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

                          E U R O P E

          Wednesday, July 17, 2024, Vol. 25, No. 143

                           Headlines



B E L G I U M

APOLLO FINCO: EUR348MM Bank Debt Trades at 20% Discount


F R A N C E

AFFLELOU SAS: S&P Rates New EUR560MM Senior Secured Notes 'B'
ALTICE FRANCE: EUR1BB Bank Debt Trades at 16% Discount
DELACHAUX GROUP: S&P Ups Issue Rating to B+ on Better Profitability
GRANITE FRANCE: Moody's Cuts CFR & Senior Secured Term Loan to B3


G E O R G I A

GEORGIA GLOBAL: S&P Puts 'BB-' ICR on CreditWatch Positive


G E R M A N Y

PLUSSERVER GMBH: EUR260MM Bank Debt Trades at 55% Discount


I R E L A N D

HARVEST CLO XXIX: S&P Assigns B- (sf) Rating to Class F-R Notes
JUBILEE CLO 2019-XXIII: S&P Assigns B- (sf) Rating to F-R Notes
OAK HILL IV: Moody's Affirms B3 Rating on EUR12MM Class F-R Notes
TORO EUROPEAN 8: S&P Affirms B- (sf) Rating on Class F Notes


I T A L Y

OPTICS BIDCO: S&P Assigns 'BB+' Long-Term ICR, Outlook Neg.
TEAMSYSTEM SPA: S&P Alters Outlook to Positive, Affirms 'B-' ICR


K A Z A K H S T A N

BANK CENTERCREDIT: Moody's Hikes Long Term Deposit Ratings to Ba1
FIRST HEARTLAND: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos.
FORTEBANK JSC: Moody's Affirms 'Ba2' Deposit Ratings, Outlook Pos.


L U X E M B O U R G

4FINANCE HOLDING: Moody's Alters Outlook on 'B2' CFR to Negative
ALTISOURCE SARL: $412MM Bank Debt Trades at 43% Discount
BBA INTERNATIONAL: Creditors Have Until July 26 to File Claims
COVIS FINCO: EUR309.6MM Bank Debt Trades at 59% Discount


N E T H E R L A N D S

HUNKEMOLLER INT'L: Moody's Cuts CFR to Caa2 & Secured Notes to Ca


S P A I N

GRUPO ANTOLIN-IRAUSA: S&P Rates EUR250MM Senior Secured Notes 'B-'


S W E D E N

HILDING ANDERS: EUR300MM Bank Debt Trades at 61% Discount


S W I T Z E R L A N D

SPORTRADAR GROUP: Moody's Alters Outlook on 'Ba3' CFR to Positive
SWISSAIR: 5th Interim Payment Distribution List Up for Inspection


U N I T E D   K I N G D O M

ASIMI FUNDING 2024-1: S&P Assigns Prelim B- (sf) Rating to X Notes
VTB CAPITAL: Scheme Meeting Scheduled for September 5

                           - - - - -


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B E L G I U M
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APOLLO FINCO: EUR348MM Bank Debt Trades at 20% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Apollo Finco BV is
a borrower were trading in the secondary market around 80.1
cents-on-the-dollar during the week ended Friday, July 12, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR348 million Term loan facility is scheduled to mature on
October 8, 2028.  

Apollo Finco BV was established in June 2021. It is a unit of
Apollo Bidco. The Company's country of domicile is Belgium.



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F R A N C E
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AFFLELOU SAS: S&P Rates New EUR560MM Senior Secured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to French optical and hearing aid company Afflelou SAS'
proposed EUR560 million senior secured notes due in 2029. The '3'
recovery rating indicates our expectation of meaningful recovery
(50%-70%; rounded estimate: 60%) in the event of a default.

Afflelou (B/Stable/--) intends to use the proceeds for the early
refinancing of its existing EUR460 million senior secured fixed
rate notes due in 2026 and the EUR75 million senior subordinated
floating rate notes due in 2027. Remaining proceeds from the
transaction will be used to finance accrued interest on existing
notes and cover transaction costs. The company will also use a
remaining part of the proceeds and EUR87 million of cash from its
balance sheet to finance a EUR91 million exceptional dividend to
the Alain Afflelou family (about 29% of capital) and the sponsor,
Lion Capital (71%). This follows the Alain Afflelou family's and
Lion Capital's recent reinforcement of their participation after
Lion Capital's continuation fund raise completed last year and
fully buying out CDPQ's stake, thereby demonstrating their strong
commitment to the business.

S&P said, "Factoring in the proposed issuance, our updated
base-case assumptions remain within the thresholds of the current
'B' rating on Afflelou. We now expect S&P Global Ratings-adjusted
debt to EBITDA will slightly improve to 5.6x in the fiscal year
ending July 31, 2024 (fiscal 2024) and about 5.3x in fiscal 2025,
from approximately 5.7x in fiscal 2023. We think that Afflelou's
deleveraging trajectory will be supported by an increasing EBITDA
base alongside relatively stable debt levels over the forecast
period.

"We anticipate that the company will achieve revenue growth of
6.0%-6.5% in fiscal 2024 and 3.5%-4.0% in fiscal 2025. Stronger
revenue generation will stem from growth momentum in the hearing
aid sector, prompting new points of sale in Afflelou's key markets
and reset customer repurchase cycles under the "100% Santé" law in
France. Moreover, we assume Afflelou will generate additional
revenue from further expansion of its network in border countries,
translating into additional revenue.

"This continued network expansion--capturing new stores and hearing
aid corners in optical stores--will be driven by the growing
attractivity and the current under-equipment of hearing aids, in
our view. Store expansion will be also driven by Alain Afflelou
banner's attractiveness abroad thanks to commercial campaigns that
will enable further franchise openings in its international markets
(such as Belgium, the Middle East, and North Africa). Furthermore,
we think that the group's customer relationship management
capabilities (i.e. digitalization and teleophthalmology) will
continue bolstering the topline over the next 12-18 months.
Moreover, the group intends to further develop its franchise
network and optimize its directly-owned-stores (DOS) network, which
we anticipate will result in a lower structural cost base and
stronger revenue base.

"We expect that the group's profitability will slightly decline to
an S&P Global Ratings-adjusted EBITDA margin of 26.5%-27.0% in
fiscal 2024 before rebounding to about 27.5% in fiscal 2025,
compared with an adjusted EBITDA margin of 27.3% in fiscal 2023.
Slight margin decline stems from inflationary pressure on the cost
base this year despite our expectation of higher revenue. That
said, we assume Afflelou will improve its profitability over the
forecast period thanks to higher topline growth, on the back of the
anticipated network expansion and limited cost base inflation.
This, in turn, will stem from less DOS and contained SG&A costs.

"Finally, we think that Afflelou's asset-light franchise model will
continue to support high cash conversion. We anticipated limited
capital expenditure (capex) of EUR20 million-EUR25 million over the
forecast period, mostly related to maintenance (about EUR15
million) and innovation projects (about EUR10 million). We
therefore forecast that the company will generate free operating
cash flow after leases payments of about EUR15 million in fiscal
2024 and of above EUR20 million from fiscal 2025. In our view,
Afflelou has an adequate liquidity profile supported by the fully
undrawn existing EUR30 million revolving credit facility, the
EUR105 million cash position (as of April 30, 2024), that post
transaction on a pro forma basis will land at EUR18 million, and
the expected positive cash flow."

Issue Ratings – Recovery Analysis

Key analytical factors

-- The proposed debt is at Afflelou SAS level.

-- The proposed EUR560 million senior secured notes due in 2029 is
rated 'B', in line with the issuer credit rating on Afflelou.

-- The '3' recovery rating reflects S&P's view of recovery
prospects of 50%-70% (rounded estimate: 60%).

-- The security package includes a pledge over shares,
intercompany receivables, and material bank accounts.

-- In S&P's hypothetical default scenario, it assumes increased
competition and weaker consumer spending, driven by flagging
economic conditions resulting in a deterioration of margins.

-- S&P values the group Afflelou as a going concern, given its
solid market position in France.

Simulated default assumptions

-- Year of default: 2027
-- Jurisdiction: France

Simplified waterfall

-- Emergence EBITDA: EUR65.7 million

-- Capex: 2% of network sales

-- Operational adjustment: 40% to reflect the capex-light business
model and ensure comparability with companies that own their retail
stores).

-- Multiple: 6.0x in line with the branded consumer goods
industry

-- Gross enterprise value: about EUR394 million

-- Admin. costs: 5%

-- Net recovery value for waterfall after admin. expenses (5%):
About EUR374 million

-- Priority debt claims: about EUR26.2 million*

-- Recovery value available to first-lien creditors: EUR348
million

-- Estimated first-lien debt claims: about EUR578.2 million*

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

-- Recovery rating: '3'

*This is a simulated default scenario. All debt amounts include six
months of prepetition interest that S&P assumes to be outstanding
at default. The RCF is assumed to be 85% drawn at default.


ALTICE FRANCE: EUR1BB Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 83.8
cents-on-the-dollar during the week ended Friday, July 12, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR1 billion Term loan facility is scheduled to mature on
February 2, 2026. About EUR242 million of the loan is withdrawn and
outstanding.

Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.

DELACHAUX GROUP: S&P Ups Issue Rating to B+ on Better Profitability
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S&P Global Ratings raised its long-term rating on French rail
solutions company Delachaux Group S.A.S. and its issue rating on
its rated term loan B (TLB) to 'B+' from 'B'.

The stable outlook reflects S&P's view that the group will continue
exhibiting good operating performance over the next 12-18 months as
it improves its profitability with an EBITDA margin at about 15% on
better pricing, volume effects, and a focus on more profitable
projects.

S&P rates the parent entity, Delachaux Group S.A.S., so it withdrew
the rating on Delachaux S.A. to mirror the group's current
structure.

S&P said, "Delachaux's underlying markets are credit supportive,
and we expect the group's top line to remain high in 2024.
Delachaux's order intakes and backlog have remained robust so far
in 2024 as the underlying markets in the rail activities are well
above pre-pandemic levels, while the industrial end-markets remain
resilient. Most of the business expansion is set to come from
increasing market shares in India, with the infrastructure rapid
ramp-up that will continue to fuel the demand for high-quality
fastening and signaling systems over local competition amid
increased safety requirements. In the industrial activities
(Delachaux's Energy and Data Management Systems [EDMS], chromium,
and other activities, which accounted for about 46% of group
revenue as of fiscal 2023) we expect order intake and backlog to
remain high despite generally subdued industrial activity in key
regions on reduced capital expenditure (capex) investing linked to
higher interest rates. We think the group benefits from trends such
as the electrification of ports equipment and the progressive
automation of warehouses. In 2024, we expect revenue to remain flat
but high, at EUR1.18 billion-EUR1.19 billion and to further
increase in 2025 by 2%-3%.

"Better-than-expected improvements in profitability, coupled with
voluntary debt repayments, will reduce Delachaux's debt-to-EBITDA
(excluding preferred shares) to below 5x in 2024. We expect
material improvements in profitability to translate into S&P Global
Ratings-adjusted EBITDA margin expansions to slightly above 15%
from 14.6% in 2023 on a strong rebound in profitability. Favorable
pricing policies, a focus on more-profitable projects, and scale
effects propel improved operating efficiencies. Thanks to its
leading market shares in the niche rail-fastening and welding
systems sector (about 50% of the combined market share), we
anticipate the company to continue enjoying strong pricing power as
the business features high barriers to entry and an inherently
stable customer base. Despite downward pressure on key input costs
such as steel, plastics, and aluminum prices, we expect favorable
pricing policies to persist in 2024-2025 as customers cannot easily
switch suppliers when it comes to solving complex technological
projects with niche applications such as elaborated clipped and
screwed fastening systems and other signaling solutions. In
addition, management is shifting its focus toward more-profitable
projects, and we expect the record-high volume base to drive
efficiencies in absorbing fixed costs. The steady improvements in
profitability and the EBITDA expansion are driving the deleveraging
of the business, while some voluntary debt repayments are
accelerating the path and we now expect debt-to-EBITDA (excluding
preferred shares) to be sustainably below 5x from 2024 onward (from
5.15x in 2023). We expect S&P Global Ratings-adjusted debt to
decrease to about EUR985 million (from EUR1.04 billion in 2023) as
management completed a EUR40 million voluntary debt repayment of
the TLB facility in the first half of the year, and we expect
management to pay down up to EUR20 million more in the second
half.

"We continue to expect positive FOCF from lower cash interest
payments and stabilizing working capital dynamics. We acknowledge
that Delachaux has a track record of generating FOCF through the
cycle. Its cash flow remained robust despite the pandemic's effects
in 2020, thanks to reduced capex and inflows from working capital
amid subdued operating performance. We continue to expect positive
FOCF in the next two years on stronger operating performance and
improvements in profitability, a normalized working capital
consumption as supply chains ease, and lower-than-expected cash
interest expense. Thanks to the debt voluntary repayments and the
EBITDA expansion, we expect a reduction in the margin for the TLB
outstanding as outlined in the debt documentation governing the
facility. In addition, we understand that about 55% of the TLB
outstanding is hedged. All in all, we expect cash interest expense
to decrease to about EUR50 million from a previous high of EUR67
million in 2023, reflecting lower interest rates and a lower debt
base. We therefore anticipate FOCF to be comfortably above EUR50
million in the next two years.

"Delachaux's debt maturity profile has been extended to 2029 and we
expect some further debt repayments, supporting deleveraging.In
October 2023, the group extended the TLB's maturity by three years
to April 2029. As part of the amend and extend (A&E) transaction,
the group has repaid its U.S. dollar-denominated $140 million loan
tranche by upsizing the euro-denominated tranche up to EUR770
million, so now all debt outstanding is in euros. Delachaux has
improved its debt maturity profile because there are no major debt
repayments scheduled in the next four years. We expect S&P Global
Ratings-adjusted debt in 2024 to reach approximately EUR985
million. This figure includes about EUR730 million of the reduced
TLB, about EUR20 million in other debt, EUR45 million in trade
receivables sold, EUR35 million in lease liabilities, and EUR5
million in pensions and other postemployment benefit obligations.
Absent a stapling clause, we add EUR156.8 million of preferred
shares to our adjusted debt calculation in 2024, in line with
historical adjustments made in 2023. Given the group's ownership by
financial sponsor Caisse de depot et placement du Quebec (CDPQ), we
don't net cash against debt. CDPQ owns 43.02% of Delachaux, the
Delachaux family controls 56.49% through its holding company, Ande
Investments, and management owns 0.49%. For now, we view CDPQ's
investment horizon and return targets are less aggressive than
those of a typical private-equity investor and, positively, it
provided equity support for the transformative Frauscher
acquisition completed in early 2019. Strategic decisions require
joint consent between the largest shareholders.

"The stable outlook reflects our view that Delachaux will continue
exhibiting good operating performance in 2024-2025 as the group
improves its profitability with an EBITDA margin at about 15% on of
pricing policies, better absorption of fixed costs, and a focus on
more profitable projects. We expect debt to EBITDA (without
preferred shares) to stay below 5x (including preferred shares
below 6x) and FOCF to be above EUR50 million.

"We could lower the ratings if Delachaux's EBITDA margin trended
toward 14%, FOCF dropped below EUR30 million, and funds from
operations (FFO) cash interest coverage weakened to less than 2.5x
with no near-term recovery prospects. Significant debt-funded
acquisitions, dividend recaps, or other shareholder distributions
that stress liquidity or significantly increase leverage up to
above 6x (or 5x without preferred shares) could also trigger a
downgrade.

"We consider a positive rating action unlikely, reflecting the
financial sponsor ownership and financial policy. However, we could
raise the rating if Delachaux's deleveraging will continue with
debt to EBITDA below 5x or debt to EBITDA (without preferred
shares) sustainably below 4x, supported by a clear financial policy
framework. We will also require positive industry trends and robust
operating performance with meaningful FOCF and FFO to debt above
12%.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Delachaux. Our assessment of the group's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, as is the case for most rated entities owned by private
equity sponsors. Our assessment also reflects their generally
finite holding periods and a focus on maximizing shareholder
returns."


GRANITE FRANCE: Moody's Cuts CFR & Senior Secured Term Loan to B3
-----------------------------------------------------------------
Moody's Ratings has downgraded Granite France Bidco SAS's (Inetum
or the company) corporate family rating to B3, from B2, and
probability of default rating to B3-PD, from B2-PD. Concurrently,
the rating agency has downgraded to B3, from B2, the instrument
rating on the company's EUR200 million backed senior secured
revolving credit facility (RCF), currently outstanding EUR35
million backed senior secured term loan A, and EUR1.1 billion
backed senior secured term loan B. The outlook remains stable.

"The rating action reflects Inetum's weak financial metrics,
characterized by elevated leverage, weak interest coverage and
limited free cash flow generation" said Fabrizio Marchesi, Moody's
Ratings Vice President and lead analyst for the company. "The
rating action also reflects Moody's expectation that although the
company's financial metrics are expected to improve over the next
12-18 months, they will remain at levels consistent with a B3 CFR
over this period" added Mr. Marchesi.

RATINGS RATIONALE

Inetum has underperformed Moody's expectations since the initial
rating with Moody's-adjusted debt/EBITDA (leverage) rising to 7.1x
in 2022 and 9.1x in 2023. Moody's-adjusted EBITA/interest expense
was only 1.0x in 2023 and Moody's-adjusted free cash flow (FCF)
generation was only slightly positive during the year. These
metrics reflect the significant decline in Moody's-adjusted EBITDA
over the course of 2023, mainly due to the incurrence of large
restructuring, transformation and other costs of around EUR100
million, only a portion of which Moody's consider to be
non-recurring.

Although Moody's forecast that the company's topline will grow at
mid-single digit percentages over the next 12-18 months, with
company-adjusted EBITDA rising towards EUR270 million in 2024 and
EUR290 million in 2025, Inetum's financial metrics will remain
relatively weak. Moody's-adjusted leverage is projected to remain
high at around 7.9x in 2024 and 6.7x in 2025, while
Moody's-adjusted FCF/debt is expected to improve from negative
levels in 2024 to around 2% in 2025. An assumption in Moody's
forecast is that the company will partly reduce the drag from
restructuring, transformation and other costs, but only to around
EUR45-50 million in December 2025.  
Inetum's B3 CFR is supported by an attractive IT market, which
benefits from ongoing digitalisation; Inetum's well-recognized
brand and top-4 market positions in its main markets, though its
overall market share is low and the industry is fragmented and
competitive; and a certain degree of revenue visibility provided by
recurring and repeat business.

Concurrently, the rating is constrained by Inetum's limited
geographic diversification, when compared to the broader Moody's
rated universe; execution risks related to the successful
improvement in financial metrics; and the risk that management
could pursue an active acquisition strategy, which could limit
future deleveraging.

LIQUIDITY

Moody's consider Inetum's liquidity to be adequate. It is supported
by EUR176 million of cash on balance sheet as of December 31, 2023
and access to a fully undrawn EUR200 million senior secured RCF.
Moody's assessment of liquidity also factors in Moody's expectation
of negative Moody's-adjusted FCF in 2024, of around EUR25-30
million, followed by an improvement to positive cash flow
generation of at least EUR30 million per year from 2025 onwards.
The RCF has a springing Senior Secured Net Leverage ratio test,
which is tested when the RCF is drawn above 40% and must be
maintained below 8.35x.

STRUCTURAL CONSIDERATIONS

The capital structure includes a currently outstanding EUR35
million senior secured term loan A due 2027, a EUR1.1 billion
senior secured term loan B due 2028, and a EUR200 million senior
secured RCF due 2028. The security package provided to senior
secured lenders is limited to pledges over shares and intercompany
receivables, which Moody's consider to be weak.

The B3 ratings on the senior secured term loans and senior secured
RCF are in line with the CFR, reflecting the pari passu nature of
the facilities. The B3-PD probability of default rating is at the
same level as the CFR, reflecting Moody's assumption of a 50%
family recovery rate.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of growth in
revenue as well as Moody's-adjusted EBITDA over the next 12 to 18
months, such that Moody's-adjusted leverage improves to below 7.0x
and Moody's-adjusted FCF rises to low-single digit levels, as a
percentage of Moody's-adjusted debt.

The outlook also assumes no material releveraging from any
debt-funded acquisitions or shareholder distributions and that the
company maintains an adequate liquidity profile.

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

The rating could be upgraded over time if the company were to
establish a solid track record of consistent organic growth in
revenue and Moody's-adjusted EBITDA such that Moody's-adjusted
leverage improves to well below 6.0x, Moody's-adjusted
EBITA/interest expense rises to above 2.0x and Moody's-adjusted
FCF/debt improves to around 5%, all for a sustained period. An
upgrade would also require that the company maintains at least
adequate liquidity.

Conversely, negative rating pressure could occur if expected
organic revenue and EBITDA growth does not materialize;
Moody's-adjusted leverage remains above 7.0x on a sustained basis;
Moody's-adjusted EBITA/interest expense does not improve to above
1.5x; FCF generation is negative; or the company's liquidity
deteriorates so that it is no longer adequate.

PRINCIPAL METHODOLOGY

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


COMPANY PROFILE

Established in 1970, Inetum is a European information technology
(IT) and consulting services group which supports its clients in
their digital transformation projects. Headquartered in France but
operating in 19 countries, the company has approximately 28,000
full-time employees. Inetum was purchased by Bain and NBRP in
January 2022 from Qatari investment fund Mannai Corporation and the
transaction completed in July 2022. The company reported EUR2.5
billion of revenue and EUR249 million of company-adjusted EBITDA
(post-IFRS 16) in the last twelve months ended December 31, 2023.



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G E O R G I A
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GEORGIA GLOBAL: S&P Puts 'BB-' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed the 'BB-' long-term issuer credit rating
on Georgia Global Utilities JSC (GGU) on CreditWatch with positive
implications. At the same time, S&P assigned its 'BB-' rating to
the proposed senior unsecured bond and put it on CreditWatch
positive.

S&P said, "The CreditWatch placement indicates that we would likely
upgrade GGU to 'BB' over the next 90 days if the group manages to
improve its liquidity position meaningfully and reduce its
refinancing risks via the planned $300 million Eurobond issuance in
July 2024, ahead of the maturity of its $164 million shareholder
loan, at a cost that would not reduce the company's S&P Global
Ratings-adjusted funds from operations (FFO) to debt below 15% over
2024-2026.

"If it is successful, we expect the planned Eurobond issuance will
improve GGU's liquidity, reduce refinancing risks, and help the
group deliver its capital investment program. The planned Eurobond
issuance would significantly improve GGU's liquidity position,
which we currently assess as less than adequate. This is because of
the imminent maturity of most of the group's outstanding debt,
including a $164 million loan that was granted by FCC Aqualia and
is due in August 2024. The planned Eurobond issuance would also
benefit GGU's investment program. We expect the planned Eurobond
would mature in July 2029, which significantly reduces the group's
refinancing risk. Given the magnitude of GGU's planned capital
expenditure (capex) of Georgian lari (GEL) 620 million (about $220
million) over 2024-2026 and GGU's internally generated funds, we
also consider new funding is essential for the successful execution
of the investment plan. Since the Eurobond would be U.S.
dollar-denominated, we consider the existing currency mismatch
between GGU's financing sources and the group's cash flows, which
are mainly in Georgian lari, would remain after the issuance. GGU's
sole source of U.S. dollars is its electricity generation business,
which we project will only account for about 20% of the group's
EBITDA over 2024-2026. We therefore expect this contribution will
not be sufficient to cover future interest payments. This is
because of the expected increase in debt and interest rates after
the planned Eurobond issuance, compared with existing financing
arrangements. We understand, however, that at least 90% of the
group's cash balance will be held in U.S. dollars. We consider this
is a key mitigant to the currency mismatch between the group's debt
service needs and internal cash flow generation.

"We will continue to assess GGU as moderately strategic to its
parent, even though we consider the terms of the planned Eurobond
issuance will likely be less favorable for GGU than the terms under
current financing arrangements. We consider the refinancing of the
shareholder loan at GGU's level is less cost-effective than current
financing arrangements, given our expectations of a likely higher
coupon for GGU--compared with interest payments of 7.35% on its
existing $164 million shareholder loan--and the lower rating than
that on its parent. That said, we will continue to assess GGU's
importance to its parent as moderately strategic as we expect FCC
Aqualia would provide extraordinary support to its Georgian
subsidiary if necessary. This leads to a one-notch enhancement to
the rating on GGU. For instance, if GGU was unable to execute on
its planned Eurobond issuance, we would expect its parent to
extend, on a timely basis, the August maturity on the $164 million
shareholder loan by six to 12 months."

The water regulatory update for 2024-2026 is broadly supportive,
although an increase in capital intensity will limit any
significant deleveraging prospects. The increase in water tariffs
for the 2024-2026 regulatory period supports GGU's credit quality.
In December 2023, the regulator for the water sector in Georgia,
the Georgian National Energy and Water Supply Regulatory
Commission, published its new regulation methodology for the period
2024-2026. It significantly increased water tariffs for commercial
customers and non-households, while keeping them stable for
households. As a result, allowed water revenue will increase by 46%
in 2024-2026 compared to 2021-2023. The regulatory pre-tax weighted
average cost of capital was set at 15.44%, from 14.98% previously.
S&P said, "The significant increase in allowed revenue is reflected
in our upgrade of GGU to 'BB-' in February 2023, when we raised our
assessment of the regulatory framework for Georgian water companies
to somewhat supportive. We consider the magnitude of the increase
in allowed revenue supports GGU's credit quality. We also expect a
significant increase in the group's regulatory asset base (RAB)
since GGU will make large investments, averaging GEL210 million
annually over 2024-2026. These investments are on top of the
significant increase in capital deployed to GEL194 million in 2023,
compared with an average of GEL100 million over 2021-2023. Large
investments are necessary to support the reliability and safety of
the Georgian water infrastructure network, most of which was built
under the Soviet Union. While we expect these investments will
increase the group's RAB and revenue, we also consider that the
significant rise in capital intensity will limit deleveraging
prospects over the current regulatory period. This is because we
expect negative free cash flow generation to dilute the positive
effect of a significant increase in allowed revenue on the group's
adjusted FFO to debt. We expect credit metrics to stabilize at
about 18% by the end of the current regulatory period."

Recent political developments in Georgia currently have no impact
on the group's day-to-day operations. In May 2024, the ruling
Georgian Dream - Democratic Georgia (GDDG) party passed a bill,
according to which, organizations that receive more than 20% of
their funding from foreign donors must register as organizations
"bearing the interests of a foreign power." We understand that
GGU's day-to-day operations have not been affected by recent
developments and political volatility in the country so far.
Although this does not form part of our base case, we cannot rule
out the possibility that GGU may postpone its Eurobond issuance if
it considers issuance costs are not cost effective. If this
happened, we would expect its parent company to extend the August
maturity on its shareholder loan on a timely basis.

CreditWatch

S&P said, "The CreditWatch positive placement indicates that we
would likely upgrade GGU to 'BB' over the next 90 days if the group
manages to improve its liquidity position meaningfully and reduce
its refinancing risks via the planned $300 million Eurobond
issuance, ahead of the maturity of its $164 million shareholder
loan in August 2024 and at a cost that would not reduce the group's
adjusted FFO to debt below 15% over 2024-2026. We would likely
resolve the CreditWatch placement and revise the outlook to stable
if the planned Eurobond issuance fell significantly short of our
expectation of $300 million. In this case, GGU would likely have to
find new financing sources at the end of the current regulatory
period by December 2026 and after the execution of its business
plan."

An upgrade of GGU would also be contingent on:

-- GGU holding at least 90% of its cash balance in U.S. dollars
throughout the current regulatory period, at levels that can cover,
with ample headroom, future debt service payments, to mitigate the
currency mismatch between its financing sources and cash flows;

-- S&P's expectations that current parental support from FCC
Aqualia remains in line with its current assessment and that it
continues to assess GGU as moderately strategic to its parent; and

-- The absence of any negative rating actions on the sovereign
rating on Georgia (BB/Stable/B) or any form of negative political
interference in the group's operations that could, for instance,
weaken S&P's assessment of Georgia's water regulatory framework.




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

PLUSSERVER GMBH: EUR260MM Bank Debt Trades at 55% Discount
----------------------------------------------------------
Participations in a syndicated loan under which PlusServer GmbH is
a borrower were trading in the secondary market around 44.8
cents-on-the-dollar during the week ended Friday, July 12, 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. The Company's
country of domicile is Germany.



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

HARVEST CLO XXIX: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Harvest CLO XXIX
DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R reset notes.
At closing, the issuer had unrated class Z and subordinated notes
outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
which closed in August 2022. The issuance proceeds of the
refinancing debt were used to redeem the refinanced debt (the
original transaction's class A, B, C, D, E, and F notes, for which
we withdrew our ratings at the same time), and pay fees and
expenses incurred in connection with the reset.

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

The portfolio's reinvestment period will end 4.5 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

  S&P Global Ratings' weighted-average rating factor    2,880.14

  Default rate dispersion                                 457.92

  Weighted-average life(years)                              4.21

  Weighted-average life including reinvestment (years)      4.50

  Obligor diversity measure                               124.11

  Industry diversity measure                               17.59

  Regional diversity measure                                1.30


  Transaction key metrics

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

  'CCC' category rated assets (%)                           1.80

  Actual 'AAA' weighted-average recovery (%)               36.13

  Actual floating-rate assets (%)                          93.27

  Actual weighted-average coupon                            5.06

  Actual weighted-average spread (net of floors; %)         4.22


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 targeted weighted-average spread (3.90 %),
and the covenanted targeted weighted-average coupon (4.50%) as
indicated by the collateral manager. We have assumed the actual
targeted weighted-average recovery rates at all rating levels. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class B-1-R,
B-2-R, C-R, D-R, and E-R notes benefit from break-even default rate
(BDR) 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-R notes can
withstand stresses commensurate with the assigned rating.

"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, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

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

"The transaction's legal structure and framework are 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-R to F-R notes.

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

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

Environmental, social, and governance

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with its 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
the following industries: controversial weapons; nuclear weapon
programs; illegal drugs or narcotics; thermal coal; tobacco
production; pornography; payday lending; prostitution; gambling and
gaming companies; food ("soft") commodities and agricultural or
marine commodities; oil and gas from unconventional sources*;
opioid*; palm oil; tar and oil sands*; and illegal logging.

*When company revenues are above a threshold.

Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in S&P's rating analysis to account for
any ESG-related risks or opportunities.

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

  A-R     AAA (sf)    240.00     40.00     Three/six-month EURIBOR

                                           plus 1.36%

  B-1-R   AA (sf)      38.00     28.00     Three/six-month EURIBOR

                                           plus 2.00%

  B-2-R   AA (sf)      10.00     28.00     5.50%

  C-R     A (sf)       23.00     22.25     Three/six-month EURIBOR

                                           plus 2.50%

  D-R     BBB- (sf)    27.00     15.50     Three/six-month EURIBOR

                                           plus 3.50%

  E-R     BB- (sf)     22.00     10.00     Three/six-month EURIBOR

                                           plus 6.27%

  F-R     B- (sf)      14.00      6.50     Three/six-month EURIBOR

                                           plus 8.62%

  Z       NR            0.25      N/A      N/A

  Sub.    NR           26.50      N/A      N/A

*The ratings assigned to the class A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


JUBILEE CLO 2019-XXIII: S&P Assigns B- (sf) Rating to F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Jubilee CLO
2019-XXIII DAC's class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, E-R,
and F-R notes. At closing, the issuer issued EUR41.10 million of
subordinated notes.

This transaction is a reset of the already existing transaction. At
closing, the existing classes of notes were fully redeemed with the
proceeds from the issuance of the replacement notes on the reset
date.

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

-- The diversified collateral pool, which consists primarily of
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

  S&P Global Ratings' weighted-average rating factor     2,779.00

  Default rate dispersion                                  640.91

  Weighted-average life (years)                              4.33

  Weighted-average life extended to cover
  the length of the reinvestment period (years)              4.47

  Obligor diversity measure                                130.59

  Industry diversity measure                                22.30

  Regional diversity measure                                 1.31


  Transaction key metrics

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

  'CCC' category rated assets (%)                           2.05

  Covenanted 'AAA' weighted-average recovery (%)           35.92

  Covenanted weighted-average spread (%)                    3.95

  Covenanted weighted-average coupon (%)                    4.25


Rating rationale

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

S&P said, "The closing 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 EUR475 million target par
amount, the covenanted weighted-average spread (3.95%), the
covenanted weighted-average coupon (4.25%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of 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.

"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 Jan. 3, 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 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 are bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class
A-1-R to F-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1-R, B-2-R,
C-R, D-R, E-R, and F-R notes could withstand stresses commensurate
with higher rating levels than those we have assigned. However, as
the CLO will be in its reinvestment phase starting from closing,
during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.

"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 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-1-R to E-R notes based on
four hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit (and or for some of these
activities there are revenue limits or can't be the primary
business activity) assets from being related to certain activities,
including, but not limited to, the following: coal, speculative
extraction of oil and gas, private prisons, controversial weapons,
non-sustainable palm oil production, speculative transactions in
soft commodities, tobacco, hazardous chemicals and pesticides,
trade in endangered wildlife, pornography, adult entertainment or
prostitution, civilian weapons or firearms, payday lending,
activities that adversely affect animal welfare. 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Alcentra Ltd.


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

  A-1-R   AAA (sf)     289.05      3mE + 1.32        39.15

  A-2-R   AAA (sf)       8.70      3mE + 1.50        37.32

  B-1-R   AA (sf)       44.40      3mE + 1.85        26.49

  B-2-R   AA (sf)        7.00      5.30              26.49

  C-R     A (sf)        28.50      3mE + 2.25        20.49

  D-R     BBB- (sf)     30.90      3mE + 3.50        13.99

  E-R     BB- (sf)      19.00      3mE + 6.34         9.99

  F-R     B- (sf)       15.40      3mE + 8.39         6.75

  Sub     NR            41.10      N/A                N/A

*The ratings assigned to the class A-1-R, A-2-R, B-1-R, and B-2-R
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


OAK HILL IV: Moody's Affirms B3 Rating on EUR12MM Class F-R Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Oak Hill European Credit Partners IV Designated Activity
Company:

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa2 (sf); previously on Jan 26, 2024
Affirmed Aa3 (sf)

EUR22,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A3 (sf); previously on Jan 26, 2024
Affirmed Baa1 (sf)

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

EUR222,000,000 (Current outstanding amount EUR152,088,051) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Jan 26, 2024 Affirmed Aaa (sf)

EUR25,000,000 (Current outstanding amount EUR17,127,033) Class
A-2-R Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Jan 26, 2024 Affirmed Aaa (sf)

EUR30,550,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 26, 2024 Upgraded to Aaa
(sf)

EUR11,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 26, 2024 Upgraded to Aaa
(sf)

EUR25,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jan 26, 2024
Affirmed Ba2 (sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Jan 26, 2024
Downgraded to B3 (sf)

Oak Hill European Credit Partners IV Designated Activity Company,
issued in December 2015 and refinanced in January 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Oak Hill Advisors (Europe), LLP. The transaction's
reinvestment period ended in January 2022

RATINGS RATIONALE

The upgrades on the ratings on the Class C-R and D-R notes are
primarily a result of the deleveraging of the Class A-1-R and A-2-R
notes following amortisation of the underlying portfolio since the
last rating action in January 2024.

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

The Class A-1-R, A-2-R notes have paid down by approximately
EUR42.5 million (17.2%) since the last rating action in January
2024 and EUR77.7 million (31.5%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased. According
to the trustee report dated June 2024 [1] the Class A/B, Class C,
Class D and Class E OC ratios are reported at 146.87%, 131.85%,
120.56% and 109.55% compared to January 2024 [2] levels of 137.25%,
125.92%, 117.06% and 108.14%, respectively.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR304.6m

Defaulted Securities: EUR8.0m

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2998

Weighted Average Life (WAL): 3.75 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.77%

Weighted Average Coupon (WAC): 4.51%

Weighted Average Recovery Rate (WARR): 44.83%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assume have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

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


TORO EUROPEAN 8: S&P Affirms B- (sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Toro European CLO
8 DAC's class B-R to E-R notes. At the same time, S&P affirmed its
ratings on the existing class A and F notes.

On July 15, 2024, the issuer refinanced the original class B, C, D,
and E notes by issuing replacement notes of the same notional.

The rating assigned to Toro European CLO 8's notes reflect S&P's
assessment of:

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

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

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

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

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

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

The portfolio's reinvestment period will end in October 2026.

S&P said, "In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and assets.

"In our cash flow analysis, we used the target par balance of
EUR305 million, the actual weighted-average spread, the actual
weighted-average coupon, and the actual weighted-average recovery
rates at each rating for 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.

"Following this analysis, we consider that the available credit
enhancement for the class A notes is commensurate with a 'AAA'
rating. We have therefore affirmed our 'AAA (sf)' rating on this
class of notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F notes could withstand stresses
commensurate with a higher rating than that we have assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our assigned rating on the notes. We have therefore
affirmed our 'B- (sf)' rating on the class F notes because the
available credit enhancement is commensurate with the currently
assigned rating.

"Similar to class F notes, the refinanced class B-R, C-R, D-R, and
E-R notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
the notes.

"We consider the documented downgrade remedies to be in line with
our counterparty criteria.

"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 legal structure is bankruptcy remote, in line
with our legal 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,
B-R, C-R, D-R, E-R, and F 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 E-R notes
based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F 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 the following industries: 30% of revenues from thermal coal
mining or generation of electricity using coal; manufacturing or
sale of tobacco and tobacco products, including e-cigarettes; the
development, production or trade in controversial weapons or
illegal drugs or narcotics, including recreational marijuana; and
trade of products, services or activities involving pornography or
prostitution, or of human trafficking, sexual violence against
women, forced labor or child labor as defined by the International
Labour Organisation ("ILO") conventions, severe environmental
damage, gross corruption, including extortion and bribery;
production or marketing of controversial weapons; production of
nuclear weapons or thermal coal production; the extraction of
thermal coal, fossil fuels from unconventional sources; extraction
of petroleum via fracking; the production of or trade in
pornography, adult entertainment, or prostitution; and the sale or
promotion of marijuana. 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."

Toro European CLO 8 DAC is a broadly syndicated collateralized loan
obligation (CLO) managed by Chenavari Credit Partners LLP.

  Ratings list

  RATINGS ASSIGNED
                             REPLACEMENT   ORIGINAL
                             NOTES         NOTES
                    AMOUNT   INTEREST      INTEREST      CURRENT
  CLASS  RATING* (MIL. EUR)  RATE§         RATE§         SUB (%)

  B-R    AA (sf)    34.30    Three-month   Three-month     28.16
                             EURIBOR       EURIBOR
                             plus 2.05%   plus 2.70%

  C-R    A (sf)     16.00    Three-month   Three-month     22.92
                             EURIBOR       EURIBOR
                             plus 2.50%    plus 3.50%

  D-R    BBB- (sf)  21.10    Three-month   Three-month     22.92
                             EURIBOR       EURIBOR
                             plus 3.40%    plus 4.80%      16.00

  E-R    BB- (sf)   17.80    Three-month   Three-month     10.16
                             EURIBOR       EURIBOR
                             plus 6.75%    plus 7.28%


  RATINGS AFFIRMED
                        AMOUNT
  CLASS    RATING     (MIL. EUR)     NOTES' INTEREST RATE  

  A        AAA (sf)     184.80    Three-month EURIBOR plus 1.05%

  F        B- (sf)        6.70    Three-month EURIBOR plus 9.66%

*S&P's ratings address timely interest and principal on the class A
and B-R notes and ultimate interest and principal on class C-R,
D-R, E-R and F notes.
§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.




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

OPTICS BIDCO: S&P Assigns 'BB+' Long-Term ICR, Outlook Neg.
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issuer credit and
issue ratings to Optics Bidco SpA and the equivalent EUR5.5 billion
euro- and U.S. dollar-denominated senior secured notes as part of
the TIM exchange offers, with the recovery rating at '3',
indicating 50%-70% recovery prospects (rounded estimate: 65%).

The negative outlook reflects S&P's expectation that Optics' has no
rating headroom versus our 6.25x maximum leverage trigger over the
forecast period, making it harder for the company to absorb a
deviation from its forecast.

On July 1, 2024, Kohlberg Kravis Roberts & Co. L.P. (KKR) completed
the acquisition of Telecom Italia SpA's (TIM's) Italy-based
fixed-line wholesale operator Optics Bidco SpA (Optics).

KKR financed the deal through the issuance of about EUR4.7 billion
in senior secured term loans, an equivalent of EUR5.5 billion
exchanged bonds from TIM, and a substantial equity injection.

Following this, Optics will be the leading fixed-line wholesale
operator in Italy, benefiting from its significant market share in
the broadband and ultra-broadband fixed market with limited network
overlap, high capital barriers, and favorable growth
opportunities.

S&P's 'BB+' rating on Optics reflects its view of the company's
strong market position as the largest fixed-line telecommunications
access network in Italy, high capital barriers, and favorable
growth prospects. Optics' business risk profile is underpinned by
its strong position in the fixed-line wholesale market, high
barriers to entry created by the substantial capital costs of the
fixed-line access network, and the specific competitive landscape
of Italy's wholesale broadband market. After the separation, Optics
will be Italy's primary wholesale fixed broadband provider. The
company has an active network, as well as passive
fiber-to-the-cabinet (FTTC) and FTTH networks, with a market share
of 84% in the fixed broadband and ultra-broadband fixed market as
of 2023, and a 76% share when including fixed wireless access
technology. The company also enjoys an incumbent position in the
legacy copper network (FTTC and asymmetric digital subscriber line
[ADSL]), covering more than half of Italian households. These
aspects, together with Optics' substantial regulated revenue and
long-term contracts, support earnings visibility. S&P's assessment
is further supported by Optics' potential growth prospects, which
result from the fact that Italy's fixed broadband market only
includes two marketwide players, provides limited technology
offerings with no cable infrastructure, and is underpenetrated,
compared with other European countries. These strengths are offset
by: (i) network volume risks associated with a potential
competitive overbuild in areas where at least one network operator
is present ("Black" and "Grey 1" areas), and (ii) execution and
cost risks associated with the roll-out of the proposed
ultra-broadband fixed FTTH network.

Optics' capex in the fiber roll-out is important to defend its
market position but will weigh on cash flow generation over the
medium term. Optics is currently rolling out its fiber network in
more densely populated areas that are designated "Black" and "Grey
1". It focuses on transitioning its existing large customer base
there to fiber, rather than gaining new customers. As part of the
Italia 1 Giga Tender, Optics will also deliver a FTTH network to
regions that are less densely populated and where the Italian
government will cover most investments via cash subsidies ("Grey 2"
and "White" areas). S&P does not expect that the rate of customer
take-up of the FTTH network will affect Optics' earnings materially
since the company benefits from an incumbent position in copper
infrastructure (ADSL and FTTC). That said, Optics' profitability
(which is lower than that of telecom infrastructure peers), the
up-front costs of its efficiency program, and its significant
(albeit partly discretionary) capex program will result in negative
FOCF over the medium term.

Notwithstanding substantial equity contributions from the owners,
capital structure at closing is highly leveraged and Optics will
need to raise debt in a timely manner. The final capital structure
comprises about an upsizing of EUR4.7 billion in senior secured
loans, an equivalent of EUR5.5 billion euro- and U.S.
dollar-denominated senior secured notes as part of the TIM exchange
offer, and a substantial equity injection in the form of common
equity. The loans upsizing provides a material cash overfunding of
EUR1.3 billion at closing. S&P said, "We note that Optics will fund
high capex needs mostly with debt. Therefore, we believe the cash
overfunding at closing effectively de-risks the immediate financing
needs for capex. Some of the exchanged bonds from TIM will mature
in the next 18-24 months. We therefore expect the company will
prudently manage its debt maturities and future capex needs by
approaching the market in a timely manner."

S&P said, "Our base case forecasts assume negative FOCF of above
EUR300 million over 2024-2025. This, together with anticipated
dividend payments, will result in leverage above 6.0x in 2024,
increasing further over the forecast period. We understand that
some capex is discretionary and could be reduced without materially
jeopardizing the company's growth trajectory and that dividends
could be reduced. Regardless, we see risks at the 'BB+' rating
level from Optics' expected dividend policy, its large capex
program, and the associated risks around execution and overruns,
regulatory risks, and revenue risks due to competition with other
broadband providers."

These ratings are in line with the preliminary ratings S&P assigned
on April 18, 2024.

S&P said, "Our base-case assumptions have not materially changed,
but the final capital structure at closing consider about EUR500
million of higher net reported debt than our expectations when we
assigned the preliminary ratings. S&P adjusted leverage is
therefore slightly higher than previously expected. While this
deterioration is not material enough to trigger a rating change, it
leaves no rating headroom versus our 6.25x maximum leverage trigger
over the forecast period.

"The negative outlook reflects our expectation that Optics has no
rating headroom versus our 6.25x maximum leverage trigger over the
forecast period, making it harder for the company to absorb a
deviation from our forecast."

S&P could lower the rating on Optics if it expects S&P Global
Ratings-adjusted debt to EBITDA will sustainably exceed 6.25x
because of weaker-than-expected revenue prospects and underlying
profitability. This could result from:

-- Optics having a lower market share or less subscribers;

-- Lower average revenue per user than we currently envisage in
S&P's base case; or

-- A more-aggressive-than-expected financial policy that would not
reconcile with the virtually no leverage headroom we forecast for
the end of 2025.

S&P said, "We could change the outlook to stable if adjusted debt
to EBITDA is sustainably below 6.25x. This could occur if the
company's earnings exceeded our base case or because of a more
conservative and explicit financial policy commitment.

"ESG considerations are an overall neutral consideration in our
credit rating analysis of Optics. That said, we consider Optics'
environmental risk will be lower than that of average telecom
companies once its fiber network is fully rolled out. This is
primarily because of the environmental benefits of the fiber
broadband, which uses materially less electricity than copper and
mobile technology. We see some governance risks from KKR's
concentrated controlling ownership, but these have no material
effect on our credit rating analysis."


TEAMSYSTEM SPA: S&P Alters Outlook to Positive, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Italian software provider
TeamSystem SpA to positive from stable. S&P also affirmed its 'B-'
long-term issuer credit and issue ratings on TeamSystem and on its
senior secured debt. S&P's recovery rating on the debt is unchanged
at '3' indicating its expectation of 50%-70% recovery prospects;
S&P has revised downward our rounded recovery estimate to 50% from
55% due to higher priority claims following the upsize of the super
senior revolving credit facility (RCF).

S&P said, "The positive outlook reflects that we could raise the
ratings if TeamSystem sustains S&P Global Ratings-adjusted debt to
EBITDA below 8.0x and FOCF to debt strengthens to 5% or more.

"We anticipate the refinancing transaction will modestly raise
TeamSystem's leverage and increase its liquidity buffer. TeamSystem
is issuing EUR700 million of senior secured floating-rate notes due
in 2031. The proceeds will be used to repay EUR395 million of
existing debt, fund acquisitions closed over the first half of
2024, and pay EUR70 million of earn-outs due in 2024. With this
transaction, we calculate TeamSystem's gross debt will inflate by
EUR305 million, and we forecast a moderate increase in S&P Global
Ratings-adjusted debt to EBITDA to 7.3x in 2024, from 6.6x in 2023
(pro-forma for the 12 months contribution of companies acquired
over the year), while FOCF to debt will stay just below 5% . At the
same time, we believe the company's liquidity position will benefit
from an upsized and undrawn senior secured RCF of EUR300 million,
from EUR180 million previously.

"Leading position in the Italian small and midsize enterprise (SME)
market, sustained organic revenue growth, and EBITDA expansion
support continued leverage reduction post refinancing. In the
mid-term, we anticipate adjusted debt to EBITDA will decrease to
6.0x in 2025, from 7.3x in 2024, while FOCF to debt will gradually
strengthen to more than 5% from 2025. This is supported by our
expectation that TeamSystem's topline will continue increasing
organically by more than 10% per year. We believe TeamSystem
benefits from significant growth prospects and high barriers to
entry, being the leading software provider to the under-penetrated
SME and professionals' Italian market, with market shares of about
30% and 41%, respectively. TeamSystem also benefits from a
supportive regulatory environment, with the government subsidizing
the digitalization of the public sector or adopting minimum digital
invoicing targets. Furthermore, we forecast gradual EBITDA margin
expansion from 35.9% in 2023 to 37.8% in 2025 thanks to the high
scalability of TeamSystem's software solutions, its ability to
cross-sell products and increase prices without compromising on
churn rate, and the company's cost efficiency plan.

"Our forecasts are supported by TeamSystem's track record of
achieving its budget, and the high degree of predictability of its
earnings and cash flow generation. This is underpinned by
TeamSystem having transitioned to a subscription-based business
model and the deployment of cloud offerings, which has enabled
recurring revenue to reach 86% of total revenue generated over the
first quarter of 2024, while client churn has remained low at
around 5%. We expect TeamSystem to pursue its bolt-on acquisition
strategy using organic cash generation and minimal RCF drawings,
likely having limited impact on our base case, but acknowledge
deviations could arise should TeamSystem engage in large
debt-funded acquisitions or dividend payments.

"The positive outlook reflects that we could raise the ratings if
TeamSystem sustains S&P Global Ratings-adjusted debt to EBITDA
below 8.0x and FOCF to debt strengthens to 5% or more in 2024. We
expect TeamSystem to continue using its cash flow and available RCF
to pursue bolt-on acquisitions, adding to the forecast organic
revenue and EBITDA growth."

Downside scenario

S&P could revise the outlook to stable if TeamSystem's adjusted
leverage increases to more than 8.0x or if FOCF to debt stays below
5%. This could result from increased competition, economic
volatility, or a more aggressive financial policy with large
debt-funded acquisitions or dividends.

Upside scenario

S&P would raise the rating if TeamSystem sustains adjusted debt to
EBITDA below 8.0x and FOCF to debt strengthens to 5% or above.

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of TeamSystem. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, which is the case for most
rated entities owned by private-equity sponsors. Our assessment
also reflects their generally finite holding periods and a focus on
maximizing shareholder return."




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

BANK CENTERCREDIT: Moody's Hikes Long Term Deposit Ratings to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the following ratings and assessments
of Bank CenterCredit (BCC): long-term local and foreign currency
deposit ratings to Ba1 from Ba2, as well as its Baseline Credit
Assessment (BCA) and Adjusted BCA to ba3 from b1. The outlooks on
the bank's long-term deposit ratings remain positive. At the same
time, the following ratings and assessments were affirmed:
long-term Counterparty Risk Assessment (CR Assessment) of Ba1(cr),
long-term local and foreign currency Counterparty Risk Ratings
(CRR) of Ba1, short-term local and foreign currency deposit ratings
and CRRs of Not Prime and short-term CR Assessment of Not
Prime(cr).

Concurrently, Moody's upgraded BCC's long-term national scale bank
deposit rating to A1.kz from A3.kz and affirmed its long-term
national scale CRR at A1.kz.

RATINGS RATIONALE

The ratings and BCA upgrades reflect improvements in the asset
quality, profitability and solvency of the bank. BCC was able to
improve its key credit metrics thanks to significant improvement in
the operating environment in Kazakhstan since 2022.

The share of problem loans in the bank's gross loan book has
decreased to around 4% at end-2023 from 7% at end-2022 and 13% at
end-2021. BCC has also significantly improved its coverage of
problem loans by loan loss reserves to 92% at end-2023 from a
modest 58% at end-2021. As a result, the share of problem loans
relative to the sum of the bank's tangible common equity and loan
loss reserves has fallen to around 24% at end-2023 from around 68%
at end-2021.

BCC's profitability (net of one-off gain from acquisition of
Alfa-Bank Kazakhstan (Alfa-Bank) in 2022) improved in 2023, despite
reduced FX gains which had boosted revenues in 2022. Net income to
average assets grew to 2.8% in 2023 from 2.4% in 2022,
significantly higher than 1% previously. These improvements were
achieved as a result of strong net interest margins and fees and
commission income as the bank grows its franchise as well as still
strong FX income due to higher export/import activities in the
country. In addition, efficiency is improving due to greater scale
and cost optimisation after the acquisition of Alfa-Bank. Moody's
expect that the bank will maintain good profitability in the next
12-18 months despite potential margin pressure.

The rating action also takes into account the bank's large buffer
of liquid assets, which is strong and exceeded 40% of the bank's
tangible banking assets at end-2023. Moody's expect that the bank
will partially utilise its large liquidity cushion to finance its
loan portfolio, but this will remain robust in the next 12-18
months.

The upgrade of BCC's long-term national scale deposit rating
reflects improvements of credit metrics such as asset quality,
solvency and profitability which position the bank more strongly
within the national scale rating bands corresponding to the global
scale ratings. Affirmation of BCC's national scale CRR at the
higher level of the national scale band corresponding to the global
scale CRR reflects the upward pressure on the bank's
creditworthiness.

BCC's Ba1 long-term deposit ratings are based on its ba3 BCA and
incorporate a two-notch rating uplift, given Moody's assessment of
a high probability of support from the Government of Kazakhstan
(Baa2 positive).

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

Materialisation of Moody's expectations that the bank will be able
to benefit from the strong operating environment could place upward
pressure on the ratings. Demonstrated track record that the bank
will be able control asset quality and maintain good solvency after
the rapid growth during the last two years could also result in
positive rating pressure. An upgrade of the Kazakhstan sovereign
rating could also lead to an upgrade.

The outlook on the bank's long-term deposit ratings could revert to
stable in case Moody's expected improvement in the operating
environment does not materialise. Failure to maintain asset quality
and/or solvency at least at the current level could also lead to a
reversal of outlook to stable.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive long-term deposit rating outlook reflects a
combination of the improving capacity of the Kazakh government to
provide support to banks which is also reflected in the positive
outlook on the sovereign's long-term deposit ratings; and the
improving operating environment which will allow the bank to grow
franchise, reduce volatility of funding base and retain its asset
quality and solvency at reasonable levels.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

FIRST HEARTLAND: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos.
------------------------------------------------------------------
Moody's Ratings has affirmed the following ratings of First
Heartland Jusan Bank JSC (Jusan): long-term local and foreign
currency deposit ratings of Ba3, long-term Counterparty Risk
Assessment (CR Assessment) of Ba2(cr), long-term local and foreign
currency Counterparty Risk Ratings (CRR) of Ba2, short-term local
and foreign currency deposit ratings and CRRs of Not Prime and
short-term CR Assessment of Not Prime(cr). The outlooks on the
bank's long-term deposit ratings remain positive. At the same time,
the Baseline Credit Assessment (BCA) and Adjusted BCA were upgraded
to b1 from b2.

Concurrently, Moody's affirmed Jusan's Baa2.kz long-term national
scale bank deposit rating and its A3.kz long-term national scale
CRR.

RATINGS RATIONALE

The BCA upgrade reflects improvements in asset quality, solvency
and profitability while liquidity remains robust. The favourable
operating environment in Kazakhstan and the maturing of the bank's
strategy drove these improvements which Moody's expect will
continue. Furthermore in August 2023 the bank became controlled by
a well-known local businessman while the previous shareholder
structure was opaque and prone to negative publicity which affected
the bank's franchise. The new shareholder structure and stable
strategic vision should enable Jusan to develop its franchise and
reduce volatility of its deposit base.

The share of problem loans (defined as Stage 3 and POCI loans,
according to IFRS 9 accounting standard) in the bank's gross loan
book decreased to a still high 27% at end-2023 from around 35% at
end-2022. The majority of these are legacy problem loans (those
largely recognized as a result of acquisition of failed banks
before 2021) while problem loans of the loan book generated by
Jusan did not exceed 8% of gross performing loans at end-2023.
Jusan's coverage of problem loans by loan loss reserves was 77% at
end-2023. As a result, risks stemming from uncertainty related to
these legacy loans have declined. The share of problem loans
relative to the sum of the bank's tangible common equity and loan
loss reserves was 37% at end-2023, down from 49% at end-2022.

The bank's profitability has improved: return on average assets
grew to almost 5% in 2023 from 4% in 2022 despite lower FX income.
This achievement was due to maturing strategy translating into a
growing volume of banking operations that generates more stable
revenues. As a result, income from stable banking operations (e.g.
net interest income and fee and commission income) comfortably
cover administrative expenses and credit costs.

The rating action also takes into account the bank's large buffer
of liquid assets, which accounted for almost 60% of the bank's
tangible banking assets at end-2023. Moody's expect that the bank
will partially utilise its large liquidity cushion to finance its
loan portfolio, but that this will remain robust in the next 12-18
months.

Jusan's Ba3 long-term deposit ratings are based on its b1 BCA and a
one-notch uplift, given Moody's assessment of moderate probability
of support from the Government of Kazakhstan (Baa2 positive).
Moody's changed Moody's assumption of government support to
"moderate" from "high" to better reflect the relative positioning
of the bank in terms of market shares in the country. At end-April
2024, the bank's assets comprised 5.6% of total banking assets and
retail deposits accounted for 3.6% of retail customer deposits.

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

A maturing of the bank's strategy also reflected in improvement in
asset quality, a growing franchise as well as the bank's ability to
maintain its profitability from stable operations (excluding
volatile trading income) at least at the current level will result
a positive pressure on the bank's BCA and deposit ratings.

The outlook on the bank's long-term deposit ratings could be
reverted back to stable in case the bank fails to improve its asset
quality and/or solvency.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on Jusan's long-term deposit ratings reflects
Moody's expectation that the bank's maturing strategy and lower
shareholder risk will translate into a stronger franchise and
revenues which will be positive for asset quality and loss
absorption capacity. These will likely improve as the bank
continues to grow better quality loan portfolios while strong
revenues enable an increase in loan loss reserve coverage.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

FORTEBANK JSC: Moody's Affirms 'Ba2' Deposit Ratings, Outlook Pos.
------------------------------------------------------------------
Moody's Ratings has affirmed the following ratings of ForteBank JSC
(ForteBank): long-term local and foreign currency deposit ratings
of Ba2, long-term Counterparty Risk Assessment (CR Assessment) of
Ba1(cr), long-term local and foreign currency Counterparty Risk
Ratings (CRR) of Ba1, short-term foreign currency deposit rating
and short-term local and foreign currency CRRs of Not Prime, and
short-term CR Assessment of Not Prime(cr). The outlooks on the
bank's long-term deposit ratings remain positive. At the same time,
Baseline Credit Assessment (BCA) and Adjusted BCA were upgraded to
ba3 from b1.

RATINGS RATIONALE

The BCA upgrade reflects improvements in the asset quality,
profitability and solvency of ForteBank. A consistent strategy,
lower risk appetite and better operating environment helped the
bank to address some of its historic key credit challenges.

The share of problem loans (defined as Stage 3 and POCI loans,
according to IFRS 9 accounting standard) in the bank's gross loan
book was below 7% at end-2023, down from around 9% at end-2022 and
13% at end-2021. Also, ForteBank's coverage of problem loans by
loan loss reserves has improved significantly, reaching 93% at
end-2023, up from 60% at end-2022. As a result, the risk for the
bank's solvency stemming from the uncertainty surrounding the
future performance of problem assets is significantly lower than in
the past: the share of problem loans relative to the sum of the
bank's tangible common equity and loan loss reserves was 19% at
end-2023, down from 38% at end-2021.

The bank's profitability remains very strong: return on average
assets was 4% in 2023 despite lower FX income. This achievement was
due to growth of higher yielding retail lending which enabled
growth in its net interest margins and still strong FX income due
to higher export/import activities in the country. Moody's expect
that the bank will maintain good profitability in the next 12-18
months despite potential margin pressure.

The rating action also takes into account the bank's large buffer
of liquid assets, which is strong and exceeded 45% of the bank's
tangible banking assets at end-2023. Moody's expect that the bank
will partially utilise its large liquidity cushion to finance its
loan portfolio, but this will remain robust in the next 12-18
months.

ForteBank's Ba2 long-term deposit ratings are based on its ba3 BCA
and incorporate a one-notch rating uplift, given Moody's assessment
of a moderate probability of support from the Government of
Kazakhstan (Baa2 positive). Moody's changed Moody's assumption of
government support to "moderate" from "high" to better reflect the
relative positioning of the bank in terms of market shares in the
country. At end-April 2024, the bank's assets comprised 7% of total
banking assets and retail deposits accounted for 4.6% of retail
customer deposits.

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

Materialisation of benefits from the strong operating environment
could result in higher BCA and deposit ratings. This will be
reflected in improved asset quality, while solvency and
profitability are likely to be maintained at a good level. Higher
market shares meaning greater importance to the banking system will
result in higher willingness of the government to provide support
to the bank meaning higher deposit ratings.

The outlook on the bank's long-term deposit ratings could be
reverted back to stable in case the benefits from the better
operating environment do not materialise. Failure to improve asset
quality or/and deterioration of solvency and profitability will
lead to reversal of outlook to stable.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on ForteBank's long-term deposit ratings
reflects improving operating environment which will allow the bank
to grow franchise, reduce volatility of funding base and improve
its asset quality and solvency.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.



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

4FINANCE HOLDING: Moody's Alters Outlook on 'B2' CFR to Negative
----------------------------------------------------------------
Moody's Ratings has changed the outlook on 4Finance, S.A. and
4Finance Holding S.A. (4Finance) to negative from stable.

At the same time, Moody's have affirmed 4Finance, S.A.'s long-term
backed senior unsecured debt ratings at B2, 4Finance Holding S.A.
(4Finance)'s long-term corporate family rating at B2 and its
long-term issuer ratings at B2. These issuer ratings will
subsequently be withdrawn for o Moody's own business reasons.

RATINGS RATIONALE

-- RATIONALE FOR THE NEGATIVE OUTLOOK

The outlook change to negative from stable reflects 4Finance's
limited financial flexibility and o Moody's view that the company
is increasingly reliant on financial resources from its
Bulgarian-based subsidiary TBI Bank EAD (TBI Bank; BCA ba3;
deposits Ba2 stable) to fund the repayment of its outstanding
bonds.

4Finance group has grown very rapidly since 2014 partly through the
acquisition of TBI Financial Services B.V. and its subsidiary TBI
Bank in 2016. Since its acquisition, the weight of TBI Bank within
4Finance group has increased very significantly. At end-December
2023, TBI Bank accounted for 84% of the group's total assets and
89% of its net income, up from 33% and 21% by year-end 2016,
respectively.

Following the recent maturity extension of 4Finance, S.A.'s
outstanding EUR135 million bond, the company has now a balanced
medium-term capital structure, with two Euro bond issues of similar
sizes maturing in October 2026 and May 2028. However, Moody's
caution that the limited availability of cash at 4Finance's online
business and the absence of backup credit lines signal a lack of
preparedness for stress events or unexpected circumstances. In
addition, the existence of the negative pledge provision in bond
documents, which restricts 4Finance's access to secured funding,
further constrains its financial flexibility.

In the event of a capital market downturn, 4Finance would have
limited options other than halting its lending activity or
increasing its recourse to TBI Bank's financial resources to repay
the outstanding bonds. However, Moody's note that TBI Bank, as a
regulated entity, could be constrained in its ability to pay
dividends, which could impair 4Finance, S.A.'s ability to service
its debt.

These considerations are reflected in the bank's CFR with a
one-notch negative adjustment for liquidity management.

-- RATIONALE FOR THE AFFIRMATIONS

The affirmation of 4Finance's ratings at B2 reflects the group's
high credit risk, as reflected by its high problem loan levels, its
historically strong underlying profitability and its moderate
capital levels in relation to the inherent riskiness of its loan
portfolio. The company's ratings also reflect its high reliance on
confidence sensitive wholesale funding and its limited financial
flexibility.

-- RATIONALE FOR THE WITHDRAWAL OF ISSUER RATINGS

As part of rating action, Moody's will also withdraw 4Finance
long-term issuer ratings. Moody's has decided to withdraw the
ratings for its own business reasons.  

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

4Finance's CFR could be downgraded if there is not sufficient
visibility on a clear refinancing plan more than 18 months ahead of
the maturity of the first Euro bond in October 2026. In addition,
the CFR could also be downgraded if asset quality were to
deteriorate substantially; the company's recurring return on assets
were to decline; or the company's capitalisation would continue to
deteriorate.

A downgrade in 4Finance's CFR would likely result in a
corresponding downgrade to 4Finance, S.A.'s backed senior unsecured
debt ratings. 4Finance, S.A.'s debt ratings could also be
downgraded because of adverse changes to their debt capital
structure, which would lower the recovery rate for senior unsecured
debt classes.

An upgrade of 4Finance's ratings is currently unlikely, given the
negative outlook. However, the CFR could be upgraded if the company
improves its liquidity management, while maintaining strong
recurring profitability, adequate capitalization and contained
asset quality.

An upgrade in 4Finance's CFR would likely result in a corresponding
upgrade to 4Finance, S.A.'s backed senior unsecured debt ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

ALTISOURCE SARL: $412MM Bank Debt Trades at 43% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 57
cents-on-the-dollar during the week ended Friday, July 12, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $412 million Payment in kind Term loan facility is scheduled to
mature on April 2, 2025. About $226.2 million of the loan is
withdrawn and outstanding.

Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company’s country of domicile is Luxembourg.

BBA INTERNATIONAL: Creditors Have Until July 26 to File Claims
--------------------------------------------------------------
Creditors of BBA International Investments S.a.r.l., BBA Luxembourg
Investments S.a.r.l., BBA Luxembourg Finance S.a.r.l. and BBA
Aviation Finance Luxembourg No. 10 S.a.r.l. (all in voluntary
liquidation) (the "Companies"), whose debts or claims have not
already been admitted by the Liquidator, are required not later
than 5:00 p.m. on July 26, 2024, to prove their debts or claims and
to establish any title they may have to the Liquidator.

The extraordinary general meeting of the members of the Companies,
held on July 2, 2024, resolved to place the Companies into
voluntary liquidation, and to appoint EY Strategy and Transactions
S.a.r.l., represented by Christophe Vandendorpe as the liquidator.

Following the expiry of the deadline, creditors will be excluded
from the benefit of any distribution made by the Liquidator.

All claims (including details of any form of security, pledges, or
liens held) are to be substantiated with supporting documents and
sent via post or email as follows:

EY Strategy and Transactions S.a.r.l., Liquidator of BBA
International Investments S.a.r.l.; BBA Luxembourg Investments
S.a.r.l.; BBA Luxembourg Finance S.a.r.l. and BBA Aviation Finance
Luxembourg No. 10 S.a.r.l. (all in liquidation, To the attention of
Christophe Vandendorpe, 35E, avenue John F. Kennedy, L-1855
Luxembourg, Grand-Duchy of Luxembourg, E-mail:
liquidationservicedesk@lu.ey.com



COVIS FINCO: EUR309.6MM Bank Debt Trades at 59% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 41.5
cents-on-the-dollar during the week ended Friday, July 12, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR309.6 million Term loan facility is scheduled to mature on
February 18, 2027. About EUR290.2 million of the loan is withdrawn
and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management. Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses. Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.



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

HUNKEMOLLER INT'L: Moody's Cuts CFR to Caa2 & Secured Notes to Ca
-----------------------------------------------------------------
Moody's Ratings downgraded the corporate family rating of
Hunkemoller International B.V. (Hunkemoller or the company), the
Dutch women's underwear retailer, to Caa2 from Caa1. Moody's also
downgraded the company's probability of default rating to
Caa2-PD/LD from Caa1-PD and the instrument rating on the backed
senior secured notes due 2027 to Ca from Caa1. The outlook remains
negative.

RATINGS RATIONALE

Hunkemoller completed the issuance of a new EUR50 million super
senior term loan (SSTL) from a majority of its existing senior
secured notes holders. The participating bondholders, representing
EUR186 million out of the EUR272.5 million senior secured notes due
November 2027, have accepted to exchange their notes at par for a
new first-out note tranche, which will rank ahead of the remaining
notes (EUR86 million) in the debt waterfall. Moody's view the
senior notes exchange transaction as a distressed exchange because
the transaction creates structural subordination for
non-participating bondholders and result in a more complex capital
structure. Moody's believe that this transaction is a clear default
avoidance given the weak liquidity position of the company.
Furthermore the new financing has been done at the expense of a
higher debt level and higher interest burden in the longer term.
Moody's appended a limited default designation (/LD) to the PDR to
reflect the distressed exchange. Moody's will remove the "/LD"
designation from the company's PDR in approximately three business
days.

The downgrade was driven by the company's very weak trading
performance in the last 12 months, its negative FCF and stretched
liquidity profile. Hunkemoller faced very difficult trading
conditions in 2023 and during the first quarter of fiscal 2024
(quarter ended April 30, 2024), with weak store traffic, weak
customer demand, and supply chain issues owing to the tensions in
the Red Sea. These pressures led to a 15.8% decline in sales and a
negative EBITDA of EUR6.3 million (as reported by the company,
after rent expenses) in the first quarter of fiscal 2024 (year
ending January 31, 2025). In the 12 months to April 30, 2024, the
company's reported EBITDA declined to EUR31 million, compared to
EUR42.6 million in fiscal 2023 and EUR68.1 million in fiscal 2022.
Moody's forecast full year EBITDA (as-reported by the company) to
improve only marginally at around EUR44 million, as the company
should benefit from the closure of loss making stores in the second
half of the year although the turnaround of operating profitability
remains uncertain at this stage.

Pro forma the new loan issuance, Moody's estimate that the
company's credit metrics are weak, with an interest cover
(Moody's-adjusted EBITDA-capex to Interest expense) close to nil
and negative FCF of EUR23 million in the 12 months to April 2024.
Absent any meaningful improvement in earnings and cash flows,
Moody's expect that the company's high annual interest payments of
around EUR37 million, combined with low earnings (LTM April-24
EBITDA of 31 million, after lease expenses) will place further
negative pressure on the company's liquidity.

Moody's expect that consumers will continue to be cautious with
discretionary spending, including on intimate apparel, because of
still weak consumer sentiment, although improving in recent months,
and sluggish macroeconomic prospects in Europe. Against this
backdrop Moody's expect Hunkemoller's earnings and margin
improvement to be constrained in the next 12-18 months, owing to
softness in sales volumes along with wages inflation. Moody's
acknowledge that the company's management is executing a plan to
improve efficiency and profitability, especially through the
closure of another 45 stores by the end of fiscal 2024 (45 stores
already closed in fiscal 2023).

Hunkemoller's Caa2 CFR reflects (i) reflects the company's high
near term refinancing risk and high likelihood of another
distressed exchange event given its weakening profitability, its
high interest burden, and weak liquidity; (ii) the company's
limited scale and concentration in Western Europe, particularly in
Germany – a market which has been pressured by slow growth and
weak consumer demand currently; (iii) its narrow product focus and
exposure to discretionary consumer spending; (iv) the highly
fragmented and competitive nature of the underwear market; (v) the
company's exposure to volatility in raw material prices and high
supplier concentration.

More positively, the CFR incorporates (i) Hunkemoller's leading
position in its core markets of Germany, the Netherlands and
Belgium, and strong brand awareness; and (ii) the company's
successful omnichannel strategy that leverages its extensive
physical store network and past investments in digital.

Governance risk is a key factor in the rating action due to the
willingness to pursue a distressed exchange transaction that
preserves the equity position, and the likelihood of additional
restructuring actions to address the weak liquidity. As a result,
the company's governance issuer profile score (IPS) was changed to
G-5 from G-4, and the credit impact score to CIS-5 from CIS-4.

LIQUIDITY

Hunkemoller's liquidity has improved following the EUR50 million
SSTL issuance completed in June, which provides some liquidity
relief for the next few quarters. Despite this cash injection,
Moody's still view Hunkemoller's liquidity as weak because of its
weak earnings (LTM April 2024 EBITDA of EUR31 million after rents)
and high cash interest payments of around EUR37 million per year
(pro forma the new SSTL) and around EUR15 million of maintenance
capital spending, which result into negative FCF. Moody's expect
the company's FCF to be negative again in fiscal 2024, at around
EUR13 million, after a cash burn of EUR7 million in fiscal 2023. As
at end-April 2024, Hunkemoller had only EUR5 million of cash
available. The new SSTL funds were used to repay EUR25.5 million of
drawings under the EUR50 million revolving credit facility (RCF) as
at end-June 2024.

With the new financing and the retrieved availability of EUR25.5
million under the EUR50 million RCF (EUR24 million being reserved
for rental contract guarantees), Moody's estimate the company's
total liquid resources at around EUR49 million (including EUR25.5
million availability under the RCF) at end-April 2024, pro forma
the loan issuance transaction. While these resources provide enough
headroom to cope with financial obligations and the seasonality of
the business for the rest of the year 2024, Moody's believe that
Hunkemoller's liquidity will be stretched again during 2025.
Moody's base case scenario for fiscal 2025 assumes an improvement
in the company's EBITDA to around EUR52 million, still translating
into a negative FCF generation, at around EUR2 million. As such,
absent any meaningful recovery in earnings and cash flows there is
an increased risk that the company will need to continue drawing on
its RCF in the next 12 to 18 months.

The super senior secured RCF is subject to a springing net leverage
covenant. Moody's expect the company to maintain some capacity
under this covenant over the next 12-18 months. The company does
not have any short-term maturities and its first debt maturity is
in December 2026, with the RCF and new SSTL maturities, while the
loan and bond are due in July and November 2027, respectively.

STRUCTURAL CONSIDERATIONS

Following the new loan issuance completed in June, Hunkemoller's
capital structure includes the super senior RCF of EUR50 million
maturing in December 2026, the new EUR50 million SSTL due December
2026, the EUR67.5 million bridge term loan maturing in July 2027,
the new first-out note tranche of EUR186 million due November 2027
and the remaining backed senior secured notes of EUR86 million
maturing in November 2027. The super senior RCF and the SSTL both
get priority over enforcement proceeds, and rank ahead of the
bridge term loan and the notes. Moody's understand that the
bondholders who have exchanged their notes for a new first-out note
tranche, representing EUR186 million, will have higher
priority-claim debt position relative to the non-participating
bondholders, representing EUR86 million. The Ca rating on the
remaining backed senior secured notes is two notches below the CFR,
reflecting their subordinated status in case of restructuring.

The debt instruments benefit from guarantees from subsidiaries
representing more than 80% of the company's consolidated EBITDA.
The super senior RCF and the backed senior secured notes are
secured by share pledges, bank accounts and intragroup
receivables.

The PDR of Caa2-PD/LD reflects the assumption of a 50% family
recovery rate, reflecting a capital structure comprising senior
secured bonds and bank debt.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative rating outlook reflects the risk that the company's
earnings and FCF generation will continue to remain weak, which
will potentially put pressure on liquidity in the next 12-18 months
and make a refinancing of the upcoming maturities in December 2026
more challenging.

A stabilisation of the outlook will require Hunkemoller to improve
its operating performance in the next 12-18 months, notably
improving its earnings and margins while generating positive and
more sustainable FCF, and improving Moody's-adjusted
(EBITDA-Capex)/Interest Expense coverage to at least 1.0x.

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

Positive pressure could arise in case of (1) a sustained
improvement in operating performance, earnings and margins, (2) the
company's Moody's-adjusted Debt/EBITDA remains below 5.0x on a
sustainable basis, (3) its Moody's-adjusted (EBITDA-Capex)/Interest
Expense rises well above 1.25x and its Moody's-adjusted free cash
flow turns positive on a sustained basis. An upgrade would require
the company to have at least adequate liquidity and demonstrate a
balanced financial policy.

Conversely, negative pressure on the ratings could arise if the
company's underlying performance continues to weaken, its
Moody's-adjusted (EBITDA-Capex)/Interest Expense remains below 1.0x
on a sustained basis or the company's liquidity profile
deteriorates further. Evidence of an increased likelihood of a
second default with a lower recovery for creditors could also
prompt a negative rating action.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

COMPANY PROFILE

Hunkemoller International B.V., headquartered in the Netherlands,
is a leading retailer in the European intimate apparel market. The
company sells intimate apparel including bras, underwear,
nightwear, accessories, swimwear and sports apparel. With a
presence in 11 countries, the company operates its own stores under
the Hunkemoller brand mainly in Western Europe, with Germany and
the Netherlands serving as its largest markets. The company
operates around 821 stores in January 2024. In the 12 months to
April 30, 2024, the company reported revenue of EUR523 million and
EBITDA of EUR30.9 million (company-adjusted, pre-IFRS 16).

Parcom, along with co-investors, acquired a majority stake in the
company (Parcom holds 37.4%, Opportunity Partners 17.5%, and
Horizons 17.5%) from Carlyle, which has owned the company since
2016. Carlyle retained a 27.7% minority stake.



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

GRUPO ANTOLIN-IRAUSA: S&P Rates EUR250MM Senior Secured Notes 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating and '3' recovery
rating to the proposed EUR250 million senior secured notes due 2030
to be issued by Grupo Antolin-Irausa S.A.U. (B-/Stable/--). The '3'
recovery rating indicates its expectation of meaningful recovery
(50%-70%; rounded estimate: 60%) in the event of a payment default.
The proposed notes will rank pari passu with Grupo Antolin's
existing secured debt, including its EUR380 million senior secured
notes and EUR94 million European Investment Bank (EIB) facility due
2028. It also includes its senior facilities agreement (SFA),
comprised of the EUR338 million term loan and EUR193 million
revolving facility (RCF), which Grupo Antolin aims to extend to
2030, which is, however, contingent on the successful placement of
the proposed notes.

The company will use the proceeds to repay its outstanding EUR250
million senior secured notes due 2026. S&P said, "We believe the
successful refinancing will be crucial in improving the company's
debt maturity and liquidity profile and maintaining rating leeway.
In addition to successful refinancing, our stable outlook on Grupo
Antolin reflects our expectation that its adjusted EBITDA margin
will increase above 5% in 2024 and 2025, supported by savings from
its transformation plan and stable raw material prices. We estimate
this, along with easing working capital requirements, will
translate into modest FOCF of about EUR20 million per year and
support the company's liquidity position and covenant leeway."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's issue rating on the EUR380 million senior secured notes
due 2028, the EUR250 million proposed senior secured notes due
2030, and the SFA is 'B-'. The recovery rating is '3', indicating
its expectation of average recovery prospects (50%-70%; rounded
estimate 60%) in a default scenario.

-- Recovery prospects are constrained by the weak security package
solely consisting of share pledges, the overall secured debt
amount, and to a minor extent the company's nonrecourse factoring
facility and small amounts of subsidiary debt, which S&P ranks
ahead in its waterfall.

-- In S&P's hypothetical default scenario, it assumes a default
resulting from significantly reduced profitability in adverse
market conditions that involve order cancellations or delays in
programs, higher price pressure from Grupo Antolin's carmaker
customers, or loss of market share.

-- S&P values the group as a going concern, given its leading
position in some of its segments, geographic diversification, and
longstanding customer relationships.

Simulated default assumptions

-- Year of default: 2026

-- Jurisdiction: Spain

-- Emergence EBITDA: EUR186 million:

-- Minimum capex: 2% of sales (standard assumption, which is in
line with our expectation for the level of Grupo Antolin's
maintenance capex).

-- Cyclicality adjustment: 10% (standard assumption for auto
suppliers).

-- Operational adjustment: Negative 10% (fine-tuning the discount
of the default EBITDA proxy to S&P's run-rate EBITDA compared with
that of peers at the same rating level).

-- Enterprise valuation multiple: 5x

Simplified waterfall

-- Gross enterprise value: EUR927 million

-- Net recovery value for waterfall, after 5% administrative
expense: EUR881 million

-- Priority debt: EUR154 million

-- Value available to secured claims: EUR727 million

-- Total senior secured debt: EUR1,148 million

    --Recovery percentage: 50%-70%; rounded estimate: 60%

    --Recovery rating: 3

Priority debt includes debt at subsidiaries and nonrecourse
factoring facilities of about EUR200 million, which S&P assumes to
be 50% drawn at default. The RCF is assumed to be 85% drawn at
default. Numbers include six months of prepetition interest.




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

HILDING ANDERS: EUR300MM Bank Debt Trades at 61% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Hilding Anders
International AB is a borrower were trading in the secondary market
around 38.9 cents-on-the-dollar during the week ended Friday, July
12, 2024, according to Bloomberg's Evaluated Pricing service data.

The EUR300 million Payment-in-kind Term loan facility is scheduled
to mature on February 28, 2026. The amount is fully drawn and
outstanding.

Hilding Anders International AB provides home furnishing products.
The Company manufactures beds, mattresses, pillows, and other
related products. Hilding Anders International serves customers
worldwide. The Company's country of domicile is Sweden.



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

SPORTRADAR GROUP: Moody's Alters Outlook on 'Ba3' CFR to Positive
-----------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 corporate family rating and
the Ba3-PD probability of default rating of Sportradar Group AG
("Sportradar"), as well as the Ba3 rating of the EUR220 million
senior secured multicurrency Revolving Credit Facility ("RCF") with
a maturity in 2027 issued by Sportradar Capital S.a r.l. The
outlook was changed to positive from stable for both entities.

"Sportradar continued to deliver solid revenue growth and
maintained a conservative approach to M&A since its IPO in 2021.
Moody's are now revising upwards Moody's expectations as the
company increased its sports rights portfolio with the ATP and also
extended the NBA and UEFA rights until the end of the decade.
Albeit free cash flow in 2024 will be constrained due to the higher
content sports right, Moody's expect a rapid expansion thereafter
supported by revenue sharing contractual agreements in the US",
says Stefano Cavalleri, Vice President – Senior Analyst and lead
analyst for Sportradar.

RATINGS RATIONALE

The outlook revision to positive from stable reflects the strong
performance of the business, and the limited M&A activity recorded
since Moody's upgraded the rating to Ba3 in September 2022. As the
company has no financial debt, Moody's focus is on the business
profile, the quality of revenue and its profitability. For the
financial year ending December 2023, Sportradar reported 69% of
fixed-fee recurring revenue and increased the share of US revenue
to 19%. Moody's have revised Moody's prior revenue expectations
upwards, now expecting it to surpass the EUR1 billion mark
comfortably in 2024 and continue to grow by a double-digit in
percentage in 2025. However, Moody's expect an expansion in EBITDA
and free cash flow only in 2025 because of the sharp increase in
sports right cost in 2024, which will temporarily reduce margins
and more than offset the growth in revenue.

The Ba3 CFR rating of Sportradar continues to be supported by its
(1) market leading position, with the highest revenue, largest
market share in its core markets and largest volume of sports data
amongst its peers; (2) well-invested proprietary technology and
strong geographic coverage with more than 8,300 trained data
journalists, which act as barriers to entry; (3) established long
term relationships with key sports betting and media companies,
sports federations, authorities and content rights providers; (4)
deeply embedded workflows with customers resulting in high
switching costs and low churn; (5) a track record of moderately
conservative financial policy, negative net debt and with no plans
to pay dividends.

Sportradar's rating, however, is still constrained by (1) the
company's high fixed cost base resulting from its dependence on
acquiring ongoing sports rights; (2) technology disruption in data
collection and processing by other competitors; (3) risk of a
sizeable M&A transaction and its integration; and (4) some key man
risk on the principal founder and CEO of the business, who also
control the majority of the voting rights.

LIQUIDITY

Sportradar continued to maintain a strong liquidity profile,
supported by a cash balance of EUR275m as of March 31, 2024; an
undrawn RCF of EUR220 million committed until 2027; and positive
free cash flow generation. The company recorded Moody's adjusted
free cash flow of EUR50 million in FY'23, which was broadly in line
with Moody's expectations.

Sportradar has no financial debt in its capital structure with the
exception of leases.

STRUCTURAL CONSIDERATIONS

The EUR220 million RCF is the only long-term debt facility. It is
secured by pledges over shares, bank accounts and structural
intercompany receivables, and is guaranteed by material
subsidiaries representing at least 80% of the consolidated EBITDA.
The RCF is rated in line with the Ba3 CFR. Sportradar Group AG is
the group reporting entity, and there is no additional debt between
Sportradar Capital S.a r.l and the publicly listed holdco.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive rating outlook reflects Moody's expectations that, in
the next 12-18 months, Sportradar will deliver robust growth at
double digit, while continuing to diversify its revenue base and
improve its Moody's adjusted EBITDA margin. Additionally Moody's
expect management to maintain a conservative financial policy, and
use progressively the $200 million share-buyback approved programme
without depleting its strong liquidity.

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

The Ba3 CFR could be upgraded if the company's business profile
continue to strengthen through cross selling of new products and
EBITDA margin growth. A better articulation of the company's
appetite for leverage, M&A activity and a commitment to a
conservative financial policy would also lead to a rating upgrade.

A rating downgrade could occur if the company's Moody's-adjusted
gross leverage is maintained above 3.0x for a prolonged period;
interest coverage falls below 3.0x; or there are changes to the
company's financial policy that result in greater appetite for
leverage. A downgrade could also occur if free cash flow remains
negative for a sustained period.

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

COMPANY PROFILE

Sportradar is a leading service provider globally of end-to-end
sports data analytics solutions to both betting and media
industries, as well as to sport federations and authorities.
Sportradar covers the entire value chain of collecting, processing,
marketing and monitoring of sports-related live data as well as
providing sports-related services, including a proprietary fraud
detection system. Sportradar serves more than 2,000 customers and
partners in more than 120 countries around the world, with over
8,300 data journalists, covering approximately 1 million events
annually across 60+ sports. The company generated revenue for the
last twelve months to March 31, 2024 of EUR936 million and
company-adjusted EBITDA of EUR177 million.

SWISSAIR: 5th Interim Payment Distribution List Up for Inspection
-----------------------------------------------------------------
The provisional distribution list for the 5th interim payment in
the debt restructuring proceedings with assignment of assets
concerning Swissair Swiss Air Transport Company Ltd. in debt
restructuring liquidation, Balz Zimmermann-Strasse, 8302 Kloten,
will be open to inspection by the creditors concerned between July
10, 2024 and July 22, 2024, at the offices of the liquidator, Karl
Wuthrich, attorney-at-law, Wenger Plattner, Goldbach-Center,
Seestrasse 39, 8700 Kusnacht.

For inspection, please call the hotline +41 43 222 38 50 to arrange
an appointment.

Appeals against the provisional distribution list must be lodged
with the Bezirksgericht Bulach als untere Aufsichtsbehorde fur
Schuldbetreibung und Konkurs, Spitalstrasse 13, Postfach, 8180
Bulach, within 10 days of the list's publication, i.e. by July 22,
2024 (date of postmark of a Swiss post office).  If no appeals are
lodged, the 5th interim payment will be made as provided for in the
provisional distribution list.




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

ASIMI FUNDING 2024-1: S&P Assigns Prelim B- (sf) Rating to X Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Asimi
Funding 2024-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
F-Dfrd, G-Dfrd, and X-Dfrd notes. At closing, the issuer will also
issue unrated Y and Z certificates.

Asimi Funding 2024-1 PLC is an ABS transaction that securitizes a
portfolio of unsecured consumer loans originated and serviced by
Plata Finance Ltd. (Plata) in the U.K.

As part of the transaction's prefunding mechanism, the issuer will
purchase loans in the pipeline over two months, up to a maximum
amount of £40 million.

The notes are paid fully sequentially in separate interest and
principal waterfalls.

The rated notes benefit from fully funded class-specific reserve
funds, which are available to provide liquidity support and pay
interest and expenses.

Plata will remain the initial servicer of the loans. The standby
servicer, Equiniti Gateway Ltd. (trading as Lenvi), has plans to be
operational within 30 days of a servicer termination event. NatWest
Markets PLC acts as the interest rate cap provider.

S&P expects to assign ratings on the closing date subject to an
ongoing satisfactory review of the transaction documents and legal
opinions.

  Preliminary ratings

  CLASS    PRELIM. RATING    CLASS SIZE (%)

   A           AAA (sf)         54.0
  
   B-Dfrd      AA (sf)          10.0

   C-Dfrd      A (sf)           10.0

   D-Dfrd      A- (sf)           4.0

   E-Dfrd      BBB (sf)          9.0

   F-Dfrd      BB (sf)           7.0

   G-Dfrd      CCC (sf)          6.0

   X-Dfrd†     B- (sf)           6.0

   Y Certs     NR                N/A

   Z Certs     NR                N/A

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


VTB CAPITAL: Scheme Meeting Scheduled for September 5
-----------------------------------------------------
By an order dated July 1, 2024, made by the High Court of Justice
of England and Wales, the Court has directed a single class meeting
of the Scheme Creditors of VTB Capital plc (in administration) be
convened for the purpose of considering and, if thought fit,
approving (with or without modification) the Scheme.  The Scheme
will affect the rights of Scheme Creditors.

The Scheme Meeting will be held on September 5, 2024, at 2:00 p.m.
(London time) in London and remotely by webinar.  Detail on how to
attend the Scheme Meeting and vote are available in the Notice of
Scheme Meeting sent to all known Scheme Creditors on or about July
9, 2024, and uploaded to the Administration Website on or about the
same date.

The proposed Scheme and Explanatory Statement have been made
available on the Administration Website via the web address given
below, along with the address at which the meeting will be held and
details as to how to join the Scheme Meeting remotely, and are
generally available for inspect at the offices of the Joint
Administrators during business hours and on working days (in
London) at the address given below.

Any Scheme Creditor who has not yet obtained a username and
password for the Administration Website, and any shareholder who
would like further information about the Scheme, should contact the
Company's Joint Administrators, whose contact details are given
below.

The Scheme will be subject to, among other things, the subsequent
approval of the Court.

The Joint Administrators can be reached at:

Stephen Roland Browne
David Philip Soden
Joint Administrators
c/o Teneo Financial Advisory Limited
The Carter Building
11 Pilgrim Street
London, EC4V 6RN
United Kingdom
E-mail: VTB@teneo.com
VTB@weil.com

The Company's principal trading address is at:

VTB Capital plc
14 Cornhill
London, EC3V 3ND
United Kingdom

Administration Website: www.ips-docs.com/case/VTBCA00011/VTB2022



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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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