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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

          Thursday, April 4, 2024, Vol. 25, No. 69

                           Headlines



F R A N C E

EUTELSAT SA: Fitch Assigns BB+(EXP) LongTerm IDR, Outlook Negative
SOLOCAL GROUP: Fitch Cuts LT IDR to RD After Nonpayment of Interest
TARKETT PARTICIPATION: Fitch Affirms 'B+' LT IDR, Outlook Stable


G E R M A N Y

ROEHM HOLDING: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


I R E L A N D

FIDELITY GRAND 2022-1: Fitch Assigns 'B-sf' Rating to Cl. F-R Notes
FIDELITY GRAND 2023-2: Fitch Assigns 'B-sf' Rating to Class F Notes
PENTA CLO 16: Fitch Assigns 'B-sf' Final Rating to Class F Notes
TIKEHAU CLO X: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


I T A L Y

EVOCA SPA: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
NEOPHARMED GENTILI: Fitch Assigns 'B' LongTerm IDR, Outlook Stable


K A Z A K H S T A N

FORTEBANK JSC: S&P Withdraws 'BB-/B' Issuer Credit Ratings


L U X E M B O U R G

MILLICOM INTERNATIONAL: Fitch Assigns BB+ Rating to Sr. Unsec Notes


T U R K E Y

YAPI KREDI DPR: Fitch Affirms BB+ Rating, Alters Outlook to Pos.


U N I T E D   K I N G D O M

BT GROUP: Fitch Rates Subordinated Capital Securities 'BB+'
DUCHY PLANT: Goes Into Administration
EAGLE GENOMICS: Goes Into Administration
GREAT POINT: Enters Administration, Owes GBP17.8 Million
HEATHROW FINANCE: Fitch Assigns 'BB+' Rating to Sr. Secured Notes

JERROLD FINCO: Fitch Assigns 'BB(EXP)' Rating to Sr. Secured Notes
PORT DINORWIC: Waterside Consortium Acquires Marina
SOUTHEND UNITED: Faces Winding Petition From Creditor
STRATTON MORTGAGE 2024-2: Fitch Puts Final BB+sf Rating to F Notes
SWITCH INTERNATIONAL: Collapses Into Administration

TRAVIS PERKINS: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable

                           - - - - -


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F R A N C E
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EUTELSAT SA: Fitch Assigns BB+(EXP) LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'BB+(EXP)' to Eutelsat S.A (ESA). The Outlook is Negative. Fitch
has also placed Eutelsat Communications S.A.'s (Eutelsat) IDR of
'BB-' on Rating Watch Negative (RWN). Eutelsat's IDR is likely to
be downgraded by one notch to 'B+' with Negative Outlook if the
proposed bond at ESA is issued as expected.

Fitch also assigned a 'BB+(EXP)'/'RR4' rating to ESA's proposed
EUR600 million bond. Fitch has placed ESA's existing senior
unsecured debt rating of 'BB-' on Rating Watch Positive (RWP) as
Fitch expects to upgrade it to 'BB+'/'RR4' if the company's
proposed new bond is issued as expected. Fitch affirmed Eutelsat's
existing senior unsecured rating at 'B+'/'RR5'.

The rating changes reflect covenant and cashflow restrictions at
ESA created by the legal terms of the company's proposed new bond.
These restrictions have led to an assessment of porous ring-fencing
and control based on Fitch's Parent Subsidiary Linkage criteria. As
a result, ESA is rated two notches above the consolidated group
profile of 'BB-' and in line with the operating subsidiary's
standalone credit profile of 'bb+'. The cashflow restrictions lead
Eutelsat to be rated one notch below the group's consolidated
rating profile.

KEY RATING DRIVERS

Ring-Fencing Around ESA: The proposed bond terms would create an
effective ring-fencing around ESA limiting its leverage and
capacity to circulate cash to other parts of the group, thereby
benefiting ESA's creditors. With ESA being the key cash generating
engine of the group, ring-fencing would limit ESA's exposure to
weaker parts of the group, most notably OneWeb, which requires
significant capex to expand its operations.

Distributions from ESA are limited once its net leverage exceeds
2.75x (company definition) but with additional baskets that would
allow it to provide the greater of EUR1.4 billion, or 175% of
EBITDA financing to OneWeb subject to net leverage remaining below
3.25x.

ESA Strong Stand-Alone Credit Profile: With the company-defined
leverage limited to a maximum of 3.25x (likely mapping to 0.2x-0.3x
higher Fitch-based EBITDA net leverage) in the most conservative
scenario, Fitch views ESA's standalone credit profile as consistent
with 'bb+'.

ESA's credit profile is shaped by geostationary equatorial orbit
(GEO)-reliant segments with moderate structural decline in the
video segment mitigated by growth in mobile and fixed connectivity.
ESA's strong EBITDA margin of well above 70% (company-defined) and
moderate capex leads to sustainably robust cash flow generation.

Eutelsat's Limited Access to ESA's Cash Flow: The ring-fencing
provisions around ESA would limit Eutelsat's access to the opco's
cash flow above the covenanted amounts. Fitch would therefore rate
Eutelsat at 'B+', one notch below the group's consolidated profile
of 'BB-', in line with Fitch's parent-subsidiary linkage criteria.

Ring-fencing may complicate Eutelsat's efforts to raise funding to
finance OneWeb capex and increases execution risks around OneWeb's
strategy if ESA were to underperform. ESA estimates its current
leverage as only slightly below the 2.75x threshold, and there is
controlled flexibility to exceed this level up to 3.25x, should
Eutelsat SA decide to finance above the 2.75x cap, but this will be
limited to a maximum of EUR1.4 billion over the life of the bond.

OneWeb Funding: OneWeb will need to find additional funding to
finance the roll-out of its next generation constellation as the
amount of distributions from ESA to Fitch is broadly limited to
EUR1.4 billion over the next five years. The company estimated its
overall capex for putting in place a new constellation at about
USD4 billion.

Consolidated Profile Unchanged: The proposed bond does not change
the consolidated group credit profile, which Fitch continues to
view as consistent with 'BB-'. The new bond issue helps address
refinancing of the EUR800 million bond at ESA level maturing in
October 2025 and ESA's current EUR450 million and EUR200 million
RCFs maturing in September 25, with a new EUR450 million RCF, which
alleviates short- to medium-term refinancing risks.

Higher Leverage: Fitch expects Eutelsat's group-wide leverage to
increase to above 4x net debt/EBITDA on significantly lower EBITDA
generation in FY24, with close to 4.5x leverage in the medium term.
In January 2024 the company revised its group-level FY24 EBITDA
guidance to EUR650 million-680 million from EUR725 million-825
million, around EUR110 million lower at the mid-point, or by
approximately 15%. Eutelsat also revoked its FY25 guidance due to
lower visibility on OneWeb's performance. Eutelsat's ultimate
target is to reduce leverage to 3x net debt/EBITDA (company
defined).

High Execution Risks: Eutelsat's guidance revision highlights
significant execution risks around OneWeb's strategy and the low
visibility of its revenue streams. Demand for low earth orbit (LEO)
and in combination with GEO B2B services, Eutelsat's targeted
market niche, remains largely untested and competition may be
intense. Eutelsat reported an increase of EUR500 million in
OneWeb's third-party revenue backlog to about USD0.9 billion to be
generated over five years but this corresponds to a fraction of the
revenue level that would allow sustainably positive EBITDA
generation.

LEO Constellations Competition: Delays with rolling out new
infrastructure may weaken OneWeb's longer-term competitive
positions as other operators are active in the market. LEO
infrastructure competition may intensify over time if new LEO
constellations are actively rolled out, supported by multi-billion
capex commitments. SES S.A., with Starlink, also started offering
integrated medium earth orbit (MEO)/LEO maritime services in direct
competition with Eutelsat's LEO/GEO solutions. Recently OneWeb
concluded a EUR500 million partnership with major global satellite
operator Intelsat.

In addition to fully operational Starlink, which continues
launching new satellites, Amazon's Kuiper announced plans to begin
early customer pilots in 2H24 while Canada-based Telesat plans to
start providing a global service in 2027, reportedly having secured
funding and launches for its LEO project. This is likely to be
followed by the EU-sponsored IRIS constellation.

DERIVATION SUMMARY

Eutelsat's rating reflects its capital-intensive business model
with some infrastructure qualities, supported by significant
barriers to entry due to substantial required investments into
satellite launches and the limited availability of regulated
orbital positions and spectrum.

However, the industry also faces risks related to technology-driven
increases in industry capacity, obsolescence and substitution. The
demand for B2B LEO services remains largely untested, and these
services face competition from predominantly B2C focused
pay-as-you-go LEO solutions without longer-term contractual
off-take commitments or service-level agreements.

Eutelsat's strategy of developing a LEO constellation through the
merger with OneWeb contrasts with SES S.A.'s (BBB/Stable) focus on
building a high-capacity medium-earth orbit constellation with
reasonably low latency to allow for time delay-sensitive
applications such as video conferencing.

Eutelsat's leverage thresholds for the rating are tighter than
single-country integrated European telecoms operators, such as
Royal KPN N.V. (BBB/Stable), reflecting a stronger contribution of
nascent LEO services with lower revenue visibility and negative
free cash flow (FCF) driven by investments into OneWeb's generation
two LEO constellation. Eutelsat has lower leverage than lower-rated
Intelsat Jackson Holdings S.A. (B+/Positive) and higher leverage
than SES. Eutelsat's rating reflects a notch down from the group
consolidated profile.

KEY ASSUMPTIONS

- 0%-2% revenue growth at ESA, with mid-single digits video decline
compensated by growth in other segments in FY24-FY27

- Modest EBITDA margin erosion at ESA in FY24-FY27

- OneWeb operations achieving positive EBITDA generation by FY26

- Receipt of C-band spectrum proceeds in FY24

- Capex at above the EUR875 million upper end of the company's
longer-term guidance, assuming higher front-loaded investments in
FY25-FY27, with lower capex in FY24

- No dividends

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- Consolidated EBITDA net leverage sustained at below 4x

- Visibility on cash flow turning positive through the cycle and
that revenue and EBITDA will not be adversely affected by changes
in sector trends and market structure

- Removal of ring-fencing around ESA

Factors that could, individually or collectively, lead to revision
of the Outlook to Stable:

- Consolidated EBITDA net leverage sustained at below 4.5x

- Progress with addressing upcoming refinancing needs and funding
OneWeb development, coupled with evidence of improving OneWeb
performance

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Consolidated EBITDA net leverage remaining above 4.5x on a
sustained basis. In monitoring leverage going forward, Fitch would
also be guided by leverage on Eutelsat (ESA deconsolidated)
including recurring dividends received from ESA

- Significant pressure on FCF driven by EBITDA erosion as a result
of pricing pressure, protracted contraction of segments, increasing
global overcapacity or new competitive entrants, and
higher-than-expected capital intensity and shareholder
remunerations

- Slow progress with achieving sustainably strong EBITDA generation
at OneWeb

- Deteriorating refinancing situation with weaker access to
financial markets and bank financing

RATING SENSITIVITIES FOR ESA

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- An upgrade to 'BBB-' is unlikely at this stage given the
significant cash leakage requirements to finance OneWeb limiting
financial flexibility at ESA

Factors that could, individually or collectively, lead to negative
rating action/downgrade

- EBITDA net leverage exceeding 3.5x on a sustained basis

- Removal or significant loosening of ring-fencing provisions

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Eutelsat has a robust liquidity position with
EUR482 million of cash on its balance sheet, supported by EUR1
billion available credit lines as of FYE23. This is sufficient to
cover EUR978 million debt maturing in 2H23-2025. Fitch assumes the
company would retain access to new financing and manages its
refinancing situation prudently. The proposed EUR600 million bond
will help address short- to medium-term refinancing risk.

ISSUER PROFILE

Eutelsat is a global satellite operator operating a GEO and LEO
constellation, with most of its revenues generated in the non-US
direct-to-home segment.

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
   -----------          ------                  --------   -----
Eutelsat S.A.    LT IDR BB+(EXP)Expected Rating

   senior
   unsecured     LT     BB+(EXP)Expected Rating   RR4

   senior
   unsecured     LT     BB-     Rating Watch On   RR4      BB-

Eutelsat
Communications
S.A.             LT IDR BB-     Rating Watch On            BB-

   senior unsecured   LT     B+      Affirmed     RR5      B+

SOLOCAL GROUP: Fitch Cuts LT IDR to RD After Nonpayment of Interest
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Fitch Ratings has downgraded SOLOCAL Group's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'CC' after
its failure to pay its deferred interest by 29 February 2024 as per
its agreement with lenders in January 2024. Fitch has also
downgraded Solocal's senior secured debt to 'C' from 'CC'. The
Recovery Rating is 'RR5'.

The company has not paid its overdue coupons or negotiated another
bondholder consent to defer interest originally due on 15 June, 15
September and 15 December 2023 beyond 29 February 2024 on its
EUR176.7 million and EUR18.7 million floating-rate notes, which
mature in 2025. Fitch views the missed interest payments following
the agreed deferral period as an RD.

Discussions with creditors about Solocal's capital structure as
part of a mandat ad-hoc procedure under French insolvency
proceedings are taking place. The company has received two
acquisition and restructuring offers, one from an industrial
partner Ycor and the other from its own bondholders. Fitch would
recognise the approval of either offer as a distressed debt
exchange (DDE).

KEY RATING DRIVERS

Uncured Expiry of Coupon Deferral: Solocal did not renew the
bondholder consent to defer its coupons and it did not pay these
interest payments by 29 February 2024. The waiver on the financial
covenants on the bonds has also expired. Interests due and unpaid
to date amount to EUR15.6 million. Fitch treats the uncured expiry
of any applicable original grace period as an 'RD'. Fitch believes
that these and future interest payments that come due are unlikely
to be paid until the resolution of the restructuring.

Restructuring Continues: In June 2023, the company initiated
discussions with financial creditors and entered into the mandat
ad-hoc proceedings to facilitate these discussions. Solocal has
also initiated a search for an industrial partner or potential
buyer. In February 2024, the company received two proposals - a
binding offer from Ycor and a restructuring option from its
bondholders.

Conciliation Proceedings Open: The company said it obtained the
opening of conciliation proceedings to facilitate the negotiations
in light of these two offers. The company's board of directors,
management team and senior revolving credit facility (RCF)
creditors support the Ycor offer. However, the senior note
creditors, some of which also became shareholders in the last
restructuring, support the bondholders' offer.

If creditors do not reach an agreement within a consensual legal
framework within conciliation in the next five months, the case
would be escalated to a court-mandated proceeding like the
accelerated safeguard or the "redressement judiciaire" within
French insolvency law.

Distressed Debt Exchange: The agreement on either offer would
constitute a DDE in Fitch's view. The offers include restructuring
the company's financial liabilities by converting up to EUR177
million of secured debt into equity and reinstating, with amended
terms, up to EUR54 million of secured and unsecured debt. Fitch
believes these offers impose a material reduction on creditors'
terms compared with the original contractual conditions and that in
the absence of this exchange the company would incur a formal
bankruptcy.

These conclusions are derived from the change in the bond and
senior debt terms, the debt-to-equity conversion proposed and the
determination of the company to avoid formal insolvency.

Offers Differ in Resulting Liquidity: The Ycor offer includes up to
EUR48 million in new equity contribution and the payment in cash of
EUR20 million or EUR21 million of the senior RCF and EUR0.6 million
on the Pret'Atout loan. The bondholders' offer includes a share
capital increase of EUR10 million, up to EUR20 million in new debt,
and at least a EUR5 million repayment of the RCF. Ultimately,
Ycor's offer leaves the company with around EUR51 million of debt
and EUR80 million of cash on balance sheet by end-2024, whereas the
bondholders' offer leaves it with around EUR73 million of debt and
EUR61 million of cash.

DERIVATION SUMMARY

Solocal's rating, which has been in the 'CCC' rating category or
lower over the past few years, reflects a transitioning business
model, in particular in its shift to a subscription-based digital
platform from directories. Competition in digital advertising is
fierce and the company's focus on restructuring has further weighed
on operations.

Solocal's most direct comparable peer is Yell, part of the Hibu
group, which has a similar market position in the UK and has faced
similar operational and financial challenges. Before Solocal's
entering into restructuring, comparisons could be made between
Solocal and specialised directories businesses, such as Speedster
Bidco GmbH (Autoscout24, B/Stable), or online classifieds media
groups, such as Adevinta ASA (BB+/Stable) and Traviata B.V.
(B/Stable).

Autoscout24 is more geographically diversified and better
positioned, while Adevinta has a far larger scale, with stronger
profitability and cash generation, underpinned by greater
diversification and strong eBay classifieds brand.

Traviata, the owner of a minority stake in Axel Springer SE, also
has a stronger business model than Solocal, due to its larger
scale, greater diversification and stronger brands. These peers
have high leverage metrics, but they are protected by stronger
barriers to entry and by a higher product criticality for its
customers, resulting in a higher debt capacity and lower
refinancing risk.

KEY ASSUMPTIONS

Not applicable

RECOVERY ANALYSIS

Key Recovery Assumptions

Fitch adopts a going-concern (GC) approach in assessing recoveries
for Solocal. This reflects the higher probability of a surviving
cash-generative business with a GC enterprise value (EV) as the
basis for financial stakeholder recovery than liquidation in a
default. Fitch has assumed a 10% administrative claim.

Fitch expects Solocal to be attractive to trade buyers,
particularly after the completion of its restructuring plan. Fitch
has decreased the Fitch-defined GC EBITDA of EUR50 million from
EUR60 million following significant reductions in the company's
recent trading. Fitch expects poor trading to rebase the
restructuring negotiations at around this lower EBITDA figure.

Its EV/EBITDA multiple remains constant at 2.0x, considering
business-model pressures and below 50% recoveries for senior
secured loans after its restructuring in 2020.

Fitch factors in the outstanding super senior facility that ranks
ahead of the bonds and view the BPI France state-guaranteed loan as
structurally ranking senior given it is held at the opco.

Based on current metrics and assumptions, the waterfall analysis
generates a ranked recovery at 26%, representing ultimate recovery
prospects in the 'RR5' band for existing senior secured debt. This
indicates a 'C' senior secured debt rating.

RATING SENSITIVITIES

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

- Completion of debt restructuring would likely lead Fitch to
re-rate based on its new capital structure and future business
prospects.

- Payment of the overdue interest or obtention of a new bondholder
deferral agreement.

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

- Inability to complete the restructuring and entering into
bankruptcy filing, administration, receivership, liquidation or
other formal winding-up procedure, which would lead to a downgrade
to 'D'.

LIQUIDITY AND DEBT STRUCTURE

Unfunded Liquidity: Solocal's liquidity is insufficient to
sustainably cover its interest payments or repay debt as per its
maturity schedule.

ISSUER PROFILE

Solocal (formerly PagesJaunes, rebranded in 2013) is a French
advertising company that provides digital content, websites and
media campaign services to local customers and businesses.

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
   -----------             ------        --------   -----
SOLOCAL Group        LT IDR RD Downgrade            CC

   senior secured    LT     C  Downgrade   RR5      CC

TARKETT PARTICIPATION: Fitch Affirms 'B+' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Tarkett Participation's Long-Term Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook and senior
secured debt at 'BB-' with a Recovery Rating of 'RR3'.

The rating affirmation and Stable Outlook reflect Tarkett's
stronger credit metrics compared with its previous expectations,
which are now well within rating sensitivities. Fitch believes
expected margins and leverage in the next two years have sufficient
headroom to counterbalance weak demand in 2024 across Tarkett's
main regions/segments, except for sport flooring, which has strong
revenue growth and improving margins. The rating remains
constrained by weaker operating profitability than the sector and
limited free cash flow (FCF).

The rating is supported by Tarkett's leading market positions
across a number of product segments and markets, strong
diversification, a sound split between renovation and new build,
and between commercial and private residential end-customer
segments.

KEY RATING DRIVERS

Improving Leverage: Tarkett's EBITDA gross leverage was 5.4x in
2023 (versus 6.1x forecast a year ago). This improvement was
largely due to faster than expected repayment of drawings on the
revolving credit facility (RCF), supported by better inventory
management and higher EBITDA. Fitch forecasts further deleveraging
to below 4.6x in 2024 and 4.3x in 2025, well below its previous
expectations of 5.7x and 5.0x. Fitch believes Tarkett's recent
profitability improvement ensures a comfortable liquidity position
and leverage headroom to counterbalance weak demand for the
building products in 2024, before it recovers on a sustained
basis.

Margins Below Peers, Albeit Improving: Tarkett's margins continue
to lag its Fitch-rated building products sector peers, which Fitch
views as a constraint for the rating. However, Fitch-adjusted
EBITDA margins improved to 6.5% in 2023 from 5.5% in 2022 mostly
due to cost cutting and normalised raw material prices.

Fitch expects Tarkett's margins to trend towards 7.6% in the next
two years, as inflationary pressures ease and efficiency measures
crystallise, which is set against low double-digit margins for
peers. The weaker margins reflect Tarkett's less niche product mix,
the lower-margin North America segment (compared with historical
margins although gradually improving), lower margins in Europe due
to weak demand and a fairly long lag to pass through higher prices
on customers.

FCF to Stabilise: Fitch expects free cash flow (FCF) margins to
stabilise at around 1.6% in 2024-2025. Fitch believes it will be
supported by higher EBITDA, lower interest payments, no dividend
payments, and stable capex intensity at 2.8% of sales. Fitch views
working capital discipline as critical for positive FCF generation,
with continued disciplined inventory management as a key element.

Sector Demand Remains Challenging: Fitch expects the demand for
building products to remain weak in 2024 with some exceptions
across certain niche products or end-markets. Tarkett is strong in
sport flooring and benefits from high demand, particularly in North
America, which counterbalances weak volumes in other segments.
Residential demand will remain weak in Europe, where Tarkett
generates a quarter of its revenue, partly from residential
flooring, before monetary easing rebuilds consumers' disposable
income and confidence.

Fitch believes Tarkett's sound diversification with high exposure
to renovation and to more resilient commercial education and
healthcare flooring will mitigate weak residential demand in 2024.
However, Fitch expects downward pricing pressure as prices of raw
materials have significantly declined since the 2022 peak.

Russian Operations Contained: Sanctions imposed by the West at the
outbreak of the Russian war put pressure on Tarkett's profitable
Russian operations. The Russian business is mainly produced and
sourced locally, the economy and rouble exchange rate against the
euro remain uncertain. The limitations on repatriating cash from
Russia is not a material risk as to date cash flow generated has
been partly retained in Russia to manage local operations and
partly remitted to the group. However, Fitch considers Tarkett's
exposure to Russia in its peer comparison, rating sensitivities and
Recovery Rating analysis.

Raw Material Sensitivity: Tarkett is exposed to raw-material cost
swings, notably of oil-based derivatives PVC, plasticisers and
vinyl. It suffers from a fairly long lag in passing on cost
inflation to its customers. Commercial projects can have up to one
year between order and delivery as floor installation is at a late
stage of project construction.

Tarkett has now been able to offset the inflation impact arising
from raw materials increases in 2022, generating a positive
inflation balance in 2023 with fairly strong prices and cheaper raw
materials. Fitch believes recent purchase optimisation and tight
cost control will support further margin recovery.

Balanced End-Market Diversification: Tarkett's business profile
benefits from an 80/20 split between the more stable renovation
market versus the potentially more volatile new-build market. The
flooring renovation cycle is quite frequent, with office space in
particular generally changing flooring with every new tenant or
lease contract. Its 75/25 split between commercial and private
residential allows Tarkett to benefit from different demand
drivers.

DERIVATION SUMMARY

Tarkett's closest rated peer is Hestiafloor 2 (Gerflor, B/Stable),
which has fairly similar product offerings of vinyl and linoleum
flooring for primarily commercial end-customers. Gerflor is
smaller, about a third in turnover with fairly high exposure to
France, but has better EBITDA margins (12%-13%) than Tarkett
(7%-7.5%). Victoria PLC (BB-/Stable), which targets the residential
flooring segment mostly in Europe, is also smaller and generates
higher EBITDA margins (around 12%-14%) than Tarkett in the next two
to three years.

Other peers include the largest flooring company globally, US-based
Mohawk Industries, Inc. (BBB+/Stable) and building products company
Masco Corporation (BBB/Stable). These companies are more than twice
Tarkett's size, and have higher exposure to residential
end-customers. Mohawk is large also in ceramic tiles and Masco's
offering spans a portfolio of home-improvement building products.

Tarkett's expected EBITDA gross leverage of 4.6x-4.3x in 2024-2025
is stronger than that of lower rated Gerflor's (5.8x -5.5x) and PCF
GmbH's (B/Stable) with EBITDA gross leverage of 6.4x-6.0x in the
same period. EBITDA gross leverage of higher rated Victoria is
stronger than that of Tarkett's with 4.1x-3.2x expected by Fitch at
the financial year ending March 2024 and 2025.

KEY ASSUMPTIONS

- Revenue to increase by 1.2% in 2024 and 2.9% in 2025 on expected
demand recovery, and by 1.4% in 2026

- EBITDA margin at 7.4% in 2024, 7.6% in 2024 and 2025, reflecting
easing inflation and cost control

- Capex at around 2.8% of sales

- Cost of debt benefiting from hedges until end-2026

- No dividends assumed over the rating horizon

- No buyback of the remaining 9.6% of shares

RECOVERY ANALYSIS

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

- A 10% administrative claim.

- The RCF is fully drawn in a post-restructuring scenario according
to Fitch's criteria. The factoring line is ranked super senior
(deducted from estimated enterprise value). Senior unsecured debt
consists of overdraft facilities and other bank loans, which rank
behind senior secured debt.

- The going-concern EBITDA estimate of EUR155 million reflects its
view of a sustainable, post-reorganisation EBITDA upon which Fitch
bases the valuation of the company.

- An enterprise value multiple of 5.5x is used to calculate a
post-reorganisation valuation. It reflects Tarkett's leading
position in its niche markets (such as sport or resilient flooring
and commercial carpets in western Europe and Russia or wood
flooring in the Nordics), long-term relationship with clients and
an 80% revenue share in the renovation segment, limiting its
exposure to more volatile new-build projects.

- The waterfall analysis output for the senior secured debt (term
loan B of around EUR900 million) generated a ranked recovery in the
'RR3' band, indicating an instrument rating of 'BB-'. The waterfall
analysis output percentage on current metrics and assumptions was
52%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- EBITDA margin above 8% on a sustained basis

- FCF margins sustainably above 2% on a sustained basis

- EBITDA gross leverage below 4.0x (revised down to reflect updated
peer comparison including Tarkett's profit margins) on a sustained
basis

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- EBITDA margin below 6%

- Negative FCF

- EBITDA gross leverage above 6.0x

- EBITDA interest coverage below 3.0x

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-2023 the company had EUR122 million
of Fitch-adjusted cash and EUR350 million of the undrawn RCF with
maturity in 2027. Fitch's cash adjustments include 1% of sales to
cover intra-year working capital changes and cash held in Russia
and Ukraine. The company's liquidity position is supported by no
dividend payments, limited M&A activity, modest capex requirements
and no major debt amortisation scheduled in the next three years.
Fitch forecasts positive FCF generation at around 1.6% of revenues
in 2024-2025.

Long Debt Maturity Profile: The capital structure includes four
"Schuldschein" tranches with EUR34 million outstanding (as of
December 2023) and the longest maturity in 2025, amortising loans
with outstanding amount of EUR36.7 million (December 2023) and the
longest maturity in 2027, the bond loan of EUR31.5 million with the
maturity in 2031, the RCF with maturity in 2027 and term loans B of
EUR839.2 million and USD72 million with maturity in 2028. Fitch
believes the refinancing risk for all minor debt items is low,
while for the largest debt portion due in 2028 it is mitigated by
improving key credit metrics.

ISSUER PROFILE

Tarkett is a leading flooring and sports surface manufacturer
offering solutions to the healthcare, education, housing, hotels,
offices, commercial and sports markets. Products include vinyl,
linoleum, carpet, rubber and wood flooring as well as synthetic
turf and athletics track.

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
   -----------                ------        --------   -----
Tarkett Participation   LT IDR B+  Affirmed            B+

   senior secured       LT     BB- Affirmed   RR3      BB-



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

ROEHM HOLDING: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Roehm Holding GmbH's Long-Term Issuer
Default Rating (IDR) at 'B-' with a Stable Outlook. It also
affirmed the senior secured rating at 'B-' and assigned an expected
senior secured rating of 'B-(EXP)' to the proposed extended term
loans. The Recovery Rating is 'RR4'.

The affirmation of the IDR and Stable Outlook reflect its view that
the proposed extension of the term loans and revolving credit
facility (RCF), along with equity injections from shareholder
Advent International (Advent) of EUR350 million in 2024, will
provide sufficient liquidity for Roehm to complete the LiMA plant
and the acquisition of SABIC's functional forms business, and
sustain the extended weak market conditions.

This also incorporates its expectations of a strong recovery in
EBITDA and free cash flow from 2025 as the new cost-advantaged LiMA
plant ramps up and the market for methyl methacrylate (MMA)
products returns to mid-cycle conditions. Fitch expects EBITDA
gross leverage to continue exceeding 10x in 2024, but to return
below 6.5x in 2025 and further improve thereafter.

Fitch believes the shareholder would continue to support Roehm and
maintain sufficient liquidity to complete the project even if the
proposed extension fails, despite the stated conditionality of
equity injections to the agreement. In this scenario, Fitch would
take into account capex plans and other liquidity management
options.

KEY RATING DRIVERS

Maturity Extension, Equity Injections: Fitch views the proposed
extension of the RCF and TLB maturity by 2.5 years as proactive
management of upcoming maturities, given that the RCF and TLB are
due in January 2026 and July 2026, respectively. Advent
International has committed to injecting EUR200 million to support
liquidity and the extension process, and EUR150 million to fund the
acquisition of SABIC's functional form business, expected to close
in 2Q24.

Along with other liquidity levers and contractual relaxations, this
will provide adequate liquidity to complete the construction of
LiMA in 2H24, despite weak EBITDA generation this year. It also
demonstrates the strong financial commitment of the shareholder,
after about EUR100 million injected in 2023 to support the
construction of the LiMA plant, given the attractive prospects of
LiMA.

Stronger Cash Generation Ahead: Fitch expects Fitch-adjusted EBITDA
to stay depressed at EUR165 million in 2024 but to rise to EUR329
million in 2025 and about EUR420 million in 2026-2027, and FCF to
turn positive from 2026 as capex returns to about EUR90-EUR100
million per year. This is supported by growing volumes from
cost-advantaged LiMA plant while the older US Fortier plant is
closed in 2H25, although Fitch assumes a more conservative
incremental EBITDA than management.

Deleveraging From 2025: Higher EBITDA will enable Roehm to quickly
reduce EBITDA gross leverage to 6.1x in 2025 and below 5x from
2026, and consider RCF or gross debt repayments as liquidity
improves. This places Roehm in a stronger position to refinance its
debt once the plant has ramped up production.

LiMA Peak Execution Risks: The addition of an ethylene-based
production plant in the US will provide Roehm with large
cost-competitive capacity. However, it exposes the company to
short-term execution risk, due to the size of the capex and
uncertainty related to its proprietary technology that has never
been used on a commercial scale. Roehm is mitigating this by
building the plant on its partner's site, and through extensive
testing. Volume ramp-up risk is also mitigated by the possibility
of switching volumes from its less competitive US plant, which
Roehm expects to close in 2H25.

Western Leader, Asian Competition: Roehm's merchant leadership in
Europe and the US is reinforced by the closure of a competitor's
plants. However, it remains exposed to competition from lower-cost
imports from Asia, where about 70% of MMA is produced. These
imports intensified in 2023 when European prices were high, but
receded once gas prices returned closer to historical levels. In
2024, European MMA prices surged due to shipping disruptions in the
Red Sea further reducing Asian imports, likely supporting higher
volume commitment to regional producers such as Roehm.

Volatile, Cyclical Business: Roehm's cash flows are volatile due to
its focus on the production of chemical commodities and its
exposure to cyclical end-markets such as the construction and
automotive sectors. Fitch views MMA prices as Roehm's main driver
of profitability. The main applications are in construction and
lighting, but the automotive sector is a high margin business for
Roehm. Volatility is mitigated by Roehm's vertical integration into
downstream MMA derivatives, which internally consumes about 45% of
its MMA production. This supports high operating rates of its
upstream assets and provides greater margin stability given the
specialisation of products.

Nevertheless, Fitch highlights that Roehm's Fitch-adjusted EBITDA
has fluctuated from a high of EUR330 million in 2021 to an
estimated low of EUR116 million in 2023.

Market Recovery, Increasing Use: Fitch expects volumes to gradually
return to historical levels as global automotive production
continues to recover from the microchip shortage, and the
construction sector benefits from the expected decrease in interest
rates. In addition, MMA demand will benefit from the increased
penetration of its derivative polymethyl methacrylate as a
lightweight material with strong light transmittance.

DERIVATION SUMMARY

Nobian Holding 2 B.V. (B/Stable) is a European salt, chlor-alkali
and chloromethanes producer with high leverage since its carve-out
in 2021. Nobian has weaker geographical diversification and similar
exposure to cyclical sectors, but stronger profit margins and
higher barriers to entry based on its dominant position in
high-purity salt and pipeline supply of chlorine to large
off-takers with effective cost pass-through mechanisms. Fitch also
expects Nobian's EBITDA gross leverage to be lower than Roehm's, at
about 4.6x in 2024-2025.

Lune Holdings S.a r.l. (B/Stable) is smaller, less diversified, has
weaker cost position and weaker margins than Roehm. However, it has
a more conservative balance sheet, with EBITDA gross leverage
forecast to rise to 5.3x in 2024 and return to 3.4x in 2025.

Petkim Petrokemiya Holdings A.S. (B-/Stable) has weaker
diversification than Roehm as its assets are concentrated in
Turkiye, and weaker specialisation in downstream derivatives.
Petkim also has weaker EBITDA margins, but slightly better EBITDA
gross leverage, expected to reduce to 5.3x by 2025.

Nitrogenmuvek Zrt (CCC+/Rating Watch Negative) is a smaller
fertiliser producer with high exposure to gas prices, weaker
diversification and single-plant operations, but has less debt and
benefits from barriers to entry in landlocked Hungary.
Nitrogenmuvek's refinancing risk is higher as its bond matures in
May 2025 and the company's profitability and liquidity is affected
by the introduction of a tax on CO2 in Hungary.

KEY ASSUMPTIONS

- External volumes sold of about 660,000 tonnes in 2024, growing to
above 800,000 tonnes from 2025 and 900,000 tonnes in 2027

- EBITDA margin of about 9% in 2024, increasing to 15% in 2025, and
17%-18% in 2026-2027

- No dividend in 2024-2028

- Annual capex broadly in line with management guidance

- Planned acquisition of SABIC's polycarbonate sheets and films
business to close in 1H24

- Term loan and RCF maturity is extended to 2029 and 2028,
respectively

RECOVERY ANALYSIS

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

Post-restructuring going-concern EBITDA is estimated at EUR230
million, reflecting a situation where significant capacity
additions in Roehm's markets together with limited demand drive MMA
spreads lower for a prolonged period.

Fitch used a distressed enterprise value (EV) multiple of 4.5x,
which reflects the company's scale, market position and growth
prospects.

Fitch expects Roehm to use EUR90 million of factoring, which will
be replaced by an equivalent super-senior facility. Fitch also
assumes its EUR300 million RCF to be fully drawn.

After deducting 10% for administrative claims, its waterfall
analysis generated a waterfall-generated recovery computation
(WGRC) in the 'RR4' band, indicating a 'B-' senior secured rating
and an expected B-(EXP) senior secured rating. The WGRC output
percentage on current metrics and assumptions was 43%.

RATING SENSITIVITIES

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

- EBITDA gross leverage below 6x for a sustained period

- EBITDA interest coverage above 2.5x on a sustained basis

- Progress with the construction of LiMA in line with its
expectations and production ramp-up largely as planned

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

- Worsened liquidity resulting from financial and/or operational
underperformance

- Failure to refinance or extend debt maturities within 12 months
of maturities in a manner that would not qualify as a distressed
debt exchange according to Fitch's Corporate Rating Criteria

- EBITDA gross leverage above 7.5x for a sustained period, which
could result from high natural gas prices leading to protracted
production disruptions or material delays and cost overruns in the
LiMA project, or from debt-funded acquisitions

- EBITDA interest coverage below 1.25x on a sustained basis

- EBITDA margin below 15% and negative FCF generation on a
sustained basis

LIQUIDITY AND DEBT STRUCTURE

Capital Injections Supports Liquidity: At end-2023, Fitch estimates
Roehm's liquidity was about EUR330 million of cash and equivalents
and available funds under the RCF due in January 2026. The
completion of LiMA amid weak market conditions will lead to
significantly negative FCF in 2024. Fitch believes that expected
sizeable shareholder injections, amendments of covenants part of
the loan extension request, and other liquidity measures will
ensure Roehm has sufficient flexibility to complete construction
and maintain a buffer in case of underperformance or delayed
production volumes by LiMA. This will also enable Roehm to fund the
acquisition that is expected to close in 2Q24.

The transaction will also address refinancing risk, by extending
maturities to 2029, which leaves enough time for the group to
improve its FCF generation once LiMA reaches optimal production
levels.

ISSUER PROFILE

Roehm is a vertically integrated manufacturer of MMA and its
derivatives, owned by Advent International since 2019. It has the
production capacity for 580 thousand tonnes of MMA across its
plants in Germany, the US and China.

SUMMARY OF FINANCIAL ADJUSTMENTS

For 2022:

Fitch reclassified depreciation of right of use assets of EUR22
million and lease-related interest expense of EUR4 million as cash
operating costs. Fitch excludes lease liabilities of EUR65 million
from the calculation of financial debt.

Fitch adds non-recourse off-balance sheet factoring to the
financial debt and to receivables. Fitch adjusts working capital
from the change in factoring use.

Fitch adds back EUR43 million amortised transaction costs to the
financial debt.

Fitch reclassifies preferred equity certificates of EUR651 million
as shareholder loans, which Fitch excludes from the calculation of
financial debt.

Fitch added back EUR19 million in non-recurring and non-cash costs
to EBITDA.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating                Recovery   Prior
   -----------             ------                --------   -----
Roehm Holding GmbH   LT IDR B-     Affirmed                 B-

   senior secured    LT     B-(EXP)Expected Rating  RR4

   senior secured    LT     B-     Affirmed         RR4     B-



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

FIDELITY GRAND 2022-1: Fitch Assigns 'B-sf' Rating to Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2022-1 DAC
Reissue final ratings, as detailed below.

   Entity/Debt                    Rating               Prior
   -----------                    ------               -----
Fidelity Grand Harbour
CLO 2022-1 DAC

   A XS2511428588             LT PIFsf  Paid In Full   AAAsf
   A-Loan                     LT PIFsf  Paid In Full   AAAsf
   A-R Loan                   LT NRsf   New Rating
   A-R Notes XS2778276209     LT NRsf   New Rating
   B-1 XS2511428745           LT PIFsf  Paid In Full   AAsf
   B-1-R XS2778276464         LT AAsf   New Rating
   B-2 XS2511429123           LT PIFsf  Paid In Full   AAsf
   B-2-R XS2778276621         LT AAsf   New Rating
   C XS2511429396             LT PIFsf  Paid In Full   Asf
   C-R XS2778277199           LT Asf    New Rating
   D XS2511429479             LT PIFsf  Paid In Full   BBB-sf
   D-R XS2778277355           LT BBB-sf New Rating
   E XS2511429800             LT PIFsf  Paid In Full   BB-sf
   E-R XS2778277512           LT BB-sf  New Rating
   F XS2511429982             LT PIFsf  Paid In Full   B-sf
   F-R XS2778277785           LT B-sf   New Rating
   Sub Notes-R XS2778278163   LT NRsf   New Rating
   
TRANSACTION SUMMARY

Fidelity Grand Harbour CLO 2022-1 DAC Reissue 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 and to fund the portfolio with a target par of
EUR400 million, increased from the pre-reissue transaction that had
a target par of EUR340 million.

The portfolio is actively managed by FIL Investments International
(FIL). The collateralised loan obligation (CLO) has an
approximately 4.6-year reinvestment period and an 8.5-year weighted
average life (WAL) test.

KEY RATING DRIVERS

Above-Average Portfolio Credit Quality (Positive): Fitch places the
average credit quality of obligors in the 'B' category. The
Fitch-weighted average rating factor (WARF) of the identified
portfolio is 24.7.

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 62.5%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, of which two are effective at closing.
The matrices correspond to a top 10 obligor concentration limit of
22.5%, and fixed-rate obligation limits at 5% and 15%. It has two
forward matrices corresponding to the same top 10 obligors and
fixed-rate asset limits, which will be effective one year after
closing, provided the aggregate collateral balance (defaults at
Fitch-calculated collateral value) is at least at the reinvestment
target par balance.

The transaction also includes various concentration limits,
including maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.6-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 analysis was reduced by 12 months. This is
to account for the strict reinvestment conditions envisaged after
the reinvestment period. These conditions include passing the
coverage tests, the Fitch 'CCC' maximum limit, Fitch WARF test
after reinvestment and a WAL covenant that progressively steps down
over time, both before and after the end of the reinvestment
period. The conditions would in the agency's opinion reduce the
effective risk horizon of the portfolio during the stress period.

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) and a 25% decrease in
the recovery rate (RRR) across all the ratings of the identified
portfolio would lead to a downgrade of no more than one notch for
the class B, C, D and 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 initially assumed due to
unexpectedly high levels of defaults and portfolio deterioration.
Owing to the identified portfolio's better metrics and shorter life
than the Fitch-stressed portfolio, the class F notes display a
rating cushion of three notches, the class B, D and E notes of two
notches, and the class C notes of one notch.

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 in the mean
RDR and a 25% decrease in the RRR across all the ratings of the
Fitch-stressed portfolio, would lead to downgrades of up to four
notches for the rated notes.

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

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

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

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may occur on stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread being available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Fidelity Grand
Harbour CLO 2022-1 DAC Reissue. 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 in the key rating drivers any ESG factor which has a
significant impact on the rating on an individual basis.

FIDELITY GRAND 2023-2: Fitch Assigns 'B-sf' Rating to Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2023-2 DAC
notes final ratings, as detailed below.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Fidelity Grand Harbour
CLO 2023-2 DAC

   X XS2755784449         LT AAAsf  New Rating   AAA(EXP)sf

   A Loan                 LT AAAsf  New Rating   AAA(EXP)sf

   A Notes XS2755784795   LT AAAsf  New Rating   AAA(EXP)sf

   B-1 XS2755784522       LT AAsf   New Rating   AA(EXP)sf

   B-2 XS2755784878       LT AAsf   New Rating   AA(EXP)sf

   C XS2755785099         LT Asf    New Rating   A(EXP)sf

   D XS2755784951         LT BBB-sf New Rating   BBB-(EXP)sf

   E XS2755785172         LT BB-sf  New Rating   BB-(EXP)sf

   F XS2755785339         LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS2755785255           LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fidelity Grand Harbour CLO 2023-2 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 purchase a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
FIL Investments International (FIL). The collateralised loan
obligation (CLO) has a 4.6-year reinvestment period and a 7.5-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.5.

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 62.7%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits in the portfolio, including the top 10
obligor concentration limit at 22.5% and the 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 the step-up date, which is one year after closing.
The WAL extension is subject to conditions including satisfaction
of all the collateral-quality, portfolio-profile, and the coverage
tests, plus the aggregate collateral balance (defaults at the lower
of Fitch and S&P collateral value) being at least equal to the
reinvestment target par.

Portfolio Management (Neutral): The transaction has two matrices
effective at closing with fixed-rate limits of 5% and 15%, and
corresponding to a 7.5-year WAL test. The transaction 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 Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of two notches
on the class B-1 and B-2 notes, one notch on the class C and D
notes, and have no impact on the class X, A, E and F notes and the
class A loan.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-1, B-2, C, D and E notes
have a two-notch cushion, and the class F notes have a three-notch
cushion and while the class X and A notes and class A loan have no
rating cushion.

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

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

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

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, meaning the notes
are able to withstand larger-than-expected losses for the
transaction's remaining life. After the end of the reinvestment
period, upgrades may occur on 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 Fidelity Grand
Harbour 2023-2. 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 in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.

PENTA CLO 16: Fitch Assigns 'B-sf' Final Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 16 DAC final ratings, as
detailed below.

   Entity/Debt                     Rating           
   -----------                     ------           
Penta CLO 16 DAC

   Class A-1 XS2760075056      LT AAAsf  New Rating
   Class A-2 XS2760075213      LT AAAsf  New Rating
   Class B XS2760075486        LT AAsf   New Rating
   Class C XS2760075999        LT Asf    New Rating
   Class D XS2760076021        LT BBB-sf New Rating
   Class E XS2760076377        LT BB-sf  New Rating
   Class F XS2760076708        LT B-sf   New Rating
   Subordinated XS2760076880   LT NRsf   New Rating

TRANSACTION SUMMARY

Penta CLO 16 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Partners Group (UK)
Management Ltd. The collateralised loan obligation (CLO) has about
a 4.6-year reinvestment period and an 8.5 year weighted average
life (WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio at
'B'/'B-'. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 26.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio is expected to comprise 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 61.8%.

Diversified Asset Portfolio (Positive): The transaction includes
four Fitch test matrices, of which two are effective at closing.
The matrices correspond to a top 10 obligor concentration limit of
20%, and fixed-rate obligation limits at 5% and 10%. It has two
forward matrices corresponding to the same top 10 obligors and
fixed-rate asset limits, and a WAL covenant that is one year
shorter, which will be effective one year after closing, provided
the collateral principal amount (defaults at Fitch-calculated
collateral value) is at least at the reinvestment target par
balance.

The transaction also includes various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has approximately a
4.6-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 (Neutral): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing both the coverage tests and the
Fitch 'CCC' bucket limitation test post reinvestment as well a WAL
covenant that progressively steps down over time, both before and
after the end of the reinvestment period. Fitch believes these
conditions would reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio, the class B, D, E and F notes
display a rating cushion of two notches, and the class C notes of
one notch.

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
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of three
notches for the class A-1 notes, of four notches for the class A-2
to D notes and to below 'B-sf' for the class E and F notes.

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

A 25% reduction of the RDR across all ratings 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 rated notes, except
for the 'AAAsf' rated notes.

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

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, 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 Penta CLO 16 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 in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.

TIKEHAU CLO X: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO X DAC expected ratings. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already reviewed.

   Entity/Debt                  Rating           
   -----------                  ------           
Tikehau CLO X DAC

   A XS2777378337           LT AAA(EXP)sf  Expected Rating
   B-1 XS2777378501         LT AA(EXP)sf   Expected Rating
   B-2 XS2777378766         LT AA(EXP)sf   Expected Rating
   C XS2777378923           LT A(EXP)sf    Expected Rating
   D XS2777379145           LT BBB-(EXP)sf Expected Rating
   E XS2777379491           LT BB-(EXP)sf  Expected Rating
   F XS2777379657           LT B-(EXP)sf   Expected Rating
   Sub Notes XS2777379814   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Tikehau CLO X 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
will be used to fund a portfolio with a target par of EUR425
million. The portfolio is actively managed by Tikehau Capital
Europe Limited. The collateralised loan obligation (CLO) will have
a five-year reinvestment period and an eight-year weighted average
life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.2.

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 62.3%.

Diversified Asset Portfolio (Positive): The transaction will have a
concentration limit for the 10 largest obligors at 26.5%. The
transaction will also include various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 43%. 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, to eight years, on the step-up date, which is at one
year after closing. The WAL extension will be at the option of the
manager but subject to conditions including the collateral quality
tests and coverage tests being satisfied and the adjusted aggregate
collateral balance being above the reinvestment target par.

Portfolio Management (Neutral): The transaction will have a
five-year reinvestment period, which is governed by reinvestment
criteria that are 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 Fitch-stressed
portfolio analysis was reduced by 12 months. This is to account for
the strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests and the Fitch
'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time after the end of the
reinvestment period. In the agency's opinion, these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

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

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

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

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

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

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, meaning the notes
are able to withstand larger-than-expected losses for the
transaction's remaining life. After the end of the reinvestment
period, upgrades may occur on 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 Tikehau CLO X 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 in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.



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

EVOCA SPA: Fitch Assigns 'B(EXP)' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Italian manufacturer of professional
coffee and vending machines EVOCA S.p.A. (Evoca) a first-time
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. Fitch has also assigned Evoca's proposed new EUR550
million senior secured notes an expected 'B(EXP)'/''RR4' rating.

The proceeds of the notes will be used for refinancing of the
existing EUR550 million senior secured notes. The assignment of
final ratings is contingent on completing the transaction in line
with the terms already presented and the maturity extension of the
existing private payment-in-kind notes.

The IDR reflects the group's solid segment position in its niche
industry, well-diversified customer base and long-term
relationships, moderate level of service revenue that supports the
group's EBIDTA generation in times of downturn, and good
geographical diversification by countries, albeit concentrated in
Europe. Narrow product focus, small scale, low revenue visibility
combined with somewhat rigid cost base constrain the rating.  

The rating case assumes a solid improvement in the leverage profile
after a drastic deterioration during the pandemic, supported by
expected positive free cash flow (FCF) generation. This is directly
driven by EBITDA margin recovery, which started in 2023 and Fitch
expects it to benefit from ongoing restructuring programme.

KEY RATING DRIVERS

Profitability Recovery: After a severe drop in the Fitch-defined
EBITDA margin in 2020 to 15.4% Evoca's profitability is on an
upward trend, reaching 17.4% in 2022 and Fitch expects it to have
been 19.3% in 2023. Margin recovery was supported primarily by
price revisions as well as changes in products mix towards the
growing share of the professional coffee segment (about 47% of
sales in 2023).

Fitch forecasts a further rise of the EBITDA margin to about 21.4%
in 2024, underpinned by the optimisation programme that started in
September 2023 as well as price revisions implemented at the
beginning of 2024. Fitch expects Evoca will generate a sustainably
healthy EBITDA margin of over 22% during 2025-2027.

Improving Leverage: Fitch expects leverage metrics to continue to
improve over the forecast horizon due to improved profitability.
EBITDA leverage peaked in 2020 at 11.8x due to the pandemic but has
been on a downwards trajectory since, reaching 7.6x at end-2022 and
6.5x at end-2023. Fitch forecasts this improvement to continue due
to better EBITDA margin generation from 2024, also reflecting the
positive effects of the group's new optimisation plan. Fitch
expects EBITDA leverage to be about 5.6x at end-2024 and reach 4.5x
at end-2026, which would compare well with the 'b' rating median of
5.0x under its criteria for Diversified Industrials and Capital
Goods.

Moderate Execution Risk: Its currently high leverage means Evoca
has limited financial flexibility amid the execution of strategic
optimisation initiatives. This will be mitigated by successful
pricing revision and a product mix change that will support the
expected EBITDA generation improvement. Execution of the strategic
initiatives launched by end-2023 should result in a material rise
in the EBITDA margin of over 600bp between 2023 and 2026 as per
management's expectations. Failure to deliver successful
restructuring initiatives would constrain the group's deleveraging
capacity.

Expected Positive FCF: FCF generation has been volatile and was
eroded during the pandemic. Fitch forecasts a marginally positive
FCF margin in 2024 due to higher capex, mainly attributed to the
cost-optimisation programme. From 2025, Fitch expects the group to
start generating a sustainably positive FCF margin of over 3%,
underpinned by lower capex (reflecting the asset-light business
model), better EBITDA margins and no dividend payments.

Middling Business Stability: The group's performance was
drastically hit during the pandemic due to the nature of the
business. Fitch views cost inflexibility as a constraint that
resulted in slow recovery in EBITDA margins after 2020. Business
risk is high as the majority of contracts with customers are short
term, limiting revenue visibility. This is mitigated by a moderate
level of service revenue (about 22% of total revenue in 2023),
which is typically more profitable and supports the group's cash
flow generation in a downturn.

Solid Market Position: Evoca is a leading global manufacturer of
professional coffee and vending machines in a fragmented market.
Technology content is less meaningful in comparison with large
industrial manufacturers, but the group's solid market position and
well-known brands act as a barrier to entry and provides the group
with low customer churn rate.  

Good Diversification: The group's business profile is characterised
by good geographical and customer diversification. About 73% of
revenue in 2023 was exposed to Europe, but this was
well-diversified by countries. In addition, about 20% of revenue is
derived in America and the rest 7% in APAC & other countries. The
group is benefiting from a well-diversified customer base, with the
top 10 customers contributing about 33% of total revenue in 2023.
Nevertheless, Evoca has narrow product diversification.

DERIVATION SUMMARY

Evoca has leading market positions in the niche professional coffee
machines market, supported by its diversified geographical
footprint and good customer diversification. Similar to Flender
International GmbH (B/Stable) and Ammega Group B.V. (B-/Stable)
Evoca's business profile is limited, with a less diversified
product range than large industrial peers. Nevertheless, Evoca's
business profile is supported by moderate exposure to service
revenue, which is comparable with Flender and Ahlstrom Holdings 3
Oy (B+/Stable), but lower than TK Elevator Holdco GmbH
(B/Negative). Similar to Ahlstrom and Ammega, the group has a
well-diversified customer base.

Evoca's financial profile is characterised by a healthy EBITDA
margin, albeit significantly hit during the pandemic, which is
higher than some Fitch-rated diversified industrials peers such as
Flender, TK Elevator, Ahlstrom.

Similar to Ahlstrom Holdings, Flender, TK Elevator, Evoca's FCF
margin was volatile over 2019-2022. However, Fitch forecasts it
will improve and to be a relative credit strength.

Expected high EBITDA leverage of 5.6x as of end-2024 commensurate
with peers like Flender, Ahlstrom (below 5.5x from 2024) but higher
than ams-OSRAM AG's (BB-/Stable; below 4.0x from 2024).

KEY ASSUMPTIONS

- Revenue growth on average 5.5% during 2023-2027

- Optimisation programme and product shift to drive EBITDA margin
to about 21% in 2024 and close to 24% by 2027

- Capex at about EUR18 million in 2023, EUR23 million in 2024 and
EUR20 million-EUR22 million in 2025-2027

- Refinancing of the current notes of EUR550 million and revolving
credit facility (RCF) extension in 2024 with higher interest rates
for the notes

- No debt amortisation and bullet maturity in 2029

- No M&As to 2027

- No dividend payments to 2027

RECOVERY ANALYSIS

- The recovery analysis assumes that Evoca would be considered a
going-concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. This is driven by its leading position in a
niche market, long-term operating performance record, sustainable
relationships with customers, and historically healthy EBITDA
generation.

- Its GC value available for creditor claims is estimated at about
EUR375 million, assuming GC EBITDA of EUR75 million. The GC EBITDA
reflects the potential loss of a number of its largest customers,
increased competition and postponed replacement cycle of Evoca's
products used by its customers. The assumption also reflects
corrective measures taken in the reorganisation to offset the
adverse conditions that trigger default.

- Fitch assumes a 10% administrative claim.

- An enterprise value multiple of 5.0x EBITDA is used to calculate
a post-reorganisation valuation, and is comparable with multiples
applied to some peers in the diversified industrials segment. The
choice of this multiple considers limited product diversification,
albeit as market leader and supported by geographic and customer
diversification.

- Fitch deducts about EUR3 million from the enterprise value
relating to the group's factoring usage.

- Fitch estimates the total amount of senior debt for creditor
claims at EUR631 million, which includes a super senior secured RCF
of EUR80 million, EUR550 million senior secured notes and other
loans of EUR1 million.

- These assumptions result in a recovery rate for the senior
secured notes within the 'RR4'.

- The principal waterfall analysis output percentage on current
metrics and assumptions is 46%.

RATING SENSITIVITIES

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

- EBITDA leverage below 4.5x

- EBITDA interest coverage above 3.0x

- FCF consistently above 2%

- Successful implementation of strategic optimisation initiatives
that leads to EBITDA margin growth and structurally stronger
business profile

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

- EBITDA leverage above 5.5x

- EBITDA interest coverage below 2.5x

- Volatile FCF margin

- Failure to deliver EBITDA margin growth during the execution of
strategic optimisation initiatives and structurally weaker business
profile

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Evoca had readily available cash (net of
Fitch-restricted cash of EUR9 million) of EUR69 million at
end-December 2023. The EUR80 million RCF is currently undrawn and
will be extended in the refinancing transaction by four and half
years. Expected positive FCF generation provides an additional
cushion to Evoca's liquidity position.

Debt Structure: Evoca currently has EUR550 million senior secured
floating rate notes on its balance sheet maturing in November 2026.
Following the planned refinancing the group will extend the
maturity by five years and will have no material scheduled debt
repayments until 2029.

Outside the restricted group there are EUR210 million PIK notes
with maturity six months after the senior secured notes. Fitch
considers this type of instrument as equity-like according to its
Criteria.

ISSUER PROFILE

Evoca is a global leader in professional coffee machines, other hot
and cold beverage and food vending machines, with particular focus
on espresso coffee and a fast-developing presence in coffee
machines for the offices and food service agreements.

The group designs, engineers, develops, manufactures, customises,
assembles and distributes a broad range of professional coffee and
impulse machines. The brand portfolio includes GAGGIA, Necta and
Saeco.

DATE OF RELEVANT COMMITTEE

15 March 2024

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   
   -----------             ------                  --------   
EVOCA S.p.A.         LT IDR B(EXP) Expected Rating

   senior secured    LT     B(EXP) Expected Rating   RR4

NEOPHARMED GENTILI: Fitch Assigns 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B' to Neopharmed Gentili S.p.A. The Outlook is
Stable.

Fitch has also assigned an expected senior secured debt rating of
'B+(EXP)' with a Recovery Rating of 'RR3' to Neopharmed's EUR750
million senior secured notes. The assignment of the final rating is
contingent on completing the transaction in line with the terms
already presented.

The IDR reflects Neopharmed's well-established position within
Italy with its asset-light business model supporting strong
operating profitability and high cash flow conversion. The rating
is constrained by the high opening leverage, limited business size
and exposure to one regulatory authority, albeit with some
diversification across products and therapeutic area.

The Stable Outlook reflects the company's ability to sustain its
revenue through a combination of organic product portfolio
development and inorganic product additions translating into strong
free cash flow (FCF) generation and EBITDA leverage trending to 5x
by 2027.

KEY RATING DRIVERS

High Profitability and Free Cash Flow: The group's high
profitability and FCF conversion are one of its main rating
strengths and its profitability margins are at the top end of its
peer group, with Fitch-adjusted EBITDA margins forecast to remain
at 43%-44% in 2024-2027. The asset-light business model with
in-house distribution capabilities and outsourced manufacturing
also supports strong cash generation, with FCF margins likely to be
15%-20%. Fitch assumes this will be fully reinvested into portfolio
expansion, as shareholders pursue the asset development strategy,
as opposed to deploying funds towards debt prepayment.

Bolt-on M&A Included: Fitch expects the company will remain
committed to its established acquisition policies in order to
ensure a credit-accretive impact of new product additions. Fitch
factors in EUR50 million a year of bolt-on acquisition spend over
2025-2027, to be funded via internal free cash flow generation and
which is expected to aid the deleveraging and sales growth of the
group.

High Opening Leverage: Fitch projects opening EBITDA leverage will
be 6.3x in 2024, which is higher than most Fitch-rated peers in the
sector. The high leverage constrains the overall corporate rating
at 'B', although Fitch projects a steady deleveraging towards 5x by
2027. Fitch believes these leverage levels will be achieved either
through reinvestment of internal funds into portfolio expansion, or
through organic portfolio management supported by in-house product
extensions. Any deviation from its financial risk profile is likely
to put the ratings under pressure.

Limited Scale and Diversification: Neopharmed is small compared
with Fitch-rated peers, reflecting its concentration on one market
and exposure to one regulatory authority. The group has adequate
diversification by product area with a focus on chronic diseases
and a presence in cardiovascular, neurology and respiratory.
Nevertheless, its assessment is constrained by its moderate scale
and geographic concentration in Italy. Overall, according to
Fitch's Pharmaceuticals navigator, Fitch assesses the group's
diversification score at 'B'.

Organic Growth Enhanced by Pharma Representatives: Neopharmed has
stronger potential for organic revenue enhancement relative to its
Fitch-assessed industry peers, underpinned by a strong brand
portfolio where most products command top three positions within
their market segments, as well as its large force of
representatives, who build relationships with medical practitioners
within Italy. The company upholds stringent regulatory practices
over the conduct of its representatives, which aligns with industry
best practices. To date, it has not registered any cases of
misconduct.

Market Supported by Tailwinds: Structural volume growth in the
Italian generic and branded drug markets is driven by an ageing
population, higher prevalence of chronic diseases and an increasing
number of drugs losing patent protection. Large innovative
pharmaceutical companies are increasingly optimising their life
cycle and tail-end drug management by divesting off-patent drugs to
refocus resources in the R&D. Such strategic moves present
entities, such as Neopharmed, with substantial opportunities for
inorganic expansion.

Nonetheless, it is anticipated that generic drug penetration and
price pressure will continue to rise across Europe. This is likely
to drive investment towards achieving greater scale, pursuing
diversification, adopting cost-effective production, and focusing
on more niche product lines to safeguard both growth and profit
margins.

DERIVATION SUMMARY

Fitch rates Neopharmed using its Global Navigator Framework for
Pharmaceutical Companies. Fitch considers its 'B' rating against
other asset-light scalable specialist pharmaceutical companies
focused on off-patent branded and generic drugs such as CHEPLAPHARM
Arzneimittel GmbH, Pharmanovia Bidco Limited (both 'B+'/Stable) and
ADVANZ PHARMA HoldCo Limited (B/Stable).

Neopharmed's representative-based business model relies on a
commercial network supported by scientific information to
effectively engage with healthcare providers and promote the
company's products, driving sales and increasing its regional
market penetration. The company not only focuses on active
life-cycle management of off-patent generic drugs, as is the case
for CHEPLAPHARM and Pharmanovia, but also leverages on its in-house
capabilities (co-)development, promotion and marketing of
off-patent generics to sustain organic growth of its drug
portfolio.

Nevertheless, CHEPLAPHARM and Pharmanovia have a larger scale, a
global perspective and conservative leverage profile, resulting in
a one-notch rating difference. ADVANZ is similar to the
aforementioned peers, but its legacy litigation issues are
considered the main factor constraining its rating.

In Fitch's wider rated pharmaceutical portfolio, Fitch also
compares Neopharmed with a generic drug manufacturing company,
Nidda BondCo GmbH (Stada; B/Stable) as well as the Italian contract
development and manufacturing organisations (CDMOs) such as F.I.S.
Fabbrica Italiana Sintetici S.p.A.'s (FIS, B/Positive) and Kepler
S.p.A. (Biofarma, B/Stable).

Stada has a much larger scale, strong market position and greater
diversification, but these factors are offset by aggressive
financial policies and modest EBITDA margin compared to Neopharmed.
Biofarma and FIS benefit from resilient end-market demand,
considerable entry barriers and strong revenue visibility. These
are offset by a fragmented and competitive CDMO market with some
commoditisation in the simple molecules segment as well as
structurally weaker profitability.

KEY ASSUMPTIONS

• Revenue to reach almost EUR350 million in 2027, driven by
organic revenue growth and acquisitions

• Fitch-adjusted EBITDA margin of 43%-44% to 2027

• Capex at 0.5% of sales a year to 2027

• Moderate working-capital outflow at 1%-2% of sales a year over
2024-2027

• Annual acquisitions of EUR50 million a year from 2025 to 2027

• No dividends and large debt-funded acquisitions to 2027

RECOVERY ANALYSIS

The recovery analysis is based on a going-concern (GC) approach.
This reflects the company's asset-light production business model
supporting higher realisable values in financial distress compared
with balance-sheet liquidation. A potential distress could arise
primarily from material revenue and margin contraction, following
volume losses and price pressure, given its exposure to generic
competition. For the GC enterprise value (EV) calculation, Fitch
estimates a post restructuring EBITDA of about EUR105 million,
which reflects earnings post-theoretical distress and
implementation of possible corrective measures.

Fitch also applies a 5.5x distressed EV/EBITDA multiple, which
reflects the strong business model with revenue defensibility and
high profitability margins, but also reflects the group´s limited
scale and concentration on one geography.

After deducting 10% for administrative claims, and assuming the
super senior committed revolving credit facility (RCF) of EUR130
million will be fully drawn prior to distress, its principal
waterfall analysis generated a ranked recovery in the 'RR3'/52%
band for the EUR750 million senior secured notes, which rank below
the super-senior RCF.

RATING SENSITIVITIES

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

- An upgrade would require a stronger diversification in terms of
product portfolio or markets, as well as resilient operating
performance and double-digit FCF margins that allow the group to
finance in-licencing and M&A activities

- Conservative leverage policy leading to EBITDA leverage at or
below 5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

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

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

- FCF margins declining to low single digits or zero

- More aggressive financial policy leading to EBITDA leverage
sustainably above 6.5x

- Prospects of EBITDA interest coverage below 2x on a sustained
basis

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch views Neopharmed's liquidity, pro-forma
to the transaction, as adequate, based on the projected readily
available cash position of around EUR10 million at end-2024
(excluding EUR5 million that Fitch treats as not readily available
for debt service), further supported by its fully available new
EUR130 million RCF. Post transaction close, Neopharmed's will
benefit from positive FCF generation capabilities, a long-dated
capital structure, with no debt repayments until 2030.

ISSUER PROFILE

Neopharmed is a specialist pharmaceutical company that focuses on
the distribution and brand management of a portfolio of established
off-patent branded drugs within Italy.

DATE OF RELEVANT COMMITTEE

19 March 2024

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  
   -----------             ------                  --------   
Neopharmed Gentili
S.p.A.               LT IDR B      New Rating

   senior secured    LT     B+(EXP)Expected Rating   RR3



===================
K A Z A K H S T A N
===================

FORTEBANK JSC: S&P Withdraws 'BB-/B' Issuer Credit Ratings
----------------------------------------------------------
S&P Global Ratings withdrew its 'BB-/B' long- and short-term credit
ratings, as well as its 'kzA' national scale rating on ForteBank
JSC, at the bank's request. At the time of the withdrawal, the
outlook on the ratings was positive.




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

MILLICOM INTERNATIONAL: Fitch Assigns BB+ Rating to Sr. Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned a long-term rating of 'BB+' to Millicom
International Cellular, S.A.'s proposed new senior unsecured notes
issuance due 2032. The proceeds will be used to repay certain loans
and other debt in addition to other general corporate purposes.

Millicom's ratings reflect geographic diversification, strong brand
recognition and network quality, all of which contribute to leading
positions in key markets, a strong subscriber base and solid
operating cash-flow generation.

Millicom's ratings are constrained by the operating environments of
its operating subsidiaries that contribute to significant upstream
cash flows.

The Stable Outlook reflects Fitch's expectation that the company
will maintain consolidated net leverage below 3.5x and that it will
continue to lead in key markets.

KEY RATING DRIVERS

Weak Operating Environment: Millicom's ratings are limited by weak
operating environments in most of the countries in which it
operates in Latin America, as reflected by weak systemic
governance, low sovereign ratings and susceptibility to economic
shocks. This can lead to more volatile operating conditions in
terms of political and regulatory stability and economic
conditions.

Strong Market Positions: Millicom holds the No. 1 or No. 2 position
in most of its markets. Fitch expects Millicom's strong market
position to remain intact, supported by network quality and
coverage and growing fixed-line home operations. These qualities
are expected to enable the company to continue to generate stable
cash flows and support growth opportunities in underpenetrated
mobile data and fixed broadband services.

Improving FCF: Fitch expects improving FCF generation over the
rating horizon due to cost savings initiatives and capex trending
near 15% of revenue. Millicom's strong market position supports
EBITDA margins in the low- to mid-30% range and FFO margins above
20%, consistent with an investment-grade operator. Millicom expects
to generate around USD700 million in equity FCF in 2022-2024 due to
the company's expected cost savings from its efficiency
initiatives, which management expects will help the company achieve
its intermediate-term net leverage target of 2.5x.

Gradual Deleveraging Expected: Millicom's debt-funded acquisitions
over the past few years, in addition to near-term competitive
pressures, have weighed on its financial position. The company's
consolidated net debt-to-EBITDA ratio exceeded 3.0x in 2023,
compared with 2.9x in 2022. Absent another acquisition or
extraordinary shareholder distributions, Fitch expects net leverage
to decline to around 2.6x in 2024, driven by improved EBITDA. Fitch
also expects deleveraging in the company's lease-adjusted net
leverage ratios. Millicom's lease-adjusted net leverage ratios have
historically been around 1x higher than its unadjusted ratios.

DERIVATION SUMMARY

Millicom's ratings are well positioned relative to regional
telecommunications peers in the 'BB' rating category, based on a
solid financial profile and operational scale and diversification,
as well as strong positions in key markets. These strengths are
offset by high concentration in countries with low sovereign
ratings in Latin America, which tend to have more volatile economic
environments.

Millicom has a stronger financial profile than diversified
integrated telecom operators in the region, such as Cable &
Wireless Communications Limited (BB-/Stable), supporting a higher
rating. Millicom's leverage is moderately higher than that of
Empresa de Telecomunicaciones de Bogota, S.A., E.S.P.
(BB+/Negative), but it benefits from a stronger business profile
that has leading market positions in multiple markets. Millicom
also has a stronger financial structure and business profile than
Axtel S.A.B. de C.V. (BB-/Stable), a Mexican fixed-line operator.

Compared with integrated investment-grade operators, such as
Empresa Nacional de Telecomunicaciones S.A. (BBB-/Stable) and
Colombia Telecomunicaciones, S.A. E.S.P. BIC (BBB-/Negative),
Millicom has stronger profitability but a somewhat weaker leverage
profile. Millicom is rated below these operators due in part to its
operating environments and the sources of its upstream cash flows,
as well as its weaker leverage profile.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Total adjusted net debt/EBITDA of 2.5x or below and
lease-adjusted net debt/EBITDAR of 3.5x or below sustained over the
rating horizon;

- (CFO - capex)/debt sustained above 12.5%;

- An improvement in the operating environments of the Millicom
group, particularly in Guatemala.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Consolidated total adjusted net debt/EBITDA at 3.5x or above and
lease-adjusted net debt/EBITDAR at 4.5x or above;

- (CFO - capex)/debt sustained at a negative level;

- Holding company debt/upstream dividends received consistently
above 4.5x;

- A change in financial policy could have negative implications for
Millicom's ratings.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Profile: Millicom has a strong liquidity position,
with a large cash position that fully covers short-term debt. As of
Dec. 31, 2023, the consolidated group's readily available cash was
USD775 million, which adequately covers its reported short-term
debt obligations of USD221 million. Additionally, the company has a
USD600 million undrawn revolving credit facility. Fitch does not
foresee any liquidity problems for either the operating companies
or the holding company, given the operating companies' stable cash
generation and consistent cash upstreaming to the holding company.
Millicom has a solid track record in terms of access to capital
markets when in need of external financing, further supporting its
liquidity management.

ISSUER PROFILE

Millicom International Cellular S.A. is a diversified telecom
operator with operations in nine countries across Latin America
operating under the Tigo brand. The company provides B2C mobile
services, B2C fixed telephony, pay TV and broadband services, B2B
fixed and mobile services, and mobile finance solution services.

DATE OF RELEVANT COMMITTEE

17 January 2024

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           
   -----------               ------           
Millicom International
Cellular S.A.

   senior unsecured      LT BB+  New Rating



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

YAPI KREDI DPR: Fitch Affirms BB+ Rating, Alters Outlook to Pos.
----------------------------------------------------------------
Fitch Ratings has upgraded two Turkish diversified payment rights
(DPR) programmes:

Ziraat DPR Finance Company (Ziraat DPR), originated by Turkiye
Cumhuriyeti Ziraat Bankasi Anonim Sirketi (Ziraat; Long-Term
Local-Currency (LTLC) Issuer Default Rating (IDR): B+/ Positive)
has been upgraded to 'BBB-' from 'BB+'. The Outlook is Stable.

Bosphorus Financial Services Limited (Bosphorus), originated by QNB
Finansbank Anonim Sirketi (QNB Finansbank; LTLC IDR: B+/ Positive)
has been upgraded to 'BB+' from 'BB'. The Outlook is Stable.

Fitch has revised the Outlooks on five Turkish DPR programmes to
Positive from Stable, while affirming their DPR ratings. The
Positive Outlooks reflect those on the originating bank's LTLC IDR
and Turkiye's sovereign rating.

DFS Funding Corp (DFS), originated by Denizbank A.S. (Denizbank;
LTLC IDR: B+/Positive) has been affirmed at 'BB' and the Outlook
has been revised to Positive from Stable.

Garanti Diversified Payment Rights Finance Company (Garanti DPR),
originated by Turkiye Garanti Bankasi A.S. (Garanti; LTLC IDR: B+/
Positive) has been affirmed at 'BB+' and the Outlook has been
revised to Positive from Stable.

TIB Diversified Payment Rights Finance Company (TIB DPR),
originated by Turkiye Is Bankasi A.S. (Isbank; LTLC IDR: B/Rating
Watch Positive (RWP)) has been affirmed at 'BB+' and the Outlook
has been revised to Positive from Stable.

VB DPR Finance Company (VB DPR), originated by Turkiye Vakiflar
Bankasi T.A.O. (Vakifbank; LC IDR: B+/Positive) has been affirmed
at 'BB+' and the Outlook has been revised to Positive from Stable.

Yapi Kredi Diversified Payment Rights Finance Company Ltd (Yapi
Kredi DPR), originated by Yapi ve Kredi Bankasi A.S. (Yapi Kredi;
LTLC IDR: B/RWP) has been affirmed at 'BB+' and the Outlook has
been revised to Positive from Stable.

Fitch has placed A.R.T.S. Ltd. (ARTS), originated by Akbank T.A.S.
(Akbank; LTLC IDR: B/RWP) on RWP.

The rating actions follow the recent rating actions on the
originating banks (see "Fitch Upgrades 18 Turkish Banks; Places 5
VRs on Rating Watch Positive on Sovereign Upgrade" dated 15 March
2024), which, in turn, followed the upgrade of Turkiye's sovereign
rating (see "Fitch Upgrades Turkiye to 'B+'; Outlook Positive"
dated 08 March 2024).

The Entities involved are:

- Bosphorus Financial Services Limited
- TIB Diversified Payment Rights Finance Company
- Yapi Kredi Diversified Payment Rights Finance Company Ltd
- DFS Funding Corp.
- A.R.T.S. Ltd.
- Ziraat DPR Finance Company
- Garanti Diversified Payment Rights Finance Company
- VB DPR Finance Company

A list of the Affected Ratings is available at:

https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-turkish-dpr-programmes-revises-outlook-on-5-to-positive-puts-1-on-rwp-22-03-2024

TRANSACTION SUMMARY

The DPR programmes are financial future flow programmes backed by
the originating banks' generation of foreign-currency (FC) flows
(typically denominated in US dollars and euros). Collateral
consists of the banks' existing and future rights to receive FC
payments into their accounts with correspondent banks abroad. DPRs
can arise for a variety of reasons including payments due on the
export of goods and services, capital flows, tourism and personal
remittances.

KEY RATING DRIVERS

The rating actions are driven by the originators' LTLC IDRs and the
uplift from these ratings, given that there is no change in Fitch's
view of the other two relevant key rating drivers from the sector
criteria, i.e. the originators' going-concern assessments (GCA) and
diversion risk. In particular, the notching is driven by the
composition of the future flow generated by the banks, in terms of
volatility and concentration along several metrics, the levels of
debt-service coverage and the size of the DPR programme relative to
the originators' other wholesale funding.

Six programmes are sponsored by banks with a GCA of 'GC1' (ARTS,
TIB DPR, Yapi Kredi DPR, VB DPR, Ziraat DPR and Garanti DPR)
allowing a maximum uplift of six notches and two programmes by GC2
banks (QNB Finansbank and Denizbank) allowing a maximum uplift of
four notches. No programme currently benefits from the maximum
uplift permitted by the sector criteria.

ARTS

Fitch has placed ARTS' 'BB+' ratings on RWP, mirroring the action
on Akbank's LTLC IDR. The uplift of ARTS from Akbank's LTLC IDR
remains four notches, sustained by the bank's GC1 score and the
programme's relatively high debt service coverage ratio (DSCR) and
small size. Fitch calculates the monthly DSCR for the programme at
75x based on the monthly average offshore flows processed through
designated depositary banks (DDBs) of the past 12 months, and 54x
based on the lowest monthly flows in the past five years, after
incorporating interest-rate stresses from criteria. The outstanding
DPR debt is about 7.5% of the bank's non-deposit funding and 14.8%
of the bank's LT funding.

TIB DPR

Fitch has affirmed TIB DPR's debt at 'BB+' and revised the Outlook
to Positive, mirroring the Outlook on the sovereign but not the RWP
on Isbank's LTLC IDR, as the resolution of the RWP may not directly
result in an upgrade of the DPR ratings. The uplift of TIB's DPR
from Isbank's LTLC IDR remains four notches, pending the RWP
resolution on the bank's LTLC IDR.

Fitch calculates the monthly DSCR for the programme at 50x based on
the average monthly flows of the past 12 months, and 24x based on
the lowest monthly flows in the past five years. The programme's
DSCR is at the median level compared with peers, but Fitch has
observed a decline in DPR flows after a sharp increase in 2022. The
outstanding DPR debt is relatively small, representing about 6.5%
of the bank's non-deposit funding and 9.1% of the bank's LT
funding.

Yapi Kredi DPR

Fitch has affirmed Yapi Kredi DPR's debt at 'BB+' and revised the
Outlook to Positive, mirroring the Outlook on the sovereign but not
the RWP on Yapi Kredi's LTLC IDR, as the resolution of the RWP may
not directly affect the programme's ratings. The uplift of Yapi
Kredi's DPR from Yapi Kredi's LC IDR remains four notches pending
the RWP resolution.

Fitch calculates the monthly DSCR for the programme at 44x based on
the average monthly flows of the past 12 months, and 23x based on
the lowest monthly flows in the past five years. The programme's
DSCR is at the median to lower end of the peers, and Fitch has
observed a recent declining trend of the DPR flows. The programme
also has one of the highest flow concentrations of top
beneficiaries among peers. The outstanding DPR debt is large,
representing about 19.1% of the bank's non-deposit funding and
about 30.5% of the bank's LT funding.

Garanti DPR

Fitch has affirmed Garanti DPR's debt at 'BB+' and revised the
Outlook to Positive, reflecting a three-notch uplift from Garanti's
LTLC IDR of 'B+', reduced from four notches. The reduction is due
to the size of the programme relative to Garanti's funding profile,
which is the highest of the eight programmes and becomes a more
material consideration at higher rating levels, in particular for
investment-grade ratings. The outstanding DPR debt is about 26.4%
of the bank's non-deposit funding and 42.4% of the bank's LT
funding.

The Positive Outlook reflects that on the bank's and sovereign's
LTLC IDRs. The programme has healthy DPR flows and the DSCR level
is at the median to higher end of the peers. Fitch calculates the
monthly DSCR for the programme at 64x based on the average monthly
flows of the past 12 months, and 48x based on the lowest monthly
flows in the past five years.

VB DPR

Fitch has affirmed VB DPR's debt at 'BB+' and revised the Outlook
to Positive, reflecting a three-notch uplift from Vakifbank's LTLC
IDR of 'B+', reduced from four notches. The reduction in the uplift
is driven by the large size of the programme relative to
Vakifbank's funding profile and the weaker results from its
sensitivity tests due to the high beneficiary concentration of the
flows, which exceeds that of most peers.

The Positive Outlook reflects that on the bank's and sovereign's
LTLC IDRs. Fitch calculates the monthly DSCR for the programme at
67x based on the average monthly flows of the past 12 months, and
10x based on the lowest monthly flows in the past five years. In
recent years, Vakifbank has increased its market share in various
sectors, which contributed to the higher current DPR flows. Fitch
analyses the programme based on a forward-looking view and places
more weight on its current flow levels than the flow history. The
outstanding DPR debt is about 18.8% of the bank's non-deposit
funding and about 32.4% of the bank's LT funding.

Ziraat DPR

Fitch has upgraded Ziraat DPR's ratings to 'BBB-' from 'BB+',
reflecting an unchanged four-notch uplift from Ziraat's LTLC IDR of
'B+', sustained by the bank's GC1 score and the programme's healthy
flows, sufficient DSCR and relatively small size. The Outlook on
the DPR ratings is Stable despite that on the originator being
Positive, as further upgrades of Ziraat may not directly affect the
programme's rating at this higher rating level. Fitch calculates
the monthly DSCR for the programme at 49x based on the average
monthly flows of the past 12 months, and 19x based on the lowest
monthly flows over the past five years.

In recent years, Ziraat has increased its market share in various
sectors, which contributed to the higher current DPR flows. Fitch
analyses the programme based on a forward-looking view and places
more weight on its current flow levels than the flow history. The
outstanding DPR debt is about 6.4% of the bank's non-deposit
funding and about 12.5% of the bank's LT funding.

Bosphorus

Fitch has upgraded Bosphorus's DPR rating to 'BB+' from 'BB',
reflecting an unchanged three-notch uplift from QNB Finansbank's
LTLC IDR of 'B+'. Despite QNB Finansbank's GC2 score, Bosphorus's
small DPR programme size, healthy characteristics and levels of the
flows and the highest DSCR coverage among the eight DPR programmes
sustain the same current uplift and ratings of some of the
programmes sponsored by GC1 banks.

The Outlook on the DPR rating is Stable despite that on QNB
Finansbank's LTLC IDR being Positive, as further upgrades of the
originator may not directly affect the programme's rating. Fitch
calculates the monthly DSCR for the programme at 181x based on the
average monthly flows of the past 12 months, and 88x based on the
lowest monthly flows in the past five years. The outstanding
programme is about 3.2% of the bank's non-deposit funding and about
6.0% of the bank's LT funding.

DFS

Fitch has affirmed DFS at 'BB' and revised the Outlook to Positive,
reflecting a two-notch uplift from Denizbank's LTLC IDR of 'B+',
reduced from three notches. The reduction in the uplift is due to
the programme's DSCR, which is at the lower end of peers. Fitch
calculates the monthly DSCR for the programme at 40x based on the
average monthly flows of the past 12 months, and 16x based on the
lowest monthly flows in the past five years.

The Positive Outlook reflects that on the bank's and sovereign's
LTLC IDRs. The DPR programme size is about 9.2% of the bank's
non-deposit funding and about 16.7% of the bank's LT funding.

RATING SENSITIVITIES

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

The most significant variables affecting the transactions' ratings
are the originator's credit quality, the GCA score, the DPR flows
and DSCRs. Fitch would analyse a change in any of these variables
for the effect on the ratings of the DPR debt obligations. Another
important consideration that could lead to rating action, as it
affects the uplift over the originator ratings, is the level of
future flow debt as a percentage of the bank's overall liability
profile, its non-deposit funding and long-term funding. This is
factored into Fitch's analysis to determine the achievable notching
differential, given the GCA score.

ARTS, Bosphorus, VB DPR and Garanti DPR currently have a median to
high level of DSCR and Fitch expects them to be able to withstand a
moderate decline in DPR flows. For the other programmes, a
significant decline in flows could translate into rating pressure.

An increase in the level of future flow debt as a percentage of the
originating bank's overall liability profile, its non-deposit
funding and long-term funding could limit the maximum achievable
notching differential, given the GCA score. Currently, VB DPR, Yapi
Kredi DPR and Garanti DPR have relatively high DPR debt size as a
percentage of originator's funding profile. This has been reflected
in the uplift tempering for VB DPR and Garanti DPR and may be
adjusted for Yapi Kredi DPR following the resolution of the RWP on
the originator.

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

Upgrades of the DPR ratings in the short-to-medium term are
possible, as the Outlook on Turkiye's IDR is currently Positive and
the Outlooks on the Turkish DPR originators' LTLC IDRs are either
Positive or on RWP.

The RWP on ARTS indicates that upon a positive resolution of the
RWP on Akbank, Fitch anticipates to upgrade the DPR ratings by one
notch. Conversely, if the RWP was resolved with an affirmation of
the bank's rating, Fitch expects to affirm the DPR ratings and
assign a Positive Outlook, to reflect the positive trend in the
sector. However, this will also depend on the Outlook on the
originator's rating.

The Positive Outlooks on TIB DPR, Yapi Kredi DPR, Garanti DPR, VB
DPR and DFS indicate the likely direction of the ratings in the
next one to two years, and are due to the general positive momentum
of Turkiye's rating, which is a positive operating environment that
could improve DPR flows, rather than to a specific event in
relation to the banks.

The Stable Outlooks on Ziraat DPR and Bosphorus, following their
upgrades, indicate that a further one-notch upgrade on the
respective originators may not be passed directly onto the
programmes.

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

Bosphorus Financial Services Limited, Garanti Diversified Payment
Rights Finance Company, TIB Diversified Payment Rights Finance
Company, VB DPR Finance Company, Yapi Kredi Diversified Payment
Rights Finance Company Ltd

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.

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

Prior to the transaction closing, Fitch did not review the results
of a third-party assessment conducted on the asset portfolio
information.

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.

Ziraat DPR Finance Company

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.

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

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

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

A.R.T.S. Ltd., DFS Funding Corp.

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

Fitch did not undertake a review of the information provided about
the underlying assets ahead of the transaction's initial closing.
The subsequent performance of the transaction[s] 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

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.



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

BT GROUP: Fitch Rates Subordinated Capital Securities 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned BT Group plc's (BT; BBB/Stable)
benchmark long-dated, subordinated capital securities an instrument
rating of 'BB+'. The securities are issued by British
Telecommunications plc and guaranteed by BT on a subordinated
basis.

The proceeds are being used to refinance BT's existing EUR500
million hybrid instrument, callable in May 2025. The terms do not
materially differ from BT's recent issue of subordinated notes in
June 2023. The notes have a non-call provision of 5.25 (NC5.25)
years and a par call option during the three months prior to the
first reset date (year 5.5) and then on each interest payment date
thereafter. The notes are issued under BT's EUR20 billion euro
medium-term notes programme.

Fitch forecasts BT's Fitch-defined EBITDA net leverage at 1.9x and
cash flow from operations (CFO)/total debt to be neutral for
financial year to 31 March 2024 (FY24). The rating is constrained
by negative free cash flow (FCF) due to peak capex as BT enters a
critical point in its fibre roll out and pension deficit repair
contributions.

BT's rating reflects a solid business profile, stable to modestly
improving operating metrics, leverage headroom and a competitive
but rational market environment. The group is maintaining its
market share, while fibre deployment and inflation-linked price
increases in fixed and mobile markets are supporting growth in its
consumer and wholesale operations.

KEY RATING DRIVERS

Key Hybrid Features: The rating is two notches below BT's IDR,
reflecting the highly subordinated nature of the capital
securities, their greater loss severity and heightened risk of
non-performance relative to senior obligations. The capital
securities rank senior only to the share capital of BT and British
Telecommunications plc.

The notes have been assigned a 50% equity credit to reflect the
equity-like characteristics including subordination, effective
maturity of at least five years, full discretion to defer interest
coupon payments, limited events of default, as well as the absence
of material covenants and look-back provisions. The inclusion of a
maximum interest deferral period of five years does not affect the
instrument rating under Fitch's criteria.

Effective Maturity Date of Hybrid: BT's hybrid securities have a
tenor of 30.5 years. However, Fitch deems the effective maturity of
the tranche at 25.5 years from issue, after which point permanence
ceases in its view. They will have a coupon step-up of 25bp from
year 10.5 and an additional step-up of 75bp on the date 20 years
after the first reset date.

Change-of-Control Clause: The terms of the prospective hybrids
include call rights in the event of a change of control. If this
event triggers a downgrade to a non-investment grade rating for BT,
the group has the option to redeem all of the securities. If BT
elects not to redeem the hybrid securities, the then prevailing
interest rate will increase by 5%. Change-of-control clauses with
call options that result in a coupon step-up of up to 500bp, if the
hybrid is not called, do not negate equity credit, as per its
criteria.

2024 Outlook on Track: Fitch has slightly revised up its FY24
revenue forecast to 0.7% growth on reported FY23 revenue (1.9%
growth on a pro-forma basis excluding the BT Sports JV) and
maintained Fitch-defined EBITDA margin at 34.6%, reflecting the
trend for 9MFY24). Improved operating performance is supported by
better-than-expected growth in the consumer and Openreach division,
which continues to benefit from inflation-adjusted price increases
and roll-out and uptake of fibre-to-the-premises (FttP) services.

However, Fitch expects BT Business to have a weaker outlook, as
growth in small and medium businesses (SMB) and security divisions
will largely be offset by macro-economic challenges affecting the
remaining sub-units and margin decline from the transition from
legacy high-margin products to next generation products, where BT
is investing heavily and faces greater competition.

Network Progress: BT has now reached around 13 million premises
with FttP, including an additional 2.5 million to 9MFY24, averaging
around 900 million per quarter. BT is targeting 25 million of homes
passed by 2026 and a 40-55% take-up by FY28-FY30. Fitch estimates
take-up has reached around 34%. While Fitch believes BT is on track
to reach the take-up target, Fitch estimates it would need to build
around 4 million homes per year (1 million per quarter), which is
higher than it has managed to date, for it to achieve its overall
FttP build target, while managing build and provisioning costs.

Competition: BT estimates a line loss of over 400,000 for FY24, a
combination of increasing competition and decommissioning of copper
lines. While this only equates to around 2% of the base, Fitch
believes BT is likely to face increasing competitive pressures from
alternative networks, particularly in areas where it is not yet
able to offer FttP.

DERIVATION SUMMARY

BT has a strong market position across business and consumer
segments and both fixed and mobile product lines. Its regulated
local loop access division, Openreach, accounts for about 47% of
adjusted EBITDA and provides strong support to its credit profile.

Weaker FCF, a more competitive UK market environment, regulatory
pressures and cash contributions for high pension-plan recovery
payments mean that downgrade thresholds are slightly tighter than
its peer group of integrated European telecom operators that are
predominantly focused on their domestic markets, such as Royal KPN
N.V. (BBB/Stable) and Telecom Italia S.p.A. (BB-/Negative).

Higher and comparably rated peers such as Deutsche Telekom AG
(BBB+/Stable), Orange S.A. (BBB+/Stable) and Vodafone Group Plc
(BBB/Positive) have greater scale and geographic diversification
that can help mitigate potential weakness in domestic performance.
This diversification also offers levers to defend financial metrics
in the event of leverage pressure (ie. through asset sales or
minority listings), whereas available levers are more limited at
BT.

KEY ASSUMPTIONS

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

- Revenue CAGR 0.6% in FY24-FY27, reflecting the benefit of
inflation-linked price rises but also competitive pressure driven
by a saturated market and a challenging macro-economic outlook

- Fitch-defined EBITDA margin of 34%-35.5% in FY24-FY27, driven by
revenue and cost-transformation programme but with margin pressure
arising from cost inflation and the ongoing fibre roll-out

- Cash pension and asset-backed fund contributions, included within
funds from operations (FFO), of GBP790 million in FY24 and GBP780
million FY25-FY27

- A specific-item cash outflow of GBP400 million annually in
FY24-FY27

- Capex at 25% of revenue in FY24, before reducing to 23.7% in FY27
on fibre and 5G

- Dividend payments of about GBP770 million per year in FY24-FY27

RATING SENSITIVITIES

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

- Fitch-defined EBITDA net leverage below 2.0x and CFO less
capex/total debt trending towards 8%-10% in the medium term

- Greater visibility and reduced execution risks on the
implementation of BT's restructuring and transformation programme
and FttP deployment, resulting in improved FCF generation

- EBITDA growth reflecting reduced negative impact from legacy
products, improved operating performance at core divisions and
strengthened competitive position following increased FttP and
convergent customer base penetration

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

- Fitch-defined EBITDA net leverage consistently above 2.5x

- Deterioration in key operating and financial metrics at BT's main
operating subsidiaries and lower-than-expected FCF generation
driven by significant EBITDA margin erosion, higher capex,
shareholder distributions or pension contributions

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At FYE23, BT reported unrestricted cash and
equivalents of GBP3.2 billion (excluding collateral received on
swaps of GBP557 million) and access to an undrawn revolving credit
facility of GBP2.1 billion with maturity in March 2027. Its
expectations of negative FCF for the next three years are driven by
pension deficit payments and heightened capex, limiting an
otherwise robust liquidity profile.

ISSUER PROFILE

BT is the UK's incumbent telecoms operator providing communications
solutions and services to consumers, SMEs, public sector and to
other communications providers.

Criteria Variation

Fitch has treated BT's intention to meet GBP2 billion of its
pension deficit repair plan at subsidiary EE via an asset-backed
facility (ABF) as a pension obligation and not as financial debt.
This treatment constitutes a variation from Fitch's rating criteria
and reflects the purpose of the ABF and some significant
non-debt-like features such as the ability to switch off payments
in the event the deficit is eliminated earlier than expected. Fitch
sees only a remote possibility that EE will not be able to meet an
GBP180 million annual ABF payment and trigger any cross-default
with BT's debt.

DATE OF RELEVANT COMMITTEE

03 October 2023

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           
   -----------               ------           
British
Telecommunications plc

   Subordinated          LT BB+  New Rating

DUCHY PLANT: Goes Into Administration
-------------------------------------
Business Sale reports that Duchy Plant Hire Limited, a St
Austell-based plant hire company, fell into administration last
month, appointing Robert Dymond, Paul Wood and Huw Powell of
Begbies Traynor as joint administrators.

The company's balance sheet as of December 31, 2022, shows fixed
assets valued at GBP15.2 million and current assets of GBP1.8
million, Business Sale discloses.  At the time, its net assets
amounted to GBP4.8 million, Business Sale notes.


EAGLE GENOMICS: Goes Into Administration
----------------------------------------
Business Sale reports that Eagle Genomics Limited, a life sciences
data management and analysis firm based in Cambridge, fell into
administration on March 20, with the Gazette posting the
appointment of Joseph Colley and John Dickinson of CBW Recovery as
joint administrators on March 26.

According to Business Sale, in its accounts for the year to March
31, 2021, the company reported turnover of GBP1.37 million, up from
GBP467,843.  However, the company fell to a pre-tax loss of close
to GBP3.5 million, a slight improvement on its GBP3.65 million loss
a year earlier, Business Sale relates.

At the time, the company's fixed assets were valued at GBP111,337
and current assets at GBP3.4 million, while total assets less
current liabilities amounted to GBP1.96 million, Business Sale
notes.


GREAT POINT: Enters Administration, Owes GBP17.8 Million
--------------------------------------------------------
Business Sale reports that Great Point Media Limited, a boutique
media business based in London, fell into administration last
month, with the Gazette posting the appointment of Andrew Charters
and Chris Laverty of Grant Thornton as joint administrators on
April 1.

In the company's accounts for the year to March 31, 2022, it
reported turnover of GBP20.6 million, up from GBP5.9 million a year
earlier, but saw its pre-tax losses soar from GBP3.9 million to
GBP18.5 million, Business Sale discloses.  

According to Business Sale, the company stated that the loss was
primarily the result of an "impairment of GBP17 million on film and
TV rights held on the Balance Sheet to reflect the sold prices that
were crystallised post year end."

At the time, the company's fixed assets were valued at GBP6.6
million and current assets at GBP27.7 million, with net liabilities
amounting to GBP17.8 million, Business Sale relates.


HEATHROW FINANCE: Fitch Assigns 'BB+' Rating to Sr. Secured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Heathrow Finance plc's (Holdco) GBP400
million senior secured notes (HY notes) a long-term rating of 'BB+'
with Stable Outlook.

The new notes' rating is in line with that of Heathrow Finance's
outstanding notes, as they constitute direct, unconditional,
unsubordinated and secured obligations of the issuer and rank
equally among themselves. The notes are structurally subordinated
to Heathrow Funding Limited's (Opco) class A and class B bonds
(rated 'A-' and 'BBB', respectively).

The final rating is unchanged from the expected rating because the
transaction's terms are in line with the draft documentation.

RATING RATIONALE

The notes' terms and pricing are in line with its expectations. The
placement amount was increased to GBP400 million from GBP350
million initially. The proceeds of the notes are being used for the
group's general purposes.

Fitch notched the HY notes' rating down from the consolidated group
profile, which includes Holdco, Opco and Opco's subsidiaries.
Holdco's full ownership of and dependency on the group, underlined
by a one-way cross-default provision with the group as well as
Holdco's covenants tested at the consolidated level, drive the
consolidated approach.

Fitch assesses the group's consolidated rating at 'BBB' and apply a
two-notch downward adjustment to arrive at Holdco's HY notes' 'BB+'
rating. The two-notch difference reflects the ring-fencing
structure in place at Opco, which may restrict distributions to
Holdco level, but also the existing buffer against lock-up levels,
as well as the security available to HY noteholders and the high
liquidity buffer available at Heathrow Finance plc.

For an overview of Heathrow 's credit profile, including key rating
drivers, see 'Fitch Revises Outlook on Heathrow Funding and
Heathrow Finance Notes to Stable; Affirms Ratings' dated 4 April
2023.

RATING SENSITIVITIES

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

- Projected Fitch net debt/EBITDA above 10.0x on a sustained basis
at consolidated group level or standalone liquidity at Holdco level
at below 24 months of debt service (principal and interest)

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

- Projected Fitch net debt/EBITDA below 9.0x on a sustained basis
at consolidated group level and standalone liquidity at Holdco
level at above 24 months of debt service (principal and interest)

TRANSACTION SUMMARY

The transaction is a placement of notes by Heathrow Finance plc for
refinancing purposes. Notes are secured by a pledge over the shares
of Heathrow (SP) Limited, which owns operational companies. The
notes are structurally subordinated to Heathrow Funding Limited's
bonds.

Summary of Financial Adjustments

Finance and operating leases are removed from financial
liabilities. Lease expenses are captured as an operating expense,
reducing EBITDA.

DATE OF RELEVANT COMMITTEE

03 April 2023

ESG CONSIDERATIONS

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

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Heathrow Finance
plc

   Heathrow Finance
   plc/Airport
   Revenues –
   Subordinate/2 LT          LT

   GBP 400 mln 6.625%
   bond/note 01-Mar-2031
   XS2782148261              LT BB+  New Rating   BB+(EXP)

JERROLD FINCO: Fitch Assigns 'BB(EXP)' Rating to Sr. Secured Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jerrold Finco plc's (FinCo) senior
secured notes an expected rating of 'BB(EXP)'. The final rating is
contingent on the receipt of final documents conforming to
information already received.

FinCo is a subsidiary of Together Financial Services Limited
(Together; BB/Stable), a UK-based specialist mortgage lender.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

Equalised with Long-Term IDR: The notes will be guaranteed by
Together and all material subsidiaries and rank equally with other
senior secured obligations. This results in their rating being
aligned with Together's Long-Term Issuer Default Rating (IDR).

Total Leverage Neutral: The issue will be used in conjunction with
headroom under securitisation funding lines to refinance FinCo's
GBP555 million of 2026 senior secured notes and to pay transaction
fees and redemption costs. Therefore, the refinancing has no
material net impact on total leverage, and extends the average
tenor of the group's borrowings. The slight relative increase in
the proportion of total assets, which will be subject to
securitisation encumbrance, is not sufficient to alter its
expectation of average recoveries for senior secured creditors.

Niche Segments; Low LTVs: Together's IDR is underpinned by its
long-established franchise in UK specialised secured lending, its
low loan-to-value (LTV) underwriting and its increasingly
diversified, albeit largely secured, funding profile. The rating
also takes into account the inherent risks involved in lending to
non-standard UK borrowers, recently increasing leverage and
associated funding needs, against the backdrop of a higher
interest-rate environment.

1H24 Growth: In 1HFY24 (year end June) Together reported profit
before tax of GBP94.9 million, representing a 71% increase from
1HFY23. Total assets grew 5% in comparison with end-FY23 to GBP7.2
billion and total equity fell 2% to GBP1.1 billion.

For further detail of the key rating drivers and sensitivities for
Together's IDR, see ' Fitch Upgrades Together Financial Services to
'BB'; Outlook Stable, dated 5 October 2023)

RATING SENSITIVITIES

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

Evidence of material asset quality weakness via a significant
decline in customer repayments or reduction in the value of
collateral relative to loan exposures could result in a downgrade.
Weakened profitability with a pre-tax profit/average total assets
ratio approaching 1% would also put pressure on ratings, as would
an increase in consolidated leverage to above 6x on a sustained
basis.

A significant depletion of Together's immediately accessible
liquidity buffer, for example, via reduced funding access or a need
for Together to inject cash or eligible assets into its
securitisation vehicles to avoid covenant breaches driven by asset
quality would put pressure on ratings.

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

A further upgrade is unlikely in the near term. However, continued
franchise growth and diversification could lead to positive rating
action in the medium term, if achieved without deterioration in
leverage or a weaker risk profile.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The guarantee by Together means Fitch regards the probability of
default on the senior secured notes as consistent with that of
Together, and so rate the notes in line with Together's Long-Term
IDR as Fitch expects average recoveries.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior secured notes' rating is principally sensitive to a
change in Together's Long-Term IDR, with which it is aligned.
Material increase in higher- (or lower-) ranking debt could also
lead to upward (or downward) notching of the senior secured notes'
rating, if it affected Fitch's assessment of likely recoveries in a
default scenario.

Date of Relevant Committee

03 October 2023

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           
   -----------             ------           
Jerrold Finco Plc

   senior secured      LT BB(EXP)  Expected Rating

PORT DINORWIC: Waterside Consortium Acquires Marina
---------------------------------------------------
Business Sale reports that Port Dinorwic Marina, a grade II-listed
marina in Wales, has been sold on behalf of administrators.

Port Dinorwic Marina Ltd, the company behind the marina, fell into
administration last year, appointing Azets, Business Sale
discloses.

The marina has now been sold on behalf of Azets to The Waterside
Consortium, a newly formed company comprised of local investors,
Business Sale relates.

The marina, which was previously operated by The Marine and
Property Group and can trace its history back to 1763, provides
year-round cruising in the Menai Strait, which separates Anglesey
and North Wales.

According to Business Sale, joint administrator and Azets
restructuring partner Simon Monks said that the marina "has had its
challenges in recent years" but that the sale out of administration
to a new owner "will enable the necessary investment to create a
thriving marina that staff, berth holders and local community can
be proud of."


SOUTHEND UNITED: Faces Winding Petition From Creditor
-----------------------------------------------------
BBC News reports that a consortium aiming to take control of
non-league Southend United has warned the club could be embroiled
in another court fight.

The buyers said a creditor was petitioning for the club to be wound
up and a further court hearing was "likely", BBC relates.

In a statement, the group of investors also said the takeover had
taken "longer than any party expected", BBC notes.

The club had debts which previously reached GBP2.5 million, but the
proposed sale to Australian businessman Justin Rees and other
investors was announced in October, BBC states.

The current owner Ron Martin appeared repeatedly at the Insolvency
and Companies Court in London because of winding-up petitioners in
recent years, including by HM Revenue and Customs over unpaid tax,
BBC relays.

A sales contract for the takeover was signed in December, BBC
recounts.

"Two main conditions remain outstanding; the completion of the
council's diligence process and the consent of the Martin's finance
partner," said the consortium statement, released on April2.

"While the council has kept us updated on their process, which is
expected to complete in late April, we have not received a formal
response from the finance partner.

"This process has of course taken longer than any party expected
and as a consequence we have had to rely on patience from the
club's numerous creditors."

According to BBC, the statement added: "Unfortunately, one creditor
is unwilling to wait until the sale closes to receive repayment and
is now petitioning for the club to be wound up.

"While the consortium continues to pay all wages and other
operating expenses, we are not willing to fund payouts to historic
creditors until we are confident that the closing conditions, over
which we have no control, will be met.

"A winding up hearing will now likely occur prior to the sale
completing, causing unnecessary distraction and legal costs which
will be detrimental to the club."

The consortium said it had already invested more than GBP3
million.

Court files show that a law firm, Stewarts Law, has issued a
winding-up petition.


STRATTON MORTGAGE 2024-2: Fitch Puts Final BB+sf Rating to F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Stratton Mortgage Funding 2024-2 Plc's
notes final ratings, as detailed below.                        

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Stratton Mortgage
Funding 2024-2 plc

   A XS2777475372      LT AAAsf  New Rating   AAA(EXP)sf
   B XS2777475539      LT AA+sf  New Rating   AA+(EXP)sf
   C XS2777476776      LT A+sf   New Rating   A+(EXP)sf
   D XS2777482741      LT BBB+sf New Rating   BBB+(EXP)sf
   E XS2777485504      LT BBB-sf New Rating   BBB-(EXP)sf
   F XS2777487203      LT BB+sf  New Rating   BB+(EXP)sf
   X1                  LT NRsf   New Rating   NR(EXP)sf
   X2                  LT NRsf   New Rating   NR(EXP)sf
   Z                   LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

This is a securitisation of non-prime owner-occupied (OO) and
buy-to-let mortgages backed by properties in the UK. The mortgages
were predominantly originated by GMAC-RFC, Irish Permanent Isle of
Man, Platform Homeloans and Rooftop Mortgages and were previously
securitised in the Stratton Mortgage Funding 2021-1 plc
transaction. The sponsor is Burlington Loan Management Designated
Activity Company.

KEY RATING DRIVERS

Seasoned Loans: About 99% of loans in the pool were originated
between 2003 and 2008. The pool has benefited from a considerable
degree of house price indexation, with a weighted average (WA)
indexed current loan-to-value (LTV) of 47.4%, leading to a WA
sustainable LTV of 59.2%. Owner-occupied (OO) loans, which make up
64.6% of the pool, contain a high proportion of interest-only loans
(87.3%).

Arrears and Non-Performing loans: Total arrears were 35.3% as at
February 2024 pool cut date. Fitch considered 5.9% of loans in the
pool to be non-performing as the borrowers have not made any
payments in the last three months. Fitch did not classify the
portfolio as non-performing loans (NPL) and applied its UK RMBS
Rating Criteria in its analysis. However, the agency assumed no
interest payments were made by borrowers for these loans, which
reduces available revenue funds in the transaction.

Ratings Lower than MIR: Fitch conducted a forward-looking analysis
by running scenarios assuming lower recovery rates and therefore
increased losses at all rating levels. This was to account for
weaker-than-expected recovery proceeds below that envisaged by the
agency's criteria assumptions. The assigned rating for the class B
notes is one notch lower than the model-implied rating (MIR) and in
line with the UK RMBS Rating Criteria. The assigned ratings for the
class C to F notes are lower than the MIRs by up to three notches,
a variation from the criteria.

Rental Income Not Provided: Rental income figures for the 41.9%
buy-to-let loans (BTL) were not provided to Fitch for its asset
analysis. Fitch has assumed the minimum permissible rental income
for the BTL loans based on the originators' lending criteria at the
time of origination, using conservative assumptions for the
interest rate assessment.

Weak Representations and Warranties Framework: The seller provides
the majority of representations and warranties (R&W) Fitch expects
in a UK RMBS transaction, but many are qualified by awareness on
the part of the seller. Protection for R&W breaches is limited to
the seller's obligation to repurchase mortgage loans or make an
indemnity payment in lieu of repurchases. The seller is not a rated
entity and may have limited resources available to indemnify the
issuer or to repurchase loans if there is a breach of the R&Ws.

Fitch views this framework as weak in comparison with typical UK
RMBS, but the seasoning of the assets, and the absence of warranty
breaches in the Stratton Mortgage Funding 2021-1 plc transaction,
makes the likelihood of the issuer suffering a material loss
sufficiently remote.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could also
result from lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. Fitch found that a 15% increase in the
WA foreclosure frequency (FF) and a 15% decrease in the WA recovery
rate (RR) indicates model-implied downgrades of one notch for the
class A, B, C and D notes, and two notches for the class E and F
notes.

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

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

Fitch found a decrease in the WAFF of 15% and an increase in the
WARR of 15% indicates model-implied upgrades of one notch for the
class B notes, three notches for the class C notes and six notches
for the class D, E and F notes. The class A notes are at the
highest achievable rating on Fitch's scale and cannot be upgraded.

CRITERIA VARIATION

Fitch performed a forward-looking analysis to account for observed
weaker recovery rates in the asset pool than suggested by the
resiglobal model: UK. The assigned ratings for the notes were based
on a 15% recovery rate haircut, which translates into ratings that
are up to three notches lower than the MIR for the class C to F
notes.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on validating loan level data against the
relevant primary sources. Fitch considered this information in its
analysis and it did not have an effect on Fitch's analysis or
conclusions.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Stratton Mortgage Funding 2024-2 Plc has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to the high proportion of interest-only loans in legacy OO
mortgages, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Stratton Mortgage Funding 2024-2 Plc has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to a large proportion of the pool containing OO loans advanced
with limited affordability checks, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

SWITCH INTERNATIONAL: Collapses Into Administration
---------------------------------------------------
Business Sale reports that Switch International Trailers (U.K.)
Limited, a freight transport business based in Dartford, fell into
administration last month, with Benjamin Wiles and Philip Dakin of
Kroll Advisory appointed as joint administrators.

In the company's accounts as of October 31, 2022, its total assets
were valued at around GBP2.2 million, with net assets amounting to
GBP660,457, Business Sale discloses.


TRAVIS PERKINS: Fitch Lowers LongTerm IDR to 'BB+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded Travis Perkins Plc's Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-'. Fitch has also
downgraded the company's Short-Term IDR to 'B' from 'F3' and senior
unsecured instrument rating to 'BB+'/RR4 from 'BBB-'. Rating
Outlook is Stable.

The downgrade reflects its view that a recovery of the company's
profit performance carries uncertainty, with near-term downside
risk and may be more prolonged than Fitch had anticipated. Fitch
projects that credit metrics will exceed levels appropriate for an
investment-grade rating for all of 2023-2026. This is despite
management's credit supportive, cash preservation initiatives
announced with the guidance for 2024 and its assumption that a
resumption of favourable underlying demand drivers from 2025 should
lead to a recovery in profits from this low point in the cycle.
Fitch believes the profit vulnerability due to cyclical demand in
largely one country positions Travis Perkins more adequately at the
'BB+' level.

The IDR continues to reflect Travis Perkins' leading position
within the UK building material distribution sector, as well as its
record of managing its cost base and cash effectively. The Stable
Outlook reflects adequate available liquidity and likely benefits
from cash-preservation measures. Visibility of timing of recovery
and deleveraging will affect the refinancing risk on GBP250 million
notes due in February 2026, but the refinancing risk does not yet
weigh on the rating.

KEY RATING DRIVERS

Leverage Adequate for 'BB+': Fitch anticipates EBITDAR net leverage
to remain above or around 3.0x over 2024-2025, before falling
towards 2.5x only in 2026. While Fitch rates through the cycle and
view this as the low point in the cycle, Fitch expects the leverage
to exceed the metrics consistent with the rating for four years
between 2023 and 2026, before reverting to below 2.5x. Fitch
believes this trajectory exhibits higher profit vulnerability of
Travis Perkins' business model from cyclicality, due to its
operations mainly in one country, than is appropriate for an
investment-grade issuer with this capital structure.

Fitch incorporates various cash preservation measures being
introduced by management in its projections but overall see the
deleveraging trajectory as subject to uncertainty on recovery
timing, with potential downside in near term.

Incremental Cut to Profit Forecast: Fitch has revised its forecast
downwards by GBP20 million and expects broadly flat EBITDA of
around GBP240 million in 2024. This incorporates a 3% decline in
revenue for the merchanting division, with some pressure on gross
margin amid competition, cost-savings measures helping offset cost
inflationary pressures in its high fixed cost business model, and
exit from the loss-making Toolstation business in France, which
Fitch treated as a discontinued operation. Fitch anticipates
recovery in volumes from 2H24 to aid recovery in EBITDA to around
GBP280 million in 2025.

Uncertainty Around Timing of Recovery: The timing of recovery in
volumes is subject to uncertainty while price inflation has
subsided but propensity to spend remains weak. While there are some
positive signs in the repair, maintenance and improvement (RMI)
segment, the new-build end markets - private housing and also
infrastructure - showed a deteriorating picture both in terms of
works and new orders at end-2023. Fitch expects interest rates to
start reducing in 2024, which should encourage some rebound in new
builds and secondary property transactions that are then followed
by RMI spend.

Prudent Cash Management: Travis Perkins has a record of
implementing cash-saving measures. Its forecast incorporates
reduced base capex in line with the company's guidance, some
working capital benefit from inventory management and lower
dividends over the next two years. The leverage would be higher
without prudent cash management under the current recovery
assumptions.

Loss-making Toolstation Europe: The company has struggled to make
Toolstation Europe profitable, with breakeven points continuously
extended. Toolstation business is profitable in the UK, but its
European operations (170 branches), which were part of an expansion
push, remain loss-making in all of the three countries where it has
a presence and are now under review or considered for exit. Fitch
views the decisions of exiting these operations as supportive of
medium-term profitability.

Market Leader in UK: Travis Perkins is the UK's largest distributor
of building materials to the building, construction and
home-improvement markets, with about 1,500 stores. It is well
positioned to benefit when market recovers. Its scale and
market-leading position provide economies-of-scale advantages over
its direct competitors, which are mostly smaller independent
outlets.

Geographic Concentration: Its business is heavily concentrated in
the UK, unlike its more diversified peers, such as Winterfell
Financing S.a.r.l. (Stark Group; B/Stable), which has exposure to
several countries. The lack of geographical diversification is a
rating constraint. Its announced exit from France will further
reduce its diversification.

Cyclical Business: Travis Perkins is exposed to the cyclical UK
construction and housebuilding sectors. At the same time, Fitch
believes that underlying demand drivers remain robust amid ageing
and shortage of UK housing stock, and the government's various
sustainability targets should drive increased investment in
housing, including in energy efficiency. This should support the
recovery of the company's trading performance over time.

DERIVATION SUMMARY

Fitch believes that Travis Perkins' exposure to cyclical demand
mainly in one country restricts its rating. The core merchanting
division has historically had an operating margin at around 8.0%,
now lower at 5% in 2023 amid weaker volumes, currently below that
of other distribution business, such as direct competitors, Grafton
plc and Ferguson plc who are more geographically diversified.

Travis Perkins's EBITDA margin (5%-7% over 2024-2026) compares
favourably to Nordic buildings materials distributor Stark Group
(2.6% to 5%) due to the latter's higher focus on heavy building
materials. Quimper AB (B+/Stable), Nordic distributor of
installation products, tools and suppliers, is similar in size and
has higher EBITDA margin of above 9%. Quimper also demonstrates
stronger free cash flow margin than Travis Perkins, which Fitch
adjusts to pre-dividends and for property disposals for
comparability purposes. Its EBITDA leverage is more than 2x higher
than for Travis Perkins alongside a more aggressive financial
policy, which explains the three-notch difference between the
ratings.

Toolstation is still in its ramp-up phase with low-single-digit
profitability margins, which Fitch expects to improve over the
rating horizon as the store portfolio matures, and following
disposal of the loss-making business in France. This should
contribute to an improvement of Travis Perkins' profit margin.

DIY retailer Kingfisher plc's (BBB/Stable) business profile is
supported by greater scale, geographical diversification, higher
margin and lower leverage, which leads to its two-notch higher
rating. Travis Perkins' free cash flow (FCF) has been marginally
negative after growth capex and dividends, and Fitch expects it to
remain broadly neutral over the next three years (2024-2026)
despite the various cash preservation measures, with slight
improvement upon recovery.

KEY ASSUMPTIONS

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

- Sales decline of around 3.1% in 2024, with core Merchanting
division down by 3% (incorporating volume recovery in 2H24 but flat
on annual basis; prices -3%) alongside Toolstation down 3.5%
(organic: -0.5%, remainder: Toolstation France exit, which
contributed GBP25 million of sales) as core markets remain under
pressure.

- Sales recovery in 2025-2026 with annual growth of 5%-6%, driven
by a bounce-back in domestic RMI volumes and construction activity
in the context of interest rates reducing.

- Toolstation UK site growth of 15 stores a year between 2024 and
2026; exit of Toolstation France in 2024 and limited expansion in
Toolstation Benelux as the company conducts its strategic review.

- EBITDA margin to remain under pressure at around 5.0% in 2024
(2023: 4.9%) before recovering gradually to 7% in 2027, as
Merchanting volumes recover and the Toolstation portfolio matures.

- Reduction in base capex spend to GBP80 million in 2024;
recovering to GBP125 million a year. Overall capex intensity,
including property spend, around 2.6% of sales a year in
2025-2027.

- Working capital cash inflow of around GBP10 million in 2024;
working capital cash outflows of GBP20 million-40 million a year
over 2025-2027.

- Bolt-on M&A spending of GBP10 million a year in 2026-2027.

- Dividend payments to reduce to around GBP40 million in 2024-2025
and normalising towards GBP80 million-90 million a year by
2026-2027.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade (to 'BBB-')

- Improvement in profitability, with an EBITDA margin sustainably
above 6.5% (2023: 4.9%), underpinned by market-share gains or
diversification benefits.

- At least low-single-digit positive FCF margins (2023: -1.6%).

- Conservative financial policy sustaining EBITDAR net leverage
comfortably below 2.5x (2023: 3.4x).

- EBITDAR fixed-charge coverage at or above 3x (2023: 2.6x).

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade (to 'BB'):

- More material EBITDA decline due to even slower recovery of
volumes or inability to adjust cost base, with EBITDA margin below
5% or declining share in core segments.

- Negative or volatile FCF generation.

- EBITDAR net leverage above 3.5x.

- EBITDAR fixed-charge coverage sustainably below 2.5x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: With earnings set to remain under pressure in
2024, Fitch expects the group to be in cash preservation mode,
cutting capex and dividends and optimising working capital to
maintain stable cash balances. Fitch expects Travis Perkins'
year-end cash balances to remain between GBP100 million and GBP150
million in 2024-2026, after restricting GBP50 million for working
capital seasonality.

RCF Undrawn: Travis Perkins refinanced its GBP375 million revolving
credit facility (RCF) in 2023, which was undrawn at end-2023 and
matures in November 2028.

Stable Financial Debt: At end-2023, Travis Perkins reported gross
debt of GBP425 million, which included a GBP250 million bond
maturing in February 2026, GBP100 million of US private placement
notes (three tranches maturing between 2029 and 2031) and a
bilateral loan of GBP75 million maturing in November 2027.

ISSUER PROFILE

Travis Perkins is the UK's largest distributor of building
materials to the building, construction and home improvement
markets. It serves a full range of building material customers in
the UK from around 1,500 branches (including 170 in Europe).

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
   -----------              ------         --------   -----
Travis Perkins Plc    LT IDR BB+ Downgrade            BBB-
                      ST IDR B   Downgrade            F3

   senior unsecured   LT     BB+ Downgrade   RR4      BBB-  


                           *********


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 2024.  All rights reserved.  ISSN 1529-2754.

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