITDA margins to 41% from
43.2% in 2024. Fitch projects the organic revenue decline will be
contained in 2026 as supply chain issues are addressed and
commercial performance restored.

Recent commercial weakness from 2024 has been driven by integration
problems from large acquisitions and the group's increased
complexity following a period of very fast, acquisition-driven
growth. Fitch expects the company to refrain from large
acquisitions until the transformation programme is fully complete.

Leverage To Stay High: Fitch estimates EBITDA leverage will stay
high, within a 6.0x to 6.5x range until 2028, assuming stable
margins and the absence of material M&A to partially offset the
organic revenue decline of the existing portfolio. Once Cheplapharm
resumes its moderate M&A activity from 2027, funded by internal
cash flow, the EBITDA contribution of these acquisitions should
contribute to moderate deleveraging.

Margins To Remain Stable: Fitch estimates that the organic revenue
decline will be contained to the historical low to mid-single
digits over 2026-2028, keeping EBITDA margins stable at around 41%.
The lower margins compared to the above 50% before 2024 are largely
related to the lower portion of transitional service agreements
revenue from acquisitions. Fitch expects a gradual recovery of the
lost market share once product availability issues abate, given the
nature of its portfolio of off-patent drugs, which includes a mix
of niche drugs with no or little generic competition and legacy
drugs, at least half of which have strong brand recognition and are
less affected by generic competition.

Strong FCF Generation: Fitch projects that Cheplapharm will
continue to generate strong FCF until 2027, enabling it to modestly
reduce its debt or self-finance acquisitions. Fitch estimates FCF
will average EUR190 million a year in 2026 and 2027, following a
weaker 2025 due to large working capital outflows including a
moderate increase in factoring usage. The inventory optimisation
programme should contribute to positive FCF in 2026 and 2027 of up
to EUR100 million.

Leverage Focus as M&A Resumes: The affirmation is based on the
assumption that the group will return to making acquisitions from
2H26, albeit at a lower scale and, most importantly, structured in
ways that avoid increasing leverage. Fitch previously expected
Cheplapharm to use internally generated cash, combined with the
flexibility under its revolving credit facility (RCF), to
prioritise inorganic growth. Fitch estimates the group needs to
invest about 8% to 9% of its revenue each year in acquisitions
(which Fitch treats as development capex) to offset its structural
organic portfolio decline.

Peer Analysis

Fitch rates Cheplapharm using its Ratings Navigator Framework for
Pharmaceutical Companies. Cheplapharm is rated two notches above
Pharmanovia Bidco Limited (CCC+), with the latter having smaller
scale and a comparable asset-light scalable business model but
suffering from recent severe operational underperformance and a
currently unclear medium-term plan.

Cheplapharm is rated below Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable). Grunenthal's credit profile
reflects its more conservative financial policy with leverage of
3.0x-4.0x and strong FCF margins derived from a portfolio of
off-patent and innovative drugs and own manufacturing and
distribution capabilities, albeit with lower EBITDA margins of
about 20%.

Fitch rates Cheplapharm at the same level as ADVANZ PHARMA HoldCo
Limited (B/Stable). The latter is involved in bringing new niche,
specialist and value-added generics to market through
co-development, in-licencing, and distribution agreements, but it
has smaller business scale and lower operating and cash flow
margins, whereas leverage is lower at 5.5-6.0x.

Cheplapharm's IDR is at the same level as generics producer Nidda
BondCo GmbH (B/Stable). Cheplapharm has much smaller scale and a
more concentrated portfolio, which is mitigated by wide geographic
diversification within each brand. Nidda BondCo's rating is limited
by high EBITDA leverage at about 7.5x in 2024 but expected to
reduce towards 6.5x from 2025, to the leverage comparable with
Cheplapharm.

Fitch’s Key Rating-Case Assumptions

- Revenue growth around 3% in 2025, driven by mild organic growth
and the annualisation of sales of drugs acquired in 2024

- Organic revenue decline of 2%-3% over 2026-2028

- EBITDA margin to remain around 41% by 2028

- Maintenance capex at about 1% of sales

- No new material M&A in 2025, M&A of EUR50 million in 2026 and
EUR150 million a year in 2027 and 2028. Fitch treats acquisitions
accounting to up 8%-9% of the previous year's sales as capex

- Deferred payments of EUR54 million in 2025

- One-off costs of EUR20 million in 2025 and 2026, reducing to
EUR10 million a year in 2027 and 2028

- Trade working-capital outflows of about EUR139 million a year in
2025, then cash inflow of EUR25million to EUR45 million a year in
2026 and 2027 due to the working capital improvement programme

- No common dividends payments in 2025 to 2028

Recovery Analysis

Fitch expects that in a hypothetical bankruptcy scenario
Cheplapharm would most likely be sold or restructured as a going
concern (GC) rather than liquidated, given its asset-light business
model.

Fitch estimates a post-restructuring GC EBITDA at about EUR600
million, which includes the contribution from the recently closed
drug IP acquisitions. Cheplapharm would be required to address debt
service and fund working capital as it takes over inventories
following the transfer of market authorisation rights, as well as
making smaller M&A to sustain its product portfolio to compensate
for a structural sales decline.

Fitch applies a distressed enterprise value/EBITDA multiple of
5.5x, reflecting the underlying value of the group's portfolio of
IP rights.

After deducting 10% for administrative claims, the allocation of
value in the liability waterfall results in a Recovery Rating of
'RR3' for the existing senior secured debt, including the EUR695
million RCF, which Fitch assumes will be fully drawn prior to
distress. This indicates a 'B+' instrument rating, one notch above
the IDR. Fitch projects factoring financing to remain in place at
and after distress given the nature of its established products
with a steady patient pool.

RATING SENSITIVITIES

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

- A more aggressive financial policy, leading to EBITDA leverage
above 6.5x on a sustained basis

- EBITDA interest coverage below 2.0x on a sustained basis

- Positive but continuously declining FCF

- Unsuccessful management of individual pharmaceutical IP rights
leading to material permanent loss of income and EBITDA margins
declining below 40%

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

- An upgrade is unlikely in the near term. Fitch could consider an
upgrade once the ongoing transformation plan has been delivered,
resulting in a stabilisation of operating performance with organic
revenue decline contained to low-single digits and steady to
improving EBITDA margins

- EBITDA leverage below 5.5x on a sustained basis

- EBITDA interest coverage above 3.0x on a sustained basis

- Continuously positive FCF margins in the mid- to high teens

Liquidity and Debt Structure

Fitch views liquidity as comfortable, with EUR137 million in
readily available cash as of 3Q25 (excluding Fitch-restricted EUR20
million for operational purposes) and access to its EUR695 million
committed RCF (of which EUR150 million was drawn at end-September)
maturing in February 2028. In addition, Fitch expects Cheplapharm
to generate strongly positive FCF, which Fitch estimates in the
range of EUR50 million to over EUR200 million between 2025 to
2028.

The group has refinanced its closest maturities originally due in
2027 with a new issuance of EUR750 million due June 2031. The
company has no immediate maturities until January 2028 when EUR753
million come due. Thereafter EUR1,480 million will mature in
February 2029 and EUR1,050 million in May 2030.

Issuer Profile

Cheplapharm is a Germany-based pharmaceutical company focused on
the life-cycle management of off-patent niche and legacy drugs,
which it acquires from big pharmaceutical companies.

Summary of Financial Adjustments

Fitch treats the EUR500 million shareholder loan as equity but
includes its interest paid in its cash flow projections given the
group's intention to pay interest in cash. Fitch also treats EUR20
million of readily available cash as restricted cash.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
CHEPLAPHARM
Arzneimittel GmbH    LT IDR B  Affirmed             B

   senior secured    LT     B+ Affirmed    RR3      B+



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

ARES EUROPEAN XVII: Fitch Puts 'B-sf' Final Rating to F-R Notes
---------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XVII DAC reset notes
final ratings, as detailed below.

   Entity/Debt                       Rating                Prior
   -----------                       ------                -----
Ares European CLO XVII DAC

   Class A notes XS2698581845     LT PIFsf Paid In Full    AAAsf
   Class A-R Notes XS3224610892   LT AAAsf New Rating
   Class B notes XS2698582223     LT PIFsf Paid In Full    AAsf
   Class B-R Notes XS3224611197   LT AAsf  New Rating
   Class C notes XS2698582652     LT PIFsf Paid In Full    Asf
   Class C-R Notes XS3224611353   LT Asf   New Rating  
   Class D notes XS2698583031     LT PIFsf Paid In Full    BBB-sf
   Class D-R Notes XS3224611510   LT BBB-sf New Rating
   Class E notes XS2698582819     LT PIFsf Paid In Full    BB-sf
   Class E-R Notes XS3224611783   LT BB-sf New Rating
   Class F notes XS2698583205     LT PIFsf Paid In Full    B-sf
   Class F-R Notes XS3224611940   LT B-sf  New Rating
   Class X-R Notes XS3224610546   LT AAAsf New Rating

Transaction Summary

Ares European CLO XVII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to redeem the existing notes (except the
subordinated notes) and fund the existing portfolio with a target
par of EUR400 million.

The portfolio is actively managed by Ares Management Limited. The
CLO has a reinvestment period of about 3.8 years and a 7.1-year
weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio in
the 'B'/'B-' category. The Fitch weighted average rating factor of
the identified portfolio is 25.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.5%.

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

Portfolio Management (Neutral): The transaction includes two matrix
sets available at closing, one set of standard closing matrices
with a 7.1-year WAL test covenant at closing and one set of
extended WAL matrices with an 8.1-year WAL test covenant at
closing. Both sets correspond to a top 10 obligor concentration
limit of 16% and two fixed-rate asset limits at 5% and 10%. The
manager chose at closing the set of matrices that apply. It can
switch from the extended WAL matrix set to the standard closing
matrix set (subject to conditions) but not the other way round.

The transaction has a 3.8-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The deal can extend the WAL by one
year on the step-up date, one year after closing. The extension
will be automatic if the extended WAL matrix set applies. If the
standard closing matrix set applies, the WAL extension is subject
to conditions, including the satisfaction of all the collateral
quality tests and the aggregate collateral balance (defaults at
Fitch collateral value) being at least equal to the reinvestment
target par amount.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL test covenant, to account for strict reinvestment
conditions after the reinvestment period, including the
satisfaction of the over-collateralisation test and Fitch's 'CCC'
limit tests, plus a linearly decreasing WAL test covenant. These
conditions reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

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

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

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than assumed, due to unexpectedly high levels
of default and portfolio deterioration. The class B-R, D-R, E-R and
F-R notes have rating cushions of two notches, and the class C-R
notes of one notch, due to the better metrics and shorter life of
the identified portfolio than the Fitch-stressed portfolio.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to three
notches for the class A-R and D-R notes, four notches for the class
B-R and C-R notes, and to below 'B-sf' for the class E-R and F-R
notes. The class X-R notes would not be downgraded.

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

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

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

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

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

DATA ADEQUACY

Ares European CLO XVII DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Ares European CLO
XVII DAC.

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

ELM PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Elm Park CLO DAC reset notes final
ratings, as detailed below.

   Entity/Debt              Rating              Prior
   -----------              ------              -----
Elm Park CLO DAC

   A Loan                LT AAAsf  New Rating   AAA(EXP)sf

   A XS3224514664        LT AAAsf  New Rating   AAA(EXP)sf

   B XS3224514821        LT AAsf   New Rating   AA(EXP)sf

   C XS3224515125        LT Asf    New Rating   A(EXP)sf

   D XS3224515471        LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3224515638        LT BB-sf  New Rating   BB-(EXP)sf

   F XS3224515802        LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS1401842502          LT NRsf   New Rating   NR(EXP)sf

   X XS3231162028        LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Elm Park CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The transaction
has a target par of EUR500 million. The portfolio is actively
managed by Blackstone Ireland Limited. The collateralised loan
obligation (CLO) has a 4.5 year reinvestment period and a 7.5-year
weighted average life test (WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.3%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a top 10 obligor
concentration limit at 25% and a maximum exposure to the three
largest Fitch-defined industries at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on or after the step-up date, which is 12 months after
closing. The WAL extension is subject to conditions, including
passing the collateral quality and coverage tests and the
collateral principal amount being at least equal to the
reinvestment target par balance. WAL extension can only be applied
18 months after the issue date if a Fitch test matrix switch has
occurred on or after 12 months from the issue date.

Portfolio Management (Neutral): The transaction includes two matrix
sets, each based on a top 10 obligor limit of 20%. One matrix set
is effective at closing, corresponding to fixed-rate asset limits
of 5% and 12.5%, and to a 7.5-year WAL test. The forward matrix set
corresponds to a seven-year WAL test, with the same fixed-rate
asset limits as the closing matrices. The forward matrix set can be
elected by the manager 12 or 18 months after closing (18 months
after closing if the WAL is stepped up), subject to the collateral
principal (with defaults carried at Fitch collateral value) being
at least equal to the reinvestment target par balance.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant, to account for strict reinvestment
conditions after the reinvestment period, including the
satisfaction of over-collateralisation test and Fitch's 'CCC' limit
test, together with a gradually reducing WAL covenant. Fitch
believes these conditions reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Elm Park CLO DAC.

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



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

NORDIC PAPER: Fitch Assigns 'B+' Long-Term IDR, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has assigned Nordic Paper Holding AB a final
Long-Term Issuer Default Rating (IDR) of 'B+', with a Positive
Outlook. Fitch has also assigned Nordic Paper's term loan B (TLB) a
final senior secured rating of 'BB-', with a Recovery Rating of
'RR3'.

The IDR is constrained by negative free cash flow (FCF) for
2025-2026, capex execution risk, and limited scale and product
diversification. Rating strengths are its healthy and resilient
profitability, supported by its exposure to the non-cyclical food
sector.

The Positive Outlook reflects its expectations of improvement in
EBITDA margins, FCF generation and leverage from 2026, after the
timely completion of Backhammer plant investments in 2026, which
may result in an upgrade.

Key Rating Drivers

Healthy Profitability: Fitch expects Nordic Paper's robust
profitability to further improve to around 20% from 2027, versus
its historical 15%-18% range. This reflects the positive effect of
the completion of the Backhammer plant investment programme in
2026, enhanced pricing for natural greaseproof paper by 2028,
streamlined production processes and procurement savings in areas
such as chemicals and logistics.

Capex Raises Execution Risk: Fitch expects Nordic Paper's capex to
remain high in 2025-2027, of which a major part will be allocated
to the Backhammer plant. The company expects the investments to
contribute SEK100 million EBITDA from 2026, while its rating case
assumes slightly less. Fitch expects its business profile and
production sustainability to benefit from the investments, but
execution risk remains material.

Temporarily Negative FCF: Fitch expects FCF to be deeply negative
during 2025-2026 at SEK1.2 billion, due primarily to its capex
programme, but also because of a one-off dividend of SEK803 million
paid in July 2025 as part of its refinancing in June 2025. Fitch
forecasts that the FCF margin will improve materially in 2027 and
2028 to the high-single digits following the completion of
Backhammer plant capex and on improved EBITDA generation.

Leverage Metrics to Improve: Fitch forecasts EBITDA gross leverage
will increase to a Fitch-defined 3.7x by end- 2025, following the
implementation of its new capital structure, and that it will
remain high, at about 3.0x in 2026-2027. Fitch expects leverage to
improve to around 2.7x in 2028, with EBITDA interest coverage
rising to about 5.1x, supported by higher EBITDA and FCF generation
from 2027. Its estimates are based on the assumptions of no
debt-funded acquisitions or additional dividend payouts in
2026-2028.

Limited Scale and Diversification: Nordic Paper's small size
relative to most Fitch-rated packaging peers' exposes the company
to heightened risks during market shocks and considering the
inherent industry cyclicality. Product diversification is limited
to natural greaseproof and kraft paper products, but Fitch
recognises the premium quality of its product offering, the solid
growth potential of its reference markets and its improving market
position.

Resilient Performance Through the Cycle: The company's large
exposure (over 65% of revenues) to non-cyclical food applications
underpins its historically steady revenue streams, EBITDA and FCF
generation. Fitch expects those trends to continue and be supported
by structural demand drivers, such as consumers' increasing
preference for paper, as opposed to plastic packaging products, and
a supportive regulatory environment.

Peer Analysis

Nordic Paper is larger than Fischbach Midco III GmbH (B/Stable) and
smaller than other Fitch-rated 'B' category peers, such as
Fedrigoni S.p.A. (B+/Negative) and Reno de Medici S.p.A. (RDM,
B-/Negative).

Nordic's financial profile is supported by higher EBITDA margins
(17.1% in 2024) than those of many Fitch-rated 'B' and 'BB'
category packaging peers, such as Fedrigoni (12.4% in 2024), RDM
(9.6% in 2024) and Sappi Limited (BB/Stable; 12% in 2024). Fitch
expects Nordic's EBITDA leverage to be at 3.7x in 2025, lower than
Fedrigoni's 7.0x, RDM's 13x and Fischbach's 5.0x.

Nordic's FCF in 2025-2026 is anticipated to be negative, while
Fedrigoni and Fischbach are expected to generate positive FCF.

Fitch’s Key Rating-Case Assumptions

Kraft paper volumes to expand by an average 1% a year in 2025-2028;
natural greaseproof volumes to increase by 1% in 2025-2028

Stable pricing in line with inflation at 1%-3% a year

Fibre cost per kiloton to keep increasing in 2025, in line with
2024 market trends. Fibre and pulp cost per kiloton in line with
stable inflation of about 2% a year from 2026

Annual energy costs to rise in line with inflation, at about 2%

New wood room and electrostatic filter allowing for flexible
sourcing of wood and lower energy costs to deliver SEK90 million in
EBITDA from 2026

No M&A

No further dividends in 2026-2028, after a one-off dividend of
SEK803 million in July 2025

Maintenance capex at 3% of revenues, in line with historical
levels. Growth capex mostly for Backhammar plant, comprising SEK390
million in 2025 and SEK30 million in 2026

Recovery Analysis

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

Fitch assumes a 10% administrative claim.

For the purpose of recovery analysis, Fitch assumes that debt
comprises the company's SEK2,987 million senior secured TLB and a
SEK736 million senior secured revolving credit facility (RCF;
assumed fully drawn).

Its going concern EBITDA estimate of SEK525 million reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level on
which Fitch bases the company's enterprise valuation. This
incorporates a successful capex plan, but also a loss of a major
customer and a failure to broadly pass on raw material cost
inflation to customers. The assumption also reflects corrective
measures taken in reorganisation to offset the adverse conditions
that trigger its default.

A multiple of 5.0x is applied to the going concern EBITDA to
calculate a post-re-organisation enterprise value. It mainly
reflects Nordic Paper's leading position in its growing niche
markets, supported by strong long-term customer relationships,
which is balanced against its fairly small size and limited product
diversification.

Its analysis resulted in a waterfall-generated recovery computation
in the 'RR3' band, indicating a 'BB-' instrument rating, one notch
above the IDR.

RATING SENSITIVITIES

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

EBITDA gross leverage above 5.0x on a sustained basis

EBITDA interest coverage consistently below 2.5x

Inability to generate positive FCF on a sustained basis

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

EBITDA gross leverage sustainably below 4.0x

FCF margins above 4% on a sustained basis

EBITDA interest coverage above 3.5x

Completion of the Backhammer plant capex programme, yielding
expected operational synergies

Liquidity and Debt Structure

Nordic Paper's liquidity comprises a fully undrawn SEK736 million
senior secured RCF and a SEK2,987 million senior secured TLB, due
in 2032. Fitch expects negative FCF margins in 2025-2026, due to
the large capex programme, and then positive mid-to-high
single-digit FCF margins from 2027. There are no large short-term
debt maturities.

Issuer Profile

Nordic Paper is a producer of specialty paper with a
Scandinavian-focused production footprint and a global sales reach
in over 80 countries, with Europe (66% of revenues) and North
America (19%) as its major markets.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Nordic Paper has an ESG Relevance Score of '4+' for Exposure to
Social Impacts due to consumer preference shift to more sustainable
packaging solutions such as paper packaging, which has a positive
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Nordic Paper
Holding AB            LT IDR B+  New Rating            B+(EXP)

   senior secured     LT     BB- New Rating   RR3      BB-(EXP)



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

TURKIYE SISECAM: Fitch Affirms 'B' Long-Term IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Sise ve Cam Fabrikalari AS
(Sisecam)'s Long-Term Local- and Foreign-Currency Issuer Default
Ratings at 'B', with Negative Outlook.

The affirmation reflects that Sisecam's margins bottomed out in
4Q24 and Fitch expects an improvement to above 10% EBITDA margin in
2026 on a better industry outlook, especially in flat glass, as
well as benefits from refinancings.

The Negative Outlook reflects its expectation that key credit
metrics (including leverage, coverage and free cash flow (FCF))
will remain weak for the rating in 2026 on EBITDA below prior
expectations, still high capex and some discretionary dividends.
Fitch may revise the Outlook to Stable as Fitch gains confidence in
the business recovery.

Key Rating Drivers

Mixed Subsector Outlooks: Sisecam's business environment remains
challenging, with subdued demand, pricing pressure from low‑cost
imports and persistent inflation in Turkiye weighing on volumes and
profitability in some business lines. Subsector trends are mixed:
chemicals and glassware face pressure, while architectural glass
and glass packaging have improved profitability on higher use and
supportive pricing. Fitch expects a gradual stabilisation in and
after 2026 on easing inflation and selective demand recovery.
Diversification, product mix and operational efficiencies keep
challenges manageable within the rating.

EBITDA Margin Improving: Margins are improving from the 2024 trough
but remain below the above 20% peaks of the pre-inflationary
accounting period between 2020 and 2022. Sisecam has improved its
EBITDA through operational efficiencies, pricing actions and higher
capacity use. Fitch estimates EBITDA margin at about 9% for 2025
from 5% in 2024 under its calculations, rising to about 18% by
2028, supported by stronger performance in architectural glass,
glass packaging and industrial glass. Market conditions should
stabilise in 2026 from easing inflation, demand recovery and the
improved ability to pass costs on to customers. Stronger margins
hinge on input‑cost control and productivity execution.

Growth Capex, Negative FCF: Sisecam continues large growth capex,
including the greenfield flat‑glass complex, energy and patterned
glass lines in Tarsus (commissioned in September 2025) and glass
packaging expansion in Hungary, alongside maintenance. Fitch
expects negative FCF in 2025-2026, turning marginally positive in
2027 as major projects ramp up and efficiency gains accumulate.
Fitch estimates capex at about USD800 million a year in 2025 and
2026, roughly 13% of revenue, declining to about 7% after Sisecam's
expansionary phase. Fitch expects some discretionary dividend
payments, similar to distributions made in 2025.

Credit Ratios Stressed but Improving: Leverage remains high for the
rating but is declining on EBITDA improvement (new capacity and
operational improvement). Fitch expects leverage to remain outside
its negative sensitivities until end-2026. Fitch expects EBITDA
interest coverage to remain below 2x during 2025 and 2026 as the
cost of domestic debt remains high. Stronger EBITDA and further
refinancing should see improved coverage from 2027 which would also
contribute to an Outlook revision to Stable.

Funding and Liquidity Strengthened: Sisecam signed a long-term
International Finance Corporation loan agreement of up to EUR550
million to finance Tarsus investments and refinance short-term
working capital loans in Turkiye. This improves funding visibility,
lengthens tenor and lowers the effective interest rate. The company
maintains a reasonable cash balance and access to uncommitted
credit lines, which provide a buffer for short-term needs. Fitch
expects Sisecam to repay the remaining USD372 million of the USD700
million bond due in 2026 through available cash balances.

Peer Analysis

Sisecam's business profile and profitability margins are comparable
to those of Hestiafloor 2 (B+/Stable) and Tarkett Participation
(B+/Positive). Sisecam benefits from healthy geographical
diversification and exposure to several industries, including
construction, automotive and energy, and has leading market shares
in its core markets. However, the rating is constrained by high
EBITDA leverage at 7.7x (gross leverage) and 5.7x (net leverage) at
end-2025, improving to 5.6x (gross) and 4.6x (net) at end-2026,
weaker demand in some lines, and exposure to a hyperinflationary
domestic market and FX risk.

Fitch’s Key Rating-Case Assumptions

- Revenue in Turkish lira to increase on average by 22% between
2025 and 2028, reflecting a gradual improvement in market
conditions

- EBITDA margin to gradually rise towards 18% by 2028, reflecting
cost control and improved pricing ability

- Capex, peaking during 2025 and 2026 at about USD800 million a
year

- Fitch assumed dividends distribution throughout its forecast
horizon

- Negative FCF, turning modestly positive for 2027, following
margin improvement and capex reduction

Recovery Analysis

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

- Fitch uses an administrative claim of 10% in line with the
industry median and peer group.

- The recovery analysis is translated into US dollars from lira as
the majority of the capital structure is in dollars. The
translation used a Fitch-calculated exchange rate for 30 September
2025.

- Its going concern EBITDA estimate of USD600 million reflects
operational efficiencies and cost pass-through capabilities.

- Fitch applies an enterprise value multiple of 5x EBITDA to the
going concern EBITDA to calculate a post-reorganisation enterprise
value, given Sisecam's leading market positions in Turkiye and the
international markets, and the relatively strong barriers to
entry.

- The waterfall analysis is based on the updated capital structure
and consists of senior unsecured debt of USD3,742 million, which
includes outstanding notes of USD1.87 billion and other bank credit
facilities and loans (all equal ranking). The company has USD237
million equivalent factoring facilities, which Fitch assumes will
not be available in a default scenario, reducing distributable
value accordingly.

- These assumptions, constrained by Turkiye's group D country
classification for the Recovery Rating, result in a recovery rate
for the senior unsecured instrument within the 'RR4' category and
debt rating at the same levels as the IDR.

RATING SENSITIVITIES

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

- EBITDA gross leverage above 5.5x

- EBITDA interest coverage below 2.0x

- Substantial deterioration in liquidity, coupled with negative
FCF

- Inability to regain cost pass-through and recover pricing power,
leaving single-digit EBITDA margin

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

- EBITDA gross leverage below 4.5x on a sustained basis

- EBITDA interest coverage above 3.0x

- Positive sustainable FCF margin

Liquidity and Debt Structure

During 9M25, reported debt declined to TRY155 billion equivalent,
from TRY160.5 billion at end-2024 (restated under IAS), while
reported cash was TRY42.4 billion. Fitch expects that Sisecam will
sustain high gross leverage over the next two years to finance
capex plans but will repay the remainder of the USD700 million
notes due in 2026, due to adequate cash build-up.

Short-term debt constitutes about 44% of Sisecam's debt, with about
80% of the debt denominated in hard currencies (dollars and euros).
Uncommitted bank lines of about USD500 million with Turkish banks
will remain accessible for the company in a stress scenario in its
view, particularly given the company's status as a multinational
conglomerate with strong banking relationships.

Issuer Profile

Sisecam is a Turkish-based multinational industrial corporation
with manufacturing operations in 13 countries. It is the world's
top producer in glassware, and among the top five global producers
in glass packaging and flat glass. The company is the
fourth-largest soda ash producer and a world leader in chromium
chemicals.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
Turkiye Sise ve
Cam Fabrikalari AS    LT IDR    B  Affirmed             B
                      LC LT IDR B  Affirmed             B

   senior unsecured   LT        B  Affirmed    RR4      B

Sisecam UK plc

   senior unsecured    LT       B  Affirmed    RR4      B



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

ASIMI FUNDING 2024-1: Moody's Ups GBP17.15MM F Notes Rating to Caa2
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 5 notes in Asimi
Funding 2024-1 PLC. The rating action reflects the increased levels
of credit enhancement for the affected notes.

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

GBP24.5M Class B Notes, Upgraded to Aaa (sf); previously on Jun 5,
2025 Upgraded to Aa1 (sf)

GBP24.5M Class C Notes, Upgraded to Aa1 (sf); previously on Jun 5,
2025 Upgraded to Aa3 (sf)

GBP9.8M Class D Notes, Upgraded to Aa1 (sf); previously on Jun 5,
2025 Upgraded to A3 (sf)

GBP22.05M Class E Notes, Upgraded to A3 (sf); previously on Jun 5,
2025 Upgraded to B1 (sf)

GBP17.15M Class F Notes, Upgraded to Caa2 (sf); previously on Jun
5, 2025 Affirmed Caa3 (sf)

GBP14.7M Class G Notes, Affirmed Ca (sf); previously on Jun 5,
2025 Affirmed Ca (sf)

Asimi Funding 2024-1 PLC is a static cash securitisation of
unsecured consumer loan agreements extended by Plata Finance
Limited (Plata) to individuals located in the UK.

RATINGS RATIONALE

The rating action is prompted by an increase of credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

The credit enhancement for Class B Notes affected by the rating
action increased to 87.59% from 60.65% at the last rating action.

The credit enhancement for Class C Notes affected by the rating
action increased to 63.51% from 44.28% at the last rating action.

The credit enhancement for Class D Notes affected by the rating
action increased to 53.88% from 37.73% at the last rating action.

The credit enhancement for Class E Notes affected by the rating
action increased to 32.21% from 23.00% at the last rating action.

The credit enhancement for Class F Notes affected by the rating
action increased to 15.36% from 11.54% at the last rating action.

Revision of Key Collateral Assumptions

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

The transaction has continued to perform in line with Moody's
expectations. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 4.86% of current
pool balance. Cumulative defaults currently stand at 6.00% of
original pool balance.

For Asimi Funding 2024-1 PLC, the current default probability
assumption is maintained at 13.5% of the original balance,
corresponding to a default probability of 18% of the current
portfolio balance. The assumption for the fixed recovery rate is
5%.

Moody's also reassessed Moody's Portfolio Credit Enhancement
("PCE") assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in the
United Kingdom. As a result, Moody's have maintained the PCE
assumption at 45%.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer, account bank or swap
provider.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of Notes payments in case of
servicer default, using the CR assessment as a reference point for
servicer. The ratings of the Class C and D Notes are constrained by
operational risk. Moody's considers that the liquidity available to
the Class C and D Notes is insufficient to support payments in the
event of servicer disruption. On the other hand, Moody's no longer
consider the rating of the class B Notes to be constrained by
operational risk, taking into account the liquidity available to
the Class B Notes and the remaining weighted average life of the
Class B Notes, which are expected to be repaid in less than half a
year.

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

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

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

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

BIFFA GROUP: Fitch Puts 'BB-' Final Rating to GBP830MM Notes
------------------------------------------------------------
Fitch Ratings has assigned Biffa Group Holdings Limited's GBP350
million and EUR550 million senior secured notes (totaling GBP830
million equivalent) a final rating of 'BB-' with a Recovery Rating
of 'RR3'. This follows the receipt of final bond documentation
conforming to the information reviewed earlier. Biffa Group
Holdings Limited is Biffa Holdco Limited's (B+/Stable) issuing
vehicle.

Proceeds from the new issue are being used to repay existing
indebtedness and other debt-like non-recourse obligations, and
funding general cash on the balance sheet.

Biffa's IDR reflects its integrated business profile and strong
competitive positioning in the UK industrial & commercial (I&C)
collection segment. Fitch sees the company's underlying demand for
the business as resilient, while customer diversification and the
contracted nature of a large part of the earnings is also
supportive of the credit profile. Limited size compared with some
European peers, lack of multi-country geographic diversification
and high opening EBITDAR net leverage around 5.0x are the main
rating constraints.

Key Rating Drivers

Senior Secured Rating: The notes 'BB-'/RR3 senior secured rating
benefits from a one-notch uplift from Biffa's Long-Term Issuer
Default Rating (IDR), in line with the bespoke recovery exercise
outcome. The Recovery Rating takes into account the company's
prior-ranking GBP300 million super senior revolving credit facility
but also its strong competitive position in the UK waste services
sector.

Neutral Terms and Conditions: The notes' terms and conditions are
neutral to its rating assessment given that they are not materially
restrictive in terms of debt incurrence or allowed distributions,
which is customary for issuances in this rating category. As such,
Fitch does not factor in any of the indenture's leverage or
debt-service coverage ratios in its assessment.

Integrated Waste Operator: Biffa is a leading company in the UK
waste management sector with a strong focus on waste collection.
The company benefits from an integrated business model (collection
and treatment), but Fitch expects contribution from waste
collection to account for about 60% of organic EBITDA over the
forecast horizon. Fitch forecasts complementary activities such as
treatment and recycling will account for 25% of EBITDA with the
remainder largely related to specialised services, including around
5% covering hazardous waste streams.

Solid Competitive Position: Biffa benefits from moderate barriers
to entry due to the capital intensity of the business and
established commercial relationships with customers. It is able to
provide cost-efficient waste collection services by leveraging on
its ample network of over 3,700 trucks and 330 sites. The company
has a good operational record, evidenced by historical retention
rates above 90% in the I&C collection segment. Biffa is only
focused on the UK, but its solid position in this market leaves it
well placed to address possible changes in regulation.

Stable Underlying Business: Demand for municipal and I&C
non-hazardous waste collection (accounting for 50% and 8% of
pre-overheads EBITDA, respectively) tends to be resilient, with
limited exposure to the economic cycle. Biffa has historically been
able to maintain a stable EBITDAR margin (Fitch-defined) of about
12%, with an effective pass-through of the cost increases during
the recent inflationary period, despite relying on mostly short- to
medium-term contracts for I&C collection. In segments exposed to
output costs (e.g., recycling), the company generally shares the
price risk with customers, mitigating commodity price risk.

Customer Diversification: Biffa's largest 15 contracts account for
around 20% of revenues and are mostly related to municipal
contracts, which tend to be longer dated. The company's I&C
collection activities benefit from a large and granular pool of
around 140,000 customers. Contracts length varies between one to
three years and churn rates are well below 10%.

High Leverage: Fitch forecasts EBITDAR net leverage to average 5.0x
between FY26 (year ending March) and FY29, which is the main rating
constraint. Fitch forecasts leverage decreasing towards the
positive sensitivity of 4.5x in FY29 from 5.4x in FY26, provided
the company is able to execute its growth strategy maintaining
financial discipline and not paying dividends. Biffa's opening
leverage is negatively affected by the expected payment related to
settlements and several exceptional items that Fitch conservatively
deducts from EBITDA.

M&A Driven Growth: Fitch expects EBITDAR to grow to GBP341 million
in FY29 from GBP256 million in FY26, mainly due to bolt-on
acquisitions, improved efficiency and cost synergies. Fitch expects
that the company's positive free cash flow generation will be fully
absorbed by acquisitions, resulting in average net debt of about
GBP900 million over the period (excluding leases). The
shareholder's financial policy includes a company-defined net
leverage target (on a post IFRS16 basis) of around 3.5x, which
Fitch views as supportive of the rating.

Adjusted Leverage Ratios: Biffa makes extensive use of leases as a
funding tool to renew and grow its truck fleet. Fitch capitalises
lease expenses based on a 5.0x multiple to capture the mix of
long-term leased assets (such as treatment facilities) and the
shorter-term nature of the vehicle and equipment leases. This
results in additional lease debt (Fitch-defined) of GBP550 million
over FY26-FY29.

Peer Analysis

See "Fitch Assigns Biffa 'B+' IDR and 'BB-(EXP)' Senior Secured
Rating; Outlook Stable", dated 1 December 2025.

Fitch’s Key Rating-Case Assumptions

See "Fitch Assigns Biffa 'B+' IDR and 'BB-(EXP)' Senior Secured
Rating; Outlook Stable", dated 1 December 2025.

Recovery Analysis

The recovery analysis assumes that Biffa would continue operating
as a going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Going-concern EBITDA of GBP152 million assumes a double-digit
haircut compared with its expected FY27 EBITDA, which factors in
the recent acquisitions for a full year.

Fitch applies a distressed enterprise value/EBITDA multiple of 6.0x
to calculate a going-concern enterprise value, reflecting Biffa's
strong position in the UK waste services sector, underpinned by an
ample network, high customer diversification and low customer
churn.

Creditor claims included in its analysis include the GBP300 million
super senior revolving credit facility and the GBP830 million
equivalent senior secured notes. Fitch assumes Biffa's existing
receivables financing facility of GBP100 million to close down
during and after distress, requiring alternative funding
arrangements (with priority). Fitch is excluding the SPV
non-recourse loan notes from its recovery exercise, given the
limited value available for them, in its view.

The waterfall analysis output percentage for senior secured debt on
current metrics and assumptions is commensurate with 'RR3'.

RATING SENSITIVITIES

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

- EBITDAR net leverage sustained above 5.5x

- EBITDAR fixed-charge coverage consistently below 1.7x

- Material deterioration of the business fundamentals leading to
widespread lower retention rates, material contract losses,
significant operational issues resulting in closures of sites or
similar

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

- EBITDAR net leverage sustained below 4.5x and EBITDAR
fixed-charge coverage consistently above 2.0x

Liquidity and Debt Structure

At September 2025, Biffa's liquidity was composed of around GBP35
million cash on the balance sheet and undrawn committed lines of
over GBP200 million. Following the refinancing, Biffa has no
meaningful maturities until 2031. The company's liquidity position
is supported by the cash-generative business and a GBP300 million
revolving credit facility.

Issuer Profile

Biffa is a UK integrated waste management company, providing
collections, recycling, treatment, landfill, and other specialist
services.

Date of Relevant Committee

25 November 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt           Rating           Recovery   Prior
   -----------           ------           --------   -----
Biffa Group
Holdings Limited

   senior secured     LT BB-  New Rating    RR3

   senior secured     LT BB-  New Rating    RR3      BB-(EXP)

ENGAGE LOCUMS: Sanderlings Appointed as Administrators
------------------------------------------------------
Engage Locums Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Birmingham,
Insolvency & Companies List (ChD), Court No. CR-2025-000665, and
Andrew Fender and Sandra Fender of Sanderlings LLP were appointed
as administrators on Dec. 3, 2025.

Engage Locums Ltd specialized in other activities of employment
placement agencies.

Its registered office and principal trading address is 50 Princes
Street, Ipswich, IP1 1RJ.

The administrators can be reached at:

    Andrew Fender
    Sandra Fender
    Sanderlings LLP
    Sanderlings, Becketts Farm
    Alcester Road
    Birmingham, B47 6AJ

Further details contact:

    Laura Clarke
    Tel: 01564 700 052
    Email: info@sanderlings.co.uk



HELIARC HUSTLERS: Parker Andrews Appointed as Administrators
------------------------------------------------------------
Heliarc Hustlers Ltd was placed into administration proceedings in
the High Court of Justice, Court No. CR-2025-1675, and Grace Jones
and Rishi Karia of Parker Andrews Limited were appointed as
administrators on Dec. 2, 2025.

Heliarc Hustlers Ltd specialized in the manufacture of other
fabricated metal products not elsewhere classified.

Its registered office is at 6d Lowick Close, Hazel Grove,
Stockport, SK7 5ED, to be changed to c/o Parker Andrews Ltd, 5th
Floor, The Union Building, 51-59 Rose Lane, Norwich, NR1 1BY.

Its principal trading address is 6d Lowick Close, Hazel Grove,
Stockport, SK7 5ED.

The administrators can be reached at:

    Grace Jones
    Rishi Karia
    Parker Andrews Limited
    5th Floor, The Union Building
    51-59 Rose Lane
    Norwich, NR1 1BY

Further details contact:

    Email: mark.middlemas@parkerandrews.co.uk


HYDRATE DRINKS: Begbies Traynor Appointed as Administrators
-----------------------------------------------------------
Hydrate Drinks Group Limited was placed into administration
proceedings in the Business and Property Courts in Liverpool,
Insolvency & Companies List (ChD) Court No. CR-2025-000329, and
Jason Dean Greenhalgh and Stephen Berry of Begbies Traynor
(Central) LLP were appointed as administrators on Dec. 1, 2025.

Previously known as Happy Drinks Group Limited, Hydrate Drinks
Group Ltd specialized in the manufacture of drinks.

Its registered office is at Unit 4 Mersey Reach, Dunnings Bridge
Road, Liverpool, L30 6UZ.

The administrators can be reached at:

    Jason Greenhalgh
    Stephen Berry
    Begbies Traynor (Central) LLP
    No 1 Old Hall Street
    Liverpool, L3 9HF

Further details contact:

    Mahnoor Ahmed
    Begbies Traynor (Central) LLP
    Tel: 0151 227 4010
    Email: liverpool@btguk.com


I-LOGIC TECHNOLOGIES: Moody's Withdraws B2 Corporate Family Rating
------------------------------------------------------------------
Moody's Ratings has withdrawn the ratings of I-Logic Technologies
Bidco Limited's (I-Logic d/b/a "ION Analytics"), including its B2
corporate family rating and its B2-PD probability of default
rating. Concurrently, Moody's have also withdrawn the company's B2
rating on the existing backed senior secured notes due 2029 issued
by Acuris Finance US, Inc. and I-Logic Technologies Bidco Limited's
B2 backed senior secured notes and bank credit facilities ratings,
which consists of a revolver and two term loans denominated in USD
and Euro tranches. Prior to the withdrawal, the outlooks on both
entities were stable.
RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

This action comes after substantially all of the company's
outstanding debt was refinanced or exchanged, in the case of
existing notes, by new instruments issued by ION Platform
Investment Group Limited (ION Platform) and related entities. Only
a negligible portion of less than 0.4% of the existing notes were
not exchanged and remain in the I-Logic perimeter.

COMPANY PROFILE

ION Analytics, a division of ION Platform following the merger
earlier in the year, provides data, content and software to global
capital markets participants. The company is privately owned by ION
Group. On a standalone basis, the company generated roughly $550
million of revenue in 2024.

INEOS GROUP: Moody's Lowers CFR to B2, Outlook Remains Negative
---------------------------------------------------------------
Moody's Ratings downgraded the long-term corporate family rating of
Ineos Group Holdings S.A. (INEOS or the company), a leading global
manufacturer of petrochemicals, to B2 from B1. Moody's also
downgraded to B2-PD from B1-PD its probability of default rating.
Concurrently Moody's downgraded to B2 from B1: (i) the instrument
ratings on the backed senior secured facilities and the backed
senior secured bonds issued by Ineos Finance plc, and (ii) the
instrument ratings of the backed senior secured facilities issued
by Ineos US Finance LLC, both wholly owned subsidiaries of INEOS.
The outlook on all entities remains negative.

The rating action reflects:

-- The continued and greater than expected deterioration of INEOS'
operating performance in the third quarter of 2025, with revenue
and Moody's adjusted EBITDA down by 20% and 55% on a year on year
basis, respectively.

-- The company's weak debt metrics, as evidenced by Moody's
adjusted gross debt to EBITDA, at 13.5x (10.5x excluding Project
One) in the last 12 months to September 30, 2025, and Moody's
expectations that the recovery of the company's key debt metrics
will likely to result in weaker debt metrics than Moody's
previously expected.

-- More positively, INEOS' liquidity remains adequate, with no
significant debt maturities until 2028 and significant cash on
balance sheet.

RATINGS RATIONALE

INEOS' B2 long-term corporate family rating reflects the company's
(1) robust business profile including its leading market position
as one of the world's largest chemical groups across a number of
key commodity chemicals; (2) vertically integrated business model,
which helps the group capture margins across the whole value chain
and economies of scale advantages, (3) well-invested production
facilities, most of them ranking in the first or second quartile of
their respective regional industry cost curve; and (4) experienced
management team. These positives are offset by (1) the cyclical
nature of the commodity chemical industry currently facing weak
end-market demand; (2) expected prolonged weakness in INEOS' credit
profile as a result of market softness and planned large expected
capital outlays; and (3) history of large shareholder
distributions.

The company's operating performance continues to be affected by
overcapacity in the petrochemicals sector, weak global demand, and
high energy costs and regulatory (carbon emission reduction) costs
in Europe. All other major business segments experienced a drop in
EBITDA compared to the third quarter of 2024: O&P North America's
reported EBITDA of EUR173 million, came at EUR227 million in Q3
2024; Chemical Intermediates' reported EBITDA was EUR122 million, a
significant decrease from EUR263 million (which, however, benefited
from a EUR50 million insurance claim settlement); O&P Europe's
reported EBITDA was EUR80 million, down from EUR113 million,
impacted by a scheduled maintenance turnaround at the Lavera
facility and increased costs for the Project One start-up.

Assuming Project One begins commercial operation in early 2027 as
currently planned following mechanical completion by the end of
2026, Moody's currently project a Moody's-adjusted EBITDA of around
EUR2.4 billion in 2027, down from Moody's previous forecast of
EUR2.6 billion reflecting a slower recovery. Moody's projects
EBITDA/Interest of 2.5x and (EBITDA-Capex)/Interest of 1.7x in
2027, resulting in positive free cash flow of around EUR650
million, or about 4% of Moody's gross adjusted debt. Moody's
projections factor in the measures recently announced by the
company, including fixed cost reductions (recruitment freeze and
reduction in manpower levels) and lower capex in the second half of
2025, limited plant closures and mothballing, as well as working
capital optimization. However, the predictability of demand and of
pricing in essentially all of the company's areas of activity
remains very low.

European chemical companies are consolidating operations due to
persistently high energy costs, stringent regulations, aging
infrastructure, and intense competition from regions with cheaper
feedstocks like the US and the Middle East. Key segments seeing
closures include i) ethylene and steam crackers, with up to 40% of
the EU's ethylene capacity at risk of closure (several major
producers, including The Dow Chemical Company (Dow, Baa2 negative),
Saudi Basic Industries Corporation (SABIC, Aa3 stable), and
TotalEnergies SE ((P)Aa3 stable), have announced cracker shutdowns
or reviews of assets); ii) downstream products like polyethylene
(PE) and polypropylene (PP) are under threat as the building block
supply shrinks and competition from lower cost producers increases;
iii) closures have also been announced in areas such as
bisphenol-A, phenol, acetone, ammonia, and methanol production.

In mid-November, INEOS' group entities filed 10 anti-dumping cases
against imports of cheap chemical products into the European Union
(EU). The company said that without urgent protection it would have
to end production of crucial materials used in the automotive,
defence, electronics, construction, packaging and pharmaceutical
industries. Moody's current forecasts do not reflect the impact of
potential measures resulting from INEOS' action. Moody's notes that
many chemical companies have often filed anti-dumping cases, with
mixed outcomes. Although any decision is unlikely to be implemented
rapidly. Moody's believes that there is increasing political
awareness of the deteriorating performance of the European chemical
industry.

ESG CONSIDERATIONS

Moody's views INEOS' financial strategy as aggressive as evidenced
by its track record of debt-financed acquisitions and tolerance for
high debt levels. This includes the acquisition of the oxide
business from LyondellBasell Industries N.V. in 2024, at the time
when the industry performance and the company's credit metrics are
pressured.

LIQUIDITY

INEOS' liquidity is good with approximately EUR2.5 billion of
unrestricted cash and undrawn working capital facilities of EUR585
million as at September 30, 2025. These are split between inventory
facilities, recently extended to June 2027, and a receivables
facility maturing in December 2026. Moody's understands this will
be renewed in due course. The cash position however includes EUR800
million proceeds from a recent bond issue which is going to be
partly used to fund Project One.

Moody's expects INEOS will continue to generate negative free cash
flows in 2025 and 2026 mainly due to the capex related to Project
One, as funded by drawings under the EUR3.5 billion Project One
Facility, with EUR2.5 billion outstanding at September 30, 2025.

INEOS has no significant debt maturing in 2025 or 2026. The first
major debt maturities are in 2028, with around EUR1.8 billion
equivalent of debt coming due, comprising both notes and loans.

STRUCTURAL CONSIDERATIONS

All of INEOS' rated debt is secured and consists of backed senior
secured term loans and backed senior secured notes. All of the
rated instruments are pari passu and secured on the same collateral
pool; therefore, all of the debt instruments are rated B2, in line
with the CFR. Moody's also notes that INEOS has no financial
maintenance covenants in its senior secured loans and notes.

OUTLOOK

The negative outlook reflects Moody's expectations that INEOS'
leverage will remain elevated over the next two years, with still
limited visibility about the recovery of the company's key debt
metrics and residual execution and commercial risks related to
Project One.

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

Positive pressure on the ratings may arise if (i) the company's
operating performance significantly improves from current levels;
(ii) Moody's-adjusted total debt to EBITDA is sustained below 5.5x;
and (iii) INEOS maintains good liquidity including positive free
cash flows at least in mid-single-digits in percentage of Moody's
adjusted gross debt.

Conversely, the ratings could come under downward pressure if (i)
Moody's-adjusted total debt to EBITDA fails to reduce to below 6.5x
(or its net leverage remains above 6x); or (ii) the group's
liquidity profile weakens or its free cash are below mid-single
digits in percentage of Moody's adjusted gross debt. The B2 ratings
also reflect Moody's expectations that the company will continue to
refinance its debt obligations well ahead of maturity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 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

Ineos Group Holdings S.A. is a leading global manufacturer of
petrochemicals. Its main products by nameplate capacity are olefins
(ethylene, propylene), polymers (polyethylene or PE, polypropylene
or PP), ethylene oxide, phenol, acetone, acrylonitrile, and linear
alpha olefins. Revenue amounted to EUR15.2 billion in the last 12
months to September 30, 2025.

INEOS' ultimate parent company is INEOS Limited whose controlling
shareholders are James Ratcliffe (61.73%), Andrew Currie (19.19%),
and John Reece (19.08%).

INEOS QUATTRO: Moody's Downgrades CFR & Senior Secured Debt to B3
-----------------------------------------------------------------
Moody's Ratings has downgraded the long-term corporate family
rating of INEOS Quattro Holdings Ltd (INEOS Quattro or the company)
to B3 from B2. Concurrently, Moody's have also downgraded the
company's probability of default rating to B3-PD from B2-PD, and
its backed senior secured debt ratings (issued through
subsidiaries) to B3 from B2. The outlook on all entities remains
negative.

The rating action reflects:

-- The company's very weak credit metrics, as evidenced by very
high gross leverage of 11.7x, EBITDA to interest coverage defined
as (EBITDA-CAPEX)/interest of 0.4x for the year ended September 30,
2025, on a Moody's-adjusted basis.

-- Moody's expectations of a slow and limited improvement in
earnings and credit metrics over the next two years resulting in a
potentially unsustainable capital structure, reflecting weak demand
with low industrial and construction activity, structural industry
overcapacity, leading to limited expected EBITDA recovery for most
commodity chemical products, and below Moody's previous forecasts.

-- Increasing refinancing risks although currently adequate
liquidity.

RATINGS RATIONALE

The B3 long-term corporate family rating of INEOS Quattro (formerly
INEOS Styrolution Holding Limited) reflects the company's large
size and scope, with leading market positions globally in a variety
of commodity chemical products; its good geographic and end-market
diversification; as well as a well-invested asset base which
requires relatively limited capital spending. These positives are
counterbalanced by i) the cyclical nature of the commodity chemical
industry, which has experienced a protracted period of material
market weakness; ii) an aggressive financial policy with
debt-funded returns to shareholders and acquisitions; and iii) the
high volatility of earnings from operating leverage and exposure to
feedstock costs, exacerbated by elevated energy costs in Europe.

INEOS Quattro has high exposure to Europe, representing about 40%
of revenue, where economic growth is forecast to be sluggish, with
the Euro area expected to grow by 1.1% in 2025, 1.3% in 2026 and
1.4% in 2027, based on Moody's recent global macro-outlook
published on November 19, 2025. Moreover, INEOS Quattro produces
commodity chemicals which are mainly traded globally, with imports
to Europe from Asia, the US and the Middle East, all of which
benefit from much lower energy and feedstock costs. Competition
from imports is exacerbated by the continued addition of capacity
in China, often at a higher rate than demand growth, which is
exerting constant downward pressure on utilisation rates, prices
and margins. Increasing trade barriers in the US are also
contributing to divert Asian products into Europe.

INEOS Quattro's performance in the three months ended September 30,
2025 was weaker than Moody's expected, with revenue down 16.8% and
company reported EBITDA down 7.4% year on year. Quarter on quarter
EBITDA was down 22.5%. The performance was driven by lower volumes
and lower selling prices and reflects persistent global oversupply,
weak demand for chemicals, and pressure on pricing and margins
across its key markets. The company (as well the industry as a
whole) faces significant oversupply particularly in the Asian
acrylonitrile-butadiene-styrene (ABS) and purified terephthalic
acid (PTA) markets. Demand was subdued across most market sectors,
with customer caution linked to ongoing macroeconomic uncertainty
and trade tensions. In the US, weak demand and some customer
outages further reduced sales volumes. INEOS Quattro is
implementing cost-control measures, rationalizing assets, and has
suspended dividends to preserve cash flow.

As Moody's forecasts steady but subdued growth among the G-20
economies for the next two years, the earnings recovery for INEOS
Quattro will likely be slow. Moody's currently expect
Moody's-adjusted EBITDA of around EUR455 million (compared with
Moody's previous forecast of EUR890 million) in 2025 including
EUR195 million of FX losses already incurred in the year, EUR742
million (versus EUR1,040 million previously) in 2026, and EUR896
million (EUR1,250 million) in 2027. Moody's expects leverage to
remain high, peaking at 16.7x in 2025, and then gradually reducing
to 8.5x by the end of 2027, still indicating a potentially
unsustainable capital structure. Moody's anticipates that the
EBITDA-Capex to interest ratio will remain below 1x over the next
two years while free cash flow (FCF) will turn marginally positive
in 2027 after being negative by around EUR100 million in 2025 and
2026.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

INEOS Quattro's leverage has been well above the company's public
"medium-term" net leverage target of below 3.0x through the cycle.
The company has also paid a EUR500 million debt-financed dividend
to its shareholder in February 2023 and debt-funded an acquisition
of a plant in Texas in December 2023 for total consideration of
EUR445 million, when leverage was already well above its target. In
line with the broader chemicals sector, INEOS Quattro has
environmental and social risks related to the production of
non-recyclable products, energy intensive processes, and the use of
hazardous feedstocks.

LIQUIDITY

INEOS Quattro's liquidity position remains adequate at this stage
but will likely weaken over time. As at September 30, 2025, the
group had unrestricted cash on balance sheet of EUR1.78 billion, up
from EUR1.64 billion in the previous quarter thanks to positive
free cash flow generated during the third quarter, in turn
reflecting positive working capital inflows of EUR160 million.
Liquidity is further supported by access to undrawn trade
receivable securitisation programmes with total capacity of EUR840
million, for a current total availability of EUR489 million as of
September 30, 2025, which expire in February and March 2027
respectively.

The next debt maturities are in January 2027 when nearly EUR1
billion equivalent outstanding of senior secured notes and senior
secured term loan B come due. Moody's understands that the company
aims to refinance these maturities through a mix of new senior
secured notes, a new inventory facility, and available cash.
Moody's notes that despite continuously weak earnings, INEOS
Quattro has to date been successful in accessing capital markets,
refinancing its debt obligations well ahead of maturity. The
company has no further debt maturities until 2029 when a total of
around EUR3.9 billion equivalent debt including backed senior
secured bonds and loans will come due.

STRUCTURAL CONSIDERATIONS

The senior secured debt of INEOS Quattro (issued through
subsidiaries) is rated B3, at the same level as its CFR. The senior
secured instruments rank pari passu and benefit from guarantees
from subsidiaries that constitute at least 85% of group EBITDA. The
collateral includes amongst others share pledges, bank accounts,
property, plant & equipment (PP&E) as well as legal mortgages in
respect of certain properties, but excludes receivables that are
pledged to asset securitisation programmes.

RATING OUTLOOK

The negative outlook reflects increasing uncertainties over the
ability of the company to reduce leverage in line with Moody's
expectations for the current rating.

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

Although unlikely in the near term, positive rating pressure would
occur if i) the operating performance of the company improves, ii)
gross debt/EBITDA reduces below 6.5x, iii) EBITDA/interest is above
1.5x and (EBITDA-Capex)/interest is above 1.25x, and iv) free cash
flow/debt improves to low single-digits in percentage terms, while
maintaining adequate liquidity.

Conversely, negative rating pressure could occur if, i) the
operating performance of the company fails to improve, ii)
Moody's-adjusted gross debt/EBITDA fails to improve, iii)
EBITDA/interest fails to improve above 1.25x and
(EBITDA-Capex)/interest remains below 1x, or iv) if free cash flow
remains in negative territory. Any deterioration in liquidity, or
failure to address the 2027 debt maturities at least a year in
advance, or increased risk of a distressed exchange transaction
could also add further negative rating pressure. Moody's are likely
to consider a debt exchange or meaningful debt buy-backs well below
par as equivalent to a default.

LIST OF AFFECTED RATINGS

Issuer: INEOS Quattro Holdings Ltd

Downgrades:

Probability of Default Rating, Downgraded to B3-PD from B2-PD

LT Corporate Family Rating, Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Negative

  Issuer: INEOS Quattro Finance 2 Plc

Downgrades:

Backed Senior Secured (Foreign Currency), Downgraded to B3 from
B2

Outlook Actions:

Outlook, Remains Negative

Issuer: INEOS Quattro Holdings UK Ltd

Downgrades:

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Negative

Issuer: INEOS US Petrochem LLC

Downgrades:

Backed Senior Secured Bank Credit Facility (Local Currency),
Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Negative

Issuer: INEOS Styrolution Group GmbH

Downgrades:
  
Senior Secured Bank Credit Facility (Local Currency), Downgraded
to B3 from B2

Senior Secured (Local Currency), Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Negative

Issuer: Ineos Styrolution US Holding LLC

Downgrades:

Senior Secured Bank Credit Facility (Local Currency), Downgraded
to B3 from B2

Outlook Actions:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 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

INEOS Quattro is a leading global manufacturer of petrochemicals
produced through 45 manufacturing sites in 18 countries in the
Americas, Europe and Asia. It operates through four distinct
businesses: Styrolution, INOVYN, Aromatics, and Acetyls. Its main
products sold on the merchant market are polystyrene (PS) and
acrylonitrile butadiene styrene (ABS) for Styrolution, polyvinyl
chloride (PVC) and caustic soda for INOVYN, purified terephthalic
acid (PTA) for Aromatics, and acetic acid for Acetyls. For the last
12 months period ended September 2025, the company reported EUR11.4
billion of revenue and EUR680 million of underlying EBITDA.

INEOS Quattro is an indirect wholly owned subsidiary of INEOS
Limited whose shareholders are James Ratcliffe (61.73% of share
capital), Andrew Currie (19.19%), and John Reece (19.08%).

NEIL SIMON: Leonard Curtis Appointed as Joint Administrators
------------------------------------------------------------
Neil Simon Haulage was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court No.
CR-2025-MAN-001610, and Mike Dillon and Hilary Pascoe of Leonard
Curtis were appointed as joint administrators on Dec. 5, 2025.

Neil Simon Haulage was a haulier of aggregates and asphalt.

Its registered office and principal trading address is Topworks,
High Street, Bagillt, CH6 6HZ.

The joint administrators can be reached at:

    Mike Dillon
    Hilary Pascoe
    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:

    Joe Thompson


NEWS TRANSPORT: RMT Appointed as Joint Administrators
-----------------------------------------------------
News Transport Limited was placed into administration proceedings
in the High Court of Justice Business and Property Courts in
Newcastle-upon-Tyne, Insolvency & Companies List (ChD), Court No.
CR-2025-NCL-000154, and Christopher John Ferguson and Eric Walls of
RMT were appointed as joint administrators on Nov. 28, 2025.

News Transport Limited specialized in the transportation of goods
by road.

Its registered office is at RMT, Gosforth Park Avenue, Newcastle
upon Tyne, NE12 8EG.

Its principal trading address is at Unit D Station Road Ind Estate,
Ampthill, Bedfordshire, MK45 2QY.

The joint administrators can be reached at:

    Christopher John Ferguson
    Eric Walls
    RMT
    Gosforth Park Avenue
    Newcastle upon Tyne, NE12 8EG

Further details contact:

    The Joint Administrators
    Tel: 0191 256 9500
    Email: Chris.ferguson@r-m-t.co.uk
           Eric.Walls@r-m-t.co.uk

Alternative contact:
    
    Vanessa Ferguson
    Tel: 0191 256 9500
    Email: Vanessa.Ferguson@r-m-t.co.uk

PETRA DIAMONDS: Moody's Ups CFR to Caa1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded to Caa1 from Caa2 the long-term
corporate family rating and to Caa1-PD/LD from Caa3-PD the
probability of default rating of Petra Diamonds Limited (Petra).
Concurrently, Moody's have upgraded to Caa2 from Caa3 the backed
senior secured rating of the notes issued by Petra Diamonds US$
Treasury Plc. The outlook on all entities has been changed to
stable from negative.

The rating action follows Petra's announcement on November 28,
2025[1] that it had completed its debt refinancing which included
the restructuring of its ZAR1.75 billion senior secured first lien
revolving credit facility (RCF) and its outstanding $228 million
senior secured second lien notes, along with the $25 million equity
rights issuance. This involved the extension of the RCF maturity
date to December 2029 from January 2026 and the notes maturity date
to March 2030 from March 2026; and a possibility for the company to
pay interest on the notes in cash or in new ordinary shares in its
share capital, at the company's discretion.

RATINGS RATIONALE

The upgrade reflects Moody's views that the completed refinancing
of Petra's debt combined with its business restructuring plan
eliminates a non-payment default on its RCF and the notes, which
otherwise would likely occur in early 2026, and enables the company
to achieve a more sustainable capital structure and improve its
liquidity. The upgrade also takes into account Moody's expectations
that the company's currently very weak cash flow generation and
credit metrics will gradually recover on the back of the recovery
in diamond production and improved product mix following the
planned increase in capital spending at its two mines – Cullinan
and Finsch, as the company now expects to have sufficient funds for
it. In addition, Petra will have the opportunity to pay interest on
the notes in equity as opposed to cash, saving around $25 million
dollars in cash annually. The PDR was upgraded to Caa1-PD/LD to
align it with the CFR given that there is no longer an expectation
of a near-term default.

As of June 30, 2025, Petra's leverage increased to 14.2x gross
debt/EBITDA from 4.1x as of June 30, 2024 and 2.6x as of June 30,
2023, while its retained cash flow/debt declined to 1.2% from 7.9%
as of June 30, 2024 and 19.2% as of June 30, 2023 (all metrics are
Moody's-adjusted). The weakening in credit metrics was driven by
the continued decline in EBITDA and retained cash flow. Assuming
the company succeeds in implementing its business restructuring
plan, Moody's expects its leverage to decline below 10x and
retained cash flow/debt to increase above 5% by June 30, 2026.

Petra's Caa1 CFR factors in (1) the company's improved liquidity,
supported by the opportunity to pay interest on the notes in equity
as opposed to cash, and eliminated risk of near-term default, as it
has no debt maturities over the next 24 months; (2) some
improvement in its capital structure as a result of $25 million
rights issuance; (3) its streamlined organizational structure and
derecognition of $22 million in net liabilities as a result of the
disposal of the Koffiefontein and Williamson mines, which had not
provided Petra with material diversification benefits; (4) Moody's
expectations that its currently very weak cash flow generation and
credit metrics will improve on the back of the business
restructuring plan, despite the continuing weak natural diamond
market environment; (5) the company's solid reserve base at its
Cullinan and Finsch mines, and a long life potential of these
mines; and (6) its five-year wage agreements with labour unions
signed in July 2024.

The rating also takes into account (1) the execution risks related
to Petra's business restructuring plan, with the sustainability of
its positive outcomes yet to be demonstrated; (2) its small scale
and operational concentration in the two mines in South Africa (Ba2
stable); and (3) its exposure to the volatile rough diamond prices
and USD/ZAR exchange rate.

The Caa2 rating of Petra's outstanding $228 million guaranteed
senior secured second lien notes is one notch below Petra's CFR,
because the notes are subordinated to the company's ZAR1.75 billion
($99 million) senior secured first lien RCF, which was fully
utilised as of the completion of refinancing. Moody's assumes that
this RCF will remain largely utilized at least over the next 12-18
months, although the company could reduce its utilization amount
from time to time to save on interest payments.

Moody's have appended a limited default "/LD" designation to
Petra's PDR. This "/LD" designation indicates the limited default
under Moody's definitions, resulting from Petra's restructuring of
its outstanding $228 million senior secured second lien notes. Such
restructuring represents a distressed debt exchange (DE) in Moody's
views. The "/LD" designation appended to the PDR will be removed
after three business days.

Moody's viewed Petra's unsustainable capital structure, weak
liquidity and high likelihood of default, which were the case
before the refinancing, as governance risks. Because of the
reduction in these risks after the refinancing, Moody's have
changed Petra's governance issuer profile score to G-4 from G-5 and
credit impact score to CIS-4 from CIS-5. The company's G-4 reflects
its recent debt restructuring and the execution risk related to its
business restructuring plan. The CIS-4 indicates the rating is
lower than it would have been if ESG risk exposures did not exist,
because of governance risks.

OUTLOOK

The stable outlook reflects Moody's expectations that Petra's cash
flow generation, credit metrics and capital structure will
substantially improve over the next 12-18 months, despite the
persistent weak diamond market environment.

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

Moody's could upgrade Petra's ratings if the company achieves a
more sustainable capital structure, significantly improves its free
cash flow generation, reduces its debt/EBITDA below 4x and
increases its retained cash flow/debt above 20% on a sustainable
basis (all metrics are Moody's-adjusted), and maintains adequate
liquidity.

Moody's could downgrade the ratings if the company fails to improve
its operating performance, capital structure, cash flow generation
and credit metrics, or maintain adequate liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in April 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.

PILGRIMS OF MARCH: DMC and Begbies Named as Joint Administrators
----------------------------------------------------------------
Pilgrims of March Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts in Manchester, Court No. MAN-001633 of 2025, and Andrew Mark
Bland of DMC Recovery Limited, and Paul Stanley and Dean Watson of
Begbies Traynor (Central) LLP were appointed as joint
administrators on Dec. 3, 2025.

Pilgrims of March Ltd specialized in motor vehicle dealership.

Its registered office is and principal trading address is 5
Melbourne Avenue, March, Cambridgeshire, PE15 0EN.

The joint administrators can be reached at:

    Andrew Mark Bland
    DMC Recovery Limited
    41 Greek Street
    Stockport, Cheshire, SK3 8AX
    Email: creditors@dmcrecovery.co.uk
    Tel: 0300 303 4846

    Paul Stanley
    Dean Watson
    Begbies Traynor (Central) LLP
    340 Deansgate
    Manchester, M3 4LY

For further information contact:

    Sandeep Borse
    DMC Recovery Limited
    41 Greek Street, Stockport
    Cheshire, SK3 8AX
    Tel: 0300 303 4846
    Email: sandeep.borse@dmcrecovery.co.uk

SOLAR TECHNOLOGY: Begbies Traynor Appointed as Administrators
-------------------------------------------------------------
Solar Technology Limited was placed into administration proceedings
in the Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court No. CR-2025-001662, and Paul Stanley
and Mark Weekes of Begbies Traynor (Central) LLP were appointed as
administrators on Dec. 1, 2025.

Solar Technology specialized in other transportation support
activities.

Its registered office is c/o Begbies Traynor, 340 Deansgate,
Manchester, M3 4LY.

The joint administrators can be reached at:

     Paul Stanley
     Mark Weekes
     Begbies Traynor (Central) LLP
     340 Deansgate
     Manchester, M3 4LY

Further information contact:

     Sam Shaw
     Begbies Traynor (Central) LLP
     Tel: 0161 837 1700
     Email: Sam.Shaw@btguk.com

UROPA 2007-01B: Fitch Affirms 'B-sf' Rating on Class B2a Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Uropa Securities plc Series 2007-01B's
notes, as detailed below.

   Entity/Debt                         Rating             Prior
   -----------                         ------             -----
Uropa Securities plc
Series 2007-01B

   Class A3a XS0311807753           LT AAAsf  Affirmed    AAAsf
   Class A3b XS0311808561           LT AAAsf  Affirmed    AAAsf
   Class A4a XS0311809452           LT AAAsf  Affirmed    AAAsf
   Class A4b XS0311809882           LT AAAsf  Affirmed    AAAsf
   Class B1a XS0311815855           LT BB+sf  Affirmed    BB+sf
   Class B1b XS0311816150           LT BB+sf  Affirmed    BB+sf
   Class B1b cross currency swap    LT BB+sf  Affirmed    BB+sf
   Class B2a XS0311816408           LT B-sf   Affirmed    B-sf
   Class M1a XS0311810385           LT AAAsf  Affirmed    AAAsf
   Class M1b XS0311811193           LT AAAsf  Affirmed    AAAsf
   Class M2a XS0311813058           LT AA+sf  Affirmed    AA+sf

Transaction Summary

The transaction securitises non-conforming mortgages purchased by
ABN AMRO Bank N.V. and originated by GMAC-RFC Limited, Kensington
Mortgage Company Limited and Money Partners Ltd.

KEY RATING DRIVERS

Strong Liquidity and Losses Support: The transaction benefits from
sizeable liquidity and losses support. It has an undrawn liquidity
facility and an almost fully funded general reserve fund. Neither
can amortise due to irreversible breaches in the cumulative loss
performance triggers. The transaction switched from pro-rata to
sequential amortisation in July 2023. Due to the reversable nature
of the triggers for amortisation, Fitch has taken both pro-rata and
sequential amortisation into account in its analysis.

High Transaction Fees: The reported senior fees are much higher
than expected. In its analysis of the transaction, Fitch applied
higher senior costs in line with more recent observations, which
affects the available excess spread. The high fees continue to put
pressure on the junior tranches, particularly the class B2 notes,
but its analysis supported affirmations of all notes.

Increasing CE, Improving Asset Performance: Credit enhancement (CE)
for the senior notes continues to build due to sequential
amortisation. The temporary switch from pro rata to sequential
amortisation was triggered when three month-plus arrears exceeded
the 17% threshold (currently 18.7%). This has accelerated growth in
CE, strengthening protection for the senior tranche. The switch is
reversible if arrears fall below the trigger level. In line with
Fitch's approach, loans more than 12 months in arrears are treated
as defaults in modelling. Taken together, the increased CE and
stabilising asset performance support the affirmations.

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

Transaction Adjustment: Fitch has applied its non-conforming
assumptions and an owner-occupied transaction adjustment of 1.0x
and BTL transaction adjustment of 1.5x. This is because the
historical performance of loans three months or more in arrears has
been in line with Fitch's non-conforming index.

RATING SENSITIVITIES

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

The transaction's performance may be affected by adverse changes in
market conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing delinquencies and
defaults that could reduce credit enhancement available to the
notes. In addition, unexpected declines in recoveries could result
in lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch found that a 15% increase in the weighted average
foreclosure frequency (WAFF) and 15% decrease of the WARR would
imply the following:

Class A3a/b: 'AAAsf'

Class A4a/b: 'AAAsf'

Class M1a/b: 'AAAsf'

Class M2a: 'AA- sf'

Class B1a/b: 'B+ sf'

Class B2a: below 'Bsf'

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potentially upgrades. Fitch found that a 15% decrease in the WAFF
and 15% increase of the WARR would imply the following:

Class A3a/b: 'AAAsf'

Class A4a/b: 'AAAsf'

Class M1a/b: 'AAAsf'

Class M2a: 'AAAsf'

Class B1a/b: 'A+ sf'

Class B2a: below 'Bsf'

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Uropa Securities plc Series 2007-01B has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to to a pool with limited affordability checks and
self-certified income, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

Uropa Securities plc Series 2007-01B has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to due to a material concentration of interest only loans,
which has a negative impact on the credit profile, and is relevant
to the rating[s] in conjunction with other factors.

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

WATCHES OF BATH: Moore Kingston, Begbies Named as Administrators
----------------------------------------------------------------
Watches of Bath (Retail) 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-2025-008154, and Joseph Colley of Moore Kingston Smith
& Partners LLP and Paul Steven Cooper of Begbies Traynor (London)
LLP were appointed as joint administrators on Dec. 5, 2025.

Watches of Bath specialized in the sale of luxury watches.

Its registered office is at 37 Great Pulteney Street, Bath, BA2
4DA.

Its principal trading address is 27 Gay Street, Bath, Somerset, BA1
2PD.

The joint administrators can be reached at:

    Joseph Colley
    Moore Kingston Smith & Partners LLP
    6th Floor, 9 Appold Street
    London, EC2A 2AP

    Paul Steven Cooper
    Begbies Traynor (London) LLP
    40 Bank Street
    London, E14 5NR

Further details contact:

    Charlie Holtham
    Tel: 020 7566 4020
    Email: Choltham@mks.co.uk


WAVE STUDIOS: Begbies Traynor Appointed as Joint Administrators
---------------------------------------------------------------
Wave Studios Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts, Insolvency
and Companies List (ChD), Court No. 008619 of 2025, and Simon
Killick and Jeremy Karr of Begbies Traynor (Central) LLP were
appointed as joint administrators on Dec. 5, 2025.

Wave Studios Limited specialized in sound design studio services
for postproduction.

Its registered office is at 5 Elstree Gate, Elstree Way,
Borehamwood, Hertfordshire, WD6 1JD.

The joint administrators can be reached at:

    Simon Killick
    Jeremy Karr
    Begbies Traynor (Central) LLP
    31st Floor, 40 Bank Street
    London

Further details contact:

    Elliot Bero
    Tel: 020 7516 1500
    Email: eliot.bero@btguk.com



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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