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

                          E U R O P E

          Wednesday, June 12, 2024, Vol. 25, No. 118

                           Headlines



B E L G I U M

TEAM.BLUE FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable


F R A N C E

FNAC DARTY: Moody's Withdraws 'Ba3' Corporate Family Rating
INFOPRO DIGITAL: S&P Assigns 'B' LongTerm Issuer Credit Rating
TEREOS: S&P Affirms 'BB-' LT ICR & Alters Outlook to Positive


G E R M A N Y

ENDOR AG: Draws Up Restructuring Plan
FTI GROUP: Files for Insolvency in Munich Regional Court
GALERIA KARSTADT: Agrees with Landlords to Keep More Stores Open


I R E L A N D

CARLYLE EURO 2018-2: Moody's Cuts EUR12MM E Notes Rating to Caa2
HARVEST CLO XXXII: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
MONUMENT CLO 1: Fitch Assigns 'B-sf' Final Rating on Class F Notes
PURPLE FINANCE 1: Moody's Affirms B1 Rating on EUR9.5MM F Notes
ST. PAUL XII: Fitch Affirms 'B+sf' Rating on Class F Notes



I T A L Y

BORMIOLI PHARMA: S&P Puts 'B-' LongTerm ICR on Watch Positive
BRIGNOLE CO 2024: Fitch Assigns 'B(EXP)sf' Rating on Class X1 Notes
GOLDEN GOOSE: S&P Ups ICR to 'B+' on Robust Operating Performance


L I T H U A N I A

ALINITA UAB: Plans to Commence Restructuring Process


S P A I N

LORCA TELECOM: S&P Rates New Senior Secured Debt Instruments 'BB+'


S W E D E N

ASSEMBLIN CAVERION: Moody's Affirms B2 CFR & Rates New Sec Notes B2
ASSEMBLIN CAVERION: S&P Affirms 'B' ICR & Alters Outlook to Pos.
OSCAR PROPERTIES: Averts Bankruptcy Following Bondholder Deal
SAS AB: Wants Stockholm Court to Open Plan Proceedings
TRANSCOM HOLDING: Moody's Alters Outlook on 'B3' CFR to Stable



U N I T E D   K I N G D O M

GEORGE WILSON: Bought Out of Administration, 26 Jobs Secured
NAILSEA ELECTRICAL: Goes Into Administration

                           - - - - -


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B E L G I U M
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TEAM.BLUE FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings affirmed team.blue Finco SARL's B3 long-term
corporate family rating and B3-PD probability of default rating.
Concurrently, Moody's affirmed the B3 ratings on the EUR1.360
billion senior secured term loan B, which will increase by EUR278
million via an add-on issuance (due 2028), the EUR50 million senior
secured delayed draw term loan (due 2028) and the EUR99 million
senior secured revolving credit facility (RCF; due 2027). The
outlook remains stable.

RATINGS RATIONALE

The rating action balances the negative impact on credit metrics of
the debt funded acquisition of Loopia, a market leading provider of
online presence services and tools in the Nordics and certain CEE
countries, with team.blue's solid operating performance during the
last years, the enhanced business profile and Moody's expectation
that the company will continue to expand its revenue and EBITDA,
such that credit metrics will be consistent with the B3 CFR over
the next 12 to 18 months.

The company will fund the acquisition of Loopia with incremental
EUR278 million senior secured term loan B at team.blue and cash on
balance sheet. Pro forma for the transaction, Moody's-adjusted
gross debt to EBITDA weakens to around 8.2x as of March 2024.
Although Moody's-adjusted leverage is outside of the expectations
for the B3 CFR pro forma for the transaction, the rating agency
forecasts continued growth will improve leverage to within the
expected range over the next 12 to 18 months. Additionally, even
though the add-on will increase interest payments, Moody's
estimates free cash flow (FCF) generation will remain positive at
around 3-4% debt over the next 12 to 18 months. Loopia is a market
leading provider of online presence services and tools in the
Nordics and certain CEE countries that generated around EUR64
million revenue and EUR26 million company-adjusted EBITDA in 2023.

Team.blue's leading market positions in select European markets;
high profitability and operational leverage; underlying FCF
generation; and the high share of recurring revenue from
subscription-based contracts with upfront payments that provide
high revenue visibility, all support the B3 CFR. Conversely, the
company's overall limited scale; focus on the mass market in the
highly competitive web services industry with relatively low
barriers to entry; and acquisitive business model that may lead to
a delay in the expected Moody's-adjusted leverage reduction all
constrain the rating.

RATING OUTLOOK

Team.blue's stable outlook reflects Moody's expectation that the
company's credit metrics will evolve in line with the B3 ratings
triggers over the next 12 to 18 months.  The outlook incorporates
Moody's assumption that (1) EBITDA will support a decline in
Moody's adjusted gross leverage to below 7.5x; (2) there will be no
significant increase in leverage from any future debt-funded
acquisitions or shareholder distributions; (3) and the company will
maintain at least adequate liquidity.

LIQUIDITY

Team.blue has adequate liquidity. The company had EUR26 million
cash on balance as of March 2024 pro forma for the transaction,
access to the fully undrawn RCF of EUR99 million due in 2027.
Additionally, Moody's also expect team.blue to generate at least
EUR35 million FCF per year. The company primarily receives customer
payments upfront but with limited seasonality. There is one
financial covenant in the debt documentation, tested only when the
RCF is drawn more than 40%. Moody's expect the company to retain
solid capacity under this covenant.

STRUCTURAL CONSIDERATIONS

The ratings of the senior secured bank credit facilities are in
line with CFR at B3. The quantum of the unrated EUR200 million
senior secured second lien facility does not provide sufficient
cushion to warrant a 1-notch uplift of the first lien instruments'
ratings in relation to the CFR. The debt security includes material
assets of the company's operations, and the instruments are
guaranteed by material subsidiaries accounting for at least 80% of
consolidated EBITDA.

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

Positive rating pressure could develop over time if (1) the company
continues to improve its business profile and grow its revenue and
EBITDA; (2) Moody's-adjusted leverage (R&D capitalized) improves to
below 6.0x; (3) Moody's-adjusted FCF/debt improves above 5%; and
(4) Moody's-adjusted (EBITDA – capital expenditures) / interest
expense improves remains above 2.0x, all on a sustained basis.
Adequate liquidity and financial policy clarity are also important
considerations.

Conversely, negative rating pressure could develop if (1) the
company's revenue and EBITDA growth is weaker than expected such
that Moody's-adjusted leverage (R&D capitalised) remains above
7.5x; (2) FCF turn negative or Moody's-adjusted (EBITDA – capital
expenditures)/ interest expenses weakens to below 1.3x, all on a
sustained basis; or (3) if liquidity deteriorates.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Even though the transaction has no implication to the CFR and
instrument ratings, the company's decision to partially debt fund
the acquisition of Loopia, thereby increasing leverage, is a
negative governance consideration.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Ghent, Belgium, team.blue is a leading provider of
digital presence enablement tools in select European markets. The
company was formed by the merger of Combell Group (Belgium),
TransIP (the Netherlands) and Register Group (Italy) in 2019. The
company primarily focuses on the mass market and its customer base
is mostly composed of small and medium-sized enterprises (SMEs) as
well as private individuals. The company's products include domain
name registrations, web hosting, applications and related
solutions. The company is owned by founders of the predecessor
companies and the private equity company Hg Capital.

In the 12 months that ended December 31, 2023 and pro forma for the
Loopia acquisition, team.blue generated revenues of EUR593 million
and company-adjusted EBITDA (including pro forma adjustments for
acquisitions) of EUR246 million, according to unaudited
financials.




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F R A N C E
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FNAC DARTY: Moody's Withdraws 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Ratings has withdrawn the Ba3 Corporate Family Rating and
Ba3-PD probability of default rating of French consumer electronics
retailer FNAC DARTY SA. Concurrently, the senior unsecured EUR350
million notes due in May 2026, were redeemed on May 31, 2024. The
outlook prior to the withdrawal was stable.    

RATINGS RATIONALE

Following the full redemption of the company's bond due May 2026,
Moody's has decided to withdraw the remaining ratings.


INFOPRO DIGITAL: S&P Assigns 'B' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to France-based business-to-business (B2B) information provider
Infopro Digital B.V., the new parent company of Infopro Digital,
and its 'B' issue and '3' recovery ratings to the proposed EUR520
million senior secured FRN. S&P affirmed the 'B' issue and '3'
recovery ratings on Infopro Digital's existing EUR500 million
fixed-rate notes and its 'BB-' issue and '1' recovery ratings on
the company's RCF. At the same time, S&P withdrew its 'B' long-term
issuer credit rating on Infopro Digital Group B.V., the former
parent of Infopro Digital Group.

The stable outlook reflects S&P's view that, over the next 12
months, Infopro Digital will reduce adjusted leverage to 7.0x due
to robust revenue and EBITDA growth. The outlook also assumes that
Infopro Digital will generate positive FOCF after lease payments of
about EUR40 million per year and funds from operations (FFO) cash
interest of about 2.0x.

S&P said, "Our 'B' rating on Infopro Digital reflects our
expectation of sound operating performance and deleveraging to 7.0x
in 2024, despite higher debt after the refinancing. We expect
Infopro Digital's strong operating performance will continue over
2024-2025, underpinned by its resilient business model and robust
organic revenue growth of 6%-8%. The company's performance will
benefit from upselling and cross-selling to existing clients,
growth in subscription-based market insights and solutions, the
organic expansion of Infopro Digital's trade show business, and
bolt-on acquisitions. We also anticipate that lower restructuring
costs will support profitability. This will reduce Infopro
Digital's adjusted leverage to 7.0x in 2024, from 7.7x in 2023. The
increase in Infopro Digital's adjusted leverage in 2023 resulted
from higher restructuring costs, capitalized development costs, and
lower adjusted EBITDA. Even so, Infopro Digital delivered strong
organic revenue growth and cash flow generation, in line with our
expectations."

Infopro Digital's financial debt will increase by about EUR45
million to EUR1,030 million after the proposed refinancing.The
company plans to issue EUR520 million in senior secured FRN to
refinance its existing EUR475 million notes, pay down the EUR25
million in RCF drawings, and keep about EUR20 million on the
balance sheet, of which EUR6 million will be used for refinancing
fees. The maturity of the proposed senior secured FRN will be
extended to 2031, from 2028. Additionally, the senior secured FRN
will have a lower expected interest margin over the Euribor,
meaning their effect on Infopro Digital's FOCF is broadly neutral.

The effect of the proposed refinancing on Infopro Digital's FOCF
will be neutral. S&P said, "We continue to expect that FOCF will
remain sustainably positive over 2024-2025. Following the proposed
refinancing, Infopro's interest payments will remain broadly
neutral, despite a slightly higher amount of financial debt. This
is because the company could reduce its interest margin , compared
with its outstanding FRN (its margin is 4.75%). Additionally, we
expect Infopro Digital's capital expenditure (capex) will remain
broadly stable over 2024-2025 because the company has concluded
several large IT projects that we do not expect to repeat." This,
in combination with increasing earnings and structurally negative
working capital, will result in Infopro Digital generating FOCF
after leases of about EUR40 million in 2024 and above EUR60 million
in 2025. This will translate into FOCF to debt of about 5% over
2024-2025, which is commensurate with the current 'B' rating.

Infopro Digital's resilient business model supports the rating. The
company's business will benefit from sound demand for its products
and high client retention due to the importance of its offering to
improve sales generation, productivity, and daily operations for
clients. This is evidenced by high retention rates for Infopro
Digital's subscription-based offering. The business model also
benefits from a high degree of subscription-based revenues (more
than 60% of 2023 revenues) and a high recurring revenue share
(about 82% in 2023) that provides earnings visibility. S&P said,
"In our view, the recurring nature and good visibility of revenues
and the company's exposure to diversified end-markets with
counter-cyclical trends provide operational resilience and leave
the company well placed to navigate low economic growth in 2024. We
expect Infopro Digital will manage its costs efficiently,
successfully integrate bolt-on acquisitions based on its track
record of past deals, and expand its scale of operations. This, in
combination with our expectation of declining restructuring costs
in 2024 and broadly stable capitalized development costs, will
improve adjusted EBITDA margins to 25.0%-26.0% over 2024-2025, from
23.3% in 2023."

S&P said, "The stable outlook reflects our view that, over the next
12 months, Infopro Digital will reduce adjusted leverage to 7.0x
due to robust revenue and EBITDA growth. The outlook also assumes
that Infopro Digital will generate positive FOCF after lease
payments of about EUR40 million per year and FFO cash interest of
about 2.0x.

"We could lower the rating if Infopro Digital's leverage increased
toward 7.5x or if it generated materially weaker FOCF, compared
with our base case, such that FOCF to debt fails to improve toward
5%. This could happen if the company's operating performance was
materially weaker than we expect due to a macroeconomic downturn or
increased competition, or if the company's leverage and interest
costs increased due to large debt-funded acquisitions or
shareholder returns.

"An upgrade is unlikely over the next 12 months. Thereafter, we
could raise the rating if Infopro Digital's adjusted leverage
declined below 5x on a sustainable basis, following a strong
increase in its revenues and EBITDA. An upgrade would also hinge on
a financial policy commitment by the company to maintain the credit
metrics at these levels."


TEREOS: S&P Affirms 'BB-' LT ICR & Alters Outlook to Positive
-------------------------------------------------------------
S&P Global Ratings revised its outlook on sugar group Tereos to
positive from stable and affirmed the 'BB-' long-term issuer credit
ratings. At the same time, S&P assigned its 'BB-' issue rating to
the proposed EUR300 million senior unsecured bond, to be issued by
Tereos Finance Group I. S&P also affirmed its 'BB-' rating on the
company's existing senior unsecured debt, issued by its financing
vehicle.

S&P said, "The positive outlook indicates our view that we could
upgrade Tereos over the next 12-18 months if we see evidence that
the company can sustain stronger credit metrics than we anticipate,
with sufficient headroom to absorb adverse market conditions,
thanks to a successful application of its industrial and commercial
strategies, alongside lower debt."

Tereos' recent efforts to streamline its cost structure and the
success of its commercial strategy have yielded benefits from high
market prices for sugar and strong operational performance over the
past two years. Tereos' revenues reached EUR7.1 billion in the 12
months ended March 31, 2024 (fiscal 2024), marking a 9% increase
over the prior year. This stemmed not only from the increased
selling prices for sugar, but also high volumes of sugarcane
processed in Brazil, despite slightly lower volumes of sugar-beet
processed in Europe because of smaller yields and decreased prices
and volumes for starch products due to reduced industrial demand.
These developments lead S&P's to estimate an S&P Global
Ratings-adjusted EBITDA of EUR1.1 billion for fiscal 2024, also
considering the effectivity of Tereos' commercial strategy to pass
on most of the cost increase in raw materials (sugarcane, sugar
beets, grains, and energy) to protect its margins. Additionally,
Tereos is strategically selling unprofitable or non-core assets to
focus on its core businesses. The recent years' disposals have
included its stake in grain cooperative Copagest and its Mozambique
and Romanian sugar activities. In addition, Tereos has already
announced the closure of three plants (two in sugar and one in
starch) in France. The gains were partly offset, however, by lower
profits generated from the starch segment, which is normalizing
from the very high levels in prior years and reflects
inefficiencies following an industrial incident at one of its
starch factories in France. S&P estimates funds from operations
(FFO) at EUR873 million for fiscal 2024, overall stable year on
year, thanks to higher EBITDA offsetting the higher interest rates
in Europe and Brazil. According to its estimates for fiscal 2024,
adjusted debt to EBITDA stood at 2.4x and FFO to debt reached 32%,
indicating further year on year improvements and are strong for the
rating and provide the company with ample rating headroom.

S&P said, "We forecast Tereos operational performance to normalize
in the next two years based on lower sugar market prices and
slowing industrial demand for starch products. We forecast Tereos'
EBITDA to decline to EUR900 million-EUR950 million in fiscal 2025,
then further to EUR700 million-EUR750 million in fiscal 2026. This
reflects the lower market prices for sugar and starch products that
will likely result in lower margins for both divisions. Our
forecast also considers the risk of lower volumes of sugarcane
processed in Brazil, following the record crop last year, and
uncertainty around volumes of sugar-beet processed in Europe
because of currently unfavorable weather conditions and heightening
scrutiny on the use of pesticides, including the EU ban on
neonicotinoids. Also, the European Commission's recent decision to
reinstate quotas for sugar imports from Ukraine will help keep the
European sugar market in deficit. We see limited risks of further
underperformance caused by the industrial incidents at two of its
French factories, since most of the additional costs were spent
last year and Tereos protected its client relationship by shifting
production to other factories. We forecast that Tereos will
continue to prudently hedge the purchase of natural gas and grains
with derivative contracts, which provides some protection against
short term price volatility. This underpins our forecasts of
adjusted debt to EBITDA rising to 2.8x-3.0x in fiscal 2025 and
further to 3.6x-3.9x in fiscal 2026. We forecast its FFO to debt
ratio of 20%-22% in fiscal 2025 and 17%-19% in fiscal 2026, still
leaving ample headroom for the 'BB-' rating.

"We forecast Tereos will generate annual FFO of EUR480
million-EUR580 million in the next two years. We assume the company
will rely on these funds to back the coming two years' capital
expenditure (capex) needs, which we forecast at EUR430
million-EUR450 million. This is broadly in line with the last
fiscal year's EUR429 million spent. This reflects the high annual
spending to maintain an efficient industrial footprint, sugarcane
planting projects in Brazil, decarbonization initiatives, and
production capacity in starch factories following the new contract
signed with Belgian chemical company Futerro. We see Tereos'
business as working capital intensive and exposed to price and
availability of raw materials which results in short term funding
needs. We believe the group retains good access to bank financing
in Europe and Brazil, as evidenced by the recent refinancing of two
revolving credit lines for a total of EUR830 million. Our forecast
of FFO assumes high financing cost of debt due to high interest
rates. We see limited refinancing risks given the high level of
cash balances and undrawn committed bank lines currently.

"We assume Tereos will maintain a consistent capital allocation
policy to prioritize debt reduction over large discretionary
spending. Tereos' public strategic priority includes its target to
reduce net debt to below EUR2 billion, from the EUR2.4 billion
computed by the company at March-end 2024. It is looking to achieve
this by reducing debt with self-generated cash flow. We see the
risk of large discretionary spending towards debt-financed
acquisitions as limited, because we consider that the shareholder,
which are sugar beet farmers in France, have a prudent stance on
mergers and acquisitions. We also note that a large share of
forecasted capex is to achieve Tereos' sustainability ambitions,
which the company could postpone if it needs to protect its free
cash flow generation and financial flexibility under adverse market
conditions.

"The positive outlook indicates we see Tereos well positioned to
absorb lower market prices for sugar, ethanol, and starch products,
thanks to the recent strategic disposal of unprofitable assets, a
successful execution of its commercial strategy, and to efficient
cost hedging. This should enable Tereos to maintain high EBITDA and
FFO to self-fund its large capex, including replanting initiatives
in Brazil and reducing its carbon footprint. We forecast Tereos to
achieve an S&P Global Ratings-adjusted debt to EBITDA of 2.8x-3.0x
in fiscal 2025 and 3.6x-3.9x in fiscal 2026. We forecast its FFO to
debt at 20%-22% and 17%-19%, respectively for the same years, which
provide ample rating headroom.

"We could revise the outlook to stable in the next 12 months if
Tereos' debt leverage and free cash flow deteriorate more than we
currently anticipate such that adjusted debt to EBITDA remains
within 4.0x-5.0x and its FFO to debt below 20%. We would also view
negatively Tereos exhibiting prolonged periods of volatility in its
FFO generation given its high fixed-cost base and operating
leverage."

This could happen, for example, if there were persistently low
market prices for sugar or ethanol, adverse weather conditions, or
other operational disruptions in France or Brazil. These
developments, which the company cannot compensate for with swift,
significant cost reductions initiatives or capex cuts, would
heavily affect the company's processing activities.

S&P said, "We could raise our ratings over the next 12-18 months if
Tereos successfully improves its adjusted debt to EBITDA to a
sustainable 3.0x-4.0x and high FFO resulted in an FFO-to-debt ratio
comfortably in the 20%-30% range.

"This could happen on the back of seamless application of the
group's pricing and operational strategies resulting in an EBITDA
generation materially and sustainably higher than our base case.
Under this scenario, we expect to see evidence that Tereos can
achieve a more stable EBITDA generation in the event of low sugar
and ethanol market prices, thanks to lasting improvements in its
operating cost structure. We would also view positively the group
continuing its efforts to reduce overall debt levels and control
financing costs."




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G E R M A N Y
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ENDOR AG: Draws Up Restructuring Plan
-------------------------------------
Endor AG has notified the District Court -- Restructuring Court --
in Munich of a restructuring project in accordance with the German
Act on the Stabilization and Restructuring Framework for Companies
(StaRUG).

Following a comprehensive review, the lending banks decided not to
support other restructuring offers because they did not consider
them suitable for averting the threat of insolvency.  As already
communicated, part of the restructuring plan includes a partial
waiver by the banks and a complete capital reduction, which would
lead to current shareholders leaving the company without
compensation and to the Endor AG shares delisting from the Open
Market.  Endor will inform the capital markets and the public about
the further progress of the process in accordance with legal
requirements.

                      About Endor AG

Endor AG develops and markets high-quality input devices such as
high-end steering wheels and pedals for racing simulations on game
consoles and PCs.  As a "brain factory", the company's focus is on
the creative sector.  Endor carries out product development and
prototype construction under its own direction and together with
specialized technology partners, primarily in Germany ("German
engineering"). Endor sells its products under the FANATEC brand via
e-commerce primarily to end customers in Europe, the USA, Canada,
Australia and Japan.


FTI GROUP: Files for Insolvency in Munich Regional Court
--------------------------------------------------------
Andrey Sychev, Miranda Murray and Andreas Rinke at Reuters report
that Europe's third-largest tour operator FTI Group filed for
insolvency in the Munich regional court on June 3, the German
company said in a statement, as bookings continued to fall even
after a recent one-euro buyout proposal.

In addition to sinking orders, multiple suppliers insisted on
advance payments, which FTI is no longer able to provide, Reuters
discloses.

The group has opened a hotline and a website for customers, the
statement added.

According to Reuters, it will have to either cancel or complete
only partially all trips from June 4, potentially affecting
thousands of holidaymakers at the beginning of the travel-busy
summer season.

The German Foreign Ministry said that the tourism industry and
travel insurance fund would take care of repatriating and
supporting the tourists affected but that it would provide consular
support if necessary to ensure a safe return, Reuters relates.

The German Economy Ministry called the insolvency "tragic" adding
that it could not provide any additional assistance, Reuters
notes.

The government needs to examine in detail what effect the
insolvency will have on the recovery aid funding it had granted FTI
during the pandemic, Reuters relays, citing a finance ministry
spokesperson.

The spokesperson, as cited by Reuters, said the government had been
awaiting approval for a sale of receivables as the most economical
way to claw back the funds before the company filed for
insolvency.

The return of the receivables is no longer possible after
insolvency, the spokesperson added, Reuters notes.

FTI employs 11,000 people worldwide and offers tours to more than
40 destinations around the world, including through its 10,000
partner agencies in Germany.


GALERIA KARSTADT: Agrees with Landlords to Keep More Stores Open
----------------------------------------------------------------
Laura Alviz at Bloomberg News reports that Galeria Karstadt
Kaufhof's management and insolvency administrator Stefan Denkhaus
agreed with landlords to keep six more stores open, raising the
total number to 82, according to emailed statement.

According to Bloomberg, the measure will secure around 500
additional jobs.

                     Insolvency Filing

As previously reported by the Troubled Company Reporter-Europe,
Bloomberg News related that Germany's Galeria Karstadt Kaufhof
filed for insolvency at the Essen district court on Jan. 9, 2024 --
the third such filing in less than four years for the embattled
retailer.  According to Bloomberg, Stefan Denkhaus, named Galeria's
interim administrator, said in a statement that the move was the
only way the company could "free itself" from Signa's grip.  Signa
took over as sole owner of Galeria in 2019 and merged with former
competitor Karstadt in 2020, forming Europe's second-largest
department store chain, Bloomberg noted.  At its peak, it had more
than 170 locations in Germany.  The retailer currently employs more
than 15,000 people, making it the largest Signa-related insolvency
in terms of staff affected, according to Bloomberg.  When Galeria
last entered self-administered insolvency in February 2023, parent
Signa Holding pledged to provide the struggling chain with EUR200
million (US$219 million) in fresh capital in exchange for debt
write-downs, including EUR590 million of taxpayer money, Bloomberg
disclosed.  As Signa itself slipped into insolvency, that
arrangement came under question, Bloomberg stated.  Signa's
oversight of Galeria has also come under scrutiny for relying on
state subsidies and for jacking up rents to boost property
valuations, Bloomberg notes.  During Galeria's first two insolvency
proceedings, Germany gave the chain almost EUR700 million in state
aid, a move that was criticized by politicians who accused Signa of
not ensuring that the department store chain would be profitable in
the long run, Bloomberg said.

Galeria Karstadt Kaufhof is a German department store chain.




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I R E L A N D
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CARLYLE EURO 2018-2: Moody's Cuts EUR12MM E Notes Rating to Caa2
----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Carlyle Euro CLO 2018-2 Designated
Activity Company:

EUR7,868,000 Class A-2-A Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Aug 30, 2023 Affirmed Aa1
(sf)

EUR20,000,000 Class A-2-B Senior Secured Fixed Rate Notes due
2031, Upgraded to Aaa (sf); previously on Aug 30, 2023 Affirmed Aa1
(sf)

EUR12,632,000 Class A-2-C Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Aug 30, 2023 Affirmed Aa1
(sf)

EUR7,802,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Aug 30, 2023
Affirmed A2 (sf)

EUR18,948,000 Class B-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Aug 30, 2023
Affirmed A2 (sf)

EUR20,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Aug 30, 2023
Affirmed Baa2 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Caa2 (sf); previously on Aug 30, 2023
Downgraded to Caa1 (sf)

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

EUR232,000,000 (current outstanding amount EUR115,084,531.77)
Class A-1-A Senior Secured Floating Rate Notes due 2031, Affirmed
Aaa (sf); previously on Aug 30, 2023 Affirmed Aaa (sf)

EUR16,000,000 Class A-1-B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 30, 2023 Affirmed Aaa
(sf)

EUR25,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Aug 30, 2023
Affirmed Ba2 (sf)

RATINGS RATIONALE

The rating upgrades on the Class A-2-A, the Class A-2-B, the Class
A-2-C, the Class B-1, the Class B-2 and the Class C notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in August 2023.

The rating downgrade on the Class E notes is primarily a result of
the deterioration of the key credit metrics of the underlying pool
since the last rating action in August 2023.

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

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the collateral administrator report
dated May 2024 [1] the WARF was 3254, compared with 3177 in the
July 2023 [2] report. Securities with ratings of Caa1 or lower
currently make up approximately 7.0% of the underlying portfolio as
of May 2024 [1], versus 6.8% in July 2023 [2]. In addition, the
collateral administrator reported weighted average recovery rate,
has decreased from 44.4% in July 2023 [2] to 43.7% in May 2024
[1].

The Class A-1-A notes have paid down by approximately EUR105.9
million (46.0%) since the last review in August 2023 and EUR116.9
million (50.0%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the
collateral administrator report dated May 2024 [1] the Class A,
Class B, Class C, Class D and Class E OC ratios are reported at
141.74%, 126.88%, 117.65%, 107.58% and 103.45% compared to July
2023 [2] levels of 135.85%, 123.91%, 116.26%, 107.71% and 104.14%,
respectively. Moody's notes that the May 2024 principal payments
are not reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR266,883,669

Defaulted Securities: EUR2,033,587

Diversity Score: 41

Weighted Average Rating Factor (WARF): 3033

Weighted Average Life (WAL): 3.35 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.69%

Weighted Average Coupon (WAC): 4.06%

Weighted Average Recovery Rate (WARR): 43.6%

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

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

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

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


HARVEST CLO XXXII: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXXII DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated subordinated notes.

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

The portfolio's reinvestment period will end in December 2028,
while the non-call period will end in March 2026.

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

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

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

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

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

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

  Portfolio benchmarks
                                                          CURRENT

  S&P weighted-average rating factor                     2,757.43

  Default rate dispersion                                  486.07

  Weighted-average life including reinvestment (years)       4.87

  Obligor diversity measure                                118.73

  Industry diversity measure                                21.67

  Regional diversity measure                                 1.26


  Transaction key metrics
                                                          CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B

  'CCC' category rated assets (%)                            0.00

  Target 'AAA' weighted-average recovery (%)                37.23

  Target weighted-average spread (net of floors; %)          4.09

  Target weighted-average coupon (%)                         4.26


S&P said, "As of the end of May 2024, the portfolio is ramped up by
EUR236 million of assets versus the target par of EUR500 million.
We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (4.05%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We have assumed the covenanted weighted-average
recovery rate (36.75%) at the 'AAA' rating level and the actual
targeted weighted-average recovery rates at all other rating
levels, as indicated by the collateral manager. We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.

"Our credit and cash flow analysis show that the class B to F notes
benefit from break-even default rate and scenario default rate
cushions that we would typically consider to be in line with higher
ratings than those assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
on the notes. The class A notes can withstand stresses commensurate
with the assigned preliminary rating."

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

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

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

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

"At closing, we expect the operational risk associated with key
transaction parties (such as the collateral manager) that provide
an essential service to the issuer to be in line with our
operational risk criteria.

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

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

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

Environmental, social, and governance

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

"Since the exclusion of assets from certain industries such as
controversial weapons; nuclear weapon programs; illegal drugs or
narcotics etc. does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings list
                       PRELIM.
            PRELIM.    BALANCE
  CLASS     RATING*  (MIL. EUR)  SUB (%)   INTEREST RATE§

  A         AAA (sf)   306.50    38.70   Three/six-month EURIBOR
                                         plus 1.45%

  B         AA (sf)     53.50    28.00   Three/six-month EURIBOR
                                         plus 2.05%

  C         A (sf)      35.00    21.00   Three/six-month EURIBOR
                                         plus 2.50%

  D         BBB- (sf)   32.50    14.50   Three/six-month EURIBOR
                                         plus 3.60%

  E         BB- (sf)    22.50    10.00   Three/six-month EURIBOR
                                         plus 6.62%

  F         B- (sf)     16.25     6.75   Three/six-month EURIBOR   

                                         plus 8.24%

  Sub. Notes    NR      44.60      N/A   /A

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

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


MONUMENT CLO 1: Fitch Assigns 'B-sf' Final Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Monument CLO 1 DAC final ratings.

   Entity/Debt              Rating           
   -----------              ------           
Monument CLO 1 DAC

   A XS2811088082       LT AAAsf  New Rating
   B XS2811088249       LT AAsf   New Rating
   C XS2811088751       LT Asf    New Rating
   D XS2811088918       LT BBB-sf New Rating
   E XS2811089130       LT BB-sf  New Rating
   F XS2811089304       LT B-sf   New Rating
   Subordinated Notes
   XS2811089569         LT NRsf  New Rating

TRANSACTION SUMMARY

Monument CLO 1 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 EUR500
million. The portfolio is actively managed by Serone Capital Loan
Management Limited. The collateralised loan obligation (CLO) has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor (WARF) of the identified portfolio
is 24.0.

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-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 62.7%.

Diversified Portfolio (Positive): The closing and forward matrices
are based on a 10-largest obligor limit of 20% of the portfolio
balance and fixed-rate asset limits of 10% and 12.5%. The manager
can elect the forward matrix at any time one year after closing if
the aggregate collateral balance is at least above the reinvestment
target par.

The transaction also includes various concentration limits,
including a 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 a 4.5 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. In contrast with other EMEA
CLOs, this transaction does not allow the release of trading
gains.

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 after the end of the
reinvestment period and a WAL covenant that progressively decreases
over time. 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 E notes, to below 'B-sf' for the class F
notes and have no impact on the class A to D 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, E and F notes have a
rating cushion of two notches and the class C notes a rating
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' rated 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, allowing the notes
to withstand larger-than-expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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 Monument CLO 1 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.


PURPLE FINANCE 1: Moody's Affirms B1 Rating on EUR9.5MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Purple Finance CLO 1 Designated Activity Company:

EUR20,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Oct 18, 2023
Upgraded to Aa1 (sf)

EUR15,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Oct 18, 2023
Upgraded to A2 (sf)

EUR13,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa3 (sf); previously on Oct 18, 2023
Upgraded to Ba1 (sf)

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

EUR173,700,000 (Current outstanding amount EUR 14,216,522) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 18, 2023 Affirmed Aaa (sf)

EUR45,700,000 Class B Senior Secured Floating Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 18, 2023 Affirmed Aaa (sf)

EUR9,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed B1 (sf); previously on Oct 18, 2023 Affirmed B1
(sf)

Purple Finance CLO 1 Designated Activity Company, issued in January
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ostrum Asset Management. The transaction's
reinvestment period ended in January 2022.

RATINGS RATIONALE

The rating upgrades on the Class C, D and E notes are primarily a
result of the deleveraging of the Class A notes following
amortisation of the underlying portfolio since the last review in
October 2023.

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

The Class A notes have paid down by approximately EUR 67.4 million
(39.8%) since the last rating action in October 2023. As a result
of the deleveraging, over-collateralisation (OC) has increased for
Class A to E notes. According to the trustee report dated May 2024
[1] the Class A/B, Class C , Class D, Class E and Class F OC ratios
are reported at 218.43%, 162.95%, 137.30%, 119.94% and 110.33%
compared to September 2023 [2] levels of 157.4%, 135.7%, 123.2%,
113.5% and 107.7% respectively.  

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

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

Performing par and principal proceeds balance: EUR130,87m

Diversity Score: 31

Weighted Average Rating Factor (WARF): 2806

Weighted Average Life (WAL): 3.1 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.47%

Weighted Average Recovery Rate (WARR): 45.34%

Par haircut in OC tests and interest diversion test: None

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

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

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


ST. PAUL XII: Fitch Affirms 'B+sf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has upgraded St. Paul's CLO XII DAC's class B-1 and
B-2 notes and affirmed all others. The Outlooks are Stable.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
St. Paul's CLO
XII DAC

   A XS2120080101     LT AAAsf  Affirmed   AAAsf
   B-1 XS2120081091   LT AAAsf  Upgrade    AA+sf
   B-2 XS2120081760   LT AAAsf  Upgrade    AA+sf
   C-1 XS2120082495   LT A+sf   Affirmed   A+sf
   C-2 XS2120083030   LT A+sf   Affirmed   A+sf
   D XS2120083626     LT BBB+sf Affirmed   BBB+sf
   E XS2120083543     LT BB+sf  Affirmed   BB+sf
   F XS2120084350     LT B+sf   Affirmed   B+sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. It is actively managed by Intermediate Capital
Managers Limited and will exit its reinvestment period in October
2024.

KEY RATING DRIVERS

Reinvesting Transaction: The manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations after the
transaction exits its reinvestment period in October 2024, subject
to compliance with the reinvestment criteria.

Given the manager's ability to reinvest, Fitch's analysis is based
on a stressed portfolio using the agency's collateral quality
matrices specified in the transaction documentation. Fitch used the
matrices with top-10 obligor limits of 20% and 15% and a maximum
fixed-rate asset limit of 20%. Fixed-rate assets reported by the
trustee are at 9.1% of the portfolio balance. Fitch also applied a
haircut of 1.5% to the weighted average recovery rate (WARR) as the
calculation of the WARR in the transaction documentation is not in
line with its latest CLO Criteria.

Manageable Refinancing Risk: The rating actions reflect manageable
near- and medium-term refinancing risk, with 3.2% of portfolio
assets maturing in 2025 and another 3.4% in 1H26, as calculated by
Fitch, and the CLO's stable asset performance. The transaction is
currently 1% above par. It is passing all collateral-quality,
portfolio-profile tests and coverage tests. Exposure to assets with
a Fitch-derived rating of 'CCC+' and below is 6%, according to the
latest trustee report, versus a limit of 7.5%. The portfolio has
EUR 7.1 million of defaulted assets.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The weighted
average rating factor (WARF), as calculated by Fitch under its
latest criteria, is 25.8.

High Recovery Expectations: Senior secured obligations comprise
96.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, is 62.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 15.7%, and no obligor
represents more than 2.3% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 32.1%, as calculated by
Fitch.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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 St. Paul's CLO XII
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
=========

BORMIOLI PHARMA: S&P Puts 'B-' LongTerm ICR on Watch Positive
-------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term issuer credit rating,
'B-' issue rating on Bormioli Pharma SpA's (Bormioli) senior
secured notes, and 'B+' issue rating on the revolving credit
facility (RCF) on CreditWatch with positive implications.

S&P expects to resolve the CreditWatch placement once it can
evaluate the implications of the change of ownership on Bormioli's
financial risk profile and financial policy.

Bormioli's acquisition by Gerresheimer could improve its credit
metrics and financial policy. On May 23, 2024, Bormioli announced
that its financial sponsor, Triton Investments Advisers, had signed
an agreement to sell Blitz LuxCo Sarl (the holding company of
Bormioli Pharma Group), to Gerresheimer Glas GmbH, a subsidiary of
Germany-based medicine packaging, drug delivery devices, and
solutions manufacturer, Gerresheimer AG. The transaction is subject
to customary closing conditions and regulatory approvals and is
expected to be completed in the fourth quarter of 2024. The exact
details of the transaction have not been disclosed, but Bormioli
has announced that, upon closing, Gerresheimer is to make available
to Bormioli the funds necessary for the redemption, prepayment, and
cancellation of the senior secured notes. S&P said, "Moreover, in
line with Gerresheimer's declared financing and deleveraging
targets, we expect Bormioli to be subject to a less aggressive
financial policy than under Triton's ownership. This could have a
positive impact on Bormioli's credit metrics, which is why we have
placed our ratings on Bormioli on CreditWatch positive."

S&P said, "In resolving the positive CreditWatch status, we will
evaluate the transaction's benefits for Bormioli's credit profile
and financial policy. We expect to resolve the CreditWatch upon
completion of the transaction.

"We could raise our long-term issuer credit rating on Bormioli
depending on the degree of integration with Gerresheimer post
acquisition."


BRIGNOLE CO 2024: Fitch Assigns 'B(EXP)sf' Rating on Class X1 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Brignole CLO 2024 S.r.l.'s asset-backed
securities expected ratings.

The assignment of the final ratings is contingent on the receipt of
final documents and legal opinions conforming to the information
already received.

   Entity/Debt          Rating           
   -----------          ------           
Brignole CO 2024
S.r.l.

   Class A          LT AA(EXP)sf  Expected Rating
   Class B          LT A(EXP)sf   Expected Rating
   Class C          LT BBB(EXP)sf Expected Rating
   Class D          LT BB(EXP)sf  Expected Rating
   Class E          LT B(EXP)sf   Expected Rating
   Class F          LT NR(EXP)sf  Expected Rating
   Class X1         LT B(EXP)sf   Expected Rating
   Class X2         LT NR(EXP)sf  Expected Rating
   Class R          LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

Brignole CO 2024 S.r.l. is a static securitisation of Italian
personal loans originated by Creditis Servizi Finanziari S.p.A.
(Creditis), which is owned by Chenavari Credit Partners LLP via
Columbus HoldCo. The transaction follows the unwinding of the
predecessor Brignole CO 2021 S.r.l., whose portfolio will account
for around 47% of the Brignole 2024 portfolio.

KEY RATING DRIVERS

Performance in Line with Peers': Fitch expects a lifetime portfolio
default rate of 3.0% for the banking channel (75% of the
provisional portfolio by current balance), and 6.0% for the direct
and agent channel (25% of the provisional portfolio by current
balance). The assumption is based on the originator's historical
performance, which is better than that of other Italian peers for
the banking channel and in line with that of peers for the direct
and agent channels. Fitch has assigned a 'AAsf' default multiple of
4.75x to the portfolio, which takes into account, among other
factors, that recent vintages following the shift in the
origination channels towards direct and agent are performing worse
than past vintages.

Sequential Switch Softens Pro Rata: The class A to F notes can
repay pro rata until a sequential redemption event occurs if, among
other events, principal deficiency ledger (PDL) on the portfolio
exceeds certain thresholds. Fitch believes the switch to sequential
amortisation, in its expected case, is unlikely during the first
five years after closing given the gap between portfolio
performance expectations and defined triggers. The mandatory switch
to sequential pay-down when the outstanding collateral balance
falls below 10% mitigates tail risk.

Payment Interruption Risk Mitigated: At closing the transaction
will have a fully funded amortising reserve fund to cover senior
fees and interest shortfalls on the class A to E notes. Its
replenishment will be senior to the class A interest payment. Fitch
views liquidity coverage provided by the reserve as adequate in
mitigating payment interruption risk.

Class X1 Sensitive to Performance: The class X1 notes are not
collateralised and the related interest and principal will be paid
from available excess spread. The class X1 notes will start
amortising from issue date following a scheduled amortisation.
Excess spread notes are typically sensitive to underlying loan
performance and prepayments and cannot achieve a rating higher than
'BB+sf'.

'AAsf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above the rating of Italy (BBB/Stable/F2),
which is the case for the class A notes. The Stable Outlook on the
rated notes reflects that of the sovereign Long-Term Issuer Default
Rating.

RATING SENSITIVITIES

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

The rating of the class A notes is sensitive to changes in Italy's
Long-Term IDR. A downgrade of Italy's IDR and a revision downwards
of the 'AAsf' rating cap for Italian structured finance
transactions would trigger a downgrade of the notes.

An unexpected increase in the frequency of defaults or a decrease
in the recovery rates would produce larger losses than the base
case. For example, a simultaneous increase in the default base case
by 25% and a decrease in the recovery base case by 25% would lead
to downgrades of up to four notches for all the notes.

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

An upgrade of Italy's IDR and a revision upwards of the 'AAsf'
rating cap for Italian structured finance transactions could
trigger an upgrade of the class A notes, provided sufficient credit
enhancement is available to withstand stresses at a higher rating.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates would produce smaller losses than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades of up to three notches for all the notes except class A
notes.

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

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

DATA ADEQUACY

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

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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.


GOLDEN GOOSE: S&P Ups ICR to 'B+' on Robust Operating Performance
-----------------------------------------------------------------
S&P Global Ratings raised to 'B+' from 'B' its ratings on Italian
luxury footwear producer Golden Goose SpA and on its EUR480 million
senior secured notes due in 2027. The '3' recovery rating on the
rated debt remains unchanged.

S&P placed all its ratings on Golden Goose and its debt instruments
on CreditWatch with positive implications, reflecting the
likelihood of an upgrade to 'BB-' following the closing of the IPO
and debt refinancing.

S&P said, "The upgrade mainly reflects the company's track record
of maintaining S&P Global Ratings-adjusted leverage at or below
4.0x, combined with healthy and recurring positive annual FOCF,
which we expect to continue. We estimate Golden Goose will report
annual FOCF after leases of EUR50 million-EUR70 million over
2024-2025. Positively, we also highlight the prudent approach in
terms of capital allocation policy with the aim to reinforce the
company's balance sheet over time. Within its medium-to-long term
financial objectives for 2024-2029, Golden Goose announced a net
leverage target of 1.0x-1.5x, per the company's calculations after
International Financial Reporting Standard 16. At year-end 2023 the
group posted S&P Global Ratings-adjusted debt to EBITDA of 3.4x,
down from 4.0x in 2022. The deleveraging trend was primarily driven
by increased EBITDA thanks to reported sound year-on-year revenue
growth of 17% and broadly stable S&P Global Ratings-adjusted margin
slightly above 33%, while S&P Global Ratings-adjusted debt remained
close to EUR665 million in 2023. In our debt calculation for
year-end 2023, we factor about EUR480 million senior secured notes,
EUR26 million reverse factoring (on- and off-balance sheet), about
EUR153 million of lease liabilities, and about EUR11 million of
deferred consideration for the acquisition of Italian Fashion Team.
In line with our methodology, we do not net the company's financial
indebtedness with the cash available on the balance sheet.

"During first-quarter 2024, Golden Goose continued to show a good
track record of profitable organic growth and we expect this to
continue. In first-quarter 2024, the company reported sales growth
of 11% (12% on a constant currency basis) versus first-quarter
2023. The solid performance was particularly supported by the DTC
channel increasing a reported 18% year on year, boosted by strong
market dynamics in both Europe, the Middle East, and Africa (EMEA)
and the Americas, representing more than 80% of the company's
annual sales. The company-adjusted EBITDA grew by 17%, reaching
EUR54 million as of March 31, 2024, primarily thanks to pricing and
flexibility on its cost base. We expect S&P Global Ratings-adjusted
EBITDA margin to remain stable at about 33%, supported by the
company's DTC business expansion, which now represents about 73.5%
of total annual sales, versus 46% in 2019. We also believe the
completed vertical integration of two of its suppliers (Italian
Fashion Team and Sirio) will allow Golden Goose to maintain a
supportive level in its gross margin. The high-end sneaker segment
is supported by trends like casualization and personalization,
which further accelerated after the pandemic ended and which could
support a high-single-digit revenue growth over 2024-2025 for the
company, in our view. Golden Goose is reaping the benefits of its
investments in business digitalization and marketing initiatives
(co-creation, repair services, personalization, etc.), which could
result in further market share gains. We also think the company
maintains a good liquidity cushion to continue to support its
expansion, with total cash of about EUR122 million as of March 31,
2024, and undrawn committed credit lines.

"The positive CreditWatch placement follows Golden Goose's recent
announcement that it plans to be listed on the Euronext Milan and
reduce its total debt quantum. After the IPO, we expect the listed
company to have a minimum free float of 25% of its share capital as
per requirement of the Euronext Milan and we believe that the
private equity firm Permira will relinquish control over the medium
term. Moreover, as part of the overall transaction, Golden Goose
signed a new EUR310 million TLB. We expect Golden Goose will use
the proceeds from the new TLB, the listing of EUR100 million
primary shares, and a portion of cash available on the balance
sheet (about EUR122 million as of March 31, 2024) to early repay
its existing EUR480 million senior secured notes due 2027. Golden
Goose will also improve its liquidity profile thanks to a new
EUR150 million multi-currency revolving credit facility (RCF) that
will replace the existing, currently undrawn, EUR65 million RCF,
which we expect will remain fully undrawn after the IPO closes.
Assuming the IPO closes in line with current expectations, we
estimate a material reduction in S&P Global Ratings-adjusted
leverage, with expected 2024 S&P Global Ratings-adjusted debt to
EBITDA approaching 2.5x, down from about 3.4x at year-end 2023.

"The positive CreditWatch placement reflects the likelihood that we
will raise our rating on Golden Goose to 'BB-' when the announced
IPO and refinancing transaction closes, assuming the transaction is
completed as proposed."




=================
L I T H U A N I A
=================

ALINITA UAB: Plans to Commence Restructuring Process
----------------------------------------------------
Alinita UAB, a company belonging to Panevezio statybos trestas AB
Group, engaged in installation and designing of indoor engineering
systems, is facing financial difficulties and plans to start the
restructuring process.

The management of the company is optimistic about the business
prospects and confident that it can resolve the temporary financial
difficulties, however some extra time and assistance of creditors
are required.

"As a result of unanticipated challenges caused by the COVID-19
pandemic, increased operating costs, as well as supply chains
disrupted by the war in Ukraine, the company faced financial
difficulties.  Together with rising raw material prices and
operating costs, these factors condition the need to start the
restructuring process," Vitalijus Malinauskis, Director of Alinita,
said.

The decision on initiation of the restructuring process has been
taken.  As provided for in the Law on Insolvency of the Republic of
Lithuania, the necessary steps will be made to initiate
restructuring of the company -- informing creditors, applying the
court of the Republic of Lithuania for the opening the
restructuring proceedings, preparing the restructuring plan and
taking all other necessary actions to ensure that the planned
restructuring process has as little negative legal, economic,
social and reputational consequences as possible.

With reference to the forecast of activity plans, duration of the
restructuring process should not exceed the period of 4 years from
the date of the court order approving the restructuring plan.  The
plans include settlement with all creditors and successful
completion of the restructuring processes.




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

LORCA TELECOM: S&P Rates New Senior Secured Debt Instruments 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to Lorca Telecom
Bidco's (MasOrange) new, upsized EUR3.6 billion term loan B3 and
$400 million term loan B4, both due 2031, and to the new EUR600
million senior secured notes due 2029. The rating on the old term
loan B1 has been withdrawn following full repayment. The recovery
rating on all the group's senior secured debt instruments is '2',
reflecting S&P's expectation of substantial recovery (70%-90%;
rounded estimate: 70%) in the event of a default. S&P understands
the holders of the new senior secured debt have the same security
and guarantors as the existing senior secured debt holders, and
retain priority over the existing senior unsecured notes.

Following the recent transactions, Lorca's capital structure
comprises:

-- EUR750 million revolving credit facility due March 2027 (EUR100
million drawn),

-- EUR4.35 billion EURIBOR (E)+2.75% amortizing term loan A due
September 2027 (unrated),

-- EUR250 million outstanding under the E+3.75% term loan B2
maturing in September 2027 (unrated),

-- EUR2.35 billion 4.0% senior secured notes due September 2027,

-- EUR600 million 5.75% senior secured notes due April 2029,

-- EUR3.632 billion E+3.5% term loan B3 due March 2031,

-- $400 million SOFR+3.5% term loan B4 due March 2031, and

-- EUR453 million 5.125% senior unsecured notes due September
2029.

S&P considers the recent transactions as overall leverage-neutral,
and we understand the group remains committed to reducing leverage
toward its financial policy target of below 3.5x over the next few
years.




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

ASSEMBLIN CAVERION: Moody's Affirms B2 CFR & Rates New Sec Notes B2
-------------------------------------------------------------------
Moody's Ratings affirmed Assemblin Caverion Group AB's B2 corporate
family rating and its B2-PD probability of default rating. The
existing B2 backed senior secured note rating was also affirmed. At
the same time, Moody's assigned B2 senior secured instrument
ratings to the group's proposed EUR400 million senior secured notes
due 2030 and its proposed EUR400 million senior secured floating
rate notes due 2031. The outlook on the ratings remains stable.

RATINGS RATIONALE

The rating affirmation with a stable outlook balances high leverage
pro-forma for the transaction and execution risk stemming from a
material business combination of Assemblin with Caverion with
expected margin growth and an improved business profile of the
combined firm.

A rising absolute scale and a broader geographic diversification of
Assemblin Caverion support Moody's assessment of the company's
business profile. The combination strengthened the group's business
profile as it made Assemblin Caverion the largest technical
installation and service company in the Nordics, with a combined
SEK43 billion revenues LTM Q1 2024, 21,800 FTE employees, and a
combined order backlog of SEK32.7 billion. The improved business
profile with a higher service focus will make Assemblin Caverion
less susceptible to weaknesses in particular segments or countries
and create business and cost synergies.

The company intends to issue a total of EUR800 million senior
secured debt to refinance existing debt of Caverion including
acquisition debt, repay a shareholder loan bridge facility, and
make squeeze out and transaction cost payments. In April 2024,
Assemblin acquired Caverion with a combination of acquisition debt
and a shareholder bridge loan. Moody's positively factor in the
funding mix of debt and equity to finance the transaction.

Credit metrics are expected to remain in line with Moody's
requirements for the current rating category over the next two
years. Moody's expect Moody's-adjusted debt/EBITDA to remain below
6x and free cash flow to debt around 2-4% for 2024 and 2025 with a
stronger mid-term potential driven by efficiency improvements.
EBITA/interest remains below 2x in the next 12-18 months. Moody's
projections incorporate anincrease from the combined
Moody's-adjusted EBITA margin of 5.2% towards 6% in the next 2 to 3
years through the realization of synergies and other business
improvements, after implementation cost ease off.

RATIONALE FOR THE OUTLOOK

The stable outlook incorporates the expectation of a moderately
growing topline with margin growth through a successful integration
of the two large businesses and ongoing business improvements.
Furthermore, the outlook reflects the expectation that the company
will operate within the financial metrics requirements for the B2
rating category over the next two years.

LIQUIDITY PROFILE

Assemblin Caverion's liquidity is adequate pro-forma for the
contemplated transaction. The company will benefit from a
long-dated maturity profile with maturities in 2029, 2030 and 2031.
As of March 31, 2024, the combined group had SEK1.1bn of cash and
cash equivalents, which will reduce to around SEK900 million
pro-forma for the transaction. The company generates a combined
Moody's-adjusted FFO of roughly SEK2.1bn, which will be reduced by
higher interest expense resulting from the debt issuance. The
company has access to SEK1.1 billion RCF that the company expects
to increase by SEK370m and EUR125 million with the issuance. The
Cash RCF is part of a revolving facility that includes a
SEK300million guarantee facility that is expected to be upsides by
EUR150 million and a SEK410 million pension guarantee facility.

These sources are sufficient to cover intra-year working capital
swings, with a build-up during the second and third quarters, and a
subsequent release in the fourth quarter and the first quarter of
the next year. Other uses include annual capital spending, lease
payments and spending on bolt-on M&A which is a recurring element
of the business model. The RCF contains a springing net leverage
financial covenant tested only when the facility is more than 40%
drawn.

STRUCTURAL CONSIDERATIONS

Assemblin Caverion's proposed capital structure consists of the
existing EUR480 million senior secured floating rate notes due in
July 2029 and a SEK1.4 billion super senior secured revolving
credit and guarantee facility due 2029, which provides for a SEK1.1
billion RCF and a SEK300 million guarantee line that will be
upsized as part of the transaction. The new proposed senior secured
notes will rank pari passu to the existing notes.

The security is expected to consist of guarantees of subsidiaries
representing 77.5% of the combined EBITDA of Assemblin and
Caverion. The notes will share the same security package as the
existing notes and the super senior RCF, consisting of pledges over
the capital stock, intercompany loans and operating bank accounts,
which Moody's consider as weak. However, the notes will rank junior
to the super senior RCF upon enforcement. While the B2 rating on
notes is in line with the CFR, a further increase in the relative
size of the super senior RCF could result in downward notching of
the notes relative to the CFR.

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

The ratings could be upgraded if strong earnings growth results in
sustained improvement in credit metrics, including:

-- Moody's-adjusted debt/EBITDA sustained below 5x, and

-- Moody's-adjusted EBITA/interest above 2.5x, and

-- Moody's-adjusted FCF/debt in the high-single-digit percentages
and good liquidity.

The ratings could be downgraded with:

-- Moody's-adjusted debt/EBITDA above 6.0x on a sustained basis,
or

-- Moody's-adjusted EBITA/interest sustainably below 1.7x, or

-- FCF reduces towards zero on a sustained basis, or

-- liquidity deteriorates.

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

COMPANY PROFILE

Following the combination of Assemblin and Caverion, Assemblin
Caverion is the largest installation company in the Nordics, with
installation services in electrical, heating and sanitation, and
ventilation and associated services. Pro-forma for the combination
with Caverion the combined annual revenue was SEK43.3 billion, out
of which 43% are generated by project and 57% by service business.
Assemblin was created in November 2015, when the current owner
Triton acquired the Nordic perimeter of the bankrupt estate of
Royal Imtech.


ASSEMBLIN CAVERION: S&P Affirms 'B' ICR & Alters Outlook to Pos.
----------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'B' long-term issuer credit rating on Assemblin
Caverion Group AB. S&P also assigned its 'B' issue-level rating to
the proposed senior secured notes of EUR800 million and affirmed
its 'B' issue-level rating on the group's existing senior secured
notes of EUR480 million. The recovery rating is '3', reflecting its
expectations of meaningful (50%-70%; rounded estimate 55%) recovery
in the event of a payment default.

The positive outlook reflects S&P's view that Assemblin Caverion
Group will successfully integrate its combined operations with a
strong focus on profitability, leading to EBITDA margin expansion
toward 8.5% and solid FOCF generation of above SEK1,500, driving a
deleveraging toward 5.0x over the next 12-18 months.

Assemblin Caverion Group AB is planning to issue Swedish krona
(SEK)9,220 million of new senior secured notes alongside cash on
balance sheet to refinance Caverion's outstanding debt, repay a
bridge shareholder loan from the HoldCo, and provide additional
liquidity for the squeeze out of minority shareholders of Caverion,
transaction fees, and cash on balance sheet.

The current transaction follows Triton's decision to combine its
portfolio companies, Assemblin Group AB and Caverion Oyj, for which
Triton gained majority ownership during 2023. The group, which is
now called Assemblin Caverion Group AB, is planning to issue EUR800
million of senior secured notes alongside cash on balance sheet to
refinance the existing debt of Caverion of EUR372 million, repay a
bridge shareholder loan of EUR338 million, and provide additional
liquidity for the squeeze out of the remaining shareholders within
Caverion, transaction fees, and cash on balance sheet.

S&P said, "We see a strengthening of the business profile as a
result of the combination of Assemblin and Caverion. While
Assemblin reported revenue of SEK14,751 million, the combined
business generated about SEK43,339 million, which compares with
SEK29,423 million of 2023 revenue for the second-largest northern
European player Bravida or about SEK35,800 million of 2023 revenue
for the German technical facility management company Apleona Group
GmbH. This combination places the group now as the market leader in
the Nordics, with a No. 1 position across Sweden, Finland, and
Norway, where the company operates through 340 local units. In
addition, the combination will help to reduce Assemblin's
geographical concentration in Sweden to 37% from 71% based on pro
forma 2023 revenue while also establishing new geographic areas,
including Germany and Austria, which contributed 19% of pro forma
2023 revenue, or Denmark (4%). We believe that business combination
enhances the local density in its respective markets, allowing for
stronger brand awareness, more efficient allocation of resources,
and procurement gains, thanks to better purchasing power with its
suppliers. In addition, the exposure to new regions, including
Germany, which remains a highly fragmented market where the top
three market players hold less than 5% of market share, expands the
group's addressable market and facilitates future growth
opportunities. Moreover, we view favorably that capabilities with
regard to green technology services and smart building solutions
are strengthened where we see future opportunities to provide
additional services to existing customers, thus ultimately
supporting customer stickiness. The strengthened footprint within
the green technology solutions segment is represented by close to
30% of 2023 revenue that is already EU taxonomy aligned, which we
believe will become a more important source of future revenue
growth for the company."

The business combination will temporarily reduce profitability but
enhance revenue predictability, supporting cash flow stability.
While the EBITDA margin is forecast to decline to 7.9% in 2024 from
8.4% in 2023 due to Caverion's lower overall profitability, revenue
predictability and stability are anticipated to improve as the
share of services revenue, which is linked to framework agreements,
is shifting to 57% of total 2023 revenue from 41% for Assemblin
stand-alone previously. In addition, revenue linked to project work
is considered short term, with good cost predictability that allows
the company to factor in any inflation costs while project-related
revenue that is based on a cost-plus method allows immediate
pass-through. Furthermore, the project risk linked to a specific
contract is low for the group given only 7% of total work is linked
to projects with a size of more than EUR15 million, therefore
mitigating concentration risk as well as project risk that may lead
to significant write-downs.

The combination of Assemblin and Caverion entails integration risk.
The size of the transaction combining the second- and third-largest
Nordic multi-services and installation providers by creating a new
group with more than SEK43 billion of revenue adds a level of
complexity. Therefore, as part of this integration process, the
company may incur more than anticipated integration costs that
affect the profitability of the group and could lead to weaker
credit metrics than our base case. S&P said, "However, we see
mitigating factors for the integration process led by the
complementary nature of the two businesses, with Assemblin having a
stronger footprint in small project work and Caverion within
managed services. Therefore, we see a limited overlap of customers
and expect opportunities from the conversion of project and
services activities in each of the entities by leveraging the
existing capabilities and customer relationships. Furthermore, we
view positively the continuity of the existing management, which is
expected to stay in place and help the integration process through
its expertise and market knowledge while having demonstrated an
ability to integrate acquired businesses, with Assemblin, for
instance, acquiring more than 50 companies since 2017."

S&P said, "Because of management's focus on profitability, we
forecast leverage to decrease to 5.0x over the next 18 months. In
2024, we are forecasting marginally negative revenue growth on a
like-for-like basis of up to negative 1.5%, driven by management's
focus on improving profitability, which is reflected by the first
quarter 2024 results, which have seen a revenue decline of 2.9% for
the combined business while the company reported adjusted EBITA
increased by 6% thanks to about 50 basis points (bps) of margin
expansion. The negative decline particularly stems from the Finnish
operations of Assemblin, which are undergoing a restructuring of
the project business while we expect that Caverion's strong Finnish
operations will facilitate the turnaround. Thereafter, we forecast
moderate organic revenue growth of 2.5%-3% because we expect that
market conditions will only gradually improve with regard to
private new housing buildings and office buildings because interest
rates are expected to decrease, offset by solid demand from the
public sector and infrastructure projects while benefitting from a
larger client base across the regions that supports cross-selling
opportunities. On a stand-alone Assemblin basis, the S&P Global
Ratings-adjusted EBITDA margin was 8.4% in 2023 while the EBITDA
margin is set to decline to 7.9% in 2024 due to the negative margin
mix coming from Caverion, which has lower profitability than
Assemblin. However, on a like-for-like basis, we forecast 40 bps
margin expansion in 2024, supported by management's ambition to
focus on higher-margin activities as well as implement operational
efficiencies that include the closure of non-performing units as
well as incentive schemes. The ability of the current management to
enforce those changes has been reflected by the track records of
Assemblin and Caverion, where a gradual shift occurred with a
decreasing number of underperforming units to 61 from 79, which
returned to profitability over a period of five years. As a result,
company reported adjusted EBITA margin increased to 7.2% in 2023
from 3.1% in 2017 for Assemblin and to 5.0% from 0.8% for Caverion.
In 2025, we are forecasting EBITDA margin expansion to 8.4%, which
is supported by management's ability to improve the profitability
of underperforming units as well as synergy realisation of about
SEK180 million, mostly linked to central cost savings, partially
offset by exceptional costs of SEK 250 million in order to support
the integration of the businesses and realize synergies. In fact,
57% of cost-saving initiatives had already been put into place by
April 2024 and are expected to be fully in place by the end of the
second quarter of 2024. As a result of our base case, we forecast
leverage to be 5.5x at the end of 2024 before decreasing to 5.0x at
year-end 2025 while funds from operations (FFO) to debt is forecast
at 10.2% and 10.9%, respectively. In addition, FFO cash interest
coverage is expected to remain above 2x.

"The asset-light business model of Assemblin and Caverion supports
strong cash flow generation. We are forecasting positive FOCF
generation of at least SEK1,500 million over the next two years and
above SEK800 million after lease payments, supported by the low
capital expenditure (capex) requirements of the business of about
0.5% of sales that are mostly linked to equipment, refurbishment
works, and IT while the business bears a structurally negative
working capital profile because project-related work is usually
invoiced before the work is carried out. Despite the shift toward
more services work with the combination of the two businesses, we
continue to view the working capital profile as supportive of cash
flow generation. Thanks to the good revenue predictability on the
back of 57% of revenue coming from services agreements, coupled
with a continuously strong order backlog that covered at least 70%
of revenue since 2020 and the ability to pass on higher inflation,
we expect that the combined business will continue to generate
strong positive FOCF. The solid FOCF generation supports, combined
with SEK894 million of pro forma cash on balance sheet after the
transaction and a new super senior revolving credit facility of
SEK2,880 million, support ample liquidity for Assemblin Caverion
Group AB. In addition, the company does not face any near-term
maturities after the refinancing transaction last year that
extended the maturity wall until 2029.

"The positive outlook reflects our view that Assemblin Caverion
Group will successfully integrate its combined operations with a
strong focus on profitability leading to EBITDA margin expansion
toward 8.5% and solid FOCF generation of above SEK1,500, driving a
deleveraging toward 5.0x over the next 12-18 months."

S&P could revise the outlook to stable over the next 12-18 months
if adjusted leverage remained materially above 5x or FFO to debt
fell below 10%. This could be caused by:

-- Integration challenges that could lead to higher-than-expected
one-off costs, or

-- A more aggressive financial policy with large debt-funded
acquisitions or shareholder remunerations.

S&P could raise the rating if the company demonstrated successful
integration of the two businesses and a financial policy that
supports credit metrics commensurate with a higher rating. This
implies adjusted leveraged about or below 5x and FFO to debt above
10% on a sustained basis.

S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of Assemblin Caverion Group
AB. Our assessment of the company's financial risk profile as
highly leveraged reflects corporate decision-making that
prioritizes the interests of the controlling owners, in line with
our view of most rated entities owned by private-equity sponsors.
Our assessment also reflects generally finite holding periods and a
focus on maximizing shareholder returns."


OSCAR PROPERTIES: Averts Bankruptcy Following Bondholder Deal
-------------------------------------------------------------
Charles Daly at Bloomberg News reports that embattled Swedish
landlord Oscar Properties AB stepped back from the brink of
bankruptcy after it struck a deal with the majority of investors
holding its bonds.

According to Bloomberg, the real estate group said it had reached
an agreement with most holders of its krona-denominated notes
maturing next month and bonds issued by its subsidiary HL18
Property Portfolio AB.  As part of the deal, the properties owned
directly or indirectly by HL18 will be sold to repay the claims
against the company, according to a statement, Bloomberg notes.

Oscar Properties said its "non-priority creditors" have also been
offered a chance to convert their debt holdings into shares on the
proviso the landlord "is supplied with some capital by its owners
or others, corresponding to 99% of all shares in the company",
Bloomberg relates.


SAS AB: Wants Stockholm Court to Open Plan Proceedings
------------------------------------------------------
SAS AB (publ) (the "Company") on June 10 announced the plan of
reorganization in the Company's ongoing company reorganization
proceeding (Sw. företagsrekonstruktion) in Sweden (the
"Reorganization Plan").  The Reorganization Plan has been
distributed to affected parties, and the Company intends to request
that the Stockholm District Court (the "Court") decide to open plan
proceedings in short order.  The Reorganization Plan includes,
inter alia, a description of the Company's debt settlement proposal
and proposed resolutions on the Company's (i) issuance of new
unlisted shares to the new investors (Castlelake, L.P., on behalf
of certain funds or affiliates, Air France-KLM S.A., and Lind
Invest ApS, together with the Danish state), as well as certain
general unsecured creditors that will receive new shares as a
recovery on account of their claims, (ii) redemption and
cancellation of all of the Company's existing common shares,
without consideration to the shareholders, (iii) bonus issue
without the issuance of shares, and (iv) required changes to the
Company's articles of association.

On March 27, 2024, the Company applied for company reorganization
in Sweden in accordance with the Swedish Reorganization Act (Sw.
lagen (2022:964) om foretagsrekonstruktion). On the same date, the
Court approved the application, which was later confirmed by the
Court at a creditors' meeting held on April 17, 2024. The
Reorganization Plan has today been distributed to affected parties,
and the Company intends to request that the Court decide to open
plan proceedings in short order. The plan hearing, during which
affected parties will have the opportunity to vote on the
Reorganization Plan, shall, in accordance with Chapter 4, Section
15 of the Swedish Reorganization Act, be held no earlier than three
weeks, and no later than five weeks, after the Court's decision on
the opening of plan proceedings. The Company anticipates that the
plan hearing will take place around the week commencing July 15,
2024. The exact date of the plan hearing will, however, be decided
by the Court. The confirmed date of the plan hearing, as well as
instructions for affected parties who wish to participate in the
plan hearing, will be announced by the Company through a press
release and on the Company's website,
www.sasgroup.net/transformation, once available.

The Reorganization Plan is attached to this press release. The
Reorganization Plan and related documents are also available on the
Company's website, www.sasgroup.net/transformation.

The debt settlement proposed in the Reorganization Plan, which is
materially consistent with the plan of reorganization confirmed as
part of SAS' chapter 11 proceedings in the U.S. (the "Chapter 11
Plan"), provides that the Company's general unsecured creditors
(including holders of the Company's listed commercial hybrid bonds)
will receive a modest recovery on account of their claims, that
subordinated unsecured creditors will receive no recovery on
account of their claims, and that there will be no value for the
Company's existing shareholders. The final recovery levels for
general unsecured creditors are subject to change and dependent on
various factors, including fluctuations in the SEK/USD exchange
rate, potential changes to the creditor base eligible for recovery
and their claim amounts, and the final outcome with respect to SAS'
potential obligation to pay interest relating to the state aid
received in connection with the 2020 recapitalization.

Application for company reorganization in Sweden was specifically
contemplated by the Chapter 11 Plan and a successful completion of
the company reorganization proceeding is a condition precedent for
the Chapter 11 Plan to become effective. The effectiveness of the
Chapter 11 Plan also remains subject to approvals from various
regulatory authorities and certain other customary conditions
precedent. SAS intends to complete the restructuring proceedings in
Sweden and the U.S., and fulfill all remaining conditions for the
transaction, as soon as possible. SAS aims for this to occur during
the summer of 2024, but this timetable may change.

Information regarding SAS' U.S. chapter 11 cases and SAS AB's
company reorganization in Sweden

Additional information regarding SAS' voluntary chapter 11 cases in
the U.S. and SAS AB's company reorganization in Sweden is available
on SAS' dedicated restructuring website,
https://sasgroup.net/transformation. U.S. court filings and other
documents related to the chapter 11 cases in the U.S. are available
on a separate website administered by SAS' claims agent, Kroll
Restructuring Administration LLC, at
https://cases.ra.kroll.com/SAS. Information is also available by
calling (844) 242-7491 (U.S./Canada) or +1 (347) 338-6450
(International), as well as by email at SASInfo@ra.kroll.com.
Swedish court filings related to SAS AB's company reorganization in
Sweden can be requested from the Stockholm District Court, and
certain documentation is also provided by the administrator on a
separate website administered by Ackordscentralen (AC-Gruppen AB),
https://ackordscentralen.se/en/reorganisations/sas-ab/.

                     Advisors

Weil, Gotshal & Manges LLP is serving as global legal counsel and
Mannheimer Swartling Advokatbyrå AB is serving as Swedish legal
counsel to SAS. Seabury Securities LLC and Skandinaviska Enskilda
Banken AB are serving as investment bankers, and Seabury Securities
LLC is also serving as restructuring advisor to SAS.

               About Scandinavian Airlines

SAS SAB -- https://www.sasgroup.net/ -- Scandinavia's leading
airline, with main hubs in Copenhagen, Oslo and Stockholm, is
flying to destinations in Europe, USA and Asia.  In addition to
flight operations, SAS offers ground handling services, technical
maintenance, and air cargo services.  SAS is a founder member of
the Star Alliance, and together with its partner airlines offers a
wide network worlxdwide.

SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on  July
5, 2022.  In the petition filed by Erno Hilden, authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc., as financial advisor; Ernst & Young AB as tax
advisor; and Seabury Securities, LLC, and Skandinaviska Enskilda
Banken AB as investment bankers.  Seabury is also serving as
restructuring advisor.  Kroll Restructuring Administration, LLC is
the claims agent and administrative advisor.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Willkie Farr & Gallagher, LLP.


TRANSCOM HOLDING: Moody's Alters Outlook on 'B3' CFR to Stable
--------------------------------------------------------------
Moody's Ratings has affirmed Transcom Holding AB's ("Transcom" or
"the company") B3 long-term corporate family rating and its B3-PD
probability of default rating. Concurrently, Moody's has affirmed
the B3 rating on the EUR380 million backed senior secured notes
("senior secured notes") due 2026 and issued by Transcom Holding
AB. The outlook has changed to stable from positive.

"The outlook change to stable from positive reflects Transcom's
weakening performance in the last two quarters, leading to a
material deviation in expectations relative to Moody's forecasts at
the time of the outlook change to positive back in June 2023," says
Lola Tyl, Moody's lead analyst for Transcom.

RATINGS RATIONALE

After a very strong performance in 2022, Transcom experienced in
2023 a slowdown in the group's e-commerce and technology segments
as well as in the services and utilities segments in the past two
quarters, resulting in a modest 2.9% revenue growth overall in the
year and a decline in EBITDA since Q4 2023, particularly in the
group's European operations. A rigid cost structure, mainly in
Europe, led to overcapacity in a context of reduced volumes,
leading to a deterioration in margins and cash flow generation.

Due to its weaker-than-expected revenue growth and EBITDA level in
2023, Transcom's deleveraging trajectory is being delayed compared
with Moody's previous expectations. The company's Moody's-adjusted
gross leverage stood at 5.2x in 2023 compared with 4.3x in 2022.

The rating agency expects Transcom's operating performance will
strengthen especially in the more profitable segments from the
second half of 2024, but there are uncertainties related to the
long term impact of artificial intelligence on the customer
relationship management (CRM) industry and CRM providers business
models.

Transcom's B3 CFR reflects the company's market-leading position in
customer relationship management (CRM) in EMEA and particularly in
the Nordic region; and its global footprint with both offshore and
nearshore activities, which allows the company to serve
international contracts.

The company's rating is constrained by its smaller size than global
peers; its weak Moody's-adjusted free cash flow (FCF) generation,
which Moody's estimates will continue to be negative in 2024 (but
to breakeven thereafter); its also weak EBITA/interest cover ratio
of 1.3x in 2023, which may come under further pressure given the
high interest rate environment and the need to refinance its debt
that matures in December 2026; and the risk of future debt-funded
acquisitions or shareholder distributions due to its private equity
ownership.

LIQUIDITY

Transcom's liquidity is adequate, supported by EUR51 million of
cash as of March 31, 2024 and EUR70 million available under the
EUR75 million super senior revolving credit facility (RCF). Moody's
expects Transcom's Moody's-adjusted free cash flow (FCF) generation
will continue to be negative in 2024, but to breakeven from 2025
onwards.

Transcom's super senior RCF is subject to a springing drawn super
senior leverage ratio financial covenant (set at 2.0x), tested
quarterly when the net drawn amount exceeds 40% of the total RCF
commitments.

The group's super senior RCF is maturing in June 2026 and
Transcom's next significant debt maturity is the senior secured
notes maturity in December 2026, which will likely have to be
refinanced at higher rates.

STRUCTURAL CONSIDERATIONS

Transcom's B3-PD PDR is in line with the CFR, reflecting Moody's
assumption of a 50% recovery rate, as is customary for capital
structures that include bonds and bank debt. The B3 instrument
rating on the EUR380 million senior secured notes is in line with
the CFR. The senior secured notes and the company's EUR75 million
super senior RCF benefit from guarantees from operating
subsidiaries and security over shares. However, proceeds from any
recovery from enforcement of security interests will be applied to
satisfy obligations under the super senior revolving credit
facility before being applied to satisfy obligations to holders
under the senior secured notes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's expectation that
Transcom's operating performance will strengthen in 2H 2024
especially in the more profitable segments, such that the group's
Moody's-adjusted gross leverage will not deteriorate further in the
next 12 to 18 months. It also assumes that the company will not
engage in any material debt-financed acquisitions or shareholders
distributions, and that liquidity will not deteriorate.

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

Upward rating pressure could emerge if Transcom demonstrates a
track record of profitable revenue and EBITDA growth, adapts to the
technological advancements related to artificial intelligence and
transforms the current evolutions in the industry into
opportunities, while enhancing its customer and sector
diversification; FCF generation is increased sustainably towards
mid-single digits as a percentage of Moody's-adjusted gross debt;
Moody's-adjusted EBITA over interest increases above 2x;
Moody's-adjusted leverage decreases below 5.0x on a sustained
basis; and liquidity remains at least adequate.

Downward rating pressure could emerge if Transcom is unsuccessful
in renewing major contracts or its margins decline; the company's
Moody's-adjusted leverage rises to around 7.0x; its FCF is
negative; or its liquidity deteriorates and becomes weak.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Founded in 1995, Transcom ranks among the largest European
providers of outsourced CRM and is the leading provider in Sweden
and Norway. Headquartered in Sweden, the company operates 90
contact center locations in 29 countries, offering services in 33
languages to more than 200 international clients. The company
delivers a broad range of services, including QRC management
(request for information, subscriptions, complaints and technical
support), customer acquisition and onboarding (sales and marketing
operations), CRM and retention, back office, credit and
collections, and advisory and analytics.

In April 2017, Altor Fund IV (Altor), completed the take-private of
Transcom for a total consideration of SEK2.3 billion.




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

GEORGE WILSON: Bought Out of Administration, 26 Jobs Secured
------------------------------------------------------------
Business Sale reports that a West Midlands manufacturer of gas
measurement equipment has been acquired out of administration.

George Wilson Industries (GWi) dates back nearly 150 years, but
fell into administration this month amid increasing financial
problems, Business Sale relates.

The company was founded in 1878 and has traded from its premises in
Coventry since 1904.  In addition to manufacturing domestic
pressure regulators for the UK energy market, the company also
provided gas meter refurbishment, triage and waste management
services.

Over recent months, GWi had faced mounting cash flow issues and
increasing pressure from creditors, ultimately leading to the
decision to place it into administration, Business Sale notes.

Mark Malone and Gareth Prince of Begbies Traynor's Birmingham
office were appointed as joint administrators of the company on
June 10, Business Sale discloses.

The joint administrators had worked with GWi management and various
stakeholders over a number of weeks prior to their appointment, in
order to undertake an accelerated sale process for the company's
business and assets, Business Sale recounts.  Following their
appointment, the joint administrators secured a sale of the
business and assets to Vantage Capital, which will now trade as
George Wilson Metering, in a deal that secures 26 jobs, Business
Sale states.

In the company's most recent accounts at Companies House, for the
year to December 31, 2022, it reported turnover of GBP8.4 million,
down 27% from GBP11.6 million a year earlier, but cut its post-tax
losses from GBP2.9 million to just under GBP1.4 million, Business
Sale relays.

The drop in turnover was largely attributed to "the reversion of a
low margin, gas meter assembly sub-contract to our parent,
following the closure of our gas meter assembly lines", Business
Sale states.  The UK gas meter assembly lines were closed as a
result of the "shocks to the international economy resulting from
governmental responses to the COVID-19 pandemic", with the
operations moved to Poland, Business Sale notes.

At the time, the company's fixed assets were valued at GBP1.9
million and current assets at GBP2.5 million, Business Sale
discloses.  However, its net liabilities totalled nearly GBP3.3
million, up from GBP1.9 million a year earlier, according to
Business Sale.


NAILSEA ELECTRICAL: Goes Into Administration
--------------------------------------------
Business Sale reports that a family business which has been
operating for more than 40 years has announced that it has been
forced to call in the administrators.

Nailsea Electrical which owns stores in the North Somerset town and
in Bristol made the announcement on social media.

The firm was set up by Peter Gilks in Nailsea in 1982. It also has
stores on Gloucester Road and in Hengrove in Bristol.

The company which is now run by Mr. Gilks' son Benjamin announced
it has entered into administration, Business Sale discloses.

The firm announced the news on Facebook with two posts to
customers.

According to Business Sale, the first post said: "It is with the
deepest sadness to inform our customers that NE appliances is going
into administration.

"We have been working tirelessly to save the business but the
economy has not been on our side.  We will be in contact with
everyone in the coming days.  We thank you for your business to
date.  Our hearts could not be more broken."

The second post added: "NE appliances are currently working with
administrators to ensure a process is followed to work with
customers who have lost money as a result of the "company going
into administration.

This is not something that is being taken lightly and we fully
understand the impact it's having on people.  The frustrations are
completely taken on board, but at this exact time our hands are
tied.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

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