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

                          E U R O P E

          Monday, June 17, 2024, Vol. 25, No. 121

                           Headlines



A R M E N I A

ELECTRIC NETWORKS: Moody's Alters Outlook on 'Ba2' CFR to Stable


F I N L A N D

PHM GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative


F R A N C E

NUMERICAL US: MetWest FRI Marks $1.4MM Loan at 20% Off


G E R M A N Y

PLUSSERVER GMBH: EUR260MM Bank Debt Trades at 60% Discount
REVOCAR 2023-1: DBRS Confirms BB(high) Rating on D Notes
SC GERMANY 2024-1: DBRS Finalizes BB(high) Rating on 2 Classes
WIRECARD AG: Ex-Boss Lets Go of Top Lawyer Due to Lack of Funds


H U N G A R Y

ARTEMIS MIDCO: Moody's Hikes CFR to B2 & Alters Outlook to Stable


I R E L A N D

AQUEDUCT EUROPEAN 8: Fitch Assigns B-sf Final Rating on Cl. F Notes
AQUEDUCT EUROPEAN 8: S&P Assigns B-(sf) Rating on Cl. F Notes
CVC CORDATUS XXXI: S&P Assigns B- (sf) Rating on Class F-2 Notes
HARVEST CLO XXXII: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
NEUBERGER BERMAN 6: Fitch Assigns B-sf Final Rating on Cl. F Notes

NEUBERGER BERMAN 6: S&P Assigns B-(sf) Rating on Class F Notes
SONA FIOS II: Fitch Assigns 'B-sf' Final Rating on Class F Notes
VIRGIN MEDIA: Moody's Affirms 'B2' CFR, Outlook Remains Stable


I T A L Y

IBLA SRL: DBRS Cuts Class B Notes Rating to CCC
POP NPLS 2019: DBRS Confirms CCC(low) Rating on Class B Notes


L U X E M B O U R G

JAZZ FINANCING: S&P Rates New First-Lien Sr. Sec. Term Loan 'BB-'


N E T H E R L A N D S

DOMI BV 2024-1: Moody's Assigns B2 Rating to 2 Tranches
DOMI BV 2024-1: S&P Assigns BB (sf) Rating on Class X-Dfrd Notes
MILA 2024-1: Fitch Assigns 'B+sf' Final Rating on Class F Notes
SIGMA HOLDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
TITAN HOLDINGS II: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable



S P A I N

AERNNOVA AEROSPACE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


S W I T Z E R L A N D

CREDIT SUISSE: Bondholders Sue Switzerland in N.Y. Over Rescue


U N I T E D   K I N G D O M

ATLAS FUNDING 2024-1: DBRS Gives Prov. BB(high) Rating on E Notes
CHARGE CARS: Goes Into Administration
EXMOOR FUNDING 2024-1: S&P Assigns B-(sf) Rating on Class F Notes
FLIT TECHNOLOGIES: Goes Into Administration
GRAND CENTRAL: Collapses Into Administration

INFORM CPI: Goes Into Administration
NEWDAY FUNDING: Fitch Assigns 'BB-(EXP)sf' Rating on Class F Notes
OEM GROUP: Enters Administration Amid Cashflow Pressures
STRATTON MORTGAGE 2024-3: Fitch Assigns 'Bsf' Rating on Cl. F Notes
TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on F Notes

UK LOGISTICS 2024-1: DBRS Finalizes BB Rating on Class E Notes


X X X X X X X X

[*] BOND PRICING: For the Week June 10 to June 14, 2024

                           - - - - -


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A R M E N I A
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ELECTRIC NETWORKS: Moody's Alters Outlook on 'Ba2' CFR to Stable
----------------------------------------------------------------
Moody's Ratings has affirmed the Ba2 long-term Corporate Family
Rating and Ba2-PD probability of default rating of Electric
Networks of Armenia (ENA), the national electricity distribution
company in Armenia. The outlook has been changed to stable from
negative.

RATINGS RATIONALE

The affirmation of ENA's Ba2 rating with stable outlook reflects
the company's improved access to long-term funding for its
extensive investment programme in the domestic and international
capital markets. This reduced the liquidity risks related to
increased reliance on short-term debt from local banks in 2022-23
amid uncertainties over the evolving geopolitical tensions related
to the Russia-Ukraine military conflict.

As of year-end 2023, ENA's core international lenders including the
International Finance Corporation (Aaa stable), the Asian
Development Bank (Aaa stable), and the European Bank for
Reconstruction & Development (Aaa stable) confirmed resumption of
cooperation with the company, which was placed on hold in 2022 amid
the heightened geopolitical risks in the region, forcing ENA to
significantly increase its exposure to short-term loans from local
banks to implement its substantial capital spendings.

Moreover, ENA's access to long-term domestic financing has also
improved and the company has been using the available capacity at
the local market to raise necessary financing. In particular, in
February 2024, ENA successfully completed its debut issuance of
AMD32 billion local bonds due December 2026. While local public
debt instruments as a new liquidity source facilitate long-term
borrowing from institutional and individual investors, in 2024,
local banks also substantially increased available foreign-currency
long-term limits on the company at competitive interest rates on
the back of the improved capacity under the central bank
regulation. Moody's expects ENA to continue to explore new funding
options in the next 12-18 months.

Although the share of financing from the three international
financial organisations will not increase substantially, because of
its currently less competitive cost compared with other sources of
funding available to the company, the restored availability of
international long-term financing remains an important supportive
factor, given the size of ENA's investment programme. The
still-significant presence of these lenders, which account for
around a half of the company's debt portfolio, also supports the
company's financial discipline through financial covenants and
close oversight.

The resumed relationship with international financial institutions
also reduces concerns over ENA's exposure to the ongoing
geopolitical tensions in the region. ENA is owned by Tashir group,
a large Russian conglomerate, present in Russia and neighboring
countries, and ultimately controlled by Mr. Samvel Karapetyan and
members of his family. The evolving nature of the Russia-Ukraine
military conflict and the related vast international sanctions on
Russia continue to pose some potential spillover risk for the
company through its shareholders. However, Moody's understands,
that neither ENA's operations, nor its shareholders and their
business in Russia have been directly affected.    

ENA's Ba2 CFR continues to reflect (1) the company's monopoly in
electricity distribution in Armenia (Ba3 stable), which makes it
critically important infrastructure for the country; (2) building
track record of a transparent system of tariff regulation, and
clear-cut long-term arrangements for the recovery of costs and
pre-agreed investments, which also limit the company's exposure to
domestic economy and local-currency volatility, as well as the
regulator's structural independence from the government; (3) the
good visibility into profitability and cash flow generation until
2027 because of the signed 2016-27 agreement between the company
and the regulator; and (4) its sound financial profile with
retained cash flow (RCF)/ debt to remain comfortably above 10% (17%
in 2023) despite significant debt-funded investments and dividend
payouts, commenced in 2024.

ENA's rating is, however, constrained by (1) the company's moderate
scale of operations, naturally constrained by the size of the
Armenian economy and population; (2) the foreign-exchange risk
arising from the mismatch between the revenue currency (Armenian
dram) and the currencies of most of ENA's loans (mainly in euros
and US dollars), which, however, is largely mitigated by the tariff
structure; (3) a significant investment programme, which is to be
completed by 2027, that drives the company's reliance on external
funding; and (4) a still relatively short track record of the
company operating under the new regulatory regime including no
history of its renewal with the regulator upon expiry in 2027.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that ENA's
tariff arrangements will support its sustained operating
performance in the next 12-18 months and that the industry will
continue to be regulated in a transparent and predictable manner,
while the company will recover its access to long-term
international and domestic financing for its substantial investment
programme.

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

Upward rating pressure would be conditional upon an upgrade of
Armenia's sovereign rating and a decrease in geopolitical risks,
along with a proven strong financial and liquidity profile in a
supportive regulatory environment.

ENA's rating could be downgraded if (1) Armenia's sovereign rating
is downgraded; (2) there is a significant adverse change to the
current regulation or a shift to a more aggressive financial policy
such that the company's financial metrics weaken with its funds
from operations (FFO)/interest falling below 3.0x, and retained
cash flow (RCF)/debt remaining below 8% on a sustained basis; (3)
it appears likely that ENA's ownership structure would weigh on the
company's credit quality; (4) ENA's liquidity weakens significantly
or there is a risk of covenant breaches.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

COMPANY PROFILE

Electric Networks of Armenia owns and operates the country's
electricity distribution grid. The company's principal activity is
the purchase and distribution of electricity to residential and
non-residential customers in Armenia. ENA's tariffs for sold
electricity and purchased power are determined by the Public
Services Regulatory Commission. In 2023, the company generated
revenue of AMD209.1 billion (around USD533 million).




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F I N L A N D
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PHM GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Ratings has affirmed PHM Group Holding Oyj's (PHM or "the
company") corporate family rating and probability of default rating
at B2 and B2-PD respectively. Moody's also assigned a B2 instrument
rating to the proposed EUR300m backed senior secured term loan B
(TLB) and affirmed the existing B2 senior secured and B2 backed
senior secured notes rating. The outlook has changed to negative
from stable.

RATINGS RATIONALE

The outlook change to negative reflects the execution challenge to
restore credit metrics back towards the requirements for the B2
rating category following the majority debt-funded expansion into
Switzerland with the acquisition of Investis RES and the expansion
of its Danish business with the acquisition of DEAS RES.

The affirmation of PHM's B2 CFR balances the stability of the
property services segment, an improved business profile with larger
scale and a more diversified regional business footprint with
weaker credit metrics due to largely debt-funded acquisitions. The
B2 rating assigned to the proposed backed senior secured term loan
reflects its pari passu ranking with existing instruments in the
capital structure.

The proposed term loan issuance will fund acquisitions such as the
recently announced expansion into Switzerland with the acquisition
of Investis RES and the expansion of its Danish business with the
acquisition of DEAS RES.

Credit metrics were outside of Moody's guidance following last
year's acquisitions and the recent acquisitions will make
deleveraging to expected levels more difficult to achieve.
Moody's-adjusted debt/EBITDA is above 6.0x considering the full
year EBITDA contributions of last year's acquisition, and a
recovery is depending on profitability improvements following the
integration of the acquisitions.

Moody's-adjusted EBITA margin is expected to grow above 10% in the
next 12-18 months from the current 8.5% LTM March 2024, driven by
synergies and performance contributions from recent acquisitions.

Moody's expects EBITA/Interest expense to remain tight around
1.5x-1.7x in the next 12 to 18 months. Free cash flow to debt will
remain muted in the 0 to 2% range. Moody's projections include
70-100 million annual smaller bolt-on acquisitions that may require
further funding in the future.

The rating is supported by PHM's good market position in the
Nordics and Switzerland with additional operations in Germany, in a
property maintenance market that continues to be highly fragmented.
A large part of the company's revenues are recurring or
re-occurring, with low customer churn and sustainable revenue
growth. Furthermore PHM operates with relatively high operating
profitability in a business with lower volatility.

Credit challenges include PHM's weaker credit metrics as of LTM Q1
2024 and an aggressive M&A-driven growth strategy that limits the
potential to reduce leverage; its still moderate scale but with a
wider geographic diversification; limited but improving track
record given rapid growth since 2020. The acquisitive nature of the
company is an ESG consideration in Moody's rating. Moody's expect
that refinancing of the RCF (December 2025) and the bonds (June
2026) will be addressed well ahead of their maturities.

RATING OUTLOOK

The negative outlook reflects weaker credit metrics and the
execution challenge to restore metrics back to the requirements for
the B2 rating category. The negative outlook reflects the reduced
headroom in the current rating category in case of  further
debt-funded acquisitions in a higher interest rate environment that
reduce free cash flow.

LIQUIDITY PROFILE

Liquidity will be adequate subject to the TLB issuance. The
company's liquidity profile benefits from around EUR52 million cash
as of Q1 2023, while basically all proceeds of the TLB issuance
will be used to fund acquisitions. In the absence of further
expected acquisitions that would add to EBITDA and FFO,
Moody's-adjusted FFO will contribute 60-70 million to available
liquidity. The company has access to a RCF (upsized to EUR92.5
million after Q1 2024) that was largely undrawn as of Q1 2024.
These sources are sufficient to accommodate moderate working
capital swings and maintenance and lease capital spending. Ultimate
free cash flow generation will be muted in 2024 in Moody's
projections.

Yet Moody's expect the company to continue its aggressive
acquisitive growth, which can result in further drawings under the
RCF or potential future tap issuances. Given the RCF maturity in
Dec 2025 and existing debt maturity in June 2026 this will require
the company to be proactive in managing its debt maturities to
retain an adequate liquidity profile.

STRUCTURAL CONSIDERATIONS

PHM's CFR of B2 is aligned with the existing and proposed debt
instruments issued by the group. The rating alignment reflects the
limited amount of super senior debt within the financial structure.
The company's probability of default (PDR) rating of B2-PD is also
in line with the CFR. The PDR reflects the use of a 50% family
recovery rate resulting from a debt package without financial
covenant and a security package that is limited to share pledges,
intercompany loans and business mortgages. Further, the notes
benefit from guarantees by significant subsidiaries representing at
least 80% of consolidated EBITDA.

The super senior RCF benefits from priority over the proceeds in
case of a security enforcement over the senior secured bond. The
facility is subject to a super senior leverage maintenance
covenant, under which Moody's expect the company to maintain ample
capacity at any time.

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

Upward pressure could arise if

-- Moody's-adjusted debt/EBITDA falls below 4.5x

-- Moody's-adjusted EBITA/Interest above 2.5x

-- FCF/debt increases towards the high single digits in percentage
terms for a sustained period

-- EBITA margins sustain above 10%
Downward pressure on the ratings could develop if PHM's

  -- Liquidity deteriorates, in particular with respect to upcoming
maturities

-- Moody's-adjusted debt/EBITDA remains above 6x

-- EBITA/Interest sustained below 1.7x

-- EBITA margins fail to recover as Moody's expect

-- FCF turns negative for a sustained period

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include all
companies representing 5% or more of consolidated EBITDA (each
excluding companies that don't have to grant security under the
agreed security principles. Security will be granted over key
shares, bank accounts and receivables.

Unlimited pari passu debt is permitted up to a senior secured
leverage ratio of 5.0x, and unlimited unsecured debt is permitted
subject to a 2.0x fixed charge coverage ratio. These baskets and
the credit facility basket may be made available as ancillary
facilities.  Unlimited restricted payments are permitted provided
pro forma total net leverage is 4.5x or lower. The obligation to
apply asset sale proceeds in full is subject to a leverage ratio
test (levels to be confirmed).

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 30% of consolidated EBITDA
and believed to be realisable within 24 months of the relevant
event.

The above are proposed terms, and the final terms may be materially
different.

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

COMPANY PROFILE

PHM Group Holding Oyj (PHM) is a leading company in the Finnish
residential property maintenance services market, founded in 1989
with its headquarters in Helsinki. The group was acquired by a
Nordic private equity firm, Norvestor Equity AS, in March 2020,
holding the majority of voting rights.

The group offers a broad range of services including general
maintenance, cleaning, management, repairs and technical services
for residential and commercial properties. PHM has around 10,200
employees across locally operating companies with across Finland,
Sweden, Norway, Denmark and Germany as of March 2024. As of the 12
months that ended March 2024, the group generated revenue of around
EUR786 million (like-for-like, adjusted) from a highly granular
customer base.




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F R A N C E
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NUMERICAL US: MetWest FRI Marks $1.4MM Loan at 20% Off
------------------------------------------------------
Metropolitan West Fund's Floating Rate Income Fund has marked its
$1,488,750 loan extended to Numericable U.S. LLC to market at
$1,191,469 or 80% of the outstanding amount, as of March 31, 2024,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2024, filed with the Securities
and Exchange Commission on June 5, 2024.

Floating Rate Income Fund is a participant in a First Lien Term
Loan B14 (SOFR plus 5.50%) to Numericable U.S LLC. The loan accrues
interest at a rate of 10.81% per annum. The loan matures on August
16, 2028.

The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.

The Metropolitan West Funds is led by Megan McClellan, President
and Principal Executive Officer; and Richard Villa, Treasurer,
Principal Financial Officer and Principal Accounting Officer. The
fund can be reach through:

     Megan McClellan
     Metropolitan West Funds
     515 South Flower Street
     Los Angeles, CA 90071
     Tel. No.: (213) 244-0000  
     
Numericable U.S. is a management consulting company based in Paris,
France.



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G E R M A N Y
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PLUSSERVER GMBH: EUR260MM Bank Debt Trades at 60% Discount
----------------------------------------------------------
Participations in a syndicated loan under which PlusServer GmbH is
a borrower were trading in the secondary market around 39.6
cents-on-the-dollar during the week ended Friday, June 14, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR260 million Term loan facility is scheduled to mature on
September 16, 2024.  The amount is fully drawn and outstanding.

Based in Germany, PlusServer GmbH is a multi-cloud data service
provider with a core market in the D-A-CH region.


REVOCAR 2023-1: DBRS Confirms BB(high) Rating on D Notes
--------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes (the
rated notes) issued by RevoCar 2023-1 UG (haftungsbeschränkt) (the
Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BB (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate payment of principal on or before the
legal final maturity date in April 2036. The credit ratings on the
Class B, Class C, and Class D Notes address the ultimate payment of
interest and principal on or before the legal final maturity date.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the April 2024 payment date;

-- Updated probability of default (PD), loss given default (LGD),
and expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the rated notes to
cover the expected losses at their respective credit rating
levels.

The transaction is a securitization of German auto loan receivables
originated and serviced by Bank11 für Privatkunden und Handel GmbH
(Bank11) and granted primarily to private clients for the purchase
of both new and used vehicles. The transaction closed in May 2023
with an initial portfolio of EUR 500.0 million.

PORTFOLIO PERFORMANCE

As of the March 2024 cut-off date, loans that were one to two
months and two to three months in arrears represented 0.5% and 0.3%
of the outstanding portfolio balance, respectively, while loans
that were more than three months in arrears represented 0.4%. Gross
cumulative defaults amounted to 0.3% of the aggregate initial
collateral balance, with cumulative recoveries of 29.8% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS received updated historical vintage data from the
originator in the context of a more recent transaction from the
same originator and conducted a loan-by-loan analysis of the
remaining pool of receivables. Morningstar DBRS updated its base
case PD and LGD assumptions to 1.9% and 54.8%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes.

As of the April 2024 payment date, credit enhancement to the Class
A, Class B, Class C, and Class D Notes increased to 11.5%, 6.0%,
4.3%, and 2.3%, respectively, from 9.0%, 4.7%, 3.4%, and 1.8% as of
Morningstar DBRS' initial credit rating in May 2023, respectively.

The transaction benefits from an amortizing liquidity reserve,
available to cover senior fees and expenses, swap payments, and
interest payments on the Class A Notes only. The reserve has a
target balance equal to 1.0% of the outstanding collateral balance,
subject to a floor of EUR 1.0 million. As of the April 2024 payment
date, the reserve was at its target balance of EUR 3.9 million.

Additionally, the transaction benefits from a commingling reserve
funded by Bank11 at closing to EUR 5.0 million. The reserve is
maintained at a balance equal to 1.0% of the of the outstanding
collateral balance as long as the Class D Notes are outstanding. As
of the April 2024 payment date, the reserve was at its target
balance of EUR 3.9 million.

BNP Paribas S.A., Niederlassung Frankfurt am Main (BNPP Frankfurt)
acts as the account bank for the transaction. Based on Morningstar
DBRS' private credit rating on BNPP Frankfurt, the downgrade
provisions outlined in the transaction documents, and structural
mitigants inherent in the transaction structure, Morningstar DBRS
considers the risk arising from the exposure to the account bank to
be consistent with the credit ratings assigned to the notes, as
described in Morningstar DBRS' "Legal Criteria for European
Structured Finance Transactions" methodology.

UniCredit Bank GmbH (UniCredit) acts as the swap counterparty.
Morningstar DBRS' private credit rating on UniCredit is consistent
with the first rating threshold as described in Morningstar DBRS'
"Derivative Criteria for European Structured Finance Transactions"
methodology.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.

SC GERMANY 2024-1: DBRS Finalizes BB(high) Rating on 2 Classes
--------------------------------------------------------------
DBRS Ratings GmbH finalized provisional credit ratings on the notes
(the Notes) issued by SC Germany S.A., acting on behalf and for the
account of its Compartment Consumer 2024-1 (the Issuer) as
follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)
-- Class F Notes at BB (high) (sf)

The credit rating of the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the legal final maturity date. The credit ratings of the Class B
Notes, the Class C Notes, the Class D Notes, and the Class E Notes
address the ultimate payment of interest, the timely payment of
interest when most senior, and the ultimate repayment of principal
by the legal final maturity date. The credit rating of the Class F
Notes addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

The Notes are backed by a portfolio of fixed-rate unsecured
amortizing personal loans granted without a specific purpose to
private individuals domiciled in Germany and serviced by Santander
Consumer Bank AG (SCB).

CREDIT RATING RATIONALE

The credit ratings are based on the following analytical
considerations:

-- The transaction's structure, including form and sufficiency of
available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Notes are issued;

-- The credit quality of the collateral, historical and projected
performance of SCB's portfolio, and Morningstar DBRS' projected
performance under various stress scenarios;

-- An operational risk review of SCB's capabilities with regard to
its originations, underwriting, servicing, and financial strength;

-- The transaction parties' financial strength with regard to
their respective roles;

-- Morningstar DBRS' sovereign credit rating of the Federal
Republic of Germany, currently at AAA with a Stable trend; and

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal Criteria for European Structured Finance Transactions"
and "Derivative Criteria for European Structured Finance
Transactions" methodologies.

TRANSACTION STRUCTURE

The transaction includes a seven-month scheduled revolving period,
during which the Issuer is able to purchase additional loan
receivables on each monthly payment date, as long as they satisfy
the eligibility criteria and the transaction concentration limits.

The transaction allocates payments according to separate interest
and principal priorities of payments and benefits from an
amortizing liquidity reserve equal to 1.5% of the outstanding Notes
balance, subject to a floor of 0.5% of the initial Notes amount.
The liquidity reserve is part of available interest funds to cover
shortfalls in senior expenses, senior swap payments, interest on
the Class A Notes, and if not deferred, interest on other classes
of the Notes. The liquidity reserve would be replenished in the
interest waterfalls.

The repayment of the Notes after the end of the revolving period
will be sequential until the Class A Notes credit enhancement
reaches 23% (a pro rata payment trigger event), followed by a pro
rata repayment between the Notes (excluding the Class F Notes)
until a sequential payment trigger is breached. Upon the occurrence
of a sequential payment trigger event, the repayment of the Notes
will switch to be non-reversible sequential. On the other hand, the
Class F Notes will begin amortizing immediately after the
transaction closing in the interest priority of payments in 24
equal instalments.

The Notes pay floating interest rates based on one-month Euribor,
whereas the portfolio comprises fixed-rate loans. The interest rate
mismatch risk between the Notes and the portfolio is hedged through
an interest rate swap agreement with an eligible counterparty.

At inception, the weighted-average portfolio yield was at least
8.3%, which is one of the portfolio concentration limits during the
revolving period.

TRANSACTION COUNTERPARTIES

Citibank Europe plc (German Branch) is the account bank for the
transaction. Based on Morningstar DBRS' Long-Term Issuer Rating of
AA (low) on Citibank Europe plc, the downgrade provisions outlined
in the transaction documents, and other mitigating factors in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to the account bank to be consistent with the
credit ratings assigned to the Notes.

DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank) is the
swap counterparty for the transaction. Morningstar DBRS has a
Long-Term Issuer Rating of AA (low) on DZ Bank, which meets
Morningstar DBRS' criteria with respect to its role. The
transaction also has downgrade provisions consistent with
Morningstar DBRS' criteria.

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each class of the Notes are the related
Interest Amounts and Principal.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.


WIRECARD AG: Ex-Boss Lets Go of Top Lawyer Due to Lack of Funds
---------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that former Wirecard
boss Markus Braun was forced to let go of his top defence lawyer
because of lack of funds, in a major setback for the businessman
accused of orchestrating Germany's largest corporate fraud.

Alfred Dierlamm, one of Germany's most prominent white-collar crime
lawyers, walked away from the high-profile mandate last month after
the funds of Mr. Braun's directors and officers insurance ran out
and the former Wirecard chief was unable to pay him directly, the
FT relates.

The Wiesbaden-based lawyer, who represented Mr. Braun before
Wirecard's collapse in 2020, said he informed the court in late May
about his resignation, the FT notes.  In a letter to the court seen
by the FT, he stressed that the decision was entirely triggered by
"financial considerations".

Mr.Braun, who has been in custody since July 2020, recently lost
civil lawsuits against his D&O insurance when the latter refused to
pay after an initial tranche was released, the FT relays.

Wirecard, which at its peak was valued at EUR24 billion, filed for
insolvency in June 2020 after disclosing that half of its revenue
and EUR1.9 billion in corporate cash did not exist, the FT
discloses.  Mr. Braun has been charged with fraud, breach of trust,
account rigging and market manipulation. If found guilty, he could
be sentenced to up to 15 years in jail, the FT states.  He has
denied wrongdoing.

While Mr. Braun had been a billionaire during Wirecard's heyday,
most of his fortune was tied up in now-worthless shares of the
payments company, the FT notes.  His remaining wealth has been
seized by the court at the behest of Wirecard's administrator and
his family office, which managed his assets, filed for insolvency
earlier this year, the FT states.

The trial against Braun and two other former Wirecard managers
began in December 2022 and is expected to run well into next year,
the FT discloses.  It will continue despite Mr. Dierlamm's
departure, as the court appointed a government-paid lawyer who will
remain in charge and be backed by two additional state-funded
lawyers, according to the FT.




=============
H U N G A R Y
=============

ARTEMIS MIDCO: Moody's Hikes CFR to B2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded to B2 from B3 the long-term corporate
family rating and to B2-PD from B3-PD the probability of default
rating of Artemis Midco (UK) Limited, the parent company of Partner
in Pet Food (PPF or the company), a Hungary-based manufacturer of
pet food. Concurrently, the rating agency  has assigned B2 ratings
to the proposed EUR750 million backed senior secured term loan B
maturing in 2031 and the EUR93 million backed senior secured multi
currency revolving credit facility (RCF) maturing in 2027, both to
be borrowed by Artemis Acquisitions (UK) Limited. Moody's took no
action on the ratings of the existing EUR480 million backed senior
secured term loan B due in July 2025 and the EUR62 million backed
senior secured revolving credit facility (RCF) due in July 2024,
and expects that these will be withdrawn upon full repayment with
transaction proceeds. The outlook was changed to stable from
positive.

Proceeds from the new proposed EUR750 million backed senior secured
term loan B, along with EUR52 million of cash on balance sheet,
will refinance the existing debt and fund a EUR280 million dividend
to shareholders to partially repay the shareholder loan within the
capital structure.

"Although the sponsor opted to use the financial flexibility gained
from robust earnings to re-leverage the restricted group, the
upgrade reflects Moody's expectation of continued solid operating
performance trajectory that will favor deleveraging. This mostly
offset the additional debt raised and will keep credit metrics and
leverage at a level commensurate with a B2 rating", says Valentino
Balletta, a Moody's Analyst and lead analyst for PPF.

"The upgrade also takes into account the improved liquidity profile
following the proposed refinancing transaction with most of its new
debt now due in 2031, and expectation for positive FCF generation
in the next 12 to 18 months", adds Mr Balletta.

RATINGS RATIONALE      

The current upgrade ponders the company's strong operating
performance and the revised capital structure under the proposed
refinancing transaction.

Although the proposed transaction increases the overall gross debt
by around EUR226 million compared to the previous structure to fund
a dividend to shareholders, this is mostly offset by incremental
EBITDA on organic base because of the improvement in performance.
Financial leverage (debt-to-EBITDA on a Moody's adjusted basis) pro
forma for the proposed refinancing is expected to be at 5.8x at
close, up from 4.2x under the previous capital structure (as of LTM
April 2024), while interest coverage (EBITA/interest expenses)
stands at 1.8x.

While Moody's considers this to be an aggressive financial policy,
the ratings upgrade reflects the rating agency's expectation that
PPF will further reduce its gross leverage, on a Moody's adjusted
basis, towards 5.0x in the next 12 to 18 months post-closing, a
level that comfortably position the company within the B2 rating
category. Financial leverage reduction will be driven by solid
operating performance, supported by favourable industry dynamics
and a continued focus on profitable contracts and premiumization,
both across and within product categories.

The company's performance in 2023 improved substantially owing to
various pricing  initiatives implemented to offset rising input
costs, SKUs optimization, and a continued shift to higher-margin
products such as wet pet food, pouches, and snacks. While volumes
dropped by 5.5% due to a focus on more profitable contracts
(smaller and high-margin products), sales rose by 14.7%. This,
along with eased inflation, boosted contribution margins, leading
to a 63% EBITDA increase year on year to EUR131.5 million (EUR80.5
million in 2022). The trend continued into 2024's first four
months, with a 4% revenue increase, mostly supported by volume, and
a 30% EBITDA improvement to EUR51 million (EUR39 million in the
comparable period in 2023). As a result, the company's financial
leverage, in the last twelve months as of April 2024, measured as
Moody's adjusted gross debt to EBITDA, stood at 4.2x, below the
4.6x in December 2023.

Despite some risks and uncertainty regarding the ability to sustain
the current strong performance, Moody's recognizes robust consumer
demand for pet food, driven by trends like pet-humanization and a
shift towards premium pet food products. The company is expected to
further capitalize on this through a focus on premium and
higher-margin products, and by enhancing its premium categories.

PPF's B2 rating continues to reflect the company's solid market
position, particularly in Central European markets; its track
record of organic sales growth, supported by the favourable and
non-cyclical underlying market trends; its improved geographical,
product and channel diversification; its well-established
relationships with major clients; and an adequate liquidity profile
supported by positive cash flow generation.

However, the ratings remain constrained by the company's high
Moody's-adjusted gross leverage; high product concentration and
some degree of geographical concentration; its exposure mainly to
the private-label category; its small scale relative to large
branded pet food peers and major retailers; and its exposure to
foreign-currency and raw material price fluctuations.

LIQUIDITY

Pro forma the refinancing transaction, Moody's expects PPF to
maintain an adequate liquidity, supported by an estimated
post-closing cash balance of EUR10 million and full availability
under the new upsized EUR93 million committed revolving credit
facility (RCF) due in July 2027. In addition, the rating agency
forecasts positive FCF generation of around EUR16 million and EUR34
million for 2024 and 2025 respectively. This is despite the
increase in interest paid related to the refinancing transaction
and ongoing EUR25 million annual project base capex to enhance
capacity needed to support premiumization trends.

The RCF includes one springing financial covenant of net leverage
not exceeding 9.0x, tested when the facility is more than 50%
drawn, against which Moody's expects the company to maintain ample
capacity.

PPF's has improved its debt maturity profile, with most of its new
debt now due in 2031.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the proposed EUR750 million senior secured term
loan B and the EUR93 million senior secured RCF are in line with
the CFR, reflecting the fact that these two instruments rank pari
passu and represent most of the company's financial debt. The term
loan and the RCF are secured against shares of the obligors, bank
accounts and intragroup receivables, and are guaranteed by the
group's operating subsidiaries representing at least 80% of the
consolidated EBITDA. Moody's consider the security package to be
weak, in line with Moody's approach for share-only pledges.

The group's capital structure also includes a EUR200 million
shareholder loan (outstanding and including accrued interest)
borrowed by the parent company of the restricted group, Artemis
Midco (UK) Limited, and due in 2058, to which Moody's have assigned
100% equity credit.

The B2-PD probability of default rating of PPF reflects Moody's
assumption of a 50% family recovery rate, given the weak security
package and the covenant-lite debt structure.

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated in Czechia,
England, Hungary, the Netherlands, and Poland, and include all
companies in those jurisdictions representing 5% or more of
consolidated EBITDA. Security will be granted in accordance with
security principles to be agreed.

Incremental facilities are permitted up to the greater of EUR50
million and 1.00x consolidated EBITDA. Unlimited pari passu debt is
permitted up to a senior leverage ratio of 5.00x, and unlimited
unsecured debt is permitted subject to total leverage ratio of
5.00x, and of which may be made available as an incremental
facility. There is no leverage ratio-based permission for
restricted payments or restricted investments. Repayment of Asset
sale proceeds is not subject to a leverage ratio test.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 25% of consolidated EBITDA
and believed to be realisable within 18 months of the relevant
event.

The proposed terms, and the final terms may be materially
different.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's view that PPF will continue to
demonstrate organic sales growth and improvement in profitability
in the next 12-18 months, such that its Moody's-adjusted gross
debt/EBITDA remains consistently below 6.0x. The stable outlook
also factors in Moody's expectation that PPF will generate positive
free cash flow (FCF) and maintain adequate liquidity.

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

The ratings could be upgraded if the company (1) improves its scale
and continues to demonstrate a track record of organic revenue
growth while sustainably improving its profit margin; (2) reduces
its Moody's-adjusted gross debt/EBITDA below 4.5x on a sustainable
basis while maintaining a financial policy consistent with such
credit metrics; and (3) continues to generate sustainable positive
free cash flow resulting in a Moody's-adjusted Free Cash Flow/Debt
ratio sustained above 5%; and (4) its liquidity is good.

Downward pressure on the rating could develop if (1) the company's
Moody's-adjusted gross debt/EBITDA ratio exceeds 6.0x as a result
of significant deterioration in profitability; (2) the company's
Moody's-adjusted EBITA interest coverage ratio falls below 1.5x;
(3) the company's free cash flow turns negative on a sustained
basis; or (4) its liquidity deteriorates. Also, ratings would come
under pressure if financial policy becomes more aggressive,
including significant debt-financed acquisitions or shareholder
distribution before leverage is meaningfully reduced.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Headquartered in Hungary, Partner in Pet Food (PPF) manufactures a
full range of products in the pet food categories, with leading
market positions in a number of countries in Central Europe. The
company primarily manufactures private-label products, complemented
by a growing portfolio of its own brands. PPF sells its products
across multiple distribution channels, including traditional
retailers, discounters, specialty pet retailers and online. In the
12 months that ended March 2024, PPF reported revenue of EUR803
million and EBITDA of EUR141 million. PPF is majority owned by
funds managed by the private equity firm Cinven since 2018.




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

AQUEDUCT EUROPEAN 8: Fitch Assigns B-sf Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European CLO 8 DAC final
ratings.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Aqueduct European
CLO 8 DAC

   Class A Loan         LT AAAsf  New Rating   AAA(EXP)sf

   Class A Notes
   XS2809255784         LT AAAsf  New Rating   AAA(EXP)sf

   Class B Notes
   XS2809255941         LT AAsf   New Rating   AA(EXP)sf

   Class C Notes
   XS2809256329         LT Asf    New Rating   A(EXP)sf

   Class D Notes
   XS2809256675         LT BBB-sf New Rating   BBB-(EXP)sf

   Class E Notes
   XS2809256832         LT BB-sf  New Rating   BB-(EXP)sf

   Class F Notes
   XS2809257053         LT B-sf   New Rating   B-(EXP)sf

   M-1 Subordinated
   Notes XS2809257210   LT NRsf   New Rating   NR(EXP)sf

   M-2 Subordinated
   Notes XS2809257483   LT NRsf   New Rating   NR(EXP)sf

   M-3 Subordinated
   Notes XS2809257640   LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Aqueduct European CLO 8 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 were used to purchase a portfolio with a target par of
EUR400 million. The portfolio is actively managed by HPS Investment
Partners CLO (UK) LLP. The collateralised loan obligation (CLO) has
a 4.5-year reinvestment period and an 8.5-year weighted average
life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 64.5%.

Diversified Portfolio (Positive): The transaction has four
matrices: two effective at closing with fixed-rate limits of 12.5%
and 5%, and two one-year post-closing with the same fixed-rate
limits. The closing matrices correspond to an 8.5-year WAL test
while the forward matrices correspond to a 7.5-year WAL test. The
forward matrices could be elected one year after closing if the
collateral principal amount (default at Fitch collateral value) is
at least at the reinvestment target par balance.

The transaction also includes various concentration limits,
including a maximum of 40% to the three-largest Fitch-defined
industries. All matrices are based on a top 10 obligor
concentration at 20%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

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

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing the coverage tests and the Fitch 'CCC'
bucket limitation test after reinvestment, as well as a WAL
covenant that gradually steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

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

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 Aqueduct European
CLO 8 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.


AQUEDUCT EUROPEAN 8: S&P Assigns B-(sf) Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Aqueduct European CLO
8 DAC's class A Loan and class A to F European cash flow CLO notes.
At closing, the issuer issued unrated subordinated notes.

Under the transaction documents, the rated notes 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 approximately 4.6
years after closing, while the non-call period will end 1.5 years
after closing.

The 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 is bankruptcy remote.

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

  Portfolio benchmarks
                                                         CURRENT

  S&P Global Ratings' weighted-average rating factor     2904.52

  Default rate dispersion                                 442.72

  Weighted-average life (years)                             4.65

  Obligor diversity measure                               112.20

Industry diversity measure                                16.18

  Regional diversity measure                                1.43

  Transaction key metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                              0

  'AAA' weighted-average recovery (%)                      36.65

  Weighted-average spread (net of floors; %)                4.17

  Weighted-average coupon (%)                               4.55


S&P said, "The portfolio is 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 EUR400 million target par
amount, the covenanted weighted-average spread (4.06%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We have assumed the actual weighted-average
recovery at all rating levels. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our credit and cash flow analysis shows that the class B, C, D,
and E 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 ratings
on the notes. The class A notes, class A Loan, and class F notes
can withstand stresses commensurate with the assigned ratings.

"Until the end of the reinvestment period on Jan. 15, 2029, 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.

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
loan and 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 have also included the
sensitivity of the ratings on the class A Loan and 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 environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. The
transaction documents prohibit assets from being related to the
following industries: biological and chemical weapons,
anti-personnel land mines, or cluster munitions; depleted uranium,
nuclear weapons, radiological weapons, and white phosphorus;
endangered or protected wildlife; pornography or prostitution;
marijuana, illegal drugs or narcotics. Besides, the transaction
documents prohibit assets issued by high carbon intensity obligors
or obligors that generate significant revenue from sale or
extraction of thermal coal, oil sands or fossil fuels from
unconventional sources. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings list
                     AMOUNT      CREDIT
  CLASS   RATING*   (MIL. EUR)  ENHANCEMENT (%)   INTEREST RATE§

  A       AAA (sf)     155.00     38.00    Three/six-month EURIBOR

                                           plus 1.46%

  A Loan  AAA (sf)      93.00     38.00    Three/six-month EURIBOR

                                           plus 1.46%

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

                                           plus 2.05%

  C       A (sf)        24.00     21.00    Three/six-month EURIBOR

                                           plus 2.55%

  D       BBB- (sf)     28.00     14.00    Three/six-month EURIBOR

                                           plus 3.70%

  E       BB- (sf)      17.00      9.75    Three/six-month EURIBOR

                                           plus 6.59%

  F       B- (sf)       13.00      6.50    Three/six-month EURIBOR

                                           plus 8.22%

  M-1 Sub     NR        15.75       N/A    N/A

  M-2 Sub     NR        16.00       N/A    N/A

  M-3 Sub     NR         0.10       N/A    N/A

*The ratings assigned to the class A loan and class A and B notes
address timely interest and ultimate principal payments. The
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.


CVC CORDATUS XXXI: S&P Assigns B- (sf) Rating on Class F-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to CVC Cordatus Loan
Fund XXXI DAC's class A, B-1, B-2, C, D, E, F-1, and F-2 notes. At
closing, the issuer also issued unrated subordinated notes.

This transaction includes the presence of "make-whole" payments on
the class A notes. If the class A notes are redeemed prior to June
15, 2026, and the holders of such notes receive par plus any
accrued interest up to the redemption date, they will also receive
a class A make-whole payment amount. This effectively compensates
for interest which is foregone as a result of the class A notes'
early redemption. For the avoidance of doubt, S&P's ratings do not
address the payment of such make-whole amounts.

The 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 is bankruptcy remote.

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

  Portfolio benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,816.66

  Default rate dispersion                                 532.92

  Weighted-average life (years)                             4.96

  Obligor diversity measure                               134.24

  Industry diversity measure                               22.27

  Regional diversity measure                                1.18


  Transaction key metrics
                                                         CURRENT

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

  'CCC' category rated assets (%)                           0.91

  Target 'AAA' weighted-average recovery (%)               35.94

  Target weighted-average spread (%)                        4.14

  Target weighted-average coupon (%)                        4.86


Rating rationale

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

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

S&P said, "In our cash flow analysis, we used the EUR440 million
target par amount, the portfolio's covenanted weighted-average
spread (4.10%), covenanted weighted-average coupon (4.50%), and
covenanted weighted-average recovery rates at each rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

"Until the end of the reinvestment period on Dec. 15, 2028, 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 it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all classes
of notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1 to F-1 notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped the assigned ratings.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to F-1 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-2 notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management Ltd.

Environmental, social, and governance factors

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
manufacture or, marketing of controversial weapons; tobacco
production; any borrower which derives more than 10 per cent of its
revenue from the mining of thermal coal; any borrower which is an
oil and gas producer which derives less than 40 per cent of its
revenue from natural gas or renewables. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, we have not made any specific adjustments in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings list
                        AMOUNT                     CREDIT
  CLASS     RATING*   (MIL. EUR)   INTEREST RATE§  ENHANCEMENT
(%)

  A         AAA (sf)    268.40      3mE + 1.47%      39.00

  B-1       AA (sf)      45.00      3mE + 2.10%      26.50

  B-2       AA (sf)      10.00      5.65%            26.50

  C         A (sf)       24.20      3mE + 2.65%      21.00

  D         BBB- (sf)    30.80      3mE + 3.75%      14.00

  E         BB- (sf)     17.60      3mE + 6.64%      10.00

  F-1       B+ (sf)       5.50      3mE + 8.17%       8.75

  F-2       B- (sf)       8.80      3mE + 8.65%       6.75

  Sub notes   NR         34.00      N/A                N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, F-1, and F-2 notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


HARVEST CLO XXXII: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXXII DAC expecting
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt                Rating           
   -----------                ------           
Harvest CLO XXXII DAC

   A XS2793712592         LT AAA(EXP)sf  Expected Rating

   B XS2793712915         LT AA(EXP)sf   Expected Rating

   C XS2793713053         LT A(EXP)sf    Expected Rating

   D XS2793713210         LT BBB-(EXP)sf Expected Rating

   E XS2793713483         LT BB-(EXP)sf  Expected Rating

   F XS2793713640         LT B-(EXP)sf   Expected Rating

   Sub-ordinated Notes
   XS2793713996           LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Harvest CLO XXXII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to fund a portfolio with a target par of EUR500
million. The portfolio is actively managed by Investcorp Credit
Management EU Limited.

The CLO will have a 4.5-year reinvestment period and a 7.5-year
weighted average life (WAL) test at closing, which can be extended
by one year, at any time, from one year after closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 24.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.2%.

Diversified Asset Portfolio (Positive): The transaction will have a
concentration limit for the 10 largest obligors of 20%. The
transaction will also include various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year to 7.5 years on the step-up date, which can be one year
after closing at the earliest. The WAL extension will be at the
option of the manager but subject to conditions, including the
collateral quality tests and the reinvestment target par, with
defaulted assets at their collateral value.

Portfolio Management (Neutral): The transaction will have 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.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis was reduced by 12 months. This is to account for
the strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests and the Fitch
'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time after the end of the
reinvestment period. In Fitch'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 downgrades of no more than
one notch for the class C to E notes, below 'B-sf' for the class F
notes and have no impact on the class A and B 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 C notes have a rating
cushion of one notch and the class B, D, E and F notes of two
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, meaning the notes
are able to withstand larger-than-expected losses for the
transaction's remaining life. After the end of the reinvestment
period, upgrades may occur on stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Harvest CLO XXXII DAC

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Harvest CLO XXXII
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.


NEUBERGER BERMAN 6: Fitch Assigns B-sf Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Neuberger Berman Loan Advisers Euro CLO
6 DAC's final ratings.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Neuberger Berman Loan
Advisers Euro CLO 6 DAC

   Class A XS2801329421     LT AAAsf  New Rating   AAA(EXP)sf

   Class B-1 XS2801329777   LT AAsf   New Rating   AA(EXP)sf

   Class B-2 XS2801329934   LT AAsf   New Rating   AA(EXP)sf

   Class C XS2801330270     LT Asf    New Rating   A(EXP)sf

   Class D XS2801330353     LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS2801330601     LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS2801330866     LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS2801331674             LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Neuberger Berman Loan Advisers Euro CLO 6 DAC is a securitisation
of mainly senior secured loans and secured senior bonds (at least
96%) with a component of senior unsecured, mezzanine and
second-lien loans. Note proceeds have been used to fund a portfolio
with a target par of EUR300 million. The portfolio is actively
managed by Neuberger Berman Europe Limited. The CLO has an
approximately 4.5-year reinvestment period and an approximately
seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.0.

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.6.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including the top 10 obligor
concentration limit at 20% and the maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

The deal could extend the WAL test by one year from the date that
is one year from closing, if the collateral principal amount
(defaulted obligations at the lower of their market value and Fitch
recovery rate) is at least at the target par and if the transaction
is passing all its tests.

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

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by one year to approximately
six years. This reduction to the risk horizon accounts for the
strict reinvestment conditions envisaged after the reinvestment
period.

These include, among others, passing both the coverage tests and
the Fitch 'CCC' maximum limit post reinvestment as well a WAL
covenant that progressively steps down over time, both before and
after the end of the reinvestment period. Fitch believes these
conditions would reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A notes
andlead to downgrades of no more than one notch for the class B-1,
B-2, C, D and E notes and to below 'B-sf' for the class F 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-1, B-2, D, E and F notes
show a rating cushion of two notches and the class C notes of one
notch. The class A notes have no rating cushion as they are at the
highest achievable rating of 'AAAsf'.

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 stressed portfolio would lead to downgrades of up to four
notches for the class A to D notes, and to below 'B-sf' for the
class E and F notes.

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

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

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

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

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

DATA ADEQUACY

Neuberger Berman Loan Advisers Euro CLO 6 DAC

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Neuberger Berman
Loan Advisers Euro CLO 6 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.


NEUBERGER BERMAN 6: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Neuberger Berman
Loan Advisers Euro CLO 6 DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer also issued unrated subordinated
notes, senior preferred return notes, subordinated preferred return
notes, and performance notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.59 years after
closing, and the portfolio's maximum average maturity date is seven
years after closing.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

S&P said, "We consider that the portfolio is 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 collateralized debt obligations."

  Portfolio benchmarks
                                                           CURRENT

  S&P Global Ratings weighted-average rating factor       2,740.91

  Default rate dispersion                                   524.43

  Weighted-average life (years)
  including reinvestment period                               4.86

  Obligor diversity measure                                 124.42

  Industry diversity measure                                 23.28

  Regional diversity measure                                  1.30


  Transaction key metrics
                                                           CURRENT

  Total par amount (mil. EUR)                                  300

  Defaulted assets (mil. EUR)                                    0

  Number of performing obligors                                151

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

  'CCC' category rated assets (%)                             0.83

  'AAA' weighted-average recovery (%) on identified pool     37.57

  Actual weighted-average spread (no credit to floors [%])    4.00


S&P said, "In our cash flow analysis, we modeled the EUR300 million
target par amount, the covenanted weighted-average spread of 3.90%,
the covenanted weighted-average coupon of 4.25%, and the covenanted
weighted-average recovery rates for all rated notes. 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.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

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

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

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1 to E notes is
commensurate with higher ratings than those assigned. However, as
the CLO will have a reinvestment period, during which the
transaction's credit risk profile could deteriorate, we have capped
our assigned ratings on these 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 have also included the
sensitivity of the ratings on the class A to E notes in 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 environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to weapons or
firearms, illegal drugs or narcotics etc. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings
                        AMOUNT
  CLASS    RATING*   (MIL. EUR)   SUB(%)    INTEREST RATE§

  A        AAA (sf)    183.00     39.00    Three/six-month EURIBOR

                                           plus 1.47%

  B-1      AA (sf)      30.10     26.30    Three/six-month EURIBOR

                                           plus 2.10%

  B-2      AA (sf)       8.00     26.30    5.70%

  C        A (sf)       16.80     20.70    Three/six-month EURIBOR

                                           plus 2.60%

  D        BBB- (sf)    21.00     13.70    Three/six-month EURIBOR

                                           plus 3.75%

  E        BB- (sf)     13.50      9.20    Three/six-month EURIBOR

                                           plus 6.67%

  F        B- (sf)       8.10      6.50    Three/six-month EURIBOR

                                           plus 8.20%

  Sub notes†   NR       23.60       N/A    N/A

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

†In addition to subordinated notes, the issuer also issued
unrated senior preferred return notes, subordinated preferred
return notes, and performance notes on the issue date. The senior
preferred return notes are paid senior to the class A notes in the
interest priority of payments.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


SONA FIOS II: Fitch Assigns 'B-sf' Final Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Sona Fios CLO II DAC final ratings.

   Entity/Debt             Rating           
   -----------             ------           
SONA FIOS CLO II DAC

   A – Loan                LT AAAsf  New Rating
   A - Note XS2809780351   LT AAAsf  New Rating
   B-1 XS2809780518        LT AAsf   New Rating
   B-2 XS2809780781        LT AAsf   New Rating
   C XS2809780948          LT Asf    New Rating
   D XS2809781169          LT BBB-sf New Rating
   E XS2809781326          LT BB-sf  New Rating
   F XS2809781672          LT B-sf   New Rating
   Sub Note XS2809781839   LT NRsf   New Rating

TRANSACTION SUMMARY

SONA FIOS CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR450
million. The portfolio is actively managed by Sona Asset Management
(UK) LLP. The CLO has a 4.7-year reinvestment period and an
8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.5%.

Diversified Portfolio (Positive): The transaction includes four
matrices covenanted by a top-10 obligor concentration limit at 20%
and fixed-rate asset limits of 7.5% and 12.5%, and a weighted
average coupon at 4.6%. It has various concentration limits,
including the maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.7-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

The transaction includes four Fitch matrices, two effective at
closing and the other two, one year after closing. The second set
can be selected by the manager at any time from one year after
closing as long as the aggregate collateral balance (including
defaulted obligations at their Fitch collateral value) is at least
at the target par.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio is reduced by 12 months from the WAL covenant.
This reduction to the risk horizon accounts for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include, among others, passing both the
coverage tests and the Fitch 'CCC' test post reinvestment as well
as a WAL covenant that progressively steps down over time. Fitch
believes these conditions would reduce the effective risk horizon
of the portfolio during the stress period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-1, B-2 and E notes have a
cushion of two notches and the class C, D and F three notches. The
class A-1 notes and A-1 loan have no cushion as they are already at
the highest rating level.

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

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 five notches, except for
the 'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for SONA FIOS CLO II
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.


VIRGIN MEDIA: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating and the
B2-PD probability of default rating of Virgin Media Ireland
Holdings Limited ("Virgin Media Ireland" or "the company").
Concurrently, Moody's has affirmed the B2 instrument ratings on the
senior secured bank credit facilities issued by Virgin Media
Ireland Limited. The outlook on both entities remains stable.  

"The rating action largely reflects the ongoing positive
developments for the business profile of Virgin Media Ireland,
including the ongoing upgrade to full fibre and the wholesale
agreements signed with Sky, Vodafone and Siro, as well as the
support from the parent Liberty Global" says Luigi Bucci, a Moody's
Assistant Vice President-Analyst and lead analyst for Virgin Media
Ireland.

"At the same time, credit metrics will remain weak for the rating
category over 2024/25 and the positive impact from wholesale
agreements will only be gradual. Free cash flow will also remain
negative as capex remains elevated due to the full fiber upgrade.
For these reasons, Virgin Media Ireland is weakly positioned in the
B2 category" adds Mr Bucci.

RATINGS RATIONALE

Virgin Media Ireland B2 corporate family rating CFR reflects: (1)
the company's position as the second-largest broadband and pay-TV
operator in Ireland; (2) growth potential coming from mobile and
fixed wholesale opportunities; (3) well-defined investment strategy
aimed at upgrading its cable network to full fibre by 2025; and (4)
adequate liquidity, when assuming support from the parent Liberty
Global plc (Ba3 negative) for its ongoing full fibre roll-out.

However, the rating is constrained by Virgin Media Ireland's: (1)
small scale relative to most European telecom peers rated by
Moody's; (2) high Moody's-adjusted leverage of 6.9x as of December
2023; (3) continued pressures on its broadband and pay-TV customer
base; and (4) negative free cash flow generation (FCF) over
2024/2025 as the company is rolling out full fibre rapidly.

The rating agency forecasts that the Moody's-adjusted leverage will
remain high in 2024, at around 6.7x, which is slightly below the
2023 level of 6.9x. Moody's-adjusted leverage should then reduce to
below 6.5x in 2025 as EBITDA improves due to lower energy and IT
costs as well as revenue growth. These levels take into account the
presence of related party debt in Virgin Media Ireland's capital
structure, which accounted for approximately 0.2x of
Moody's-adjusted leverage in 2023.

Moody's estimates that Virgin Media Ireland's free cash flow (FCF)
generation will remain constrained through 2025 by high capex
levels for the upgrade of its cable network to full fibre but also
for IT investments. FCF should improve gradually thereafter as the
network upgrade should be largely completed by 2025. The rating
agency expects, nevertheless, that the reduction in investments due
to the fiber roll-out will be somehow offset by success-based capex
related to its wholesale agreements.

The rating agency expects Virgin Media Ireland cash flow from
operations (CFO) to improve over 2024/2025 from 2023 levels. The
company will continue to be negatively affected by the shift from
loan-settling to cash-settling the charges to Liberty Global for
the provision of technology services, a change implemented over the
course of 2023. Nevertheless, Virgin Media Ireland's CFO will be
somewhat bolstered by an improvement in working capital during
2024/25, compared to that of 2023. This is because of the unwinding
of the previously existing loan related to technology charges over
2023, which affected working capital over the year.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Virgin Media Ireland's CIS-3 indicates that ESG considerations have
a limited impact on the current rating. This largely reflects
governance risks that are high stemming from the company's
concentrated shareholding structuring as all board members are
appointed by the parent company Liberty Global. Virgin Media
Ireland's CIS-3 also reflects the company's tolerance for leverage
and shareholder distributions whereby most of the excess cash flow
generated is up-streamed to the parent. Social risks mainly reflect
the company's industry-wide exposure to data privacy and security
risk.

LIQUIDITY

Virgin Media Ireland has adequate liquidity, supported by the
company's fully undrawn EUR100 million revolving credit facility
(RCF) as of March 2024 and the rating agency's expectation that
Liberty Global will support the company over the next 24 months to
compensate for the negative FCF generation of the business.

Virgin Media Ireland's debt maturity profile is long dated with no
significant maturity before 2027 and 2029 when the undrawn RCF and
the term loan mature, respectively. As of March 2024, the company's
fully-swapped third-party debt borrowing cost was 3.9%.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR, at the same level as the CFR, reflects the debt
structure that is composed of senior secured credit facilities with
a springing financial maintenance covenant. The B2 instrument
rating assigned to the senior secured term loan and the RCF
reflects their pari passu ranking and comprehensive guarantor
coverage with no financial liabilities ranking ahead or behind.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's view that Virgin Media Ireland
is likely to stabilize its operating performance over 2024 before
returning to growth in 2025 as price increases, growth of mobile
subscribers and, mostly, positive impact from wholesale agreements
will offset to a large extent negative pressures from fibre
competition, structural decline in pay-TV subscribers as well as
lower handsets sales.

Moderate improvements in financial performance should help the
company to lower Moody's-adjusted leverage to below 6.5x in 2025,
from slightly higher levels in 2023/2024. FCF generation is likely
to remain constrained until 2025, as investments in full fibre will
remain high. The rating is currently weakly positioned and the
stable outlook is based on the rating agency assumption of a
stabilization in operating performance over 2024 before a return to
growth in 2025.

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

Upward pressure on the rating could develop over time if Virgin
Media Ireland's: (1) operating performance improves significantly,
translating into stronger revenue and EBITDA growth; (2)
Moody's-adjusted gross debt/EBITDA falls below 5.5x on a sustained
basis; and (3) cash flow generation remains strong.

Downward rating pressure could develop if the company's: (1)
Moody's-adjusted gross debt/EBITDA increases towards 6.5x on a
sustained basis; (2) operating performance deteriorates, driven by
increasing competition; and (3) liquidity profile were to
deteriorate significantly.

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

COMPANY PROFILE

Virgin Media Ireland Holdings Limited is Liberty Global's cable
operation in Ireland. The company's services include pay-TV,
broadband, fixed voice and mobile. Virgin Media Ireland also
operates three free-to-air (FTA) broadcast channels and the Virgin
Media Sport pay channel in Ireland. In 2023, the company generated
revenue and company-adjusted EBITDA of EUR468 million and EUR168
million, respectively.




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

IBLA SRL: DBRS Cuts Class B Notes Rating to CCC
-----------------------------------------------
DBRS Ratings GmbH downgraded its credit rating on the Class B notes
issued by Ibla S.r.l. (the Issuer) as follows:

-- Class B notes downgraded to CCC (sf) from CCC (high) (sf)

In addition, Morningstar DBRS confirmed its credit rating on the
following notes:

-- Class A notes at BBB (high) (sf)

All trends remain Stable.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the notes). The credit rating on the
Class A notes addresses the timely payment of interest and the
ultimate repayment of principal. The credit rating on the Class B
notes addresses the ultimate payment of principal and interest.
Morningstar DBRS does not rate the Class J notes.

At issuance, the notes were backed by a EUR 348.6 million portfolio
by gross book value consisting of a mixed pool of Italian
nonperforming residential, commercial, and unsecured loans
originated by Banca Agricola Popolare di Ragusa S.C.p.A.

The receivables are serviced by doValue S.p.A. (doValue; the
servicer), while Banca Finint S.p.A. (Banca Finint: formerly
Securitization Services S.p.A.) operates as backup servicer.

CREDIT RATING RATIONALE

The credit rating actions follow a review of the transaction and
are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of March 2024, focusing on (1) a comparison between actual
collections and the servicer's initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison between the current performance and Morningstar DBRS'
expectations.

-- Updated business plan: The servicer's updated business plan as
of December 2023, received in March 2024, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: Loan pool composition as of March
2024 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes, and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative collection ratio or
present value cumulative profitability ratio is lower than 85%. One
trigger has been breached since the April 2021 interest payment
date (IPD). The actual figures of the triggers are at 59.9% and
125.2% as of the April 2024 IPD, respectively, according to the
servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 7.5% of the Class A
principal outstanding and is currently fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from April 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were EUR 24.9 million, EUR 9.0 million, and EUR 3.5 million,
respectively. As of the April 2024 payment date, the balance of the
Class A notes had amortized by 70.7% since issuance, and the
current aggregated transaction balance is EUR 37.4 million.

As of March 2024, the transaction was performing below the
servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 89.1 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
144.0 million for the same period. Therefore, as of March 2024, the
transaction was underperforming by EUR 55.0 million (38.2%)
compared with the initial business plan expectations. Compared with
the previous updated business plan delivered in 2023, the
transaction was underperforming by EUR 9.3 million (9.5%) as of the
first quarter of 2024.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 38.0 million at the BBB
(low) (sf) stressed scenario. Therefore, as of March 2024, the
transaction is performing above Morningstar DBRS' initial stressed
expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in March 2024, the servicer delivered an updated
portfolio business plan as of December 2023.

The updated portfolio business plan, combined with the actual
cumulative gross collections of EUR 85.6 million as of December
2023, results in a total of EUR 141.2 million, which is 15.4% lower
than the total gross disposition proceeds of EUR 166.8 million
estimated in the initial business plan.

Excluding actual collections as of March 2024, the servicer's
expected future collections from April 2024 amount to EUR 52.2
million. The updated Morningstar DBRS credit rating stress assumes
a haircut of 24.1% at the BBB (high) (sf) stress scenarios to the
servicer's updated business plan, considering future expected
collections from April 2024. In Morningstar DBRS' CCC (sf)
scenario, the Servicer's updated forecast was adjusted only in
terms of actual collections to the date and timing of future
expected collections, resulting in EUR 53.0 million recoveries.

Considering the benefit from over hedging and the increased
subordination, the Class A notes may now pass higher credit rating
stresses in the cash flow analysis. However, Morningstar DBRS does
not deem the senior principal redemption path to be sustainable
yet, as also evidenced by the recent slowdown of Class A
redemption, the servicer's underperformance compared with the
revised business plan delivered in 2023 and the servicer's downward
revision of total collection expectations according to the most
recent business plan. In addition, there is some exposure to the
transaction account bank, considering the downgrade provisions
outlined in the transaction documents. Hence, Morningstar DBRS
confirmed the credit rating on the Class A notes at BBB (high) (sf)
with a Stable trend.

Morningstar DBRS observes a decreasing likelihood that Class B
notes' obligations will be fully met at maturity. The interests on
Class B notes accrue fast in a high interest rate environment. As
of April 2024, there are already EUR 3.0 million unpaid interests
on Class B notes. In addition, the reduction of Servicer's total
expected collections leaves a lower cushion for the full payment of
Class B notes principal and interests. Therefore, Morningstar DBRS
downgraded the credit rating on the Class B notes to CCC (sf) with
a Stable trend.

The final maturity date of the transaction is 30 April 2037.

Morningstar DBRS' credit ratings on the Class A and Class B notes
address the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
The associated financial obligations are the related Interest
Payment Amounts and the related Class Balance.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.


POP NPLS 2019: DBRS Confirms CCC(low) Rating on Class B Notes
-------------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes issued
by POP NPLS 2019 S.r.l. (the Issuer) as follows:

-- Class A Notes at BBB (sf) with a Stable trend
-- Class B Notes at CCC (low) (sf) with a Negative trend

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the Notes). The credit rating on the
Class A Notes addresses the timely payment of interest and the
ultimate payment of principal on or before the legal final maturity
date and the rating on the Class B Notes addresses the ultimate
payment of principal and interest. Morningstar DBRS does not rate
the Class J Notes.

As of the January 1, 2019 cut-off date, the Notes were backed by a
EUR 826.7 million portfolio consisting of secured and unsecured
Italian nonperforming loans sold to the Issuer by 12 Italian
banks.

Prelios Credit Solutions S.p.A. (Prelios) and Fire S.p.A. (Fire;
together with Prelios, the Servicers) service the receivables.
Prelios Credit Servicing S.p.A. acts as the master servicer and
Banca Finanziaria Internazionale S.p.A. (Banca Finint) operates as
the backup servicer.

CREDIT RATING RATIONALE

The credit rating confirmations follow a review of the transaction
and are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of December 2023, focusing on (1) a comparison between actual
collections and the Servicers' initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison between the current performance and Morningstar DBRS'
expectations.

-- Updated business plan: The Servicers' updated business plan as
of December 2023, received in May 2024, and the comparison with the
initial collection expectations.

-- Portfolio characteristics: Loan pool composition as of December
2023 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes, and the Class J Notes will amortize following
the repayment of the Class B Notes). Additionally, interest
payments on the Class B Notes become subordinated to principal
payments on the Class A Notes if either the cumulative net
collection ratio or the net present value cumulative profitability
ratio is lower than 90%. These triggers were not breached on the
February 2024 interest payment date, with actual figures at 119.3%
and 118.3%, respectively, according to the Servicers.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfalls on the Class A Notes and senior fees.
The cash reserve target amount is equal to 4.5% of the Class A
Notes' principal outstanding and is currently fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from February 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 79.3 million, EUR 25.0 million, and EUR 5.0 million,
respectively. As of the February 2024 payment date, the balance of
the Class A Notes had amortized by 54.1% since issuance and the
current aggregated transaction balance was EUR 109.3 million.

As of December 2023, the transaction was performing above the
Servicers' business plan initial expectations. The actual
cumulative gross collections equaled EUR 136.3 million whereas the
Servicers' initial business plan estimated cumulative gross
collections of EUR 105.9 million for the same period. Therefore, as
of December 2023, the transaction was overperforming by EUR 30.4
million (28.7%) compared with the initial business plan
expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 73.5 million at the BBB (sf)
stressed scenario and EUR 77.8 million at the CCC (sf) stressed
scenario. Therefore, as of December 2023, the transaction was
performing above Morningstar DBRS' initial stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in May 2024, the Servicers delivered an updated
portfolio business plan as of December 2023. The updated portfolio
business plan, combined with the actual cumulative gross
collections of EUR 136.3 million as of December 2023, results in a
total of EUR 266.6 million, which is 5.2% lower than the total
gross collections of EUR 281.2 million estimated in the initial
business plan. Considering the performance to date, especially the
positive profitability, the Servicers revised future expected
collections considerably downwards.

Excluding actual collections, the Servicer's expected future
collections from January 2024 account for EUR 130.2 million. The
updated Morningstar DBRS BBB (sf) credit rating stress assumes a
haircut of 20.1% to the Servicers' updated business plan,
considering future expected collections. In Morningstar DBRS' CCC
(sf) scenario, Morningstar DBRS only adjusted the updated
Servicers' forecast in terms of actual collections to date and
timing of future expected collections.

The final maturity date of the transaction is in February 2045.

Morningstar DBRS' credit ratings on the Class A and Class B Notes
address the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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

JAZZ FINANCING: S&P Rates New First-Lien Sr. Sec. Term Loan 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Jazz Financing Lux S.a.r.l.'s (Jazz) proposed
amended $2.715 billion first-lien senior secured term loan. The '3'
recovery rating indicates its expectation for meaningful recovery
(50%-70%; rounded estimate: 60%) in the event of a payment
default.

S&P said, "The proposed transaction is leverage neutral, and we
expect it will reduce annual interest expense by about $16 million,
subject to final pricing. In combination with the repricing
transaction that occurred in January 2024, we expect Jazz's
interest expense will be about $27 million lower annually. We do
not expect the transaction to close until mid-July, which is when
the six-month soft call provision of its January 2024 repricing
expires.

"While the company has not yet communicated its plans for
addressing its upcoming August maturity on its $575 million
unsecured exchangeable notes, repayment with cash would only
modestly reduce recovery expectations for its secured debt, and we
would expect the '3' rating and 60% rounded estimate would not be
changed.

"Our 'BB-' issuer credit rating and positive outlook on parent Jazz
Pharmaceuticals PLC are unchanged. The positive outlook reflects
the possibility that we could raise our ratings in the next 12
months if we expect the company will generally sustain leverage at
or below 4x. This could occur if we expect the parent company to
rapidly deleverage following an acquisition, or we no longer expect
it to seek growth through sizable debt-funded acquisitions. Pro
forma for this issuance, we expect S&P Global Ratings-adjusted debt
to EBITDA of about 2.5x for the trailing 12 months ended March 31,
2024."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors:

-- Jazz Pharmaceuticals PLC's capital structure consists of a $500
million secured revolving credit facility, $2.715 billion secured
term loan, $1.5 billion of senior secured notes, $1 billion of
unsecured exchangeable notes due in 2026 (not rated), and $575
million of unsecured exchangeable notes due in 2024 (not rated).

-- S&P's simulated default scenario considers a default in 2028,
stemming from intense competition and pricing pressure that deeply
erodes key products, including oxybate sales, pressuring cash
flow.

-- S&P estimates that for the company to default, EBITDA would be
significantly lower than what the company generated in 2022,
representing a dramatic deterioration from the current business
trajectory. In a default, S&P assumes the company would reorganize
as a going concern rather than liquidate.

-- In S&P's hypothetical default scenario, it assumes the
revolving credit facility is 85% drawn and a modest increase in
borrowing costs following covenant violations.

Simulated default assumptions:

-- Simulated year of default: 2028
-- EBITDA at emergence: $439 million
-- EBITDA multiple: 7x

Simplified waterfall:

-- Net enterprise value (after 5% administrative costs): $3.08
billion

-- Valuation split (obligors/nonobligors): 100%/0%

-- Collateral value available to secured creditors: $3.08 billion

-- Secured first-lien debt (revolver and term loan): $4.64
billion

    --Recovery expectations: 50%-70% (rounded estimate: 60%)

All debt amounts include six months of prepetition interest.




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

DOMI BV 2024-1: Moody's Assigns B2 Rating to 2 Tranches
-------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the Notes issued
by Domi 2024-1 B.V.:

EUR297.6M Class A Mortgage Backed Floating Rate Notes due June
2056, Definitive Rating Assigned Aaa (sf)

EUR12.9M Class B Mortgage Backed Floating Rate Notes due June
2056, Definitive Rating Assigned Aa2 (sf)

EUR6.4M Class C Mortgage Backed Floating Rate Notes due June 2056,
Definitive Rating Assigned A1 (sf)

EUR3.2M Class D Mortgage Backed Floating Rate Notes due June 2056,
Definitive Rating Assigned Baa1 (sf)

EUR1.6M Class E Mortgage Backed Floating Rate Notes due June 2056,
Definitive Rating Assigned B2 (sf)

EUR6.4M Class X Mortgage Backed Floating Rate Notes due June 2056,
Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the EUR100 Class Z Notes due
June 2056.

RATINGS RATIONALE

The Notes are backed by a static pool of Dutch buy-to-let ("BTL")
mortgage loans originated by Domivest B.V. ("Domivest"). This
represents the seventh issuance of this originator.

The total definitive portfolio as of 30 April 2024 is EUR322
million. The Reserve Fund is funded at 0.75% of the Notes balance
of Class A at closing with a target of 1.50% of Class A Notes
balance until the step-up date. The total credit enhancement for
the Class A Notes at closing will be roughly 8.19% in addition to
excess spread and the credit support provided by the reserve fund.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a static portfolio and an amortising reserve fund
sized on aggregate at closing at 0.75% of Class A Notes' principal
amount. However, Moody's notes that the transaction features some
credit weaknesses such as a small and unregulated originator also
acting as master servicer and the focus on a small and niche
market, the Dutch BTL sector. Domivest, with its current size and
set-up acting as master servicer of the securitised portfolio,
would not have the capacity to service the portfolio on its own.
However, the day-to-day servicing of the portfolio is outsourced to
Stater Nederland B.V. ("Stater", NR) as subservicer and HypoCasso
B.V. (NR, 100% owned by Stater) as delegate special servicer.
Stater and HypoCasso B.V. are obliged to continue servicing the
portfolio after a master servicer termination event. This risk of
servicing disruption is further mitigated by structural features of
the transaction. These include, among others, the issuer
administrator acting as a backup servicer facilitator who will
assist the issuer in appointing a backup servicer on a best-effort
basis upon termination of the servicing agreement.

Moody's determined the portfolio lifetime expected loss of 1.4% and
MILAN Stressed Loss of 9.5% related to the mortgage portfolio. The
expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expect the portfolio to suffer in
the event of a severe recession scenario. Expected loss and MILAN
Stressed Loss are parameters used by Moody's to calibrate its
lognormal portfolio loss distribution curve and to associate a
probability with each potential future loss scenario in the ABSROM
cash flow model to rate RMBS.

Portfolio expected loss of 1.4%: This is in line with the average
expected loss in Dutch buy-to-let transactions. The assumption is
based on Moody's assessment of the lifetime loss expectation for
the pool taking into account (1) that only limited historical
performance data for the originator's portfolio is available; (2)
benchmarking with comparable transactions in the Dutch buy-to-let
market and the UK BTL market; (3) peculiarities of the Dutch BTL
market, such as the relatively high likelihood that the lender will
not benefit from its pledge on the rents paid by the tenants in
case of borrower insolvency, and (4) the current economic
conditions and forecasts in The Netherlands.

The MILAN Stressed Loss for this pool is 9.5%: Which is lower than
the average MILAN Stressed Loss in Dutch buy-to-let transactions
and follows Moody's assessment of the loan-by-loan information,
taking into account the following key drivers (1) that only limited
historical performance data for the originator's portfolio is
available; (2) the weighted average current loan-to-market-value
(LTMV) of approximately 65.9%; (3) the high interest-only (IO) loan
exposure. Moody's also considered the high maturity concentration
of the loans, as 49.3% repay in 2052. Borrowers could be unable to
refinance IO loans at maturity because of the lack of alternative
lenders, (4) adjustment relating to the peculiarities of the Dutch
BTL market, and (5) the current economic conditions and forecasts
in The Netherlands.

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

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

Factors that would lead to an upgrade of the ratings include:
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of a currency swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.


DOMI BV 2024-1: S&P Assigns BB (sf) Rating on Class X-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Domi 2024-1
B.V.'s class A and B-Dfrd to X-Dfrd notes. At closing, Domi 2024-1
also issued unrated class Z notes.

Domi 2024-1 is a static RMBS transaction that securitizes a
portfolio of EUR321.7 million buy-to-let mortgage loans (as of
April 30, 2024) secured on properties in the Netherlands. The loans
in the pool were originated by Domivest B.V. between December 2017
and April 2024. This is the seventh in the series of Domi RMBS
securitizations.

Around 20% of the loans in Domi 2024-1 are currently securitized in
Domivest's inaugural transaction, Domi 2019-1 B.V., which is
expected to be terminated on its June 2024 call date.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer granted security over all its assets in the security
trustee's favor. The assets held in Domi 2019-1 will be purchased
two business days after closing if certain conditions are met.

Credit enhancement for the rated notes consists of subordination
from the closing date.

The transaction features a general reserve fund to provide
liquidity.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Ratings

  CLASS       RATING*       AMOUNT (MIL. EUR)

  A           AAA (sf)       297.6

  B-Dfrd      AA (sf)         12.9

  C-Dfrd      A (sf)           6.4

  D-Dfrd      BBB+ (sf)        3.2

  E-Dfrd      BB+ (sf)         1.6

  X-Dfrd      BB (sf)          6.4

  Z           NR               N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on the other rated notes.
NR--Not rated.
N/A--Not applicable.


MILA 2024-1: Fitch Assigns 'B+sf' Final Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned MILA 2024-1 B.V.'s class A to F notes
final ratings. The final rating assigned to the class F notes is
one notch above the expected rating due to the lower overall
funding costs of the transaction.

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Mila 2024-1 B.V.

   A XS2822523416     LT AAAsf  New Rating   AAA(EXP)sf
   B XS2822524067     LT AA+sf  New Rating   AA+(EXP)sf
   C XS2822524737     LT A+sf   New Rating   A+(EXP)sf
   D XS2822525114     LT BBB+sf New Rating   BBB+(EXP)sf
   E XS2822525387     LT BBB-sf New Rating   BBB-(EXP)sf
   F XS2822525460     LT B+sf   New Rating   B(EXP)sf
   G XS2822525544     LT NRsf   New Rating
   X XS2822525627     LT NRsf   New Rating

TRANSACTION SUMMARY

Mila 2024-1 B.V. is the inaugural securitisation of a pool of
unsecured consumer loans sold by Lender & Spender (L&S, not rated),
a Dutch consumer lending company that started operations as a
marketplace lender in 2016. The loan receivables are derived from
loan agreements with individuals located in the Netherlands,
originated mainly via a broker network, sales cooperation partners
as well as L&S's direct online platform.

KEY RATING DRIVERS

Underwriting Standards Reduce Default Expectations: The Dutch
regulator, AFM, mandates minimum underwriting standards,
particularly on the maximum monthly debt service amount considered
prudent for household budgets. These standards have lowered default
rates across recent Dutch unsecured consumer loan portfolios.

Historical Performance Data Limited: Fitch has received L&S's book
performance data since it started lending in 2016, but substantial
volumes have only been originated since 2020. Accordingly, the
default base case of 2.0% reflects a combination of credit
performance in the L&S book as well as wider proxy data for Dutch
unsecured consumer loans. This leads to the base case being higher
than suggested solely by the L&S data. In addition, Fitch applied a
default multiple above the regular range to address associated
uncertainty.

Transaction Structure Adds Risk: The transaction features pro rata
amortisation of the rated notes and a 12-month revolving period.
These features are subject to performance triggers, of which Fitch
considers the principal deficiency ledger triggers the most
effective. Replenishment adds some uncertainty to asset
performance, which is reflected in the asset assumptions. Pro rata
amortisation can lengthen the life of the senior notes and expose
them to adverse developments towards the end of the transaction.
Fitch has accounted for this in its cash flow modelling.

Hedging Structure Exposed to Mismatches: Interest rate risk is
hedged using an interest rate swap with a fixed schedule. The
actual outstanding amount of the portfolio and the hedged notes can
differ substantially from the fixed schedule, depending on default
rates, prepayments and in particular the actual length of the
revolving period. Early termination of the revolving period and
high defaults combined with high prepayments expose the structure
to over-hedging, which reduces excess spread in a decreasing rate
environment. Fitch considered this risk in its ratings.

Servicing Set-Up Reduces Seller-Dependency: Primary servicing is
performed by L&S, with special servicing being outsourced to
Vesting Finance from closing. Acting as back-up servicer, Vesting
would also take over primary servicing in case of a servicer
default. Payment interruption risk is reduced by a liquidity
reserve, which covers more than three months of senior expenses,
swap and interest on the class A to F notes.

RATING SENSITIVITIES

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

The ratings may be negatively affected if losses are larger and
more front- or back-loaded depending on the notes and respective
stress scenarios. The ratings of notes at the lower end of the
capital structure are vulnerable to the revolving period ending
early resulting in over-hedging of the interest exposure.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F):

Increase default rate by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'B+sf'

Increase default rate by 25%:
'AAAsf'/'AA+sf'/'Asf'/'BBB+sf'/'BBB-sf'/'B+sf'

Increase default rate by 50%:
'AA+sf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf'

Expected impact on the notes' ratings of decreased recoveries
(class A/B/C/D/E/F):

Reduce recovery rates by 10%:
'AAAsf'/'AA+sf'/'A+sf'/BBB+sf'/'BBB-sf'/'B+sf'

Reduce recovery rates by 25%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'B+sf'

Reduce recovery rates by 50%:
'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf'

Expected impact on the notes' ratings of increased defaults and
decreased recoveries (class A/B/C/D/E/F):

Increase default rates by 10% and decrease recovery rates by 10%:
'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'B+sf'

Increase default rates by 25% and decrease recovery rates by 25%:
'AAAsf'/'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'Bsf'

Increase default rates by 50% and decrease recovery rates by 50%:
'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'BB-sf'/CCCsf'

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

The ratings may be positively affected if credit enhancement ratios
increase as the transaction deleverages or losses are smaller than
assumed.

Expected impact on the notes' ratings of decreased defaults and
increased recoveries (class A/B/C/D/E/F):

Decrease default rates by 10% and increase recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBB+sf'/'BBsf'

Decrease default rates by 50% and increase recovery rates by 50%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'BBBsf'

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

Mila 2024-1 B.V. has an ESG Relevance Score of '4' for Data
Transparency & Privacy due to limited historical data, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


SIGMA HOLDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
----------------------------------------------------------------
Fitch Ratings has revised Sigma Holdco BV's (Upfield) Outlook to
Stable from Positive and affirmed its Long-Term Issuer Default
Rating (IDR) at 'B'. Fitch has also affirmed the company's senior
unsecured debt at 'CCC+' with a Recovery Rating of 'RR6' and the
long-term senior secured rating of the term loans issued by Upfield
USA Corp and Upfield B.V. at 'B+' with a Recovery Rating of 'RR3'.

The revision of the Outlook reflects Fitch's expectations of slower
deleveraging due to weaker than expected revenue performance (also
affected by FX) and increase in debt in 2023. This has delayed the
expected deleveraging, despite its assumption of a moderate
improvement in the EBITDA margin, with EBITDA leverage projected to
remain above 6.0x well until 2027. Refinancing risk is manageable
following the recent credit facility extension and timely
replacement of maturities.

Upfield's rating continue to reflect its moderately strong business
profile as a geographically-diversified global category leader with
a strong brand portfolio and high EBITDA margin. This is balanced
by execution risks related to operating in a sector with continued
consumption decline of plant-based spreads, including margarine, in
many developed markets, partly offset by still growing demand in
emerging markets.

KEY RATING DRIVERS

Delayed Deleveraging: Fitch projects EBITDA gross leverage will
stay above 6.0x over 2024-27 due to higher than expected
Fitch-calculated EBITDA gross leverage at end-2023. The ratio only
declined to 7.2x (2022: 7.9x) as a result of increased debt, with
an additional revolving credit facility (RCF) drawdown and lower
EBITDA than its projections. The company is committed to
deleveraging toward more sustainable levels, which Fitch considers
to be below 6.0x.

EBITDA Margin Improvement: Fitch forecasts a strong Fitch-adjusted
EBITDA margin at around 24.5% over 2024-27, supported by savings
from efficiency and value creation initiatives, as well as high
price increases, which drove the ratio improvement to 24.3% in 2023
(2022: 21.1%). Fitch assumes a further decline in some key raw
material costs is likely to be partly offset by higher marketing
and promotion spending. Upfield reported a material gross profit
margin increase in 1Q24 (of nearly 600bp) due to modest commodity
deflation and further efficiency savings, despite a continuing
decline in organic revenue.

Robust Free Cash Flow: Fitch projects Upfield will generate strong
free cash flow (FCF) of around EUR130 million-EUR250 million
annually in 2024-2027, or a mid-to-high single digits FCF margin.
This differentiates it from peers, allowing higher leverage
capacity. Despite increased interest charges, strong FCF will be
supported by high operating profitability and limited capex needs
in 2024-2027, as well as a reduction in non-underlying cash costs,
which included separation and restructuring costs after its buyout,
to EUR45 million in 2023 from around EUR300 million previously.
Fitch treats EUR30 million as ongoing business reorganisation
costs.

Modest Revenue Growth: After two years of sales volume decline
(-5.3% in 2023), Fitch projects a mild recovery in sales volumes in
2024 due to reducing inflation, which should support consumer
spending. The company has accelerated innovation, promotion and
marketing activities. However, Fitch expects only modest growth
thereafter, given the maturity of the category and still moderate
share of faster growing nascent categories including plant-based
butter, creams and cheese. Efforts to turn around the perception of
products, leveraging on trends favouring consumption of plant-based
foods and sustainable packaging remain key.

In 1Q24, volume decline decelerated (by 1.2%), due to pricing
actions and promotions. The plant-based spread category is exposed
to eating habits, including consumer perceptions in many developed
markets that butter is healthier and tastier than plant-based
spread. Despite significant progress in the plant-based butter,
creams and cheese portfolio, the predominance of traditional
spreads in the company's revenue is reflected in Upfield's ESG
Relevance Score for Exposure to Social Impacts.

Global Category Leader: Upfield's rating is supported by its
leading position in the global plant-based spread market, with
major market shares in countries that widely consume the product.
Sales are more than 3x higher than that of the second-leading
company in Upfield's broader reference market of butter and
spreads. The rating also considers Upfield's leading market shares
in other high-growth plant-based food categories, but Fitch
estimates that these only account for around 25% of sales.

DERIVATION SUMMARY

Upfield generates significantly higher FCF than most packaged-food
companies with comparable revenue due to a higher-than-average
EBITDA margin and low capex needs.

Nomad Foods Limited (BB/Stable) has a higher rating than Upfield,
despite its more limited geographical diversification and smaller
business scale. The rating differential is due to Nomad's lower
leverage, and less challenging demand fundamentals for frozen food
than for spreads.

Ulker Biskuvi Sanayi A.S. (B+/Positive) also has a higher rating
than Upfield, which is due to significantly lower EBITDA gross
leverage (2023: 3.1x). However, Ulker is a smaller and less
geographically diversified Turkish confectionary producer, with a
lower EBITDA margin and a rating constrained by the Turkish Country
Ceiling.

KEY ASSUMPTIONS

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

- Organic sales growth of around 2% in 2024, driven by increased
promotions with sales volumes recovery, followed by low-single
digit annual revenue growth over 2025-2027.

- EBITDA margin sustainable above 24% in 2024-2027.

- Annual capex at around EUR100million in 2024, reducing to around
EUR80 million a year to 2027.

- No M&A or dividends.

RECOVERY ANALYSIS

Key Recovery Rating Assumptions

The recovery analysis assumes that Upfield would remain a going
concern in restructuring and that it would be reorganised rather
than liquidated. Fitch assumes a 10% administrative claim in the
recovery analysis.

The EBITDA estimate reflects its view of sustainable,
post-reorganisation EBITDA of EUR560 million, on which Fitch bases
the enterprise value.

Fitch also assumes a distressed multiple of 6.0x, reflecting
Upfield's large size, leading market position and high inherent
profitability compared with sector peers. Fitch assumes Upfield's
EUR700 million RCF would be fully drawn in a restructuring.

Its waterfall analysis generates a ranked recovery for the term
loan B (EUR4.5 billion outstanding at end-March 2024) creditors in
the 'RR3' band, indicating a 'B+' instrument rating, one notch
above the IDR. The waterfall analysis output percentage on current
metrics and assumptions is 58% (62% previously). Conversely, its
analysis generates a ranked recovery in the 'RR6' band, indicating
a 'CCC+' rating for the senior unsecured notes (EUR1.1 billion
outstanding at end-March 2024), with 0% recovery expectations based
on current metrics and assumptions.

RATING SENSITIVITIES

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

- Successful execution of the corporate strategy, evidenced in
EBITDA gaining scale towards EUR900 million.

- Steady profitability, with FCF generation in the mid-single
digits on a sustained basis.

- Refinancing of the 2026 debt maturities, with EBITDA leverage
falling towards 6.0x.

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

- Failure to execute the product development strategy, resulting in
a continued organic decline in sales and structural deterioration
of the EBITDA margin below 20%.

- EBITDA leverage of above 7.5x for a sustained period.

- Inability to generate a positive FCF margin in the mid-single
digits due to higher-than-expected restructuring charges or
unfavourable changes in working capital.

- EBITDA interest coverage ratio of below 2.0x.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Upfield had cash of EUR204 million at
end-March 2024 as well as access to a RCF of EUR700 million, of
which EUR133 million was drawn. Liquidity is also supported by its
projection of strong positive FCF. The company also has access to a
factoring line, of which EUR110 million was utilised at end-2023.

Upfield successfully refinanced its term loan B extending
maturities to 2028. The next major maturity is in 2026, when euro
and dollar bonds are maturing.

ISSUER PROFILE

Upfield is the world's largest plant-based food producer, including
spreads and butter.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG CONSIDERATIONS

Upfield has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to a deterioration in its revenue performance from
consumer concerns in some markets about the healthiness of its
products, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Upfield USA Corp

   senior secured     LT     B+   Affirmed   RR3      B+

Upfield B.V.

   senior secured     LT     B+   Affirmed   RR3      B+

Sigma Holdco BV       LT IDR B    Affirmed            B

   senior unsecured   LT     CCC+ Affirmed   RR6      CCC+


TITAN HOLDINGS II: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded the European metal food can producer
Titan Holdings II B.V.'s (Eviosys) Long-Term Issuer Default Rating
(IDR) to 'B+' from 'B'. The Rating Outlook is Stable. Fitch has
also upgraded Eviosys' subordinated notes to 'B-' from 'CCC+' and
direct subsidiary Kouti B.V.'s long-term senior secured notes to
'BB-' from 'B+'. The Recovery Ratings are 'RR6' and 'RR3',
respectively.

The upgrade is primarily driven by Eviosys's strengthening EBITDA
and free cash flow (FCF) margins, which reached 16.1% and 4.6%,
respectively, in 2023. FCF generation exceeded its expectations
despite challenging market dynamics affecting can sale volumes and
thus revenues. Fitch expects Eviosys to maintain its solid
profitability to 2027, which will support gradual deleveraging.

The rating is constrained by high leverage, albeit expected to
improve, lack of a long-term financial policy and historically
aggressive shareholder payments, a concentrated geographical
exposure and a narrow product mix. Mitigating factors are a strong
market position, an exposure to end-markets with resilient demand
for metal food cans.

The Stable Outlook reflects its expectations of sustained operating
performance with stable demand for metal food packaging and healthy
profitability to aid deleveraging.

KEY RATING DRIVERS

EBITDA Margin Improvement: Eviosys's EBITDA margin fell in 2023 to
16.1% from 17.5% in 2022, but was ahead of its expectations despite
a challenging market. Margin was eroded by lower volumes across the
sector due to destocking, low crop yields, and lower consumption in
the culinary segment. However, successful repricing supported
healthy margins. Fitch expects easing destocking and favourable
pricing to support EBITDA in 2024 and EBITDA margins at over 16%,
which supports today's upgrade.

Strong FCF Margins: FCF margin reached 4.6% in 2023, bolstered by
high profitability, annual working- capital inflows, moderate
capex, and the absence of dividend payments. Fitch forecasts FCF
margins to remain around 4% to 2027, based on EBITDA margin
improvement reflecting annual contract negotiations and cost-saving
initiatives, moderate capex at 2.5%-3% of revenue and lack of
dividend payments as guided by Eviosys.

High Leverage to Gradually Decline: Leverage rose sharply in 2023
due to new debt to fund a dividend recapitalisation and a decrease
in EBITDA stemming from lower revenue. Fitch forecasts robust
EBITDA (but still below the record 2022 level) and EBITDA leverage
to fall to 5.8x at end-2024 from 6.2x at end-2023, and to 5.5x by
end-2027, below a revised negative rating sensitivity of 6.0x.

Aggressive Financial Policy: Fitch views Eviosys' financial policy
as aggressive, considering the EUR125 million dividends paid in
2022 and the EUR400 million loan it took out in March 2023 for
additional dividend distribution. Eviosys' owners have no plans for
material M&As or dividends in 2024, which supports today's upgrade.
However, further rating upside is limited by a lack of long-term
visibility, and any additional borrowings or shareholder-friendly
cash deployment would erode the group's deleveraging capacity and
likely have a negative rating impact.

Strong Market Position: Eviosys is the largest metal food can
producer in Europe, with a market share of 39%, supported by
stable, non-cyclical end-markets in food production industries,
albeit with some annual volatility in agricultural segments. The
group benefits from moderate to high barriers to entry, including a
broad network of production facilities and long-term relationships
with both key customers and suppliers of tinplate, the group's core
raw material.

Limited Diversification: Eviosys has limited geographical
diversification as its operations are primarily concentrated in
Europe. Its production facilities are located in close proximity to
food producers. Over 85% of Eviosys' revenue is generated from the
production of metal food cans, resulting in narrow product
diversification versus higher-rated peers'.

Annual Price Negotiations Reduce Volatility: Eviosys usually
negotiates in the fourth and first quarters prices with suppliers
of its main raw material - tinplate - for the upcoming year. It
also negotiates at the beginning of each year its contracts with
most customers to lock in prices, thereby stabilising its revenue
and cost structure. This is different to many Fitch-rated peers who
lock in multi-year contracts with cost pass-through mechanisms.
Lack of product substitutions provides the group with sustainable
demand and ability to successfully set prices with customers.

End-Markets Volatility: About 95% of Eviosys' portfolio is exposed
to food-related categories such as fruit & vegetables, fish, pet
food, and infant formula. Seasonality and year-on-year variability
of the harvest might affect volumes of cans needed by Eviosys'
customers. However, the proven recyclability of metal can products
favours Eviosys amid increasing environmental regulations and
growing consumer demand for sustainable options.

DERIVATION SUMMARY

Eviosys' business profile is weaker than that of higher-rated
peers, such as Smurfit Kappa Group plc (BBB-/Rating Watch
Positive), Berry Global Group, Inc. (BB+/Stable), Silgan Holdings
Inc. (BB+/Stable) and CANPACK Group, Inc. (BB-/Stable) due to a
less diversified geographical presence and a more limited product
range. This is mitigated by its leading market position in food
metal packaging and expected sustainable strong FCF generation.

Eviosys compares favourably with CANPACK and Ardagh Metal Packaging
S.A. (AMP; B-/Negative), which are focused on beverage metal
packaging. Eviosys has similar scale to CANPACK but is much smaller
than AMP. Similar to these peers, Eviosys has limited product
diversification.

Eviosys' EBITDA margin is higher than the majority of Fitch-rated
peers'. Fitch expects its EBITDA margin to remain over 17% between
2024 and 2028, which exceeds some peers' at 11%-15%. Fitch
continues to forecast sustainable positive FCF margins of more than
4% from 2025, which is more comparable with that of higher-rated
peers' like Silgan Holdings Inc. and Berry Global Group, Inc.

Eviosys' spin-off from Crown Holdings Inc. lifted Fitch-defined
EBITDA leverage in 2021 to 7.5x. However, profitability improvement
allowed the group to reduce EBITDA leverage to 6.2x at end-2023,
which was lower than AMP's but higher than CANPACK's. Fitch
forecasts gradual improvement to 5.5x by end-2027.

KEY ASSUMPTIONS

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

- Revenue to slightly decrease in 2024, then to increase 1% per
year for 2025-2027

- Cost initiatives and supplier/customer negotiations allowing
EBITDA margin of 17%-18% for 2024-2027

- A small working-capital outflow for 2024-2027

- Capex of about EUR70 million in 2024, reducing to EUR60 million
annually for 2025-2027

- No dividend payments through to 2027

- No M&As to 2027

RECOVERY ANALYSIS

- The recovery analysis assumes that Eviosys would be reorganised
as a going concern (GC) in bankruptcy rather than liquidated

- A 10% administrative claim

- Fitch estimates the GC EBITDA of Eviosys at EUR275 million. The
GC EBITDA reflects its view of a sustainable, post-reorganisation
EBITDA on which Fitch bases the valuation of the group

- An enterprise value (EV) multiple of 5.5x is applied to GC EBITDA
to calculate a post-reorganisation valuation. It reflects Eviosys'
strong market position in Europe with resilient performance during
the pandemic, good customer diversification with a long record of
cooperation, and expected strong FCF generation. At the same time,
the EV multiple reflects the group's geographical concentration and
limited range of products. The multiple is in line with that of
other packaging peers rated by Fitch

- Fitch deducts about EUR353 million from the EV, due to Eviosys'
high usage of factoring adjusted for discount, in line with Fitch's
criteria

- Fitch estimates the total amount of senior debt claims at
EUR2,225 million, which include an EUR275 million senior secured
revolving credit facility (RCF), EUR1,175 million senior secured
term loan B (TLB), an additional EUR400 million senior secured TLB
and EUR375 million subordinated notes

- Its waterfall analysis generates a ranked recovery for Eviosys's
TLBs in the 'RR3' category, leading to a 'BB-' rating. The
waterfall-generated recovery computation output score is 55%. For
its subordinated notes the score is 0%, leading to 'B-'/'RR6'

RATING SENSITIVITIES

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

- EBITDA gross leverage below 4.5x on a sustained basis, supported
by a consistently conservative financial policy and sustainable
positive FCF margins over 4%

- Increase in scale via geographical expansion or product mix
diversification

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

- A less prudent financial policy leading to EBITDA gross leverage
above 6.0x on sustained basis

- EBITDA margin below 16% on sustained basis

- Weaker operations leading to weaker FCF, with FCF margins
sustained at below 1%

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: At end-1Q24 Eviosys reported Fitch-defined
readily available cash of EUR85 million, which Fitch adjusted by
EUR50 million to cover intra-year working-capital needs. Eviosys
has no material scheduled debt repayments until 2028. Expected
positive FCF generation provides additional cash cushion. Moreover,
the group has access to an undrawn RCF of EUR275 million due
February 2028.

Fitch-adjusted short-term debt is represented mainly by a drawn
factoring facility of about EUR392 million at end-1Q24. This debt
self-liquidates with factored receivables.

ISSUER PROFILE

Eviosys is the largest metal food can producer in Europe with 44
manufacturing facilities across 17 countries.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating       Recovery   Prior
   -----------                 ------       --------   -----
Titan Holdings II B.V.   LT IDR B+  Upgrade            B

   Subordinated          LT     B-  Upgrade   RR6      CCC+

Kouti B.V.

   senior secured        LT     BB- Upgrade   RR3      B+




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

AERNNOVA AEROSPACE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Spain-based design, engineering and
aerostructures company Aernnova Aerospace S.A.U.'s Long-Term Issuer
Default Rating (IDR) at 'B' with Stable Outlook. Fitch has also
affirmed Aernnova's senior secured rating at 'B+' with a Recovery
Rating of 'RR3' and assigned its new senior secured debt an
expected 'B+(EXP)' rating with 'RR3', following its proposed
amend-and-extend (A&E) of its term loan B (TLB). The assignment of
a final rating is contingent on completing the transaction in line
with the terms already presented.

As part of the A&E, Aernnova's TLB will increase to EUR515 million
from EUR490 million with a three-year maturity extension to 2030,
which will be used to fully repay the drawn revolving credit
facility (RCF) of EUR15 million. As a result, Fitch expects higher
leverage by 0.5x-1.0x during 2024-2026 versus its previous forecast
and higher interest expenses with additional pressure on free cash
flow (FCF) and interest coverage, mitigated by expected rebound of
EBITDA generation. Aernnova has only limited headroom for
borrowings in addition to the proposed level without affecting the
'RR3' rating on the new TLB.

The affirmation reflects the ongoing improvement of Aernnova's
profitability, supported by recovery of demand from original
equipment manufacturers (OEMs). Aernnova has a solid backlog of
orders, providing the group with visibility of revenue and
cash-flow generation. The rating is constrained by Aernnova's small
scale, limited product range and customer diversification and high
albeit improving leverage.

Despite the near-term weakness in FCF, leverage and interest
coverage, Fitch expects them to remain within their rating
sensitivities from 2025 supporting the Stable Outlook.

KEY RATING DRIVERS

Increased Debt, Deleveraging Expected: Following the A&E the TLB
will increase by EUR25 million. Together with higher utilisation of
factoring this will increase Fitch-defined EBITDA leverage by
around 1.0x in 2024 versus its previous forecast, reaching 7.2x,
above its negative sensitivity of 6.0x. Nevertheless, strong
underlying demand and expected further rebound of EBITDA should
support deleveraging. Fitch forecasts EBITDA leverage at around
5.4x in 2025.

Ongoing Profitability Rebound: Aernnova's EBITDA generation is
underpinned by ongoing market recovery and rising production rates
from OEMs. 2023 performance was broadly in line with its
expectations. Fitch anticipates that Fitch-defined EBITDA margins
will not reach pre-pandemic levels of 19%-21% (company guidance is
different than Fitch-defined EBITDA) due to inflationary pressure,
supply chain issues and the dilutive effect on margins from less
profitable acquisitions in the UK in 2020 and Portugal in 2022.
Fitch forecasts EBITDA margins increasing to about 10% in 2024 from
8.4% in 2023 and to about 12% in 2025 and 13% in 2026.

Temporarily Eroded FCF: Fitch expects improved EBITDA generation, a
rise in working capital needs, higher growth capex (concentrated in
2024) and expected higher interest expenses following the A&E will
pressure Aernnova's FCF generation in 2024-2025. Fitch forecasts
capex increasing to about EUR37 million in 2024 from EUR23 million
in 2023, driven by strategic and optimisation projects to improve
profitability and operational efficiency. Consequently, Fitch has
revised its forecast and expect FCF to be slightly negative in 2024
before becoming marginally positive in 2025. Fitch expects FCF
margins to be sustainably positive at above 3% of revenue from 2026
considering capex normalisation and the absence of dividend
payments.

Moderate Diversification: Over 70% of Aernnova's revenue comes from
the commercial sector, with the defense sector contributing about
16% in 2023, slightly up from the historical 10%, while the
business sector contributed 9% of revenue in 2023. This leaves
Aernnova vulnerable to market cycle fluctuations, which had a
notable impact during the pandemic. Additionally, around 25% of the
company's revenues are attributable to wide-body aircraft
production, particularly the A350, which experienced a drastic drop
in demand during the pandemic. However, the rebound in long-haul
flights will support Aernnova's profitability as it bolsters demand
for wide-body aircraft.

Customer Concentration Risk: Aernnova improved its customer
diversification with the acquisition of Embraer's aerostructures
facilities in Portugal in 2022. It also reduced its exposure to
Airbus SE (A-/Positive) from about 63% in 2019 to about 49% in 2023
with Embraer's share amounting to about 23% in 2023. Nevertheless,
the customer concentration risk remains material. Aernnova's
performance is closely tied to Airbus's output, which increased
revenue by 11.2% yoy in 2023, with an additional 5% rise
anticipated in 2024.

Key risk mitigators include Aernnova's long-standing partnership
with Airbus, its involvement in various successful Airbus
programmes such as the A350 and A320, and the challenges associated
with replacing Aernnova's role in these programmes in the short
term.

Robust Sector Demand: The strong recovery in air traffic continues
in 2024, broadly reaching pre-pandemic levels, leading to robust
demand for aircraft and an uptick in delivery volumes. With the
single-aisle segment bouncing back more rapidly than the twin-aisle
segment, both are contributing to Aernnova's operational results.
Fitch expects single-aisle aircraft deliveries to return to
pre-pandemic levels by end-2024, with wide-body deliveries
rebounding by end-2025. Fi expect this recovery trajectory to
bolster Aernnova's EBITDA and FCF margins over the medium term.

DERIVATION SUMMARY

Aernnova operates as a tier 1-tier 2 supplier in the A&D industry
and has a good long-term relationship with its key customer,
Airbus. Aernnova is much smaller than higher-rated peers such as
MTU Aero Engines AG (BBB/Stable) and Leonardo S.p.A. (BBB-/Stable).
Aernnova's EBITDA and FCF margins were severely squeezed during the
pandemic, but have been gradually recovering since 2021. Its
Fitch-defined EBITDA margin of about 8.5% in 2023 was comparable to
that of Leonardo, but weaker than MTU Aero Engines and AI Convoy
(Luxembourg) S.a r.l. (B/Stable). Aernnova's FCF margin was weak
during 2020-2023 but is likely to be positive from 2025.

Aernnova's path of operating profitability recovery is more
constrained than peers due to its high exposure to the wide-body
end-market (around 25%of revenue). Fitch expects FCF to recover to
pre-pandemic levels no earlier than 2026.

Aernnova's rating is constrained by a historically weaker capital
structure than MTU Aero Engines and Leonardo. Fitch expects
Aernnova's total debt/EBITDA in 2024 to remain above 5.5x, the 'b'
midpoint in Fitch's criteria for A&D. A stronger recovery in
wide-body aircrafts segments should support a quicker improvement
in EBITDA generation, leading to total debt/EBITDA of less than
5.5x from 2026.

KEY ASSUMPTIONS

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

- Revenue to grow by around 13% in 2024 and 2025 and by about 4% a
year on average during 2026-2027;

- Gradual improvement of profitability; EBITDA margin to improve to
about 13.5% by 2027 from 10% in 2024 driven by improved cost
structure and volume increase with higher prices;

- Working capital outflows between 2% and 3% of revenue during
2024-2026;

- Increased capex in 2024 to 3.7% of revenue and before reversing
to around 2% of revenue during 2025-2027;

- No dividend payments till 2027;

- New TLB with interest slightly higher than current level;

- No M&A.

RECOVERY ANALYSIS

Key Recovery Rating Assumptions:

- The recovery analysis assumes that Aernnova would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated. This is driven by its long-term operating
performance record, sustainable business and long-term
relationships with customers.

- Fitch revised Aernnova's GC EBITDA to EUR95 million from EUR90
million taking into account group changes and measures taken by
management to optimise costs. The GC EBITDA reflects its view of a
sustainable, post-reorganisation EBITDA on which Fitch bases the
valuation of the group.

- Fitch assumes a 10% administrative claim.

- Fitch uses an enterprise value multiple of 5.5x EBITDA to
calculate a post-reorganisation valuation, which is comparable with
multiples applied to A&D peers. The multiple is based on Aernnova's
leading market position in a niche industry, long-term and
successful cooperation with its key customer Airbus, high barriers
to entry and historically solid pre-pandemic profitability.
However, the enterprise value multiple reflects the group's smaller
scale than some other Fitch-rated peers, and concentration by
geography and customer base.

- Fitch deducts about EUR95 million from the enterprise value
relating to the group's various factoring facilities.

- Fitch estimates the total amount of senior debt for creditor
claims after the A&E at EUR679 million, which includes the extended
and upsized TLB of EUR 515 million, a secured RCF of EUR100
million, unsecured bilateral loans of EUR35 million and other loans
of EUR29 million. These assumptions result in a ranked recovery for
the proposed A&E senior secured TLB and RCF within the 'RR3' range.
The waterfall-generated recovery computation output percentage is
55%, leaving limited headroom at 'RR3' for any additional
borrowing.

- Under the current capital structure prior to the A&E, the debt
structure comprises a senior secured TLB of EUR490 million, a
secured RCF of EUR100 million, unsecured bilateral loans of EUR35
million and other loans of EUR29 million. Based on the existing
capital structure, its waterfall analysis generates a ranked
recovery for the senior secured debt in the 'RR3' category, leading
to a 'B+' instrument rating. The waterfall-generated recovery
computation output percentage is 57%.

RATING SENSITIVITIES

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

- Total debt/EBITDA below 5.0x on a sustained basis

- FCF margin above 3% on sustained basis

- EBITDA margin above 11%

- Increased customer and end-market diversification

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

- Total debt/EBITDA above 6.0x on a sustained basis

- Increase in FCF volatility

- EBITDA/interest paid below 2.0x

- EBITDA margin below 8%

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-2023 Aernnova had readily available cash
of EUR33 million (adjusted for about EUR8.7 million by Fitch).
Short-term maturities of EUR170 million included amoritsation of
public-institution debt of about EUR38 million and drawn factoring
facilities of EUR94 million. Fitch expects negative FCF of -EUR14
million in 2024 but following the A&E the EUR100 million RCF will
be undrawn and sufficient to cover any cash deficit. Its debt
maturity profile will improve with bullet payments extended to
2030.

The expected recovery of profitability and FCF generation from 2025
will provide an additional cushion for Aernnova's liquidity
position.

ISSUER PROFILE

Aernnova is a leading manufacturer of aerostructures and components
such as wings, empennages and fuselage sections as well as
secondary structures (doors and nacelles). The group also provides
engineering solutions for aerospace OEMs with composite and
metallic capabilities.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG CONSIDERATIONS

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

   Entity/Debt             Rating                Recovery   Prior
   -----------             ------                --------   -----
Aernnova Aerospace
S.A.U.               LT IDR B      Affirmed                 B

   senior secured    LT     B+(EXP)Expected Rating   RR3

   senior secured    LT     B+     Affirmed          RR3    B+




=====================
S W I T Z E R L A N D
=====================

CREDIT SUISSE: Bondholders Sue Switzerland in N.Y. Over Rescue
--------------------------------------------------------------
Owen Walker at The Financial Times reports that Credit Suisse
bondholders have sued Switzerland over the decision to wipe out
US$17 billion of debt when the bank was rescued by its rival UBS
last year.

In the first major claim brought in a US court over the takeover,
lawyers representing the group accused Switzerland of "unjustly
violating the property rights of the holders of those instruments"
in orchestrating the deal, the FT discloses.

The rescue, which was the most significant bank takeover since the
global financial crisis, has spawned more than US$9 billion of
legal claims in Europe and Asia, the FT states.  While most of the
cases have focused on Finma, the Swiss regulator, bondholders have
also weighed claims against Switzerland, the FT notes.

The case, which is filed in the Southern District of New York, is
brought by law firm Quinn Emanuel Urquhart & Sullivan on behalf of
investors holding US$80 million of Credit Suisse bonds, the FT
relates.  The FT last year reported the firm was drawing up plans
for the lawsuit.  The plaintiffs are seeking US$82.2 million in
damages, plus costs and interest, for what they allege was seizure
of their rightful property, according to the FT.

The investors held additional tier one, or AT1 bonds, a form of
bank capital that converts into equity or is written down when the
lender runs into trouble, the FT states.

According to the FT, they claimed the Credit Suisse bonds were
written down unfairly, especially considering equity investors
received US$3.3 billion as part of the transaction.  They argue the
deal was brokered by the Swiss government and the writedown was an
unlawful encroachment on their property rights, the FT relays.




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

ATLAS FUNDING 2024-1: DBRS Gives Prov. BB(high) Rating on E Notes
-----------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes (collectively, the Rated Notes)
to be issued by Atlas Funding 2024-1 PLC (the Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (high) (sf)
-- Class X Notes at BBB (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the legal final maturity date. The credit ratings on the Class B,
Class C, Class D, and Class E Notes address the ultimate payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date while junior, and the timely payment of
interest once such class of notes becomes the most senior class of
notes outstanding. The credit rating on the Class X Notes addresses
the ultimate payment of interest and principal on or before the
legal final maturity date.

CREDIT RATING RATIONALE

The transaction represents the issuance of residential
mortgage-backed securities (RMBS) backed by first-lien, buy-to-let
(BTL) mortgage loans granted by Lendco Limited (Lendco; the Seller
or the Originator) in the UK.

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in the UK. Lendco is a UK specialist property finance
lender, which has been offering loans to customers in England and
Wales since 2018. Lendco's BTL business targets professional
portfolio landlords, often real estate companies or SPVs, which
they acquire through the broker marketplace.

This is Lendco's fourth securitization with the inaugural
transaction, Atlas Funding 2021-1, closing in January 2021; then
followed by Atlas Funding 2022-1 in May 2022; and Atlas Funding
2023-1 in May 2023. The provisional initial portfolio consists of
GBP 308 million of performing first-lien mortgage loans
collateralized by BTL residential properties in the UK. The
weighted-average (WA) seasoning of the portfolio is 18 months, with
half of the pool (56%) originated in the past three quarters. The
mortgage loans will be serviced by Lendco Mortgage Servicing
Limited (the Servicer), a fully owned subsidiary of the
Originator.

Liquidity in the transaction is provided by the combination of a
liquidity facility (LF) available from closing and a liquidity
reserve fund (LRF) that will be funded through excess spread. The
LF shall cover senior costs and expenses, senior swap payments, and
interest shortfalls on Class A notes only whereas the LRF shall
cover the same items plus interest shortfalls on Class B Notes. In
addition, principal borrowing is also envisaged under the
transaction documentation and can be used to cover senior costs and
expenses as well as interest shortfalls on the most senior
outstanding class of notes but subject to some conditions for Class
B to Class E notes.

Interest shortfalls on Class B to E Notes, as long as they are not
the most senior class outstanding, shall be deferred and not be
recorded as an event of default until the final maturity date or
such earlier date on which the notes are fully redeemed.

The transaction also features a fixed-to-floating interest rate
swap, given the presence of a large portion of fixed-rate loans
(with a compulsory reversion to floating in the future), while the
liabilities shall pay a coupon linked to daily Sterling Overnight
Index Average.

Credit enhancement (CE) is expressed as a percentage of the initial
portfolio balance and is as follows:

-- Class A Notes CE: 11.2%;
-- Class B Notes CE: 6.5%;
-- Class C Notes CE: 2.5%;
-- Class D Notes CE: 0.5%;
-- Class E Notes CE: 0.0%; and
-- Class X Notes CE: 0.0%.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
UK Addendum";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, and Class X Notes according to the terms of the transaction
documents. Morningstar DBRS analyzed the transaction structure
using Intex DealMaker. Morningstar DBRS considered additional
sensitivity scenarios of 0% CPR;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this report; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal Criteria for European Structured
Finance Transactions" methodology and the presence of legal
opinions that are expected to address the assignment of the assets
to the Issuer.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
interest amounts and the related class balances.

Morningstar DBRS' credit ratings on the Rated Notes also address
the credit risk associated with the increased rate of interest
applicable to the Rated Notes if they are not redeemed on the
Optional Redemption Date (as defined in and) in accordance with the
applicable transaction documents.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.


CHARGE CARS: Goes Into Administration
-------------------------------------
Business Sale reports that Charge Cars Limited, an electric car
manufacturer based in West Drayton, fell into administration at the
end of May, with Stephen Cork and Mark Smith of Cork Gully
appointed as joint administrators.

According to Business Sale, in the company's most recent accounts
at Companies House, for the year to December 31, 2021, it reported
a post-tax loss of close to GBP4.6 million, increasing from a
GBP3.1 million loss a year earlier.  At the time, its fixed assets
were valued at GBP13.4 million and current assets at GBP3 million,
with total equity amounting to GBP13.7 million, Business Sale
discloses.


EXMOOR FUNDING 2024-1: S&P Assigns B-(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Exmoor Funding
2024-1 PLC's class A and B-Dfrd to X-Dfrd notes. At closing, Exmoor
Funding 2024-1 also issued unrated class Z notes and residual
certificates.

This is an RMBS transaction that securitizes a portfolio of
retirement interest-only, term interest-only, and repayment
owner-occupied mortgage loans secured on U.K. properties. The
mortgage portfolio is approximately GBP208 million as of April 15,
2024. LiveMore Capital Ltd. originated the loans.

The issuer used the issuance proceeds to purchase the full
beneficial interest in the mortgage loans from the seller at
closing. It granted security over all its assets in the security
trustee's favor.

S&P considers the collateral to be prime, based on the originator's
conservative lending criteria and that none of the loans are in
arrears or related to borrowers currently under a bankruptcy
proceeding.

Credit enhancement for the rated notes comprises subordination and
excess spread.

Counterparty, operational, or structured finance sovereign risks do
not constrain the ratings. S&P considers the issuer to be
bankruptcy remote.

  Ratings

  CLASS       RATING       CLASS SIZE (GBP)

  A           AAA (sf)     183,131,000.00

  B-Dfrd      AA (sf)        7,325,000.00

  C-Dfrd      A (sf)         6,244,000.00

  D-Dfrd      BBB+ (sf)      4,683,000.00

  E-Dfrd      BBB (sf)       2,081,000.00

  F-Dfrd      B- (sf)        1,041,000.00

  X-Dfrd      BBB (sf)       2,081,000.00

  Z           NR             3,667,000.00

  Residual certs    NR       N/A

  NR--Not rated.
  N/A--Not applicable.


FLIT TECHNOLOGIES: Goes Into Administration
-------------------------------------------
Business Sale reports that Flit Technologies Limited fell into
administration at the end of May, with Anthony Wright and Alastair
Massey of FRP Advisory appointed as joint administrators.

According to Business Sale, the company, which was owned by
Renault, said in a statement last month that the business was "no
longer financially viable" and that it had "therefore become
necessary to enter an administration process."

In its accounts for the year to December 31, 2022, the company
reported revenue of GBP2.7 million, up from GBP2.18 million a year
earlier, but fell to an GBP18.3 million post-tax loss, compared to
a GBP26.9 million loss a year earlier, Business Sale discloses.

At the time, its non-current assets were valued at GBP13.19 million
and current assets at GBP5.6 million, Business Sale states.
However, its net liabilities totalled GBP56.4 million at the time,
Business Sale notes.

Flit Technologies Limited, which trades as Karhoo, is a comparison
service for taxis and private hire vehicles.


GRAND CENTRAL: Collapses Into Administration
--------------------------------------------
Business Sale reports that Grand Central Sound Studios Limited, a
sound design studio in West London, fell into administration last
week, with Ben Stanyon and Nedim Ailyan of FRP Advisory appointed
as joint administrators.

According to Business Sale, in its accounts for the year to
March 31, 2023, the studio's fixed assets were valued at GBP2.2
million and current assets at GBP1.2 million, while net assets
amounted to GBP1.1 million.


INFORM CPI: Goes Into Administration
------------------------------------
Business Sale reports that Inform CPI Limited, a London-based
provider of online and cloud-based rating solutions and services,
fell into administration at the beginning of June, with Louise
Brittain, Matthew Richards and Jonathan Amor of Azets appointed as
joint administrators.

In the company's most recent accounts, for the year to
September 29, 2022, its fixed assets were valued at GBP273,696 and
current assets at GBP5.8 million, with net assets standing at
GBP4.1 million, Business Sale discloses.


NEWDAY FUNDING: Fitch Assigns 'BB-(EXP)sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2024-2 notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.

Fitch expects to affirm NewDay Funding's existing series when it
assigns series 2024-2 final ratings.

   Entity/Debt          Rating           
   -----------          ------           
NewDay Funding

   2024-2 Class A   LT AAA(EXP)sf  Expected Rating
   2024-2 Class B   LT AA+(EXP)sf  Expected Rating
   2024-2 Class C   LT A+(EXP)sf   Expected Rating
   2024-2 Class D   LT BBB(EXP)sf  Expected Rating
   2024-2 Class E   LT BB(EXP)sf   Expected Rating
   2024-2 Class F   LT BB-(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The notes issued by NewDay Funding Master Issuer Plc are
collateralised by a pool of non-prime UK credit card receivables
originated by NewDay Limited (NewDay). NewDay is one of the largest
specialist credit card companies in the UK, and offers cards both
under its own brands and in partnership with individual retailers.
Only the cards branded by NewDay, which are targeted at higher-risk
borrowers on average, are included in this transaction. The cards
co-branded with retailers are financed through a separate
securitisation.

KEY RATING DRIVERS

Unchanged Asset Assumptions: Fitch has maintained its asset
assumptions, with the steady-state charge-off rate at 17% and
steady-state monthly payment rate (MPR) at 11%. These levels
reflect NewDay's increasing strategic focus on acquiring and
retaining slightly lower risk borrowers. They also consider the
strength and stability of portfolio performance metrics during
challenging macroeconomic conditions, as well as continued
refinements to NewDay's automated credit scoring process.

Fitch assumed an unchanged steady-state yield of 30% and a purchase
rate of 100%. Yield stresses have been maintained at 40% at
'AAAsf'. Fitch also assumed a 0% purchase rate in the 'Asf'
category and above, considering that the seller is unrated and
there is reduced probability of a non-prime portfolio being taken
over by a third-party in a high-stress scenario.

Rating Stresses Unchanged: Charge-off and MPR stresses are
unchanged and remain at the low end of the spectrum (3.5x and 45%
at 'AAAsf', respectively). This considers the high absolute level
of the steady-state charge-off rate (even at its revised level),
the low volatility of the historical data and the low payment rates
typical of the non-prime credit card sector.

Sound Performance Against Steady States: The transaction's recent
performance remains below Fitch's steady-state charge-off rate.
Over the last year, charge-offs and the MPR have averaged 12.3% and
13.8%, respectively. Fitch expects performance metrics to fluctuate
around its steady-states through the economic cycle.

VFN Add Flexibility: The structure includes a separate originator
variable funding note (VFN), purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to series VFN-F1 and
VFN-F2 providing the funding flexibility typical and necessary for
credit card trusts. It provides credit enhancement to the rated
notes, adds protection against dilutions by way of a separate
functional transferor interest and meets UK and US risk-retention
requirements.

Key Counterparties Unrated: The NewDay Group acts in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The degree of reliance on
the group is mitigated in this transaction by the transferability
of operations, agreements with established card service providers,
a back-up cash management agreement and a series-specific liquidity
reserve.

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Rating sensitivity to increased charge-off rate

Increase steady state by 25% / 50% / 75%:

Series 2024-2 A: 'AA+sf'/ 'AAsf' / 'AA-sf'

Series 2024-2 B: 'AA-sf'/ 'A+sf' / 'Asf'

Series 2024-2 C: 'Asf'/ 'BBB+sf' / 'BBBsf'

Series 2024-2 D: 'BBB-sf'/ 'BB+sf' / 'BB-sf'

Series 2024-2 E: 'B+sf'/ 'Bsf' / N.A.

Series 2024-2 F: 'Bsf'/ N.A. / N.A.

Rating sensitivity to reduced monthly payment rate (MPR)

Reduce steady state by 15% / 25% / 35%:

Series 2024-2 A: 'AA+sf'/ 'AAsf' / 'AA-sf'

Series 2024-2 B: 'AA-sf'/ 'A+sf' / 'Asf'

Series 2024-2 C: 'Asf'/ 'A-sf' / 'BBB+sf'

Series 2024-2 D: 'BBB-sf'/ 'BBB-sf' / 'BB+sf'

Series 2024-2 E: 'BB-sf'/ 'B+sf' / 'B+sf'

Series 2024-2 F: 'B+sf'/ 'B+sf' / 'Bsf'

Rating sensitivity to reduced purchase rate

Reduce steady state by 50% / 75% / 100%:

Series 2024-2 D: 'BBBsf'/ 'BBBsf' / 'BBBsf'

Series 2024-2 E: 'BB-sf'/ 'BB-sf' / 'BB-sf'

Series 2024-2 F: 'B+sf'/ 'B+sf' / 'B+sf'

No rating sensitivities are shown for the class A to C notes, as
Fitch already assumes a 100% purchase rate stress in these rating
scenarios.

Rating sensitivity to increased charge-off rate and reduced MPR

Increase steady-state charge-offs by 25% / 50% / 75% and reduce
steady-state MPR by 15% / 25% / 35%:

Series 2024-2 A: 'AAsf'/ 'Asf' / 'BBB+sf'

Series 2024-2 B: 'A+sf'/ 'BBB+sf' / 'BBB-sf'

Series 2024-2 C: 'BBB+sf'/ 'BBB-sf' / 'BBsf'

Series 2024-2 D: 'BB+sf'/ 'BB-sf' / 'Bsf'

Series 2024-2 E: 'B+sf'/ N.A. / N.A.

Series 2024-2 F: 'Bsf'/ N.A. / N.A.

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

Rating sensitivity to reduced charge-off rate and increased MPR

Reduce steady-state charge-offs by 25% and increase steady-state
MPR by 15%:

Series 2024-2 A: 'AAAsf'

Series 2024-2 B: 'AAAsf'

Series 2024-2 C: 'AA+sf'

Series 2024-2 D: 'Asf'

Series 2024-2 E: 'BBBsf'

Series 2024-2 F: 'BBB-sf'

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

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

DATA ADEQUACY

NewDay Funding

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.

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

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

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.


OEM GROUP: Enters Administration Amid Cashflow Pressures
--------------------------------------------------------
Business Sale reports that OEM Group (Scotland) Limited, an
oilfield services firm based in Aberdeen, fell into administration
last month, with Donald McNaught and Richard Bathgate of Johnston
Carmichael appointed as joint administrators.

The company, which employed 12 people, was said to have ceased
trading after encountering cashflow pressures, with seven staff
reportedly made redundant upon the appointment of administrators,
Business Sale relates.

According to a report in industry publication Energy Voice, the
company's rental arm remains operational, while administrators are
seeking buyers for its specialist rental fleet of offshore drilling
tools, Business Sale notes.

In the company's accounts for the year to March 31 2022, its fixed
assets were valued at GBP4.9 million and current assets at GBP2.2
million, with total equity standing at just under GBP3 million,
Business Sale discloses.


STRATTON MORTGAGE 2024-3: Fitch Assigns 'Bsf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Stratton Mortgage Funding 2024-3 PLC's
notes final ratings, as detailed below.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Stratton Mortgage
Funding 2024-3 PLC

   A XS2819830329      LT AAAsf  New Rating   AAA(EXP)sf
   B XS2819830592      LT AA-sf  New Rating   AA-(EXP)sf
   C XS2819830758      LT A-sf   New Rating   A-(EXP)sf
   D XS2819830832      LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2819830915      LT BB-sf  New Rating   BB-(EXP)sf
   F XS2819831053      LT Bsf    New Rating   B(EXP)sf
   X1 XS2819831210     LT NRsf   New Rating   NR(EXP)sf
   X2 XS2819831301     LT NRsf   New Rating   NR(EXP)sf
   Z XS2819831137      LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Stratton Mortgage Funding 2024-3 PLC is a securitisation of
non-conforming owner-occupied (OO) and buy-to-let mortgages backed
by properties located in the UK. The residential mortgages were
originated by GMAC-RFC Limited, GMAC, Amber Homeloans Limited,
Edeus Mortgage Creators Limited, Kensington Mortgage Company
Limited and Mortgages 1-2-4-5-6-7 Limited.

These assets were previously securitised in the Stratton Mortgage
Funding 2020-1 plc and Stratton Mortgage Funding 2021-3 plc
transactions. The pool also includes 15 commercial loans originated
by NRAM Limited that were not previously securitised.

KEY RATING DRIVERS

Seasoned Loans: About 98.4% of loans in the pool were originated
between 2003 and 2008. The pool has benefited from considerable
house price indexation, with a weighted average (WA) indexed
current loan-to-value (LTV) ratio of 49.5%, leading to a WA
sustainable LTV of 62.0%. OO loans make up 84.2% of the pool and
contain a high proportion of interest-only loans (86.7%).

High Arrears, Non-Performing Loans: Total arrears were 34.1% at the
end-April 2024 pool cut-off date. Fitch views 7.7% of loans in the
pool as non-performing as the borrowers have not made any payments
in the last three months. Fitch applied its UK RMBS Rating Criteria
in its analysis and applied additional recovery haircuts and yield
compression. Fitch assumed no interest payments were made by
borrowers for 5% of the pool, which reduces the available revenue
funds in the transaction.

Ratings Lower than MIRs: Fitch conducted a forward-looking analysis
by running scenarios and assuming higher defaults and lower
recovery rates. This was to account for the arrears trend compared
with the Fitch UK RMBS non-conforming index and weaker recovery
proceeds than envisaged by the agency's criteria assumptions. The
class B notes' rating is one notch lower than the model-implied
rating (MIR) and in line with Fitch's UK RMBS Rating Criteria. The
class C to F notes' ratings are lower than their MIRs by up to four
notches, a variation from the criteria.

Weak Representations and Warranties Framework: The seller provides
the majority of representations and warranties Fitch expects in a
UK RMBS transaction, but many are qualified by awareness on the
part of the seller. Protection for R&W breaches is limited to the
seller's obligation to repurchase mortgage loans or make an
indemnity payment in lieu of such repurchases.

The seller is not a rated entity and may have limited resources
available to indemnify the issuer or to repurchase loans if there
is a breach of the R&Ws. Fitch views this framework as weak in
comparison with typical UK RMBS, but the seasoning of the assets,
and the absence of warranty breaches in the Stratton Mortgage
Funding 2020-1 plc and Stratton Mortgage Funding 2021-3 plc
transactions, make the likelihood of the issuer suffering a
material loss sufficiently remote.

RATING SENSITIVITIES

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

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base-case expectations may result in negative rating action on the
notes. Fitch's analysis revealed that a 15% increase in the WA
foreclosure frequency (FF), along with a 15% decrease in the WA
recovery rate (RR), would lead to downgrades of up to three notches
for the class A and F notes, four notches for the class B and D
notes, and five notches for the class C and E notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potentially upgrades. Fitch found a decrease in the WAFF of 15% and
an increase in the WARR of 15% would lead to upgrades of two
notches for the class B notes, four notches for the class C, D and
E notes, and five notches for the class F notes. The class A notes
are at the highest achievable rating on Fitch's scale and cannot be
upgraded.

CRITERIA VARIATION

The class C notes are rated two notches below their MIRs, the class
D and E notes three notches below their MIRs and the class F notes
four notches below their MIR. This constitutes a variation from the
rating determination in Fitch's UK RMBS Rating Criteria, which
allows deviation of no more than one notch from the MIR.

The ratings on the class A, B and C notes were anchored on the
modelled output after a 10% recovery haircut at 'AAAsf' and the
'AAsf' category where Fitch deems the level of defaults
sufficiently stressful. The ratings on the class D to F notes were
anchored on the modelled output after a 10% increase in defaults
and a 10% recovery haircut.

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

Stratton Mortgage Funding 2024-3 PLC has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to the high proportion of interest-only loans in legacy OO
mortgages, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Stratton Mortgage Funding 2024-3 PLC has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to a large proportion of the pool containing OO loans advanced
with limited affordability checks, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

TOGETHER ASSET 2022-2ND1: DBRS Confirms B Rating on F Notes
-----------------------------------------------------------
DBRS Ratings Limited confirmed its credit ratings on the notes
issued by Together Asset Backed Securitization 2022-2ND1 plc as
follows:

-- Class A Loan Note at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (sf)

The credit rating on the Class A Loan Note addresses the timely
payment of interest and the ultimate payment of principal on or
before the legal final maturity date. The credit ratings on the
Class B, Class C, Class D, Class E, and Class F notes address the
ultimate payment of interest and the ultimate payment of principal
on or before the legal final maturity date, and the timely payment
of interest while the senior-most class is outstanding.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the May 2024 payment date;

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels.

The transaction is a securitization of second-lien mortgage loans,
both owner-occupied and buy-to-let, backed by residential
properties in the United Kingdom (UK). The loans are originated and
serviced by Blemain Finance Limited, Together Personal Finance
Limited, and Together Commercial Finance Limited, all of which
belong to the Together Group of companies. BCMGlobal Mortgage
Services Limited acts as the standby servicer.

The first optional redemption date is at the November 2026 payment
date and coincides with a step-up of the coupon. The legal final
maturity date is at the payment date in February 2054.

PORTFOLIO PERFORMANCE

As of the May 2024 payment date, 60- to 90-day delinquencies and
90+-day delinquencies were 1.3% and 4.2% of the outstanding
portfolio balance, respectively, up from 0.8% and 0.9% at the last
annual review.

As of the May 2024 payment date, cumulative repossessions
represented 0.1% and cumulative principal losses were zero. Loans
in Law of Property Act receivership represented 0.4% of the initial
portfolio balance, up from 0.1% at the last annual review.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables for each transaction and updated its base case
PD and LGD assumptions to 12.4% and 26.2%, respectively, from 9.2%
and 16.7% at the last annual review, respectively. The increase in
the base case PD assumption reflects the continued increase in
total delinquencies since the last annual review while the increase
in the base case LGD reflects the increased concentration of
properties in London (due to portfolio amortization), which has the
highest market value decline assumption among the regions in the
UK.

CREDIT ENHANCEMENT AND RESERVES

The credit enhancement consists of the subordination of the junior
notes. As of the May 2024 payment date, the CE increased since the
last annual review as follows:

-- CE to the Class A Loan Note to 43.6% from 33.0%
-- CE to the Class B to 37.0% from 28.0%
-- CE to the Class C to 26.7% from 20.2%
-- CE to the Class D to 16.8% from 12.8%
-- CE to the Class E to 8.2% from 6.2%
-- CE to the Class F to 5.8% from 4.4%

The transaction benefits from an amortizing liquidity reserve,
which covers senior fees, swap payments, and interest shortfalls on
the Class A Loan Note. As of the May 2024 payment date, the
liquidity reserve was at its target level of approximately GBP 1.8
million.

Elavon Financial Services DAC, U.K. Branch (Elavon UK) acts as the
account bank for the transaction. Based on Morningstar DBRS'
private credit rating on Elavon UK, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, Morningstar DBRS considers
the risk arising from the exposure to the account bank to be
consistent with the credit rating assigned to the Class A Loan
Note, as described in Morningstar DBRS' "Legal Criteria for
European Structured Finance Transactions" methodology.

Natixis S.A., London Branch (Natixis) act as the swap counterparty
for the transaction. Morningstar DBRS' private credit rating on
Natixis is consistent with the first rating threshold as described
in Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to the rated notes if the rated notes are not redeemed
on the Optional Redemption Date (as defined in and) in accordance
with the applicable transaction document(s).

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.

UK LOGISTICS 2024-1: DBRS Finalizes BB Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings to
the following classes of notes issued by UK Logistics 2024-1 DAC
(the Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (sf)

Trends on all classes of notes are Stable

CREDIT RATING RATIONALE

The transaction is a securitization of two senior commercial real
estate (CRE) loans originated by Barclays Bank PLC. The St. Modwen
Facility of GBP 328.0 million and the Mileway Facility of GBP 209.8
million were advanced by Barclays Bank PLC to borrowers ultimately
owned by Blackstone Real Estate Partners (Blackstone or the
Sponsor) in connection with refinancing the acquisition of two
last-mile logistics portfolios comprising 6 million square feet
(sf) of standing logistics assets and 3 million sf of industrial
outdoor storage (IOS) located in England and largely concentrated
in Greater Manchester.

St. Modwen

The St. Modwen Facility relates to a term loan facility which was
advanced by the Issuer to four borrowers (the St. Modwen Borrowers)
ultimately owned by Blackstone, for the purpose of refinancing
existing indebtedness of the St. Modwen Borrowers (and other
members of the group); refinancing the acquisition of the St.
Modwen property portfolio (the acquisition of the St Modwen
portfolio was a combination of property and unit acquisitions), for
general corporate purposes and financing or refinancing financing
costs. The Borrower group comprises one Jersey limited liability
company and three Jersey property unit trusts. The collateral
securing the loan comprises 49 logistics assets located in two
prime urban logistics submarkets, Trafford Park and Heywood
Industrial Park in Greater Manchester. Trafford Park has
multi-modal transport links, including a freight terminal and
direct connection to the M60 ring road and M62 arterial motorway;
it also benefits from close proximity to Manchester Airport and a
tram link to the city center. Heywood (10 kilometers (km) from the
central business district) is a key distribution hub, with
excellent access to the M60 and M62. Valuations prepared for the
properties by CBRE in April 2024 concluded an aggregate market
value (MV) of the collateral at GBP 531.6 million. Based on the
special assumption of a corporate portfolio sale representing 0%
stamp duty land tax (SDLT), CBRE concluded a value of GBP 562.4
million. The loan-to-value ratio (LTV) based on these values equals
61.7% and 58.3%, respectively. The portfolio has an occupancy rate
of 88%, with vacancy largely concentrated to three properties only;
in economic terms, this translates to an economic vacancy of 8.82%.
The portfolio income comprises rental payments from typical
standing logistics assets and also from leased IOS, which forms 10%
of in-place income. IOS generally comprises industrial-zoned land
used to store bulky goods. Typical uses include third-party
logistics (3PLs)/truck parking, container storage, equipment
rental, building materials, waste and environmental services/green
energy conversion, storage of chemicals, electric vehicle (EV)
charging, and self-storage. The borrowers indicated a budget of GBP
25.0 million of refurbishment (refurb) capital expenditures
(capex), which includes capex for identified environmental, social,
and governance (ESG) measures to meet 15% carbon emission reduction
targets and achieve at least an EPC B rating for all assets such as
window upgrades, LED lighting upgrades, installation of solar
photovoltaics (PVs), modernization of building insulation, and
roofing. The majority of the units within the portfolio (circa 80%)
fall within the C–E rating category.

The portfolio has a weighted-average lease term to break (WALTb)
and a weighted-average lease term to expiry (WALTe) of 3.1 years
and 4.8 years, respectively. In aggregate, the portfolio tenant
base is granular with the top 10 tenants accounting for 39% of the
rental income. Included in the top 10 tenants are Great Bear (or
Culina), which forms 10% of gross operating income (GRI); Martin
Brower UK Limited, 6%; Iron Mountain (UK) PLC, 4%; and SIG Trading
Limited, 4%. As at the Cut-Off Date 31January 2024, the properties
generated GBP 23.9 million of GRI, which reflects a day-one debt
yield (DY) of 7.4%. Morningstar DBRS' long-term sustainable net
cash flow (NCF) assumption for the portfolio is GBP 22.2 million,
representing a haircut of 8.5% to in-place GRI. The corresponding
Morningstar DBRS value of GBP 344.2 million represents a haircut of
35.3% to the CBRE valuation.

There are no loan financial covenants applicable prior to a
permitted change of control (PCOC), but cash trap covenants are
applicable both prior to and post-PCOC. More precisely, the cash
trap levels are set as follows: the LTV ratio is greater than 73.4%
and the DY is less than 6.7%. After a PCOC, the financial default
covenants on the LTV and the DY will be applicable; they are set,
respectively, at the LTV ratio being greater than the PCOC LTV +15%
and at 85% of the DY as at the PCOC date. The senior loan is
interest-only prior to a PCOC and carries a floating rate, which is
referenced to the sterling overnight index average (Sonia) (floored
at 0%) plus a margin that is a function of the weighted average
(WA) of the aggregate interest amounts payable on the notes.
Morningstar DBRS understands that the borrowers will purchase an
interest cap agreement to hedge against increases in the interest
payable under the loan. This must be in place by the first interest
payment date (IPD). The cap agreement will cover 95% of the
outstanding loan balance with a strike rate of the higher of 3.5%
and the rate that ensures that, as at the date on which the
relevant hedging transaction is contracted, the hedged interest
coverage ratio (ICR) is not less than 1.5 times (x). until the
first hedging renewal date, being the first IPD falling after the
second anniversary of the utilization date, and, thereafter at each
subsequent hedging renewal date until loan maturity, the higher of:
(1) the lower of (A) 3.5%, and (B) in respect of any hedging
transaction in the form of a swap, the market prevailing swap
(fixed leg) rate on the date on which the relevant hedging
transaction is contracted; and (2) the rate that ensures that, as
at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5x. The maturity date of the loan is 15 May 2029. For the
purpose of satisfying the applicable risk retention requirements,
Barclays Bank PLC will advance a GBP 16.4 million loan (the Issuer
Loan) to the Issuer, representing 5% of the total securitized
balance.

Mileway

The Mileway Facility relates to a term loan facility which was
advanced by the Issuer to three borrowers (the Mileway Borrowers)
ultimately owned by Blackstone for the purpose of refinancing
existing indebtedness of the Mileway Borrowers (and other members
of the group), refinancing the acquisition of the Mileway property
portfolio, for general corporate purposes, and financing or
refinancing financing costs. Each borrower is a private limited
liability company incorporated under the laws of Jersey. The
collateral securing the loan comprises 17 prime UK logistics assets
located within densely populated urban areas, with good highway
connectivity. Of the portfolio value, 53% is located in London and
the South East; the Midlands accounts for 23%; the North East,
Yorkshire and Humberside, and North West account for 18%; and the
remaining 6% is located in the South West. Valuations prepared for
the properties by Jones Lang LaSalle (JLL) in March 2024 concluded
an aggregate MV of the collateral at GBP 317.5 million including a
portfolio premium of 2.5%. Based on the special assumption of a
corporate portfolio sale representing 0% SDLT, JLL concluded a
value of GBP 325.0 million. The LTV based on these values equals
66.2% and 64.3%, respectively.

The portfolio is well occupied and has an occupancy rate of 96%; in
economic terms, this translates to an economic vacancy of 8.7%. The
portfolio income comprises rental payments from typical standing
logistics assets and also from leased IOS, which forms 17% of
in-place income. The borrowers indicated a budget of GBP 22.0
million of refurb capex, which includes capex for identified ESG
measures to meet 15% carbon emission reduction targets and achieve
at least an EPC B rating for all assets such as LED lighting
upgrades, installation of solar PVs, modernization of building
insulation, and roofing. The majority of the units within the
portfolio (circa 80%) fall within the C–E rating category. The
portfolio has a WALTb and a WALTe of 5.0 years and 7.3 years,
respectively. In aggregate, the portfolio tenant base is granular
with the top 10 tenants accounting for 29% of the rental income and
no single tenant accounting for more than 5% of the total rent.

As at the Cut-Off Date 31January 2024, the properties generated GBP
16.4 million of GRI, which reflects a day-one DY of 8.0%.
Morningstar DBRS' long-term sustainable NCF assumption for the
portfolio is GBP 16.0 million, representing a haircut of 5.0% to
in-place GRI. The corresponding Morningstar DBRS value of GBP 237.6
million represents a haircut of 25.2% to the JLL valuation. There
are no loan financial covenants applicable prior to a PCOC, but
cash trap covenants are applicable both prior to and post-PCOC.
More precisely, the cash trap levels are set as follows: the LTV
ratio is greater than 74.5% and the DY is less than 6.8%. After a
PCOC, the financial default covenants on the LTV and the DY will be
applicable; they are set, respectively, at the LTV ratio being
greater than the PCOC LTV +15% and at 85% of the DY as at the PCOC
date.

The senior loan is interest-only prior to a PCOC and carries a
floating rate, which is referenced to Sonia (floored at 0%) plus a
margin that is a function of the WA of the aggregate interest
amounts payable on the notes. Morningstar DBRS understands that the
borrowers will purchase an interest cap agreement to hedge against
increases in the interest payable under the loan by the first IPD.
The cap agreement will cover 95% of the outstanding loan balance
with a strike rate of the higher of 3.5% and the rate that ensures
that, as at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5x times until the first hedging renewal date, being the
first IPD falling after the second anniversary of the utilization
date, and, thereafter at each subsequent hedging renewal date until
loan maturity, the higher of: (1) the lower of (A) 3.5%, and (B) in
respect of any hedging transaction in the form of a swap, the
market prevailing swap (fixed leg) rate on the date on which the
relevant hedging transaction is contracted; and (2) the rate that
ensures that, as at the date on which the relevant hedging
transaction is contracted, the hedged ICR is not less than 1.5x.
The maturity date of the loan is 15 May 2029.

For the purpose of satisfying the applicable risk retention
requirements, Barclays Bank PLC will advance a GBP 10.5 million
loan (the Issuer Loan) to the Issuer, representing 5% of the total
securitized balance.

In aggregate, Morningstar DBRS' NCF and valuation for the St.
Modwen and Mileway portfolios are GBP 38.3 million and GBP 661.6
million, respectively, implying a WA capitalization rate of
approximately 6.6%. The transaction is expected to repay in full by
15 May 2029. If the loans are not repaid by then, the transaction
will have five years' tail to allow the special servicer to work
out the loan(s) by May 2034, or where the final note maturity date
is automatically extended pursuant to an extension of the final
loan maturity date, the date falling 5 years after the final loan
maturity date, which in each case is the final note maturity date.

The Issuer has established a reserve that has been credited with
the initial Issuer liquidity reserve required amount. Part of the
noteholders' subscription for the Class A notes was used to provide
95% of the liquidity support for the transaction, which will be set
at GBP 27 million or 5% of the total outstanding balance of the
notes. The remaining 5% was funded by the Issuer Loan. Morningstar
DBRS understands that the liquidity reserve will cover the interest
payments to the Class A to Class C notes. No liquidity withdrawal
can be made to cover shortfalls in funds available to the Issuer to
pay any amounts in respect of the interest due on the Class D and
Class E notes. The Class D and Class E notes are subject to an
available funds cap where the shortfall is attributable to an
increase in the WA margin of the notes.

Based on a cap strike rate of 3.5% and a Sonia cap of 5.0% for the
two loans, Morningstar DBRS estimated that the liquidity reserve
will cover approximately 15 months of interest payments and 12
months of interest payments, respectively, assuming the Issuer does
not receive any revenue.

Morningstar DBRS' credit rating on the notes addresses the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are for each of the rated notes are the
related interest payment amounts and related class balance.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. For example, credit ratings on the notes listed above
do not address payments of the SONIA excess amounts, exit payment
amounts, and pro rata default interest.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in GBP unless otherwise noted.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week June 10 to June 14, 2024
-------------------------------------------------------
Issuer             Coupon     Maturity Currency  Price
------             ------     -------- --------  -----

Altice France Holdi  10.500  5/15/2027  USD     38.995
Codere Finance 2 Lu  11.000  9/30/2026  EUR     33.711
IOG Plc              13.428  9/20/2024  EUR      5.000
Solocal Group        10.719  3/15/2025  EUR     20.518
Codere Finance 2 Lu  12.750 11/30/2027  EUR      1.000
Oscar Properties Ho  11.270   7/5/2024  SEK      0.265
Solis Bond Co DAC    10.215  6/28/2024  EUR     50.000
R-Logitech Finance   10.250  9/26/2027  EUR     15.131
Turkiye Government   10.400 10/13/2032  TRY
Saderea DAC          12.500 11/30/2026  USD     48.375
Codere Finance 2 Lu  13.625 11/30/2027  USD      1.000
Tinkoff Bank JSC Vi  11.002             USD     43.048
Privatbank CJSC Via  10.875  2/28/2018  USD      5.302
Codere Finance 2 Lu  13.625 11/30/2027  USD      1.000
Bilt Paper BV        10.360             USD      0.761
Ilija Batljan Inves  10.470             SEK      3.500
Kvalitena AB publ    10.067   4/2/2024  SEK     45.000
Plusplus Capital Fi  11.000  7/29/2026  EUR     10.507
Avangardco Investme  10.000 10/29/2018  USD      0.108
UkrLandFarming PLC   10.875  3/26/2018  USD      4.218
Privatbank CJSC Via  10.250  1/23/2018  USD      3.819
Bourbon Corp SA      11.652             EUR      1.373
Altice France Holdi  10.500  5/15/2027  USD     38.871
Codere Finance 2 Lu  11.000  9/30/2026  EUR     33.711
Privatbank CJSC Via  11.000   2/9/2021  USD      0.759
Bakkegruppen AS      11.720   2/3/2025  NOK     44.492
Transcapitalbank JS  10.000             USD      1.450
Solocal Group        10.719  3/15/2025  EUR      9.162
Immigon Portfolioab  10.055             EUR      8.945
Marginalen Bank Ban  12.996             SEK     45.000
Societe Generale SA  22.750 10/17/2024  USD     20.610
Virgolino de Olivei  10.500  1/28/2018  USD      0.010
Virgolino de Olivei  11.750   2/9/2022  USD      0.634
Goldman Sachs Inter  16.288  3/17/2027  USD     26.370
Virgolino de Olivei  10.500  1/28/2018  USD      0.010
Sidetur Finance BV   10.000  4/20/2016  USD      0.442
Phosphorus Holdco P  10.000   4/1/2019  GBP      0.768
Societe Generale SA  11.000  7/14/2026  USD     10.400
Societe Generale SA  14.000   8/8/2024  USD     38.803
Bulgaria Steel Fina  12.000   5/4/2013  EUR      0.216
Societe Generale SA  16.000  8/30/2024  USD     21.000
NTRP Via Interpipe   10.250   8/2/2017  USD      1.047
Erste Group Bank AG  14.500  5/31/2026  EUR     47.100
Tonon Luxembourg SA  12.500  5/14/2024  USD      0.010
Societe Generale SA  16.000   8/1/2024  USD     12.500
Societe Generale SA  16.000   8/1/2024  USD     23.300
Societe Generale SA  21.000 12/26/2025  USD     28.870
Codere Finance 2 Lu  12.750 11/30/2027  EUR      1.000
Citigroup Global Ma  25.530  2/18/2025  EUR      0.100
Societe Generale SA  15.000   8/1/2024  USD     19.400
UBS AG/London        17.500   2/7/2025  USD     14.420
Societe Generale SA  14.300  8/22/2024  USD     11.000
Societe Generale SA  16.000   7/3/2024  USD     19.700
Societe Generale SA  20.000 12/18/2025  USD     21.900
Societe Generale SA  18.000  10/3/2024  USD     19.200
Virgolino de Olivei  10.875  1/13/2020  USD     36.000
Ukraine Government   10.570  5/10/2027  UAH     59.907
Societe Generale SA  15.000  8/30/2024  USD     18.000
Societe Generale SA  23.510  6/23/2026  USD      3.943
Banco Espirito Sant  10.000  12/6/2021  EUR      0.058
Leonteq Securities   12.490  7/10/2024  USD     29.720
UBS AG/London        28.000  9/23/2024  USD      2.360
Societe Generale SA  20.000   1/3/2025  USD      7.400
Deutsche Bank AG/Lo  12.780  3/16/2028  TRY     46.753
Virgolino de Olivei  10.875  1/13/2020  USD     36.000
KPNQwest NV          10.000  3/15/2012  EUR      0.746
DZ Bank AG Deutsche  11.800  9/27/2024  EUR     48.620
Societe Generale SA  20.000 11/28/2025  USD      4.500
UBS AG/London        11.200  8/26/2024  USD     39.300
Teksid Aluminum Lux  12.375  7/15/2011  EUR      0.619
UBS AG/London        19.000  7/12/2024  CHF     43.650
Bulgaria Steel Fina  12.000   5/4/2013  EUR      0.216
PA Resources AB      13.500   3/3/2016  SEK      0.124
Societe Generale SA  15.000  9/29/2025  USD      6.267
UBS AG/London        10.000  3/23/2026  USD     24.660
Raiffeisen Schweiz   20.000   8/7/2024  CHF     34.240
Societe Generale SA  20.000  7/21/2026  USD      3.940
Societe Generale SA  20.000  1/29/2026  USD     15.300
UBS AG/London        20.000 11/29/2024  USD     16.770
Societe Generale SA  25.260 10/30/2025  USD      9.200
Societe Generale SA  26.640 10/30/2025  USD      2.170
Lehman Brothers Tre  10.600  4/22/2014  MXN      0.100
Ukraine Government   11.000  4/20/2037  UAH     40.949
Ukraine Government   11.580   2/2/2028  UAH     57.994
Sidetur Finance BV   10.000  4/20/2016  USD      0.442
Swissquote Bank SA   15.740 10/31/2024  CHF     22.900
Bank Vontobel AG     18.000  6/28/2024  CHF     38.500
Leonteq Securities   26.000  7/24/2024  CHF     42.550
Swissquote Bank SA   27.700   9/4/2024  CHF     44.340
Leonteq Securities   30.000   8/7/2024  CHF     32.180
Finca Uco Cjsc       12.500  6/21/2024  AMD      0.000
ACBA Bank OJSC       11.500   3/1/2026  AMD      0.000
Inecobank CJSC       10.000  4/28/2025  AMD      9.654
Lehman Brothers Tre  11.000   7/4/2011  USD      0.100
Landesbank Baden-Wu  16.000 11/22/2024  EUR     39.080
UniCredit Bank GmbH  13.500 12/31/2024  EUR     44.600
UniCredit Bank GmbH  14.500  2/28/2025  EUR     33.730
Leonteq Securities   24.000   9/5/2024  CHF     45.650
Leonteq Securities   24.000   9/5/2024  CHF     46.760
UniCredit Bank GmbH  14.900  8/23/2024  EUR     42.810
UniCredit Bank GmbH  14.500 11/22/2024  EUR     31.260
UniCredit Bank GmbH  13.100  2/28/2025  EUR     34.930
UniCredit Bank GmbH  13.800  2/28/2025  EUR     34.410
UniCredit Bank GmbH  12.800  2/28/2025  EUR     48.350
UniCredit Bank GmbH  14.700  8/23/2024  EUR     27.640
Vontobel Financial   16.500 12/31/2024  EUR     46.830
Vontobel Financial   18.500 12/31/2024  EUR     45.920
Vontobel Financial   13.000 12/31/2024  EUR     48.580
Vontobel Financial   20.250 12/31/2024  EUR     45.370
Vontobel Financial   14.750 12/31/2024  EUR     47.480
Bank Vontobel AG     13.500   1/8/2025  CHF     14.300
UniCredit Bank GmbH  14.800  9/27/2024  EUR     30.520
Raiffeisen Schweiz   20.000 10/16/2024  CHF     44.050
UniCredit Bank GmbH  13.700  9/27/2024  EUR     31.600
Bank Vontobel AG     14.000   3/5/2025  CHF     30.500
Leonteq Securities   24.000  1/13/2025  CHF     19.570
Landesbank Baden-Wu  16.000 10/25/2024  EUR     46.610
DZ Bank AG Deutsche  24.900  6/28/2024  EUR     46.800
UniCredit Bank GmbH  20.000 12/31/2024  EUR     29.230
UniCredit Bank GmbH  16.550  8/18/2025  USD     26.570
Landesbank Baden-Wu  12.000   1/3/2025  EUR     41.490
Landesbank Baden-Wu  18.000   1/3/2025  EUR     34.690
Landesbank Baden-Wu  15.000   1/3/2025  EUR     36.390
DZ Bank AG Deutsche  23.100 12/31/2024  EUR     48.590
DZ Bank AG Deutsche  16.500 12/27/2024  EUR     49.160
Landesbank Baden-Wu  10.500 11/22/2024  EUR     47.510
UniCredit Bank GmbH  13.500  9/27/2024  EUR     41.450
UniCredit Bank GmbH  14.900  9/27/2024  EUR     39.340
Societe Generale SA  15.000 10/31/2024  USD     28.575
HSBC Trinkaus & Bur  18.750  9/27/2024  EUR     23.930
HSBC Trinkaus & Bur  20.250  6/28/2024  EUR     19.490
Bank Vontobel AG     29.000  9/10/2024  USD     35.800
BNP Paribas Issuanc  20.000  9/18/2026  EUR     26.580
BNP Paribas Issuanc  19.000  9/18/2026  EUR      0.980
Landesbank Baden-Wu  17.000  9/27/2024  EUR     43.330
Vontobel Financial   10.000  9/27/2024  EUR     44.590
Societe Generale SA  24.000   4/3/2025  USD     44.000
Vontobel Financial   15.500  6/28/2024  EUR     38.550
Vontobel Financial   13.250  9/27/2024  EUR     41.620
Finca Uco Cjsc       12.000  2/10/2025  AMD      0.000
Raiffeisen Schweiz   20.000  9/25/2024  CHF     37.240
UniCredit Bank GmbH  18.000 12/31/2024  EUR     26.130
UniCredit Bank GmbH  18.800 12/31/2024  EUR     26.020
Raiffeisen Schweiz   20.000  9/25/2024  CHF     25.730
UniCredit Bank GmbH  17.200 12/31/2024  EUR     26.290
Bank Vontobel AG     20.000  6/26/2024  CHF     32.500
UniCredit Bank GmbH  19.600 12/31/2024  EUR     25.930
EFG International F  10.300  8/23/2024  USD     20.350
HSBC Trinkaus & Bur  12.500 12/30/2024  EUR     32.680
UniCredit Bank GmbH  19.300 12/31/2024  EUR     31.070
HSBC Trinkaus & Bur  17.600  9/27/2024  EUR     26.760
HSBC Trinkaus & Bur  10.800 12/30/2024  EUR     34.680
HSBC Trinkaus & Bur  15.100 12/30/2024  EUR     30.570
Fast Credit Capital  11.500  7/13/2024  AMD      0.000
Bank Vontobel AG     18.000  7/19/2024  CHF     39.700
Leonteq Securities   27.000  7/24/2024  CHF      7.520
Vontobel Financial   24.750  6/28/2024  EUR     30.720
Leonteq Securities   15.000  7/24/2024  CHF      6.900
Leonteq Securities   23.000  7/24/2024  CHF     36.230
Raiffeisen Schweiz   20.000  7/24/2024  CHF     41.630
Raiffeisen Schweiz   16.000  7/24/2024  CHF     46.540
Bank Vontobel AG     25.000  7/22/2024  USD     22.700
Landesbank Baden-Wu  15.000   1/3/2025  EUR     49.340
Leonteq Securities   25.000   9/5/2024  EUR     45.970
Leonteq Securities   24.000   9/4/2024  CHF     44.830
UniCredit Bank GmbH  19.100 12/31/2024  EUR     30.170
UBS AG/London        13.000  9/30/2024  CHF     16.660
Leonteq Securities   23.000 12/27/2024  CHF     29.050
Leonteq Securities   24.000   1/9/2025  CHF     41.660
UniCredit Bank GmbH  15.100  9/27/2024  EUR     37.210
Leonteq Securities   20.000  9/18/2024  CHF     33.070
UniCredit Bank GmbH  16.900  9/27/2024  EUR     26.480
UniCredit Bank GmbH  19.100  9/27/2024  EUR     25.410
UniCredit Bank GmbH  16.400  9/27/2024  EUR     35.640
Swissquote Bank SA   28.320  9/18/2024  CHF     49.080
Leonteq Securities   22.000  9/18/2024  CHF     47.540
UniCredit Bank GmbH  13.800  9/27/2024  EUR     28.730
UniCredit Bank GmbH  14.800  9/27/2024  EUR     27.870
UniCredit Bank GmbH  15.800  9/27/2024  EUR     27.120
Landesbank Baden-Wu  15.000  9/27/2024  EUR     46.720
Landesbank Baden-Wu  18.500  9/27/2024  EUR     41.460
HSBC Trinkaus & Bur  17.500 12/30/2024  EUR     27.780
HSBC Trinkaus & Bur  17.400  6/28/2024  EUR     44.510
Landesbank Baden-Wu  13.300  8/23/2024  EUR     37.000
UBS AG/London        13.750   7/1/2024  CHF     34.150
Landesbank Baden-Wu  13.000   1/3/2025  EUR     27.330
Vontobel Financial   16.500  6/28/2024  EUR     39.590
DZ Bank AG Deutsche  12.000  9/25/2024  EUR     49.500
Landesbank Baden-Wu  11.000   1/3/2025  EUR     29.060
Vontobel Financial   21.500  6/28/2024  EUR     34.840
Vontobel Financial   12.000  6/28/2024  EUR     45.840
Vontobel Financial   19.500  6/28/2024  EUR     36.330
Vontobel Financial   14.000  6/28/2024  EUR     45.200
Landesbank Baden-Wu  11.000  6/28/2024  EUR     22.790
Vontobel Financial   18.000  6/28/2024  EUR     37.800
Vontobel Financial   23.000  6/28/2024  EUR     33.770
Vontobel Financial   12.500  6/28/2024  EUR     45.160
HSBC Trinkaus & Bur  19.700  6/28/2024  EUR     39.400
Corner Banca SA      18.500  9/23/2024  CHF     12.390
Raiffeisen Switzerl  20.000  6/26/2024  CHF     28.580
Leonteq Securities   23.000  6/26/2024  CHF     38.090
Vontobel Financial   15.000  6/28/2024  EUR     41.370
Vontobel Financial   13.500  6/28/2024  EUR     43.540
Vontobel Financial   11.000  6/28/2024  EUR     45.050
Leonteq Securities   20.000  9/26/2024  USD     24.770
Landesbank Baden-Wu  10.200  8/23/2024  EUR     45.000
Leonteq Securities   21.600  6/26/2024  CHF      5.170
Landesbank Baden-Wu  15.000  2/28/2025  EUR     44.250
Landesbank Baden-Wu  18.000 11/22/2024  EUR     36.210
Vontobel Financial   11.000  6/28/2024  EUR     42.260
UniCredit Bank GmbH  10.500  9/23/2024  EUR     28.910
UniCredit Bank GmbH  18.000  9/27/2024  EUR     25.910
Bank Vontobel AG     13.000  6/26/2024  CHF      3.300
DZ Bank AG Deutsche  24.100  6/28/2024  EUR     43.710
Landesbank Baden-Wu  10.500   1/2/2026  EUR     44.450
Landesbank Baden-Wu  15.000  6/28/2024  EUR     45.460
Landesbank Baden-Wu  23.000  9/27/2024  EUR     41.410
Landesbank Baden-Wu  21.000   1/3/2025  EUR     46.210
Landesbank Baden-Wu  23.000  6/28/2024  EUR     39.200
Landesbank Baden-Wu  16.000   1/3/2025  EUR     38.870
Landesbank Baden-Wu  25.000   1/3/2025  EUR     34.640
Landesbank Baden-Wu  19.000  6/27/2025  EUR     42.570
Landesbank Baden-Wu  27.000  9/27/2024  EUR     40.870
Landesbank Baden-Wu  18.000  9/27/2024  EUR     45.400
Landesbank Baden-Wu  27.000  6/28/2024  EUR     36.820
Landesbank Baden-Wu  19.000   1/3/2025  EUR     36.780
Landesbank Baden-Wu  16.000  6/27/2025  EUR     42.400
Landesbank Baden-Wu  21.000  6/27/2025  EUR     42.220
Landesbank Baden-Wu  15.000  9/27/2024  EUR     47.970
Landesbank Baden-Wu  21.000  9/27/2024  EUR     43.390
Landesbank Baden-Wu  19.000  6/28/2024  EUR     42.150
Landesbank Baden-Wu  22.000   1/3/2025  EUR     35.410
Landesbank Baden-Wu  14.000  6/27/2025  EUR     43.910
Landesbank Baden-Wu  16.000   1/3/2025  EUR     48.960
Landesbank Baden-Wu  18.000   1/3/2025  EUR     47.100
Leonteq Securities   28.000   9/5/2024  CHF     45.050
Landesbank Baden-Wu  11.500  9/27/2024  EUR     40.720
Leonteq Securities   23.290  8/29/2024  CHF     46.160
Landesbank Baden-Wu  15.500  9/27/2024  EUR     32.980
Zurcher Kantonalban  24.000 11/22/2024  EUR     37.130
UBS AG/London        16.500  7/22/2024  CHF      8.260
UBS AG/London        21.600   8/2/2027  SEK     30.240
Vontobel Financial   24.500  6/28/2024  EUR     49.310
DZ Bank AG Deutsche  23.200  6/28/2024  EUR     43.930
Vontobel Financial   23.000  6/28/2024  EUR     44.820
Basler Kantonalbank  18.000  6/21/2024  CHF     36.870
Vontobel Financial   24.000  6/28/2024  EUR     42.300
Citigroup Global Ma  14.650  7/22/2024  HKD     36.685
UniCredit Bank GmbH  10.100  8/23/2024  EUR     48.670
UniCredit Bank GmbH  11.000  8/23/2024  EUR     46.880
Raiffeisen Switzerl  20.000  7/10/2024  CHF     41.340
Leonteq Securities   21.000   1/3/2025  CHF     47.010
DZ Bank AG Deutsche  10.750 12/27/2024  EUR     42.540
HSBC Trinkaus & Bur  19.600 12/30/2024  EUR     30.730
HSBC Trinkaus & Bur  15.200 12/30/2024  EUR     33.300
HSBC Trinkaus & Bur  18.100  3/28/2025  EUR     31.510
HSBC Trinkaus & Bur  19.600 11/22/2024  EUR     32.180
BNP Paribas Emissio  14.000  6/27/2024  EUR     42.740
BNP Paribas Emissio  17.000  6/27/2024  EUR     40.800
BNP Paribas Emissio  20.000  6/27/2024  EUR     39.040
Bank Vontobel AG     10.000  6/28/2024  USD     48.400
Vontobel Financial   14.000  9/27/2024  EUR     43.560
Vontobel Financial   21.000  9/27/2024  EUR     37.760
Vontobel Financial   19.500  9/27/2024  EUR     38.720
Vontobel Financial   24.500  6/28/2024  EUR     32.400
Leonteq Securities   14.000   7/3/2024  CHF      6.740
HSBC Trinkaus & Bur  17.000  6/28/2024  EUR     26.980
UniCredit Bank GmbH  13.900 11/22/2024  EUR     33.660
UniCredit Bank GmbH  17.800  6/28/2024  EUR     35.700
UniCredit Bank GmbH  18.800  7/25/2024  EUR     47.180
HSBC Trinkaus & Bur  17.400 12/30/2024  EUR     45.000
HSBC Trinkaus & Bur  18.300  9/27/2024  EUR     32.700
HSBC Trinkaus & Bur  13.600  9/27/2024  EUR     38.820
Landesbank Baden-Wu  14.500 11/22/2024  EUR     40.660
HSBC Trinkaus & Bur  19.600 12/30/2024  EUR     42.030
HSBC Trinkaus & Bur  15.900  9/27/2024  EUR     35.300
BNP Paribas Emissio  16.000  6/27/2024  EUR     48.940
Leonteq Securities   24.000   7/3/2024  CHF     38.020
Landesbank Baden-Wu  11.000 11/22/2024  EUR     47.720
Vontobel Financial   15.500  9/27/2024  EUR     42.150
Vontobel Financial   17.000  9/27/2024  EUR     40.890
Vontobel Financial   18.000  9/27/2024  EUR     39.720
Vontobel Financial   23.500  6/28/2024  EUR     32.910
DZ Bank AG Deutsche  16.000  6/28/2024  EUR     26.500
UniCredit Bank GmbH  18.500 12/31/2024  EUR     32.460
DZ Bank AG Deutsche  11.000  9/27/2024  EUR     48.890
Bank Vontobel AG     10.000  11/4/2024  EUR     49.300
UniCredit Bank GmbH  19.300 12/31/2024  EUR     31.920
Leonteq Securities   20.000   8/7/2024  CHF      8.150
Vontobel Financial   13.500  6/28/2024  EUR     47.170
Vontobel Financial   19.000  6/28/2024  EUR     41.590
Vontobel Financial   15.000  6/28/2024  EUR     45.720
DZ Bank AG Deutsche  13.100  9/27/2024  EUR     44.830
Vontobel Financial   16.000  6/28/2024  EUR     44.160
Leonteq Securities   22.000   8/7/2024  CHF     26.880
DZ Bank AG Deutsche  13.250  6/26/2024  EUR     49.170
Landesbank Baden-Wu  14.000  1/24/2025  EUR     38.160
DZ Bank AG Deutsche  14.000  9/25/2024  EUR     45.610
Vontobel Financial   21.500  6/28/2024  EUR     42.670
Vontobel Financial   17.500  6/28/2024  EUR     47.140
Vontobel Financial   23.000  6/28/2024  EUR     40.890
Vontobel Financial   19.500  6/28/2024  EUR     44.730
BNP Paribas Emissio  18.000  6/27/2024  EUR     47.470
Landesbank Baden-Wu  13.000  3/28/2025  EUR     37.430
Vontobel Financial   13.000  9/27/2024  EUR     45.380
Vontobel Financial   12.000  9/27/2024  EUR     47.210
HSBC Trinkaus & Bur  22.250  6/27/2025  EUR     38.880
Leonteq Securities   24.000  8/14/2024  CHF     31.880
Leonteq Securities   22.000  8/14/2024  CHF     26.690
Vontobel Financial   11.000 12/31/2024  EUR     44.950
Vontobel Financial   24.500  9/27/2024  EUR     38.700
HSBC Trinkaus & Bur  12.750  6/27/2025  EUR     47.840
HSBC Trinkaus & Bur  11.250  6/27/2025  EUR     34.470
Swissquote Bank SA   21.320  7/17/2024  CHF     47.260
Bank Vontobel AG     11.000  7/26/2024  USD     45.100
Basler Kantonalbank  24.000   7/5/2024  CHF     35.480
Zurcher Kantonalban  22.000   8/6/2024  USD     41.270
UniCredit Bank GmbH  19.500 12/31/2024  EUR     33.880
Leonteq Securities   26.000  7/10/2024  CHF     32.670
Leonteq Securities   26.000  7/31/2024  CHF     33.630
Landesbank Baden-Wu  12.000  1/24/2025  EUR     36.980
Basler Kantonalbank  21.000   7/5/2024  CHF     41.810
Leonteq Securities   21.000  7/17/2024  CHF     47.170
UniCredit Bank GmbH  18.600 12/31/2024  EUR     34.560
Swissquote Bank SA   26.040  7/17/2024  CHF     38.680
UniCredit Bank GmbH  18.800 12/31/2024  EUR     28.320
Leonteq Securities   21.000  8/14/2024  CHF     38.620
Landesbank Baden-Wu  15.500  1/24/2025  EUR     32.550
Vontobel Financial   22.000  6/28/2024  EUR     46.090
UBS AG/London        14.250  7/12/2024  EUR      6.120
Leonteq Securities   24.000  7/10/2024  CHF     38.170
Leonteq Securities   24.000  7/17/2024  CHF     19.200
Bank Vontobel AG     20.500  11/4/2024  CHF     38.900
DZ Bank AG Deutsche  16.800  6/28/2024  EUR     47.800
HSBC Trinkaus & Bur  17.500  6/27/2025  EUR     40.580
HSBC Trinkaus & Bur  15.500  6/27/2025  EUR     32.350
UniCredit Bank GmbH  19.700 12/31/2024  EUR     28.130
Leonteq Securities   20.000  8/21/2024  CHF     41.530
Raiffeisen Switzerl  12.300  8/21/2024  CHF      7.000
Bank Vontobel AG     11.000  9/10/2024  EUR     48.800
UniCredit Bank GmbH  13.400  9/27/2024  EUR     33.060
Basler Kantonalbank  18.000  6/17/2024  CHF     39.320
Bank Julius Baer &   13.600  6/17/2024  CHF     47.250
Bank Julius Baer &   15.300  6/17/2024  EUR     47.200
Leonteq Securities   24.000  7/10/2024  CHF     36.650
Swissquote Bank SA   26.120  7/10/2024  CHF     37.160
Leonteq Securities   27.600  6/26/2024  CHF     26.790
Landesbank Baden-Wu  11.000  3/28/2025  EUR     39.900
Landesbank Baden-Wu  15.000  3/28/2025  EUR     35.780
DZ Bank AG Deutsche  23.500  9/27/2024  EUR     46.610
EFG International F  15.000  7/12/2024  CHF     25.270
UBS AG/London        15.750  7/25/2024  EUR     48.750
UBS AG/London        11.250  9/16/2024  EUR     48.050
Landesbank Baden-Wu  11.500 10/25/2024  EUR     25.720
Landesbank Baden-Wu  15.000  8/23/2024  EUR     29.640
Landesbank Baden-Wu  20.000  8/23/2024  EUR     46.680
Landesbank Baden-Wu  10.000 10/25/2024  EUR     28.200
Leonteq Securities   24.000  8/21/2024  CHF     42.630
Landesbank Baden-Wu  10.000  8/23/2024  EUR     36.890
Finca Uco Cjsc       13.000  5/30/2025  AMD      0.000
UBS AG/London        25.000  7/12/2024  CHF     41.800
Leonteq Securities   28.000  8/21/2024  CHF     41.600
Corner Banca SA      23.000  8/21/2024  CHF     38.900
HSBC Trinkaus & Bur  19.000  6/28/2024  EUR     21.750
HSBC Trinkaus & Bur  11.000  6/28/2024  EUR     29.730
HSBC Trinkaus & Bur  15.000  6/28/2024  EUR     38.660
Landesbank Baden-Wu  10.000  6/28/2024  EUR     49.490
Leonteq Securities   25.000 12/11/2024  CHF     48.300
Bank Vontobel AG     10.000  8/19/2024  CHF      4.800
Landesbank Baden-Wu  14.000 10/24/2025  EUR     48.510
HSBC Trinkaus & Bur  15.000  6/28/2024  EUR     24.500
Swissquote Bank SA   24.040  9/11/2024  CHF     42.310
Leonteq Securities   18.000  9/11/2024  CHF      9.200
Finca Uco Cjsc       13.000 11/16/2024  AMD      0.000
Raiffeisen Schweiz   20.000  9/11/2024  CHF     41.390
Leonteq Securities   22.000  9/11/2024  CHF     41.370
Basler Kantonalbank  22.000   9/6/2024  CHF     42.110
ACBA Bank OJSC       11.000  12/1/2025  AMD      0.000
UniCredit Bank GmbH  15.200 12/31/2024  EUR     42.780
UniCredit Bank GmbH  18.000 12/31/2024  EUR     38.400
UniCredit Bank GmbH  19.800 12/31/2024  EUR     36.400
Landesbank Baden-Wu  14.000  6/27/2025  EUR     44.940
Leonteq Securities   20.000   7/3/2024  CHF      7.730
Leonteq Securities   26.000   7/3/2024  CHF     33.710
Leonteq Securities   20.000   7/3/2024  CHF     42.150
Swissquote Bank SA   23.990   7/3/2024  CHF     43.090
UniCredit Bank GmbH  18.900 12/31/2024  EUR     37.320
UniCredit Bank GmbH  14.300  8/23/2024  EUR     30.470
UniCredit Bank GmbH  13.500  2/28/2025  EUR     36.840
Corner Banca SA      15.000   7/3/2024  CHF     38.260
Bank Vontobel AG     12.250  6/17/2024  CHF     49.400
Bank Vontobel AG     10.000   9/2/2024  EUR     47.300
UniCredit Bank GmbH  16.100 12/31/2024  EUR     41.070
UniCredit Bank GmbH  17.000 12/31/2024  EUR     39.600
HSBC Trinkaus & Bur  12.400  9/27/2024  EUR     41.970
HSBC Trinkaus & Bur  18.100 12/30/2024  EUR     36.370
HSBC Trinkaus & Bur  17.300  9/27/2024  EUR     28.680
HSBC Trinkaus & Bur  13.400 12/30/2024  EUR     33.770
BNP Paribas Emissio  16.000 12/30/2024  EUR     46.800
Bank Vontobel AG     12.000  9/30/2024  EUR      9.800
HSBC Trinkaus & Bur  17.700  9/27/2024  EUR     44.820
HSBC Trinkaus & Bur  15.700 12/30/2024  EUR     39.140
HSBC Trinkaus & Bur  14.800 12/30/2024  EUR     32.570
HSBC Trinkaus & Bur  11.200 12/30/2024  EUR     36.600
BNP Paribas Emissio  15.000 12/30/2024  EUR     48.090
BNP Paribas Emissio  17.000 12/30/2024  EUR     45.660
BNP Paribas Emissio  10.000  6/27/2024  EUR     47.330
HSBC Trinkaus & Bur  17.500  9/27/2024  EUR     37.760
HSBC Trinkaus & Bur  17.400 12/30/2024  EUR     31.880
HSBC Trinkaus & Bur  19.000  3/28/2025  EUR     31.290
HSBC Trinkaus & Bur  16.300  3/28/2025  EUR     31.900
HSBC Trinkaus & Bur  14.400  3/28/2025  EUR     33.260
BNP Paribas Emissio  12.000  6/27/2024  EUR     47.370
BNP Paribas Emissio  13.000  6/27/2024  EUR     44.930
BNP Paribas Emissio  16.000  6/27/2024  EUR     42.780
BNP Paribas Emissio  18.000  6/27/2024  EUR     39.000
BNP Paribas Emissio  21.000  6/27/2024  EUR     37.400
BNP Paribas Emissio  23.000  6/27/2024  EUR     37.430
BNP Paribas Emissio  12.000 12/30/2024  EUR     48.550
Zurcher Kantonalban  24.673  6/28/2024  CHF     42.080
Vontobel Financial   19.500  6/28/2024  EUR     45.720
Landesbank Baden-Wu  19.000  2/28/2025  EUR     42.370
Landesbank Baden-Wu  11.500  2/28/2025  EUR     47.860
BNP Paribas Emissio  16.000  6/27/2024  EUR     45.430
Societe Generale SA  15.000   7/3/2024  USD     20.100
BNP Paribas Emissio  13.000  6/27/2024  EUR     46.930
Leonteq Securities   16.000  6/20/2024  CHF     20.040
Swissquote Bank SA   23.200  8/28/2024  CHF     45.160
UniCredit Bank GmbH  13.800  8/23/2024  EUR     44.600
Leonteq Securities   15.000  9/12/2024  USD      4.500
Leonteq Securities   19.000   8/8/2024  CHF     39.500
Raiffeisen Schweiz   20.000  8/28/2024  CHF      9.600
Swissquote Bank SA   20.120  6/20/2024  CHF      8.120
UniCredit Bank GmbH  19.900  6/28/2024  EUR     44.150
Vontobel Financial   15.000  6/28/2024  EUR     48.870
DZ Bank AG Deutsche  22.700  6/28/2024  EUR     41.660
Swissquote Bank SA   27.050  7/31/2024  CHF     44.590
Swissquote Bank SA   16.380  7/31/2024  CHF      6.810
UniCredit Bank GmbH  12.600  8/23/2024  EUR     48.900
Societe Generale SA  27.300 10/20/2025  USD      8.800
UBS AG/London        14.250  8/19/2024  CHF     30.250
National Mortgage C  12.000  3/30/2026  AMD      0.000
Evocabank CJSC       11.000  9/27/2025  AMD      9.900
DZ Bank AG Deutsche  11.200  6/28/2024  EUR     41.320
UBS AG/London        13.500  8/15/2024  CHF     44.650
Bank Julius Baer &   12.720  2/17/2025  CHF     42.150
DZ Bank AG Deutsche  12.500  6/26/2024  EUR     40.260
Vontobel Financial   10.750  6/28/2024  EUR     46.360
Bank Vontobel AG     15.500 11/18/2024  CHF     43.300
Bank Vontobel AG     10.500  7/29/2024  EUR     46.300
UBS AG/London        12.000  11/4/2024  EUR     48.500
Armenian Economy De  10.500   5/4/2025  AMD      0.000
UniCredit Bank GmbH  13.200  6/28/2024  EUR     45.970
UniCredit Bank GmbH  17.100  6/28/2024  EUR     33.470
Leonteq Securities   24.000  8/28/2024  CHF     46.650
Leonteq Securities   22.000  8/28/2024  CHF     40.130
Vontobel Financial   18.000  9/27/2024  EUR     21.650
UniCredit Bank GmbH  14.700 11/22/2024  EUR     32.590
Leonteq Securities   23.400  6/19/2024  CHF     37.970
DZ Bank AG Deutsche  19.400  6/28/2024  EUR     37.260
Leonteq Securities   20.000  8/28/2024  CHF      9.300
Leonteq Securities   20.000  6/19/2024  CHF     41.040
Leonteq Securities   24.000  6/19/2024  CHF     32.310
UniCredit Bank GmbH  15.000  8/23/2024  EUR     28.930
UniCredit Bank GmbH  12.900 11/22/2024  EUR     47.460
UniCredit Bank GmbH  14.200 11/22/2024  EUR     46.010
Raiffeisen Switzerl  20.000  6/19/2024  CHF     42.250
Vontobel Financial   16.000  6/28/2024  EUR     48.920
Ist Saiberian Petro  14.000 12/28/2024  RUB     14.500
Armenian Economy De  11.000  10/3/2025  AMD      0.000
Vontobel Financial   14.500  6/28/2024  EUR     45.650
Vontobel Financial   19.500  6/28/2024  EUR     40.430
Vontobel Financial   14.500  6/28/2024  EUR     39.220
Vontobel Financial   11.000  6/28/2024  EUR     38.640
Basler Kantonalbank  17.000  7/19/2024  CHF     42.230
Vontobel Financial   16.500  6/28/2024  EUR     42.810
Vontobel Financial   12.000  6/28/2024  EUR     48.790
DZ Bank AG Deutsche  12.750  6/26/2024  EUR     49.150
Vontobel Financial   21.000  6/28/2024  EUR     42.960
Vontobel Financial   18.000  6/28/2024  EUR     45.680
UniCredit Bank GmbH  13.000 11/22/2024  EUR     49.550
UniCredit Bank GmbH  10.700  2/17/2025  EUR     27.280
UniCredit Bank GmbH  15.400  6/27/2024  EUR     40.970
Ameriabank CJSC      10.000  2/20/2025  AMD      8.910
UBS AG/London        14.500 10/14/2024  CHF     47.150
UniCredit Bank GmbH  13.900  8/23/2024  EUR     46.690
UniCredit Bank GmbH  10.700   2/3/2025  EUR     27.060
Leonteq Securities   12.000   9/3/2024  EUR     49.060
Societe Generale SA  18.000  10/3/2024  USD     18.800
Societe Generale SA  20.000  10/3/2024  USD     32.000
UniCredit Bank GmbH  10.300  9/27/2024  EUR     29.440
Landesbank Baden-Wu  12.500  6/28/2024  EUR     39.610
Raiffeisen Switzerl  10.500  7/11/2024  USD     24.610
Landesbank Baden-Wu  14.500  6/28/2024  EUR     34.910
Societe Generale SA  11.750  9/18/2024  USD     48.700
Leonteq Securities   12.000 11/29/2024  USD     50.290
EFG International F  11.120 12/27/2024  EUR     33.290
Evocabank CJSC       11.000  9/28/2024  AMD      0.000
Societe Generale SA  20.000  9/18/2026  USD     15.100
Ukraine Government   12.500 10/12/2029  UAH     55.771
Ukraine Government   12.500  4/27/2029  UAH     56.616
Lehman Brothers Tre  13.000 12/14/2012  USD      0.100
Lehman Brothers Tre  16.000 12/26/2008  USD      0.100
Lehman Brothers Tre  15.000   6/4/2009  CHF      0.100
Lehman Brothers Tre  17.000   6/2/2009  USD      0.100
Lehman Brothers Tre  23.300  9/16/2008  USD      0.100
Lehman Brothers Tre  12.400  6/12/2009  USD      0.100
Lehman Brothers Tre  10.000  6/17/2009  USD      0.100
Lehman Brothers Tre  11.000   7/4/2011  CHF      0.100
Lehman Brothers Tre  16.800  8/21/2009  USD      0.100
Lehman Brothers Tre  14.100 11/12/2008  USD      0.100
Lehman Brothers Tre  12.000  7/13/2037  JPY      0.100
Lehman Brothers Tre  10.000 10/23/2008  USD      0.100
Lehman Brothers Tre  10.000 10/22/2008  USD      0.100
Lehman Brothers Tre  16.000 10/28/2008  USD      0.100
Lehman Brothers Tre  16.000  11/9/2008  USD      0.100
Lehman Brothers Tre  10.000  5/22/2009  USD      0.100
Lehman Brothers Tre  11.250 12/31/2008  USD      0.100
Ukraine Government   10.710  4/26/2028  UAH     55.262
Ukraine Government   11.110  3/29/2028  UAH     56.390
Ukraine Government   11.570   3/1/2028  UAH     57.652
Virgolino de Olivei  11.750   2/9/2022  USD      0.634
Bilt Paper BV        10.360             USD      0.761
Lehman Brothers Tre  13.000  7/25/2012  EUR      0.100
Lehman Brothers Tre  18.250  10/2/2008  USD      0.100
Lehman Brothers Tre  10.000  2/16/2009  CHF      0.100
Lehman Brothers Tre  11.750   3/1/2010  EUR      0.100
Lehman Brothers Tre  11.000 12/20/2017  AUD      0.100
Lehman Brothers Tre  11.000 12/20/2017  AUD      0.100
BLT Finance BV       12.000  2/10/2015  USD     10.500
Lehman Brothers Tre  10.000  6/11/2038  JPY      0.100
Lehman Brothers Tre  16.200  5/14/2009  USD      0.100
Lehman Brothers Tre  10.442 11/22/2008  CHF      0.100
Lehman Brothers Tre  13.500   6/2/2009  USD      0.100
Lehman Brothers Tre  12.000   7/4/2011  EUR      0.100
Lehman Brothers Tre  13.432   1/8/2009  ILS      0.100
Lehman Brothers Tre  13.150 10/30/2008  USD      0.100
Privatbank CJSC Via  10.875  2/28/2018  USD      5.302
UkrLandFarming PLC   10.875  3/26/2018  USD      4.218
Tailwind Energy Chi  12.500  9/27/2019  USD      1.500
Ukraine Government   11.000  2/16/2037  UAH     40.931
Ukraine Government   11.000  3/24/2037  UAH     40.948
Ukraine Government   11.000   4/1/2037  UAH     40.956
Ukraine Government   11.000   4/8/2037  UAH     40.964
Ukraine Government   11.000  4/23/2037  UAH     40.983
Ukraine Government   11.000  4/24/2037  UAH     43.524
Ukraine Government   10.360 11/10/2027  UAH     56.607
Credit Agricole Cor  10.200 12/13/2027  TRY     47.671
Lehman Brothers Tre  10.500   8/9/2010  EUR      0.100
Lehman Brothers Tre  10.000  3/27/2009  USD      0.100
Lehman Brothers Tre  11.000  6/29/2009  EUR      0.100
Lehman Brothers Tre  13.500 11/28/2008  USD      0.100
Lehman Brothers Tre  11.000 12/19/2011  USD      0.100
Lehman Brothers Tre  15.000  3/30/2011  EUR      0.100
Lehman Brothers Tre  14.900  9/15/2008  EUR      0.100
Phosphorus Holdco P  10.000   4/1/2019  GBP      0.768
Lehman Brothers Tre  11.000 12/20/2017  AUD      0.100
Lehman Brothers Tre  13.000  2/16/2009  CHF      0.100
Tonon Luxembourg SA  12.500  5/14/2024  USD      0.010
Lehman Brothers Tre  11.000  2/16/2009  CHF      0.100
Petromena ASA        10.850 11/19/2018  USD      0.622
Lehman Brothers Tre  14.900 11/16/2010  EUR      0.100
Lehman Brothers Tre  16.000  10/8/2008  CHF      0.100



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

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

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

This material is copyrighted and any commercial use, resale or
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